Document:

Exhibit 4.1

 

Execution Version

 

 

NABORS INDUSTRIES, INC.

 

as Issuer,

 

the Guarantors Party Hereto,

 

as Guarantors,

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

 

as Trustee

 

 

 

INDENTURE

 

Dated as of November 23, 2021

 

 

 

7.375% Senior Priority Guaranteed Notes due
2027

 

 

 

     

     

    

 

TABLE OF CONTENTS

Page

 

	ARTICLE I
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	10
	SECTION 1.03.	Trust Indenture Act	10
	SECTION 1.04.	Rules of Construction	10
	 
	ARTICLE II
	THE SECURITIES
	 	 	 
	SECTION 2.01.	Form and Dating	11
	SECTION 2.02.	Execution and Authentication	11
	SECTION 2.03.	Registrar and Paying Agent	12
	SECTION 2.04.	Paying Agent to Hold Money in Trust	13
	SECTION 2.05.	Holder Lists	13
	SECTION 2.06.	Transfer and Exchange	13
	SECTION 2.07.	Replacement Securities	25
	SECTION 2.08.	Outstanding Securities	25
	SECTION 2.09.	[Reserved.]	25
	SECTION 2.10.	Temporary Securities	26
	SECTION 2.11.	Cancellation	26
	SECTION 2.12.	Defaulted Interest	26
	SECTION 2.13.	Persons Deemed Owners	26
	SECTION 2.14.	CUSIP Numbers	26
	 
	ARTICLE III
	COVENANTS
	 	 	 
	SECTION 3.01.	Payment of Securities	27
	SECTION 3.02.	Maintenance of Office or Agency	27
	SECTION 3.03.	SEC Reports; Financial Statements	27
	SECTION 3.04.	Compliance Certificate	28
	SECTION 3.05.	Corporate Existence	29
	SECTION 3.06.	Waiver of Stay, Extension or Usury Laws	29
	SECTION 3.07.	Limitation on Liens	29
	SECTION 3.08.	Payment of Additional Amounts	32
	SECTION 3.09.	Limitations on Sale and Lease-Back Transactions	34
	SECTION 3.10.	Change of Control Offer	34
	SECTION 3.11.	Limitations on Subsidiary Debt	37
	SECTION 3.12.	Limitations on Asset Transfers	40
	SECTION 3.13.	Future Guarantors	41

 

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	ARTICLE IV
	CONSOLIDATION, MERGER AND SALE
	 	 	 
	SECTION 4.01.	Limitation on Mergers and Consolidations	41
	SECTION 4.02.	Successors Substituted	41
	 
	ARTICLE V
	DEFAULTS AND REMEDIES
	 	 	 
	SECTION 5.01.	Events of Default	42
	SECTION 5.02.	Acceleration	43
	SECTION 5.03.	Other Remedies	44
	SECTION 5.04.	Waiver of Existing Defaults	44
	SECTION 5.05.	Control by Majority	45
	SECTION 5.06.	Limitations on Suits	45
	SECTION 5.07.	Rights of Holders to Receive Payment	45
	SECTION 5.08.	Collection Suit by Trustee	46
	SECTION 5.09.	Trustee May File Proofs of Claim	46
	SECTION 5.10.	Priorities	46
	SECTION 5.11.	Undertaking for Costs	47
	 
	ARTICLE VI
	TRUSTEE
	 	 	 
	SECTION 6.01.	Duties of Trustee	47
	SECTION 6.02.	Rights of Trustee	48
	SECTION 6.03.	Individual Rights of Trustee	50
	SECTION 6.04.	Trustee’s Disclaimer	50
	SECTION 6.05.	Notice of Defaults	50
	SECTION 6.06.	[Reserved	50
	SECTION 6.07.	Compensation and Indemnity	50
	SECTION 6.08.	Replacement of Trustee	51
	SECTION 6.09.	Successor Trustee by Merger, etc.	52
	SECTION 6.10.	Eligibility; Disqualification	52
	 
	ARTICLE VII
	DISCHARGE OF INDENTURE
	 	 	 
	SECTION 7.01.	Termination of Company’s and Guarantors’ Obligations	52
	SECTION 7.02.	Application of Trust Money	56
	SECTION 7.03.	Repayment to Company	56
	SECTION 7.04.	Reinstatement	56
	 
	ARTICLE VIII
	AMENDMENTS
	 	 	 
	SECTION 8.01.	Without Consent of Holders	57
	SECTION 8.02.	With Consent of Holders	58
	SECTION 8.03.	[Reserved]	59
	SECTION 8.04.	Revocation and Effect of Consents	59
	SECTION 8.05.	Notation on or Exchange of Securities	60
	SECTION 8.06.	Trustee to Sign Amendments, etc.	60

 

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	ARTICLE IX
	GUARANTEES OF SECURITIES
	 	 	 
	SECTION 9.01.	Unconditional Guarantees	61
	SECTION 9.02.	Execution and Delivery of Notation of Guarantees	63
	SECTION 9.03.	Guarantors May Consolidate, etc., on Certain Terms	63
	SECTION 9.04.	Luxembourg: Guarantee Limitation	64
	SECTION 9.05.	Releases	64
	SECTION 9.06.	Subordination Agreement	65
	 
	ARTICLE X
	REDEMPTION
	 	 	 
	SECTION 10.01.	Notices to Trustee	65
	SECTION 10.02.	Selection of Securities to be Redeemed	65
	SECTION 10.03.	Notices to Holders	66
	SECTION 10.04.	Effect of Notices of Redemption	67
	SECTION 10.05.	Deposit of Redemption Price	67
	SECTION 10.06.	Securities Redeemed in Part	67
	SECTION 10.07.	Optional Redemption	67
	SECTION 10.08.	Tax Redemption	68
	 
	ARTICLE XI
	MISCELLANEOUS
	 	 	 
	SECTION 11.01.	Reserved]	69
	SECTION 11.02.	Notices	69
	SECTION 11.03.	[Reserved]	70
	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	70
	SECTION 11.05.	Statements Required in Certificate or Opinion	71
	SECTION 11.06.	Rules by Trustee and Agents	71
	SECTION 11.07.	Legal Holidays	71
	SECTION 11.08.	No Recourse Against Others	71
	SECTION 11.09.	Governing Law; Jury Trial Waiver	71
	SECTION 11.10.	Consent to Jurisdiction and Service of Process	72
	SECTION 11.11.	Waiver of Immunity	72
	SECTION 11.12.	Judgment Currency	72
	SECTION 11.13.	No Adverse Interpretation of Other Agreements	73
	SECTION 11.14.	Successors	73
	SECTION 11.15.	Severability	73
	SECTION 11.16.	Counterpart Originals	73
	SECTION 11.17.	U.S.A. Patriot Act	73
	SECTION 11.18.	Force Majeure	73
	SECTION 11.19.	Table of Contents, Headings, etc.	73

 

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EXHIBITS

 

	EXHIBIT A	Form of Security	A-1
	EXHIBIT B	Form of Certificate of Transfer	B-1
	EXHIBIT C	Form of Certificate of Exchange	C-1
	EXHIBIT D-1	Form of Joinder to Subordination Agreement	D-1
	EXHIBIT D-2	Subordination Agreement	D-2

 

    1

     

    

 

 

THIS INDENTURE dated as of
November 23, 2021, is among Nabors Industries, Inc. a Delaware corporation (the “Company”), the Guarantors (as defined hereinafter)
and Wilmington Trust, National Association, a national banking association as trustee (the “Trustee”).

 

Each party agrees as follows
for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined hereinafter) of $700,00,000 in aggregate
principal amount of the Company’s 7.375% Senior Priority Guaranteed Notes due 2027 issued on the date hereof (the “Initial
Securities”) and (ii) any Additional Securities (as defined herein) issued by the Company hereafter:

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.       
Definitions.

 

“144A Global Security”
means, with respect to the Securities, a Global Security substantially in the form of Exhibit A hereto, bearing the Global Security Legend
and the Private Placement Legend, that has the Schedule of Exchanges of Interests in the Global Security attached thereto, and that is
deposited with the Securities Custodian, and registered in the name of, the Depositary or its nominee, issued in a denomination equal
to the outstanding principal amount of the Securities initially sold in reliance on Rule 144A.

 

“2018 Revolving Credit
Facility” means the revolving credit facility represented by that certain Credit Agreement, dated as of October 11, 2018, among
the Company, certain Subsidiaries of the Company, Nabors Bermuda,, the other guarantors party thereto, the lenders party thereto and Citibank,
N.A., as administrative agent, as amended, restated, modified, supplemented, extended, renewed, refunded, replaced or refinanced in whole
or in part from time to time.

 

“Additional Securities”
means with respect to the Securities, any Securities (other than the Initial Securities) issued under this Indenture in accordance with
Section 2.02, as part of the same series of debt securities as the Initial Securities to the extent then outstanding.

 

“Affiliate” of
any specified Person means any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control
with, such specified Person. For purposes of this definition, “control” of a Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and
the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. The Trustee may request
and may conclusively rely upon an Officer’s Certificate to determine whether any Person is an Affiliate of any specified Person.

 

“Agent” means
any Registrar or Paying Agent.

 

“Aggregate
Debt” means the sum of the following as of the date of determination: (1) the then outstanding aggregate principal amount of
the Debt of Nabors Bermuda and its Subsidiaries secured by mortgages not permitted by clauses (a) through (o) of Section 3.07; (2)
the then outstanding aggregate principal amount of all Debt of the Subsidiaries of Nabors Bermuda not permitted by clauses (i)
through (vii) or clauses (ix) through (xiv) of Section 3.11(a) without double counting in this clause (2) to the extent that such
Debt is included in clause (1) or (3) of this definition; and (3) the then existing Attributable Debt of Nabors Bermuda and its
Subsidiaries in respect of Sale and Lease-Back Transactions incurred under Section 3.09(e)(2) without double counting to the extent
that the Debt relating thereto is included in clause (1) or (2) of this definition.

 

“Applicable Premium”
means, with respect to a Security, the greater of: (1) 1.0% of the principal amount of such Security and (2) the excess, if any, of (a)
the present value at such Redemption Date of (i) the redemption price of such Security at May 15, 2024 (such applicable redemption price
set forth in the table in Section 10.07(a)) plus (ii) all required interest payments, if any, due on such Security through May 15, 2024
(excluding accrued but unpaid interest to such Redemption Date), computed using a discount rate equal to the Treasury Rate as of such
Redemption Date plus 50 basis points, over (b) the then outstanding principal amount of such Security.

 

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

 

“Attributable Debt”
means, with respect to any Sale and Lease-Back Transaction as of any particular time, the present value discounted at the rate of interest
implicit in the terms of the lease of the obligations of the lessee under such lease for net rental payments during the remaining term
of the lease.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Consolidated Net Tangible
Assets” means the total assets of Nabors Bermuda and its Subsidiaries as of the most recent fiscal quarter end for which a consolidated
balance sheet of Nabors Bermuda and its Subsidiaries is available, minus all current liabilities (excluding the current portion
of any long-term debt) of Nabors Bermuda and its Subsidiaries reflected on such balance sheet and minus total goodwill and other
intangible assets of Nabors Bermuda and its Subsidiaries reflected on such balance sheet, all calculated on a consolidated basis in accordance
with GAAP.

 

“Continuing Director”
means, as of any date of determination, any member of the Board of Directors of Nabors Bermuda who: (1) was a member of such Board of
Directors (a) on the date of the original issuance of the Initial Securities or (b) for at least two consecutive years; or (2) was nominated
for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members
of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of Nabors
Bermuda’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination).

 

“Corporate Trust Office”
means the office of the Trustee at its address specified in Section 11.02 and may be located at such other address as the Trustee may
give notice to the Company in writing and in accordance with Section 11.02 or such other address as a successor Trustee may designate
from time to time by notice to the Company.

 

“Credit Facilities”
means (i) one or more debt facilities, including the 2018 Revolving Credit Facility, or other financing arrangements (including, without
limitation, commercial paper facilities), providing for revolving credit loans, term loans, letters of credit or other similar long-term
indebtedness (excluding notes or debt securities), the majority of the loans or commitments under which, collectively, as of the date
of the closing of such facilities or agreements, are provided by commercial banks, by affiliates of commercial banks customarily engaging
in or making or providing commercial loans or other financing, or by governmental authorities, including any promissory notes, mortgages,
guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications,
extensions, renewals, restatements or refundings thereof and any credit facilities or commercial paper facilities that replace, refund
or refinance any part of the loans, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing
facility that increases the amount permitted to be borrowed thereunder or alters the maturity thereof (provided that such increase in
borrowings is permitted under Section 3.11) or adds Subsidiaries as additional borrowers or guarantors thereunder and whether by the same
or any other agent, lender or group of lenders that satisfy the above requirements and (ii) Debt having the same obligors as the Securities
and the Guarantees and issued by the Company or Nabors Bermuda.

 

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“Currency Rate Protection
Agreement” means any foreign currency exchange and future agreements, arrangements and options designed to protect against or manage
fluctuations in currency exchange rates.

 

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

 

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

 

“Definitive Security”
means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.06, substantially in
the form of Exhibit A hereto, except that such Security shall not bear the Global Security Legend and shall not have the “Schedule
of Exchanges of Securities” attached thereto.

 

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

 

“Disqualified Stock”
means any equity interest that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable,
in each case, at the option of the holder of the equity interest), or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the equity interest, in whole or in part,
on or prior to the date that is 91 days after the date on which the Securities mature. Notwithstanding the preceding sentence, any equity
interest that would constitute Disqualified Stock solely because the holders of the equity interest have the right to require the Company
to repurchase such equity interest upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock.

 

“Equity Offering”
means any public or private sale of common shares or preferred shares (other than Disqualified Stock) of the Company, other than: (1)
public offerings of common shares registered on Form S-4 or Form S-8 or successor form thereto and (2) issuances to any Subsidiary of
the Company.

 

“Euroclear” means
Euroclear Bank NV/SA or any successor securities clearance agency.

 

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

 

“Existing Notes”
means (i) Nabors Bermuda’s 7.25% Guaranteed Notes due 2026, (ii) Nabors Bermuda’s 7.50% Guaranteed Notes due 2028, (iii) the
Company’s 5.50% Unsecured Notes due 2023, (iv) the Company’s 5.10% Unsecured Notes due 2023, (v) the Company’s 0.75%
Exchangeable Notes due 2024 and (vi) the Company’s 5.75% Unsecured Notes due 2025.

 

“Existing Senior Priority
Guaranteed Notes” means the Company’s 6.5% senior priority guaranteed notes due 2025 and 9.0% Senior Priority Guaranteed Notes
due 2025.

 

“Fitch” means
Fitch Inc., a subsidiary of Fimalac, S.A., and its successors.

 

“Foreign
Guarantors” means each of (i) Nabors Bermuda, (ii) Nabors Holdings Ltd., a Bermuda exempted company, (iii) Nabors
International Management Limited, a Bermuda exempted company, (iv) Nabors Lux Finance 1, a private limited liability company
(société à responsabilité limitée) established and existing under the laws of the Grand
Duchy of Luxembourg having its registered office at 8-10 Avenue de la Gare, L-1610 Luxembourg, and registered with the Luxembourg
Trade and Companies Register under number B 153.636, (v) Nabors Lux 2, a private limited liability company (société
 à responsabilité limitée) established and existing under the laws of the Grand Duchy of Luxembourg, having
its registered office at 8-10, Avenue de la Gare, L-1610 Luxembourg, and registered with the Luxembourg Trade and Companies Register
under number B 154.034, (vi) Nabors Global Holdings Limited, a private limited liability company (société à
responsabilité limitée) established and existing under the laws of the Grand Duchy of Luxembourg, having its
registered office at 8-10 Avenue de la Gare, L-1610 Luxembourg, and registered with the Luxembourg Trade and Companies Register
under number B 155.086 and (vii) Nabors Drilling Canada Limited, a named Alberta corporation, incorporated and existing under the
Business Corporations Act (Alberta).

 

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“Funded Debt”
means indebtedness for money borrowed which by its terms matures at, or is extendible or renewable at the option of the obligor to, a
date more than twelve months after the date of creation of such indebtedness.

 

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

 

“Global Securities”
means, individually and collectively, each of the Restricted Global Securities and the Unrestricted Global Securities.

 

“Global Security Legend”
means the legend set forth in Section 2.06(g)(2) which is required to be placed on all Global Securities issued under this Indenture.

 

“Guarantor” means
each Person executing this Indenture as a Guarantor and who subsequently becomes a Guarantor pursuant to the terms hereof. On the Issue
Date, the Guarantors include: (i) Nabors Bermuda, (ii) the Lower Tier Notes Guarantors and (iii) the Upper Tier Notes Guarantors.

 

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

 

“Indenture” means
this Indenture as amended or supplemented from time to time.

 

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

 

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

 

“Interest Rate Protection
Agreement” means any interest rate swap, interest rate cap, interest rate collar, or other interest rate hedging agreement or arrangement
designed to protect against fluctuations in interest rates.

 

“Investment Grade”
means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating of
BBB- or better by S&P (or its equivalent under any successor rating category of S&P); a rating of BBB- or better by Fitch (or
its equivalent under any successor rating category of Fitch); and the equivalent investment grade rating from any replacement Rating Agency
or Agencies appointed by the Company.

 

“Issue Date” means
November 23, 2021.

 

“Junior Guaranteed Debt”
means Debt for which no Person other than the Company, Nabors Bermuda or the Upper Tier Notes Guarantors or their respective successors
is an obligor.

 

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

 

“Lower Tier Note Guarantors”
means (i) Nabors Drilling Technologies USA, Inc., (ii) Nabors Lux 2, (iii) Nabors Drilling Canada Limited and (iv) Nabors International
Management Limited and (v) any Subsidiary of Nabors Bermuda that provides a Guarantee after the Issue Date pursuant to Section 3.12.

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

    5

     

    

 

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

 

“Non-U.S. Person”
means a Person who is not a U.S. Person.

 

“Offering Memorandum”
means the Offering Memorandum of the Company, dated November 18, 2021.

 

“Officer” means
the Chairman of the Board, the Chief Executive Officer, the President, any Vice Chairman of the Board, any Vice President, the Chief Financial
Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary
of a Person.

 

“Officer’s Certificate”
means a certificate signed by an Officer of a Person that complies with Sections 11.04 and 11.05 of this Indenture and is delivered to
the Trustee.

 

“Opinion of Counsel”
means a written opinion from legal counsel who is acceptable to the Trustee that complies with Sections 11.04 and 11.05 of this Indenture.
Such counsel may be an employee of or counsel to the Company, the Guarantors or the Trustee.

 

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

 

“Permitted
Accounts Receivables Sales Facility” shall mean any transaction in which Nabors Bermuda or a Subsidiary thereof sells or
otherwise transfers, in each case on a non-recourse basis to Nabors Bermuda or such Subsidiary (provided that transactions that
provide customary limited for recourse against Nabors Bermuda or a Subsidiary thereof only for breaches related to the assets sold
or financed, rather than matters of credit quality, shall be deemed to be non-recourse for purposes hereof), any accounts receivable
(whether now existing or arising in the future) and any assets related thereto including, without limitation, all books and records
relating to such accounts receivable, all collateral securing such accounts receivable, all contracts and all guarantees or other
obligations in respect of such accounts receivable, rights with respect to returned goods the sale or lease of which gave rise to
such accounts receivable, insurance thereon, proceeds of all of the foregoing and lockboxes and bank accounts into which collections
thereon are deposited, and other assets which are customarily transferred or in respect of which security interests are customarily
granted in connection with asset securitization transactions involving accounts receivable (a) to one or more third party purchasers
or (b) to a special purpose entity that borrows against such accounts receivable (or undivided interests therein) and related assets
or issues securities payable from (or representing interests in) payments in respect of such accounts receivable and related assets
or sells such accounts receivable (or undivided interests therein) and related assets to one or more third party purchasers, whether
or not amounts received in connection with the sale or other transfer of such accounts receivable and related assets to an entity
referred to in clause (a) or (b) above would under GAAP be accounted for as liabilities on a consolidated balance sheet of Nabors
Bermuda. The amount of any Permitted Accounts Receivables Sales Facility shall be deemed at any time to be the aggregate outstanding
principal or stated amount of the borrowings, securities or residual obligations under a sale, in each case referred to in clause
(b) of the preceding sentence, or if there shall be no such principal or stated amount, the uncollected amount of the accounts
receivable transferred to such third party purchaser(s) pursuant to such Permitted Accounts Receivables Sales Facility net of any
such accounts receivable that have been written off as uncollectible.

 

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

 

“Private Placement Legend”
means the legend set forth in Section 2.06(g)(1)(A) which is required to be placed on all Securities issued under this Indenture except
where otherwise permitted by the provisions of this Indenture.

 

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“QIB” means a
 “qualified institutional buyer” as defined in Rule 144A.

 

“Rating Agency”
means each of Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P and Fitch ceases to rate the Securities
or fails to make a rating of the Securities publicly available, the Company shall appoint a replacement for such Rating Agency that is
a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act.

 

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

 

“Regulation S”
means Regulation S promulgated under the Securities Act, as such may be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

 

“Regulation S
Global Security” means, with respect to the Securities, a permanent Global Security substantially in the form of Exhibit A
hereto, bearing the Global Security Legend and the Private Placement Legend, that has the Schedule of Exchanges of Interests in the
Global Security attached thereto, and that is deposited with the Securities Custodian, and registered in the name of, the Depositary
or its nominee, issued in a denomination equal to the outstanding principal amount of the Securities initially sold in reliance on
Rule 903 of Regulation S.

 

“Resale Restriction
Termination Date” means (x), in the case of Securities sold pursuant to Rule 144A, the date which is one year (or such other date
when resales of securities by non-affiliates are first permitted under Rule 144(d) without condition) after the later of the date of the
original issue of the Securities or the date of any subsequent reopening of the Securities and the last date on which the Company or any
of its affiliates were the owner of such Securities (or any predecessor thereto) or, in the case of Securities sold pursuant to Regulation
S, 40 days or (y), in any case, such later date, if any, as may be required by applicable law.

 

“Responsible Officer”
when used with respect to the Trustee means any officer within the Corporate Trust Department of the Trustee (or any successor group of
the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by persons who at the time
shall be such officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture.

 

“Restricted Definitive
Security” means a Definitive Security bearing the Private Placement Legend.

 

“Restricted Global Security”
means a Regulation S Global Security or a 144A Global Security.

 

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

 

“Rule 144” means
Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144A)
or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers
and sales by subsequent holders that are not affiliates of the issuer of such securities being free of the registration and prospectus
delivery requirements of the Securities Act.

 

“Rule 144A” means
Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144)
or regulation hereafter adopted by the SEC.

 

“Rule 903” means
Rule 903 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

 

    7

     

    

 

“Rule 904” means
Rule 904 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

 

“S&P” means
S&P Global Ratings, a division of S&P Global, Inc., and its successors.

 

“Sale and Lease-Back
Transaction” means any arrangement with any Person providing for the leasing by Nabors Bermuda or any of its Subsidiaries of any
property, whereby such property had been sold or transferred by Nabors Bermuda or such Subsidiary to such Person.

 

“SEC” means the
Securities and Exchange Commission.

 

“Securities” means
any of the Company’s 7.375% Senior Priority Guaranteed Notes due 2027 issued under this Indenture. The Initial Securities and any
Additional Securities shall be treated as a single class for all purposes under this Indenture, including, without limitation, waivers,
amendments, redemptions and offers to purchase and unless otherwise provided or the context otherwise requires, all references to “the
Securities” shall include the Initial Securities and any Additional Securities.

 

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

 

“Securities Custodian”
means the Trustee, acting as custodian on behalf of the Depositary with respect to the Securities in global form, or any successor entity
thereto.

 

“Senior Guaranteed Debt”
means the obligations under (a) the 2018 Revolving Credit Facility, (b) Permitted Guaranteed Bilateral Letter of Credit Facilities (as
defined in the 2018 Revolving Credit Facility) that are with a lender (or an affiliate thereof) under the US facility of the 2018 Revolving
Credit Facility and (c) any other Debt incurred under clause (a)(viii) of Section 3.11 herein (other than Debt incurred pursuant to clause
(ii) of the definition of Credit Facilities), with respect to which the administrative agent or other designated representatives of the
lenders thereto enter into a subordination agreement with the Trustee and the Lower Tier Notes Guarantors providing for subordination
in right of payment of the Guarantees of the Lower Tier Notes Guarantors to such obligations on terms substantially consistent with the
Subordination Agreement (as determined by the Company in good faith).

 

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

 

“Subordination Agreement”
means the subordination agreement dated as of October 29, 2020, as amended to the date hereof, among Wilmington Trust, National Association,
as trustee for the Existing Senior Priority Guaranteed Notes, Citibank N.A., and HSBC Bank Canada, and the Lower Tier Notes Guarantors,
as amended from time to time pursuant to the terms thereof, to which the Trustee will become party on the Issue Date with respect to
the Securities by way of a joinder thereto substantially in the form attached as Exhibit D-1 hereto. The original Subordination Agreement
is attached hereto as Exhibit D-2.

 

“Subsidiary”
means, with respect to a specified Person, (1) any corporation, association or other business entity (other than a partnership,
joint venture or limited liability company) of which more than 50% of the total voting power of shares of its Capital Stock entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the
time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person or a combination thereof and (2) any partnership, joint venture or limited liability company of which (x) more than 50% of
the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as
applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person
or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, (y)
such Person or any of its Subsidiaries is a controlling general partner or otherwise controls such entity and (z) such entity is
consolidated in the consolidated financial statements of such Person in accordance with GAAP. Notwithstanding anything to the
foregoing, “Subsidiary” shall mean any Subsidiary of such Person, held directly or indirectly, including any of its
Subsidiaries.

 

    8

     

    

 

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

 

“Transitory Subsidiary
Owner” means any Subsidiary of Nabors Bermuda that (a) becomes the direct owner of any drilling-related fixed assets, including
drilling rigs, drilling-related services assets or related assets as part of the internal transfer of such assets by virtue of any contribution
or distribution among Nabors Bermuda and its Subsidiaries that is otherwise permitted under this Indenture, (b) owns such assets for not
more than three (3) Business Days and (c) does not own or hold such assets with any intent to be an operating company with respect to
such assets.

 

“Treasury Rate”
means as of any Redemption Date, the yield to maturity at the time of computation of U.S. Treasury securities with a constant maturity
(as compiled and published in the most recent Federal Reserve Statistical Release H.15 (or is obtainable from the Federal Reserve System’s
Data Download Program as of the date of such H.15) that has become publicly available at least two Business Days prior to the Redemption
Date (or, if such Statistical Release is no longer published, any publicly available source or similar market data)) most nearly equal
to the period from the Redemption Date to May 15, 2024; provided, however, that if the period from the applicable Redemption Date to May
15, 2024 is not equal to the constant maturity of a U.S. Treasury security for which a weekly average yield is given, the Treasury Rate
shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of U.S. Treasury
securities for which such yields are given, except that if the period from the redemption date to May 15, 2024 is less than one year,
the weekly average yield on actually traded U.S. Treasury securities adjusted to a constant maturity of one year will be used. The Company
will (a) calculate the Treasury Rate on the second Business Day preceding the applicable Redemption Date and (b) prior to such Redemption
Date file with the Trustee a notice setting forth the Applicable Premium and the Treasury Rate and showing the calculation of each in
reasonable detail.

 

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

 

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

 

“U.S. Person”
means a “U.S. person” as defined in Rule 902(k) under the Securities Act.

 

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

 

“Unrestricted Global
Security” means a permanent Global Security substantially in the form of Exhibit A hereto that bears the Global Security Legend
and that has the “Schedule of Exchanges of Securities” attached thereto and that is deposited with the Securities Custodian
and registered in the name of the Depositary or its nominee, representing Securities that do not bear the Private Placement Legend.

 

“Upper Tier Notes Guarantors”
means (i) Nabors Holdings Ltd., (ii) Nabors Global Holdings Limited, (iii) Nabors Lux Finance 1, (iv) Nabors International Finance Inc.
and (v) Nabors Drilling Holdings, Inc.

 

“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote generally in the election
of the Board of Directors of such Person.

 

    9

     

    

 

SECTION 1.02.       
Other Definitions.

 

	Term	 	Defined in
 Section	 
	“Additional Amounts”	 	 	3.08	(a)
	“Authorized Agent”	 	 	11.10	 
	“Change of Control”	 	 	3.10	 
	“Change of Control Offer”	 	 	3.10	 
	“Change of Control Payment Date”	 	 	3.10	 
	“Change of Control Triggering Event”	 	 	3.10	 
	“Covenant Defeasance”	 	 	7.01	(c)
	“Debt”	 	 	3.07	 
	“DTC”	 	 	2.03	 
	“Excess Rig Proceeds”	 	 	3.12	 
	“Event of Default”	 	 	5.01	 
	“Guarantees”	 	 	9.01	(a)
	“Indenture Obligations”	 	 	9.01	(a)
	“Initial Securities”	 	 	Preamble	 
	“Judgment Currency”	 	 	11.12	 
	“mortgage” or “mortgages”	 	 	3.07	 
	“Original Lower Tier Notes Guarantors”	 	 	3.12	 
	“Paying Agent”	 	 	2.03	 
	“Receivables Purchase Agreement”	 	 	3.07	 
	“Receivables Sale Agreement”	 	 	3.07	 
	“refinancing”	 	 	3.11	(a)(vii)
	“Registrar”	 	 	2.03	 
	“Relevant Taxing Jurisdiction”	 	 	3.08	(a)
	“Rig Disposition”	 	 	3.12	 
	“Taxes”	 	 	3.08	(a)
	“Trigger Period”	 	 	3.10	 

 

SECTION 1.03.       
Trust Indenture Act.

 

This Indenture is not qualified
under the TIA, and the TIA shall not apply to or in any way govern the terms of this Indenture, including Section 316(b) thereof. No provisions
of the TIA are incorporated into this Indenture.

 

SECTION 1.04.       
Rules of Construction. Unless the context otherwise requires: (1) a term has the meaning assigned to it; (2) an accounting
term not otherwise defined has the meaning assigned to it in accordance with GAAP; (3) “or” is not exclusive; (4) words in
the singular include the plural, and in the plural include the singular; (5) words implying any gender shall apply to all genders; (6)
the term “merger” includes a statutory compulsory share exchange and a conversion of a corporation into a limited liability
company, a partnership or other entity and vice versa and (7) provisions apply to successive events and transactions.

 

    10

     

    

 

ARTICLE II

THE SECURITIES

 

SECTION 2.01.       
Form and Dating.

 

(a)              
General. The Securities, any notations thereon relating to the Guarantees and the Trustee’s certificate of authentication
shall be substantially in the form of Exhibit A hereto. The Securities may have notations, legends or endorsements required by law, securities
exchange rule, the Company’s certificate of incorporation, memorandum of association, by-laws, agreements to which the Company is
subject, if any, or usage, provided that any such notation, legend or endorsement is in a form acceptable to the Company. Each Security
shall be dated the date of its authentication. The Securities shall be in registered form without coupons and issued only in minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof. The terms and provisions contained in the Securities shall constitute, and
are hereby expressly made, a part of this Indenture and, to the extent applicable, the Company, the Guarantors and the Trustee, by their
execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent
any provision of any Security conflicts with the express provisions of this Indenture, the provisions of this Indenture (to the extent
permitted by law) shall govern and be controlling.

 

(b)               Global
Securities. Securities issued in global form shall be substantially in the form of Exhibit A (in each case including the Global
Security Legend thereon and the Schedule of Exchanges of Interests in the Global Security attached thereto). Securities issued in
definitive form shall be substantially in the form of Exhibit A (but without, in each case, the Global Security Legend thereon and
without the Schedule of Exchanges of Interests in the Global Security attached thereto). Each Global Security shall represent such
of the outstanding Securities as shall be specified therein, and each shall provide that it shall represent the aggregate principal
amount of outstanding Securities from time to time endorsed thereon and that the aggregate principal amount of outstanding
Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.
Any endorsement of a Global Security to reflect the amount of any increase or decrease in the aggregate principal amount of
outstanding Securities represented thereby shall be made by the Securities Custodian, in accordance with written instructions given
by the Holder thereof as required by Section 2.06.

 

(c)              
Regulation S Global Securities. Any Securities initially offered and sold in reliance on Regulation S shall be issued initially
in the form of a Regulation S Global Security, which shall be deposited on behalf of the purchasers of the Securities represented thereby
with the Securities Custodian, and registered in the name of the Depositary or the nominee of the Depositary, duly executed by the Company
and authenticated by the Trustee as hereinafter provided. Prior to the expiration of the Restricted Period, any resale or transfer of
beneficial interests in a Regulation S Global Security to U.S. Persons shall not be permitted unless such resale or transfer is made pursuant
to Rule 144A or Regulation S.

 

(d)              
144A Global Securities. Any Securities initially offered and sold in reliance on Rule 144A shall be issued initially in
the form of a 144A Global Security, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the
Securities Custodian, and registered in the name of the Depositary or the nominee of the Depositary, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.

 

(e)              
Definitive Securities. Notwithstanding any other provision of this Article II, any issuance of Definitive Securities
shall be at the Company’s discretion, except in the specific circumstances set forth in Section 2.06(a).

 

SECTION 2.02.       
Execution and Authentication. One Officer of the Company shall sign the Securities on behalf of the Company by manual or
facsimile signature. The Company’s seal may be (but shall not be required to be) impressed, affixed, imprinted or reproduced on
the Securities and may be in facsimile form.

 

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

 

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

 

    11

     

    

 

The Trustee shall
authenticate and deliver: (1) on the date hereof, Initial Securities for original issue in an aggregate principal amount of
$700,000,000 and (2) if and when issued, Additional Securities, in each case upon a written order of the Company signed by one
Officer of the Company. Such order shall specify the amount of the Securities to be authenticated and the date on which the issue of
such Securities is to be authenticated and whether the Securities are to be in global or definitive form and whether they are to
bear the Private Placement Legend. The Company may issue Additional Securities under this Indenture subsequent to the Issue Date, provided
that a separate CUSIP will be used for any Additional Securities that are not “fungible” for U.S. federal income tax
purposes with the Securities issued on the Issue Date. In authenticating such Securities, the Trustee shall receive, and shall be
entitled to conclusively rely upon, an Opinion of Counsel substantially to the effect that such Securities and the related
Guarantees, when authenticated and delivered by the Trustee and issued by the Company and the Guarantors, respectively, 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 the Guarantors, as the case may be, enforceable in accordance with their respective terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles.

 

The aggregate principal amount
of Securities outstanding at any time may not exceed the aggregate principal amount of Securities authorized for issuance by the Company
pursuant to such written orders of the Company, except as provided in Section 2.07. Subject to the foregoing, the aggregate principal
amount of Securities that may be issued under this Indenture shall not be limited.

 

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

 

SECTION 2.03.       
Registrar and Paying Agent. The Company shall maintain in the continental United States an office or agency where Securities
may be presented for registration of transfer or exchange (“Registrar”) and an office or agency where such Securities may
be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and
exchange. The Company may appoint one or more co-registrars and one or more additional paying agents with respect to the Securities. The
term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent.

 

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

 

The place of payment with
respect to the Securities, in addition to the Corporate Trust Office of the Trustee, shall be an office maintained by the Company in The
City of New York, and at such time, if ever, as the Securities are no longer represented by one
or more Global Securities, the Company shall appoint and maintain a Paying Agent in the Borough of Manhattan, the City of New York, the
intention of the Company being that, after giving effect to the procedures of the Depositary respecting payments on Global Securities,
the Securities shall at all times be payable in New York, New York.

 

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

 

The Company initially appoints
The Depository Trust Company (“DTC”) to act as Depositary with respect to each Global Security.

 

The Company initially appoints
the Trustee to act as Registrar with respect to each Global Security.

 

    12

     

    

 

SECTION 2.04.       
Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing
that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment
of principal of or premium, if any, Additional Amounts, if any, or interest on the Securities, whether such money shall have been paid
to it by the Company or the Guarantors, and will notify the Trustee in accordance with Section 11.02 of any default by the Company
or the Guarantors in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money
held by it to the Trustee and to account for any funds disbursed. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee and to account for any funds disbursed. Upon payment over to the Trustee and upon accounting for any funds disbursed,
the Paying Agent (if other than the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company
acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent.

 

SECTION 2.05.       
Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of the Holders of Securities. If the Trustee is not the Registrar for the Securities, the Company shall
furnish to the Trustee at least seven Business Days before each Interest Payment Date, and at such other times as the Trustee may request
in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of
the Securities.

 

SECTION 2.06.       
Transfer and Exchange.

 

(a)              
Transfer and Exchange of Global Securities. A Global Security may not be transferred as a whole except by the Depositary
to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary. Global Securities also may be exchanged or replaced,
in whole, as provided in Section 2.07. Owners of beneficial interests in Global Securities of the Securities shall not be entitled to
receive Definitive Securities unless:

 

(1)              
the Company delivers to the Trustee and the Registrar notice from the Depositary that it is unwilling or unable to continue to
act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary
is not appointed by the Company within 90 days; or

 

(2)              
 there has occurred and is continuing an Event of Default with respect to the Securities and the Depositary notifies the Trustee
of its decision to exchange the Global Securities for Definitive Securities; provided that in no event shall the Regulation S Global Security
be exchanged by the Company for Definitive Securities prior to the expiration of the Restricted Period.

 

Upon the occurrence of any of the events in clause
(1) or (2) above, Definitive Securities shall be issued in such names and authorized denominations as the Depositary shall instruct the
Trustee and the Registrar in accordance with the Applicable Procedures. Neither the Company, the Guarantors, the Trustee nor the Registrar
will be liable for any delay by the Depositary in identifying the owners of beneficial interests in a Global Security, and each of the
Company, the Guarantors, the Trustee and the Registrar may conclusively rely on, and will be protected in relying on, instructions from
the Depository for all purposes of this Indenture.

 

(b)              
Transfer and Exchange of Beneficial Interests in the Global Securities. The transfer and exchange of beneficial interests
in the Global Securities shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. Transfers of beneficial interests in the Global Securities also shall require compliance with either subparagraph (1) or (2)
below, as applicable, as well as one or more of the other following provisions of this Section 2.06, as applicable:

 

(1)              
Transfer of Beneficial Interests in the Same Global Security. Beneficial interests in any Restricted Global Security may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security in accordance
with the transfer restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Security may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in such Unrestricted Global Security. No written
orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in the preceding sentence
of this Section 2.06(b)(1).

 

(2)              
All Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the
Registrar either:

 

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

 

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

 

    13

     

    

 

 

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

 

(ii)       instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Security shall be registered
to effect the transfer or exchange referred to in Section 2.06(b)(2)(B)(i) above.

 

Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Securities contained in this Indenture, the Securities or otherwise applicable
under the Securities Act, the principal amount of each relevant Global Security shall be adjusted pursuant to Section 2.06(h).

 

(3)              
Transfer of Beneficial Interests to Another Restricted Global Security. A beneficial interest in any Restricted Global Security
may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Security if
the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)            
if the transferee will take delivery in the form of a beneficial interest in the 144A Global Security, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and

 

(B)             
if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Security, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof.

 

(4)              
Transfer and Exchange of Beneficial Interests in a Restricted Global Security for Beneficial Interests in the Unrestricted Global
Security. A beneficial interest in any Restricted Global Security may be exchanged by any holder thereof for a beneficial interest
in an Unrestricted Global Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Security if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the
following:

 

(A)            
if the holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Security, a certificate from such holder in the form of Exhibit C hereto, including the certifications
in item (1)(a) thereof; or

 

(B)              if
the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such holder
in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

 

    14

     

    

 

and, in each such case set forth in this Section
2.06(b)(4), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and state
 “blue sky” laws and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

If any such transfer is effected
pursuant to subparagraph (A) or (B) above at a time when an Unrestricted Global Security has not yet been issued, the Company shall issue
and, upon receipt of a written order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global
Securities in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph
(A) or (B) above.

 

(5)              
Exchange or Transfer Prohibited. Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred
to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Security.

 

(c)              
Transfer or Exchange of Beneficial Interests for Definitive Securities.

 

(1)              
Beneficial Interests in Restricted Global Securities to Restricted Definitive Securities. If any of the conditions set forth
in Section 2.06(a) hereof have been met and if any holder of a beneficial interest in a Restricted Global Security proposes to exchange
such beneficial interest for a Restricted Definitive Security or to transfer such beneficial interest to a Person who takes delivery thereof
in the form of a Restricted Definitive Security, then, upon receipt by the Registrar of the following documentation:

 

(A)            
if the holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a Restricted
Definitive Security, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;

 

(B)             
if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (1) thereof; or

 

(C)             
if such beneficial interest is being transferred to a non-U.S. Person in an offshore transaction in accordance with Rule 904, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof,

 

then, upon satisfaction of the
conditions set forth in Section 2.06(b)(2)(B), the Registrar shall cause the aggregate principal amount of the applicable Global
Security to be reduced accordingly pursuant to Section 2.06(h), and the Company shall execute and the Trustee shall authenticate and
deliver to the Person designated in the instructions a Definitive Security in the appropriate form and principal amount. Any
Definitive Security issued in exchange for a beneficial interest in a Restricted Global Security pursuant to this Section 2.06(c)
shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall deliver such Definitive Securities to the Persons in whose names such Securities are so registered. Any Definitive
Security issued in exchange for a beneficial interest in a Restricted Global Security pursuant to this Section 2.06(c)(1) shall bear
the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. Notwithstanding Sections
2.06(c)(1)(A) and (C), a beneficial interest in the Regulation S Global Security may not be exchanged for a Definitive Security or
transferred to a Person who takes delivery thereof in the form of a Definitive Security prior to the expiration of the Restricted
Period, except in the case of a transfer pursuant to Rule 144A or Regulation S (other than a transfer pursuant to Rule 904).

 

    15

     

    

 

(2)              
Beneficial Interests in Restricted Global Securities to Unrestricted Definitive Securities. If any of the conditions set
forth in Section 2.06(a) hereof have been met and a holder of a beneficial interest in a Restricted Global Security proposes to exchange
such beneficial interest for an Unrestricted Definitive Security or may transfer such beneficial interest to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Security only if the Registrar receives the following:

 

(A)            
if the holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for an
Unrestricted Definitive Security, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(1)(b) thereof; or

 

(B)             
if the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial interest to a Person
who shall take delivery thereof in the form of an Unrestricted Definitive Security, a certificate from such holder in the form of Exhibit
B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in
this Section 2.06(c)(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and state “blue
sky” laws and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

 

(3)               Beneficial
Interests in Unrestricted Global Securities to Unrestricted Definitive Securities. If any of the conditions set forth in Section
2.06(a) with respect to the issuance of Definitive Securities has been met and any holder of a beneficial interest in an
Unrestricted Global Security proposes to exchange such beneficial interest for a Definitive Security or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Definitive Security, then, upon satisfaction of the conditions set
forth in Section 2.06(b)(2)(B), the Registrar shall cause the aggregate principal amount of the applicable Global Security to be
reduced accordingly pursuant to Section 2.06(h), and the Company shall execute and the Trustee shall authenticate and deliver to the
Person designated in the instructions a Definitive Security in the appropriate principal amount. Any Definitive Security issued in
exchange for a beneficial interest pursuant to this Section 2.06(c)(3) shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions
from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Securities to the Persons
in whose names such Securities are so registered. Any Definitive Security issued in exchange for a beneficial interest pursuant to
this Section 2.06(c)(3) shall not bear the Private Placement Legend.

 

    16

     

    

 

(d)              
Transfer and Exchange of Definitive Securities for Beneficial Interests.

 

(1)              
Restricted Definitive Securities to Beneficial Interests in Restricted Global Securities. If any Holder of a Restricted
Definitive Security proposes to exchange such Security for a beneficial interest in a Restricted Global Security or to transfer such Restricted
Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Security, then,
upon receipt by the Registrar of the following documentation:

 

(A)            
if the Holder of such Restricted Definitive Security proposes to exchange such Security for a beneficial interest in a Restricted
Global Security, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

 

(B)             
if such Restricted Definitive Security is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; or

 

(C)             
if such Restricted Definitive Security is being transferred to a non-U.S. Person in an offshore transaction in accordance with
Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof,

 

the Trustee shall cancel the Restricted
Definitive Security, the Registrar shall increase or cause to be increased the aggregate principal amount of, in the case of clause (A)
above, the appropriate Restricted Global Security, in the case of clause (B) above, the 144A Global Security, and in the case of clause
(C) above, the Regulation S Global Security.

 

(2)              
Restricted Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of a Restricted Definitive
Security may exchange such Security for a beneficial interest in an Unrestricted Global Security or transfer such Restricted Definitive
Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security only if the Registrar
receives the following:

 

(A)            
if the Holder of such Definitive Securities proposes to exchange such Securities for a beneficial interest in the Unrestricted
Global Security, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof;
or

 

(B)              if
the Holder of such Definitive Securities proposes to transfer such Securities to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Security, a certificate from such Holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;

 

    17

     

    

 

and, in each such
case set forth in this Section 2.06(d)(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
state “blue sky” laws and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

Upon satisfaction
of the conditions of either of the subparagraphs in this Section 2.06(d)(2), the Trustee shall cancel the Definitive Securities and the
Registrar shall increase or cause to be increased the aggregate principal amount of the Unrestricted Global Security.

 

(3)              
Unrestricted Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of an Unrestricted
Definitive Security may exchange such Security for a beneficial interest in an Unrestricted Global Security or transfer such Definitive
Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security at any time. Upon
receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Security and the
Registrar shall increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Securities.

 

If any such exchange or transfer
from a Definitive Security to a beneficial interest in an Unrestricted Global Security is effected at a time when an Unrestricted Global
Security has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02,
the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the principal amount
of Definitive Securities so transferred.

 

(e)              
Transfer and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities
and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange
of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the
Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional
certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

    18

     

    

 

(1)              
Restricted Definitive Securities to Restricted Definitive Securities. Any Restricted Definitive Security may be transferred
to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Security if the Registrar receives
the following:

 

(A)            
 if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (1) thereof;

 

(B)             
if the transfer will be made pursuant to Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof; and

 

(C)             
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof.

 

(2)              
Restricted Definitive Securities to Unrestricted Definitive Securities. Any Restricted Definitive Security may be exchanged
by the Holder thereof for an Unrestricted Definitive Security or transferred to a Person or Persons who take delivery thereof in the form
of an Unrestricted Definitive Security if the Registrar receives the following:

 

(A)            
if the Holder of such Restricted Definitive Securities proposes to exchange such Securities for an Unrestricted Definitive Security,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(B)             
if the Holder of such Restricted Definitive Security proposes to transfer such Securities to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form of Exhibit B hereto, including the certifications
in item (4) thereof;

 

and, in each such case set forth in
this Section 2.06(e)(2), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect
that such exchange or transfer is in compliance with the Securities Act and state “blue sky” laws and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities
Act.

 

(3)              
Unrestricted Definitive Securities to Unrestricted Definitive Securities. A Holder of Unrestricted Definitive Securities
may transfer such Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security. Upon receipt of
a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Security pursuant to the instructions
from the Holder thereof.

 

(f)               
[Reserved].

 

    19

     

    

 

(g)              
Legends. The following legends shall appear on the face of all Global Securities and Definitive Securities issued under
this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture.

 

(1)              
 Private Placement Legend.

 

(A)            
Except as permitted by subparagraph (B) below or as otherwise agreed between the Company and the Holder, each Global Security and
each Definitive Security (and all Securities issued in exchange therefor or substitution thereof) shall bear a legend, until the Resale
Restriction Termination Date, in substantially the following form:

 

THIS SECURITY HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.

 

THE HOLDER OF
THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”)), OR (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY,
PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, ONLY (A) TO NABORS INDUSTRIES, INC., A GUARANTOR OF THE SECURITIES OR ANY OF THEIR
SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS
THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR
OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING ANY STATE OF THE UNITED
STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY
OF AN OPINION OF COUNSEL SATISFACTORY TO EACH OF THEM AND/OR A CERTIFICATE OF TRANSFER OR EXCHANGE IN THE FORM PRESCRIBED IN THE INDENTURE.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

    20

     

    

 

BY ITS ACQUISITION
AND HOLDING OF THIS SECURITY THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED THAT EITHER (I) IT IS NOT AND
WILL NOT BE FOR SO LONG AS IT HOLDS ANY SECURITY (OR INTEREST IN A SECURITY) AN EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE FIDUCIARY
RESPONSIBILITY REQUIREMENT OF TITLE I OF U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A “PLAN”
OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR AN ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF SUCH EMPLOYEE BENEFIT PLAN OR PLAN’S INVESTMENT IN THE ENTITY, OR A GOVERNMENTAL,
NON-U.S., CHURCH OR OTHER PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO
SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR (II) THE PURCHASE, HOLDING AND DISPOSITION OF THIS SECURITY
WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A GOVERNMENTAL,
NON-U.S., CHURCH OR OTHER PLAN, A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

(B)             
Notwithstanding the foregoing, any Global Security or Definitive Security issued pursuant to subparagraph (b)(4), (c)(2), (c)(3),
(d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Securities issued in exchange therefor or substitution thereof) shall not
bear the Private Placement Legend.

 

(2)              
Global Security Legend. Each Global Security shall bear a legend in substantially the following form:

 

THIS GLOBAL SECURITY
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON
AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.06(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE.

 

    21

     

    

 

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

 

(3)              
[Reserved].

 

(4)              
Subordination Legend. Each Global Security and Definitive Security shall bear a legend in substantially the following form:

 

Notwithstanding
anything contained herein to the contrary, none of the indebtedness created or evidenced by this instrument or record shall become due
or be paid or payable by any LOWER TIER NOTES GUARANTOR(S), except to the extent permitted under the Subordination Agreement dated as
of October 29, 2020, among NABORS INDUSTRIES LTD, Nabors Industries Inc., a Delaware corporation, the LOWER TIER NOTES GUARANTOR(S), the
Trustee, HSBC Bank Canada, as Canadian lender, and Citibank, N.A, as administrative agent under the 2018 Revolving Credit Facility, AS
AMENDED FROM TIME TO TIME PURSUANT TO THE TERMS THEREOF, The form of which is attached as Exhibit D-2 to the Indenture, AND which Subordination
Agreement is incorporated herein with the same effect as if fully set forth herein.

 

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

 

    22

     

    

 

(i)                
General Provisions Relating to Transfers and Exchanges.

 

(1)              
To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate or cause to be
authenticated Global Securities and Definitive Securities upon the Company’s order or at the Registrar’s request.

 

(2)              
No service charge shall be made to a holder of a beneficial interest in a Global Security or to a Holder of a Definitive Security
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge or other fee required by law and payable in connection therewith (other than any such transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.10, 8.05 and 10.06).

 

(3)              
All Global Securities and Definitive Securities issued upon any registration of transfer or exchange of Global Securities or Definitive
Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Securities or Definitive Securities surrendered upon such registration of transfer or exchange.

 

(4)              
The Registrar will not be required to register the transfer of or exchange of any Security selected for redemption in whole or
in part, except the unredeemed portion of any Security being redeemed in part.

 

(5)              
None of the Company, the Trustee or the Registrar shall be required (A) to issue, to register the transfer of or to exchange any
Securities during a period beginning at the opening of business 15 days before the day of sending of a notice of redemption under Section
10.03 and ending at the close of business on such day, (B) to register the transfer of or to exchange any Securities so selected for redemption
in whole or in part, except the unredeemed portion of any Security being redeemed in part or (C) to register the transfer of or to exchange
a Security between the record date and the next succeeding interest payment date.

 

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

 

    23

     

    

 

(7)              
The Trustee shall authenticate or cause to be authenticated Global Securities and Definitive Securities upon receipt of a written
order of the Company signed by one of its Officers and in accordance with the other provisions of Section 2.02 to the extent applicable.

 

(8)              
All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile.

 

(9)              
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Global Security or Definitive
Security other than to require delivery of such certificates and other documentation or evidence as is 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 conformity
with the express requirements hereof. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary
with respect to its members, participants and any beneficial owners.

 

(10)          
Neither the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.
Each Holder agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment
of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States Federal or state securities
law.

 

(11)          
The transferor of any Security shall provide or cause to be provided to the Trustee all information reasonably necessary to allow
the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations
under Section 6045 of the Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure
the accuracy of such information. In connection with any proposed exchange of a Definitive Security for a Global Security, the Company
or the Depositary shall be required to provide or cause to be provided to the Trustee all information reasonably necessary to allow the
Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under
Section 6045 of the Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the
accuracy of such information.

 

    24

     

    

 

SECTION 2.07.        Replacement
Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the Security has
been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security if the
requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Company or the Trustee
within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not
register a transfer prior to receiving such notification, (b) makes such request to the Company or Trustee prior to the Security
being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected
purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. Such Holder must furnish an indemnity bond
that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent or any
authenticating agent from any loss which any of them may suffer if a Security is replaced. The Company and the Trustee may charge
for their expenses in replacing a Security. If, after the delivery of such replacement Security, a protected purchaser of the
original Security in lieu of which such replacement Security was issued presents for payment or registration such original Security,
the Trustee shall be entitled to recover such replacement Security from the Person to whom it was delivered or any Person taking
therefrom, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the
extent of any loss, damage, cost or expense incurred by the Trustee or the Company in connection therewith. Every replacement
Security is a contractual obligation of the Company.

 

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

 

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

 

SECTION 2.08.       
Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Security effected by the
Registrar hereunder and those described in this Section 2.08 as not outstanding; provided, however, that in determining whether the Holders
of the requisite principal amount of outstanding Securities are present at a meeting of Holders of Securities for quorum purposes or have
consented to or voted in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder,
Securities held for the account of the Company or any of its Affiliates shall be disregarded and deemed not to be outstanding, except
that in determining whether the Trustee shall be protected in making such a determination or relying upon any such quorum, consent or
vote, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded.

 

If a Security is replaced
pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security
is held by a protected purchaser.

 

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

 

SECTION 2.09.       
[Reserved.]

 

    25

     

    

 

SECTION 2.10.       
Temporary Securities. Until Definitive Securities are ready for delivery, the Company may prepare and the Trustee shall
authenticate or cause to be authenticated temporary Securities. Temporary Securities shall be substantially in the form of Definitive
Securities, but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the
Company shall prepare and the Trustee shall authenticate Definitive Securities in exchange for temporary Securities. Until so exchanged,
temporary Securities shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities.

 

SECTION 2.11.       
Cancellation. The Company or the Guarantors at any time may deliver Securities to the Trustee for cancellation. The Registrar
and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment.
The Trustee, upon written Company Order, shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement
or cancellation. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary practice (subject to
the record retention requirements of the Exchange Act). The Company may not issue new Securities to replace Securities that have been
paid or that have been delivered to the Trustee for cancellation.

 

SECTION 2.12.       
Defaulted Interest. If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted interest
in any lawful manner plus, to the extent lawful, interest on the defaulted interest, in each case at the rate provided in the Securities
and in the manner provided in Section 3.01. The Company may pay the defaulted interest to the Persons who are Holders on a subsequent
special record date. At least 15 days before any special record date, the Company (or the Trustee, in the name of and at the expense of
the Company) shall send to Holders a notice that states the special record date, the related payment date and the amount of such interest
to be paid. The Trustee will not have any duty to determine whether any defaulted interest is payable or the amount thereof.

 

SECTION 2.13.       
Persons Deemed Owners. The Company, the Guarantors, the Trustee, any Agent and any authenticating agent may treat the Person
in whose name any Security is registered as the owner of such Security for the purpose of receiving payments of principal of or premium,
if any, Additional Amounts, if any, or interest on such Security and for all other purposes. None of the Company, the Guarantors, the
Trustee, any Agent or any authenticating agent shall be affected by any notice to the contrary.

 

SECTION 2.14.       
CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,” “ISIN” or similar numbers
(if then generally in use), and, if so, the Trustee shall use such numbers in notices of redemption as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities
or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify
the Trustee in accordance with Section 11.02 of any change in any such number.

 

    26

     

    

 

ARTICLE III

COVENANTS

 

SECTION 3.01.       
Payment of Securities. The Company shall pay the principal of and premium, if any, Additional Amounts, if any, and interest
on the Securities on the dates and in the manner provided in the Securities and this Indenture. Principal, premium, if any, Additional
Amounts, if any, and interest shall be considered paid on the date due if the Paying Agent, other than Nabors Bermuda or a Subsidiary
of Nabors Bermuda, holds by 11:00 a.m., Eastern time, on that date money deposited by or on behalf of the Company designated for and
sufficient to pay all principal, premium, if any, Additional Amounts, if any, and interest then due.

 

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

 

SECTION 3.02.       
Maintenance of Office or Agency. So long as any of the Securities shall remain outstanding, the Company will, in accordance
with Section 2.03, maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, or the Registrar)
in the continental United States where the Securities may be surrendered for exchange or registration of transfer as provided in this
Indenture, where notices and demands to or upon the Company in respect to the Securities may be served, and where the Securities may be
presented or surrendered for payment. The Company may also from time to time designate one or more other offices or agencies in the continental
United States where Securities may be presented or surrendered for any and all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation under Section 2.03
to maintain an office or agency in The City of New York where any Securities may be presented or surrendered for payment. The Company
will give to the Trustee prompt written notice in accordance with Section 11.02 of the location of any such office or agency and
of any change of location thereof. In case the Company shall fail to maintain any such office or agency or shall fail to give such notice
of the location or of any change in the location thereof, such surrenders, presentations and demands may be made and notices may be served
at the office of the Trustee indicated in Section 11.02, and the Company hereby appoints the Trustee its agent to receive at the aforesaid
office all such surrenders, presentations, notices and demands; provided, however, that no service of legal process on the Company may
be made at any office of the Trustee.

 

SECTION 3.03.       
SEC Reports; Financial Statements.

 

(a)              
Nabors Bermuda and the Company covenant and agree, so long as any Securities are outstanding, to deliver to the Trustee copies,
within 15 days after Nabors Bermuda is required to file the same with the SEC, of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe)
which Nabors Bermuda may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if Nabors Bermuda
is not required to file information, documents or reports pursuant to either of such sections, then to file with the Trustee and the SEC,
in accordance with rules and regulations prescribed from time to time by the SEC, such of the supplementary and periodic information,
documents and reports, if any, which may be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered
on a national securities exchange as may be prescribed from time to time in such rules and regulations.

 

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(b)              
 Notwithstanding the foregoing, Nabors Bermuda will be deemed to have delivered the reports referred to in Section 3.03(a) to the
Trustee and the Holders of the Securities if (i) Nabors Bermuda or any direct or indirect parent of Nabors Bermuda has filed such reports
with the SEC via the EDGAR (or successor) filing system within the applicable time periods after giving effect to any extensions permitted
by the SEC and such reports are publicly available or (ii) with respect to the holders of the Securities only, Nabors Bermuda or such
parent entity has made such reports available electronically and has notified the holders of the Securities of such (including by posting
to a non-public, password-protected website) pursuant to this Section 3.03. Delivery of such reports, information and documents to the
Trustee is for informational purposes only, and the Trustee’s receipt thereof shall not constitute actual or constructive knowledge
or notice of any information contained therein or determinable from information contained therein, including Nabors Bermuda’s or
the Company’s compliance with any covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on Officer’s
Certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, Nabors Bermuda’s or
the Company’s compliance with this covenant and shall have no responsibility to determine whether any reports, information or documents
have been filed with the Commission via the EDGAR (or successor) filing system, made available electronically or posted on any website.

 

(c)              
At any time when neither Nabors Bermuda nor the Company is subject to Section 13 or 15(d) of the Exchange Act and the Securities
are not freely transferable under the Securities Act, upon the request of a Holder, Nabors Bermuda or the Company will promptly furnish
or cause to be furnished the information specified under Rule 144A(d)(4) of the Securities Act to such Holder, or to a prospective purchaser
of a Security designed by such Holder, in order to permit compliance with Rule 144A.

 

(d)              
Delivery of such reports, information and documents to the Trustee pursuant to this Section 3.03 is for informational purposes
only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants under this Indenture.

 

SECTION 3.04.       
Compliance Certificate. The Company and the Guarantors shall deliver to the Trustee, within 120 days after the end of each
fiscal year of Nabors Bermuda, an Officer’s Certificate stating that in the course of performance by the signing Officer of his
duties as such Officer, he would normally obtain knowledge of the keeping, observing, performing and fulfilling by the Company and the
Guarantors, respectively, of their obligations under this Indenture, and further stating, as to the Officer signing such statement, that
to the best of his knowledge, each of the Company and the Guarantors has kept, observed, performed and fulfilled each and every covenant
contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officer may
have knowledge and what action the Company or the Guarantors, as the case may be, are taking or proposes to take with respect thereto).

 

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

 

SECTION 3.06.       
Waiver of Stay, Extension or Usury Laws. Each of the Company and 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
stay or extension law or any usury law or other law, which would prohibit or forgive the Company or the Guarantors from paying all or
any portion of the principal of or premium, if any, Additional Amounts, if any, or interest on the Securities as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to
the extent that they may lawfully do so) each of the Company and the Guarantors 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 3.07.       
Limitation on Liens. So long as any Securities are outstanding, Nabors Bermuda will not, nor will it permit any of its Subsidiaries
to, issue, assume, guarantee or suffer to exist any debt for money borrowed (“Debt”) if such Debt is secured by a mortgage,
pledge, security interest or lien (a “mortgage” or “mortgages”) upon any properties of Nabors Bermuda or any of
its Subsidiaries or upon any securities or indebtedness of any of its Subsidiaries (whether such properties, securities or indebtedness
is now owned or hereafter acquired) without in any such case effectively providing that the Securities shall be secured equally and ratably
with (or prior to) such Debt, except that the foregoing restrictions shall not apply to:

 

(a)              
mortgages on any property acquired, constructed or improved by Nabors Bermuda or any of its Subsidiaries (or mortgages on the securities
of a special purpose Subsidiary which holds no material assets other than the property being acquired, constructed or improved) after
the date of this Indenture which are created within 360 days after such acquisition (or in the case of property constructed or improved,
after the completion and commencement of commercial operation of such property, whichever is later) to secure or provide for the payment
of the purchase price or cost thereof; provided that in the case of such construction or improvement the mortgages shall not apply to
any property owned by Nabors Bermuda or any of its Subsidiaries before such construction or improvement other than (1) unimproved real
property on which the property so constructed, or the improvement, is located or (2) personal property which is so improved;

 

(b)              
mortgages existing on the Issue Date, existing mortgages on property acquired (including mortgages on any property acquired from
a Person which is consolidated with or merged with or into Nabors Bermuda or one of its Subsidiaries) or mortgages outstanding at the
time any corporation, partnership or other entity becomes a Subsidiary of Nabors Bermuda; provided that such mortgages shall only apply
to property owned by such corporation, partnership or other entity at the time it becomes a Subsidiary or that is acquired thereafter
other than from the Nabors Bermuda or another Subsidiary of Nabors Bermuda;

 

(c)              
mortgages in favor of Nabors Bermuda or any of its Subsidiaries;

 

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(d)              
 mortgages in favor of domestic or foreign governmental bodies to secure advances or other payments pursuant to any contract or
statute or to secure indebtedness incurred to finance the purchase price or cost of constructing or improving the property subject to
such mortgages, including mortgages to secure Debt of the pollution control or industrial revenue bond type;

 

(e)              
mortgages consisting of pledges or deposits by Nabors Bermuda or any of its Subsidiaries under workers’ compensation laws,
unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for
the payment of Debt) or leases to which Nabors Bermuda or any of its Subsidiaries is a party, or deposits to secure public or statutory
obligations of Nabors Bermuda or any of its Subsidiaries or deposits of cash or United States government bonds to secure surety or appeal
bonds to which it is a party, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each
case incurred in the ordinary course of business;

 

(f)               
mortgages imposed by law, including carriers’, warehousemen’s, repairman’s, landlords’ and mechanics’
liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate
provisions, if any, as shall be required by GAAP shall have been made in respect thereof;

 

(g)              
mortgages for taxes, assessments or other governmental charges that are not yet delinquent or which are being contested in good
faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof;

 

(h)              
mortgages in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant
to the request of and for the account of Nabors Bermuda or any of its Subsidiaries in the ordinary course of its business;

 

(i)                
mortgages consisting of encumbrances, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric
lines, telegraph and telephone lines and other similar purposes, or mortgages consisting of zoning or other restrictions as to the use
of real properties or mortgages incidental to the conduct of the business of Nabors Bermuda or any of its Subsidiaries or to the ownership
of its properties which do not materially adversely affect the value of said properties or materially impair their use in the operation
of the business of Nabors Bermuda or one of its Subsidiaries;

 

(j)                
mortgages arising by virtue of any statutory or common law provisions relating to bankers’ liens, rights of set-off or similar
rights and remedies as to deposit accounts or other funds maintained with a depository institution; provided that:

 

(i)                
such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by Nabors Bermuda
or one of its Subsidiaries in excess of those set forth by regulations promulgated by the Federal Reserve Board; and

 

(ii)             
such deposit account is not intended by Nabors Bermuda or any of its Subsidiaries to provide collateral to the depository institution;

 

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(k)              
 mortgages arising from Uniform Commercial Code financing statement filings regarding operating leases Nabors Bermuda and its Subsidiaries
enter into in the ordinary course of business;

 

(l)                
any mortgage over goods (or any documents relating thereto) arising either in favor of a bank issuing a form of documentary credit
in connection with the purchase of such goods or by way of retention of title by the supplier of such goods where such goods are supplied
on credit, subject to such retention of title, and in both cases where such goods are acquired in the ordinary course of business;

 

(m)            
any mortgage pursuant to any order of attachment, execution, enforcement, distraint or similar legal process arising in connection
with court proceedings; provided that such process is effectively stayed, discharged or otherwise set aside within 30 days;

 

(n)              
any lease, sublease and sublicense granted to any third party constituting a mortgage and any mortgage pursuant to farm-in and
farm-out agreements, operating agreements, development agreements and any other similar arrangements, which are customary in the oil and
gas industry or in the ordinary course of business of Nabors Bermuda or any of its Subsidiaries; or

 

(o)              
any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any mortgage
referred to in the foregoing clauses (a) through (n), inclusive; provided that the principal amount of Debt secured thereby shall not
exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, and that such extension, renewal
or replacement shall be limited to all or a part of the property which secured the mortgage so extended, renewed or replaced (plus improvements
in such property).

 

In addition to the foregoing,
Nabors Bermuda and any of its Subsidiaries may, without securing the Securities, issue, assume or guarantee secured Debt (including for
the avoidance of doubt, any Credit Facilities) that, with certain other Debt described in the following sentence, does not exceed an aggregate
total amount (including, without limitation, any amount of any secured Debt in existence on the Issue Date) equal to 10% of Consolidated
Net Tangible Assets. The other Debt to be aggregated for purposes of this exception is all Attributable Debt in respect of Sale and Lease-Back
Transactions of Nabors Bermuda and its Subsidiaries under the exception in clause (e)(2) of Section 3.09 existing at such time. For the
avoidance of doubt, the Receivables Purchase Agreement by and among Nabors A.R.F., LLC, Nabors Delaware, the purchasers party thereto
and Wells Fargo Bank, N.A., as administrative agent (the “Receivables Purchase Agreement”), and the Receivables Sale Agreement
among Nabors A.R.F., LLC, certain Subsidiaries of the Company and Nabors Delaware (the “Receivables Sale Agreement”), each
dated as of September 13, 2019, and related transaction documents do not constitute mortgages.

 

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SECTION 3.08.       
Payment of Additional Amounts.

 

(a)               All
payments made by or on behalf of the Company or any Guarantor under or with respect to the Securities or any Guarantee, as
applicable, will be made without withholding or deduction for, or on account of, any present or future tax, duty, levy, impost,
assessment or other similar governmental charge, including any interest, additions to tax, or penalties applicable thereto
(collectively, “Taxes”) unless such withholding or deduction is required by law. In the event that any such withholding
or deduction for, or on account of, any Taxes is levied by or on behalf of:

 

(i)                
Bermuda or any other jurisdiction in which the Company or any Guarantor is incorporated or organized, has its place of central
management or central control or is otherwise engaged in business or resident for tax purposes or any political subdivision or taxing
authority thereof (other than the United States or any political subdivision or taxing authority thereof); or

 

(ii)             
any jurisdiction from or through which payment is made by or on behalf of the Company or any Guarantor (including, without limitation,
the jurisdiction of any Paying Agent) or any political subdivision or taxing authority thereof (other than the United States or any political
subdivision or taxing authority thereof);

 

(each of clauses (i)
and (ii), a “Relevant Taxing Jurisdiction”), the Company or the relevant Guarantor, as the case may be, will pay such additional
amounts (“Additional Amounts”) as may be necessary so that the net amount received by each Holder (or beneficial owner) of
Securities will equal the amount that the Holder (or beneficial owner) would have received if the Taxes had not been required to be withheld
or deducted; provided that no Additional Amounts will be payable with respect to a payment made to a Holder to the extent:

 

(1)              
that any Taxes would not have been so imposed but for the existence of any present or former connection between the Holder (or
beneficial owner of the Securities) and the Relevant Taxing Jurisdiction, other than any connection arising solely from the mere receipt
of the payment, acquisition, ownership or disposition of such Securities or the exercise or enforcement of rights under the Securities,
the Guarantees or this Indenture;

 

(2)              
of any estate, inheritance, gift, sales, transfer or personal property Taxes imposed with respect to the Securities or any other
Taxes payable other than by withholding or deduction, except as described below or as otherwise provided in this Indenture;

 

(3)              
that any such Taxes would not have been imposed but for the presentation of the Securities, where presentation is required, for
payment on a date more than 30 days after the date on which the payment became due and payable or the date on which payment thereof is
duly provided for, whichever is later, except to the extent that the beneficiary or Holder thereof would have been entitled to Additional
Amounts had the Securities been presented for payment on any date during such 30-day period;

 

(4)               that
the Holder or beneficial owner of Securities would not be liable or subject to such withholding or deduction of Taxes but for the
failure to make a valid declaration of non-residence or other similar claim for exemption, if: (a) the making of the declaration or
claim is required or imposed by statute, treaty, regulation, ruling or administrative practice of the relevant taxing authority as a
precondition to an exemption from, or reduction in, the relevant Taxes; (b) at least 60 days prior to the first payment with respect
to which the Company or such Guarantor shall apply this clause (iv), the Company or such Guarantor shall have notified all Holders
in writing that they or any beneficial owners of the Securities shall be required to provide this declaration or claim; and (c) the
Holder or beneficial owner of Securities is legally eligible to provide such declaration or claim;

 

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(5)              
any Taxes imposed under Sections 1471 through 1474 of the Code, any successor law or regulation implementing or complying with,
or introduced in order to conform to, such Sections, any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental
agreement entered into in connection with the implementation of such Sections of the Code or any fiscal or regulatory legislation, rules
or practices adopted pursuant to any such intergovernmental agreement;

 

(6)              
any Taxes imposed on overall net income or any branch profits Taxes;

 

(7)              
that a beneficiary or settlor with respect to a fiduciary, a member of a partnership or the beneficial owner of the payment would
not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial owner been the Holder of a Security
in the case of a Holder that is a fiduciary or partnership or a person other than the sole beneficial owner of any such payment;

 

(8)              
or any combination of the Taxes and/or withholdings or deductions described in the foregoing clauses (1) through (7).

 

(b)              
The Company and such Guarantor shall also (i) withhold or deduct such Taxes as required; (ii) remit the full amount of Taxes deducted
or withheld to the relevant taxing authority in accordance with all applicable laws; (iii) use reasonable efforts to obtain from each
relevant taxing authority imposing the Taxes certified copies of tax receipts evidencing the payment of any Taxes deducted or withheld;
and (iv) upon request, make available to the Holders of the Securities, within 60 days after the date the payment of any Taxes deducted
or withheld is due pursuant to applicable law, certified copies of Tax receipts evidencing such payment by the Company or such Guarantor
and, notwithstanding the Company’s or such Guarantor’s efforts to obtain the receipts, if the same are not obtainable, other
evidence of such payments. Each Holder and beneficial owner of the Securities agrees that it shall, upon the request of an applicable
withholding agent, provide an applicable IRS Form W-8 or W-9 to the applicable withholding agent.

 

(c)              
In addition, the Company or any Guarantor will pay any stamp, issue, registration, documentary or other similar Taxes payable in
any Relevant Taxing Jurisdiction or the United States with respect to the creation, issue, offering, enforcement, redemption or retirement
of the Securities or Guarantees.

 

(d)               At
least 30 days prior to each date on which any payment under or with respect to the Securities is due and payable, if the Company or
any Guarantor becomes obligated to pay Additional Amounts with respect to such payment, the Company (or in respect of the
Guarantees, such Guarantor) shall deliver to the Trustee an Officer’s Certificate stating the fact that such Additional
Amounts will be payable, and the amounts so payable and will set forth such other information as is necessary to enable the Trustee
or the Paying Agent to pay such Additional Amounts to the Holders on the payment date.

 

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(e)              
All references in this Indenture to the payment of principal of and premium, if any, Additional Amounts, if any, or interest (including
defaulted interest), if any, or any other amount payable on or with respect to any of the Securities shall be deemed to include mention
of the payment of Additional Amounts provided for in this Section 3.08 to the extent that, in such context, Additional Amounts are, were
or would be payable in respect thereof pursuant to the provisions of this Section 3.08, and express mention of the payment of Additional
Amounts in those provisions in this Indenture shall not be construed as excluding Additional Amounts where such express mention is not
made (if applicable).

 

(f)               
The obligations of the Company and any Guarantor under this Section 3.08 shall survive the termination of this Indenture and the
payment of all amounts under or with respect to this Indenture and the Securities, and any transfer by a Holder or beneficial owner of
its Securities.

 

SECTION 3.09.       
Limitations on Sale and Lease-Back Transactions. So long as any Securities are outstanding, Nabors Bermuda will not, nor
will it permit any of its Subsidiaries to, enter into any Sale and Lease-Back Transaction, other than any Sale and Lease-Back Transaction:

 

(a)              
entered into within 360 days of the later of the acquisition or placing into service of the property subject thereto by Nabors
Bermuda or such Subsidiary;

 

(b)              
involving a lease of less than five years;

 

(c)              
entered into in connection with an industrial revenue bond or pollution control financing;

 

(d)              
between Nabors Bermuda and/or one or more of its Subsidiaries;

 

(e)              
as to which Nabors Bermuda or such Subsidiary would be entitled to incur Debt secured by a mortgage on the property to be leased
in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction without equally and ratably securing
the Securities (1) under clauses (a) through (n) of Section 3.07 or (2) under the last paragraph of Section 3.07; or

 

(f)               
as to which Nabors Bermuda will apply an amount equal to the net proceeds from the sale of the property so leased to (1) the retirement
(other than any mandatory retirement), within 360 days of the effective date of any such Sale and Lease-Back Transaction, of Securities
or of Funded Debt of Nabors Bermuda or one of its Subsidiaries or (2) the purchase or construction of other property, provided that such
property is owned by Nabors Bermuda or one of its Subsidiaries free and clear of all mortgages.

 

SECTION 3.10.        Change
of Control Offer. Upon the occurrence of a Change of Control Triggering Event, each Holder of Securities shall have the right to
require the Company to purchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of the
Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid
interest, if any, up to, but excluding, the date of purchase; provided, however, that if such date of purchase is after the taking
of a record of the Holders on a record date and on or prior to the related Interest Payment Date, the accrued and unpaid interest
shall be payable to the Person in whose name the repurchased Securities are registered on such record date. Notwithstanding the
foregoing, the Company shall have no obligation to repurchase any Securities pursuant to this Section 3.10 to the extent that the
Company shall have exercised its right to redeem the Securities pursuant to Section 10.07.

 

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For purposes of this Section
3.10, the term “Change of Control” means the occurrence of any one of the following:

 

(a)              
the sale, lease, transfer, conveyance or other disposition (other than by way of merger, amalgamation or consolidation), in one
or a series of related transactions, of all or substantially all of the assets of Nabors Bermuda and its Subsidiaries taken as a whole
to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to Nabors Bermuda or one or more
of its Subsidiaries or a combination thereof or a Person controlled by Nabors Bermuda or one or more of its Subsidiaries or a combination
thereof;

 

(b)              
the first day on which the majority of the members of the Board of Directors of Nabors Bermuda cease to be Continuing Directors;
or

 

(c)              
the consummation of any transaction (including without limitation, any merger, amalgamation or consolidation) the result of which
is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than any Subsidiary of Nabors Bermuda)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more
than 50% of the outstanding Voting Stock of Nabors Bermuda, measured by voting power rather than number of shares (excluding a redomestication
of Nabors Bermuda).

 

Notwithstanding the foregoing,
a transaction shall not be deemed to involve a “Change of Control” under clause (b) above if (i) Nabors Bermuda becomes a
direct or indirect wholly owned Subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such
holding company immediately following such transaction are substantially the same as the holders of the Voting Stock of Nabors Bermuda
immediately prior to such transaction or (B) immediately following such transaction no “person” (as that term is used in Section
13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock
of such holding company, measured by voting power rather than number of shares.

 

For purposes of this
Section 3.10, the term “Change of Control Triggering Event” means the ratings of the Securities are lowered by at least
two of the three Rating Agencies and, immediately following such lowering, the Securities are not rated Investment Grade by at least
two of the three Rating Agencies in any case on any date during the period (the “Trigger Period”) commencing on the date
of the first public announcement by the Company or Nabors Bermuda of any Change of Control (or pending Change of Control) and ending
60 days following consummation of such Change of Control (which 60-day period will be extended for so long as the rating of the
Securities is under publicly announced consideration for a possible downgrade as a result of the Change of Control by any of the
Rating Agencies); provided, however, that if the Securities are not rated by all three Rating Agencies, then a “Change of
Control Triggering Event” shall occur if the ratings of the Securities are lowered by at least one of the Rating Agencies and,
immediately following such lowering, the Securities are not rated Investment Grade by at least one of the Rating Agencies in any
case on any date during the Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to
have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been
consummated.

 

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Within 60 days following the
date upon which the Change of Control Triggering Event has occurred, or at the Company’s option, prior to any Change of Control
but after the public announcement of the transaction that constitutes or may constitute the Change of Control, except to the extent that
the Company shall have exercised its right to redeem the Securities pursuant to Section 10.07, the Company shall send a notice (a “Change
of Control Offer”) to each Holder of Securities with a copy to the Trustee, which notice will govern the terms of the Change of
Control Offer, stating:

 

(1)              
that a Change of Control Triggering Event has occurred and that such Holder has the right to require the Company to purchase such
Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest,
if any, to the date of purchase (subject to the right of holders of record on a record date to receive interest on the relevant Interest
Payment Date as provided in the first paragraph of this Section 3.10);

 

(2)              
the circumstances regarding such Change of Control Triggering Event;

 

(3)              
the purchase date (which shall be (i) no earlier than 30 days nor later than 60 days from the date such notice is sent, if sent
after consummation of the Change of Control and (ii) on the date of the Change of Control, if such notice is sent prior to consummation
of the Change of Control, in each case, other than as may be required by law) (such date, the “Change of Control Payment Date”);
and

 

(4)              
the instructions that a Holder must follow in order to have its Securities purchased.

 

Holders of Securities electing
to have such Securities purchased pursuant to a Change of Control Offer must surrender their Securities with the form entitled “Option
of Holder to Elect Purchase” on the reverse of the Security completed, to the Paying Agent at the address specified in the notice,
or transfer their Securities to the Paying Agent by book-entry transfer pursuant to the Applicable Procedures, prior to the close of business
on the third Business Day prior to the Change of Control Payment Date.

 

On the Change of Control Payment
Date, all Securities purchased by the Company under this Section shall be delivered to the Trustee for cancellation, and the Company shall
pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto.

 

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The Company may make a Change
of Control Offer in advance of a Change of Control and the Change of Control Payment Date, and its Change of Control Offer may be conditioned
upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control
Offer.

 

If Holders of not less than
90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw such Securities in a Change of Control
Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company, as described below, purchases all of
the Securities validly tendered and not withdrawn by such Holders, the Company will have the right, upon not less than 30 nor more than
60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above,
to redeem all of the Securities that remain outstanding following such purchase at a redemption price in cash equal to 101% of the principal
amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the date of redemption (subject to the right of Holders
of record on the relevant record date to receive interest on the relevant Interest Payment Date).

 

Any redemption pursuant to
this Section 3.10 shall be made, to the extent applicable, pursuant to the procedures set forth in Sections 10.01 through 10.06.

 

The Company shall have no
obligation to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance
with the requirements of this Section 3.10 for such an offer made by the Company, and such third party purchases all Securities properly
tendered and not withdrawn under its offer.

 

The Company shall comply,
to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection
with the repurchase of Securities pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations
conflict with this Section 3.10, the Company shall comply with the applicable securities laws and regulations and will not be deemed to
have breached its obligations by virtue thereof.

 

SECTION 3.11.       
Limitations on Subsidiary Debt.

 

(a)              
For so long as any Securities are outstanding, Nabors Bermuda will not permit any of its Subsidiaries to incur, directly or indirectly,
any Debt other than:

 

(i)                
existing Debt of a Subsidiary of Nabors Bermuda outstanding on the date of issuance of the Securities (other than Debt described
in clauses (vii)(A), (viii) or (xiv) of this Section 3.11(a));

 

(ii)              intercompany
loans and advances between or among Nabors Bermuda and its Subsidiaries; provided that (a) if the obligor on such intercompany loan
or advance is a Guarantor, then such Debt must be expressly subordinated to the prior payment in full in cash of all obligations
with respect to the Guarantee of such Guarantor; and (b)(i) any subsequent issuance or transfer of Capital Stock that results in any
such Debt being held by a Person other than Nabors Bermuda or a Subsidiary of Nabors Bermuda and (ii) any sale or other transfer of
any such Debt to a Person that is not Nabors Bermuda or a Subsidiary of Nabors Bermuda, will be deemed, in each case, to constitute
an incurrence of such Debt by such Subsidiary that was not permitted by this clause (2); provided further that (x) notwithstanding
the foregoing, the Guarantors may owe such Debt to Nabors Bermuda or any such Subsidiary up to an aggregate principal amount at any
one time outstanding under this clause (ii) of $100,000,000 that is not subject to such subordination terms and (y) that any such
standalone subordination or intercreditor agreement or such other arrangement shall permit payments in respect of such intercompany
indebtedness as long as no Event of Default shall have occurred and be continuing;

 

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(iii)           
Debt under any Interest Rate Protection Agreements or any Currency Rate Protection Agreements;

 

(iv)            
Debt (i) under unsecured lines of credit for overdrafts or for working capital purposes in foreign countries with financial institutions,
and (ii) arising from the honoring by a bank or other Person of a check, draft or similar instrument inadvertently drawing against insufficient
funds;

 

(v)              
Debt of a Person existing at the time such Person becomes a Subsidiary of Nabors Bermuda or is merged, consolidated or amalgamated
with or into Nabors Bermuda or any Subsidiary of Nabors Bermuda; provided that any such Debt was not incurred in contemplation
of any such transaction;

 

(vi)            
Debt of any Guarantor that is subordinate in right of payment to the Guarantee of such Guarantor;

 

(vii)         
(A) Debt in an aggregate amount not to exceed $500.0 million represented by (i) the Securities and the Guarantees and (ii) other
Debt having the same obligors as the Securities and the Guarantees and issued by the Company or Nabors Bermuda and (B) Junior Guaranteed
Debt, including in each case any extension, renewal, refunding, replacement or refinancing (collectively, a “refinancing”)
of such Debt incurred under this clause (vii), provided that after giving effect to any such refinancing, the principal amount
of Debt incurred pursuant to clause (vii) (A) in the aggregate and at any time outstanding does not exceed $500.0 million and provided
further that, for the avoidance of doubt, any refinancing of Debt incurred pursuant to this clause (vii)(A) has the same obligors as the
Securities and the Guarantees and such Debt is issued or incurred by the Company or Nabors Bermuda;

 

(viii)       
Debt incurred pursuant to Credit Facilities in an aggregate amount at any one time outstanding under this clause (viii) not to
exceed an amount equal to (A) the greater of (i) $1.70 billion and (ii) 10.0% of Consolidated Net Tangible Assets, less (B) the total
Aggregate Debt outstanding at the time of such incurrence (without double counting for Aggregate Debt incurred under this clause (viii)),
measured at the time of incurrence of any such Debt and after giving effect to such incurrence, less (C) outstanding Debt incurred or
described under clause (vii)(A) of this Section 3.11.

 

(ix)            
 Debt in respect of current accounts payable and accrued expenses incurred in the ordinary course of business;

 

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(x)              
Debt, which may include purchase money Debt, capital lease or finance lease obligations or mortgage financings, incurred to finance
the purchase, installation, construction, design or improvement, or capital lease or finance lease of assets (including equipment) or
property (real or personal) (whether through the direct purchase of assets or the capital stock of any person owning such assets) and
related taxes and transaction costs provided that (i) such Debt when incurred shall not exceed 85% of the purchase price of the asset(s)
or person financed and all fees, premium, costs and expenses relating thereto, including attorney and legal, accounting, expert, and professional
advisor fees and expenses; and (ii) no such Debt shall be refinanced for a principal amount in excess of the principal balance outstanding
thereon at the time of such refinancing plus all fees, premium, costs and expenses relating thereto, including attorney and legal, accounting,
expert, and professional advisor fees and expenses;

 

(xi)            
Debt under performance guaranties, performance bonds and letters of credit issued in the ordinary course of business and serving
as a financial or performance guaranty (other than as a guaranty of Debt for borrowed money);

 

(xii)         
Debt under documentary credits issued in connection with the purchase of goods in the ordinary course of business;

 

(xiii)       
Debt in respect of any Permitted Accounts Receivables Sales Facility; and

 

(xiv)        
any refinancing of Debt incurred pursuant to the foregoing clauses (i), (v) and this clause (xiv), provided, that (i) such refinancing
Debt will not exceed the principal amount of Debt so refinanced plus an amount necessary to pay fees and expenses, including premiums,
related to such refinancing (ii) the scheduled maturity date thereof is not shortened (except to the extent such shortened maturity date
is subsequent to the Stated Maturity and (iii) such refinancing Debt and any guarantees thereof are incurred solely by the obligors and
guarantors, if any, of the Debt so refinanced).

 

Nabors Bermuda will not permit
any of the Guarantors to incur, directly or indirectly, any Debt that is subordinated or junior in right of payment to other Debt of such
Guarantor and senior in any respect in right of payment to the Guarantees of the Securities.

 

Debt permitted by this Section
3.11(a) need not be permitted solely by reference to one provision permitting such Debt but may be permitted in part by one such provision
and in part by one or more other provisions of this Section 3.11(a) permitting such Debt. In the event that an item of Debt meets the
criteria of more than one of the types of Debt described in this Section 3.11(a), the Company will be permitted, in its sole discretion,
to divide, classify or reclassify all or a portion of such item of Debt and only be required to include the amount of such Debt in one
of such clauses. For the avoidance of doubt, the Receivables Purchase, the Receivables Sale Agreement, and related transaction documents
do not constitute Debt.

 

(b)              
 This covenant shall not apply during such time as the Securities are rated Investment Grade by at least two of the three Rating
Agencies and no Default or Event of Default has occurred and is continuing under this Indenture. The Trustee shall not have any obligation
to monitor the ratings of the Securities.

 

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SECTION 3.12.       
Limitations on Asset Transfers.

 

Nabors Bermuda shall not permit
any of the Lower Tier Notes Guarantors or any of their respective Subsidiaries to directly or indirectly convey, sell, lease, assign,
sell and leaseback, transfer (including by way of investment) or otherwise dispose of any drilling related fixed assets, including drilling
rigs, drilling-related services assets or related assets (including, without limitation, any Capital Stock of any Subsidiary or any interest
in a joint venture that owns such assets), whether now owned or hereafter acquired (each a “Rig Disposition”), to (i) Nabors
Bermuda, (ii) any Subsidiary of Nabors Bermuda that is not Nabors Drilling Technologies USA, Inc., Nabors Lux 2, Nabors Drilling Canada
Limited or Nabors International Management Limited (together, the “Original Lower Tier Notes Guarantors”) or (iii) any joint
venture directly held by Nabors Bermuda or a Subsidiary or parent (direct or indirect) of Nabors Bermuda, excluding any joint venture
directly or indirectly held by any Original Lower Tier Notes Guarantor or a Subsidiary of such Guarantor, unless such Rig Disposition
is to (x) an Original Lower Tier Notes Guarantor, (y) a Subsidiary of an Original Lower Tier Notes Guarantor or (z) a Subsidiary of Nabors
Bermuda that is not a Guarantor of any Existing Notes; provided that prior to or contemporaneous with such Rig Disposition pursuant to
this clause (z), such Subsidiary executes and delivers to the Trustee a supplemental indenture pursuant to which such Subsidiary shall
become a Guarantor under this Indenture and the related Guarantee shall be of the same priority as the existing Guarantees of the Lower
Tier Notes Guarantors; provided, further that Rig Dispositions to Transitory Subsidiary Owners shall not be prohibited for so long as
such Subsidiary is a Transitory Subsidiary Owner and no Subsidiary that is a Transitory Subsidiary Owner will be required to become a
Guarantor for so long as such Subsidiary is a Transitory Subsidiary Owner. In addition, Nabors Bermuda shall not permit any of the Lower
Tier Notes Guarantors and any of their respective Subsidiaries to make any Rig Disposition to any direct or indirect parent of Nabors
Bermuda.

 

Net proceeds of any Rig Dispositions
to Persons that are not Affiliates of Nabors Bermuda (other than joint ventures directly held by Nabors Bermuda or a Subsidiary or parent
(direct or indirect) of Nabors Bermuda, excluding any joint venture directly or indirectly held by any Original Lower Tier Notes Guarantor
or a Subsidiary of such Guarantor) received by the Lower Tier Notes Guarantors or any of their Subsidiaries during any twelve month period
which are not retained or used in the business or operations of the Original Lower Tier Notes Guarantors or their Subsidiaries (such amounts
collectively, “Excess Rig Proceeds”), shall not exceed a total amount of $50.0 million in the aggregate in any twelve month
period; provided that Excess Rig Proceeds may be transferred to Nabors Bermuda or any Subsidiary of Nabors Bermuda on a temporary basis
for tax or other reasons in the ordinary course of such Subsidiary’s business for a period of up to twenty Business Days and the
full amount of such Excess Rig Proceeds shall be returned to an Original Lower Tier Notes Guarantors or any of their Subsidiaries no later
than twenty Business Days following such transfer of such Excess Rig Proceeds.

 

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SECTION 3.13.       
  Future Guarantors.

 

After the Issue Date, if any
Subsidiary of Nabors Bermuda (other than the Company and certain entities incorporated or established in Luxembourg as provided in Section
9.04) or any direct or indirect parent of Nabors Bermuda that is not then a Guarantor guarantees the Existing Notes or the Existing Senior
Priority Guaranteed Notes then, such Subsidiary or such direct or indirect parent of Nabors Bermuda, as the case may be, within twenty
Business Days of the date that such indebtedness has been guaranteed, shall execute and deliver to the Trustee a supplemental indenture
pursuant to which such Subsidiary or such direct or indirect parent of Nabors Bermuda, as the case may be, shall become a Guarantor under
this Indenture and provide for a Guarantee by such Subsidiary or such direct or indirect parent of Nabors Bermuda, as the case may be,
on the same terms and conditions as those set forth herein (including, without limitation, the same priority as the existing Guarantees
of a Guarantor that is not a Lower Tier Notes Guarantor).

 

ARTICLE IV

CONSOLIDATION, MERGER AND SALE

 

SECTION 4.01.       
Limitation on Mergers and Consolidations. The Company shall not consolidate or amalgamate with or merge into any other Person
or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless:

 

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

 

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

 

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

 

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

 

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ARTICLE V

DEFAULTS AND REMEDIES

 

SECTION 5.01.       
Events of Default. “Event of Default” means 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):

 

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

 

(ii)             
default in the payment of interest or Additional Amounts, if any, with respect to the Securities when they become due and payable,
and continuance of such default for a period of 30 consecutive days; or

 

(iii)           
default in the observance or performance, or breach, of any covenant of the Company or the Guarantors with respect to the Securities
or this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this Section 5.01 specifically
dealt with), and continuance of such default or breach for a period of 90 days after there has been given, in conformity with Section
11.02, to the Company and the Guarantors by the Trustee or to the Company, the Guarantors and the Trustee by the Holders of at least 25%
in aggregate principal amount of the outstanding Securities a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(iv)            
the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or a Guarantor
in an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or order adjudging the Company or a Guarantor
a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or
in respect of the Company or a Guarantor under any applicable Bankruptcy Law, or appointing a custodian, receiver, receiver and manager,
interim receiver, administrator, monitor, liquidator, assignee, trustee, sequestrator or other similar official of the Company or a Guarantor
or of any substantial part of the property of the Company or a Guarantor, or ordering the winding up or liquidation of the affairs of
the Company or a Guarantor, and the continuance of any such decree or order for relief or any such other decree or order unstayed and
in effect for a period of 90 consecutive days; or

 

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

 

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(vi)            
the Guarantees of the Securities by any of the Guarantors ceases to be in full force and effect or become unenforceable or invalid
or are declared null and void (other than in accordance with the terms of such Guarantees) or a Guarantor denies or disaffirms its obligations
under such Guarantee.

 

The Trustee shall not be deemed
to know of a Default or Event of Default unless a Responsible Officer at the Corporate Trust Office of the Trustee has actual knowledge
of such Default or Event of Default with specific reference to such Default, the Securities and this Indenture. No duty imposed upon the
Trustee in this Indenture shall be applicable with respect to any Default or Event of Default of which the Trustee is not deemed to have
notice. No duty imposed upon the Trustee in this Indenture shall be applicable with respect to any Default or Event of Default of which
the Trustee shall not have received notice in accordance with the terms of this Indenture.

 

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

 

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

 

At any time after such an
acceleration of the Securities has occurred and before a judgment for payment of the money due 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, by written notice to
the Company, the Guarantors and the Trustee, may rescind and annul such acceleration and its consequences if:

 

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(1)              
 the Company or the Guarantors have paid or deposited with the Trustee a sum sufficient to pay:

 

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

 

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

 

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

 

(2)              
all Events of Default, other than the non-payment of the principal of Securities which have become due solely by such declaration
of acceleration, have been cured or waived as provided in Section 5.04.

 

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

 

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

 

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

 

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

 

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

 

    44

     

    

 

SECTION 5.05.       
Control by Majority. The Holders of a majority in aggregate principal amount of the Securities then outstanding may direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on it hereunder. The Trustee, however, may refuse to follow any direction that conflicts with applicable law or this Indenture that the
Trustee determines may be unduly prejudicial to the rights of other Holders (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not any such direction unduly prejudices the rights of such Holders), or that may involve the Trustee in
personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. Prior to taking any action hereunder, the Trustee shall receive indemnification from such Holders satisfactory to
it against all losses and expenses caused by taking or not taking such action subject to the Trustee’s duty to act with the required
standard of care during a default.

 

SECTION 5.06.       
Limitations on Suits. Subject to Section 5.07, a Holder of Securities may pursue a remedy with respect to this Indenture
(including the Guarantees) or the Securities only if:

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.07.       
Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder of
a Security to receive payment of principal of and premium, if any, Additional Amounts, if any, and interest on the Securities, on or after
the respective due dates expressed in the Security, or to bring suit against the Company or the Guarantors for the enforcement of any
such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent
of such Holder or obtain a preference or priority over another Holder.

 

    45

     

    

 

SECTION 5.08.       
  Collection Suit by Trustee. If an Event of Default specified in clause (i) or (ii) of Section 5.01 occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company and the Guarantors
(i) for the amount of principal of and premium, if any, Additional Amounts, if any, and interest remaining unpaid on any Securities and
(ii) interest on overdue principal, premium, if any, Additional Amounts, if any, and, to the extent lawful, interest on overdue interest,
and such further amount as shall be sufficient to cover the reasonable and documented costs and expenses of collection, including the
reasonable and documented compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

SECTION 5.09.       
Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents and
to take such actions, including participating as a member, voting or otherwise, of any committee of creditors, as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for the compensation, reasonable expenses, disbursements and
advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company and the Guarantors
or their respective creditors or properties and shall be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any Custodian in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 6.07. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07 out of the
estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out
of, any and all distributions, dividends, money, securities and other properties which the Holders of the Securities may be entitled to
receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding.

 

SECTION 5.10.       
Priorities. If the Trustee collects any money pursuant to this Article V, it shall pay out the money in the following
order:

 

First: to the Trustee, its agents and
attorneys for amounts due under Section 6.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all
advances made, by the Trustee and the costs and expenses of collection;

 

Second: to Holders for amounts due and
unpaid on the Securities for principal, premium, if any, Additional Amounts, if any, and interest ratably, without preference or priority
of any kind, according to the amounts due and payable on the Securities for principal, premium, if any, Additional Amounts, if any, and
interest, respectively; and

 

Third: to the Company and the Guarantors.

 

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

 

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

 

ARTICLE VI

TRUSTEE

 

SECTION 6.01.       
Duties of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(iii)           
 The Trustee shall not be liable for any acts or omissions, except for such losses, damages or expenses which have been finally
adjudicated by a court of competent jurisdiction to have directly resulted from the Trustee’s gross negligence or willful misconduct;
and

 

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

 

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

 

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

 

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

 

(g)              
In no event shall the Trustee be responsible or liable for special, indirect, punitive, incidental 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.

 

SECTION 6.02.       
Rights of Trustee.

 

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

 

(b)              
Before the Trustee acts or refrains from acting, it may require an Officer’s 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 Officer’s Certificate
or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.

 

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

 

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

 

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

 

(f)               
No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee is
under no obligation to exercise any of its rights or powers under this Indenture at the request of any Holders, unless such Holder has
offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense that might be incurred by it in
connection with its compliance with such request.

 

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

 

(h)              
The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the Holders
of not less than a majority in principal amount of the Securities as to the time, method and place of conducting any proceedings for any
remedy available to the Trustee or the exercising of any power conferred by this Indenture.

 

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

 

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

 

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

 

(l)                
The Trustee may request that the Company or any Guarantor, as the case may be, deliver an Officer’s 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
Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified
as so authorized in any such certificate previously delivered and not superseded.

 

(m)            
The Trustee undertakes to perform such duties and only such duties as are specifically and expressly set forth in this Indenture.
These duties shall be deemed purely ministerial in nature, and the Trustee shall not be liable except for the performance of such duties,
and no implied covenants or obligations shall be read into this Agreement against the Trustee.

 

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SECTION 6.03.        Individual
Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Company, the Guarantors or any of their Affiliates with the same rights it would have if it were not the
Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Sections 6.10 and 6.11.

 

SECTION 6.04.       
Trustee’s Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture, the Securities
or the Guarantees, it shall not be accountable for any money paid to the Company or upon the Company’s direction under any provision
hereof, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee and it
shall not be responsible for any statement or recital herein or any statement in the Securities or any other document in connection with
the issuance of the Securities or pursuant to this Indenture other than its certificate of authentication.

 

SECTION 6.05.       
Notice of Defaults. If a Default or Event of Default occurs and is continuing and it is actually known to a Responsible
Officer of the Trustee, the Trustee shall send to the Holders of such Securities a notice of such Default or Event of Default within 90
days after it occurs. Except in the case of a Default or Event of Default in payment of principal of or premium, if any, Additional Amounts,
if any, or interest on any Security, the Trustee may withhold the notice if and so long as it in good faith determines that withholding
the notice is in the interests of Holders.

 

SECTION 6.06.       
[Reserved].

 

SECTION 6.07.       
Compensation and Indemnity. The Company and the Guarantors jointly and severally agree to pay to the Trustee such compensation
as the Company and the Trustee shall from time to time agree in writing. The Company shall reimburse the Trustee upon request for all
reasonable and documented out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation
for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s
agents and counsel. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company and the Guarantors jointly and severally agree to reimburse the Trustee upon request for all reasonable and documented disbursements,
advances and expenses incurred by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s
agents and counsel.

 

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

 

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Notwithstanding anything herein
to the contrary, neither the Company nor the Guarantors shall be obligated to reimburse any fee or expense or indemnify against any loss,
liability, damage, claim or expense incurred by the Trustee through its own gross negligence or willful misconduct (as found by a court
of competent jurisdiction in a final, non-appealable judgment).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)            
the Trustee otherwise becomes incapable of acting.

 

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

 

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

 

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

 

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

 

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

 

In case any Securities shall
have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities so authenticated; and in case at that time any of the
Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any
predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force
which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

 

SECTION 6.10.       
Eligibility; Disqualification. There shall at all times be a Trustee
hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof
or the District of Columbia and authorized under such laws to exercise corporate trust power, shall be subject to supervision or examination
by Federal or State (or the District of Columbia) authority and shall have, or be a Subsidiary of a bank or bank holding company having,
a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition.

 

ARTICLE VII

DISCHARGE OF INDENTURE

 

SECTION 7.01.       
Termination of Company’s and Guarantors’ Obligations.

 

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

 

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(1)              
either

 

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

 

(B)             
all outstanding Securities not theretofore delivered to the Trustee for cancellation:

 

(i)       have
become due and payable,

 

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

 

(iii)       will
be scheduled for redemption by their terms within one year, and the Company, in the case of clause (i) or (ii) above or this clause (iii),
has deposited or caused to be deposited with the Trustee as funds (immediately available to the Holders in the case of clause (i)) in
trust for such purpose an amount of cash or, in the case of clause (ii) or this clause (iii), U.S. Government Obligations or a combination
thereof which, together with earnings thereon, will be sufficient, in the case of clause (ii) or this clause (iii), 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 the entire indebtedness on such Securities for principal, premium, if any, Additional Amounts, if any, and interest
to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date,
as the case may be;

 

(2)              
the Company has paid all other sums payable by it hereunder with respect the Securities; and

 

(3)              
the Company has delivered to the Trustee an Officer’s Certificate stating that all conditions precedent to satisfaction and
discharge of this Indenture with respect to the Securities have been complied with, together with an Opinion of Counsel to the same effect.

 

However, the Company’s
obligations in Sections 2.03, 2.06, 2.07, 3.02 and 7.01, the Company’s and the Guarantors’ obligations in Sections 6.07, 6.08
and 7.04 and the Trustee’s and Paying Agent’s obligations in Section 7.03 shall survive the satisfaction and discharge of
this Indenture until the Securities are no longer outstanding. Thereafter, only the Company’s and the Guarantors’ obligations
in Section 6.07 and the Trustee’s and Paying Agent’s obligations in Section 7.03 shall survive with respect to the Securities.

 

(b)              
Legal Defeasance. The Company and the Guarantors may, subject as provided herein, terminate by legal defeasance all of their
obligations under this Indenture with respect to the Securities if:

 

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

 

    53

     

    

 

 

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

 

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

 

(iv)          the
Company shall have delivered to the Trustee an Opinion of Counsel from nationally recognized counsel acceptable to the Trustee to the
effect that, based on a ruling of the Internal Revenue Service or a change in U.S. Federal income tax law occurring after the date of
this Indenture, the Holders of Securities will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of
the Company’s exercise of its option under this Section 7.01(b) and will be subject to U.S. Federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such option had not been exercised;

 

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

 

(vi)          the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that after the passage of 91 days following
the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally.

 

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

 

    54

     

    

 

However, the Company’s
obligations in Sections 2.03, 2.06, 2.07, 3.02 and 7.01, the Company’s and the Guarantors’ obligations in Sections 6.07, 6.08
and 7.04 and the Trustee’s and Paying Agent’s obligations in Section 7.03 shall survive such legal defeasance with respect
to the Securities until the Securities are no longer outstanding. Thereafter, only the Company’s and the Guarantors’ obligations
in Section 6.07 and the Trustee’s and Paying Agent’s obligations in Section 7.03 shall survive with respect to the Securities.

 

(c)           Covenant Defeasance. The Company and the Guarantors may, subject as provided herein, be released from their respective obligations
to comply with, and shall have no liability in respect of any term, condition or limitation, set forth in Sections 3.07, 3.08, 3.09 and
4.01 and in Article IX, and such omission to comply with any of Sections 3.07, 3.08, 3.09 and 4.01 and Article IX shall not constitute
an Event of Default with respect to the Securities under Section 5.01 (“Covenant Defeasance”), with the remainder of this
Indenture and such Securities unaffected thereby if:

 

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

 

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

 

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

 

(iv)          the
Company shall have delivered to the Trustee an Opinion of Counsel from nationally recognized counsel acceptable to the Trustee to the
effect that the Holders of Securities will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of the
Company’s exercise of its option under this Section 7.01(c) and will be subject to U.S. Federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such option had not been exercised;

 

    55

     

    

 

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

 

(vi)          the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that after the passage of 91 days following
the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally.

 

(d)           In order to have money available on a payment date to pay principal of or premium, if any, Additional Amounts, if any, or interest
on the Securities, the U.S. Government Obligations shall be payable as to principal or interest on or before such payment date in such
amounts as will provide the necessary money. U.S. Government Obligations shall not be callable at the issuer’s option.

 

(e)           The
Company may exercise its option under Section 7.01(b) notwithstanding its prior exercise of its Covenant Defeasance option under Section
7.01(c).

 

SECTION 7.02.     Application
of Trust Money. The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust money or U.S. Government
Obligations deposited with it pursuant to Section 7.01. It shall apply the deposited money and the money from U.S. Government Obligations
through the Paying Agent and in accordance with this Indenture to the payment of principal of and premium, if any, Additional Amounts,
if any, and interest on Securities with respect to which the deposit was made.

 

The Company will pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government Obligations deposited
pursuant to Section 7.01 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding Securities.

 

SECTION 7.03.     Repayment
to Company. The Trustee and the Paying Agent shall promptly pay to the Company upon written request any excess money or securities
held by them at any time. Subject to the requirements of any applicable abandoned property laws, the Trustee and the Paying Agent shall
pay to the Company upon written request any money held by them for the payment of principal of, premium, if any, Additional Amounts,
if any, or interest that remains unclaimed for two years after the date upon which such payment shall have become due; provided, however,
that the Company shall have either caused notice of such payment to be sent to each Holder entitled thereto no less than 30 days prior
to such repayment or within such period shall have published such notice in a financial newspaper of widespread circulation published
in The City of New York. After payment to the Company, Holders entitled to the money must look to the Company for payment as unsecured
general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and the Paying
Agent with respect to such money shall cease.

 

SECTION 7.04.     Reinstatement. If the Trustee or the Paying Agent is unable to apply any money or U.S. Government Obligations in accordance
with Section 7.01 by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the
Company and the Guarantors under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant
to Section 7.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money or U.S. Government Obligations
in accordance with Section 7.01; provided, however, that if the Company or the Guarantors have made any payment of principal of or interest
on the Securities because of the reinstatement of their obligations, the Company or such Guarantor, as the case may be, shall be subrogated
to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee
or the Paying Agent.

 

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ARTICLE VIII

AMENDMENTS

 

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

 

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

 

(ii)            to
evidence the succession of another Person to the Company or the Guarantors, or successive successions, and the assumption by the successor
Person of the covenants, agreements and obligations of the Company or a Guarantor pursuant to Section 4.01 or 9.03;

 

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

 

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

 

    57

     

    

 

(v)           to
provide for uncertificated Securities in addition to or in place of certificated Securities, provided that the uncertificated Securities
are issued in registered form for purposes of Section 163(f) of the Code;

 

(vi)          to
provide for the issuance of Additional Securities and related Guarantees in accordance with this Indenture;

 

(vii)         to
effect any provision of this Indenture;

 

(viii)       
to release the Guarantee of any Guarantor in accordance with Section 9.05 of this Indenture;

 

(ix)           to
conform the text of this Indenture or the Securities to the “Description of the Notes” set forth in the Offering Memorandum
to the extent such provision in the “Description of the Notes” was intended to be a verbatim, or substantially verbatim,
recitation of such provision if this Indenture or the Securities (which intent may be evidenced by an Officer’s Certificate to
such effect); or

 

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

 

Upon the request of the Company
and the Guarantors and upon receipt by the Trustee of the documents described in Section 8.06, the Trustee shall join with the Company
and the Guarantors in the execution of any supplemental indenture entered into to effect any such amendment, supplement or waiver.

 

SECTION 8.02.     With Consent of Holders. Except as provided in Section 8.01 or below in this Section 8.02, the Company, the Guarantors and
the Trustee may amend or supplement this Indenture or the Securities with the consent (including consents obtained in connection with
a tender offer or exchange offer for such Securities or a solicitation of consents in respect of such Securities, provided that in each
case such offer or solicitation is made to all Holders of the Securities then outstanding on equal terms) of the Holders of a majority
in aggregate principal amount of the Securities then outstanding affected thereby.

 

The Holders of a majority
in aggregate principal amount of the Securities then outstanding may waive compliance in a particular instance by the Company or the Guarantors
with any provision of this Indenture or the Securities (including waivers obtained in connection with a tender offer or exchange offer
for such Securities or a solicitation of consents in respect of such Securities, provided that in each case such offer or solicitation
is made to all Holders of the Securities then outstanding on equal terms).

 

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

 

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

 

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

 

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

 

(ii)            reduce the principal amount of any of the Securities;

 

(iii)           reduce
the rate or extend the time of payment of interest, including defaulted interest, or Additional Amounts, if any, on any of the Securities;

 

(iv)          reduce
any amount payable on redemption of any of the Securities (other than as a result of the shortening of the required notice period for
redemption);

 

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

 

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

 

(vii)         change
the ranking of the Securities or the Guarantees thereof;

 

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

 

(ix)           waive
a continuing Default or Event of Default in the payment of principal of or premium, if any, Additional Amounts, if any, or interest,
including defaulted interest, on the Securities.

 

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

 

SECTION 8.03.     [Reserved].

 

SECTION 8.04.     Revocation
and Effect of Consents. A consent to an amendment, a supplement or a waiver by a Holder is a continuing consent by the Holder
and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the
consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to its Security or portion
of a Security if the Trustee receives written notice of revocation at any time prior to (but not after) the date the Trustee receives
an Officer’s Certificate certifying that the Holders of the requisite aggregate principal amount of Securities have consented (and
not theretofore revoked such consent) to the amendment, supplement or waiver.

 

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

 

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

 

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

 

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

 

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ARTICLE IX

GUARANTEES OF SECURITIES

 

SECTION 9.01.     Unconditional
Guarantees.

 

(a)           For value received, each of the Guarantors hereby fully, irrevocably, unconditionally and absolutely guarantees to the Holders
and to the Trustee the due and punctual payment of the principal of and premium, if any, Additional Amounts, if any, and interest on the
Securities and all other amounts due and payable under this Indenture and the Securities by the Company (including, without limitation,
all costs and expenses (including reasonable legal fees and disbursements) incurred by the Trustee or the Holders in connection with the
enforcement of this Indenture, the Securities and the Guarantees) (collectively, the “Indenture Obligations”), when and as
such principal, premium, if any, Additional Amounts, if any, and interest and such other amounts shall become due and payable, whether
at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise, according to the terms of the Securities and this
Indenture. The guarantees by the Guarantors set forth in this Article IX are referred to herein as the “Guarantees.” Without
limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute part of the Indenture
Obligations and would be owed by the Company under this Indenture and the Securities but for the fact that they are unenforceable, reduced,
limited, impaired, suspended or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the
Company.

 

(b)           Failing
payment when due of any amount guaranteed pursuant to the Guarantees, for whatever reason, the Guarantors will be obligated to pay the
same immediately to the Trustee, without set-off or counterclaim or other reduction whatsoever (whether for taxes, withholding or otherwise).
The Guarantees of the Upper Tier Notes Guarantors and Nabors Bermuda are intended to be general, unsecured, senior obligations of such
Guarantors and to rank pari passu in right of payment with all indebtedness of such Guarantor that is not, by its terms, expressly
subordinated in right of payment to the Guarantees of such Guarantor. The Guarantees of the Lower Tier Notes Guarantors will be unsecured
obligations and will be subordinated in right of payment to guarantees by the Lower Tier Notes Guarantors of Senior Guaranteed Debt,
including obligations under the 2018 Revolving Credit Facility, as a result of the Subordination Agreement. Each Guarantor hereby agrees
that its obligations hereunder shall be full, irrevocable, unconditional and absolute, irrespective of the validity, regularity or enforceability
of the obligations and liabilities of any other obligor with respect to the Securities, the Guarantees or this Indenture, the absence
of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof with respect
to the same, the recovery of any judgment against the Company, or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of such Guarantor.

 

Each Guarantor hereby
agrees that in the event of a default in payment of the principal of or premium, if any, Additional Amounts, if any, or interest on
the Securities or any other amounts payable under this Indenture and such Securities by the Company, whether at the Stated Maturity,
upon redemption or by declaration of acceleration or otherwise, legal proceedings may be instituted by the Trustee on behalf of the
Holders or, subject to Section 5.06, by the Holders, on the terms and conditions set forth in this Indenture, directly against such
Guarantor to enforce the Guarantees without first proceeding against the
Company, subject to the provisions of the Subordination Agreement.

 

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(c)           To
the fullest extent permitted by applicable law, the obligations of each Guarantor under this Article IX shall be as aforesaid full, irrevocable,
unconditional and absolute and except as set forth in this Article IX shall not be impaired, modified, discharged, released or limited
by any occurrence or condition whatsoever, including, without limitation, (i) any compromise, settlement, release, waiver, renewal, extension,
indulgence or modification of, or any change in, any of the obligations and liabilities of any other obligor with respect to the Securities
or this Indenture, (ii) any impairment, modification, release or limitation of the liability of the Company, any Guarantor or any of
their respective estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future
provision of any applicable Bankruptcy Law, or other statute or from the decision of any court, (iii) the assertion or exercise by the
Company, any Guarantor or the Trustee of any rights or remedies under any of the Securities or this Indenture or its delay in or failure
to assert or exercise any such rights or remedies, (iv) the assignment or the purported assignment of any property as security for any
of the Securities, including all or any part of the rights of the Company or any Guarantor under this Indenture, (v) the extension of
the time for payment by the Company or any Guarantor of any payments or other sums or any part thereof owing or payable under any of
the terms and provisions of any of the Securities or this Indenture or of the time for performance by the Company or any Guarantor of
any other obligations under or arising out of any such terms and provisions or the extension or the renewal of any thereof, (vi) the
modification or amendment (whether material or otherwise) of any duty, agreement or obligation set forth in this Indenture of any other
obligor with respect to the Securities, (vii) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all
or substantially all of the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit
of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, any of the Company
or any Guarantor or any of its assets, or the disaffirmance of any of the Securities, the Guarantees or this Indenture in any such proceeding,
(viii) the release or discharge of the Company or any Guarantor from the performance or observance of any agreement, covenant, term or
condition contained in any of such instruments by operation of law, (ix) the unenforceability of any of the obligations of any of the
other obligors under the Securities, the Guarantees or this Indenture, (x) any change in the name, business, capital structure, corporate
existence, or ownership of the Company or any Guarantor, or (xi) any other circumstance which might otherwise constitute a defense available
to, or a legal or equitable discharge of, a surety or any Guarantor.

 

(d)           Each Guarantor hereby (i) waives diligence, presentment, demand of payment, notice of acceptance, filing of claims with a court
in the event of the merger, amalgamation, insolvency or bankruptcy of the Company or any Guarantor, and all demands and notices whatsoever,
(ii) acknowledges that any agreement, instrument or document evidencing the Guarantees may be transferred and that the benefit of its
obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantees without notice to
them and (iii) covenants that its Guarantees will not be discharged except by complete performance of the Guarantees or of the obligations
guaranteed thereby. Each Guarantor further agrees that if at any time all or any part of any payment theretofore applied by any Person
to the Guarantees is, or must be, rescinded or returned for any reason whatsoever, including, without limitation, the insolvency, bankruptcy
or reorganization of such Guarantor, the Guarantees shall, to the extent that such payment is or must be rescinded or returned,
be deemed to have continued in existence notwithstanding such application, and the Guarantees shall continue to be effective or be reinstated,
as the case may be, as though such application had not been made.

 

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(e)           Each
Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Company in respect of any amounts paid by such
Guarantor pursuant to the provisions of this Indenture; provided, however, that such Guarantor shall not be entitled to enforce or to
receive any payments arising out of, or based upon, such right of subrogation with respect to any of the Securities until all of the
Securities and the Guarantees thereof shall have been paid in full or discharged.

 

(f)            No
failure to exercise and no delay in exercising, on the part of the Trustee or the Holders, any right, power, privilege or remedy under
this Article IX and the Guarantees shall operate as a waiver thereof, nor shall any single or partial exercise of any rights, power,
privilege or remedy preclude any other or further exercise thereof, or the exercise of any other rights, powers, privileges or remedies.
The rights and remedies herein provided for are cumulative and not exclusive of any rights or remedies provided in law or equity. Nothing
contained in this Article IX shall limit the right of the Trustee or the Holders to take any action to accelerate the Maturity of the
Securities pursuant to Article V or to pursue any rights or remedies hereunder or under applicable law.

 

SECTION 9.02.    Execution
and Delivery of Notation of Guarantees. To further evidence the Guarantees, each Guarantor hereby agrees that a notation of such
Guarantees may be endorsed on each Security authenticated and delivered by the Trustee and that such notation shall be executed by either
manual or facsimile signature of an Officer of such Guarantor.

 

Each Guarantor hereby agrees
that its Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Security a notation of the Guarantees.

 

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

 

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

 

SECTION 9.03.     Guarantors
May Consolidate, etc., on Certain Terms. (a) A Guarantor may consolidate, merge or enter into a scheme of arrangement qualifying
as an amalgamation with any Person or sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets to
any Person and (b) the Capital Stock of a Guarantor may be sold or otherwise disposed of to another Person; provided, however,
that in the case of the consolidation, merger or scheme or arrangement qualifying as an amalgamation or sale, lease, conveyance, transfer
or disposal of all or substantially all of the assets of such Guarantor or the sale or other disposition of the Capital Stock of a Guarantor,
if such other Person is not the Company or a Guarantor, such Guarantor’s obligations under its Guarantee must be expressly assumed
by such other Person, except in connection with a transaction in which the Guarantee of such Guarantor would be released as provided
in Section 9.05; provided, further, for the avoidance of doubt, the release provisions in Section 9.05 shall not apply to any
such sale, transfer or other disposition described in this Section 9.03 to Nabors Bermuda or any Affiliate of Nabors Bermuda.

 

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SECTION 9.04.    Luxembourg:
Guarantee Limitation. The guarantee granted by any Guarantor which is incorporated and established in the Grand-Duchy of Luxembourg
(a “Luxembourg Guarantor”) under this this Article IX shall be limited at any time to an aggregate amount not exceeding
the higher of: 99% of such Luxembourg Guarantor's capitaux propres (as referred to in article 34 of the Luxembourg law dated 19
December 2002 on the commercial register and annual accounts, as amended (the “2002 Law”), and as implemented by the
Grand-Ducal regulation dated 18 December 2015 setting out the form and the content of the presentation of the balance sheet and profit
and loss account (the “Regulation”)) determined as at the date on which a demand is made under the guarantee, increased
by the amount of any Intra-Group Liabilities; and 99% of such Luxembourg Guarantor's capitaux propres (as referred to in article
34 of the 2002 Law) determined as at the date of this Agreement, increased by the amount of any Intra-Group Liabilities. The amount of
the capitaux propres under this this Article IX shall be determined by the Trustee acting in its sole commercially reasonable
discretion and shall be adjusted (by derogation to the rules contained in the 2002 Law and the Regulation) to take into account the fair
value rather than book value of the assets of such Luxembourg Guarantor.

 

For the purpose of this Clause,
 “Intra-Group Liabilities” shall mean any amounts owed by such Luxembourg Guarantor to any other member of the group and that
have not been financed (directly or indirectly) by any amounts raised in relation to the Securities. The above limitation shall not apply
(a) in respect of any amounts due by a direct or indirect subsidiary of that Luxembourg Guarantor in relation to the Securities and (b)
in respect of any amounts due by any person which is not a direct or indirect subsidiary of that Luxembourg Guarantor in relation to the
Securities and which have been on-lent to or made available by whatever means, directly or indirectly, to that Luxembourg Guarantor or
any of its direct or indirect subsidiaries.

 

SECTION 9.05.      Releases.

 

(a)           The Guarantee of a Guarantor (other than, in the case of clause (iv) below, the Guarantee of Nabors Bermuda) will be automatically
released with respect to the Securities:

 

(i)             upon the sale or other disposition (including by way of consolidation, merger or scheme or arrangement qualifying as an amalgamation)
of a Guarantor, including the sale or disposition of Capital Stock of a Guarantor, following which such Guarantor is no longer a Subsidiary
of Nabors Bermuda,

 

(ii)            the sale or disposition of all or substantially all the assets (including by way of consolidation, merger or scheme or arrangement
qualifying as an amalgamation) of a Guarantor,

 

(iii)           if
the Company exercises its legal defeasance option or its covenant defeasance option with respect to the Securities or if the Company’s
obligations under this Indenture are satisfied and discharged in accordance with Article VII with respect to the Securities; or

 

(iv)           if the Securities are rated Investment Grade by at least two of the three Rating Agencies and no Default or Event of Default has
occurred and is continuing under this Indenture;

 

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provided,
however, that in the case of clauses (i) and (ii) above, such sale or other disposition is made to a Person other than Nabors Bermuda
or one of its Affiliates and such sale or disposition is otherwise permitted by this Indenture.

 

(b)           At the request of the Company and upon delivery of an Officer’s Certificate and Opinion of Counsel, the Trustee shall execute
and deliver an appropriate instrument evidencing the release of a Guarantor pursuant to this Section 9.05.

 

SECTION 9.06.     Subordination
Agreement. On the Issue Date, the Trustee will enter into ( by way of joinder) the Subordination Agreement with respect to the Securities.
In the event of (i) any amendment, supplement, modification, extension, renewal, restatement or refunding of Senior Guaranteed Debt,
(ii) the replacement, refunding or refinancing of any Senior Guaranteed Debt with new Senior Guaranteed Debt or (iii) the Lower Tier
Note Guarantors issue new Senior Guaranteed Debt, the Lower Tier Note Guarantors and the Trustee will enter into a subordination agreement
substantially consistent with the Subordination Agreement, and the Trustee shall be provided with, and may conclusively rely upon, an
Officer’s Certificate stating such subordination agreement is permitted by this Indenture and is substantially consistent with
the Subordination Agreement with respect to entry into such subordination agreement.

 

ARTICLE X

REDEMPTION

 

SECTION 10.01.   Notices
to Trustee. If the Company elects to redeem the Securities pursuant to the redemption provisions of Section 10.07, it shall furnish
to the Trustee, at least five days before notice of such redemption is to be given pursuant to Section 10.03 (unless a shorter period
is acceptable to the Trustee), an Officer’s Certificate setting forth the Redemption Date, the principal amount of such Securities
to be redeemed, the redemption price (or the method of calculating the redemption price) and, if the redemption of such Securities is
subject to any condition precedent, each such condition precedent.

 

SECTION 10.02.   Selection
of Securities to be Redeemed. If less than all of the Securities are to be redeemed, the Trustee shall select the Securities to be
redeemed on a pro rata basis (or, in the case of Securities represented by a Global Security, in accordance with the Applicable Procedures).

 

Securities and portions of
them selected shall be in minimum amounts of $2,000 and integral multiples of $1,000 in excess thereof. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for
redemption.

  

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SECTION 10.03.    Notices
to Holders.

 

(a)            At
least 20 days (or in the case of a redemption pursuant to Section 10.08, 10 days) but not more than 75 days before a Redemption
Date, the Company shall give in conformity with Section 11.02 a notice of redemption to each Holder of Securities to be redeemed.
The notice shall identify the Securities to be redeemed (including CUSIP, ISIN or similar numbers, if any) and shall state:

 

(i)             the Redemption Date;

 

(ii)            the redemption price (or the method of calculating the redemption price);

 

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

 

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

 

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

 

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

 

(vii)         the paragraph of the Securities and/or Section of this Indenture pursuant to which the Securities are being redeemed;

 

(viii)        that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities;

 

(ix)           the
aggregate principal amount of Securities being redeemed; and

 

(x)            any condition precedent to such redemption.

 

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

 

(b)           At
the Company’s request, the Trustee shall give the notice required in Section 10.03(a) in the Company’s name; provided, however,
that the Company shall deliver to the Trustee, at least 15 days prior to the requested delivery date (unless the Trustee consents in
writing to a shorter period), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in Section 10.03(a).

 

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SECTION 10.04.    Effect
of Notices of Redemption. Notice of redemption may be given and any redemption of Securities may, at the Company’s
discretion, be subject to one or more conditions precedent, including the consummation of a financing transaction or equity
issuance, the proceeds of which are to be used to fund such redemption; provided that, if notice of redemption is given pursuant to
Section 10.03, and such notice does not include a condition precedent to be satisfied in order for the Company to be obligated to
redeem the Securities, the Securities called for redemption shall become due and payable on the Redemption Date at the redemption
price. Upon surrender to the Paying Agent of Securities called for redemption, such Securities shall be paid out at the redemption
price, plus accrued and unpaid interest up to, but excluding, the Redemption Date; provided, however, that if the Redemption Date is
after the taking of a record of the Holders on a record date and on or prior to the related Interest Payment Date, the accrued and
unpaid interest shall be payable to the Person in whose name the redeemed Securities are registered on such record date. Failure to
give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

 

SECTION 10.05.   
Deposit of Redemption Price. At or prior to 11:00 a.m. New York City time on the Redemption Date, the Company shall deposit
with the Trustee or with the Paying Agent immediately available funds sufficient to pay the redemption price of all Securities to be redeemed
on that date, plus accrued and unpaid interest thereon up to, but excluding, the Redemption Date. The Trustee or the Paying Agent shall
return to the Company any money not required for that purpose less the expenses of the Trustee as provided herein.

 

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

 

SECTION 10.06.   
Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall issue and the Trustee
shall authenticate for the Holder, at the expense of the Company, a new Security equal in principal amount to the unredeemed portion of
the Security surrendered.

 

SECTION 10.07.   
Optional Redemption.

 

(a)              
On or after May 15, 2024, the Company may redeem the Securities, in whole at any time or in part from time to time, at the redemption
prices (expressed as a percentage of principal amount of the Securities to be redeemed) set forth below, plus accrued and unpaid interest,
if any, on the Securities, to, but excluding, the applicable Redemption Date, if redeemed during the twelve-month period beginning on
May 15 of the years indicated below:

 

	Year	 	Percentage	 
	2024	 	 	103.688	%
	2025	 	 	101.844	%
	2026 and thereafter	 	 	100.000	%

 

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(b)       At
any time and from time to time prior to May 15, 2024, upon giving notice as provided in Section 10.03 of this Indenture, the Company
may redeem up to 35% of the aggregate principal amount of the Securities with an aggregate amount less than or equal to the cash
proceeds less any underwriting spread paid in cash of one or more Equity Offerings, at a redemption price equal to 107.375% of the
principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the Redemption Date; provided, however,
that, at least 50% of the original aggregate principal amount of the Securities (excluding any Additional Securities of such series)
must remain outstanding immediately after each such redemption; provided, further, that such redemption shall occur within 180 days
after the date on which any such Equity Offering is consummated.

 

(c)       At
any time prior to May 15, 2024, the Company may redeem the Securities, in whole at any time and in part from time to time, upon giving
notice as provided in Section 10.03 of this Indenture, at a redemption price equal to 100% of the aggregate principal amount of the Securities
to be redeemed, plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

Notice
of any redemption may be given and any redemption of Securities may, at the Company’s discretion, be subject to one or more conditions
precedent and any redemption pursuant to this Section 10.07 shall be made, to the extent applicable, pursuant to the provisions
of Sections 10.01 through 10.06.

 

SECTION 10.08.   
Tax Redemption.

 

(a)            The
Securities will be subject to redemption by the Company, in whole but not in part, at a redemption price equal to 100% of the outstanding
principal amount of the Securities, plus accrued and unpaid interest thereon to, but excluding, the applicable Redemption Date (including
any Additional Amounts) at any time prior to their maturity if, due to a Change in Tax Law (as defined below):

 

(i)            the Company or a Guarantor in accordance with the terms of the Securities or a Guarantee has, or would, become obligated to pay,
on the next date on which any amount would be payable with respect to the Securities or a Guarantee, any Additional Amounts to the Holders
of the Securities; and

 

(ii)            such
obligation cannot be avoided by such Guarantor or the Company taking reasonable measures available to it (including, in the case of a
payment by a Guarantor, taking reasonable measures to have the Company or another Guarantor make the relevant payment if this would avoid
the obligation to pay Additional Amounts).

 

(b)           In
such case, the Company may redeem the Securities upon not less than 10 days nor more than 75 days’ notice provided, that, (i) no
such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Company or such Guarantor, as the
case may be, would be obligated to pay any such Additional Amounts in respect of the Securities or applicable Guarantee and (ii) at the
time such notice is given, such obligation to pay such Additional Amounts remains in effect. The Company’s right to redeem the
Securities pursuant to this Section 10.08 shall continue as long as the Company or a Guarantor is obligated to pay such Additional Amounts,
notwithstanding that the Company or such Guarantor, as the case may be, shall have made payments of Additional Amounts. Prior to the
giving of any such notice of redemption, the Company must deliver to the Trustee: (1) an Officer’s Certificate stating that the
Company is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right
of the Company so to redeem have occurred; and (2) an Opinion of Counsel or an independent accountant of recognized standing, selected
by the Company or any Guarantor, as applicable, with respect to tax matters of the applicable Relevant Taxing Jurisdiction to the effect
that the Company or such Guarantor has, or would, become obligated to pay such Additional Amounts as a result of such Change in Tax Law
and the Trustee shall be entitled to accept such Officer’s Certificate and Opinion of Counsel as sufficient evidence of the satisfaction
of the conditions precedent in which event they shall be conclusive and binding on the holders of the Securities. For the purposes of
this Section 10.08, “Change in Tax Law” shall mean any changes in, or amendment to, any law of a Relevant Taxing Jurisdiction
(including any regulations or rulings promulgated thereunder and including, for this purpose, any treaty entered into by the Relevant
Taxing Jurisdiction) or any amendment to or change in the application or official interpretation (including judicial or administrative
interpretation) of such law, which change or amendment becomes effective or, in the case of an official interpretation, is announced,
on or after the date of this Indenture (or, if later, on or after the date on which such Relevant Taxing Jurisdiction became a Relevant
Taxing Jurisdiction).

 

    68

     

    

 

Any redemption pursuant to
this Section 10.08 shall be made, to the extent applicable, pursuant to the provisions of Sections 10.01 through 10.06.

 

The foregoing provisions will
apply mutatis mutandis to any successor person, after such successor person becomes a party to this Indenture, with respect to a Change
in Tax Law occurring after the time such successor person becomes a party to this Indenture.

 

ARTICLE XI

MISCELLANEOUS

 

SECTION 11.01.   
[Reserved].

 

SECTION 11.02.   
Notices. Any notice or other communication by the Company, the Guarantors or the Trustee to the others is duly given if
in writing and delivered in person, by facsimile or by overnight air courier guaranteeing next day delivery or if mailed by first-class
mail (registered or certified, return receipt requested), in each case to the other’s address:

 

If to the Company or any Guarantor:

 

c/o Nabors Corporate Services,
Inc.

515 West Greens Road, Suite
1200

Houston, Texas 77067

Attention: General Counsel

Telephone No.: (281) 874-0035

Telecopier No.: (281) 775-8431

 

If to the Trustee:

 

Wilmington Trust, National Association

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Facsimile No.: (612) 217-5667

Attention: Nabors Notes Administrator

 

    69

     

    

 

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

 

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

 

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

 

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

 

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

 

All notices or other communications,
including, without limitation, notices to the Trustee, the Company or the Guarantors by Holders, shall be in writing and in the English
language.

 

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

 

SECTION 11.03.   
[Reserved].

 

SECTION 11.04.   Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company or the Guarantors to
the Trustee to take any action under this Indenture, the Company or the Guarantors shall, if requested by the Trustee, furnish to the
Trustee:

 

(i)             an
Officer’s Certificate (which shall include the statements set forth in Section 11.05) stating that, in the opinion of the signers,
all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with;
and

 

(ii)            an
Opinion of Counsel (which shall include the statements set forth in Section 11.05) stating that, in the opinion of such counsel, all
such conditions precedent and covenants have been complied with.

 

Notwithstanding the foregoing,
no such Opinion of Counsel shall be required in connection with the issuance of the Initial Securities.

 

    70

     

    

 

SECTION 11.05.   
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

 

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

 

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

 

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

 

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

 

SECTION 11.06.   
Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or the Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

SECTION 11.07.   
Legal Holidays. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next
succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a record date is a Legal Holiday,
the record date shall not be affected.

 

SECTION 11.08.   
No Recourse Against Others. A director, officer, employee or stockholder of the Company or the Guarantors, as such, shall
not have any liability for any obligations of the Company or the Guarantors under the Securities, the Guarantees or this Indenture or
for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and
releases all such liability. The waiver and release shall be part of the consideration for the issue of the Securities.

 

SECTION 11.09.   
Governing Law; Jury Trial Waiver. This Indenture, the Securities and the Guarantees shall be governed by and construed in
accordance with the laws of the State of New York. EACH OF THE COMPANY, THE GUARANTORS, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

  

    71

     

    

 

SECTION 11.10.    Consent
to Jurisdiction and Service of Process. Each of the Foreign Guarantors is not organized under the laws the United States
(including the States thereof and the District of Columbia) and therefore hereby appoints the Company as the authorized agent
thereof (the “Authorized Agent”) upon whom process may be served in any action, suit or proceeding arising out of or
based on this Indenture or the Securities which may be instituted in the Supreme Court of the State of New York or the United States
District Court for the Southern District of New York, in either case in the Borough of Manhattan, The City of New York, by the
Trustee or the Holder of any Security, and to the fullest extent permitted by applicable law, the Company and each of the Foreign
Guarantors hereby waives any objection which it may now or hereafter have to the laying of venue of any such proceeding and
expressly and irrevocably accepts and submits, for the benefit of the Trustee or the Holders from time to time of the Securities, to
the non-exclusive jurisdiction of any such court in respect of any such action, suit or proceeding, for itself and with respect to
its properties, revenues and assets. Such appointment shall be irrevocable unless and until the appointment of a successor
authorized agent for such purpose, and such successor’s acceptance of such appointment, shall have occurred. Each of the
Foreign Guarantor agrees to take any and all actions, including the filing of any and all documents and instruments, that may be
necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent with
respect to any such action shall be deemed, in every respect, effective service of process upon each Foreign Guarantor.
Notwithstanding the foregoing, any action against a Foreign Guarantor arising out of or based on any Security or the Guarantees may
also be instituted by the Trustee or the Holder of such Security in any court in the jurisdiction of organization of such Foreign
Guarantor, and each Foreign Guarantor expressly accept the jurisdiction of any such court in any such action. The Company hereby
accepts the foregoing appointments as agent for service of process.

 

SECTION 11.11.   
Waiver of Immunity. To the extent that any Foreign Guarantor or any of their respective properties, assets or revenues may
have or may hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise,
from any legal action, suit or proceeding, from the giving of any relief in any thereof, from set-off or counterclaim, from the jurisdiction
of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or
from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment,
in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter
under or arising out of or in connection with this Indenture or the Securities, each Foreign Guarantor, to the maximum extent permitted
by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief
and enforcement.

 

SECTION 11.12.   
Judgment Currency. The Foreign Guarantors agree to indemnify the Trustee and each Holder against any loss incurred by it
as a result of any judgment or order being given or made and expressed and paid in a currency (the “Judgment Currency”) other
than U.S. dollars and as a result of any variation as between (a) the rate of exchange at which the U.S. dollar amount is converted into
the Judgment Currency for the purpose of such judgment or order and (b) the spot rate of exchange in The City of New York at which the
Trustee or such Holder on the date of payment of such judgment or order is able to purchase U.S. dollars with the amount of the Judgment
Currency actually received by the Trustee or such Holder. The foregoing indemnity shall constitute a separate and independent obligation
of the Foreign Guarantors and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term
 “spot rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion
into, U.S. dollars.

 

    72

     

    

 

SECTION 11.13.   
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company, the Guarantors or any other Subsidiary of Nabors Bermuda. Any such indenture, loan or debt agreement may not be used
to interpret this Indenture.

 

SECTION 11.14.   
Successors. All agreements of the Company and the Guarantors in this Indenture and the Securities shall bind their respective
successors. All agreements of the Trustee in this Indenture shall bind its successor.

 

SECTION 11.15.   
Severability. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 11.16.   
Counterpart Originals. This Indenture (or any document delivered in connection with this Indenture) shall be valid, binding,
and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any
electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform
Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial
Code (collectively, “Signature Law”); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual
signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity,
legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely
upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature,
of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

 

SECTION 11.17.   
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.
The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee
to satisfy the requirements of the U.S.A. Patriot Act.

 

SECTION 11.18.   
Force Majeure. In no event shall the Trustee be liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes, epidemics, pandemics, recognized
emergencies or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;
it beyond understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.

 

SECTION 11.19.    Table
of Contents, Headings, etc.. The Table of Contents and headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the
terms or provisions hereof.

 

Section 11.20. Entire Agreement.
This Indenture and the exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and
supersede all prior agreements and understandings, oral or written.

 

[Remainder of page intentionally left blank]

 

    73

     

    

 

 

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

 

	 	Company:

 

	 	NABORS INDUSTRIES, INC.
	 	 
	 	By:	/s/ Michael Rasmuson
	 	Name:	Michael Rasmuson
	 	Title:	Secretary, Senior Vice President, General Counsel & Chief Compliance Officer

 

	 	Guarantors:

 

	 	NABORS INDUSTRIES LTD.
	 	 
	 	By:	/s/ Mark D. Andrews
	 	Name:	Mark D. Andrews
	 	Title:	Corporate Secretary
	 	 
	 	NABORS HOLDINGS LTD.
	 	 
	 	By:	/s/ Mark D. Andrews
	 	Name:	Mark D. Andrews
	 	Title:	President
	 	 
	 	NABORS INTERNATIONAL MANAGEMENT LIMITED
	 	 
	 	By:	/s/ Mark D. Andrews
	 	Name:	Mark D. Andrews
	 	Title:	President
	 	 
	 	NABORS GLOBAL HOLDINGS LIMITED
	 	 
	 	a société à responsabilité limitée, with registered office at 8-10 Avenue de la Gare, L-1610 Luxembourg,
RCS number B155086
	 	 
	 	By:	/s/ Henricus Reindert Petrus Pollmann
	 	Name:	Henricus Reindert Petrus Pollmann
	 	Title:	Class A Manager
	 	 
	 	NABORS LUX FINANCE 1
	 	 
	 	a société à responsabilité limitée, with registered office at 8-10 Avenue de la Gare, L-1610 Luxembourg,
RCS number B153636
	 	 
	 	By:	/s/ Henricus Reindert Petrus Pollmann
	 	Name:	Henricus Reindert Petrus Pollmann
	 	Title:	Class A Manager
	 	 
	 	NABORS LUX 2
	 	 
	 	a société à responsabilité limitée, with registered office at 8-10 Avenue de la Gare, L-1610 Luxembourg,
RCS number B154034
	 	 
	 	By:	/s/ Henricus Reindert Petrus Pollmann
	 	Name:	Henricus Reindert Petrus Pollmann
	 	Title:	Class A Manager

 

    74

     

    

 

	 	NABORS DRILLING CANADA LIMITED
	 	 
	 	By:	/s/ Michael Niedermaier
	 	Name:	Michael Niedermaier
	 	Title:	President and Secretary
	 	 
	 	NABORS INTERNATIONAL FINANCE INC.
	 	 
	 	By:	/s/ Michael Rasmuson
	 	Name:	Michael Rasmuson
	 	Title:	Secretary, Senior Vice President, General Counsel & Chief Compliance Officer
	 	 
	 	NABORS DRILLING HOLDINGS INC.
	 	 
	 	By:	/s/ Michael Rasmuson
	 	Name:	Michael Rasmuson
	 	Title:	Secretary, Senior Vice President, General Counsel & Chief Compliance Officer
	 	 
	 	NABORS DRILLING TECHNOLOGIES USA, INC.
	 	 
	 	By:	/s/ Michael Rasmuson
	 	Name:	Michael Rasmuson
	 	Title:	Secretary, Senior Vice President, General Counsel & Chief Compliance Officer

 

	 	Trustee:
	 	 
	 	Wilmington Trust, National Association

	 	 
	 	By:	/s/ Quinton M. DePompolo
	 	Name:	Quinton M. DePompolo
	 	Title:	Banking Officer

 

    75

     

    

 

EXHIBIT A

 

[FACE OF NOTE]

 

NABORS INDUSTRIES, INC.

 

7.375% SENIOR PRIORITY GUARANTEED NOTES DUE
2027

 

No. _________

	CUSIP No. ____________	$__________

 

Nabors Industries, Inc., a
Delaware corporation (the “Company”), for value received promises to pay to __________________ or registered assigns, the
principal sum of _________ Dollars [or such greater or lesser amount as is indicated on the Schedule of Exchanges of Interests in the
Global Securities on the other side of this Security*] on May 15, 2027.

 

Interest Payment Dates: May 15 and November
15

Record Dates: May 1 and November 1

 

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

 

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

 

Dated:

 

	 	NABORS INDUSTRIES, INC. 
	 	 
	 	By:	                 

 

Certificate of Authentication:

 

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

 

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

 

 

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

 

     A-1

     

    

 

[REVERSE OF SECURITY]

 

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

 

[Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture]

 

[Insert the Subordination Legend]

 

NABORS INDUSTRIES, INC.

 

7.375% SENIOR PRIORITY GUARANTEED NOTE DUE
2027

 

This Security is one of a
duly authorized issue of 7.375% Senior Priority Guaranteed Notes due 2027 (the “Securities”) of Nabors Industries, Inc., a
Delaware corporation (the “Company”).

 

1.       Interest. The
Company promises to pay interest on the principal amount of this Security at a rate of 7.375% per annum until Maturity. The Company will
pay interest semi-annually on May 15 and November 15 of each year (each an “Interest Payment Date”), beginning [         ], or
if any such day is not a Business Day, on the next succeeding Business Day. Interest on this Security will accrue from the most recent
Interest Payment Date on which interest has been paid or, if no interest has been paid, from [              ]; provided that if there is no existing
Default in the payment of interest, and if this Security is authenticated between a record date referred to on the face hereof and the
next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date. Further, to the extent lawful,
the Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal, premium,
if any, Additional Amounts, if any, and interest (without regard to any applicable grace period), from time to time on demand at the rate
then in effect on the Securities. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

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

 

     A-2

     

    

 

3.       Ranking
and Guarantees. This Security is a senior unsecured obligation of the Company and is guaranteed pursuant to guarantees (the “Guarantees”)
by the Guarantors to the extent set forth in the Indenture. The Guarantees are senior unsecured obligations of the Guarantors, except
that certain of the Guarantees are subject to the Subordination Agreement described in the Indenture. References herein to the Indenture
or the Securities shall be deemed also to refer to the Guarantees set forth in the Indenture except where the context otherwise requires.

 

4.       Optional
Redemption; Purchases upon Change of Control Triggering Event.

 

The Securities are subject
to the optional redemption provisions set forth in Sections 10.07 and 10.08 of the Indenture and certain offers to repurchase upon the
occurrence of certain Change of Control Triggering Events as set forth in Section 3.10 of the Indenture.

 

5.       Paying
Agent and Registrar. Initially, Wilmington Trust, National Association., the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. Nabors Bermuda or any of its Subsidiaries
may act in any such capacity.

 

6.       Indenture.
The Company issued this Security under an Indenture dated as of November 23, 2021 (as amended, supplemented or otherwise modified from
time to time, the “Indenture”) among the Company, the Guarantors and Wilmington Trust, National Association, (the “Trustee”).
The terms of this Security include those stated in the Indenture. This Security and the Guarantees are subject to all such terms, and
Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Security conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling (to the extent permitted by law). The Securities
are unsecured obligations of the Company. The Company initially has issued $700,000,000 aggregate principal amount of Securities. The
Company may issue Additional Securities of the same series as this Security under the Indenture, provided that a separate CUSIP
will be used for any Additional Securities that are not “fungible” for U.S. federal income tax purposes with the Securities
issued on the date of the Indenture. Capitalized terms used but not defined in this Security have the respective meanings given to such
terms in the Indenture.

 

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

 

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

 

9.       Amendments
and Waivers. The Securities are subject to the amendment and waiver provisions set forth in Article VIII of the Indenture.

 

     A-3

     

    

 

10.       Defaults
and Remedies. The Events of Default and remedies of the Holders pertaining to the Securities are set forth in Article V of the Indenture.

 

11.       Additional
Amounts. If the Company or any Guarantor is required to withhold or deduct any amount for or on account of any Taxes for any payment
made under or with respect to this Security, it will, subject to the limitations set forth in Section 3.08 of the Indenture, pay any Additional
Amounts.

 

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

 

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

 

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

 

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

 

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

 

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

 

18.       Governing
Law. The Indenture, this Security and the Guarantees shall be governed by and construed in accordance with, the laws of the State
of New York.

 

     A-4

     

    

 

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

 

c/o Nabors Corporate Services,
Inc.

515 West Greens Road, Suite
1200

Houston, Texas 77067

Attention: General Counsel

Telephone No.: (281) 874-0035

Telecopier No.: (281) 775-8431

 

     A-5

     

    

 

FORM OF NOTATION ON SECURITY

RELATING TO GUARANTEES

 

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

 

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

 

	 	Guarantors:

 

	 	NABORS INDUSTRIES LTD., a Bermuda exempted company
	 	 
	 	By:	                            
	 	Name:
	 	Title:
	 	 
	 	NABORS HOLDINGS LTD., a Bermuda exempted company
	 	 
	 	By:	 
	 	Name:
	 	Title: 
	 	 
	 	NABORS INTERNATIONAL MANAGEMENT LIMITED, a Bermuda exempted company
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     A-6

     

    

 

	 	 
	 	NABORS
    GLOBAL HOLDINGS LIMITED, 
	 	 
	 	a société à responsabilité limitée, with registered office at 8-10 Avenue de la Gare, L-1610 Luxembourg,
RCS number B155086
	 	 
	 	By:	                                             
	 	Name:
	 	Title:
	 	 
	 	NABORS
    LUX FINANCE 1,
	 	 
	 	a société à responsabilité limitée,
    with registered office at 8-10 Avenue de la Gare, L-1610 Luxembourg, RCS number B153636
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

	 	NABORS LUX 2,
	 	 
	 	a société à responsabilité limitée,
    with registered office at 8-10 Avenue de la Gare, L-1610 Luxembourg, RCS number B154034
	 	 
	 	By:	                          
	 	Name:
	 	Title:
	 	 
	 	NABORS DRILLING CANADA LIMITED, a named Alberta corporation
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     A-7

     

    

 

	 	 
	 	NABORS INTERNATIONAL FINANCE INC., a Delaware corporation
	 	 
	 	By:	                                    
	 	Name:
	 	Title:
	 	 
	 	NABORS DRILLING HOLDINGS INC., a Delaware corporation
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	NABORS DRILLING TECHNOLOGIES USA, INC., a Delaware corporation
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     A-8

     

    

 

ASSIGNMENT FORM

 

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

 

 

(Insert assignee’s social
security or tax I.D. number)

 

 

(Print or type assignee’s
name, address and zip code)

 

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

 

	Date:	 	 
	 	 	 
	 	 
	Your 

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

    Signature 

Guarantee:
	
     

     

	 	
    (Participant in a Recognized Signature Guaranty Medallion Program)

 

     A-9

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL SECURITY**

 

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

 

	Date of

Transaction	Amount of Decrease

 in Principal Amount 

of Global Security	Amount of Increase

 in Principal Amount 

of Global Security	Principal Amount of

Global Security

 Following Such 

Decrease (or 

Increase)	Signature of Authorized 

Signatory, Trustee or Securities 

Custodian
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

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

 

     A-10

     

    

 

Option of Holder to Elect Purchase

 

If you want to elect to have
this Security purchased by the Company pursuant to Section 3.10 of the Indenture, check the box below:

 

 ̈

 

If you want to elect to have
only part of the Security purchased by the Company pursuant to Section 3.10 of the Indenture, state the amount you elect to have purchased:

 

$_______________

 

	Date:	 	 	 

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Security)
	 	 
	 	Tax Identification No.:	 

 

	Signature Guarantee:**	 	 

  

 

** Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

     A-11

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Nabors Corporate Services, Inc.

515 West Greens Road, Suite
1200

Houston, Texas 77067

Attention: General Counsel

Telephone No.: (281) 874-0035

Telecopier No.: (281) 775-8431

 

Wilmington Trust, National Association

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Attention: Nabors Notes Administrator

 

Re: 7.375% Senior Priority
Guaranteed Notes due 2027

 

Reference is hereby made to
the Indenture, dated as of November 23, 2021 (the “Indenture”), among Nabors Industries, Inc., as issuer (the “Company”),
the Guarantors party thereto and Wilmington Trust, National Association, as trustee. 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 Security or beneficial interest in such Security specified in Annex A hereto, in the principal amount
of $___________ (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 IS A QIB IN ACCORDANCE WITH RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A
under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further
certifies that the beneficial interest or Definitive Security is being transferred to a Person that the Transferor reasonably believes
is purchasing the beneficial interest or Definitive Security 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 Security will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the 144A Global Security or the Restricted Definitive Security and in the Indenture and the Securities
Act.

 

     B-1

     

    

 

2.        ̈
 CHECK IF TRANSFEREE WILL TAKE DELIVERY PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with
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 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 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. Upon consummation of the proposed transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Security will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Regulation S Global Security or the Restricted Definitive Security and in the
Indenture and the Securities Act.

 

3.        ̈
 CHECK IF TRANSFEREE WILL TAKE DELIVERY 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 Securities and
Restricted Definitive Securities and pursuant to and in accordance with the Securities Act (other than Rule 144A or Regulation S) and
any applicable “blue sky” securities laws of any state of the United States.

 

4.        ̈
 CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY OR OF AN UNRESTRICTED
DEFINITIVE SECURITY:

 

(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 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 Security will no longer be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Securities or Restricted Definitive Securities 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 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 Security will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Securities or Restricted Definitive Securities and
in the Indenture.

 

     B-2

     

    

 

(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 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 Security will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Securities or Restricted Definitive Securities and in the Indenture.

 

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

 

	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	   

 

Dated: ___________, ____

 

     B-3

     

    

 

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 a Global Security (CUSIP [ ]), or

 

(b)        ̈
 a Restricted Definitive Security (CUSIP [     ]).

 

2.         After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)        ̈
 a beneficial interest in a Global Security (CUSIP [ ]); or

 

(b)        ̈
 a Restricted Definitive Security (CUSIP [     ]); or

 

(c)        ̈
 an Unrestricted Definitive Security (CUSIP [ ]), in accordance with the terms of the Indenture.

 

     B-4

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Nabors Corporate Services, Inc.

515 West Greens Road, Suite
1200

Houston, Texas 77067

Attention: General Counsel

Telephone No.: (281) 874-0035

Telecopier No.: (281) 775-8431

 

Wilmington Trust, National Association

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Attention: Nabors Notes Administrator

 

		Re:	7.375% Senior Priority Guaranteed Notes due 2027

CUSIP for Securities sold in reliance on Rule 144A: [ ]

CUSIP
for Securities sold in reliance on Regulation S: [ ]

 

 

Reference is hereby made to
the Indenture, dated as of November 23, 2021 (the “Indenture”), among Nabors Industries, Inc., as issuer (the “Company”),
the Guarantors party thereto and Wilmington Trust, National Association, as trustee. 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 Securities or beneficial interest in such Securities specified above, in the principal amount of $____________
(the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1.       EXCHANGE
OF RESTRICTED DEFINITIVE SECURITIES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL SECURITY FOR UNRESTRICTED DEFINITIVE SECURITIES OR
BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL SECURITY:

 

(a)        ̈
 CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Security for a beneficial interest in
an Unrestricted Global Security 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 Securities 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 Security is being acquired in
compliance with any applicable “blue sky” securities laws of any state of the United States.

 

     C-1

     

    

 

(b)        ̈
 CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO UNRESTRICTED DEFINITIVE SECURITY. In connection with
the Exchange of the Owner’s beneficial interest in a Restricted Global Security for an Unrestricted Definitive Security, the Owner
hereby certifies (i) the Definitive Security 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 Securities 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 Security 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 SECURITY TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY. In connection with
the Owner’s Exchange of a Restricted Definitive Security for a beneficial interest in an Unrestricted Global Security, 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 Securities 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 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 SECURITY TO UNRESTRICTED DEFINITIVE SECURITY. In connection with the Owner’s Exchange
of a Restricted Definitive Security for an Unrestricted Definitive Security, the Owner hereby certifies (i) the Unrestricted Definitive
Security 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 Securities 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 Security is being acquired in compliance with any applicable “blue
sky” securities laws of any state of the United States.

 

2.       EXCHANGE
OF RESTRICTED DEFINITIVE SECURITIES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL SECURITIES FOR RESTRICTED DEFINITIVE SECURITIES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL SECURITIES:

 

(a)        ̈
 CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO RESTRICTED DEFINITIVE SECURITY. In connection with
the Exchange of the Owner’s beneficial interest in a Restricted Global Security for a Restricted Definitive Security with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Security 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
Security issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Definitive Security and in the Indenture and the Securities Act.

 

     C-2

     

    

 

(b)        ̈
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE SECURITY TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY. In connection with
the Exchange of the Owner’s Restricted Definitive Security for a beneficial interest in the [CHECK ONE]  ̈144A
Global Security or  ̈ Regulation S Global Security in 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 Securities 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 Security 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 and the Guarantor.

 

 

	 	[Insert Name of Owner]
	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	Title:	   

 

Dated:_________________, ___

 

     C-3

     

    

 

EXHIBIT D-1

 

FORM OF JOINDER TO SUBORDINATION AGREEMENT

 

[SEE ATTACHED]

 

     D-1

     

    

 

JOINDER AGREEMENT – ADDITIONAL TRUSTEE

 

This
JOINDER AGREEMENT – ADDITIONAL TRUSTEE made by Wilmington Trust, National Association, in its capacity as trustee under the Additional
Indenture (as defined below) (the “Additional Trustee”)
is dated as of November 23, 2021 (this “Trustee Joinder”),
and joins the Additional Trustee as a Trustee under the Subordination Agreement, dated as of October 29, 2020 (as amended, amended and
restated, supplemented and otherwise modified from time to time, the “Subordination Agreement”),
among CITIBANK, N.A., in its capacity as administrative agent under the Credit Agreement (in such capacity, together with its successors
and assigns in such capacity, the “Agent”), HSBC BANK
CANADA, as the Canadian Lender (the “Canadian Lender”),
NABORS INDUSTRIES LTD., a Bermuda exempted company (“Holdings”),
NABORS INDUSTRIES, INC., a Delaware corporation (the “Borrower”),
the Specified Subsidiary Guarantors party thereto and Wilmington Trust, National Association, in its capacity as trustee under the Initial
Indenture (as the initial trustee, the “Initial Trustee”
and together with the Additional Trustee, each a “Trustee”),
for the benefit of the holders of the obligations under the Initial Indenture.

 

A.          Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Subordination Agreement.

 

B.           Pursuant to the Indenture, dated as of November 23, 2021 (as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Additional Indenture”), by and among the Borrower, as issuer, Holdings, the Specified Subsidiary Guarantors
and certain other subsidiaries of Holdings, as guarantors, and the Additional Trustee, one or more Specified Subsidiary Guarantors has
incurred indebtedness in respect of the $700,000,000 aggregate principal amount of 7.375% Senior Priority Guaranteed Notes due 2027.

 

C.           This Trustee Joinder is being executed by the Additional Trustee in accordance with Section 8 of the Subordination Agreement, as a condition
to the incurrence of indebtedness under the Additional Indenture by such Specified Subsidiary Guarantors. 

 

Accordingly,
the Additional Trustee agrees as follows:

 

SECTION
1. The Additional Trustee by its signature below becomes a Trustee under
the Subordination Agreement with the same force and effect as if originally named therein as a Trustee and the Additional Trustee hereby
agrees to all the terms and provisions of the Subordination Agreement applicable to it as a Trustee thereunder. The Subordination Agreement
is hereby incorporated herein by reference.

 

SECTION
2. The Additional Trustee represents and warrants to Agent that this Trustee
Joinder has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against
it in accordance with its terms.

 

     

     

    

 

SECTION
3. This Trustee Joinder may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Trustee Joinder shall become effective when Agent shall have received a counterpart of this Trustee Joinder that
bears the signature of the Additional Trustee and the Agent. The words “execution,” “signed,” “signature,”
 “delivery,” and words of like import in or relating to this Trustee Joinder shall be deemed to include electronic signatures,
deliveries or 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, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to
the 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, or any other state laws based on the Uniform Electronic Transactions Act, and
the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

SECTION
4. Except as expressly supplemented hereby, the Subordination Agreement
shall remain in full force and effect.

 

SECTION
5. SECTIONS 17 THRU 20 OF THE SUBORDINATION AGREEMENT ARE HEREBY
INCORPORATED HEREIN MUTATIS MUTANDIS.

 

SECTION
6. In case any one or more of the provisions contained in this Trustee Joinder
should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein and in the Subordination Agreement shall not in any way be affected or impaired thereby (it being understood that the
invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in
any other jurisdiction). The parties hereto shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

 

SECTION
7. All communications and notices hereunder shall be in writing and given
as provided in Section 11 of the Subordination Agreement.

 

SECTION
8. The Additional Trustee agrees that the Agent shall be entitled to reimbursement
of its expenses incurred hereunder and indemnity for its actions in connection herewith as provided in the Credit Agreement or Indenture
as applicable.

 

[Signature pages to follow]

 

     

     

    

 

IN
WITNESS WHEREOF, the Additional Trustee has duly executed this Trustee Joinder as of the day and year first above written.

 

	 	WILMINGTON
    TRUST,
	 	NATIONAL
    ASSOCIATION, as Additional Trustee
	 	 
	 	By:	                             
	 	Name:
	 	Title:

 

[Signature
Page to Joinder to Subordination Agreement]

 

     

     

    

 

ACKNOWLEDGED BY:

 

	 	CITIBANK
    N.A.,
	 	as
    Agent,
	 	 
	 	By:	                       
	 	Name:
	 	Title:

 

[Signature Page to Joinder
to Subordination Agreement]

 

     

     

    

 

EXHIBIT D-2

 

SUBORDINATION AGREEMENT

 

[SEE ATTACHED]

 

    D-2

     

    

 

 

Execution Version

 

SUBORDINATION AGREEMENT

 

SUBORDINATION AGREEMENT,
dated as of October 29, 2020 (this “Agreement”), by and among CITIBANK, N.A., in its capacity as administrative agent
under the Credit Agreement (as defined below) (in such capacity, together with its successors and assigns in such capacity, the “Agent”),
HSBC BANK CANADA, as the Canadian Lender (the “Canadian Lender”), NABORS INDUSTRIES LTD., a Bermuda exempted company
(“Holdings”), NABORS INDUSTRIES, INC., a Delaware corporation (the “Borrower”), the undersigned
subsidiaries of Holdings and each other person that becomes a party hereto after the date hereof in accordance with Section 7 below (the
 “Specified Subsidiary Guarantors”; and together with Holdings and the Borrower, collectively, “Obligors”)
and Wilmington Trust, National Association, solely in its capacity as trustee under the Initial Indenture (as defined below) (the “Initial
Trustee”) for the benefit of the holders of the Initial Notes (as defined below) and each other representative for the holders
of Pari Passu Obligations (as defined below) that becomes a party hereto after the date hereof in accordance with Section 8 below (each
an “Additional Trustee” and, together with the Initial Trustee, each a “Trustee”).

 

Pursuant to the Credit Agreement,
dated as of October 11, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among Holdings, the Borrower, as “US Borrower”, Nabors Drilling Canada Limited, as “Canadian
Borrower”, the Specified Subsidiary Guarantors, as “Guarantors” and the other subsidiaries of the Borrower from time
to time party thereto, as “Guarantors”, the lenders and issuing banks from time to time party thereto and the Agent, among
other things, (i) the lenders and issuing banks have provided commitments to make loans and provide other accommodations to the Borrower
and its subsidiaries and (ii) the Specified Subsidiary Guarantors have provided an unconditional guarantee in full of the Senior Obligations
(as defined below). Terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

Pursuant to the Indenture,
dated as of October 29, 2020 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Initial
Indenture”), by and among the Borrower, as issuer, Holdings, the Specified Subsidiary Guarantors and certain other subsidiaries
of Holdings, as guarantors, and the Trustee, Holdings has issued $50,485,000 aggregate principal amount of its 6.5% Senior Priority Guaranteed
Notes due 2025 (the “Initial Notes”).

 

From time to time after the
date hereof, one or more of the Specified Subsidiary Guarantors may incur indebtedness, whether as an issuer, borrower, guarantor or other
obligor under one or more other indentures or other instruments to the extent permitted under the Credit Agreement and each other Indenture
(any such indenture or other instrument, an “Additional Indenture” and, together with the Initial Indenture, each an
 “Indenture”; and the notes issued under any such Additional Indenture, the “Additional Notes” and,
together with the Initial Notes, collectively, the “Notes”).

 

As a condition to the
Specified Subsidiary Guarantors providing a guarantee of the Subordinated Obligations (as defined below) (the “Subsidiary
Notes Guarantee”), pursuant to Section 9.06(n) of the Credit Agreement, the Obligors and each Trustee are required to
execute and deliver to the Agent counterparts of this Agreement (or in the case of an Additional Trustee, a duly executed joinder
hereto in accordance with Section 8).

 

     

     

    

 

Accordingly, (a) the
Agent, on behalf of itself, the US Lenders and US Issuing Banks and any other holder of US Obligations and (b) the Canadian Lender, on
behalf of itself, and any other holder of Canadian Obligations (each person referenced in the foregoing clauses (a) and (b),
together with their respective successors and assigns, collectively, the “Senior Parties”), the Obligors and each Trustee,
on behalf of itself, the holders of the applicable Notes and any other holder of Subordinated Obligations (together with their respective
successors and assigns, collectively, the “Subordinated Parties”), hereby agree as follows:

 

SECTION 1. Subordination.

 

(a)    Each Trustee on
behalf of itself and the other Subordinated Parties hereby agrees that the Subordinated Obligations shall be subordinate and junior in
right of payment to the (i) Obligations of each Specified Subsidiary Guarantor (whether now existing or from time to time after the date
hereof incurred, assumed, created or arising) and (ii) Permitted Guaranteed Bilateral Letter of Credit Facilities with a US Lender or
an affiliate thereof (whether now existing or from time to time after the date hereof incurred, assumed, created or arising), including
the payment of principal, premium (if any), interest (including, without limitation, interest accruing on or after the filing of any Insolvency
Proceeding, whether or not a claim for post-filing interest is allowed or allowable in any such Insolvency Proceeding), fees, charges,
expenses, indemnities, reimbursement obligations and all other amounts payable thereunder or in respect thereof, in each case whether
or not any of the foregoing is allowed or allowable as a claim in any Insolvency Proceeding (collectively, the “Senior Obligations”).
For purposes hereof, “Subordinated Obligations” means all obligations of the Specified Subsidiary Guarantors to the
Subordinated Parties (whether now existing or from time to time after the date hereof incurred, assumed, created or arising) under each
Indenture, including each Subsidiary Notes Guarantee, including, in each case to the extent constituting obligations thereunder, the payment
of principal, premium (if any), interest (including, without limitation, interest accruing on or after the filing of any Insolvency Proceeding
pursuant to the terms of the Indenture, whether or not a claim for post-filing interest is allowed or allowable in any such Insolvency
Proceeding), fees, charges, expenses, indemnities, reimbursement obligations and all other amounts payable thereunder or in respect thereof,
in each case whether or not any of the foregoing is allowed or allowable as a claim in any Insolvency Proceeding. For purposes hereof,
 “Discharge of the Senior Obligations” shall mean that the Senior Obligations have been indefeasibly paid in full in
cash and all commitments of the Senior Parties under the Loan Documents have been terminated (other than any inchoate obligations for
which no claim has been asserted).

 

    2

     

    

 

(b)    The
Obligors, each Trustee and the other Subordinated Parties agree that no payment (whether directly, by purchase, redemption or exercise
of any right of setoff or otherwise) in respect of the Subordinated Obligations, whether as principal, interest or otherwise, and whether
in cash, securities or other property, shall be made by or on behalf of any Specified Subsidiary Guarantor or received, accepted or demanded
from or on behalf of any Specified Subsidiary Guarantor, directly or indirectly, by or on behalf of any Subordinated Party (other than
a payment or distribution in the form of debt or equity securities that are subordinated to the Senior Obligations at least to the same
extent as the Subordinated Obligations (“Permitted Junior Securities”)), until Discharge of the Senior Obligations.
In the event that any payment by, or on behalf of, or distribution of the assets or other property of, or any equity securities or debt
securities issued by, any Specified Subsidiary Guarantor of any kind or character, whether in cash, securities or other property, and
whether directly, by purchase, redemption, exercise of any right of setoff or otherwise (other than a payment or distribution in the
form of Permitted Junior Securities), including without limitation, in connection with a plan of reorganization or other Insolvency Proceeding
with respect to such Specified Subsidiary Guarantor, shall be received by or on behalf of any Subordinated Party or any Affiliate thereof
at a time when such payment or distribution is prohibited by this Agreement, such payment or distribution shall be held by any Subordinated
Party or its Affiliate in trust (segregated from other property of any Subordinated Party or its Affiliate) for the benefit of, and shall
forthwith be paid over to, the Agent, for the benefit of the Senior Parties, until the Discharge of the Senior Obligations. For the avoidance
of doubt, the foregoing does not limit the ability of Holdings to make payments of principal, premium (if any), interest, fees, charges,
expenses, indemnities, reimbursement obligations and other amounts payable in respect of the Subordinated Obligations.

 

(c)    The provisions
of this Agreement shall continue in full force and effect notwithstanding the occurrence of an Insolvency Proceeding (as defined below)
against any Obligor or any of its properties or assets until the Discharge of the Senior Obligations. Upon any distribution of the assets
of a Specified Subsidiary Guarantor or upon any dissolution, winding up, liquidation or reorganization of such Specified Subsidiary Guarantor,
whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the
benefit of creditors or any other marshalling of the assets and liabilities of such Specified Subsidiary Guarantor, or otherwise (any
of the foregoing, an “Insolvency Proceeding”):

 

(i)             the
Senior Parties shall first be entitled to Discharge of the Senior Obligations before the Subordinated Parties shall be entitled to receive
any payment or distribution on account of the Subordinated Obligations, whether of principal, interest or otherwise; and

 

(ii)            any payment by, or on behalf of, or distribution of the assets of, or any debt or equity securities issued by, such Specified Subsidiary
Guarantor of any kind or character, whether in cash, securities or other property, to which any Subordinated Party would be entitled except
for the provisions of this Section 1 shall be paid or delivered by the Person making such payment or distribution (whether a trustee
in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Agent, for the benefit of the Senior Parties,
until Discharge of the Senior Obligations.

 

In addition, each Trustee, agrees that in
connection with any Insolvency Proceeding (i) the Agent, on behalf of the Senior Parties, is irrevocably authorized and empowered
(in its own name or in the name of the Subordinated Parties or otherwise), but shall have no obligation, to demand, sue for, collect
and receive every payment or distribution referred to in the preceding sentence and give acquittance therefor and to file claims and
proofs of claim and take such other action as the Agent may deem necessary or advisable for the exercise or enforcement of any of
the rights or interest of the Senior Parties and (ii) each Subordinated Party shall duly and promptly take such action as the Agent,
on behalf of the Senior Parties, may request to (A) collect amounts in respect of the applicable Subordinated Obligations for the
account of the Senior Parties and to file appropriate claims or proofs of claim in respect of such Subordinated Obligations, (B)
execute and deliver to the Agent such irrevocable powers of attorney, assignments or other instruments as the Agent, on behalf of
the Senior Parties, may request in order to enable the Agent to enforce any and all claims with respect to the Subordinated
Obligations and (C) collect and receive any and all payments or distributions which may be payable or deliverable upon or with
respect to the applicable Subordinated Obligations. A copy of this Agreement may be filed with any court as evidence of the Senior
Parties’ right, power and authority hereunder.

 

    3

     

    

 

(d)    The Obligors and
each Subordinated Party agree that, prior to the Discharge of the Senior Obligations, no Subordinated Party may take any Enforcement Action
against any Specified Subsidiary Guarantor without the prior written consent of the Agent (acting upon the direction of the US Required
Lenders) and the Canadian Lender, unless:

 

(i)             the
occurrence of, with respect to such Specified Subsidiary Guarantor, an Insolvency Proceeding;

 

(ii)            the holders of Senior Obligations have taken any Enforcement Action in relation to such Specified Subsidiary Guarantor; or

 

(iii)           an
event of default has occurred under the applicable Indenture in respect of the applicable Subordinated Obligations (a “Subordinated
Debt Default”); and

 

(A)    the applicable Subordinated Parties have provided notice of the Subordinated Debt Default to the Senior Parties in accordance with
Section 11 hereof;

 

(B)    a
period of not less than (i) 90 days (in the case of a payment default) or (ii) or 179 days (in the case of a non-payment default) has
passed from the date the Agent and the Senior Parties were first notified of the Subordinated Debt Default (a “Standstill Period”);
and

 

(C)    at
the end of the Standstill Period, the Subordinated Debt Default is continuing and has not been cured or waived.

 

For the purposes hereof, “Enforcement
Action” means, in relation to or with respect to any Specified Subsidiary Guarantor, any action (whether taken by the relevant
creditor or creditors or an agent or trustee on its or their behalf) to: (i) demand payment, declare prematurely due and payable or otherwise
seek to accelerate payment of all or any part of the Subordinated Obligations, (ii) recover all or any part of the Subordinated Obligations
(including, by exercising any rights of set-off or combination of accounts), (iii) exercise or enforce any rights under or pursuant to
the Subsidiary Notes Guarantee, (iv) commence legal proceedings against such Specified Subsidiary Guarantor or (v) commence, or take
any other steps which could lead to the commencement of, an Insolvency Proceeding concerning such Specified Subsidiary Guarantor. Notwithstanding
the foregoing, no Subordinated Party may in any Insolvency Proceeding concerning any Specified Subsidiary Guarantor: (i) oppose any sale
of assets (including bidding procedures relating thereto) with respect to such Specified Subsidiary Guarantor; (ii) propose any debtor
in possession financing or oppose any debtor in possession financing or use of cash collateral with respect to such Specified Subsidiary
Guarantor, in each case without the consent of the Agent, acting on behalf of the Senior Parties; (iii) seek appointment of a trustee
or examiner with respect to such Specified Subsidiary Guarantor; or (iv) propose, sponsor, vote in favor of, or otherwise support any
plan of reorganization or liquidation with respect to such Specified Subsidiary Guarantor unless such plan (a) provides for Discharge
of the Senior Obligations on or before the effective date of such plan or (b) the Agent, on behalf of the Senior Parties has provided
its prior written consent with respect to such plan.

 

    4

     

    

 

(e)    Each Trustee and
the other Subordinated Parties waive all rights of subrogation they may have with respect to any Specified Subsidiary Guarantor under
the Subordinated Guaranty until the Discharge of the Senior Obligations, and, as between and among such Specified Subsidiary Guarantor,
its creditors (other than the Senior Parties) and the Subordinated Parties, no such payment or distribution made to the Senior Parties
by virtue of this Agreement that otherwise would have been made to the Subordinated Parties shall be deemed to be a payment by such Specified
Subsidiary Guarantor on account of the Subordinated Obligations, it being understood that the provisions of this paragraph (e)
are intended solely for the purpose of defining the relative rights of the Subordinated Parties and the Senior Parties.

 

(f)    Each Subordinated
Party and Specified Subsidiary Guarantor agrees that each Indenture and all other instruments (including the Notes) or records (other
than book entry records) now or hereafter creating or evidencing the Subordinated Obligations, whether upon refunding, extension, renewal,
refinancing, replacement or otherwise, shall contain the following language:

 

“Notwithstanding anything contained
herein to the contrary, none of the indebtedness created or evidenced by this instrument or record shall become due or be paid or payable
by any Specified Subsidiary Guarantor, except to the extent permitted under the Subordination Agreement dated as of October 29, 2020,
among Nabors Industries, Inc., a Delaware corporation, Nabors Industries Ltd., the Specified Subsidiary Guarantors, the Trustee, HSBC
Bank Canada, as Canadian lender, and Citibank, N.A, as administrative agent under the 2018 Revolving Credit Facility, which is attached
as Exhibit D to the Indenture, which Subordination Agreement is incorporated herein with the same effect as if fully set forth herein”;

 

or shall otherwise refer to and be subject
in all respects to the terms of this Agreement in a manner acceptable to the Agent.

 

(g)    For the avoidance of doubt,
nothing in this Agreement shall affect the rights of payment relative among the Initial Notes and any Additional Notes which shall rank
of equal priority in payment as to each other, unless otherwise expressly agreed by the applicable holders thereof.

 

    5

     

    

 

SECTION 2. Waivers and Consents.

 

(a)    Each
Trustee and the other Subordinated Parties waive the right to compel that any assets or property of any Specified Subsidiary
Guarantor be applied in any particular order to discharge the Senior Obligations. Each Trustee and the other Subordinated Parties
expressly waive the right to require the Senior Parties to proceed against any Specified Subsidiary Guarantor, or to pursue any
other remedy in any Senior Party’s power which the Subordinated Parties cannot pursue and which would lighten the Subordinated
Parties’ burden, notwithstanding that the failure of any Senior Party to do so may thereby prejudice each Subordinated Party.
Each Trustee and the other Subordinated Parties agree that they shall not be discharged, exonerated or have their respective
obligations hereunder to the Senior Parties reduced by any Senior Party’s delay in proceeding against or enforcing any remedy
against any Specified Subsidiary Guarantor; by any Senior Party releasing any Specified Subsidiary Guarantor from all or any part of
the Senior Obligations; or by the discharge of any Specified Subsidiary Guarantor by operation of law or otherwise, with or without
the intervention or omission of a Senior Party. Any Senior Party’s vote to accept or reject any plan of reorganization
relating to any Specified Subsidiary Guarantor, or any Senior Party’s receipt on account of the Senior Obligations other than
Discharge of Senior Obligations, shall not discharge, exonerate, or reduce the obligations of any Subordinated Party hereunder to
the Senior Parties.

 

(b)    Each Trustee and
the other Subordinated Parties waive all rights and defenses arising out of an election of remedies by the Senior Parties, even though
that election of remedies, including any nonjudicial foreclosure with respect to security for the Senior Obligations, has impaired the
value of each Subordinated Party’s rights of subrogation, reimbursement or contribution against any Specified Subsidiary Guarantor.
Each Subordinated Party expressly waives any rights or defenses it may have by reason of protection afforded to any Specified Subsidiary
Guarantor with respect to the Senior Obligations pursuant to any anti-deficiency laws or other laws of similar import which limit or discharge
the principal debtor’s indebtedness upon judicial or nonjudicial foreclosure of real property or personal property securing the
Senior Obligations.

 

(c)    Each Trustee and the other
Subordinated Parties agree that, without the necessity of any reservation of rights against any of them, and without notice to or further
assent by any of them, any demand for payment of any Senior Obligations made by a Senior Party may be rescinded in whole or in part by
any Senior Party, and any Senior Obligation may be continued, and the Senior Obligations, or the liability of any Specified Subsidiary
Guarantor or any other guarantor or any other party upon or for any part thereof or right of offset with respect thereto, may, from time
to time, in whole or in part, be renewed, extended, modified, accelerated, compromised, waived, surrendered, or released by the Senior
Parties, in each case without notice to or further assent by any Subordinated Party (to the extent contemplated by the Indenture), which
will remain bound under this Agreement and without impairing, abridging, releasing or affecting the subordination and other agreements
provided for herein.

 

(d)    Each Trustee and the other
Subordinated Parties waive any and all notice of the creation, renewal, extension or accrual of any of the Senior Obligations and notice
of or proof of reliance by the Senior Parties upon this Agreement. The Senior Obligations, and any of them, shall be deemed conclusively
to have been created, contracted or incurred and the consent given to create the obligations of the Specified Subsidiary Guarantors in
respect of the Subordinated Obligations in reliance upon this Agreement, and all dealings between the Specified Subsidiary Guarantors
and the Senior Parties shall be deemed to have been consummated in reliance upon this Agreement. Each Subordinated Party acknowledges
and agrees that the Senior Parties have relied upon the subordination and other agreements provided for herein in consenting to the Subordinated
Obligations. Each Subordinated Party waives notice of or proof of reliance on this Agreement and protest, demand for payment and notice
of default.

 

    6

     

    

 

SECTION 3. Senior
Obligations Unconditional. All rights and interests of the Senior Parties hereunder, and all agreements and obligations of each Subordinated
Party and each Specified Subsidiary Guarantor hereunder, shall remain in full force and effect irrespective of:

 

 (a)    any lack of validity or enforceability of any of the Loan Documents;

 

(b)    any change in the time, manner or place of payment of, or in any other term of, all or any of the Senior Obligations, or any amendment
or waiver or other modification, whether by

course of conduct or otherwise, of, or consent to departure from, any
of the Loan Documents; or

 

(c)    any other circumstances
that might otherwise constitute a defense available to, or a discharge of, any Specified Subsidiary Guarantor in respect of the Senior
Obligations, or of each Subordinated Party or any Specified Subsidiary Guarantor in respect of this Agreement.

 

SECTION 4. Representations
and Warranties. Each Trustee represents and warrants to the Agent, for the benefit of the Senior Parties, that:

 

(a)    It has the power
and authority to execute and deliver and to perform its obligations under this Agreement and has taken all necessary action to authorize
its execution, delivery and performance of this Agreement.

 

(b)    This Agreement
has been duly executed and delivered by such Trustee and constitutes a legal, valid and binding obligation of each Subordinated Party,
enforceable against each in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding
in equity or at law.

 

(c)     No consent or
authorization of filing with, or other act by or in respect of, any Governmental Authority, is required in connection with the execution,
delivery or performance of this Agreement.

 

SECTION 5. Waiver of Claims.

 

(a)    To the maximum extent
permitted by law, each Subordinated Party waives any claim it might have against the Senior Parties with respect to, or arising out of,
any action or failure to act or any error of judgment, negligence, or mistake or oversight whatsoever on the part of the Senior Parties
or their directors, officers, employees, agents or Affiliates with respect to any exercise of rights or remedies under Credit Agreement
or the other Loan Documents. Neither the Senior Parties nor any of their respective directors, officers, employees, agents or Affiliates
shall be liable for failure to demand, collect or realize upon guarantee of the Senior Obligations by Specified Subsidiary Guarantors
or for any delay in doing so.

 

(b)    Each
Trustee and the other Subordinated Parties, each for itself and on behalf of its successors and assigns, respectively, hereby waive
any and all now existing or hereafter arising rights it may have to require the Senior Parties to marshal assets for the benefit of
each other Subordinated Party, or to otherwise direct the timing, order or manner of any sale, collection or other enforcement of
the Senior Obligations. The Senior Parties are under no duty or obligation, and each Trustee and the other Subordinated Parties
hereby waive any right it may have to compel the Senior Parties, to pursue any Obligor or other Person who may be liable for the
Senior Obligations.

 

    7

     

    

 

SECTION 6. Further
Assurances. Each Subordinated Party and Specified Subsidiary Guarantor, at the expense of the Obligors and at any time from time to
time, upon the written request of the Agent shall promptly and duly execute and deliver such further instruments and documents and take
such further actions as the Agent reasonably may request for the purposes of obtaining or preserving the full benefits of this Agreement
and of the rights and powers herein granted.

 

SECTION 7. Future Guarantees.
At any time after the date hereof, if any Person constituting a Specified RCF Guarantor provides a Subsidiary Notes Guarantee or otherwise
becomes obligated to the Subordinated Parties in respect of the Subordinated Obligations, such Person shall, concurrent with the provision
of such Subsidiary Notes Guarantee or otherwise incurring such obligations, execute and deliver a joinder to this Agreement in substantially
the form attached as Exhibit A hereto. From and after delivery of such joinder, such Person shall be a “Specified Subsidiary
Guarantor” for all purposes of this Agreement as if originally party hereto on the date hereof.

 

SECTION 8. Future
Subordinated Obligations. At any time after the date hereof, if any Person constituting a Specified Subsidiary Guarantor enters into
or incurs any indebtedness under any Additional Indenture, the representative for the holders of the obligations under such Additional
Indenture shall, concurrent with the incurrence of indebtedness under such Additional Indenture by any Specified Subsidiary Guarantor,
execute and deliver a joinder to this Agreement in substantially the form attached as Exhibit B hereto. From and after delivery
of such joinder, such representative shall be a “Trustee” for all purposes of this Agreement as if originally party hereto
on the date hereof.

 

SECTION 9. Provisions
Define Relative Rights. This Agreement is intended solely for the purpose of defining the relative rights of the Senior Parties on
the one hand and the Subordinated Parties and the Specified Subsidiary Guarantors on the other, and no other Person shall have any right,
benefit or other interest under this Agreement.

 

SECTION 10. Powers
Coupled with an Interest. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are
irrevocable until Discharge of the Senior Obligations.

 

SECTION 11. Notices.
Any notice or communication shall be in writing and (i) delivered in person, (ii) mailed by first class mail or, (iii) subject to confirmation
of receipt, delivered by facsimile or e-mail (followed by delivery by mail or in person), in each case, addressed as follows:

 

if to any Obligor:

 

Nabors Industries, Inc.

515 West Greens Road 

Suite 1200

Houston, Texas 77067

Attention: General Counsel 

Facsimile No.: 281-775-8431

 

    8

     

    

 

if to the Agent:

 

Citibank, N.A.

1615 Brett Road, OPS 3

New Castle, DE 19720 

Attention: Bank Loan Syndications Department

Fax Number:
(646) 274-5080

E-Mail Address: GLAgentOfficeOps@citi.com

E-Mail Address:
oploanswebadmin@citi.com

 

if to the Canadian Lender:

 

HSBC Bank Canada 

9th Floor, 407 - 8th Avenue SW

Calgary, AB T2P 1E5 

Attention of: Ryan Smith

Telephone No.: (403) 693-8577 

E-Mail Address: ryan.j.smith@hsbc.ca

 

if to the Initial Trustee:

 

Wilmington Trust, National Association

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890 

Attn: Nabors Industries, Inc. Administrator

 

if to any Additional Trustee, as set forth
in the applicable joinder agreement delivered pursuant to Section 8.

 

Each Obligor, each Trustee or the Agent
by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

Notices given in person
shall be deemed given upon receipt. Notices given by first-class mail shall be deemed given three (3) Business Days after mailing. Notices
given by facsimile or e-mail shall be deemed given upon confirmation of receipt.

 

SECTION 12. Counterparts.
This Agreement may be executed by one or more of the parties on any number of separate counterparts, each of which shall constitute
an original, but all of which taken together shall be deemed to constitute but one instrument. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement
shall be deemed to include electronic signatures, deliveries or 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, physical delivery thereof or the use of a
paper-based recordkeeping system, as the case may be, to the 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, or any other
state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated
hereunder by electronic means.

 

    9

     

    

 

SECTION 13. Severability.
In case any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby
(it being understood that the invalidity of a particular provision hereof in a particular jurisdiction shall not in and of itself affect
the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of
the invalid, illegal or unenforceable provisions.

 

SECTION 14. Integration.
This Agreement represents the agreement of the Obligors, the Subordinated Parties and the Senior Parties with respect to the subject matter
hereof and there are no promises or representations by the Obligors, the Subordinated Parties or the Senior Parties relative to the subject
matter hereof not reflected herein.

 

SECTION 15. Amendments in Writing; No Waiver; Cumulative
Remedies.

 

(a)    None of the terms
or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by
each Trustee, the Obligors and the Agent.

 

(b)    No failure to
exercise, nor any delay in exercising, on the part of the Senior Parties, any right, power or privilege hereunder shall operate as a waiver
thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof
or the exercise of any other right, power or privilege.

 

(c)    The rights and
remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies
provided by law.

 

SECTION 16. Section
Headings. The section headings used in this Agreement are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

 

SECTION 17. Successors
and Assigns. This Agreement shall be binding upon the successors and assigns of the Obligors and the Subordinated Parties and shall
inure to the benefit of the Senior Parties and their respective successors and assigns.

 

SECTION 18. Governing Law; Jurisdiction; Consent to Service
of Process.

 

(a)    THIS
AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF
OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

 

    10

     

    

 

(b)    EACH SUBORDINATED PARTY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER
IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE AGENT, ANY SENIOR PARTY OR ANY RELATED PARTY OF THE FOREGOING
IN ANY WAY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK
SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM
ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT
ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH
ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT THE AGENT OR ANY SENIOR PARTY MAY OTHERWISE HAVE TO BRING
ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY SUBORDINATED PARTY, ANY SPECIFIED SUBSIDIARY GUARANTOR, THE BORROWER OR
HOLDINGS OR THEIR RESPECTIVE PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)    EACH PARTY HERETO
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH
(b) OF THIS SECTION 18. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

SECTION 19. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE
INDENTURE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 19.

 

    11

     

    

 

SECTION 20. Termination;
Survival. This Agreement and all of the covenants and other obligations of each of the parties hereto shall, except as otherwise expressly
provided by the following sentence, terminate upon, and be of no further force or effect whatsoever after, the payment in full of all
of the Senior Obligations. The agreements and obligations of each party hereto under Sections 18 and 19 hereof shall survive
the termination of this Agreement and Discharge of the Senior Obligations.

 

SECTION 21. Subordination
Agreement. This Agreement constitutes a “subordination agreement” within the meaning of such term as used in section 510(a)
of Title 11 of the United States Code, as amended from time to time.

 

SECTION 22. Trustee.
It is understood and agreed that the Trustee is entering into this Agreement solely in its capacity as trustee under the Initial Indenture
and the provisions of Article VI thereunder shall also apply to the Trustee hereunder.

 

[Remainder of page intentionally left blank]

 

    12

     

    

 

 

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

 

	 	CITIBANK, N.A., as
    Agent 
	 	 
	 	By:	/s/ Ivan Davey
	 	Name: 	Ivan Davey
	 	Title: 	Vice President

 

[Signature Page to Subordination Agreement]

 

     

     

    

 

	 	HSBC
    BANK CANADA, as the Canadian Lender
	 	 
	 	By:	/s/
    Riley Kadatz
	 	Name:	Riley
    Kadatz
	 	Title:	Senior
    Account Manager

    Corporate Banking
	 	 	 
	 	By: 	/s/ Bruce
    Robinson 
	 	Name:	BRUCE
    ROBINSON
	 	Title: 	Vice
    President
	 	 	Energy
    Financing

 

[Signature Page to Subordination Agreement]

 

     

     

    

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	as Trustee
	 	 
	 	By:	/s/ W.
    Thomas Morris, II
	 	Name:	W. Thomas Morris, II
	 	Title:	Vice President

 

[Signature Page to Subordination Agreement]

 

     

     

    

 

	 	NABORS INDUSTRIES, INC., as
    Borrower
	 	 
	 	By:	/s/ Joseph
    G. Walker
	 	Name:	Joseph G. Walker
	 	Title:	Secretary

 

[Signature Page to Subordination Agreement]

 

     

     

    

 

 

 

 

	 	NABORS INDUSTRIES LTD., as
    Holdings
	 	 
	 	By:	/s/ Mark D.
    Andrews                          
	 	Name: Mark D. Andrews
	 	Title: Corporate Secretary

 

	 	NABORS INTERNATIONAL MANAGEMENT LIMITED, as
    Specified Sudsidiary Guarantor

 

	 	By:	/s/ Mark D.
    Andrews                          
	 	Name: Mark D. Andrews
	 	Title: Corporate Secretary

 

[Signature Page to Subordination Agreement}

 

     

     

    

 

	 	NABORS DRILLING CANADA LIMITED, as
    Specified Subsidiary Guarantor
	 	 
	 	By:	/s/ Terrace Smid                  
	 	Name: Terrace Smid
	 	Title: Associate Vice President

 

[Signature Page to Subordination Agreement]

 

     

     

    

 

	 	NABORS DRILLING TECHNOLOGIES USA, INC., as Specified
  Subsidiary Guarantor
	 	 
	 	By:	/s/ Joseph G.
  Walker                     
	 	Name: Joseph G. Walker
	 	Title:  Secretary

 

[Signature Page to Subordination Agreement]

 

     

     

    

 

	 	NABORS LUX 2, as Specified
  Subsidiary Guarantor
	 	 
	 	By:	/s/ Henricus Reindert Petrus
  Pollmann                     
	 	Name: Henricus Reindert Petrus Pollmann 
	 	Title: Class A Manager

 

[Signature Page to Subordination Agreement]

 

     

     

    

 

 

EXHIBIT A

[FORM OF ]JOINDER
AGREEMENT – 

ADDITIONAL SPECIFIED SUBSIDIARY GUARANTOR

 

This
JOINDER AGREEMENT – ADDITIONAL SPECIFIED SUBSIDIARY GUARANTOR
made by [                          ],
a [                                 ]
(the “Additional Specified Subsidiary Guarantor”) is dated as of [                
], 20[_] (this “Guarantor Joinder”), and joins the Additional Specified Subsidiary Guarantor as a Specified
Subsidiary Guarantor under the Subordination Agreement, dated as of October 29, 2020 (as amended, amended and restated, supplemented
and otherwise modified from time to time, the “Subordination Agreement”), among CITIBANK, N.A., in its capacity as
administrative agent under the Credit Agreement (in such capacity, together with its successors and assigns in such capacity, the “Agent”),
HSBC BANK CANADA, as the Canadian Lender (the “Canadian Lender”), NABORS INDUSTRIES LTD., a Bermuda exempted company
(the “Issuer”), NABORS INDUSTRIES, INC., a Delaware
corporation (the “Borrower”), the other Specified Subsidiary Guarantors party thereto and [                                                  ],
in its capacity as trustee under the Indenture (as [] defined below) (the “Trustee”), for the benefit of the Holders.

 

A. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Subordination Agreement.

 

B. This Guarantor Joinder
is being executed in accordance with Section 7 of the Subordination Agreement, as a condition to the provision of a Subsidiary Notes Guarantee
by the Additional Specified Subsidiary Guarantor pursuant to Section 9.06(n) of the Credit Agreement and pursuant to Section 7 of the
Subordination Agreement.

 

Accordingly, the Additional Specified Subsidiary Guarantor
agrees as follows:

 

SECTION
1. The Additional Specified Subsidiary Guarantor by its signature below becomes a Specified Subsidiary Guarantor under the Subordination
Agreement with the same force and effect as if originally named therein as a Specified Subsidiary Guarantor and the Additional Specified
Subsidiary Guarantor hereby agrees to all the terms and provisions of the Subordination Agreement applicable to it as a Specified Subsidiary
Guarantor thereunder. The Subordination Agreement is hereby incorporated herein by reference.

 

SECTION
2. The Additional Specified Subsidiary Guarantor represents and warrants to Agent and Trustee that this Guarantor Joinder has been
duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance
with its terms.

 

SECTION
3. This Guarantor Joinder may be executed in counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Guarantor
Joinder shall become effective when Agent shall have received a counterpart of this Guarantor Joinder that bears the signature of
the Additional Specified Subsidiary Guarantor and the Agent and the Trustee have executed a counterpart hereof. The words
 “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Guarantor Joinder shall be deemed to include electronic signatures, deliveries or 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,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the 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, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent
to conduct the transactions contemplated hereunder by electronic means.

 

     

     

    

 

SECTION
4. Except as expressly supplemented hereby, the Subordination Agreement shall remain in full force and effect.

 

SECTION
5. SECTIONS 17 THRU 20 OF THE SUBORDINATION AGREEMENT ARE HEREBY INCORPORATED HEREIN MUTATIS MUTANDIS.

 

SECTION
6. In case any one or more of the provisions contained in this Guarantor Joinder should be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Subordination Agreement
shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor
in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION
7. All communications and notices hereunder shall be in writing and given as provided in Section 11 of the Subordination Agreement.

 

SECTION
8. The Additional Specified Subsidiary Guarantor agrees that the Agent and Trustee shall be entitled to reimbursement of its expenses
incurred hereunder and indemnity for its actions in connection herewith as provided in the Credit Agreement or Indenture as applicable.

 

[Signature pages to follow]

 

     

     

    

 

IN WITNESS WHEREOF, Additional Specified
Subsidiary Guarantor has duly executed this Guarantor Joinder as of the day and year first above written.

 

	 	[ADDITIONAL SPECIFIED SUBSIDIARY
    GUARANTOR]
	 	 
	 	By:	         
	 	Name: 
	 	Title:

 

     

     

    

 

	ACKNOWLEDGED BY:	
	 	 
	 	CITIBANK
    N.A., 
	 	as
    Agent, 
	 	 
	 	By:	        
	 	Name: 
	 	Title: 
	 	 
	 	HSBC
    BANK CANADA, 
	 	as
    Canadian Lender, 
	 	 
	 	By:	 
	 	Name: 
	 	Title: 
	 	 
	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION 
	 	as
    Trustee, 
	 	 
	 	By:	 
	 	Name: 
	 	Title:

 

[Joinder to Subordination Agreement]

 

     

     

    

 

EXHIBIT B

[FORM OF ]JOINDER
AGREEMENT – 

ADDITIONAL TRUSTEE

 

This
JOINDER AGREEMENT – ADDITIONAL TRUSTEE made by [                    ],
in its capacity as trustee under the Additional Indenture (as defined below) (the “ Additional Trustee”) is dated
as of [             ], 20[_] (this “Trustee Joinder”),
and joins the Additional Trustee as a Trustee under the Subordination Agreement, dated as of October 29, 2020 (as amended, amended and
restated, supplemented and otherwise modified from time to time, the “Subordination Agreement”), among CITIBANK, N.A.,
in its capacity as administrative agent under the Credit Agreement (in such capacity, together with its successors and assigns in such
capacity, the “Agent”), HSBC BANK CANADA, as the Canadian Lender (the “Canadian Lender”), NABORS
INDUSTRIES LTD., a Bermuda exempted company (the “Issuer”), NABORS INDUSTRIES, INC., a Delaware corporation (the “Borrower”),
the Specified Subsidiary Guarantors party thereto and [            ],
in its capacity as trustee under the Initial Indenture (as the initial trustee, the “Initial Trustee” and together
with the Additional Trustee, each a “Trustee”), for the benefit of the holders of the obligations under the Initial
Indenture. 

 

A. Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Subordination Agreement.

 

B. Pursuant to the
Indenture, dated as of [                    ] (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Additional
Indenture”), by and among [               ] and the Additional
Trustee, one or more Specified Subsidiary Guarantors has incurred indebtedness
in respect of the $[       ] aggregate principal amount of [ ]% Senior Notes due [  ].

 

C. This Trustee Joinder
is being executed by the Additional Trustee in accordance with Section 8 of the Subordination Agreement, as a condition to the incurrence
of indebtedness under the Additional Indenture by such Specified Subsidiary Guarantors pursuant to Section 9.06(n) of the Credit Agreement.

 

Accordingly, the Additional Trustee agrees as follows:

 

SECTION
1. The Additional Trustee by its signature below becomes a Trustee under the Subordination Agreement with the same force and effect
as if originally named therein as a Trustee and the Additional Trustee hereby agrees to all the terms and provisions of the Subordination
Agreement applicable to it as a Trustee thereunder. The Subordination Agreement is hereby incorporated herein by reference.

 

SECTION
2. The Additional Trustee represents and warrants to Agent that this Trustee Joinder has been duly authorized, executed and delivered
by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.

 

SECTION
3. This Trustee Joinder may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Trustee Joinder shall become
effective when Agent shall have received a counterpart of this Trustee Joinder that bears the signature of the Additional Trustee and
the Agent. The words “execution,” “signed,” “signature,” “delivery,” and words of like
import in or relating to this Trustee Joinder shall be deemed to include electronic signatures, deliveries or 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, physical
delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the 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, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means.

 

[Joinder to Subordination Agreement]

 

     

     

    

 

SECTION
4. Except as expressly supplemented hereby, the Subordination Agreement shall remain in full force and effect.

 

SECTION
5. SECTIONS 17 THRU 20 OF THE SUBORDINATION AGREEMENT ARE HEREBY INCORPORATED HEREIN MUTATIS MUTANDIS.

 

SECTION
6. In case any one or more of the provisions contained in this Trustee Joinder should be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Subordination Agreement
shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor
in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION
7. All communications and notices hereunder shall be in writing and given as provided in Section 11 of the Subordination Agreement.

 

SECTION
8. The Additional Trustee agrees that the Agent shall be entitled to reimbursement of its expenses incurred hereunder and indemnity
for its actions in connection herewith as provided in the Credit Agreement or Indenture as applicable.

 

[Signature pages to follow]

 

[Joinder to Subordination Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, Additional Trustee has duly executed this Trustee
Joinder as of the day and year first above written.

 

	 	[ADDITIONAL TRUSTEE] 
	 	 
	 	By:	        
	 	Name: 
	 	Title:

 

[Joinder to Subordination Agreement]

 

     

     

    

 

	ACKNOWLEDGED BY:	
	 	 
	 	CITIBANK
    N.A., 
	 	as
    Agent, 
	 	 
	 	By:	        
	 	Name: 
	 	Title: 
	 	 
	 	HSBC
    BANK CANADA, 
	 	as
    Canadian Lender, 
	 	 
	 	By:	 
	 	Name: 
	 	Title: 

 

[Joinder to Subordination Agreement]Exhibit 4.1

 

Execution Version

 

DISH DBS CORPORATION

 

5.25%
Senior SECURED Notes due 2026

 

5.75%
Senior SECURED Notes due 2028

 

SECURED
INDENTURE

 

Dated
as of November 26, 2021

 

U.S.
Bank National Association

 

TRUSTEE

 

and

 

COLLATERAL AGENT

 

    

     

    

  

CROSS-REFERENCE TABLE

 

	TIA

                      Section
		Indenture

 Section

 

	310 	(a)(1)	7.10
	 	(a)(2)	7.10
	 	(a)(3)	N/A
	 	(a)(4)	N/A
	 	(a)(5)	7.10
	 	(b)	7.10
	 	(c)	N/A
	311	(a)	7.11
	 	(b)	7.11
	 	(c)	N/A
	312	 (a)	2.05
	 	(b)	13.03
	 	(c)	13.03
	313	 (a)	7.06
	 	(b)(1)	7.06
	 	(b)(2)	7.06
	 	(c)	7.06; 13.02
	 	(d)	7.06
	314 	(a)	4.03
	 	(a)(4)	4.04
	 	(b)	N/A
	 	(c)(1)	13.04
	 	(c)(2)	13.04
	 	(c)(3)	N/A
	 	(d)	N/A
	 	(e)	13.05
	 	(f)	N/A
	315	(a)	7.01(b)
	 	(b)	7.05; 13.02
	 	(c)	7.01(a)
	 	(d)	7.01(c)
	 	(e)	6.11
	316	 (a) (last sentence)	2.09
	 	(a)(1)(A)	6.05
	 	(a)(1)(B)	6.04
	 	(a)(2)	N/A
	 	(b)	6.07
	 	(c)	2.13
	317	 (a)(1)	6.08
	 	(a)(2)	6.09
	 	(b)	2.04
	318 	(a)	13.01
	 	(c)	13.01

 

 

N/A means Not Applicable.

 

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

 

    

     

    

 

Table
of Contents

 

Page

 

ARTICLE 1

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

	SECTION 1.01.	Definitions	1
	 	 	 
	SECTION 1.02.	Other Definitions	21
	 	 	 
	SECTION 1.03.	Incorporation by Reference of Trust Indenture Act	21
	 	 	 
	SECTION 1.04.	Rules of Construction	22

 

ARTICLE 2

 

THE SECURED
NOTES

 

	SECTION 2.01.	Form and Dating	22
	 	 	 
	SECTION 2.02.	Form of Execution and Authentication	24
	 	 	 
	SECTION 2.03.	Registrar and Paying Agent	25
	 	 	 
	SECTION 2.04.	Paying Agent to Hold Money in Trust	26
	 	 	 
	SECTION 2.05.	Lists of Holders of the Secured Notes	26
	 	 	 
	SECTION 2.06.	Transfer and Exchange	26
	 	 	 
	SECTION 2.07.	Replacement Secured Notes	36
	 	 	 
	SECTION 2.08.	Outstanding Secured Notes	36
	 	 	 
	SECTION 2.09.	Treasury Secured Notes	37
	 	 	 
	SECTION 2.10.	Temporary Secured Notes	37
	 	 	 
	SECTION 2.11.	Cancellation	37
	 	 	 
	SECTION 2.12.	Defaulted Interest	38
	 	 	 
	SECTION 2.13.	Record Date	38
	 	 	 
	SECTION 2.14.	CUSIP Number	38

 

ARTICLE 3

 

REDEMPTION

 

	SECTION 3.01.	Notices to Trustee	38
	 	 	 
	SECTION 3.02.	Selection of Secured Notes to Be Redeemed	39
	 	 	 
	SECTION 3.03.	Notice of Redemption	39
	 	 	 
	SECTION 3.04.	Effect of Notice of Redemption	40

 

    

     

    

 

Table
of Contents 

(continued)

 

Page

 

	SECTION 3.05.	Deposit of Redemption Price	40
	 	 	 
	SECTION 3.06.	Secured Notes Redeemed in Part	40
	 	 	 
	SECTION 3.07.	Optional Redemption	41
	 	 	 
	SECTION 3.08.	Offer to Purchase by Application of Excess Proceeds	43

 

ARTICLE 4

 

COVENANTS

 

	SECTION 4.01.	Payment of Secured Notes	45
	 	 	 
	SECTION 4.02.	Maintenance of Office or Agency	45
	 	 	 
	SECTION 4.03.	Reports	46
	 	 	 
	SECTION 4.04.	Compliance Certificate	46
	 	 	 
	SECTION 4.05.	Taxes	47
	 	 	 
	SECTION 4.06.	Stay, Extension and Usury Laws	47
	 	 	 
	SECTION 4.07.	Limitation on Restricted Payments	47
	 	 	 
	SECTION 4.08.	Limitations on Dividend and Other Payment Restrictions Affecting Subsidiaries	52
	 	 	 
	SECTION 4.09.	Limitation on Incurrence of Indebtedness	53
	 	 	 
	SECTION 4.10.	Asset Sales	56
	 	 	 
	SECTION 4.11.	Limitation on Transactions with Affiliates	59
	 	 	 
	SECTION 4.12.	Limitation on Liens	61
	 	 	 
	SECTION 4.13.	Additional Subsidiary Guarantees	61
	 	 	 
	SECTION 4.14.	Corporate Existence	63
	 	 	 
	SECTION 4.15.	Offer to Purchase Upon Change of Control Event	63
	 	 	 
	SECTION 4.16.	Limitation on Activities of the Company	64
	 	 	 
	SECTION 4.17.	Taking and Destruction	64
	 	 	 
	SECTION 4.18.	Accounts Receivable Subsidiary	64
	 	 	 
	SECTION 4.19.	Dispositions of DTLLC and Non-Core Assets	67
	 	 	 
	SECTION 4.20.	Payments for Consent	70
	 	 	 
	SECTION 4.21.	Termination or Suspension of Certain Covenants Under Certain Conditions	70
	 	 	 
	SECTION 4.22.	Non-Impairment of Security Interest	71

 

    ii

     

    

 

Table
of Contents 

(continued)

 

Page

 

	SECTION 4.23.	After-Acquired Collateral; Further Assurances	71
	 	 	 
	SECTION 4.24.	Information Regarding Collateral	72

 

ARTICLE 5

 

SUCCESSORS

 

	SECTION 5.01.	Merger, Consolidation, or Sale of Assets of the Company	72
	 	 	 
	SECTION 5.02.	Successor Corporation Substituted	73

 

ARTICLE 6

 

DEFAULTS
AND REMEDIES

 

	SECTION 6.01.	Events of Default	73
	 	 	 
	SECTION 6.02.	Acceleration	75
	 	 	 
	SECTION 6.03.	Other Remedies	76
	 	 	 
	SECTION 6.04.	Waiver of Past Defaults	76
	 	 	 
	SECTION 6.05.	Control by Majority	76
	 	 	 
	SECTION 6.06.	Limitation on Suits	77
	 	 	 
	SECTION 6.07.	Rights of Holders of Secured Notes to Receive Payment	77
	 	 	 
	SECTION 6.08.	Collection Suit by Trustee	77
	 	 	 
	SECTION 6.09.	Trustee May File Proofs of Claim	78
	 	 	 
	SECTION 6.10.	Priorities	78
	 	 	 
	SECTION 6.11.	Undertaking for Costs	79

 

ARTICLE 7

 

TRUSTEE

 

	SECTION 7.01.	Duties of Trustee	79
	 	 	 
	SECTION 7.02.	Rights of Trustee	80
	 	 	 
	SECTION 7.03.	Individual Rights of Trustee	81
	 	 	 
	SECTION 7.04.	Trustee’s Disclaimer	81
	 	 	 
	SECTION 7.05.	Notice of Defaults	82
	 	 	 
	SECTION 7.06.	Reports by Trustee to Holders of the Secured Notes	82
	 	 	 
	SECTION 7.07.	Compensation and Indemnity	82

 

    iii

     

    

 

Table
of Contents 

(continued)

 

Page

 

	SECTION 7.08.	Replacement of Trustee	83
	 	 	 
	SECTION 7.09.	Successor Trustee by Merger, Etc.	84
	 	 	 
	SECTION 7.10.	Eligibility; Disqualification	84
	 	 	 
	SECTION 7.11.	Preferential Collection of Claims Against Company	84
	 	 	 
	SECTION 7.12.	Authorization of Security Documents	85

 

ARTICLE 8

 

LEGAL DEFEASANCE
AND COVENANT DEFEASANCE

 

	SECTION 8.01.	Option to Effect Legal Defeasance or Covenant Defeasance	85
	 	 	 
	SECTION 8.02.	Legal Defeasance and Discharge	85
	 	 	 
	SECTION 8.03.	Covenant Defeasance	86
	 	 	 
	SECTION 8.04.	Conditions to Legal or Covenant Defeasance	86
	 	 	 
	SECTION 8.05.	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	88
	 	 	 
	SECTION 8.06.	Repayment to Company	88
	 	 	 
	SECTION 8.07.	Reinstatement	88

 

ARTICLE 9

 

AMENDMENT,
SUPPLEMENT AND WAIVER

 

	SECTION 9.01.	Without Consent of Holders of Secured Notes	89
	 	 	 
	SECTION 9.02.	With Consent of Holders of Secured Notes	90
	 	 	 
	SECTION 9.03.	Compliance with Trust Indenture Act	91
	 	 	 
	SECTION 9.04.	Revocation and Effect of Consents	91
	 	 	 
	SECTION 9.05.	Notation on or Exchange of Secured Notes	91
	 	 	 
	SECTION 9.06.	Trustee to Sign Amendments, Etc.	92

 

ARTICLE 10

 

COLLATERAL
AND SECURITY

 

	SECTION 10.01.	Collateral and Security Documents	92
	 	 	 
	SECTION 10.02.	Recordings and Opinions	94
	 	 	 
	SECTION 10.03.	Release of Collateral	94

 

    iv

     

    

 

Table
of Contents 

(continued)

 

Page

 

	SECTION 10.04.	Suits To Protect the Collateral	95
	 	 	 
	SECTION 10.05.	Authorization of Receipt of Funds by the Trustee Under the Security Documents	96
	 	 	 
	SECTION 10.06.	Purchaser Protected	96
	 	 	 
	SECTION 10.07.	Powers Exercisable by Receiver or Trustee	96
	 	 	 
	SECTION 10.08.	Release Upon Termination of the Company’s Obligations	96
	 	 	 
	SECTION 10.09.	Collateral Agent	97
	 	 	 
	SECTION 10.10.	Permitted Ordinary Course Activities With Respect to Collateral	104

 

ARTICLE 11

 

SUBORDINATION

 

	SECTION 11.01.	Subordination with Respect to the Intercompany Loan	105

 

ARTICLE 12

 

GUARANTEES

 

	SECTION 12.01.	Guarantee	105
	 	 	 
	SECTION 12.02.	Execution and Delivery of Guarantees	107
	 	 	 
	SECTION 12.03.	Merger, Consolidation or Sale of Assets of Guarantors	107
	 	 	 
	SECTION 12.04.	Successor Corporation Substituted	108
	 	 	 
	SECTION 12.05.	Releases from Guarantees	109

 

ARTICLE 13

 

MISCELLANEOUS

 

	SECTION 13.01.	Trust Indenture Act Controls	109
	 	 	 
	SECTION 13.02.	Notices	109
	 	 	 
	SECTION 13.03.	Communication by Holders of Secured Notes with Other Holders of Secured Notes	111
	 	 	 
	SECTION 13.04.	Certificate and Opinion as to Conditions Precedent	111
	 	 	
	SECTION 13.05.	Statements Required in Certificate or Opinion	111
	 	 	 
	SECTION 13.06.	Rules by Trustee and Agents	111
	 	 	 
	SECTION 13.07.	No Personal Liability of Directors, Officers, Employees, Incorporators and Stockholders	112

 

    v

     

    

 

Table
of Contents 

(continued)

 

Page

 

	SECTION 13.08.	Governing Law	112
	 	 	 
	SECTION 13.09.	No Adverse Interpretation of Other Agreements	112
	 	 	 
	SECTION 13.10.	Successors	112
	 	 	 
	SECTION 13.11.	Severability	112
	 	 	 
	SECTION 13.12.	Counterpart Originals and Electronic Execution	112
	 	 	 
	SECTION 13.13.	Table of Contents, Headings, Etc.	113
	 	 	 
	SECTION 13.14.	U.S.A. Patriot Act	113
	 	 	 
	SECTION 13.15.	Force Majeure	113
	 	 	 
	SECTION 13.16.	Direction by Holders to Enter into Security Documents	113
	 	 	 
	SECTION 13.17.	Collateral Agent	114

 

    vi

     

    

 

EXHIBITS

 

EXHIBIT A-1 FORM OF 2026 SECURED NOTE 

EXHIBIT A-2 FORM OF 2028 SECURED NOTE 

EXHIBIT B FORM OF GUARANTEE 

EXHIBIT C FORM OF CERTIFICATE OF TRANSFER 

EXHIBIT D FORM OF CERTIFICATE OF EXCHANGE

 

    vii

     

    

 

SECURED
INDENTURE, dated as of November 26, 2021, among DISH DBS Corporation, a Colorado corporation (the “Company”),
the Guarantors (as hereinafter defined) and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”),
and the Collateral Agent (as hereinafter defined).

 

The
Company, the Guarantors, the Trustee, and the Collateral Agent agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders of the Company’s 5.25% Senior Secured Notes due
2026 (the “2026 Secured Notes”) and 5.75%
Senior Secured Notes due 2028 (the “2028 Secured Notes”). The
2026 Secured Notes and the 2028 Secured Notes will be issued as a separate series of Secured Notes as provided in this Secured Indenture.

 

RECITALS

 

The Company and the Guarantors
have duly authorized the execution and delivery of this Secured Indenture to provide for the issuance of the Secured Notes and the Guarantees.

 

All things necessary (i) to
make the Secured Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company and delivered
hereunder, the valid obligations of the Company, (ii) to make the Guarantees when executed by the Guarantors and delivered hereunder
the valid obligations of the Guarantors, and (iii) to make this Secured Indenture a valid agreement of the Company and the Guarantors,
all in accordance with their respective terms, have been done.

 

For and in consideration of
the premises and the purchase of the Secured Notes by the Holders thereof, it is mutually agreed as follows for the equal and ratable
benefit of the Holders of the Secured Notes.

 

ARTICLE 1

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.      Definitions.

 

“144A
Global Secured Note” means, for each series of Secured Notes, one or more Global Secured Notes substantially in the form
of Exhibit A-1 and Exhibit A-2 hereto, as applicable, bearing the Global Secured Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, which, in the aggregate, are
initially equal to the outstanding principal amount of the Secured Notes initially sold by the Company in reliance on Rule 144A.

 

“2012
DDBS Ten-Year Notes” means the $2,000,000,000 aggregate principal original issue amount of 5.875% Senior Notes due 2022
issued by the Company.

 

“2012 DDBS Ten-Year
Notes Indenture” means the indenture dated as of May 16, 2012 relating to the 5.875% Senior Notes due 2022 between the
Company and Wells Fargo Bank, National Association, as trustee, as the same may be amended, modified or supplemented from time to time.

 

    

     

    

 

“2012 December DDBS
Notes” means the $1,500,000,000 aggregate principal original issue amount of 5% Senior Notes due 2023 issued by the Company.

 

“2012 December DDBS
Notes Indenture” means the indenture dated as of December 27, 2012 relating to the 5% Senior Notes due 2023 between the
Company and Wells Fargo Bank, National Association, as trustee, as the same may be amended, modified or supplemented from time to time.

 

“2014 DDBS Notes”
means the $2,000,000,000 aggregate principal original issue amount of 5.875% Senior Notes due 2024 issued by the Company.

 

“2014 DDBS Notes Indenture”
means the indenture dated as of November 4, 2014 relating to the 5.875% Senior Notes due 2024 between the Company and U.S. Bank National
Association, as trustee, as the same may be amended, modified or supplemented from time to time.

 

“2016 DDBS Notes”
means the $2,000,000,000 aggregate principal issue amount of 7.75% Senior Notes due 2026 issued by the Company.

 

“2016 DDBS Notes Indenture”
means the indenture dated as of June 13, 2016 relating to the 7.75% Senior Notes due 2026 between the Company and U.S. Bank National
Association, as trustee, as the same may be amended, modified or supplemented from time to time.

 

“2020 DDBS Notes”
means the $1,000,000,000 aggregate principal issue amount of 7.375% Senior Notes due 2028 issued by the Company.

 

“2020 DDBS Notes Indenture”
means the indenture dated as of July 1, 2020 relating to the 7.375% Senior Notes due 2028 between the Company and U.S. Bank National
Association, as trustee, as the same may be amended, modified or supplemented from time to time.

 

“2021 DDBS Notes”
means the $1,500,000,000 aggregate principal issue amount of 5.125% Senior Notes due 2029 issued by the Company.

 

“2021 DDBS Notes Indenture”
means the indenture dated as of May 24, 2021 relating to the 5.125% Senior Notes due 2029 between the Company and U.S. Bank National
Association, as trustee, as the same may be amended, modified or supplemented from time to time.

 

“Accounts
Receivable Subsidiary” means one Unrestricted Subsidiary of the Company specifically designated as an Accounts Receivable Subsidiary
for the purpose of financing the Company’s accounts receivable; provided that any such designation shall not be deemed
to prohibit the Company from financing accounts receivable through any other entity, including, without limitation, any other Unrestricted
Subsidiary.

 

    -2-

     

    

 

“Accounts Receivable
Subsidiary Notes” means the notes to be issued by the Accounts Receivable Subsidiary for the purchase of accounts receivable.

 

“Acquired Debt”
means, with respect to any specified Person, Indebtedness of any other Person existing at the time such other Person merges with
or into or becomes a Subsidiary of such specified Person, or Indebtedness incurred by such specified Person in connection with the acquisition
of assets, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming
a Subsidiary of such specified Person or the acquisition of such assets, as the case may be.

 

“Acquired Subscriber”
means a subscriber to a telecommunications service provided by a telecommunications service provider that is not an Affiliate of the Company
at the time the Company or one of its Restricted Subsidiaries purchases the right to provide telecommunications services to such subscriber
from such telecommunications service provider, whether directly or through the acquisition of the entity providing telecommunications
services or assets used or to be used to provide telecommunications service to such subscriber.

 

“Acquired Subscriber
Debt” means (i) Indebtedness, the proceeds of which are used to pay the purchase price for Acquired Subscribers or to acquire
the entity which has the right to provide telecommunications services to such Acquired Subscribers or to acquire from such entity or an
Affiliate of such entity assets used or to be used in connection with such telecommunications business; provided that such Indebtedness
is incurred within three years after the date of the acquisition of such Acquired Subscriber and (ii) Acquired Debt of any such entity
being acquired; provided that in no event shall the amount of such Indebtedness and Acquired Debt for any Acquired Subscriber exceed
the sum of the actual purchase price (inclusive of such Acquired Debt) for such Acquired Subscriber, such entity and such assets plus
the cost of converting such Acquired Subscriber to usage of a delivery format for telecommunications services made available by the Company
or any of its Restricted Subsidiaries.

 

“Additional Secured
Notes” means additional notes as may be issued from time to time under this Secured Indenture, subject to the limitations set
forth under (x) Section 4.09 of this Secured Indenture without regard to clause (b)(1) of Section 4.09 of this Secured
Indenture and (y) clause (c) of the definition of “Permitted Liens.”

 

“Additional Secured
Obligations” means pari passu Indebtedness of the Company or any Guarantor permitted to be incurred under Section 4.09
of this Secured Indenture and “Permitted Liens” and designated in writing by the Company as Indebtedness to be secured on
a pari passu basis by a Lien granted to the Collateral Agent on the Collateral which is permitted by this Secured Indenture; provided
that the Authorized Representative (as such term is defined in the Security Documents) of such Additional Secured Obligation executes
a joinder agreement to the Security Documents in the form attached thereto agreeing to be bound thereby.

 

    -3-

     

    

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the
terms “controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided, however, that no
individual, other than a director of DISH Network or the Company or an officer of DISH Network or the Company with a policy making function,
shall be deemed an Affiliate of the Company or any of its Subsidiaries solely by reason of such individual’s employment, position
or responsibilities by or with respect to DISH Network, the Company or any of their respective Subsidiaries.

 

“Agent” means
any Registrar, Paying Agent or co-registrar.

 

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

 

“Bankruptcy Law”
means title 11, U.S. Code or any similar federal or state law for the relief of debtors.

 

“Board of Directors”
means the Board of Directors of the Company.

 

“Business Day”
means any day other than a Legal Holiday.

 

“Capital Stock”
means any and all shares, interests, participations, rights or other equivalents, however designated, of corporate stock or partnership
or membership interests, whether common or preferred.

 

“Cash Equivalents”
means: (a) United States dollars; (b) securities issued or directly and fully guaranteed or insured by the United States government
or any agency or instrumentality thereof having maturities of not more than two years from the date of acquisition; (c) certificates
of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with
maturities not exceeding one year and overnight bank deposits, in each case with any domestic commercial bank having capital and surplus
in excess of $500 million; (d) repurchase obligations with a term of not more than 30 days for underlying securities of the
types described in clauses (b) and (c) entered into with any financial institution meeting the qualifications specified in clause
(c) above; (e) commercial paper rated P-2, A-2 or better or the equivalent thereof by Moody’s or S&P, respectively,
and in each case maturing within twelve months after the date of acquisition; and (f) money market funds offered by any domestic
commercial or investment bank having capital and surplus in excess of $500 million at least 95% of the assets of which constitute Cash
Equivalents of the kinds described in clauses (a) through (e) of this definition.

 

“Change
of Control” means: (a) any transaction or series of transactions the result of which is that any Person (other than the
Principal or a Related Party) individually owns more than 50% of the total Equity Interest of DISH Network Corporation; or (b) the
first day on which a majority of the members of the Board of Directors of DISH Network Corporation are not Continuing Directors.

 

“Change of Control
Event” means the occurrence of a Change of Control and a Rating Decline.

 

    -4-

     

    

 

“Collateral”
means all of the property and assets whether now owned or hereafter acquired, in each case, in which Liens are, from time to time, purported
to be granted to secure the Obligations under the Secured Notes and the Guarantees pursuant to the Security Documents, other than Excluded
Property.

 

“Collateral
Agent” means, the Person (initially, U.S. Bank National Association), acting as Collateral Agent for the holders of Indebtedness
secured by the Security Documents, until a successor replaces it and thereafter means such successor.

 

“Communications Act”
means the Communications Act of 1934, as amended.

 

“Consolidated Cash
Flow” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period, plus, to
the extent deducted in computing Consolidated Net Income: (a) provision for taxes based on income or profits; (b) Consolidated
Interest Expense; (c) depreciation and amortization (including amortization of goodwill and other intangibles) of such Person for
such period; and (d) any extraordinary loss and any net loss realized in connection with any Asset Sale, in each case, on a consolidated
basis determined in accordance with GAAP; provided that Consolidated Cash Flow shall not include interest income derived from the
net proceeds of the Offering.

 

“Consolidated
Interest Expense” means, with respect to any Person for any period, consolidated interest expense of such Person for such period,
whether paid or accrued, including amortization of original issue discount and deferred financing costs, non-cash interest payments and
the interest component of Finance Lease Obligations, on a consolidated basis determined in accordance with GAAP; provided,
however, that with respect to the calculation of the consolidated interest expense of the Company, the interest expense of Unrestricted
Subsidiaries shall be excluded.

 

“Consolidated Net Income”
means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Subsidiaries or, if such Person
is the Company, of the Company and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with
GAAP; provided, however, that: (a) the Net Income of any Person that is not a Subsidiary or that is accounted for by
the equity method of accounting shall be included only to the extent of the amount of dividends or distributions paid in cash to the referent
Person, in the case of a gain, or to the extent of any contributions or other payments by the referent Person, in the case of a loss;
(b) the Net Income of any Person that is a Subsidiary that is not a Wholly Owned Subsidiary shall be included only to the extent
of the amount of dividends or distributions paid in cash to the referent Person; (c) the Net Income of any Person acquired in a pooling
of interests transaction for any period prior to the date of such acquisition shall be excluded; (d) the Net Income of any Subsidiary
of such Person shall be excluded to the extent that the declaration or payment of dividends or similar distributions is not at the time
permitted by operation of the terms of its charter or bylaws or any other agreement, instrument, judgment, decree, order, statute, rule or
government regulation to which it is subject; and (e) the cumulative effect of a change in accounting principles shall be excluded.

 

    -5-

     

    

 

“Consolidated Net Tangible
Assets” means, with respect to any Person, the aggregate amount of assets of such Person (less applicable reserves and other
properly deductible items) after deducting therefrom (to the extent otherwise included therein) (a) all current liabilities and (b) all
goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles, all as set forth on the
books and records of such Person and its consolidated Subsidiaries as of the end of the most recently ended fiscal quarter and computed
in accordance with GAAP.

 

“Consolidated Net Worth”
means, with respect to any Person, the sum of: (a) the stockholders’ equity of such Person; plus (b) the amount reported
on such Person’s most recent balance sheet with respect to any series of preferred stock (other than Disqualified Stock) that by
its terms is not entitled to the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect
of the year of such declaration and payment, but only to the extent of any cash received by such Person upon issuance of such preferred
stock, less: (i) all write-ups (other than write-ups resulting from foreign currency translations and write-ups of tangible assets
of a going concern business made within 12 months after the acquisition of such business) subsequent to the date of this Secured Indenture
in the book value of any asset owned by such Person or a consolidated Subsidiary of such Person; and (ii) all unamortized debt discount
and expense and unamortized deferred charges, all of the foregoing determined on a consolidated basis in accordance with GAAP.

 

“Continuing
Director” means, as of any date of determination, any member of the Board of Directors of DISH Network Corporation who: (a) was
a member of such Board of Directors on the date of this Secured Indenture; or (b) was nominated for election or elected to such Board
of Directors with the affirmative vote of a majority of the Continuing Directors who were members of such Board at the time of such nomination
or election or (c) was nominated for election or elected by the Principal and his Related Parties.

 

“Corporate
Trust Office” shall be at the address of the Trustee specified in Section 12.02 of this Secured Indenture,
such other address as to which the Trustee may give notice to the Company or the designated corporate trust office of any successor trustee.

 

“Custodian”
means the Trustee, as custodian with respect to the Global Secured Notes, or any successor entity thereto.

 

“DBS” means
direct broadcast satellite.

 

“DDBS
Notes” means the 2012 DDBS Ten-Year Notes, the 2012 December DDBS Notes, the 2014 DDBS Notes, the 2016 DDBS Notes,
the 2020 DDBS Notes and the 2021 DDBS Notes.

 

“DDBS
Notes Indentures” means the 2012 DDBS Ten-Year Notes Indenture, the 2012 December DDBS Notes Indenture, the 2014
DDBS Notes Indenture, the 2016 DDBS Notes Indenture, the 2020 DDBS Notes Indenture and the 2021 DDBS Notes Indenture.

 

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

 

    -6-

     

    

 

“Deferred Payments”
means Indebtedness owed to satellite construction or launch contractors incurred after the date of this Secured Indenture in connection
with the construction or launch of one or more satellites of the Company or its Restricted Subsidiaries used by the Company and/or them
in the businesses described in Section 4.16 of this Secured Indenture in an aggregate principal amount not to exceed $400 million
at any one time outstanding.

 

“Definitive
Secured Note” means, for each series of Secured Notes, a certificated Secured Note registered in the name of the
Holder thereof and issued in accordance with Section 2.06 of this Secured Indenture, substantially in the form of Exhibit A-1
or Exhibit A-2 hereto, as applicable, except that such Secured Note shall not bear the Global Secured Note Legend and shall
not have the “Schedule of Exchanges of Interests in the Global Secured Note” attached thereto.

 

“Depositary”
means The Depository Trust Company and any and all successors thereto appointed as depositary hereunder and having become such pursuant
to an applicable provision of this Secured Indenture.

 

“Destruction”
means any damage to, loss or destruction of any portion of any satellite resulting in Net Insurance Proceeds of $5,000,000 or more.

 

“DISH”
means the DISH® branded pay-TV service of the Company and its Subsidiaries.

 

“DISH Network”
means DISH Network Corporation, a Nevada corporation, together with each Wholly Owned Subsidiary of DISH Network that beneficially owns
100% of the Equity Interests of the Company, but only so long as DISH Network beneficially owns 100% of the Equity Interests of such Subsidiary.

 

“Disqualified Stock”
means any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable),
or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable
at the option of the holder thereof, in whole or in part, on or prior to the date on which the Secured Notes mature; provided,
however, that any such Capital Stock may require the issuer of such Capital Stock to make an offer to purchase such Capital Stock
upon the occurrence of certain events if the terms of such Capital Stock provide that such an offer may not be satisfied and the purchase
of such Capital Stock may not be consummated until the 91st day after the Secured Notes have been paid in full.

 

“DNLLC” means
DISH Network L.L.C., a Colorado limited liability company.

 

“DTLLC”
means DISH Technologies L.L.C., a Colorado limited liability company.

 

“EchoStar”
means EchoStar Corporation, a Nevada corporation.

 

“EchoStar
I” means the Company’s high-powered direct broadcast satellite as identified in DISH Network’s Annual Report on
Form 10-K for the year ended December 31, 2011 and consolidated financial statements included therein.

 

    -7-

     

    

 

“EchoStar
II” means the Company’s high-powered direct broadcast satellite identified in DISH Network’s Annual Report on Form 10-K
for the year ended December 31, 2008 and consolidated financial statements included therein.

 

“Eligible Institution”
means a commercial banking institution that has combined capital and surplus of not less than $500 million or its equivalent in foreign
currency, whose debt is rated Investment Grade at the time as of which any investment or rollover therein is made.

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Excluded
Property” has the meaning set forth in the Security Agreement.

 

“Existing Indebtedness”
means the Secured Notes and any other Indebtedness of the Company and its Subsidiaries in existence on the date of this Secured Indenture
until such amounts are repaid.

 

“FCC” means
the Federal Communications Commission, including without limitation a bureau or division thereof acting under delegated authority, and
any substitute or successor agency.

 

“Finance
Lease Obligation” means, as to any Person, the obligations of such Person under a lease that are required to be classified and
accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at the time
any determination thereof is to be made shall be the amount of the liability in respect of a capital lease that would at such time be
so required to be capitalized on a balance sheet in accordance with GAAP.

 

“GAAP” means
United States generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United
States, which are applicable as of the date of determination; provided that, except as otherwise specifically provided, all calculations
made for purposes of determining compliance with the terms of the provisions of this Secured Indenture shall utilize GAAP as in effect
on the date of this Secured Indenture.

 

“Global Secured Note
Legend” means the legend set forth in Section 2.01 of this Secured Indenture, which is required to be placed on all Global
Secured Notes issued under this Secured Indenture.

 

“Global
Secured Notes” means, individually and collectively, each of the Restricted Global Secured Notes and the Unrestricted Global
Secured Notes for each series of Secured Notes, substantially in the form of Exhibit A-1 and Exhibit A-2
hereto, as applicable, issued in accordance with Section 2.01 or 2.06 of this Secured Indenture.

 

    -8-

     

    

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America for the payment of which guarantee or obligations
the full faith and credit of the United States of America is pledged.

 

“Grantors”
means the Company and the Guarantors.

 

“guarantee”
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect,
in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of
any Indebtedness.

 

“Guarantee”
means a guarantee by a Guarantor of the Secured Notes.

 

“Guarantor”
means any entity that executes a Guarantee of the obligations of the Company under the Secured Notes, and their respective successors
and assigns.

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person pursuant to any arrangement with any other Person, whereby, directly
or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either floating or a fixed
rate of interest on a stated notional amount in exchange for periodic payments made by such other Person calculated by applying a fixed
or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars
and similar agreements designed to protect such Person against fluctuations in interest rates.

 

“Holder”
means a Person in whose name a Secured Note is registered.

 

“Indebtedness”
means, with respect to any Person, any indebtedness of such Person, whether or not contingent, in respect of borrowed money or evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) or representing
the balance deferred and unpaid of the purchase price of any property (including pursuant to finance leases) or representing any
Hedging Obligations, except any such balance that constitutes an accrued expense or trade payable, if and to the extent any of the foregoing
(other than Hedging Obligations) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP, and
also includes, to the extent not otherwise included, the amount of all obligations of such Person with respect to the redemption, repayment
or other repurchase of any Disqualified Stock or, with respect to any Subsidiary of such Person, the liquidation preference with respect
to, any Preferred Equity Interests (but excluding, in each case, any accrued dividends) as well as the guarantee of items that would be
included within this definition.

 

“Indebtedness
to Cash Flow Ratio” means, with respect to any Person, the ratio of: (a) the Indebtedness of such Person and its Subsidiaries
(or, if such Person is the Company, of the Company and its Restricted Subsidiaries) as of the end of the most recently ended fiscal quarter,
plus the amount of any Indebtedness incurred subsequent to the end of such fiscal quarter; to (b) such Person’s Consolidated
Cash Flow for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding
the date on which such event for which such calculation is being made shall occur (the “Measurement Period”); provided,
however, that if such Person or any of its Subsidiaries (or, if such Person is the Company, any of its Restricted Subsidiaries)
consummates an acquisition, merger or other business combination or an Asset Sale or other disposition of assets subsequent to the commencement
of the Measurement Period for which the calculation of the Indebtedness to Cash Flow Ratio is made, then the Indebtedness to Cash Flow
Ratio shall be calculated giving pro forma effect to such transaction(s) as if the same had occurred at the beginning of the applicable
period.

 

    -9-

     

    

 

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

  

“Initial
Purchasers” means, with respect to the Secured Notes, Deutsche Bank Securities Inc. J.P. Morgan Securities
LLC and Guggenheim Securities, LLC.

 

“Initial
Secured Notes” means the Company’s $2,750,000,000 aggregate principal amount of 2026 Secured Notes and $2,500,000,000
aggregate principal amount of 2028 Secured Notes issued under this Secured Indenture on the Issue Date.

 

“Investment Grade”
means, with respect to a security, that such security is rated at least BBB- or higher by S&P or Baa3 or higher by Moody’s (or,
in the event of change in ratings systems, the equivalent of such ratings by S&P or Moody’s), or the equivalent rating of another
nationally recognized statistical rating organization.

 

“Investments”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the forms of loans (including
guarantees), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the
ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities
and all other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.

 

“Issue
Date” means November 26, 2021, the date of original issuance of the Secured Notes.

 

“Intercompany
Loan” means that certain Loan and Security Agreement, dated as of the date hereof, by and between DISH DBS Corporation, as lender,
and DISH Network Corporation, as borrower.

 

“Legal
Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York, at a place of payment
or in the state in which the Corporate Trust Office is located are authorized or required by law, regulation or executive order to remain
closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that
is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

“Lien” means,
with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to
give any financing statement under the Uniform Commercial Code (or equivalent statute) of any jurisdiction).

 

    -10-

     

    

 

“Marketable Securities”
means: (a) Government Securities; (b) any certificate of deposit maturing not more than 365 days after the date of acquisition
issued by, or time deposit of, an Eligible Institution; (c) commercial paper or corporate securities maturing not more than 18 months
after the date of acquisition issued by a corporation (other than an Affiliate of the Company) with an Investment Grade rating, at the
time as of which any investment therein is made, issued or offered by an Eligible Institution; (d) any bankers’ acceptances
or money market deposit accounts issued or offered by an Eligible Institution; and (e) any fund investing exclusively in investments
of the types described in clauses (a) through (d) above.

 

“Maximum Secured Amount”
means 2.75 times the Trailing Cash Flow Amount, or, if greater and (i) following a Fall Away Event or (ii) during a period in
which covenants do not apply as a result of the occurrence of the event described in the second paragraph of Section 4.21 of this
Secured Indenture, 15% of the Company’s Consolidated Net Tangible Assets.

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation.

 

“Net Income”
means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP, excluding, however, any gain
(but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with any Asset Sale
(including, without limitation, dispositions pursuant to sale and leaseback transactions), and excluding any extraordinary gain (but not
loss), together with any related provision for taxes on such extraordinary gain (but not loss) and excluding any unusual gain (but not
loss) relating to recovery of insurance proceeds on satellites, together with any related provision for taxes on such extraordinary gain
(but not loss).

 

“Net Insurance Proceeds”
means the insurance proceeds (excluding liability insurance proceeds payable to the Collateral Agent for any loss, liability or expense
incurred by it and excluding the proceeds of business interruption insurance) or condemnation awards actually received by the Company
or any Restricted Subsidiary as a result of the Destruction or Taking of all or any portion of any satellite forming part of the Collateral,
net of:

 

(1)            reasonable
out-of-pocket expenses and fees relating to such Destruction (including, without limitation, expenses of attorneys and insurance adjusters);

 

(2)            repayment
of Indebtedness that is secured by the property or assets that are the subject of such Destruction pursuant to a Lien that is permitted
by this Secured Indenture to be prior to any Lien securing the Secured Notes;

 

(3)            provision
for all income or other taxes measured by or resulting from such Destruction;

 

(4)            provision
for payments to Persons who own an interest in the satellite (including any transponder thereon) in accordance with the terms of the agreement(s) governing
the ownership of such Person (other than provision for payments to insurance carriers required to be made based on projected future revenues
expected to be generated from such satellite in the good faith determination of the Company); and

 

    -11-

     

    

 

 

(5)            deduction
of appropriate amounts to be provided by the Company or a Restricted Subsidiary as a reserve, in accordance with GAAP, against any liabilities
associated with the satellite that was the subject of the Destruction.

 

“Net Proceeds”
means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries, as the case may be, in respect of any
Asset Sale, net of the direct costs relating to such Asset Sale (including, without limitation, legal, accounting and investment banking
fees, and sales commissions) and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after
taking into account any available tax credits or deductions and any tax sharing arrangements), amounts required to be applied to the repayment
of Indebtedness secured by a Lien on the asset or assets that are the subject of such Asset Sale and any reserve for adjustment in respect
of the sale price of such asset or assets. Net Proceeds shall exclude any non-cash proceeds received from any Asset Sale, but shall include
such proceeds when and as converted by the Company or any Restricted Subsidiary to cash.

 

“Non-Core Assets”
means: (1) all intangible present and possible future authorizations, rights, interests and other intangible assets related to all
 “western” DBS orbital locations other than the 148 degree orbital slot (as the term “western” is used by the FCC)
held by the Company and/or any of its Subsidiaries at any time; (2) all intangible present and possible future authorizations, rights,
interests and other intangible assets related to the fixed satellite service in the Ku-band, extended Ku-band, Ka-band and C-band held
by the Company and/or any of its Subsidiaries at any time; (3) all present and possible future intangible authorizations, rights,
interests and other intangible assets related to any mobile satellite service held by the Company and/or any of its Subsidiaries at any
time; (4) all present and possible future intangible authorizations, rights, interests and other intangible assets related to local
multi-point distribution service; and (5) any Subsidiary of the Company the assets of which consist solely of (i) any combination
of the foregoing and (ii) other assets to the extent permitted under the provision described under the second paragraph of Section 4.19
of this Secured Indenture.

 

“Non-Recourse Indebtedness”
of any Person means Indebtedness of such Person that: (i) is not guaranteed by any other Person (except a Wholly Owned Subsidiary
of the referent Person); (ii) is not recourse to and does not obligate any other Person (except a Wholly Owned Subsidiary of the
referent Person) in any way; (iii) does not subject any property or assets of any other Person (except a Wholly Owned Subsidiary
of the referent Person), directly or indirectly, contingently or otherwise, to the satisfaction thereof, and (iv) is not required
by GAAP to be reflected on the financial statements of any other Person (other than a Subsidiary of the referent Person) prepared in accordance
with GAAP.

 

“Non-U.S. Person”
means a Person who is not a U.S. Person.

 

“Notes Secured Parties”
has the meaning set forth in the Security Agreement.

 

    -12-

     

    

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

 

“Offering”
means the offering of the Secured Notes pursuant to the Offering Memorandum.

 

“Offering
Memorandum” means the Offering Memorandum, dated as of November 10, 2021, relating to and used in connection with
the Offering.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the General Counsel, the Treasurer, any Assistant Treasurer, Controller, Secretary or any Vice-President
of such Person.

 

“Officers’ Certificate”
means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer,
principal financial officer or principal accounting officer of the Company.

 

“Opinion of Counsel”
means an opinion from legal counsel, who may be an employee of or counsel to the Company, any Subsidiary of the Company.

 

“Participant”
means, with respect to the Depositary, a Person who has an account with the Depositary.

 

“Permitted Investments”
means: (a) Investments in the Company or in a Wholly Owned Restricted Subsidiary that is a Guarantor; (b) Investments in Cash
Equivalents and Marketable Securities; and (c) Investments by the Company or any of its Subsidiaries in a Person if, as a result
of such Investment: (i) such Person becomes a Wholly Owned Restricted Subsidiary and becomes a Guarantor, or (ii) such Person
is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into,
the Company or a Wholly Owned Restricted Subsidiary that is a Guarantor; provided that if at any time a Restricted Subsidiary of
the Company shall cease to be a Subsidiary of the Company, the Company shall be deemed to have made a Restricted Investment in the amount
of its remaining investment, if any, in such former Subsidiary.

 

“Permitted Liens”
means:

 

(a)            Liens
securing the Secured Notes issued on the Issue Date and Liens securing any Guarantee;

 

(b)            Liens
securing the Deferred Payments;

 

(c)          Liens
securing any Indebtedness permitted under Section 4.09 of this Secured Indenture; provided that such Liens under this clause
(c) shall not secure Indebtedness in an amount exceeding the Maximum Secured Amount at the time that such Lien is incurred;

 

    -13-

     

    

 

(d)             Liens
securing Purchase Money Indebtedness; provided that such Indebtedness was permitted to be incurred by the terms of this Secured
Indenture and such Liens do not extend to any assets of the Company or its Restricted Subsidiaries other than the assets so acquired;

 

(e)           Liens
securing Indebtedness the proceeds of which are used to develop, construct, launch or insure any satellites other than EchoStar I and
EchoStar II; provided that such Indebtedness was permitted to be incurred by the terms of this Secured Indenture and such Liens
do not extend to any assets of the Company or its Restricted Subsidiaries other than such satellites being developed, constructed, launched
or insured, and to the related licenses, permits and construction, launch and TT&C contracts;

 

(f)            Liens
on orbital slots, licenses and other assets and rights of the Company, provided that such orbital slots, licenses and other assets
and rights relate solely to the satellites referred to in clause (e) of this definition;

 

(g)            Liens
on property of a Person existing at the time such Person is merged into or consolidated with the Company or any of its Restricted Subsidiaries;
provided that such Liens were not incurred in connection with, or in contemplation of, such merger or consolidation, other than
in the ordinary course of business;

 

(h)          Liens
on property of an Unrestricted Subsidiary at the time that it is designated as a Restricted Subsidiary pursuant to the definition of “Unrestricted
Subsidiary;” provided that such Liens were not incurred in connection with, or in contemplation of, such designation;

 

(i)            Liens
on property existing at the time of acquisition thereof by the Company or any Restricted Subsidiary of the Company; provided that
such Liens were not incurred in connection with, or in contemplation of, such acquisition and do not extend to any assets of the Company
or any of its Restricted Subsidiaries other than the property so acquired;

 

(j)            Liens
to secure the performance of statutory obligations, surety or appeal bonds or performance bonds, or landlords’, carriers’,
warehousemen’s, mechanics’, suppliers’, materialmen’s or other like Liens, in any case incurred in the ordinary
course of business and with respect to amounts not yet delinquent or being contested in good faith by appropriate process of law, if a
reserve or other appropriate provision, if any, as is required by GAAP shall have been made therefor;

 

(k)             Liens
existing on the Issue Date;

 

(l)            Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate
proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as shall be
required in conformity with GAAP shall have been made therefor;

 

(m)            Liens
incurred in the ordinary course of the business of the Company or any of its Restricted Subsidiaries (including, without limitation, Liens
securing Purchase Money Indebtedness) with respect to obligations that do not exceed $100 million in principal amount in the aggregate
at any one time outstanding;

 

    -14-

     

    

 

(n)           Liens
securing Indebtedness in an amount not to exceed $50 million incurred pursuant to clause (11) of the second paragraph of Section 4.09
of this Secured Indenture;

 

(o)          Liens
on any asset of the Company or any of its Restricted Subsidiaries securing Indebtedness in an amount not to exceed $50 million;

 

(p)         Liens
securing Indebtedness permitted under clause (12) of the second paragraph of Section 4.09 of this Secured Indenture; provided
that such Liens shall not extend to assets other than the assets that secure such Indebtedness being refinanced;

 

(q)            any
interest or title of a lessor under any Finance Lease Obligations; provided that such Finance Lease Obligation is permitted under
the other provisions of this Secured Indenture;

 

(r)            [Reserved];

 

(s)       Liens
on assets that would not (other than as a result of this clause (s)) constitute Collateral not provided for in clauses (a) through
(r) above, securing Indebtedness incurred in compliance with the terms of this Secured Indenture; provided that the Secured
Notes are secured by the assets subject to such Liens on an equal and ratable basis or on a basis prior to such Liens; provided
further that to the extent that such Lien secured Indebtedness that is subordinated to the Secured Notes, such Lien shall be subordinated
to and be later in priority than the Secured Notes on the same basis; and

 

(t)            extensions,
renewals or refundings of any Liens referred to in clauses (a) through (q) above; provided that (i) any such extension,
renewal or refunding does not extend to any assets or secure any Indebtedness not securing or secured by the Liens being extended, renewed
or refinanced and (ii) any extension, renewal or refunding of a Lien originally incurred pursuant to clause (c) above shall
not secure Indebtedness in an amount greater than the Maximum Secured Amount at the time of such extension, renewal or refunding.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust or unincorporated
organization (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity,
subdivision or business).

 

“Preferred Equity Interest,”
in any Person, means an Equity Interest of any class or classes (however designated) which is preferred as to the payment of dividends
or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over
Equity Interests of any other class in such Person.

 

“Principal”
means Charles W. Ergen.

 

    -15-

     

    

 

“Private
Placement Legend” means the legend set forth in Section 2.01 of this Secured Indenture to be placed on all Secured
Notes issued under this Secured Indenture except where otherwise permitted by the provisions of this Secured Indenture.

 

“Purchase Money Indebtedness”
means (i) Indebtedness of the Company, or any Guarantor incurred (within 365 days of such purchase) to finance the purchase of any
assets (including the purchase of Equity Interests of Persons that are not Affiliates of the Company or Guarantors): (a) to the extent
the amount of Indebtedness thereunder does not exceed 100% of the purchase cost of such assets; and (b) to the extent that no more
than $50 million of such Indebtedness at any one time outstanding is recourse to the Company or any of its Restricted Subsidiaries or
any of their respective assets, other than the assets so purchased; and (ii) Indebtedness of the Company or any Guarantor which refinances
Indebtedness referred to in clause (i) of this definition; provided that such refinancing satisfies subclauses (a) and
(b) of such clause (i).

 

“QIB” means
a “qualified institutional buyer” as defined in Rule 144A.

 

“Rating Agency”
or “Rating Agencies” means: (a) S&P; (b) Moody’s; or (c) if S&P or Moody’s or both
shall not make a rating of the Secured Notes publicly available, a nationally recognized securities rating agency or agencies, as the
case may be, selected by the Company, which shall be substituted for S&P or Moody’s or both, as the case may be.

 

“Rating Decline”
means the occurrence on any date from and after the date of the public notice by the Company or another Person seeking to effect a Change
of Control of an arrangement that, in the Company’s good faith judgment, is expected to 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 or abandonment of the expected Change of Control
transaction (which period shall be extended so long as the rating of the Secured Notes is under publicly announced consideration for possible
downgrade by any Rating Agency) of a decline in the rating of the Secured Notes by either Rating Agency by at least one notch in the gradation
of the rating scale (e.g., + or – for S&P or 1, 2 and 3 for Moody’s) from such Rating Agency’s rating of the Secured
Notes.

 

“Receivables Trust”
means a trust organized solely for the purpose of securitizing the accounts receivable held by the Accounts Receivable Subsidiary that:
(a) shall not engage in any business other than (i) the purchase of accounts receivable or participation interests therein from
the Accounts Receivable Subsidiary and the servicing thereof, (ii) the issuance of and distribution of payments with respect to the
securities permitted to be issued under clause (b) below and (iii) other activities incidental to the foregoing; (b) shall
not at any time incur Indebtedness or issue any securities, except (i) certificates representing undivided interests in the trust
issued to the Accounts Receivable Subsidiary and (ii) debt securities issued in an arm’s length transaction for consideration
solely in the form of cash and Cash Equivalents, all of which (net of any issuance fees and expenses) shall promptly be paid to the Accounts
Receivable Subsidiary; and (c) shall distribute to the Accounts Receivable Subsidiary as a distribution on the Accounts Receivable
Subsidiary’s beneficial interest in the trust no less frequently than once every six months all available cash and Cash Equivalents
held by it, to the extent not required for reasonable operating expenses or reserves therefor or to service any securities issued pursuant
to clause (b) above that are not held by the Accounts Receivable Subsidiary.

 

    -16-

     

    

 

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

 

“Regulation
S Global Secured Note” means, for each series of Secured Notes, one or more Global Secured Notes substantially in the
form of Exhibit A-1 or Exhibit A-2 hereto, as applicable, bearing the Global Secured Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, which, in the aggregate,
are equal to the outstanding principal amount of the Secured Notes initially sold by the Company in reliance on Rule 903 of Regulation
S.

 

“Related Party”
means, with respect to the Principal, (a) the spouse and each immediate family member of the Principal and (b) each trust, corporation,
partnership or other entity of which the Principal beneficially holds an 80% or more controlling interest.

 

“Responsible
Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or
any successor group of the Trustee), including any vice president, trust officer or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular
subject.

 

“Restricted Definitive
Secured Note” means a Definitive Secured Note bearing the Private Placement Legend.

 

“Restricted Global
Secured Note” means a Global Secured Note bearing the Private Placement Legend.

 

“Restricted Investment”
means an Investment other than Permitted Investments.

 

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

 

“Restricted Subsidiary”
or “Restricted Subsidiaries” means any corporation, association or other business entity of which more than 50% of the total
voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of
the Company or a combination thereof, other than Unrestricted Subsidiaries.

 

“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.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc.

 

    -17-

     

    

 

“Satellite
Receiver” means any satellite receiver capable of receiving programming from the DISH service.

 

“SEC” means
the Securities and Exchange Commission.

 

“Secured
Indenture” means this Secured Indenture, as amended or supplemented from time to time.

 

“Secured
Notes” means the Initial Secured Notes and any other notes issued after the Issue Date in accordance with the fourth paragraph
of Section 2.02 of this Secured Indenture treated as a single class of securities with the applicable series of Initial Secured Notes.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Security
Agreement” means the Security Agreement, dated as of November 26, 2021, among the Company, the Guarantors and the
Collateral Agent, (as amended, restated, modified, supplemented, extended or replaced from time to time).

 

“Security Documents”
means, collectively:

 

(1)            the
Security Agreement;

 

(2)            any
mortgages after the Issue Date (as amended, restated, modified, supplemented, extended or replaced from time to time), among the Company
or the applicable Guarantor and the Collateral Agent;

 

(3)            all
other security agreements, pledge agreements, mortgages, deeds of trust, deeds to secure debt, pledges, collateral assignments and other
agreements or instruments evidencing or creating any security interest or Lien in favor of the Collateral Agent for its benefit and the
benefit of the Trustee and the holders in any or all of the Collateral.

 

“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X
promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date.

 

“Subsidiary”
or “Subsidiaries” means, with respect to any Person, any corporation, association or other business entity of which
more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person
or one or more of the other Subsidiaries of such Person or a combination thereof.

 

“Taking”
means any taking of the Collateral or any portion thereof, in or by condemnation or other eminent domain proceedings pursuant to any law,
general or special, or by reason of the temporary requisition of the use of the Collateral or any portion thereof, by any governmental
authority, civil or military.

 

    -18-

     

    

 

“TIA” means
the Trust Indenture Act of 1939 as in effect on the date of this Secured Indenture, except as provided in Section 9.03 of this Secured
Indenture.

 

“Trailing Cash Flow
Amount” means the Consolidated Cash Flow of the Company during the most recent four fiscal quarters of the Company for which
financial statements are available; provided that if the Company or any of its Restricted Subsidiaries consummates a merger, acquisition
or other business combination or an Asset Sale or other disposition of assets subsequent to the commencement of such period but prior
to or contemporaneously with the event for which the calculation of Trailing Cash Flow Amount is made, then Trailing Cash Flow Amount
shall be calculated giving pro forma effect to such material acquisition or Asset Sale or other disposition of assets, as if the same
had occurred at the beginning of the applicable period.

 

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

 

“TT&C”
means telemetry, tracking and control.

 

“U.S. Person”
means a U.S. Person as defined in Rule 902(k) under the Securities Act.

 

“Unrestricted Definitive
Secured Note” means one or more Definitive Secured Notes that do not bear and are not required to bear the Private Placement
Legend.

 

“Unrestricted
Global Secured Note” means, for each series of Secured Notes, a permanent Global Secured Note substantially in the form
of Exhibit A-1 or Exhibit A-2 hereto, as applicable, that bears the Global Secured Note Legend and that has the
 “Schedule of Exchanges of Interests in the Global Secured Note” attached thereto, and that is deposited with or on behalf
of and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend.

 

“Unrestricted Subsidiary”
or “Unrestricted Subsidiaries” means: (A) Wright Travel Corporation, DISH Real Estate Corporation V, WS Acquisition
L.L.C. and Echosphere De Mexico S. De R.L. De C.V.; and (B) any Subsidiary of the Company designated as an Unrestricted Subsidiary
in a resolution of the Board of Directors:

 

(a)            no
portion of the Indebtedness or any other obligation (contingent or otherwise) of which, immediately after such designation: (i) is
guaranteed by the Company or any other Subsidiary of the Company (other than another Unrestricted Subsidiary); (ii) is recourse to
or obligates the Company or any other Subsidiary of the Company (other than another Unrestricted Subsidiary) in any way; or (iii) subjects
any property or asset of the Company or any other Subsidiary of the Company (other than another Unrestricted Subsidiary), directly or
indirectly, contingently or otherwise, to satisfaction thereof;

 

    -19-

     

    

 

(b)            with
which neither the Company nor any other Subsidiary of the Company (other than another Unrestricted Subsidiary) has any contract, agreement,
arrangement, understanding or is subject to an obligation of any kind, written or oral, other than on terms no less favorable to the Company
or such other Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company; and

 

(c)            with
which neither the Company nor any other Subsidiary of the Company (other than another Unrestricted Subsidiary) has any obligation: (i) to
subscribe for additional shares of Capital Stock or other Equity Interests therein; or (ii) to maintain or preserve such Subsidiary’s
financial condition or to cause such Subsidiary to achieve certain levels of operating results;

 

provided,
however, that neither DNLLC nor Echosphere L.L.C. may be designated as an Unrestricted Subsidiary. If at any time after the date
of this Secured Indenture the Company designates an additional Subsidiary (other than DTLLC or a Subsidiary that constitutes a Non-Core
Asset) as an Unrestricted Subsidiary, the Company will be deemed to have made a Restricted Investment in an amount equal to the fair market
value (as determined in good faith by the Board of Directors evidenced by a resolution of the Board of Directors and set forth in an Officers’
Certificate delivered to the Trustee no later than ten business days following a request from the Trustee, which certificate shall cover
the six months preceding the date of the request) of such Subsidiary and to have incurred all Indebtedness of such Unrestricted Subsidiary.
An Unrestricted Subsidiary may be designated as a Restricted Subsidiary of the Company if, at the time of such designation after giving
pro forma effect thereto, no Default or Event of Default shall have occurred or be continuing.

 

“Weighted Average Life
to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing (a) the then
outstanding principal amount of such Indebtedness into (b) the total of the product obtained by multiplying (i) the amount of
each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity,
in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the
making of such payment.

 

“Wholly Owned Restricted
Subsidiary” means a Wholly Owned Subsidiary of the Company that is a Restricted Subsidiary.

 

“Wholly Owned Subsidiary”
means, with respect to any Person, any Subsidiary all of the outstanding voting stock (other than directors’ qualifying shares)
of which is owned by such Person, directly or indirectly.

 

“Wireless
Business” means DISH Network and its relevant Subsidiaries’ (i) provision of prepaid and postpaid wireless
communications, data and other services to subscribers, and (ii) commercialization of wireless spectrum licenses including through
the cloud-native, Open Radio Access Network-based 5G network being developed by DISH Network Corporation and its Subsidiaries.

 

    -20-

     

    

 

SECTION 1.02.Other Definitions.

 

	Term	Defined 

in Section
	“2026 Secured Notes”	Preamble
	“2028 Secured Notes”	Preamble
	“Action”	10.09
	“Affiliate Transaction”	4.11
	“Asset Sale”	4.10(b)
	“Authentication Order”	2.02
	“Change of Control Offer”	4.15
	“Change of Control Payment”	4.15
	“Change of Control Payment Date”	4.15(b)
	“Company”	Preamble
	“Covenant Defeasance”	8.03
	“DTC”	2.01
	“DTLLC Amount Due”	4.19(a)
	“Event of Default”	6.01
	“Excess Proceeds”	4.10
	“Excess Proceeds Offer”	3.08
	“Fall Away Event”	4.21
	“Fall Away Covenants”	4.21
	“incur”	4.09
	“Legal Defeasance”	8.02
	“Make-Whole Premium”	3.07
	“Non-Core Asset Amount Due”	4.19(a)
	“Offer Amount”	3.08
	“Offer Period”	3.08
	“Paying Agent”	2.03
	“Payment Default”	6.01(f)
	“Payout”	4.19
	“Permitted Refinancing”	4.09(12)(C)
	“Purchase Date”	3.08
	“Refinancing Indebtedness”	4.09(12)
	“Registrar”	2.03
	“Restricted Payments”	4.07(e)
	“Security Document Order”	10.09
	“Suspension Period”	4.12
	“Treasury Yield”	3.07

 

SECTION 1.03.Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Secured Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Secured Indenture.

 

The following TIA terms used
in this Secured Indenture have the following meanings:

 

“indenture securities”
means the Secured Notes;

 

    -21-

     

    

 

“indenture security Holder”
means a Holder of a Secured Note;

 

“indenture to be qualified”
means this Secured Indenture;

 

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

 

“obligor” on the
Secured Notes means each of the Company and any successor obligor upon the Secured Notes.

 

All other terms used in this
Secured Indenture that are defined by the TIA, defined by reference to another statute or defined by SEC rule under the TIA have
the meanings so assigned to them.

 

SECTION 1.04.Rules of
Construction.

 

Unless the context otherwise
requires:

 

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

 

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

 

(3)            “or”
is not exclusive;

 

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

 

(5)            provisions
apply to successive events and transactions.

 

ARTICLE 2

 

THE SECURED NOTES

 

SECTION 2.01.Form and
Dating.

 

The
Secured Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A-1 hereto,
in the case of the 2026 Secured Notes, and Exhibit A-2 hereto, in the case of 2028 Secured Notes, the terms of which are incorporated
in and made a part of this Secured Indenture. The Secured Notes may have notations, legends or endorsements approved as to form by the
Company, and required by law, stock exchange rule, agreements to which the Company is subject or usage. Each Secured Note shall be dated
the date of its authentication. The Secured Notes shall be issuable only in denominations of $2,000 and integral multiples of $1,000 in
excess thereof.

 

    -22-

     

    

 

The
Secured Notes shall initially be issued in the form of one or more Global Secured Notes and The Depository Trust Company (“DTC”),
its nominees, and their respective successors, shall act as the Depositary with respect thereto. Each Global Secured Note shall (i) be
registered in the name of the Depositary for such Global Secured Note or the nominee of such Depositary, (ii) shall be delivered
by the Trustee to such Depositary or pursuant to such Depositary’s instructions, and (iii) shall bear a legend (the “Global
Secured Note Legend”) substantially to the following effect:

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“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 SECURED NOTE IS A GLOBAL SECURED
NOTE WITHIN THE MEANING OF THE SECURED INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF
A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS SECURED NOTE IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE SECURED INDENTURE, AND NO TRANSFER OF THIS SECURED
NOTE (OTHER THAN A TRANSFER OF THIS SECURED NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE SECURED INDENTURE.

 

Except
as permitted by Section 2.06(g) of this Secured Indenture, any Secured Note not registered under the Securities Act shall
bear the following legend (the “Private Placement Legend”) on the face thereof:

 

THIS SECURED NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURED
NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED
OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT. THE HOLDER OF THIS SECURED NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURED
NOTE, PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR
ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURED NOTE (OR ANY PREDECESSOR OF THIS SECURED NOTE) (THE “RESALE RESTRICTION
TERMINATION DATE”) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURED NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND OTHERWISE IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR
(E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S
AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION
COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION
TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

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The
Trustee must refuse to register any transfer of a Secured Note bearing the Private Placement Legend that would violate the restrictions
described in such legend.

 

SECTION 2.02.Form of
Execution and Authentication.

 

Two
Officers of the Company shall sign the Secured Notes for the Company by manual, electronic or facsimile signature.

 

If
an Officer whose signature is on a Secured Note no longer holds that office at the time the Secured Note is authenticated, the
Secured Note shall nevertheless be valid.

 

A
Note shall not be valid until authenticated by the manual or electronic signature of the Trustee. The signature of the Trustee
shall be conclusive evidence that the Secured Note has been authenticated under this Secured Indenture.

 

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The
Trustee shall authenticate (i) 2026 Secured Notes for original issue on the Issue Date in an aggregate principal amount of
$2,750,000,000, (ii) 2028 Secured Notes for original issue on the Issue Date in an aggregate principal amount of $2,500,000,000 and
(iii) subject to compliance with Section 4.09 of this Secured Indenture, one or more series of Secured Notes for original issue
after the Issue Date (such Secured Notes to be substantially in the form of Exhibit A-1 or Exhibit A-2, as applicable)
in an unlimited amount, in each case upon written orders of the Company in the form of (a) an Officers’ Certificate, which
Officers’ Certificate shall, in the case of any issuance pursuant to clause (ii) above, certify that such issuance is in compliance
with Section 4.09 and Section 4.12 of this Secured Indenture, and (b) an authentication order specifying the amount of
Secured Notes to be authenticated, the date on which the Secured Notes are to be authenticated, and the aggregate principal amount of
Secured Notes outstanding on the date of authentication, and shall further specify the amount of such Secured Notes to be issued as a
Global Secured Note or Definitive Secured Notes (“Authentication Order”). Such Secured Notes shall initially be in the form
of one or more Global Secured Notes, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal
amount of such series of the Secured Notes to be issued, (ii) shall be registered in the name of the Depositary for such Global Secured
Note or Secured Notes or its nominee and (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instruction. All Secured Notes of an applicable series issued under this Secured Indenture shall vote and consent together on all matters
as one class.

 

The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Secured Notes. Unless limited by the terms
of such appointment, an authenticating agent may authenticate Secured Notes whenever the Trustee may do so. Each reference in this Secured
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent
to deal with the Company or any Affiliate of the Company.

 

SECTION 2.03.Registrar
and Paying Agent.

 

The
Company shall maintain (i) an office or agency where Secured Notes may be presented for registration of transfer or for exchange
(including any co-registrar, the “Registrar”) and (ii) an office or agency where Notes may be presented for payment
(“Paying Agent”). The Registrar shall keep a register of the Secured Notes and of their transfer and exchange. The
Company may appoint one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent, Registrar or co-registrar without prior notice to any Holder of a Secured
Note. The Company shall notify the Trustee in writing and the Trustee shall notify the Holders of the Secured Notes of the name and address
of any Agent not a party to this Secured Indenture. The Company may act as Paying Agent, Registrar or co-registrar. The Company shall
enter into an appropriate agency agreement with any Agent not a party to this Secured Indenture, which shall incorporate the provisions
of the TIA. The agreement shall implement the provisions of this Secured Indenture that relate to such Agent. The Company shall notify
the Trustee in writing of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or fails
to give the foregoing notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.07
of this Secured Indenture.

 

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The Company initially appoints
the Trustee as Registrar, Paying Agent and agent for service of notices and demands in connection with the Secured Notes.

 

SECTION 2.04.Paying Agent
to Hold Money in Trust.

 

The Company shall require each
Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders of the
Secured Notes or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest on the
Secured Notes, and shall notify the Trustee in writing of any Default by the Company in making any such payment. While any such Default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company) shall
have no further liability for the money delivered to the Trustee. If the Company acts as Paying Agent, it shall segregate and hold in
a separate trust fund for the benefit of the Holders of the Secured Notes all money held by it as Paying Agent.

 

SECTION 2.05.Lists of
Holders of the Secured Notes.

 

The Trustee shall preserve in
as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders of the Secured
Notes and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee
at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing a list in
such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of the Secured Notes, including
the aggregate principal amount of the Secured Notes held by each thereof, and the Company shall otherwise comply with TIA Section 312(a).

 

SECTION 2.06.Transfer
and Exchange.

 

(a)     Transfer
and Exchange of Global Secured Notes. A Global Secured Note may not be transferred as a whole except by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Secured Notes will be exchanged by the Company
for Definitive Secured Notes of the same series if (i) the Company delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary and a successor Depositary is not appointed by the Company within 90 days after the
date of such notice from the Depositary, (ii) the Depositary has ceased to be a clearing agency registered under the Exchange Act
or (iii) there shall have occurred and be continuing a Default or an Event of Default under this Secured Indenture and the Depositary
shall have so requested. In any such case, the Company will notify the Trustee in writing that, upon surrender by the Participants and
Indirect Participants of their interest in such Global Secured Note, Certificated Notes of the same series will be issued to each Person
that such Participants and Indirect Participants and DTC identify as being the beneficial owner of the related Secured Notes. Global Secured
Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 of this Secured Indenture. Every Secured
Note authenticated and delivered in exchange for, or in lieu of, a Global Secured Note of the same series or any portion thereof, pursuant
to this Section 2.06 or Section 2.07 or 2.10 of this Secured Indenture, shall be authenticated and delivered in the form of,
and shall be, a Global Secured Note. A Global Secured Note may not be exchanged for another Secured Note other than as provided in this
Section 2.06. However, beneficial interests in a Global Secured Note may be transferred and exchanged as provided in Section 2.06(b),
(c) or (f) of this Secured Indenture.

 

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(b)       Transfer
and Exchange of Beneficial Interests in the Global Secured Notes. The transfer and exchange of beneficial interests in the Global
Secured Notes shall be effected through the Depositary, in accordance with the provisions of this Secured Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global Secured Notes shall be subject to restrictions on transfer comparable to those
set forth in this Secured Indenture to the extent required by the Securities Act. Transfers of beneficial interests in the Global Secured
Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the
other following subparagraphs, as applicable:

 

(i)            Transfer
of Beneficial Interests in the Same Global Secured Note. Beneficial interests in any Restricted Global Secured Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Secured Note in accordance with
the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of
the Restricted Period, no transfer of beneficial interests in the Regulation S Global Secured Note may be made to a U.S. Person or for
the account or benefit of a U.S. Person (other than an Initial Purchaser) unless permitted by applicable law and made in compliance with
subparagraphs (ii) and (iii) below. Beneficial interests in any Unrestricted Global Secured Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Secured Note. No written orders or instructions
shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i) unless specifically
stated above.

 

(ii)            All
Other Transfers and Exchanges of Beneficial Interests in Global Secured Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar
either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Secured Note
of the same series in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance
with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or, (B) (1) if
Definitive Secured Notes are at such time permitted to be issued pursuant to this Secured Indenture, a written order from a Participant
or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be
issued a Definitive Secured Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Secured Note shall
be registered to effect the transfer or exchange referred to in (1) above. Upon satisfaction of all of the requirements for transfer
or exchange of beneficial interests in Global Secured Notes contained in this Secured Indenture and the Secured Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Secured Note(s) pursuant to Section 2.06(h) of
this Secured Indenture.

 

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(iii)        Transfer
of Beneficial Interests to Another Restricted Global Secured Note. A beneficial interest in any Restricted Global Secured Note may
be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Secured Note of
the same series if the transfer complies with the requirements of Section 2.06(b)(ii) above and the Registrar receives the following:

 

(A)       if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Secured Note of the same series, then the transferor
must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (1) thereof; and

 

(B)        if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Secured Note of the same series, then
the transferor must deliver a certificate in the form of Exhibit C hereto, including the certifications in item (2) thereof.

 

(iv)        Transfer
and Exchange of Beneficial Interests in a Restricted Global Secured Note for Beneficial Interests in an Unrestricted Global Secured Note.
A beneficial interest in any Restricted Global Secured Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted
Global Secured Note of the same series or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Secured Note of the same series if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) above
and the Registrar receives the following:

 

(A)       if
the Holder of such beneficial interest in a Restricted Global Secured Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Secured Note of the same series, a certificate from such Holder in the form of Exhibit D
hereto, including the certifications in item (1)(a) thereof, or

 

(B)        if
the Holder of such beneficial interest in a Restricted Global Secured Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Secured Note of the same series, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in subparagraphs (A) and (B), if the Registrar so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained in this Secured Indenture and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act.

 

    -28-

     

    

 

If any such transfer
is effected pursuant to subparagraph (A) or (B) above at a time when an Unrestricted Global Secured Note has not yet been issued,
the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 of this Secured Indenture, the
Trustee shall authenticate, one or more Unrestricted Global Secured Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to subparagraph (A) or (B) above.

 

Beneficial interests in an Unrestricted
Global Secured Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest
in a Restricted Global Secured Note.

 

(c)        Transfer
or Exchange of Beneficial Interests for Definitive Secured Notes.

 

(i)         Beneficial
Interests in Restricted Global Secured Notes to Restricted Definitive Secured Notes. If any Holder of a beneficial interest in a Restricted
Global Secured Note proposes to exchange such beneficial interest for a Restricted Definitive Secured Note of the same series or to transfer
such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Secured Note of the same series,
then, upon receipt by the Registrar of the following documentation:

 

(A)        if
the Holder of such beneficial interest in a Restricted Global Secured Note proposes to exchange such beneficial interest for a Restricted
Definitive Secured Note, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item
(2)(a) thereof;

 

(B)              if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate to the
effect set forth in Exhibit C hereto, including the certifications in item (1) thereof;

 

(C)            if
such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904
under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications in item
(2) thereof;

 

(D)            if
such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance
with Rule 144 under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications
in item (3)(a) thereof;

 

(E)            if
such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit C
hereto, including the certifications in item (3)(b) thereof; or

 

(F)         if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit C hereto, including the certifications in item (3)(c) thereof,

 

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the Trustee shall cause the aggregate
principal amount of the applicable Global Secured Note to be reduced accordingly pursuant to Section 2.06(h) of this Secured
Indenture, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a
Restricted Definitive Secured Note of the same series in the appropriate principal amount. Any Restricted Definitive Secured Note issued
in exchange for a beneficial interest in a Restricted Global Secured Note of the same series pursuant to this Section 2.06(c) shall
be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall
instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver
such Restricted Definitive Secured Notes to the Persons in whose names such Secured Notes are so registered. Any Restricted Definitive
Secured Note issued in exchange for a beneficial interest in a Restricted Global Secured Note of the same series pursuant to this Section 2.06(c)(i) shall
bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 

(ii)        Beneficial
Interests in Restricted Global Secured Notes to Unrestricted Definitive Secured Notes. A Holder of a beneficial interest in a Restricted
Global Secured Note may exchange such beneficial interest for an Unrestricted Definitive Secured Note of the same series or may transfer
such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Secured Note of the same series
only if the Registrar receives the following:

 

(A)    if
the Holder of such beneficial interest in a Restricted Global Secured Note proposes to exchange such beneficial interest for a Definitive
Secured Note of the same series that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit D
hereto, including the certifications in item (1)(b) thereof; or

 

(B)     if
the Holder of such beneficial interest in a Restricted Global Secured Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a Definitive Secured Note of the same series that does not bear the Private Placement Legend,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (4) thereof,

 

and,
in each such case set forth in subparagraphs (A) and (B), if the Registrar so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained in this Secured Indenture and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act.

 

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If
any such transfer is effected pursuant to subparagraph (A) or (B) above at a time when an Unrestricted Global Secured Note has
not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 of this
Secured Indenture, the Trustee shall authenticate one or more Unrestricted Global Secured Notes of the applicable series in an
aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (A) or
(B) above.

 

(iii)     Beneficial
Interests in Unrestricted Global Secured Notes to Unrestricted Definitive Secured Notes. If any Holder of a beneficial interest in
an Unrestricted Global Secured Note proposes to exchange such beneficial interest for a Definitive Secured Note of the same series or
to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Secured Note of the same series,
then, upon satisfaction of the conditions set forth in Section 2.06(b)(ii) of this Secured Indenture, the Trustee shall cause
the aggregate principal amount of the applicable Global Secured Note to be reduced accordingly pursuant to Section 2.06(h) of
this Secured Indenture, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions
a Definitive Secured Note of the same series in the appropriate principal amount. Any Definitive Secured Note issued in exchange for a
beneficial interest pursuant to this Section 2.06(c)(iii) shall be registered in such name or names and in such authorized denomination
or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the
Participant or Indirect Participant. The Trustee shall deliver such Definitive Secured Notes to the Persons in whose names such Secured
Notes are so registered. Any Definitive Secured Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall
not bear the Private Placement Legend.

 

(d)        Transfer
and Exchange of Definitive Secured Notes for Beneficial Interests.

 

(i)       Restricted
Definitive Secured Notes to Beneficial Interests in Restricted Global Secured Notes. If any Holder of a Restricted Definitive Secured
Note proposes to exchange such Secured Note for a beneficial interest in a Restricted Global Secured Note of the same series or to transfer
such Restricted Definitive Secured Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Secured Note of the same series, then, upon receipt by the Registrar of the following documentation:

 

(A)     if
the Holder of such Restricted Definitive Secured Note proposes to exchange such Secured Note for a beneficial interest in a Restricted
Global Secured Note of the same series, a certificate from such Holder in the form of Exhibit D hereto, including the certifications
in item (2)(b) thereof;

 

(B)      if
such Restricted Definitive Secured Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate
to the effect set forth in Exhibit C hereto, including the certifications in item (1) thereof; or

 

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(C)       if
such Restricted Definitive Secured Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit C hereto, including the certifications
in item (2) thereof,

 

the Trustee shall cancel the Restricted
Definitive Secured Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the
appropriate Restricted Global Secured Note, in the case of clause (B) above, the 144A Global Secured Note, and in the case of clause
(C) above, the Regulation S Global Secured Note.

 

(ii)       Restricted
Definitive Secured Notes to Beneficial Interests in Unrestricted Global Secured Notes. A Holder of a Restricted Definitive Secured
Note may exchange such Secured Note for a beneficial interest in an Unrestricted Global Secured Note or transfer such Restricted Definitive
Secured Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Secured Note of the
same series only if the Registrar receives the following:

 

(A)      if
the Holder of such Definitive Secured Notes proposes to exchange such Secured Notes for a beneficial interest in the Unrestricted Global
Secured Note of the same series, a certificate from such Holder in the form of Exhibit D hereto, including the certifications
in item (1)(c) thereof; or

 

(B)       if
the Holder of such Definitive Secured Notes proposes to transfer such Secured Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Secured Note of the same series, a certificate from such Holder in the form of
Exhibit C hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in subparagraphs (A) and (B), if the Registrar so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained in this Secured Indenture and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act.

 

Upon satisfaction
of the conditions in this Section 2.06(d)(ii), the Trustee shall cancel the Definitive Secured Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Secured Note.

 

(iii)      Unrestricted
Definitive Secured Notes to Beneficial Interests in Unrestricted Global Secured Notes. A Holder of an Unrestricted Definitive Secured
Note may exchange such Secured Note for a beneficial interest in an Unrestricted Global Secured Note of the same series or transfer such
Unrestricted Definitive Secured Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Secured Note of the same series at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the
applicable Unrestricted Definitive Secured Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted
Global Secured Notes of the same series.

 

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If
any such exchange or transfer from an Unrestricted Definitive Secured Note or a Restricted Definitive Secured Note, as the case may be,
to a beneficial interest is effected pursuant to subparagraphs (ii)(A), (ii)(B) or (iii) above at a time when an Unrestricted
Global Secured Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02
of this Secured Indenture, the Trustee shall authenticate one or more Unrestricted Global Secured Notes of the applicable series
in an aggregate principal amount equal to the principal amount of Unrestricted Definitive Secured Notes or Restricted Definitive Secured
Notes, as the case may be, so transferred.

 

(e)       Transfer
and Exchange of Definitive Secured Notes for Definitive Secured Notes. Upon request by a Holder of Definitive Secured Notes and such
Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive
Secured Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the
Definitive Secured Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional
certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

(i)         Restricted
Definitive Secured Notes to Restricted Definitive Secured Notes. Any Restricted Definitive Secured Note may be transferred to and
registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Secured Note of the same series if
the Registrar receives the following:

 

(A)     if
the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form
of Exhibit C hereto, including the certifications in item (1) thereof;

 

(B)      if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit C
hereto, including the certifications in item (2) thereof; and

 

(C)      if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit C hereto, including, if the Registrar so requests, a certification or Opinion
of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act.

 

(ii)        Restricted
Definitive Secured Notes to Unrestricted Definitive Secured Notes. Any Restricted Definitive Secured Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Secured Note of the same series or transferred to a Person or Persons who take delivery
thereof in the form of an Unrestricted Definitive Secured Note of the same series if the Registrar receives the following:

 

(A)     if
the Holder of such Restricted Definitive Secured Notes proposes to exchange such Secured Notes for an Unrestricted Definitive Secured
Note of the same series, a certificate from such Holder in the form of Exhibit D hereto, including the certifications in item
(1)(d) thereof; or

 

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(B)      if
the Holder of such Restricted Definitive Secured Notes proposes to transfer such Secured Notes to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Secured Note of the same series, a certificate from such Holder in the form of Exhibit C
hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph (B), if the Registrar
so requests, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained in this Secured Indenture and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act.

 

(iii)        Unrestricted
Definitive Secured Notes to Unrestricted Definitive Secured Notes. A Holder of Unrestricted Definitive Secured Notes may transfer
such Secured Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Secured Note of the same series. Upon
receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Secured Notes pursuant to the
instructions from the Holder thereof.

 

(f)         [Reserved].

 

(g)        Legends.
The following legends shall appear on the face of all Global Secured Notes and Definitive Secured Notes issued under this Secured Indenture
unless specifically stated otherwise in the applicable provisions of this Secured Indenture.

 

(i)          Private
Placement Legend.

 

(A)     Except
as permitted by subparagraph (B) below, each Global Secured Note (other than an Unrestricted Global Secured Note) and each Definitive
Secured Note (and all Secured Notes issued in exchange therefor or substitution thereof) shall bear the Private Placement Legend.

 

(B)      Notwithstanding
the foregoing, any Global Secured Note or Definitive Secured Note issued pursuant to subparagraphs (b)(iv), (c)(ii), (c)(iii), (d)(ii),
(d)(iii), (e)(ii) or (e)(iii) to this Section 2.06 (and all Secured Notes issued in exchange therefor or substitution thereof)
shall not bear the Private Placement Legend.

 

(ii)         Global
Secured Note Legend. Each Global Secured Note shall bear the Global Secured Note Legend.

 

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

 

(i)          General
Provisions Relating to Transfers and Exchanges.

 

(i)              To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Secured Notes and
Definitive Secured Notes upon the Company’s written order or at the Registrar’s written request.

 

(ii)          No
service charge shall be made to a Holder of a beneficial interest in a Global Secured Note or to a Holder of a Definitive Secured Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange
or transfer pursuant to Sections 2.10, 3.06, 3.08 and 9.05 of this Secured Indenture).

 

(iii)            The
Registrar shall not be required to register the transfer of or exchange any Secured Note selected for redemption in whole or in part,
except the unredeemed portion of any Secured Note being redeemed in part.

 

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

 

(v)            The
Company shall not be required (A) to issue, to register the transfer of or to exchange any Secured Notes during a period beginning
at the opening of business on a Business Day 15 days before the day of the mailing of a notice of redemption of Secured Notes of an applicable
series for redemption under Section 3.02 of this Secured Indenture and ending at the close of business on the day of such mailing
or (B) to register the transfer of or to exchange any Secured Note of such series so selected for redemption in whole or in part,
except the unredeemed portion of any Secured Note of such series being redeemed in part.

 

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(vi)         Prior
to due presentment for the registration of a transfer of any Secured Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Secured Note is registered as the absolute owner of such Secured Note for the purpose of receiving payment of
principal of and interest on such Secured Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be
affected or incur any liability by notice to the contrary.

 

(vii)            The
Trustee shall authenticate Global Secured Notes and Definitive Secured Notes in accordance with the provisions of Section 2.02 of
this Secured Indenture.

 

(viii)         All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect
a registration of transfer or exchange may be submitted by facsimile.

 

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

 

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

 

SECTION 2.07.Replacement
Secured Notes.

 

If
any mutilated Secured Note is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction
of the destruction, loss or theft of any Secured Note, the Company shall issue and the Trustee, upon the written order of the Company
signed by two Officers of the Company, shall authenticate a replacement Note if the Trustee’s requirements for replacements of Secured
Notes are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment
of the Trustee and the Company to protect the Company, the Trustee, any Agent or any authenticating agent from any losses, claims or liabilities
which any of them may suffer if a Secured Note is replaced. Each of the Company and the Trustee may charge for its expenses in replacing
a Secured Note.

 

Every
replacement Secured Note is an obligation of the Company.

 

SECTION 2.08.Outstanding
Secured Notes.

 

The
Secured Notes outstanding at any time are all the Secured Notes authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation and those described in this Section 2.08 as not outstanding.

 

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If
a Secured Note is replaced pursuant to Section 2.07 of this Secured Indenture, it ceases to be outstanding unless the Trustee receives
proof satisfactory to it that the replaced Secured Note is held by a protected purchaser.

 

If the principal amount of any
Secured Note is considered paid under Section 4.01 of this Secured Indenture, it shall cease to be outstanding and interest on it
shall cease to accrue.

 

Subject to Section 2.09
of this Secured Indenture, a Secured Note does not cease to be outstanding because the Company, a Subsidiary of the Company or an Affiliate
of the Company holds the Secured Note.

 

SECTION 2.09.Treasury
Secured Notes.

 

In
determining whether the Holders of the required principal amount of Secured Notes have concurred in any direction, waiver or consent,
Secured Notes owned by the Company, any Subsidiary of the Company or any Affiliate of the Company shall be considered as though not outstanding,
except that for purposes of determining whether the Trustee shall be protected in conclusively relying on any such direction, waiver or
consent, only Secured Notes which a Responsible Officer actually knows to be so owned shall be so considered. Notwithstanding the foregoing,
Secured Notes that are to be acquired by the Company, any Subsidiary of the Company or an Affiliate of the Company pursuant to an exchange
offer, tender offer or other agreement shall not be deemed to be owned by the Company, a Subsidiary of the Company or an Affiliate of
the Company until legal title to such Secured Notes passes to the Company, such Subsidiary or such Affiliate, as the case may be.

 

SECTION 2.10.Temporary
Secured Notes.

 

Until
definitive Secured Notes are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Secured Notes.
Temporary Secured Notes shall be substantially in the form of definitive Secured Notes of the same series but may have variations that
the Company and the Trustee consider appropriate for temporary Secured Notes. Without unreasonable delay, the Company shall prepare and
the Trustee, upon receipt of the written order of the Company signed by two Officers of the Company, shall authenticate definitive Secured
Notes in exchange for temporary Secured Notes of the same series. Until such exchange, temporary Secured Notes shall be entitled to the
same rights, benefits and privileges as definitive Secured Notes.

 

SECTION 2.11.Cancellation.

 

The
Company at any time may deliver Secured Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to
the Trustee any Secured Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Secured
Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of canceled Notes in
accordance with its then customary procedures (subject to the record retention requirement of the Exchange Act), unless the Company directs
in writing canceled Secured Notes to be returned to it. The Company may not issue new Secured Notes to replace Secured Notes that it has
redeemed or paid or that have been delivered to the Trustee for cancellation. All canceled Secured Notes held by the Trustee shall be
disposed of and certification of their disposition shall, at the Company’s written request, be delivered to the Company, unless
by a written order, signed by two Officers of the Company, the Company shall direct that canceled Secured Notes be returned to it.

 

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SECTION 2.12.Defaulted
Interest.

 

If the Company defaults in a
payment of interest on the Secured Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders of the Secured Notes on a subsequent special record date, which date
shall be at the earliest practicable date but in all events at least five Business Days prior to the payment date, in each case at the
rate provided in the Secured Notes. The Company shall, with the consent of the Trustee, fix or cause to be fixed each such special record
date and payment date. At least 15 days before the special record date, the Company (or the Trustee, in the name of and at the expense
of the Company) shall mail to Holders of the Secured Notes a notice that states the special record date, the related payment date and
the amount of such interest to be paid.

 

SECTION 2.13.Record Date.

 

The record date for purposes
of determining the identity of Holders of the Secured Notes entitled to vote or consent to any action by vote or consent authorized or
permitted under this Secured Indenture shall be determined as provided for in TIA Section 316(c).

 

SECTION 2.14.CUSIP Number.

 

The
Company in issuing the Secured Notes of each series may use one or more “CUSIP” numbers and, if it does so, the Trustee
shall use the CUSIP number(s) in notices of redemption or exchange as a convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness or accuracy of the CUSIP number(s) printed in the notice or on the
Secured Notes of such series and that reliance may be placed only on the other identification numbers printed on the Secured Notes of
each series. The Company will promptly notify the Trustee in writing of any change in the CUSIP number(s).

 

ARTICLE 3

 

REDEMPTION

 

SECTION 3.01.Notices to
Trustee.

 

If
the Company elects to redeem Secured Notes of either series pursuant to the optional redemption provisions of Section 3.07
of this Secured Indenture, it shall furnish to the Trustee, at least 15 days (unless a shorter period is acceptable to the Trustee) but
not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the redemption date, (ii) the
principal amount of Secured Notes to be redeemed and (iii) the redemption price. If the Company is required to make the redemption
pursuant to Section 3.08 of this Secured Indenture, it shall furnish the Trustee, at least one but not more than 10 Business Days
before a redemption date, an Officers’ Certificate setting forth (i) the redemption date and (ii) the redemption price.

 

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SECTION 3.02.Selection
of Secured Notes to Be Redeemed.

 

If
less than all of the applicable series of Secured Notes are to be redeemed at any time, the selection of Secured Notes for redemption
will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Secured
Notes are listed, or if the Secured Notes are not so listed on a pro rata basis, by lot or in accordance with any other method the Trustee
deems fair and appropriate, provided that no Secured Notes with a principal amount of $2,000 or less shall be redeemed in part.
In the event of partial redemption by lot, the particular Secured Notes to be redeemed shall be selected, unless otherwise provided herein,
not less than 10 and not more than 60 days prior to the redemption date by the Trustee from the outstanding Secured Notes not previously
called for redemption.

 

The
Trustee shall promptly notify the Company in writing of the Secured Notes selected for redemption and, in the case of any Secured
Note selected for partial redemption, the principal amount thereof to be redeemed. Secured Notes and portions of them selected shall be
in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Secured Notes of a Holder are to be redeemed,
the entire outstanding amount of Secured Notes held by such Holder, even if not equal to $2,000 or a multiple of $1,000 in excess thereof,
shall be redeemed. Except as provided in the preceding sentence, provisions of this Secured Indenture that apply to Secured Notes called
for redemption also apply to portions of Secured Notes called for redemption.

 

SECTION 3.03.Notice of
Redemption.

 

Subject
to the provisions of Section 3.08 of this Secured Indenture, at least 10 days but not more than 60 days before a redemption
date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Secured Notes are
to be redeemed at its registered address.

 

The notice shall identify the
Secured Notes to be redeemed (including CUSIP numbers) and shall state:

 

(i)             the
redemption date;

 

(ii)            the
redemption price;

 

(iii)        if
any Secured Note is being redeemed in part only, the portion of the principal amount of such Secured Note to be redeemed and that, after
the redemption date upon surrender of such Secured Note, a new Note or Notes of the same series in principal amount equal to the unredeemed
portion shall be issued in the name of the Holder thereof upon cancellation of the original Note;

 

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

 

(v)            that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

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(vi)              that,
unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the
redemption date;

 

(vii)            the
paragraph of the Secured Notes and/or Section of this Secured Indenture pursuant to which the Secured Notes called for redemption
are being redeemed; and

 

(viii)            that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Secured
Notes of either series.

 

At the Company’s written
request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided that the Company
shall have delivered to the Trustee, at least 35 days (unless a shorter period is acceptable to the Trustee) prior to the redemption date,
an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice
as provided in the preceding paragraph.

 

SECTION 3.04.Effect of
Notice of Redemption.

 

Once notice of redemption is
mailed in accordance with Section 3.03 of this Secured Indenture, Notes called for redemption become due and payable on the redemption
date at the redemption price.

 

SECTION 3.05.Deposit of
Redemption Price.

 

On or prior to any redemption
date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued
interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited
with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest
on, all Notes to be redeemed.

 

On and after the redemption
date, if the Company does not default in the payment of the redemption price, interest shall cease to accrue on the Secured Notes or the
portions of Secured Notes called for redemption. If a Secured Note is redeemed on or after an interest record date but on or prior to
the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Secured Note was
registered at the close of business on such record date. If any Secured Note called for redemption shall not be so paid upon surrender
for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal,
from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in
each case at the rate provided in the Secured Notes.

 

SECTION 3.06.Secured Notes
Redeemed in Part.

 

Upon
surrender and cancellation of a Secured Note that is redeemed in part, the Company shall issue and the Trustee shall authenticate for
the Holder of the Secured Notes at the expense of the Company a new Secured Note of the same series equal in principal amount to
the unredeemed portion of the Secured Note surrendered.

 

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SECTION 3.07.Optional
Redemption.

 

Except
as provided below, the Secured Notes are not redeemable at the option of the Company prior to their stated maturity.

 

The
Secured Notes will be subject to redemption at the option of the Company, at any time in whole, or from time to time in part, prior
to, in the case of the 2026 Notes, June 1, 2026 (the date that is six months prior to the maturity of the 2026 Notes (the “2026
Par Call Date”)), and in the case of the 2028 Notes, December 1, 2027 (the date that is twelve months prior to the maturity
of the 2028 Notes (the “2028 Par Call Date”)), upon not less than 10 nor more than 60 days’ notice, at a redemption
price equal to 100% of the principal amount of such Secured Notes plus accrued and unpaid interest, if any, to the applicable redemption
date plus the “Make-Whole Premium.” At any time on or after the applicable Par Call Date, the Company may redeem the Secured
Notes, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of such Secured
Notes plus accrued and unpaid interest, if any, to the applicable redemption date.

 

The
 “Make-Whole Premium,” with respect to any Secured Note or any portion of any Secured Note to be redeemed shall
be equal to the greater of:

 

(a)         1%
of the principal amount of such Secured Note or such portion of a Secured Note being redeemed and

 

(b)         the
excess, if any, of

 

(i)           the
sum of the present values, calculated as of the redemption date, of:

 

(A)            each
interest payment that, but for the redemption, would have been payable on the Secured Note, or portion of a Secured Note, being redeemed
on each interest payment date occurring after the redemption date, excluding any accrued interest for the period prior to the redemption
date, plus

 

(B)            the
principal amount that, but for the redemption, would have been payable on the Secured Note, or portion of a Secured Note, being redeemed;
over

 

(ii)        the
principal amount of the Secured Note, or portion of a Secured Note, being redeemed.

 

The present values of interest and principal payments
referred to in clause (b)(i) above will be determined in accordance with generally accepted principles of financial analysis.
The present values will be calculated by discounting the amount of each payment of interest or principal from the date that each such
payment would have been payable, but for the redemption, to the redemption date at a discount rate equal to the Treasury Yield, as defined
below, plus 50 basis points.

 

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The
Company shall appoint an independent investment banking institution of national standing to calculate the Make-Whole Premium; provided
that if the Company fails to appoint such an institution at least 45 days prior to the date set for redemption or if the institution that
the Company appoints is unwilling or unable to make such calculation, such calculation shall be made by Deutsche Bank Securities
Inc. or, if such firm fails to make such calculation, by an independent investment banking institution of national standing appointed
by the Trustee (it being understood that the Trustee’s agreement to appoint such an institution is a matter of courtesy and accommodation
only and the Trustee shall not be liable to any person as a result).

 

For
purposes of determining the Make-Whole Premium, “Treasury Yield” shall mean, at the time of computation, the
weekly average rounded to the nearest 1/100th of a percentage point (for the most recently completed week for which such information is
available as of the date that is two business days prior to the redemption date) of the yield to maturity of United States Treasury Securities
with a constant maturity (as compiled and published in Federal Reserve Statistical Release H.15 with respect to each applicable day during
such week or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal
to the period from the redemption date to the stated maturity of the Secured Notes; provided, however, that if the period
from the redemption date to the stated maturity of the Secured Notes is not equal to the constant maturity of a United States Treasury
Security for which such a yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth
of a year) from the weekly average yields of United States Treasury Securities for which such yields are given, except that if the period
from the redemption date to the stated maturity of the Secured Notes is less than one year, the weekly average yield on actively traded
United States Treasury Securities adjusted to a constant maturity of one year shall be used.

 

Notwithstanding
the foregoing, at any time prior to December 1, 2024, the Company may redeem an aggregate amount of up to 35% of the aggregate
principal amount of a series of Secured Notes outstanding at a redemption price equal to, in the case of the 2026 Secured Notes, 105.250%
of the principal amount thereof, and in the case of the 2028 Secured Notes 105.750% of the principal amount thereof, in each case together
with accrued and unpaid interest to such redemption date, with the net cash proceeds of any capital contributions or one or more public
or private sales (including sales to DISH Network, regardless of whether DISH Network obtained such funds from an offering of Equity Interests
or Indebtedness of DISH Network or otherwise) of Equity Interests (other than Disqualified Stock) of the Company (other than proceeds
from a sale to any Subsidiary of the Company or any employee benefit plan in which the Company or any of its Subsidiaries participates);
provided that: (a) at least 65% in aggregate of the originally issued principal amount of the applicable series of Secured
Notes remains outstanding immediately after the occurrence of such redemption; and (b) the sale of such Equity Interests is made
in compliance with the terms of this Secured Indenture.

 

    -42-

     

    

 

In
addition, at any time and from time to time during the 36-month period following the Issue Date, the Company may redeem up to 10% of the
aggregate principal amount of the applicable series of Secured Notes (including any additional notes issued under this Secured Indenture
which are fungible with the applicable series of Secured Notes) during each twelve-month period commencing with the Issue Date, upon not
less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder of the applicable series’ registered
address, at a redemption price of 103% of the aggregate principal amount thereof plus accrued and unpaid interest and additional interest,
if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant interest payment date).

 

SECTION 3.08.Offer to
Purchase by Application of Excess Proceeds.

 

(a)        When
the cumulative amount of Excess Proceeds that have not been applied in accordance with Section 4.10 of this Secured Indenture exceeds
$100.0 million, the Company shall be obligated to make an offer to all Holders of the Secured Notes (an “Excess Proceeds Offer”)
to purchase the maximum principal amount of Secured Notes that may be purchased out of such Excess Proceeds at an offer price in cash
in an amount equal to 101% of the principal amount thereof, together with accrued and unpaid interest to the date fixed for the closing
of such offer in accordance with the procedures set forth in this Secured Indenture. To the extent the Company or a Restricted Subsidiary
is required under the terms of Indebtedness of the Company or such Restricted Subsidiary which is ranked equally with the Secured Notes
(including, for the avoidance of doubt, the DDBS Notes) to make an offer to purchase such other Indebtedness with any proceeds which constitute
Excess Proceeds under this Secured Indenture, the Company shall make a pro rata offer to the holders of all other pari passu
Indebtedness (including the Secured Notes of such series) with such proceeds. If the aggregate principal amount of Secured Notes of such
series and other pari passu Indebtedness surrendered by holders thereof exceeds the amount of such Excess Proceeds, the Trustee
shall select the Secured Notes of such series and other pari passu Indebtedness to be purchased on a pro rata basis.

 

(b)        The
Excess Proceeds Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent
that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the
termination of the Offer Period (the “Purchase Date”), the Company shall purchase the maximum principal amount of Secured
Notes of each series that may be purchased with such Excess Proceeds (which maximum principal amount of Secured Notes shall be the “Offer
Amount”) or, if less than the Offer Amount has been tendered, all Secured Notes of such series tendered in response to the Excess
Proceeds Offer.

 

(c)        If
the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued interest shall
be paid to the Person in whose name a Secured Note is registered at the close of business on such record date, and no additional interest
shall be payable to Holders who tender Secured Notes pursuant to the Excess Proceeds Offer.

 

(d)        Upon
the commencement of any Excess Proceeds Offer, the Company shall send, by first class mail, a notice to each of the Holders of the applicable
series of Secured Notes, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such
Holders to tender Secured Notes of such series pursuant to the Excess Proceeds Offer. The notice, which shall govern the terms of the
Excess Proceeds Offer, shall state:

 

(i)       that
the Excess Proceeds Offer is being made pursuant to this Section 3.08 and the length of time the Excess Proceeds Offer shall remain
open;

 

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(ii)        the
Offer Amount, the purchase price and the Purchase Date;

 

(iii)       that
any Secured Note not tendered or accepted for payment shall continue to accrue interest;

 

(iv)       that
any Secured Note accepted for payment pursuant to the Excess Proceeds Offer shall cease to accrue interest after the Purchase Date;

 

(v)        that
Holders electing to have a Secured Note of either series purchased pursuant to any Excess Proceeds Offer shall be required to surrender
the Secured Note of such series, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Secured
Note completed, to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at
least three business days before the Purchase Date;

 

(vi)       that
Holders shall be entitled to withdraw their election if the Company, Depositary or Paying Agent, as the case may be, receives, not later
than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount
of the Secured Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have the Secured
Note purchased;

 

(vii)      that,
if the aggregate principal amount of Secured Notes of such series surrendered by Holders exceeds the Offer Amount, the Trustee shall select
the Secured Notes of such series to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the
Company so that only Secured Notes of such series in denominations of $2,000, or integral multiples of $1,000 in excess thereof, shall
be purchased); and

 

(viii)     that
Holders whose Secured Notes were purchased only in part shall be issued new Secured Notes of the same series equal in principal amount
to the unpurchased portion of the Secured Notes of such series surrendered.

 

On
or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary,
the Offer Amount of Secured Notes of the applicable series or portions thereof tendered pursuant to the Excess Proceeds Offer,
or if less than the Offer Amount has been tendered, all Secured Notes of such series or portion thereof tendered, and deliver to the Trustee
an Officers’ Certificate stating that such Secured Notes or portions thereof were accepted for payment by the Company in accordance
with the terms of this Section 3.08. The Company, Depositary or Paying Agent, as the case may be, shall promptly (but in any case
not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the
Secured Note tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Secured Note
of the same series, and the Trustee shall authenticate and mail or deliver such new Secured Note, to such Holder equal in principal amount
to any unpurchased portion of the Secured Note surrendered. Any Secured Note not so accepted shall be promptly mailed or delivered by
the Company to the Holder thereof. The Company shall publicly announce the results of the Excess Proceeds Offer on the Purchase Date.
To the extent that the aggregate principal amount of Secured Notes tendered pursuant to an Excess Proceeds Offer is less than the amount
of such Excess Proceeds, the Company may use any remaining Excess Proceeds for general corporate purposes. Upon completion of an Excess
Proceeds Offer, the amount of Excess Proceeds shall be reset at zero.

 

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Other than as specifically provided
in this Section 3.08, any purchase pursuant to this Section 3.08 shall be made pursuant to the provisions of Sections 3.01 through
3.06 of this Secured Indenture.

 

ARTICLE 4

 

COVENANTS

 

SECTION 4.01.Payment of
Secured Notes.

 

The Company shall pay or cause
to be paid the principal of, premium, if any, and interest on the Secured Notes on the dates and in the manner provided in the Secured
Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company,
holds as of 10:00 a.m. Eastern Time on the due date money deposited by or on behalf of the Company in immediately available funds
and designated for and sufficient to pay all principal, premium, if any, and interest then due.

 

The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable
interest rate on the Secured Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent
lawful.

 

SECTION 4.02.Maintenance
of Office or Agency.

 

The
Company shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar)
where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect
of the Secured Notes and this Secured Indenture may be served. The Company shall give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. If at any time the 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 may also from time
to time designate one or more other offices or agencies where the Secured Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency for such purposes. The Company shall give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

The
Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with
Section 2.03 of this Secured Indenture.

 

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SECTION 4.03.Reports.

 

(a)           In
the event (i) that the Company is no longer subject to the reporting requirements of Section 13(a) and 15(d) under
the Exchange Act and (ii) any Secured Notes are outstanding, the Company will furnish to the Holders of the Secured Notes all quarterly
and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company
were required to file such forms and, with respect to the annual information only, a report thereon by our independent registered public
accounting firm.

 

(b)            The
Company shall provide the Trustee with a sufficient number of copies of all documents and information that the Trustee may be required
to deliver to the Holders of the Secured Notes under this Section 4.03.

 

SECTION 4.04.Compliance
Certificate.

 

(a)              The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a
review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether each has kept, observed, performed and fulfilled its obligations under this Secured
Indenture and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge each entity
has kept, observed, performed and fulfilled each and every covenant contained in this Secured Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Secured Indenture including, without limitation, a default in the
performance or breach of Section 4.07, Section 4.09, Section 4.10 or Section 4.15 of this Secured Indenture (or, if
a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge
and what action each is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred
and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Secured Notes is prohibited
or if such event has occurred, a description of the event and what action each is taking or proposes to take with respect thereto.

 

(b)            The
Company shall, so long as any of the Secured Notes are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware
of (i) any Default or Event of Default, or (ii) any default under any Indebtedness referred to in Section 6.01(f) or
(g) of this Secured Indenture, an Officers’ Certificate specifying such Default, Event of Default or default and what action
the Company or any of its Affiliates is taking or proposes to take with respect thereto.

 

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SECTION 4.05.Taxes.

 

The Company shall pay, and shall
cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except as contested
in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the
Holders of the Secured Notes.

 

SECTION 4.06.Stay, Extension
and Usury Laws.

 

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

 

SECTION 4.07.Limitation
on Restricted Payments.

 

Neither the Company nor any
of its Restricted Subsidiaries may, directly or indirectly:

 

(a)        declare
or pay any dividend or make any distribution on account of any Equity Interests of the Company other than dividends or distributions payable
in Equity Interests (other than Disqualified Stock) of the Company;

 

(b)        purchase,
redeem or otherwise acquire or retire for value any Equity Interests of DISH Network, the Company or any of their respective Subsidiaries
or Affiliates, other than any such Equity Interests owned by the Company or by any Wholly Owned Restricted Subsidiary;

 

(c)        purchase,
redeem, defease or otherwise acquire or retire for value any Indebtedness that is expressly subordinated in right of payment to the Secured
Notes or the Guarantees, except:

 

(i)    in
accordance with the scheduled mandatory redemption, sinking fund or repayment provisions set forth in the original documentation governing
such Indebtedness and

 

(ii)   the
purchase, repurchase or other acquisition of subordinated Indebtedness with a stated maturity earlier than the maturity of the Secured
Notes or the Guarantees purchased in anticipation of satisfying a payment of principal at the stated maturity thereof, within one year
of such stated maturity;

 

(d)        declare
or pay any dividend or make any distribution on account of any Equity Interests of any Restricted Subsidiary, other than:

 

(i)    to
the Company or any Wholly Owned Restricted Subsidiary; or

 

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(ii)        to
all holders of any class or series of Equity Interests of such Restricted Subsidiary on a pro rata basis; provided that in the
case of this clause (ii), such dividends or distributions may not be in the form of Indebtedness or Disqualified Stock; or

 

(e)        make
any Restricted Investment (all such prohibited payments and other actions set forth in clauses (a) through (e) being collectively
referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:

 

(i)         no
Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

 

(ii)        after
giving effect to such Restricted Payment and the incurrence of any Indebtedness the net proceeds of which are used to finance such Restricted
Payment, the Indebtedness to Cash Flow Ratio of the Company would not have exceeded 8.0 to 1; and

 

(iii)       such
Restricted Payment, together with the aggregate of all other Restricted Payments made by the Company after December 28, 2001, is
less than the sum of:

 

(A)       the
difference of

 

(x)      cumulative
Consolidated Cash Flow of the Company determined at the time of such Restricted Payment (or, in case such Consolidated Cash Flow shall
be a deficit, minus 100% of such deficit); minus

 

(y)     120%
of Consolidated Interest Expense of the Company, each as determined for the period (taken as one accounting period) from January 1,
2002 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the
time of such Restricted Payment; plus

 

(B)        an
amount equal to 100% of the aggregate net cash proceeds and, in the case of proceeds consisting of assets used in or constituting a business
permitted under Section 4.16 of this Secured Indenture, 100% of the fair market value of the aggregate net proceeds other than cash
received by the Company either from capital contributions from DISH Network, or from the issue or sale (including an issue or sale to
DISH Network) of Equity Interests (other than Disqualified Stock) of the Company (other than Equity Interests sold to any Subsidiary of
the Company), since December 28, 2001; plus

 

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(C)              if
any Unrestricted Subsidiary is designated by the Company as a Restricted Subsidiary, an amount equal to the fair market value of the net
Investment by the Company or a Restricted Subsidiary in such Subsidiary at the time of such designation; provided, however,
that the foregoing sum shall not exceed the amount of the Investments made by the Company or any Restricted Subsidiary in any such Unrestricted
Subsidiary since December 28, 2001; plus

 

(D)            100%
of any cash dividends and other cash distributions received by the Company and its Wholly Owned Restricted Subsidiaries from an Unrestricted
Subsidiary since December 28, 2001 to the extent not included in the cumulative Consolidated Cash Flow of the Company; plus

 

(E)          to
the extent not included in clauses (A) through (D) above, an amount equal to the net reduction in Investments of the Company
and its Restricted Subsidiaries since December 28, 2001 resulting from payments in cash of interest on Indebtedness, dividends, or
repayment of loans or advances, or other transfers of property, in each case, to the Company or to a Wholly Owned Restricted Subsidiary
or from the net cash proceeds from the sale, conveyance or other disposition of any such Investment; provided, however,
that the foregoing amount shall not exceed, with respect to any Person in whom such Investment was made, the amount of Investments previously
made by the Company or any Restricted Subsidiary in such Person which were included in computations made pursuant to this clause (iii).

 

The
foregoing provisions will not prohibit the following (provided that with respect to clauses (2), (3), (4), (5), (6), (7),
(8), (10), and (11) below, no Default or Event of Default shall have occurred and be continuing):

 

(1)            the
payment of any dividend or distribution within 60 days after the date of declaration thereof, if at such date of declaration such payment
would have complied with the provisions of this Secured Indenture;

 

(2)            the
redemption, repurchase, retirement or other acquisition of any Equity Interests of the Company or subordinated Indebtedness of the Company
or any Guarantor in exchange for, or out of the net proceeds of the substantially concurrent capital contribution from DISH Network or
from the substantially concurrent issue or sale (including to DISH Network) of Equity Interests (other than Disqualified Stock) of the
Company (other than Equity Interests issued or sold to any Subsidiary of the Company);

 

(3)            Investments
in an aggregate amount not to exceed $500 million plus, to the extent not included in Consolidated Cash Flow, an amount equal to the net
reduction in such Investments resulting from payments in cash of interest on Indebtedness, dividends or repayment of loans or advances,
or other transfers of property, in each case, to the Company or to a Wholly Owned Restricted Subsidiary or from the net cash proceeds
from the sale, conveyance or other disposition of any such Investment; provided, however, that the foregoing sum shall not
exceed, with respect to any Person in whom such Investment was made, the amount of Investments previously made by the Company or any Restricted
Subsidiary in such Person pursuant to this clause (3);

 

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(4)         cash
dividends or distributions to DISH Network to the extent required for the purchase, redemption, repurchase or other acquisition or retirement
for value of employee stock options to purchase Capital Stock of DISH Network, or Capital Stock of DISH Network issued pursuant to any
management equity plan, stock option plan or other management or employee benefit plan or agreement, in an aggregate amount not to exceed
$25 million in any calendar year;

 

(5)            a
Permitted Refinancing;

 

(6)            Investments
in an amount equal to 100% of the aggregate net proceeds (whether or not in cash) received by the Company or any Wholly Owned Restricted
Subsidiary from capital contributions from DISH Network or from the issue and sale (including a sale to DISH Network) of Equity Interests
(other than Disqualified Stock) of the Company (other than Equity Interests issued or sold to a Subsidiary of DISH Network), on or after
December 28, 2001; plus, to the extent not included in Consolidated Cash Flow, an amount equal to the net reduction in such Investments
resulting from payments in cash of interest on Indebtedness, dividends, or repayment of loans or advances, or other transfers of property,
in each case, to the Company or to a Wholly Owned Restricted Subsidiary or from the net cash proceeds from the sale, conveyance, or other
disposition of any such Investment; provided, however, that the foregoing amount shall not exceed, with respect to any Person
in whom such Investment was made, the amount of Investments previously made by the Company or any Restricted Subsidiary in such Person
pursuant to this clause (6) in each case, provided that such Investments are in businesses of the type described under Section 4.16
of this Secured Indenture;

 

(7)          Investments
in any Restricted Subsidiary which is not a Wholly Owned Restricted Subsidiary, but which is a Guarantor, and Investments in the form
of intercompany debt with any direct or indirect parent company or any Wholly Owned Subsidiary of such direct or indirect parent company;
provided that such debt is incurred in the ordinary course of business and is used in a business described in Section 4.16
of this Secured Indenture;

 

(8)            Investments
in businesses strategically related to businesses described in Section 4.16 of this Secured Indenture in an aggregate amount not
to exceed $700 million;

 

(9)            cash
dividends or distributions to DISH Network to the extent required for the purchase of odd-lots of Equity Interests of DISH Network, in
an aggregate amount not to exceed $15 million in any calendar year;

 

(10)        the
making of any Restricted Payment (including the receipt of any Investment) permitted under or resulting from any transaction permitted
under Section 4.19 of this Secured Indenture occurring any time after December 28, 2001; provided that all conditions
to any such Restricted Payment set forth in such Section 4.19 are satisfied;

 

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(11)      Investments
made as a result of the receipt of non-cash proceeds from Asset Sales made in compliance with Section 4.10 of this Secured Indenture
and Investments entered into in connection with an acquisition of assets used in or constituting a business permitted under Section 4.16
of this Secured Indenture as a result of “earn-outs” or other deferred payments or similar obligations;

 

(12)      any
Restricted Payment permitted under any of the DDBS Notes Indentures;

 

(13)      Investments
which are used to pay for the construction, launch, operation or insurance of satellites owned or leased by the Company or any Subsidiaries
of the Company in an amount not to exceed $500 million;

 

(14)      Investments
in a foreign direct-to-home satellite provider in an amount not to exceed $500 million; provided that the Investments are made
through the supply of satellite receivers and related equipment to the provider, or the proceeds from the Investments are used to purchase
satellite receivers and related equipment from DISH Network or a Subsidiary of DISH Network;

 

(15)      the
redemption, repurchase, defeasance or other acquisition or retirement for value of subordinated Indebtedness, including premium, if any,
and accrued and unpaid interest, with the proceeds of, or in exchange for: (a) the proceeds of a capital contribution or a substantially
concurrent offering of, shares of Capital Stock of the Company (or options, warrants or other rights to acquire such Capital Stock), or
(b) Indebtedness that is at least as subordinated in right of payment to the Secured Notes, including premium, if any, and accrued
and unpaid interest, as the Indebtedness being redeemed, repurchased, defeased, acquired or retired and with a final maturity equal to
or greater than, and a Weighted Average Life to Maturity equal to or greater than, the final maturity and Weighted Average Life to Maturity,
respectively, of the Indebtedness being redeemed, repurchased, defeased, acquired or retired;

 

(16)      repurchases
of Equity Interests deemed to occur upon (a) the exercise of stock options, warrants or convertible securities issued as compensation
if such Equity Interests represent a portion of the exercise price thereof and (b) the withholding of a portion of the Equity Interests
granted or awarded to an employee to pay taxes associated therewith (or a dividend or distribution to finance such a deemed repurchase
by DISH Network);

 

(17)     amounts
paid by the Company to DISH Network or any other person with which the Company is included in a consolidated tax return equal to the amount
of federal, state and local income taxes payable in respect of the income of the Company and its Subsidiaries, including without limitation,
any payments made in accordance with tax allocation agreements between the Company and its Affiliates in effect from time to time;

 

(18)      the
making of a Restricted Payment so long as, after giving effect to such Restricted Payment and the incurrence of any Indebtedness the net
proceeds of which are used to finance such Restricted Payment, the Company’s Indebtedness to Cash Flow Ratio would not exceed 3.5
to 1; and

 

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(19)            any
dividend or distribution to DISH Network to the extent such dividend or distribution consists of any property owned by the Company or
any of its Subsidiaries on the date hereof that is primarily used, or intended for primary use, in connection with the Wireless Business,
as determined in good faith by the Company or such Subsidiary, including, without limitation, the property listed on Schedule 1 to the
Security Agreement.

 

Restricted Payments made pursuant
to clauses (1), (2), (6), (15) (but only to the extent that net proceeds received by the Company as set forth in such clause (2), (6) or
(15) were included in the computations made in clause (iii)(B) of the first paragraph of this Section 4.07), (9) or (12)
(but only to the extent such Restricted Payment is included as a Restricted Payment in any computation made pursuant to clause (iii) of
the first paragraph of Section 4.07 contained in the DDBS Notes Indentures) shall be included as Restricted Payments in any computation
made pursuant to clause (iii) of the first paragraph of this Section 4.07.

 

Restricted
Payments made pursuant to clauses (3), (4), (5), (6), (15) (but only to the extent that net proceeds received by the Company as set forth
in such clause (6) or (15) were not included in the computations made in clause (iii)(B) of the first paragraph of this Section 4.07),
(7), (8), (10), (11), (12) (to the extent such Restricted Payment is not included as a Restricted Payment in any computation made
pursuant to clause (iii) of the first paragraph of Section 4.07 contained in any DDBS Notes Indenture), (13), (14), (16), (17)
or (19) shall not be included as Restricted Payments in any computation made pursuant to clause (iii) of the first paragraph of this
Section 4.07.

 

If the Company or any Restricted
Subsidiary makes an Investment that was included in computations made pursuant to this Section 4.07 and the Person in which such
Investment was made subsequently becomes a Restricted Subsidiary that is a Guarantor, to the extent such Investment resulted in a reduction
in the amounts calculated under clause (iii) of the first paragraph of or under any other provision of this Section 4.07, then
such amount shall be increased by the amount of such reduction.

 

Not later than ten Business
Days following a request from the Trustee, the Company shall deliver to the Trustee an Officers’ Certificate stating that each Restricted
Payment made in the six months preceding the date of the request was permitted and setting forth the basis upon which the calculations
required by this Section 4.07 were computed, which calculations shall be based upon the Company’s latest available financial
statements.

 

SECTION 4.08.Limitations
on Dividend and Other Payment Restrictions Affecting Subsidiaries.

 

The Company shall not, and shall
not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any
encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(a)            pay
dividends or make any other distribution to the Company or any of its Restricted Subsidiaries on its Capital Stock or with respect to
any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Company or any of its Subsidiaries;

 

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(b)         make
loans or advances to the Company or any of its Subsidiaries; or

 

(c)         transfer
any of its properties or assets to the Company or any of its Subsidiaries; except for such encumbrances or restrictions existing under
or by reasons of:

 

(i)            Existing
Indebtedness and existing agreements as in effect on the Issue Date;

 

(ii)           applicable
law or regulation;

 

(iii)          any
instrument governing Acquired Debt as in effect at the time of acquisition (except to the extent such Indebtedness was incurred in connection
with, or in contemplation of, such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or
assets of any Person, other than the Person, or the property or assets of the Person, so acquired, provided that the Consolidated
Cash Flow of such Person shall not be taken into account in determining whether such acquisition was permitted by the terms of this Secured
Indenture, except to the extent that dividends or other distributions are permitted notwithstanding such encumbrance or restriction and
could have been distributed;

 

(iv)          by
reason of customary non-assignment provisions in leases entered into in the ordinary course of business and consistent with past practices;

 

(v)           Refinancing
Indebtedness (as defined in Section 4.09 of this Secured Indenture); provided that the restrictions contained in the agreements
governing such Refinancing Indebtedness are no more restrictive than those contained in the agreements governing the Indebtedness being
refinanced;

 

(vi)          this
Secured Indenture or either series of the Secured Notes;

 

(vii)         Permitted
Liens; or

 

(viii)        any
agreement for the sale of any Subsidiary or its assets that restricts distributions by that Subsidiary pending its sale; provided
that during the entire period in which such encumbrance or restriction is effective, such sale (together with any other sales pending)
would be permitted under the terms of this Secured Indenture.

 

SECTION 4.09.Limitation
on Incurrence of Indebtedness.

 

(a)        The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable with respect to (collectively, “incur”) any Indebtedness (including
Acquired Debt); provided, however, that, notwithstanding the foregoing the Company and any Guarantor may incur Indebtedness
(including Acquired Debt), if, after giving effect to the incurrence of such Indebtedness and the application of the net proceeds thereof
on a pro forma basis (including, in the case of an acquisition, merger or other business combination giving pro forma effect to such transaction),
either (a) the Indebtedness to Cash Flow Ratio of the Company would not have exceeded 8.0 to 1 or (b) the aggregate amount of
Indebtedness of the Company and the Guarantors would not exceed $1,500 per Acquired Subscriber.

 

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(b)       The
foregoing limitation will not apply to any of the following incurrences of Indebtedness:

 

(1)       Indebtedness
represented by the 2026 Secured Notes issued on the Issue Date and the Guarantees thereof, the 2028 Secured Notes issued on the Issue
Date and the Guarantees thereof and this Secured Indenture;

 

(2)       the
incurrence by the Company or any Guarantor of Acquired Subscriber Debt not to exceed $1,750 per Acquired Subscriber (less any amount used
to incur Indebtedness pursuant to clause (b) of the immediately preceding paragraph);

 

(3)       the
incurrence by the Company or any Guarantor of Deferred Payments and letters of credit with respect thereto;

 

(4)       Indebtedness
of the Company or any Guarantor in an aggregate principal amount not to exceed $1,050,000,000 at any one time outstanding;

 

(5)       Indebtedness
between and among the Company and any Guarantor;

 

(6)       Acquired
Debt of a Person incurred prior to the date upon which such Person was acquired by the Company or any Guarantor (excluding Indebtedness
incurred by such entity other than in the ordinary course of its business in connection with, or in contemplation of, such entity being
so acquired) in an amount not to exceed (A) $250 million in the aggregate for all such Persons other than those described in
the immediately following clause (B); and (B) Acquired Debt owed to the Company or any of its Restricted Subsidiaries;

 

(7)       Existing
Indebtedness;

 

(8)       the
incurrence of Purchase Money Indebtedness by the Company or any Guarantor in an amount not to exceed the cost of construction, acquisition
or improvement of assets used in any business permitted under Section 4.16 of this Secured Indenture, as well as any launch costs
and insurance premiums related to such assets;

 

(9)       the
incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations that are incurred in the ordinary course of business
and not for speculative purposes, including without limitation Hedging Obligations covering the principal amount of Indebtedness entered
into in order to protect the Company or any of its Restricted Subsidiaries from fluctuation in interest rates on Indebtedness;

 

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(10)      Indebtedness
of the Company or any Restricted Subsidiary in respect of performance bonds or letters of credit of the Company or any Restricted Subsidiary
or surety bonds provided by the Company or any Restricted Subsidiary incurred in the ordinary course of business and on ordinary business
terms in connection with the businesses permitted under Section 4.16 of this Secured Indenture;

 

(11)      Indebtedness
of the Company or any Guarantor the proceeds of which are used solely to finance the construction and development of call centers owned
by the Company or any of its Restricted Subsidiaries or any refinancing thereof; provided that the aggregate of all Indebtedness
incurred pursuant to this clause (11) shall in no event exceed $100 million at any one time outstanding;

 

(12)      the
incurrence by the Company or any Guarantor of Indebtedness issued in exchange for, or the proceeds of which are used to extend, refinance,
renew, replace, substitute or refund in whole or in part Indebtedness referred to in the first paragraph of this Section 4.09 or
in clauses (1), (2), (3), (6), (7) or (8) above (“Refinancing Indebtedness”); provided, however,
that:

 

(A)       the
principal amount of such Refinancing Indebtedness shall not exceed the principal amount and accrued interest of the Indebtedness so exchanged,
extended, refinanced, renewed, replaced, substituted or refunded and any premiums payable and reasonable fees, expenses, commissions and
costs in connection therewith;

 

(B)        the
Refinancing Indebtedness shall have a final maturity equal to or later than, and a Weighted Average Life to Maturity equal to or greater
than, the final maturity and Weighted Average Life to Maturity, respectively, of the Indebtedness being exchanged, extended, refinanced,
renewed, replaced, substituted or refunded; and

 

(C)        the
Refinancing Indebtedness shall be subordinated in right of payment to the Secured Notes and the Guarantees, if at all, on terms at least
as favorable to the holders of Secured Notes as those contained in the documentation governing the Indebtedness being extended, refinanced,
renewed, replaced, substituted or refunded (a “Permitted Refinancing”);

 

(13)      the
guarantee by the Company or any Guarantor of Indebtedness of the Company or a Restricted Subsidiary that was permitted to be incurred
by another provision of this Section 4.09;

 

(14)      Indebtedness
under Finance Lease Obligations of the Company or any Guarantor with respect to no more than seven direct broadcast satellites at any
time; and

 

(15)      Indebtedness
of the Company or any Restricted Subsidiary owed to (including obligations in respect of letters of credit for the benefit of) any Person
in connection with workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance
provided by such Person to the Company or such Restricted Subsidiary pursuant to reimbursement or indemnification obligations to such
Person, in each case incurred in the ordinary course of business and consistent with industry practices.

 

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(c)       For
purposes of determining compliance with this Section 4.09, if an item of Indebtedness meets the criteria of more than one of the
categories described in clauses (1) through (15) above or is permitted to be incurred pursuant to the first paragraph of this
Section 4.09 and also meets the criteria of one or more of the categories described in clauses (1) through (15) above,
the Company shall, in its sole discretion, classify such item of Indebtedness in any manner that complies with this Section 4.09
and may from time to time reclassify such item of Indebtedness in any manner in which such item could be incurred at the time of such
reclassification. Accrual of interest and the accretion of accreted value will not be deemed to be an incurrence of Indebtedness for purposes
of this Section 4.09.

 

SECTION 4.10.Asset Sales.

 

If the Company or any Restricted
Subsidiary, in a single transaction or a series of related transactions:

 

(a)       sells,
leases (in a manner that has the effect of a disposition), conveys or otherwise disposes of any of its assets (including by way of a sale-and-leaseback
transaction), other than:

 

(1)       sales
or other dispositions of inventory in the ordinary course of business;

 

(2)       sales
or other dispositions to the Company or a Wholly Owned Restricted Subsidiary by the Company or any Restricted Subsidiary;

 

(3)       sales
or other dispositions of rights to construct or launch satellites;

 

(4)       sales
or other dispositions permitted under Section 4.19 of this Secured Indenture (provided that the sale, lease, conveyance or
other disposition of all or substantially all of the assets of the Company shall be governed by the provisions of Section 5.01 of
this Secured Indenture); and

 

(6)       sales
or other dispositions to DISH Network of any property owned by the Company or any of its Subsidiaries on the date hereof that is primarily
used, or intended for primary use, in connection with the Wireless Business, as determined in good faith by the Company or such Subsidiary,
including, without limitation, the property listed on Schedule 1 to the Security Agreement; or

 

(b)       issues
or sells Equity Interests of any Restricted Subsidiary (other than any issue or sale of Equity Interests of DTLLC or a Subsidiary which
constitutes a Non-Core Asset permitted under Section 4.19 of this Secured Indenture);

 

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in either case, which assets or Equity Interests:
(1) have a fair market value in excess of $100 million (as determined in good faith by the Board of Directors evidenced by a
resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee); or (2) are sold or otherwise
disposed of for net proceeds in excess of $100 million (each of the foregoing, an “Asset Sale”), then:

 

(A)       the
Company or such Restricted Subsidiary, as the case may be, must receive consideration at the time of such Asset Sale at least equal to
the fair market value (as determined in good faith by the Board of Directors evidenced by a resolution of the Board of Directors and set
forth in an Officers’ Certificate delivered to the Trustee not later than ten Business Days following a request from the Trustee,
which Officers’ Certificate shall cover each Asset Sale made in the six months preceding the date of request, as the case may be)
of the assets sold or otherwise disposed of;

 

(B)        at
least 75% of the consideration therefor received by the Company or such Restricted Subsidiary, as the case may be, must be in the form
of:

 

(x)            cash,
Cash Equivalents or Marketable Securities;

 

(y)            any
asset which is promptly (and in no event later than 180 days after the date of transfer to the Company or a Restricted Subsidiary)
converted into cash; provided that to the extent that such conversion is at a price that is less than the fair market value (as
determined above) of such asset at the time of the Asset Sale in which such asset was acquired, the Company shall be deemed to have made
a Restricted Payment in the amount by which such fair market value exceeds the cash received upon conversion; and/or

 

(z)            properties
and capital assets (including Capital Stock of an entity owning such property or assets so long as the receipt of such Capital Stock otherwise
complies with Section 4.07 of this Secured Indenture (other than clause (12) of the second paragraph thereof) to be used by the Company
or any of its Restricted Subsidiaries in a business permitted under Section 4.16 of this Secured Indenture;

 

provided,
however, that up to $100 million of assets in addition to assets specified in clauses (x), (y) or (z) above at any one
time may be considered to be cash for purposes of this clause (B), so long as the provisions of the next paragraph are complied with as
such non-cash assets are converted to cash. The amount of any liabilities of the Company or any Restricted Subsidiary that are assumed
by or on behalf of the transferee in connection with an Asset Sale (and from which the Company or such Restricted Subsidiary are unconditionally
released) shall be deemed to be cash for the purpose of this clause (B); and

 

(C)        to
the extent that any consideration received by the Company or a Restricted Subsidiary in such Asset Sale constitutes securities or other
assets that are of a type or class that constitute Collateral, such securities or other assets, including the assets of any Person that
becomes a Restricted Subsidiary as a result of such transaction, are concurrently with their acquisition added to the Collateral securing
the Secured Notes in the manner and to the extent required in this Secured Indenture or any of the Security Documents.

 

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Clause (B) of the second
preceding paragraph shall not apply to all or such portion of the consideration:

 

(1)            as
is properly designated by the Company in connection with an Asset Sale as being subject to this paragraph; and

 

(2)            with
respect to which the aggregate fair market value at the time of receipt of all consideration received by the Company or any Restricted
Subsidiary in all such Asset Sales so designated does not exceed the amount that the Company and its Subsidiaries are permitted to designate
as a result of the cash contributions made to the Company by DISH Network pursuant to any of the DDBS Notes Indentures plus, to the extent
any such consideration did not satisfy clause (B)(x) or (B)(z) above, upon the exchange or repayment of such consideration for
or with assets which satisfy either or both such clauses, an amount equal to the fair market value of such consideration (evidenced by
a resolution of the Board of Directors and set forth in an Officers’ Certificate delivered to the Trustee as set forth in clause
(A) above).

 

In addition, clause (B) above
shall not apply to any Asset Sale:

 

(x)            where
assets not essential to the direct broadcast satellite business are contributed to a joint venture between the Company or one of its Restricted
Subsidiaries and a third party that is not an Affiliate of DISH Network or any of its Subsidiaries; provided that following the
sale, lease, conveyance or other disposition the Company or one of its Wholly Owned Restricted Subsidiaries owns at least 50% of the voting
and equity interest in such joint venture;

 

(y)        to
the extent the consideration therefor received by the Company or any of its Restricted Subsidiaries would constitute Indebtedness or Equity
Interests of a Person that is not an Affiliate of DISH Network, the Company or one of their respective Subsidiaries; provided that
the acquisition of such Indebtedness or Equity Interests is permitted under the provisions of Section 4.07 of this Secured Indenture;
and

 

(z)            where
the assets sold are satellites, uplink centers or call centers; provided that, in the case of this clause (z), the Company and
its Restricted Subsidiaries continue to own at least three satellites, one uplink center and one call center.

 

The
Net Proceeds from such Asset Sale shall be used only (1) to acquire assets used in, or stock or other ownership interests
in a Person that upon the consummation of such Asset Sale, becomes a Restricted Subsidiary and will be engaged primarily in, a business
permitted under Section 4.16 of this Secured Indenture, (2) to repurchase the Secured Notes, (3) to prepay, repay or purchase
other senior Indebtedness or (4) if the Company sells any of its satellites after launch such that the Company or its Restricted
Subsidiaries own fewer than three in-orbit satellites, to purchase a replacement satellite. Any Net Proceeds from any Asset Sale that
are not applied or invested as provided in the preceding sentence within 365 days after such Asset Sale shall constitute “Excess
Proceeds” and shall be applied to an offer to purchase Secured Notes and other senior Indebtedness of the Company if and when
required under Section 3.08 of this Secured Indenture.

 

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(c)       Transactions
described under clause (xii) of Section 4.11 and “Restricted Payments” permitted under Section 4.07 of this
Secured Indenture shall not be subject to the requirements of this Section 4.10.

 

SECTION 4.11.Limitation
on Transactions with Affiliates.

 

The Company shall not and shall
not permit any Restricted Subsidiary to, sell, lease, transfer or otherwise dispose of any of its or their properties or assets to, or
purchase any property or assets from, or enter into any contract, agreement, understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate (including any Unrestricted Subsidiary) (each of the foregoing, an “Affiliate Transaction”),
unless:

 

(a)       such
Affiliate Transaction is on terms that are no less favorable to the Company or its Restricted Subsidiaries than those that would have
been obtained in a comparable transaction by the Company or such Subsidiaries with an unrelated Person; and

 

(b)       if
such Affiliate Transaction involves aggregate payments in excess of $200 million, such Affiliate Transaction has either (i) been
approved by a majority of the disinterested members of the Board of Directors or (ii) if there are no disinterested members of the
Board of Directors, the Company or such Restricted Subsidiary has obtained the favorable opinion of an independent expert as to the fairness
of such Affiliate Transaction to the Company or the relevant Restricted Subsidiary, as the case may be, from a financial point of view,
and the Company delivers to the Trustee no later than ten Business Days following a request from the Trustee a resolution of the Board
of Directors set forth in an Officers’ Certificate certifying that such Affiliate Transaction has been so approved and complies
with clause (a) above;

 

provided,
however, that

 

(i)      the
payment of reasonable fees, compensation or employee benefit arrangements to, and any indemnity provided for the benefit of, directors,
officers, consultants or employees of DISH Network and its Subsidiaries;

 

(ii)     transactions
between or among the Company and its Wholly Owned Subsidiaries (other than Unrestricted Subsidiaries);

 

(iii)    any
issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of employment
arrangements, stock options and stock ownership plans approved by the Board of Directors;

 

(iv)    transactions
in the ordinary course of business, including loans, expense allowances, reimbursements or extensions of credit (including indemnity arrangements)
between the Company or any of its Restricted Subsidiaries on the one hand, and any employee of the Company or any of its Restricted Subsidiaries,
on the other hand;

 

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(v)       the
granting and performance of registration rights for shares of Capital Stock of the Company under a written registration rights agreement
approved by a majority of the members of the Board of Directors that are disinterested with respect to these transactions;

 

(vi)      transactions
with Affiliates solely in their capacity as holders of Indebtedness or Capital Stock of the Company or any of its Subsidiaries, so long
as a significant amount of Indebtedness or Capital Stock of the same class is also held by persons that are not Affiliates of the Company
and these Affiliates are treated no more favorably than holders of the Indebtedness or the Capital Stock generally;

 

(vii)     any
dividend, distribution, sale, conveyance or other disposition of any assets of, or Equity Interests in, any Non-Core Assets or the proceeds
of a sale, conveyance or other disposition thereof, in accordance with the provisions of this Secured Indenture;

 

(viii)    Restricted
Payments that are permitted by Section 4.07 of this Secured Indenture;

 

(ix)       any
transactions pursuant to agreements in effect on the date of this Secured Indenture and any modifications, extensions or renewals thereof
that are no less favorable to the Company or the applicable Restricted Subsidiary than such agreement as in effect on the date of this
Secured Indenture;

 

(x)        so
long as it complies with clause (a) above, the provision of backhaul, uplink, transmission, billing, customer service, programming
acquisition and other ordinary course services by the Company or any of its Restricted Subsidiaries to Satellite Communications Operating
Corporation and to Transponder Encryption Services Corporation on a basis consistent with past practice;

 

(xi)       the
provision of services to DISH Network and its Affiliates by the Company or any of its Restricted Subsidiaries so long as no cash or other
assets are transferred by the Company or its Restricted Subsidiaries in connection with such transactions (other than up to $100 million
in cash in any fiscal year and other than nonmaterial assets used in the operations of the business in the ordinary course pursuant to
the agreement governing the provision of the services), and, if such transaction or agreement has a value of $250 million or greater,
such transaction or agreement is determined by a majority of the members of the Board of Directors to be fair to the Company and its Restricted
Subsidiaries when taken together with all other such transactions and agreements entered into with DISH Network and its Affiliates;

 

(xii)      the
disposition of assets of the Company and its Restricted Subsidiaries in exchange for assets of DISH Network and its Affiliates so long
as (i) the value to the Company in its business of the assets the Company receives is determined by a majority of the members of
the Board of Directors to be substantially equivalent or greater than the value to the Company in its business of the assets disposed
of, and (ii) the assets acquired by the Company and its Restricted Subsidiaries constitute properties and capital assets (including
Capital Stock of an entity owning such property or assets so long as the receipt of such Capital Stock otherwise complies with Section 4.07
of this Secured Indenture (other than clause (12) of the second paragraph thereof)) to be used by the Company or any of its Restricted
Subsidiaries in a business permitted as described under Section 4.16 of this Secured Indenture;

 

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(xiii)       sales
of Equity Interests (other than Disqualified Stock) to Affiliates of the Company;

 

(xiv)       any
transactions between the Company or any Restricted Subsidiary of the Company and any Affiliate of the Company the Equity Interests of
which Affiliate are owned solely by the Company or one of its Restricted Subsidiaries, on the one hand, and by Persons who are not Affiliates
of the Company or Restricted Subsidiaries of the Company, on the other hand; and

 

(xv)        any
transactions with EchoStar or any of its controlled Affiliates that have been approved by a majority of the members of the audit committee
of DISH Network Corporation or a special committee of the board of directors of DISH Network Corporation consisting solely of members
of the board of directors of DISH Network Corporation who are not directors, officers or employees of EchoStar or any of its controlled
Affiliates

 

shall, in each case, not be deemed Affiliate Transactions.

 

SECTION 4.12.Limitation
on Liens.

 

The Company shall not, and shall
not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Lien on any asset now owned
or hereafter acquired, or on any income or profits therefrom or assign or convey any right to receive income therefrom, except Permitted
Liens. Solely for purposes of this Section 4.12, at any time following a Fall Away Event or during any period (a “Suspension
Period”) during which specified covenants do not apply pursuant to the second paragraph of Section 4.21 of this Secured
Indenture, “Restricted Subsidiaries” shall mean the Restricted Subsidiaries on the Business Day immediately prior to the date
of the Fall Away Event or the first day of the applicable Suspension Period, as the case may be.

 

SECTION 4.13.Additional
Subsidiary Guarantees.

 

If the Company or any Guarantor
transfers or causes to be transferred, in one transaction or a series of related transactions, property or assets (including, without
limitation, businesses, divisions, real property, assets or equipment) having a fair market value (as determined in good faith by the
Board of Directors evidenced by a resolution of the Board of Directors and set forth in an Officers’ Certificate delivered to the
Trustee no later than five Business Days following April 1 of each year or ten Business Days following a request from the Trustee,
which Officers’ Certificate shall cover the six months preceding April 1 or the date of request, as the case may be) exceeding
the sum of $100 million in the aggregate for all such transfers after the Issue Date (fair market value being determined as of the time
of such acquisition) to Restricted Subsidiaries that are not Guarantors, the Company shall, or shall cause each of such Subsidiaries to
which any amount exceeding such $100 million (less such fair market value) is transferred to:

 

(i)           execute
and deliver to the Trustee a supplemental indenture to this Secured Indenture in form and substance reasonably satisfactory to the Trustee
pursuant to which such Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Secured Notes on the
terms set forth in this Secured Indenture;

 

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(ii)            deliver
to the Trustee an Opinion of Counsel reasonably satisfactory to the Trustee stating that such supplemental indenture and Guarantee have
been duly authorized, executed and delivered by and are valid and legally binding obligations of such Subsidiary or such owner, as the
case may be; and

 

(iii)            execute
joinders to Security Documents or new Security Documents and take all actions required thereunder and hereunder to perfect the liens created
thereunder, in each case;

 

provided,
however, that the foregoing provisions shall not apply to transfers of property or assets (other than cash) by the Company or any
Guarantor in exchange for cash, Cash Equivalents or Marketable Securities in an amount equal to the fair market value (as determined in
good faith by the Board of Directors evidenced by a resolution of the Board of Directors and set forth in an Officers’ Certificate
delivered to the Trustee no later than five Business Days following April 1 and October 1 of each year or ten Business Days
following a request from the Trustee, which Officers’ Certificate shall cover the six months preceding April 1, October 1
or the date of request, as the case may be) of such property or assets. In addition, if (i) the Company or any of its Restricted
Subsidiaries acquires or creates another Restricted Subsidiary or (ii) an Unrestricted Subsidiary of the Company is redesignated
as a Restricted Subsidiary or otherwise ceases to be an Unrestricted Subsidiary, such Subsidiary shall execute a supplemental indenture
to this Secured Indenture, deliver an Opinion of Counsel and execute joinders to Security Documents or new Security Documents and perfect
the liens created thereunder, each as required in the preceding sentence; provided that no such actions shall be required if the
fair market value (as determined in good faith by the Board of Directors and set forth in an Officers’ Certificate delivered to
the Trustee no later than five Business Days following April 1 and October 1 of each year or ten Business Days following a request
from the Trustee, which Officers’ Certificate shall cover the six months preceding such April 1, October 1 or the date
of request, as the case may be) of all such Restricted Subsidiaries created, acquired or designated since the Issue Date (fair market
value being determined as of the time of creation, acquisition or designation) does not exceed the sum of $100 million in the aggregate
minus the fair market value of the assets transferred to any Subsidiaries of the Company which do not execute supplemental indentures
pursuant to the preceding sentences; provided further that to the extent a Restricted Subsidiary is subject to the terms of any
instrument governing Acquired Debt, as in effect at the time of acquisition (except to the extent such Indebtedness was incurred in connection
with or in contemplation of such acquisition) which instrument or restriction prohibits such Restricted Subsidiary from issuing a Guarantee,
such Restricted Subsidiary shall not be required to execute such a supplemental indenture until it is permitted to issue such Guarantee
pursuant to the terms of such Acquired Debt.

 

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SECTION 4.14.Corporate
Existence.

 

Subject to Article 5 of
this Secured Indenture, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its
existence as a corporation, and subject to Sections 4.10 and 4.19 of this Secured Indenture, the corporate, partnership or other existence
of any Restricted Subsidiary, in accordance with the respective organizational documents (as the same may be amended from time to time)
of the Company or any Restricted Subsidiary and (ii) subject to Sections 4.10 and 4.19 of this Secured Indenture, the rights (charter
and statutory), licenses and of the Company and its Restricted Subsidiaries; provided, however, that the Company shall not
be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Restricted Subsidiary
if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Secured
Notes.

 

SECTION 4.15.Offer to
Purchase Upon Change of Control Event.

 

Upon
the occurrence of a Change of Control Event, the Company shall be required to make an offer (a “Change of Control Offer”)
to each Holder of Secured Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of
such Holder’s Secured Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued
and unpaid interest thereon to the date of repurchase (the “Change of Control Payment”). Within 30 days following any
Change of Control Event, the Company shall mail a notice to each Holder stating:

 

(a)            that
the Change of Control Offer is being made pursuant to Section 4.15 of this Secured Indenture;

 

(b)            the
purchase price and the purchase date, which shall be no earlier than 30 days nor later than 60 days after the date such notice is
mailed (the “Change of Control Payment Date”);

 

(c)            that
any Secured Notes not tendered will continue to accrue interest in accordance with the terms of this Secured Indenture;

 

(d)          that,
unless the Company defaults in the payment of the Change of Control Payment, all Secured Notes accepted for payment pursuant to the Change
of Control Offer shall cease to accrue interest after the Change of Control Payment Date;

 

(e)          that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business
Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal
amount of Secured Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have such Secured Notes
purchased;

 

(f)          that
Holders whose Secured Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion
of the Secured Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000
in excess thereof; and

 

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(g)          any
other information material to such Holder’s decision to tender Secured Notes.

 

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 such
laws and regulations are applicable in connection with the repurchase of the Secured Notes required in the event of a Change of Control
Event.

 

SECTION 4.16.Limitation
on Activities of the Company.

 

Neither the Company nor any
of its Restricted Subsidiaries may engage in any business other than developing, owning, engaging in and dealing with all or any part
of the business of domestic and international media, entertainment, electronics or communications, and reasonably related extensions thereof,
including but not limited to the purchase, ownership, operation, leasing and selling of, and generally dealing in or with, one or more
communications satellites and the transponders thereon, and communications uplink centers, the acquisition, transmission, broadcast, production
and other provision of programming relating thereto and the manufacturing, distribution and financing of equipment (including consumer
electronic equipment) relating thereto.

 

SECTION 4.17.Taking and
Destruction.

 

Upon
any Taking or Destruction, all Net Insurance Proceeds in excess of $100 million received by the Company or any Restricted Subsidiary
shall be deemed Net Proceeds derived from Collateral and shall be applied in accordance with and, in the time periods required by Section 4.10;
provided that Net Insurance Proceeds received in respect of a satellite and related assets need not be used in such 365 day time
period set forth in Section 4.10 provided that the Company has entered into a binding agreement within such time period to acquire
another satellite and related assets consideration equal to or greater than the Net Insurance Proceeds.

 

SECTION 4.18.Accounts
Receivable Subsidiary.

 

The Company:

 

(a)          may,
and may permit any of its Subsidiaries to, notwithstanding the provisions of Section 4.07 of this Secured Indenture, make Investments
in an Accounts Receivable Subsidiary:

 

(i)          the
proceeds of which are applied within five Business Days of the making thereof solely to finance:

 

(A)            the
purchase of accounts receivable of the Company and its Subsidiaries; or

 

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(B)            payments
required in connection with the termination of all then existing arrangements relating to the sale of accounts receivable or participation
interests therein by an Accounts Receivable Subsidiary (provided that the Accounts Receivable Subsidiary shall receive cash, Cash
Equivalents and accounts receivable having an aggregate fair market value not less than the amount of such payments in exchange therefor);
and

 

(ii)          in
the form of Accounts Receivable Subsidiary Notes to the extent permitted by clause (b) below;

 

(b)        shall
not, and shall not permit any of its Subsidiaries to, sell accounts receivable to an Accounts Receivable Subsidiary except for consideration
in an amount not less than that which would be obtained in an arm’s length transaction and solely in the form of cash or Cash Equivalents;
provided that an Accounts Receivable Subsidiary may pay the purchase price for any such accounts receivable in the form of Accounts
Receivable Subsidiary Notes so long as, after giving effect to the issuance of any such Accounts Receivable Subsidiary Notes, the aggregate
principal amount of all Accounts Receivable Subsidiary Notes outstanding shall not exceed 20% of the aggregate purchase price paid for
all outstanding accounts receivable purchased by an Accounts Receivable Subsidiary since the Issue Date (and not written off or required
to be written off in accordance with the normal business practice of an Accounts Receivable Subsidiary);

 

(c)        shall
not permit an Accounts Receivable Subsidiary to sell any accounts receivable purchased from the Company or its Subsidiaries or participation
interests therein to any other Person except on an arm’s length basis and solely for consideration in the form of cash or Cash Equivalents
or certificates representing undivided interests of a Receivables Trust; provided an Accounts Receivable Subsidiary may not sell
such certificates to any other Person except on an arm’s length basis and solely for consideration in the form of cash or Cash Equivalents;

 

(d)        shall
not, and shall not permit any of its Subsidiaries to, enter into any guarantee, subject any of its or their respective properties or assets
(other than the accounts receivable sold by them to an Accounts Receivable Subsidiary) to the satisfaction of any liability or obligation
or otherwise incur any liability or obligation (contingent or otherwise), in each case, on behalf of an Accounts Receivable Subsidiary
or in connection with any sale of accounts receivable or participation interests therein by or to an Accounts Receivable Subsidiary, other
than obligations relating to breaches of representations, warranties, covenants and other agreements of the Company or any of its Subsidiaries
with respect to the accounts receivable sold by the Company or any of its Subsidiaries to an Accounts Receivable Subsidiary or with respect
to the servicing thereof; provided that neither the Company nor any of its Subsidiaries shall at any time guarantee or be otherwise
liable for the collectability of accounts receivable sold by them;

 

(e)        shall
not permit an Accounts Receivable Subsidiary to engage in any business or transaction other than the purchase and sale of accounts receivable
or participation interests therein of the Company and its Subsidiaries and activities incidental thereto;

 

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(f)          shall
not permit an Accounts Receivable Subsidiary to incur any Indebtedness other than the Accounts Receivable Subsidiary Notes, Indebtedness
owed to the Company and Non-Recourse Indebtedness; provided that the aggregate principal amount of all such Indebtedness of an
Accounts Receivable Subsidiary shall not exceed the book value of its total assets as determined in accordance with GAAP;

 

(g)          shall
cause any Accounts Receivable Subsidiary to remit to the Company or a Restricted Subsidiary of the Company on a monthly basis as a distribution
all available cash and Cash Equivalents not held in a collection account pledged to acquirors of accounts receivable or participation
interests therein, to the extent not applied to:

 

(i)         pay
interest or principal on the Accounts Receivable Subsidiary Notes or any Indebtedness of such Accounts Receivable Subsidiary owed to the
Company;

 

(ii)            pay
or maintain reserves for reasonable operating expenses of such Accounts Receivable Subsidiary or to satisfy reasonable minimum operating
capital requirements; or

 

(iii)            to
finance the purchase of additional accounts receivable of the Company and its Subsidiaries; and

 

(h)         shall
not, and shall not permit any of its Subsidiaries to, sell accounts receivable to, or enter into any other transaction with or for the
benefit of, an Accounts Receivable Subsidiary:

 

(i)              if
such Accounts Receivable Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A)            commences
a voluntary case;

 

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

 

(C)            consents
to the appointment of a custodian of it or for all or substantially all of its property;

 

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

 

(E)            generally
is not paying its debts as they become due; or

 

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

 

(A)            is
for relief against such Accounts Receivable Subsidiary in an involuntary case;

 

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(B)        appoints
a Custodian of such Accounts Receivable Subsidiary or for all or substantially all of the property of such Accounts Receivable Subsidiary;
or

 

(C)        orders
the liquidation of such Accounts Receivable Subsidiary, and, with respect to this clause (h)(ii), the order or decree remains unstayed
and in effect for 60 consecutive days.

 

SECTION 4.19.Dispositions
of DTLLC and Non-Core Assets.

 

Notwithstanding the provisions
of Section 4.07 and Section 4.10 of this Secured Indenture, in the event that the Indebtedness to Cash Flow Ratio of the Company
would not have exceeded 6.0 to 1 on a pro forma basis after giving effect to the sale of all of the Equity Interests in or assets of DTLLC
owned by the Company and its Subsidiaries, then:

 

(1)        the
payment of any dividend or distribution consisting of Equity Interests in or assets of DTLLC, or the proceeds of a sale, conveyance or
other disposition of such Equity Interests or assets or the sale, conveyance or other disposition of Equity Interests in or assets of
DTLLC or the proceeds of a sale, conveyance or other disposition of such Equity Interests or assets shall not constitute a Restricted
Payment;

 

(2)        the
sale, conveyance or other disposition of the Equity Interests in or assets of DTLLC or the proceeds of a sale, conveyance or other disposition
of such Equity Interests or assets shall not constitute an Asset Sale; and

 

(3)        upon
delivery of an Officers’ Certificate to the Trustee evidencing satisfaction of the conditions to such release and a written request
to the Trustee requesting such release, DTLLC shall be discharged and released from its Guarantee and, so long as the Company designates
DTLLC as an Unrestricted Subsidiary, DTLLC shall be discharged and released from all covenants and restrictions contained in this Secured
Indenture,

 

provided
that no such payment, sale, conveyance or other disposition (collectively, a “Payout”) described in clauses (1) or
(2) above shall be permitted if at the time of such Payout:

 

(a)        after
giving pro forma effect to such Payout, the Company would not have been permitted under Section 4.07 of this Secured Indenture to
make a Restricted Payment in an amount equal to the total (the “DTLLC Amount Due”) of:

 

(i)          the
amount of all Investments (other than the contribution of:

 

(x)            title
to the headquarters building of DTLLC in Inverness, Colorado and the tangible assets therein to the extent used by DTLLC as of the date
of this Secured Indenture; and

 

(y)            patents,
trademarks and copyrights applied for or granted as of the date of this Secured Indenture to the extent used by DTLLC or resulting from
the business of DTLLC, in each case, to DTLLC)

 

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made in DTLLC by the Company or its
Restricted Subsidiaries since the date of this Secured Indenture (which, in the case of Investments in exchange for assets, shall be valued
at the fair market value of each such asset at the time each such Investment was made); minus

 

(ii)            the
amount of the after-tax value of all cash returns on such Investments paid to the Company or its Wholly Owned Restricted Subsidiaries
(or, in the case of a non-Wholly Owned Restricted Subsidiary, the pro rata portion thereof attributable to the Company); minus

 

(iii)            $100
million; and

 

(b)         any
contract, agreement or understanding between DTLLC and the Company or any Restricted Subsidiary of the Company and any loan or advance
to or guarantee with, or for the benefit of, DTLLC issued or made by the Company or one of its Restricted Subsidiaries, is on terms that
are no less favorable to the Company or its Restricted Subsidiaries than those that would have been obtained in a comparable transaction
by the Company or such Restricted Subsidiaries with an unrelated Person, all as evidenced by a resolution of the Board of Directors set
forth in an Officers’ Certificate delivered to the Trustee, within ten Business Days of a request by the Trustee certifying that
each such contract, agreement, understanding, loan, advance and guarantee has been approved by a majority of the members of the Board
of Directors.

 

If at the time of such Payout,
the condition set forth in clause (a) of the proviso of the preceding sentence cannot be satisfied, DTLLC may seek to have a Person
other than the Company or one of its Restricted Subsidiaries pay in cash an amount to the Company or its Restricted Subsidiaries such
that after taxes, such amount is greater than or equal to the DTLLC Amount Due or the portion of the DTLLC Amount Due which would not
have been permitted to be made as a Restricted Payment by the Company; provided that such payment shall be treated for purposes
of this Section 4.19 as a cash return on the Investments made in DTLLC; and provided further that for all purposes under this
Secured Indenture, such payment shall not be included in any calculation under clauses (iii)(A) through (iii)(E) of the first
paragraph of Section 4.07 of this Secured Indenture. To the extent that the DTLLC Amount Due or any portion thereof would have been
permitted to be made as a Restricted Payment by the Company and was not paid by another Person as permitted by the preceding sentence,
the Company shall be deemed to have made a Restricted Payment in the amount of such DTLLC Amount Due or portion thereof, as the case may
be.

 

Notwithstanding the provisions
of Section 4.07 and Section 4.10 of this Secured Indenture:

 

(1)         the
payment of any dividend or distribution consisting of Equity Interests in or assets of any Non-Core Asset or the proceeds of a sale, conveyance
or other disposition of such Equity Interests or assets or the sale, conveyance or other disposition of Equity Interests in or assets
of any Non-Core Asset or the proceeds of a sale, conveyance or other disposition of such Equity Interests or assets shall not constitute
a Restricted Payment;

 

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(2)        the
sale, conveyance or other disposition of the Equity Interests in or assets of any Non-Core Asset or the proceeds of a sale, conveyance
or other disposition of such Equity Interests or assets shall not constitute an Asset Sale; and

 

(3)        upon
delivery of an Officers’ Certificate to the Trustee evidencing satisfaction of the conditions to such release and a written request
to the Trustee requesting such a release, any such Non-Core Asset that is a Guarantor shall be discharged and released from its Guarantee
and, so long as the Company designates such Non-Core Asset as an Unrestricted Subsidiary, such Non-Core Asset shall be released from all
covenants and restrictions contained in this Secured Indenture;

 

provided
that no Payout of any Non-Core Asset shall be permitted such as described in clauses (1) and (2) above if at the time of such
Payout:

 

(a)        after
giving pro forma effect to such Payout, the Company would not have been permitted under Section 4.07 of this Secured Indenture to
make a Restricted Payment in an amount equal to the total (the “Non-Core Asset Amount Due”) of:

 

(i)            the
amount of all Investments made in such Non-Core Asset by the Company or its Restricted Subsidiaries since the Issue Date (which, in the
case of Investments in exchange for assets, shall be valued at the fair market value of each such asset at the time each such Investment
was made); minus

 

(ii)            the
amount of the after-tax value of all cash returns on such Investments paid to the Company or its Wholly Owned Restricted Subsidiaries
(or, in the case of a non-Wholly Owned Restricted Subsidiary, the pro rata portion thereof attributable to the Company); minus

 

(iii)            $100
million in the aggregate for all such Payouts and $25 million for any single such Payout; and

 

(b)        any
contract, agreement or understanding between or relating to a Non-Core Asset and the Company or a Restricted Subsidiary of the Company
and any loan or advance to or guarantee with, or for the benefit of, a Restricted Subsidiary which is a Non-Core Asset issued or made
by the Company or one of its Restricted Subsidiaries, is on terms that are less favorable to the Company or its Restricted Subsidiaries
than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiaries with an unrelated
Person, all as evidenced by a resolution of the Board of Directors as set forth in an Officers’ Certificate delivered within ten
Business Days of a request by the Trustee, certifying that each such contract, agreement, understanding, loan, advance and guarantee has
been approved by a majority of the Board of Directors.

 

If at the time of such Payout,
the condition set forth in clause (a) of the proviso of the preceding sentence cannot be satisfied, such Restricted Subsidiary which
is a Non-Core Asset may seek to have a Person other than the Company or one of its Restricted Subsidiaries pay in cash an amount to the
Company such that, after taxes, such amount is greater than or equal to the Non-Core Asset Amount Due or the portion of the Non-Core Asset
Amount Due which would not have been permitted to be made as a Restricted Payment by the Company; provided that such payment shall
be treated for purposes of this Section 4.19 as a cash return on the Investments made in a Non-Core Asset and provided further
that for all purposes under this Secured Indenture, such payment shall not be included in any calculation under clauses (iii)(A) through
(iii)(E) of the first paragraph of Section 4.07 of this Secured Indenture. To the extent that the Non-Core Asset Amount Due
or any portion thereof would have been permitted to be made as a Restricted Payment by the Company and was not paid by another Person
as permitted by the preceding sentence, the Company shall be deemed to have made a Restricted Payment in the amount of such Non-Core Asset
Amount Due or portion thereof, as the case may be.

 

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Promptly after any Payout pursuant
to the terms of this Section 4.19, within ten Business Days of a request by the Trustee, the Company shall deliver an Officers’
Certificate to the Trustee setting forth the Investments made by the Company or its Restricted Subsidiaries in a Non-Core Asset, as the
case may be, and certifying that the requirements of this Section 4.19 have been satisfied in connection with the making of such
Payout.

 

Notwithstanding anything contained
in this Section 4.19 to the contrary, any disposition of DTLLC or Non-Core Assets permitted pursuant to the DDBS Notes Indentures
shall also be permitted pursuant to this Secured Indenture and shall not be considered a “Restricted Payment” or “Asset
Sale” for purposes of this Secured Indenture.

 

SECTION 4.20.Payments
for Consent.

 

The
Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration,
whether by way of interest, fee or otherwise, to any Holder of a Secured Note for or as an inducement to any consent, waiver or amendment
of any of the terms or provisions of this Secured Indenture or the Secured Notes unless such consideration is offered to be paid or agreed
to be paid to all Holders of the Secured Notes that consent, waive or agree to amend in the time frame set forth in the solicitation
documents relating to such consent, waiver or agreement.

 

SECTION 4.21.Termination
or Suspension of Certain Covenants Under Certain Conditions.

 

If,
on any date following the Issue Date, a series of the Secured Notes receive an Investment Grade rating from both Rating Agencies
and no Default or Event of Default has occurred and is continuing (a “Fall Away Event”) then, beginning on that date
and continuing at all times thereafter regardless of any subsequent changes in the rating of such series of the Secured Notes, the provisions
of the Indenture contained in Sections 3.08, 4.07, 4.08, 4.09, 4.10, 4.11, 4.15, 4.16, 4.17, 4.18 and 4.19 and clause (d) under Section 5.01
of this Secured Indenture (collectively, the “Fall Away Covenants”) will no longer be applicable to such series of
the Secured Notes.

 

In
addition to the foregoing, during any period in which a series of the Secured Notes have an Investment Grade rating from one of
the Rating Agencies and no Default or Event of Default has occurred and is continuing, the Fall Away Covenants will not apply to such
series of the Secured Notes.

 

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Upon the termination or suspension
of the Fall Away Covenants under either of the two preceding paragraphs, the amount of Excess Proceeds for purposes of Section 3.08
of this Secured Indenture shall be set at zero.

 

SECTION 4.22.Non-Impairment
of Security Interest.

 

Subject
to the rights of the holders of Permitted Liens that are existing on the Issue Date or incurred after the Issue Date, the Company will
not, and will not permit any of its Restricted Subsidiaries to, take or knowingly or negligently omit to take, any action which action
or omission could reasonably be expected to have the result of materially impairing the Lien with respect to the Collateral, other than
the Foreign Collateral, in favor of the holders of Obligations; provided that this Section 4.22 shall not prohibit
the release of Guarantors pursuant to Section 12.05 hereof or the release of Collateral pursuant to Section 4.10, Section 4.17
or Article 10 hereof.

 

SECTION 4.23.After-Acquired
Collateral; Further Assurances.

 

(a)            Subject
to certain limitations and exceptions as set forth in the Security Agreement, if the Company or any Guarantor creates any additional security
interest upon any property or asset to secure any Additional Secured Obligations or which are of a type constituting Collateral under
any Security Document (excluding, for the avoidance of doubt, any Excluded Assets or assets not required to be Collateral pursuant to
the Indenture or the Security Documents but including assets of the Issuer or a Guarantor that become Collateral subsequent to the issue
date of the Notes as a result of such asset ceasing to be Excluded Assets), it must concurrently grant a first-priority security interest
(subject to Permitted Liens) upon such property as security for the Indebtedness and Obligations under the Secured Notes. In addition,
if granting a security interest in such property requires the consent of a third party, the Company will use commercially reasonable efforts
to obtain such consent with respect to the first-priority security interest for the benefit of the Collateral Agent. If such third party
does not consent to the granting of the first-priority security interest after the use of such commercially reasonable efforts, the applicable
entity will not be required to provide such security interest. The Company will not be required to pay or cause to be paid any consideration,
whether by way of interest, fee or otherwise, to any third party for or as an inducement to obtain the consent of the third party. With
respect to any real property Collateral acquired by the Company or any Guarantor after the Issue Date, the Company or such Guarantor shall
deliver to the Collateral Agent the items described in Section 3.4 of the Security Agreement, in each case, in the time periods specified
therein.

 

(b)         The
Company and the Guarantors shall execute any and all further documents, financing statements, agreements and instruments, and take all
further action that may be required under applicable law, and that the Collateral Agent may reasonably request, in order to grant, preserve,
protect and perfect the validity and priority of the security interests and Liens created or intended to be created by the Security Documents
in the Collateral. In addition, from time to time, the Company will reasonably promptly secure the obligations under this Secured Indenture
and the Security Documents by pledging or creating, or causing to be pledged or created, perfected security interests and Liens with respect
to the Collateral. Such security interests and Liens will be created under the Security Documents and other security agreements, mortgages,
deeds of trust and other instruments and documents as may be reasonably required.

 

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SECTION 4.24.Information
Regarding Collateral.

 

(a)            The
Company will furnish to the Collateral Agent, with respect to the Company or any Guarantor, prompt written notice of any change in such
Person’s (i) legal name, (ii) jurisdiction of organization or formation, (iii) identity or corporate structure or
(iv) Organizational Identification Number. The Company and the Guarantors will agree not to effect or permit any change referred
to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required in order
for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in the
Collateral.

 

(b)         Each
year, at the time of delivery of the annual financial statements with respect to the preceding fiscal year pursuant to Section 4.03
hereof, the Company shall deliver to the Trustee a certificate of a financial officer of the Company setting forth the information required
pursuant to the schedules required by the Security Documents or confirming that there has been no change in such information since the
date of the prior annual financial statements.

 

ARTICLE 5

 

SUCCESSORS

 

SECTION 5.01.Merger, Consolidation,
or Sale of Assets of the Company.

 

The Company shall not consolidate
or merge with or into (whether or not the Company is the surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose
of all or substantially all of its properties or assets in one or more related transactions to, another Person unless:

 

(a)            the
Company is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than the Company) or to
which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation organized or existing
under the laws of the United States, any state thereof or the District of Columbia;

 

(b)            the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made (i) assumes all the obligations of the Company under this Secured
Indenture and the Secured Notes pursuant to a supplemental indenture to this Secured Indenture in form reasonably satisfactory to the
Trustee and (ii) delivers any Opinion of Counsel and/or Officers’ Certificate in connection therewith as may be required by
this Secured Indenture, including pursuant to Sections 9.06 and 11.04, in form reasonably satisfactory to the Trustee;

 

(c)            immediately
after such transaction no Default or Event of Default exists; and

 

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(d)         the
Company or the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, lease, conveyance or other disposition will have been made

 

(i)            will
have Consolidated Net Worth immediately after the transaction (but prior to any purchase accounting adjustments or accrual of deferred
tax liabilities resulting from the transaction) not less than the Consolidated Net Worth of the Company immediately preceding the transaction;
and

 

(ii)            would,
at the time of such transaction after giving pro forma effect thereto as if such transaction had occurred at the beginning of the applicable
four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Indebtedness to Cash Flow Ratio test
set forth in the first paragraph of Section 4.09 of this Secured Indenture.

 

Notwithstanding the foregoing,
the Company may merge with another Person if

 

(a)         the
Company is the surviving Person;

 

(b)         the
consideration issued or paid by the Company in such merger consists solely of Equity Interests (other than Disqualified Stock) of the
Company or Equity Interests of DISH Network; and

 

(c)         immediately
after giving effect to such merger (determined on a pro forma basis), the Company’s Indebtedness to Cash Flow Ratio either (i) does
not exceed 8.0 to 1 or (ii) does not exceed the Company’s Indebtedness to Cash Flow Ratio immediately prior to such merger.

 

SECTION 5.02.Successor
Corporation Substituted.

 

Upon
any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.01 of this Secured Indenture, the successor corporation formed by such consolidation or
into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be
substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions
of this Secured Indenture and the provisions of the Security Agreement referring to the Company shall refer instead to the successor corporation
and not to the Company), and may exercise every right and power of the Company under this Secured Indenture and under the Security Agreement
with the same effect as if such successor Person has been named as the Company, herein.

 

ARTICLE 6

 

DEFAULTS AND REMEDIES

 

SECTION 6.01.Events of
Default.

 

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

 

(a)            default
for 30 days in the payment when due of interest on the Secured Notes;

 

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(b)            default
in the payment when due of principal of the Secured Notes at maturity, upon repurchase, redemption or otherwise;

 

(c)            failure
to comply with the provisions of Section 4.10, Section 4.11, Section 4.15 or Section 4.17 of this Secured Indenture;

 

(d)            default
under Section 4.07 or Section 4.09 of this Secured Indenture, which default remains uncured for 30 days, or the breach of any
representation or warranty, or the making of any untrue statement, in any certificate delivered by the Company pursuant to this Secured
Indenture;

 

(e)         failure
by the Company for 60 days after notice from the Trustee or the Holders of at least 25% in principal amount then outstanding of the Secured
Notes to comply with any of its other agreements in this Secured Indenture or the Secured Notes;

 

(f)         default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries), which default is caused by a failure to pay when due of principal or interest on such Indebtedness within
the grace period provided in such Indebtedness (a “Payment Default”), and the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a Payment Default, aggregates $250 million
or more;

 

(g)        default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries), which default results in the acceleration of such Indebtedness prior to its express maturity and the principal
amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated, aggregates $250 million or more; provided that any acceleration (other
than an acceleration which is the result of a Payment Default under clause (f) above) of Indebtedness under the outstanding Deferred
Payments in aggregate principal amount not to exceed $250 million shall be deemed not to constitute an acceleration pursuant to this clause
(g);

 

(h)         failure
by the Company or any of its Restricted Subsidiaries to pay final judgments (other than any judgment as to which a reputable insurance
company has accepted full liability) aggregating in excess of $250 million, which judgments are not stayed within 60 days after their
entry;

 

(i)            DISH
Network, the Company or any Significant Subsidiary of the Company pursuant to or within the meaning of Bankruptcy Law: (i) commences
a voluntary case; (ii) consents to the entry of an order for relief against it in an involuntary case; (iii) consents to the
appointment of a Custodian of it or for all or substantially all of its property; or (iv) makes a general assignment for the benefit
of its creditors;

 

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(j)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against DISH Network,
the Company or any Significant Subsidiary of the Company in an involuntary case; (ii) appoints a custodian of DISH Network, the Company
or any Significant Subsidiary of the Company or for all or substantially all of the property of DISH Network, the Company or any Significant
Subsidiary of the Company; or (iii) orders the liquidation of DISH Network or any Significant Subsidiary of the Company, and the
order or decree remains unstayed and in effect for 60 consecutive days;

 

(k)          any
Guarantee shall be held in a judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and
effect, or any Guarantor, or any person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Guarantee
of the Secured Notes; and

 

(l)            in
each case with respect to any Collateral having a fair market value in excess of $250 million individually or in the aggregate, any of
the Security Documents at any time for any reason is declared null and void, or shall cease to be effective in all material respects to
give the Collateral Agent the Liens with the priority purported to be created thereby subject to no other Liens (in each case, other than
as expressly permitted by this Secured Indenture and the applicable Security Documents or by reason of the termination of this Secured
Indenture or the applicable Security Document in accordance with its terms), which declaration or cessation is not rescinded, stayed,
or waived by the Persons having such authority pursuant to the Security Documents or otherwise cured within 30 days after the Company
receives written notice thereof specifying such occurrence from the Trustee, the Collateral Agent or the holders of at least 25% of the
outstanding principal amount of the Secured Notes.

 

SECTION 6.02.Acceleration.

 

If
an Event of Default (other than an Event of Default specified in clause (i) or (j) of Section 6.01 of this Secured Indenture
with respect to the Company or any Guarantor) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least
25% in aggregate principal amount of the then outstanding Secured Notes of either series by written notice to the Company and the
Trustee, may declare all the Secured Notes of such series to be due and payable immediately. Notwithstanding the foregoing, in the case
of an Event of Default specified in clause (i) or (j) of Section 6.01 of this Secured Indenture with respect to the Company
or any Guarantor, all outstanding Secured Notes shall become and be immediately due and payable without further action or notice. Holders
of such Secured Notes may not enforce this Secured Indenture or the Secured Notes except as provided in this Secured Indenture. The Trustee
may withhold from Holders of the Secured Notes notice of any continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal or interest) if it determines that withholding notice is in such Holders’ interest. The Holders
of a majority in aggregate principal amount of the then outstanding Secured Notes of a series by written notice to the Trustee may on
behalf of all of the Holders of such series rescind an acceleration and its consequences for such series of Secured Notes if the rescission
would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium
of such series that has become due solely because of the acceleration) have been cured or waived.

 

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In the case of any Event of
Default occurring by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company or its Subsidiaries
with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem
the Secured Notes pursuant to Section 3.07 of this Secured Indenture, an equivalent premium shall also become and be immediately
due and payable to the extent permitted by law.

 

All powers of the Trustee under
this Secured Indenture will be subject to applicable provisions of the Communications Act, including without limitation, the requirements
of prior approval for de facto or de jure transfer of control or assignment of Title III licenses.

 

SECTION 6.03.Other Remedies.

 

If
an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium,
if any, and interest on the Secured Notes of each series or to enforce the performance of any provision of the Secured Notes of
each series and this Secured Indenture.

 

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

 

SECTION 6.04.Waiver of
Past Defaults.

 

Holders
of not less than a majority in aggregate principal amount of Secured Notes of either series then outstanding, by written notice
to the Trustee, may on behalf of the Holders of all of the Secured Notes of such series waive an existing Default or Event of Default
and its consequences for such series under this Secured Indenture, except a continuing Default or Event of Default in the payment of interest
or premium on, or principal of, the Secured Notes of such series. Upon any such waiver, such Default shall cease to exist for such series,
and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Secured Indenture for such series;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

SECTION 6.05.Control by
Majority.

 

Holders
of a majority in principal amount of the then outstanding Secured Notes of each series may direct the time, method and place of
conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However,
the Trustee may refuse to follow any direction that conflicts with the law or this Secured Indenture that may be unduly prejudicial to
the rights of other Holders of Secured Notes of such series or that may involve the Trustee in personal liability, it being expressly
understood that the Trustee shall not have an affirmative duty to ascertain whether such action is prejudicial.

 

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SECTION 6.06.Limitation
on Suits.

 

A
Holder of a Secured Note of a series may pursue a remedy with respect to this Secured Indenture or the Secured Notes of such series
only if:

 

(a)            the
Holder of a Secured Note gives to the Trustee written notice of a continuing Event of Default;

 

(b)            the
Holders of at least 25% in principal amount of the then outstanding Notes of such series make a written request to the Trustee to pursue
the remedy;

 

(c)            such
Holder of a Secured Note or Holders of Secured Notes offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense;

 

(d)         the
Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of
indemnity; and

 

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

 

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

 

SECTION 6.07.Rights of
Holders of Secured Notes to Receive Payment.

 

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

 

SECTION 6.08.Collection
Suit by Trustee.

 

If
an Event of Default specified in Section 6.01(a) or (b) of this Secured Indenture occurs and is continuing, the Trustee
is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal
of, premium, if any, and interest remaining unpaid on the Secured Notes of either series and interest on overdue principal and,
to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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SECTION 6.09.Trustee May File
Proofs of Claim.

 

The Trustee is authorized to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders
of the Secured Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Secured Notes), the Company’s
creditors or the Company’s property and shall be entitled and empowered to collect, receive and distribute any money or other property
payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder of a Secured
Note 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 of the Secured Notes, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 of this Secured Indenture.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.07 of this Secured Indenture out of the estate in any such proceeding shall
be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties which the Holders of the Secured Notes may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Secured Note any plan of reorganization, arrangement,
adjustment or composition affecting the Secured Notes or the rights of any Holder of a Secured Note thereof, or to authorize the Trustee
to vote in respect of the claim of any Holder of a Secured Note in any such proceeding.

 

SECTION 6.10.Priorities.

 

Subject
to the terms of the Security Documents, if the Trustee collects any money pursuant to this Article, it shall pay out the money
in the following order:

 

First: to the Trustee,
its agents and attorneys for amounts due under Section 7.07 of this Secured Indenture, including payment of all compensation, expenses
(including attorneys’ fees and expenses) and liabilities incurred, and all advances made, by the Trustee and the costs and expenses
of collection;

 

Second: to Holders
of Secured Notes for amounts due and unpaid on the Secured Notes for principal, premium, if any, and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Secured Notes for principal, premium, if any and interest, respectively;
and

 

Third: to the Company
or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record
date and payment date for any payment to Holders of Secured Notes.

 

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SECTION 6.11.Undertaking
for Costs.

 

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

 

ARTICLE 7

 

TRUSTEE

 

SECTION 7.01.Duties of
Trustee.

 

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

 

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

 

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

 

(ii)      in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Secured
Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements
of this Secured Indenture.

 

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

 

(i)       this
paragraph does not limit the effect of paragraph (a) of this Section 7.01;

 

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

 

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(iii)            the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05 of this Secured Indenture.

 

(d)        Whether
or not therein expressly so provided, every provision of this Secured Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.

 

(e)        No
provision of this Secured Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall
be under no obligation to exercise any of its rights and powers under this Secured Indenture at the request of any Holder of Secured Notes,
unless such Holder shall have offered to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or
expense.

 

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

 

SECTION 7.02.Rights of
Trustee.

 

(a)        The
Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document.

 

(b)        Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.

 

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

 

(d)        The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights
or powers conferred upon it by this Secured Indenture, unless the Trustee’s conduct constitutes willful misconduct or negligence.

 

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

 

(f)         The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Secured Indenture at the request or
direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs,
claims, expenses and liabilities that might be incurred by it in compliance with such request or direction.

 

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(g)            Except
with respect to Section 4.01 of this Secured Indenture, the Trustee shall have no duty to inquire as to the performance of the Company’s
covenants in Article 4. In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default except
(i) any Event of Default occurring pursuant to Sections 4.01, 6.01(a) and 6.01(b) of this Secured Indenture or (ii) any
Default or Event of Default of which a Responsible Officer of the Trustee shall have received written notification or obtained actual
knowledge.

 

(h)            Delivery
of documents and information to the Trustee under Section 4.03 of this Secured Indenture is for informational purposes only and the
Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder, as to which the Trustee
is entitled to conclusively rely on Officers’ Certificates.

 

(i)            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.

 

(j)           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.

 

SECTION 7.03.Individual
Rights of Trustee.

 

The Trustee in its individual
or any other capacity may become the owner or pledgee of Secured Notes and may otherwise deal with the Company or any Affiliate of the
Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest
it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee (if any of the Secured Notes are
registered pursuant to the Securities Act), or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject
to Sections 7.10 and 7.11 of this Secured Indenture.

 

SECTION 7.04.Trustee’s
Disclaimer.

 

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

 

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SECTION 7.05.Notice of
Defaults.

 

If
a Default or Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the
Trustee shall mail to Holders of Secured Notes of such series a notice of the Default or Event of Default within 90 days after it occurs.
Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Secured Note of either
series, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests
of the Holders of the Secured Notes of such series.

 

SECTION 7.06.Reports by
Trustee to Holders of the Secured Notes.

 

Within 60 days after each May 15th
beginning with the May 15th following the date of this Secured Indenture, the Trustee shall mail to the Holders of the Secured
Notes a brief report dated as of such reporting date that complies with TIA Section 313(a) (but if no event described in TIA
Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee
also shall comply with TIA Section 313(b). The Trustee shall also transmit by mail all reports as required by TIA Section 313(c).

 

A copy of each report at the
time of its mailing to the Holders of Secured Notes shall be mailed to the Company and filed with the SEC and each stock exchange on which
any Secured Notes are listed. The Company shall promptly notify the Trustee in writing when any Secured Notes are listed on any stock
exchange or of any delisting thereof.

 

SECTION 7.07.Compensation
and Indemnity.

 

The Company shall pay to the
Trustee from time to time such compensation as agreed in writing for its acceptance of this Secured Indenture and services hereunder.
The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse
the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation
for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and
counsel.

 

The
Company shall indemnify the Trustee against any and all losses, claims, liabilities or expenses incurred by it arising out of or
in connection with the acceptance or administration of its duties under this Secured Indenture, including enforcement of this Section 7.07,
except any such loss, liability or expense as may be attributable to the gross negligence, willful misconduct or bad faith of the Trustee.
The Trustee shall notify the Company promptly of any claim (whether asserted by the Company, a Holder, or any other Person) for which
it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder, except
only to the extent the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in
the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company
need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.

 

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The obligations of the Company
under this Section 7.07 shall survive the satisfaction and discharge of this Secured Indenture.

 

To secure the Company’s
payment obligations in this Section, the Trustee shall have a Lien prior to the Secured Notes on all money or property held or collected
by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction
and discharge of this Secured Indenture.

 

When the Trustee incurs expenses
or renders services after an Event of Default specified in Section 6.01(i) or (j) of this Secured Indenture occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.

 

SECTION 7.08.Replacement
of Trustee.

 

A resignation or removal of
the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section 7.08.

 

The Trustee may resign in writing
at any time and be discharged from the trust hereby created by so notifying the Company and obtaining the prior written approval of the
FCC, if so required by the Communications Act, including Section 310(d) and the rules and regulations promulgated thereunder.
The Holders of at least a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee
and the Company in writing. The Company may remove the Trustee (subject to the prior written approval of the FCC, if required by the Communications
Act, including Section 310(d), and the rules and regulations promulgated thereunder) if:

 

(a)            the
Trustee fails to comply with Section 7.10 of this Secured Indenture;

 

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

 

(c)            the
Trustee is no longer in compliance with the foreign ownership provisions of Section 310 of the Communications Act and the rules and
regulations promulgated thereunder.

 

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

 

(e)            the
Trustee becomes incapable of acting.

 

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

 

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

 

If the Trustee after written
request by any Holder of a Secured Note who has been a Holder of a Secured Note for at least six months fails to comply with Section 7.10
of this Secured Indenture, such Holder of a Secured Note may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

 

A successor Trustee shall deliver
a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Secured
Indenture. The successor Trustee shall mail a notice of its succession to Holders of the Secured Notes. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid
and subject to the Lien provided for in Section 7.07 of this Secured Indenture. Notwithstanding replacement of the Trustee pursuant
to this Section 7.08, the Company’s obligations under Section 7.07 of this Secured Indenture shall continue for the benefit
of the retiring Trustee.

 

SECTION 7.09.Successor
Trustee by Merger, Etc.

 

If
the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another organization
or entity, the successor organization or entity, as the case may be, without any further act shall be the successor Trustee.

 

SECTION 7.10.Eligibility;
Disqualification.

 

There shall at all times be
a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America or of any
state thereof authorized under such laws to exercise corporate trustee power, shall be subject to supervision or examination by federal
or state authority and shall have a combined capital and surplus of at least $25 million as set forth in its most recent published annual
report of condition.

 

This Indenture shall always
have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section 310(b).

 

SECTION 7.11.Preferential
Collection of Claims Against Company.

 

The Trustee is subject to TIA
Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed
shall be subject to TIA Section 311(a) to the extent indicated therein.

 

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SECTION 7.12.Authorization
of Security Documents.

 

By their acceptance of the Secured
Notes, the Holders hereby authorize and direct the Trustee and Collateral Agent, as the case may be, to execute and deliver the Security
Documents and any other document purporting to create a security interest in favor of the Trustee or the Collateral Agent, as applicable,
for the benefit of the Holders of the Secured Notes, including any Security Documents executed after the Issue Date. It is hereby expressly
acknowledged and agreed that, in doing so, the Trustee and the Collateral Agent are not responsible for the terms or contents of such
agreements, or for the validity or enforceability thereof, or the sufficiency thereof for any purpose. Whether or not so expressly stated
therein, in entering into, or taking (or forbearing from) any action under pursuant to, the Security Documents or any other document purporting
to create a security interest in favor of the Trustee and/or the Collateral Agent for their benefit and the benefit of the Holders of
the Secured Notes, each shall have all of the rights, immunities, indemnities and other protections granted to it under this Secured Indenture
(in addition to those that may be granted to it under the terms of such other agreement or agreements).

 

ARTICLE 8

 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 8.01.Option to
Effect Legal Defeasance or Covenant Defeasance.

 

The
Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate delivered
to the Trustee, at any time, with respect to the Secured Notes, elect to have either Section 8.02 or 8.03 of this Secured Indenture
be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

 

SECTION 8.02.Legal Defeasance
and Discharge.

 

Upon
the Company’s exercise under Section 8.01 of this Secured Indenture of the option applicable to this Section 8.02, the
Company shall be deemed to have been discharged from its obligations with respect to all outstanding Secured Notes of a series
on the date the conditions set forth below are satisfied with respect to such series (hereinafter, “Legal Defeasance”).
For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Secured Notes of such series, which shall thereafter be deemed to be “outstanding” only for the purposes
of Section 8.05 of this Secured Indenture and the other Sections of this Secured Indenture referred to in (a) and (b) below,
and to have satisfied all its other obligations under such Secured Notes and this Secured Indenture (and the Trustee, on demand of and
at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive
until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Secured Notes of such series to receive
payments in respect of the principal of, premium, if any, and interest on such Secured Notes when such payments are due, or on the redemption
date, as the case may be, (b) the Company’s obligations with respect to such Secured Notes of such series under Sections 2.05,
2.07, 2.08, 2.10, 2.11 and 4.02 of this Secured Indenture, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and the Company’s obligations in connection therewith and (d) this Article 8. Subject to compliance with this Article 8,
the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
of this Secured Indenture with respect to the Secured Notes of such series.

 

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SECTION 8.03.Covenant
Defeasance.

 

Upon
the Company’s exercise under Section 8.01 of this Secured Indenture of the option applicable to this Section 8.03, the
Company shall be released from its obligations under the covenants contained in Sections 3.08, 4.03, 4.04, 4.07, 4.08, 4.09, 4.10, 4.11,
4.12, 4.13, 4.15, 4.16, 4.18, 4.19 and 5.01 of this Secured Indenture with respect to the outstanding Secured Notes of a series
on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”) with respect
to such series, and the Secured Notes of such series shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders of such series (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Secured
Notes of such series shall not be deemed outstanding for GAAP). For this purpose, such Covenant Defeasance means that, with respect to
the outstanding Secured Notes of such series, the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to
any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission
to comply shall not constitute a Default or an Event of Default under Section 6.01(c) of this Secured Indenture, but, except
as specified above, the remainder of this Secured Indenture and such Secured Notes of such series shall be unaffected thereby. In addition,
upon the Company’s exercise under Section 8.01 of this Secured Indenture of the option applicable to this Section 8.03,
Sections 6.01(c) through 6.01(h), Section 6.01(k) and Section 6.01(l) of this Secured Indenture shall not constitute
Events of Default.

 

SECTION 8.04.Conditions
to Legal or Covenant Defeasance.

 

The
following shall be the conditions to the application of either Section 8.02 or Section 8.03 of this Secured Indenture to the
outstanding Secured Notes of a series:

 

(a)            The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of
Section 7.10 of this Secured Indenture who shall agree to comply with the provisions of this Article 8 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 benefit of the Holders of such Secured Notes of such series, (i) cash in U.S. Dollars, (ii) non-callable Government Securities
which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later
than one day before the due date of any payment, cash in U.S. Dollars, or (iii) a combination thereof, in such amounts, as will be
sufficient in each case, 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 the principal of, premium, if any, and interest on the outstanding Secured Notes
of such series on the stated maturity or on the applicable redemption date, as the case may be; provided that the Trustee shall
have been irrevocably instructed to apply such money or the proceeds of such non-callable Government Securities to said payments with
respect to the Secured Notes of such series;

 

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(b)            In
the case of an election under Section 8.02 of this Secured Indenture, the Company shall have delivered to the Trustee an Opinion
of Counsel in the United States reasonably satisfactory to the Trustee confirming that (i) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling or (ii) since the Issue Date, there has been a change in the applicable
federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of
the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and
will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
Legal Defeasance had not occurred;

 

(c)            In
the case of an election under Section 8.03 of this Secured Indenture, the Company shall have delivered to the Trustee an Opinion
of Counsel in the United States reasonably acceptable to the Trustee to the effect that the Holders of the outstanding Notes of such series
will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred;

 

(d)            No
Default or Event of Default with respect to the Secured Notes of such series shall have occurred and be continuing on the date of such
deposit or, insofar as Section 6.01(i) or 6.01(j) of this Secured Indenture is concerned, at any time in the period ending
on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration
of such period);

 

(e)            Such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Secured Indenture
or any other material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any
of its Subsidiaries is bound;

 

(f)              The
Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit made by the Company pursuant to its
election under Section 8.02 or 8.03 of this Secured Indenture was not made by the Company with the intent of preferring the Holders
over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any of the other creditors
of the Company or others; and

 

(g)           The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that all conditions
precedent provided for or relating to either the Legal Defeasance under Section 8.02 of this Secured Indenture or the Covenant Defeasance
under Section 8.03 of this Secured Indenture (as the case may be) have been complied with as contemplated by this Section 8.04.

 

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SECTION 8.05.Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject
to Section 8.06 of this Secured Indenture, all money and Government Securities (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
of this Secured Indenture in respect of the outstanding Secured Notes of a particular series shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Secured Notes and this Secured 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 Holders of such Secured Notes
of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated
from other funds except to the extent required by law.

 

The Company shall pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant to
Section 8.04 of this Secured Indenture or the principal and interest received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Holders of the outstanding Notes.

 

Anything
in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written
request of the Company any money or Government Securities held by it as provided in Section 8.04 of this Secured Indenture which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee (which may be the opinion delivered under Section 8.04(a) of this Secured Indenture), are in excess of the amount
thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

SECTION 8.06.Repayment
to Company.

 

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, premium, if any, or interest on
any Secured Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable
shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such
Secured Note shall thereafter, as a secured 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 trustees thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company
cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any
unclaimed balance of such money then remaining will be repaid to the Company.

 

SECTION 8.07.Reinstatement.

 

If the Trustee or Paying Agent
is unable to apply any United States Dollars or Government Notes in accordance with Section 8.02 or 8.03 of this Secured Indenture,
as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Company’s obligations under this Secured Indenture and the Secured Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or 8.03 of this Secured Indenture until such time as the Trustee or Paying
Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 of this Secured Indenture, as the case may be;
provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Secured Note
following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Secured Notes to
receive such payment from the money held by the Trustee or Paying Agent.

 

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ARTICLE 9

 

AMENDMENT, SUPPLEMENT AND WAIVER

 

SECTION 9.01.Without Consent
of Holders of Secured Notes.

 

Notwithstanding
Section 9.02 of this Secured Indenture, the Company, the Guarantors, the Trustee and the Collateral Agent may amend or supplement
this Secured Indenture, the Secured Notes of either series, the Guarantees or the Security Documents without the consent of any Holder
of a Secured Note of such series:

 

(a)            to
cure any ambiguity, defect or inconsistency;

 

(b)           to
provide for uncertificated Secured Notes of such series or Guarantees in addition to or in place of certificated Secured Notes of such
series or Guarantees;

 

(c)            to
provide for the assumption of the Company’s or any Guarantor’s obligations to the Holders of the Secured Notes in the case
of a merger or consolidation pursuant to Article 5 or Article 11;

 

(d)            to
add Guarantees or Collateral;

 

(e)            to
release Guarantees or release Collateral from the Liens of this Secured Indenture and the Security Documents when permitted or required
by the Security Documents or this Secured Indenture;

 

(f)            to
secure any Additional Secured Obligations under the Security Documents; or

 

(g)         to
make any change that would provide any additional rights or benefits to the Holders of the Secured Notes or that does not adversely affect
the legal rights hereunder of any Holder of the Secured Notes.

 

Upon
the written request of the Company accompanied by a resolution of the Board of Directors of the Company and a resolution of the
board of directors of each Guarantor and upon receipt by the Trustee of the documents described in Section 9.06 of this Secured Indenture,
the Trustee and the Collateral Agent shall join with the Company and the Guarantors in the execution of any amended or supplemental indenture
or any such amendment to the Security Agreement authorized or permitted by the terms of this Secured Indenture and to make any further
appropriate agreements and stipulations which may be therein contained, but neither the Trustee nor the Collateral Agent shall be obligated
to enter into such amended or supplemental indenture or any such amendment to the Security Agreement which affects its own rights, duties
or immunities under this Secured Indenture or otherwise.

 

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SECTION 9.02.With Consent
of Holders of Secured Notes.

 

Except
as provided below, the Company, the Guarantors, the Trustee and the Collateral Agent may amend or supplement this Secured Indenture,
the Secured Notes of either series, the Guarantees, the Security Agreement or any amended or supplemental indenture, with the written
consent of the Holders of at least a majority in aggregate principal amount of the Secured Notes of such series then outstanding (including
consents obtained in connection with a tender offer or exchange offer for the Secured Notes of such series), and any existing Default
and its consequences or compliance with any provision of this Secured Indenture, the Secured Notes of such series, the Guarantees or the
Security Agreement may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Secured Notes
of such series (including consents obtained in connection with a tender offer or exchange offer for the Secured Notes of such series).
Notwithstanding the foregoing, (a) Sections 3.08, 4.10, 4.15 and 4.17 of this Secured Indenture (including, in each case, the related
definitions) as such covenants apply to the Secured Notes of such series or release of all or substantially all of the Collateral from
the Liens of the Security Documents otherwise than in accordance with the terms of this Secured Indenture or the Security Documents, may
not be amended or waived, and a new intercreditor agreement having the effect of releasing all or substantially all of the Collateral
may not be entered into, in each case, without the written consent of at least 66-2/3% in principal amount of the Secured Notes of such
series then outstanding (including consents obtained in connection with a tender offer or exchange offer for the Secured Notes of such
series) and (b) without the consent of each Holder affected, an amendment or waiver may not (with respect to any Secured Notes held
by a non-consenting Holder of Secured Notes):

 

(a)            reduce
the aggregate principal amount of Secured Notes whose Holders must consent to an amendment, supplement or waiver;

 

(b)            reduce
the principal of or change the fixed maturity of any Secured Note or alter the provisions with respect to the redemption of the Secured
Notes;

 

(c)            reduce
the rate of or change the time for payment of interest on any Secured Note;

 

(d)            waive
a Default or Event of Default in the payment of principal of, or premium, if any, or interest on the Secured Notes (except a rescission
of acceleration of the Secured Notes of a series by the Holders of at least a majority in aggregate principal amount of the then outstanding
Secured Notes of such series and a waiver of the payment default that resulted from such acceleration);

 

(e)            make
any Secured Note payable in money other than that stated in the Secured Notes;

 

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(f)          make
any change in the provisions of this Secured Indenture relating to waivers of past Defaults or the rights of Holders of Secured Notes
to receive payments of principal of or interest on the Secured Notes;

 

(g)            waive
a redemption payment or mandatory redemption with respect to any Secured Note; or

 

(h)            make
any change in the foregoing amendment and waiver provisions.

 

Upon
the request of the Company accompanied by a resolution of the Board of Directors of the Company and a resolution of the board of directors
of each Guarantor, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Secured
Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06 of this Secured Indenture, the Trustee
and the Collateral Agent shall join with the Company and the Guarantors in the execution of such amended or supplemental indenture
or any such amendment to the Security Agreement unless such amended or supplemental indenture or other amendment adversely affects the
Trustee’s own rights, duties or immunities under this Secured Indenture or otherwise, in which case the Trustee may in its reasonable
judgment, but shall not be obligated to, enter into such amended or supplemental indenture.

 

It shall not be necessary for
the consent of the Holders of Secured Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver,
but it shall be sufficient if such consent approves the substance thereof.

 

After an amendment, supplement
or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of Secured Notes affected thereby a notice
briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and
6.07 of this Secured Indenture, the Holders of a majority in aggregate principal amount of the Secured Notes then outstanding may waive
compliance in a particular instance by the Company with any provision of this Secured Indenture or the Secured Notes.

 

SECTION 9.03.Compliance
with Trust Indenture Act.

 

Every amendment or supplement
to this Secured Indenture and the Secured Notes shall be set forth in an amended or supplemental indenture that complies with the TIA
as then in effect.

 

SECTION 9.04.Revocation
and Effect of Consents.

 

Until an amendment, supplement
or waiver becomes effective, a consent to it by a Holder of a Secured Note is a continuing consent by the Holder of a Secured Note and
every subsequent Holder of a Secured Note or portion of a Secured Note that evidences the same debt as the consenting Holder’s Note,
even if notation of the consent is not made on any Secured Note. However, any such Holder of a Secured Note or subsequent Holder of a
Secured Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement
or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds
every Holder of a Secured Note.

 

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The Company may fix a record
date for determining which Holders of the Secured Notes must consent to such amendment, supplement or waiver. If the Company fixes a record
date, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the
most recent list of Holders of Secured Notes furnished to the Trustee prior to such solicitation pursuant to Section 2.05 of this
Secured Indenture or (ii) such other date as the Company shall designate.

 

SECTION 9.05.Notation
on or Exchange of Secured Notes.

 

The
Trustee may place an appropriate notation about an amendment, supplement or waiver on any Secured Note thereafter authenticated.
The Company in exchange for all Notes may issue and the Trustee shall authenticate new Secured Notes that reflect the amendment, supplement
or waiver.

 

Failure
to make the appropriate notation or issue a new Secured Note shall not affect the validity and effect of such amendment, supplement
or waiver.

 

SECTION 9.06.Trustee to
Sign Amendments, Etc.

 

In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modification
thereby of the trusts created by this Secured Indenture or any other amendment authorized pursuant to this Article 9, the Trustee
and the Collateral Agent shall receive, and shall be fully protected in conclusively relying upon, (i) an Officers’
Certificate stating that the execution of such amended or supplemental indenture or any such amendment to the Security Agreement is authorized
or permitted by this Secured Indenture and that such amendment or supplement is the legal, valid and binding obligation of the Company,
enforceable against it in accordance with its terms and (ii) an Opinion of Counsel stating that the execution of such amendment or
supplement indenture is authorized or permitted by this Secured Indenture and that such amendment or supplement is the valid and legally
binding obligation of the Company, enforceable against it in accordance with its terms. The Trustee and the Collateral Agent shall enter
into any amended or supplemental indenture or other amendment authorized pursuant to this Article 9 if such amendment or supplement
does not adversely affect the rights, duties or immunities of the Trustee or the Collateral Agent. If it does, the Trustee or the Collateral
Agent, as applicable, may but is not obligated to sign it.

 

ARTICLE 10

 

COLLATERAL AND SECURITY

 

SECTION 10.01.Collateral
and Security Documents.

 

(a)            On
and at all times after the Issue Date, the due and punctual payment of the principal of and interest on the Secured Notes when and as
the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise,
and interest on the overdue principal of and interest on the Secured Notes and performance of all other Obligations of the Company and
the Guarantors to the secured parties under this Secured Indenture, the Secured Notes, the Guarantees and the Security Documents, according
to the terms hereunder or thereunder, shall be secured as provided in the Security Documents.

 

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(b)            The
Trustee and the Company hereby acknowledge and agree that the Collateral Agent holds the Collateral in trust for the benefit of the secured
parties pursuant to the terms of the Security Documents and that the Lien of the Security Documents in respect of the secured parties
is subject to and qualified and limited in all respects by the Security Documents and actions that may be taken thereunder.

 

(c)              Each
Holder, by accepting a Secured Note, irrevocably consents and agrees to the terms of the Security Documents (including the provisions
providing for the possession, use, release and foreclosure of Collateral) as the same may be in effect or may be amended from time to
time in accordance with their terms and this Secured Indenture and the Security Documents and authorizes and directs the Collateral Agent
to enter into the Security Documents and to perform its obligations and exercise its rights thereunder in accordance therewith.

 

(d)            To
the extent required by the Security Documents or upon reasonable request of the Collateral Agent (which request the Collateral Agent shall
not be obligated to make) the Company shall deliver to the Collateral Agent copies of all documents required to be filed pursuant to the
Security Documents, and will do or cause to be done all such acts and things as may be reasonably required by the next sentence of this
Section 10.01, to assure and confirm to the Collateral Agent the security interest in the Collateral (other than the Foreign Collateral)
contemplated hereby, by the Security Documents or any part thereof, as from time to time constituted, so as to render the same available
for the security and benefit of this Secured Indenture and of the Secured Notes secured hereby, according to the intent and purposes herein
expressed.

 

(e)              The
Company shall, and shall cause the Guarantors to, take any and all actions and make all filings (including the filing of UCC financing
statements, continuation statements and amendments thereto) reasonably required to cause the Security Documents to create and maintain,
as security for the Obligations of the Company and the Guarantors to the secured parties under this Secured Indenture, the Secured Notes,
the Guarantees, and the Security Documents, a valid and enforceable perfected Lien and security interest in and on all of the Collateral
(other than the Foreign Collateral), subject to the terms of the Security Documents, in favor of the Collateral Agent for the benefit
of the secured parties subject to no Liens other than Permitted Liens.

 

(f)            The
Company shall, and shall cause each of the Restricted Subsidiaries to (i) at all times maintain, preserve and protect all property
material to the conduct of its business and keep such property in good repair, working order and condition (ordinary wear and tear excepted);
and (ii) from time to time make, or cause to be made, all necessary and proper repairs, renewals, additions, improvements and replacements
thereto necessary in order to carry out the business carried on by the Issuer in all material respects.

 

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SECTION 10.02.Recordings
and Opinions.

 

(a)         The
Company shall not be required to comply with TIA § 314. The Company shall deliver to the Trustee and Collateral Agent, within 75
calendar days following the end of each fiscal year, an Officers’ Certificate to the effect that all releases and withdrawals during
such fiscal year were made in the ordinary course of business and not prohibited by this Secured Indenture.

 

(b)         Any
release of Collateral permitted by Section 10.03 hereof will be deemed not to impair the Liens under this Secured Indenture and the
Security Documents in contravention thereof.

 

SECTION 10.03.Release
of Collateral.

 

(a)         Collateral
may be released from the Liens and security interest created by the Security Documents at any time or from time to time in accordance
with the provisions of the Security Documents and this Secured Indenture. The Company and the Guarantors will be entitled to a release
of property and other assets included in the Collateral from the Liens securing the Secured Notes and the Liens and security interest
shall be automatically released under this Secured Indenture and the Security Documents, and the Trustee shall take all actions to release
or effectuate the release of and shall release, or instruct the Collateral Agent to re-lease, as applicable, the same from such Liens
at the Company’s sole cost and expense, under one or more of the following circumstances, automatically and without the need for
any further action by any Person:

 

(i)          in
whole or in part, as applicable, as to all or any portion of property subject to such Liens which has been taken by eminent domain, condemnation
or other similar circumstances, subject to the satisfaction of certain conditions set forth in this Secured Indenture or the Security
Documents;

 

(ii)         in
whole, as to all property subject to such Liens, upon:

 

(1)            payment
in full of the principal and unpaid interest and premium on each series of the Secured Notes and all other obligations under the Secured
Indenture, each series of Secured Notes, Guarantees and Security Documents; or

 

(2)            Legal
Defeasance or Covenant Defeasance pursuant to Article 8 hereof;

 

(iii)        in
part, as to any property constituting Collateral that (a) is sold, transferred or otherwise disposed of by the Company or any Restricted
Subsidiary in a transaction permitted pursuant to this Secured Indenture at the time of such sale, transfer or disposition, to the extent
of the interest sold, transferred or disposed of or (b) is owned or at any time acquired by a Guarantor that has been released from
its Guarantee in accordance with this Secured Indenture, concurrently with the release of such Guarantee;

 

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(iv)            in
part, as to any property with the consent of the Trustee (provided that any vote of the Holders of the Secured Notes that is required
under Section 9.02 of this Secured Indenture has been obtained); or

 

(v)            in
part, in the event that (i)(A) a satellite suffers a total loss or a constructive total loss, (B) insurance proceeds are paid
pursuant to such total loss or constructive total loss, and (C) the title of such satellite is required to be transferred to such
insurer pursuant to the terms of the insurance policy pursuant to which such insurance proceeds are paid, in each case to the extent the
terms of the insurance policy covering (and pursuant to which insurance proceeds are paid) such satellite require the transfer of title
of such satellite, the insurance proceeds from the total loss or the constructive total loss of such satellite were received by the Company
or the applicable Guarantor, such proceeds constitute Collateral and are applied in accordance with the terms of the Security Agreement,
to the extent required to be so applied;

 

(vi)            as
to assets that become Excluded Property.

 

(b)          In
the event that any Lien is to be released pursuant to Section 10.03(a), and the Company requests the Collateral Agent to furnish
a written disclaimer, release, quitclaim or any other necessary or proper instrument of termination, satisfaction or release of any interest
in such property under this Secured Indenture and the Security Documents, upon receipt of an Officers’ Certificate to the effect
that such release complies with Section 10.03 and specifying the provision in Section 10.03 pursuant to which such release is
being made, the Trustee shall, or shall cause the Collateral Agent to, execute, acknowledge and deliver to the Company such an instrument
in the form provided by the Company, and providing for release without recourse and shall take such other action as the Company may reasonably
request and as necessary to effect such release, provided that all documents, if any, required by the TIA must be delivered by the Company
or the applicable Guarantor to the Trustee.

 

SECTION 10.04.Suits To
Protect the Collateral.

 

Subject to the provisions of
Article 7 hereof and the Security Documents, the Trustee, without the consent of the Holders, on behalf of the Holders, may or may
direct the Collateral Agent to take all actions it determines in order to:

 

(a)            enforce
any of the terms of the Security Documents to which the Collateral Agent is a party; and

 

(b)            collect
and receive any and all amounts payable in respect of the Obligations hereunder.

 

Subject to the provisions of
the Security Documents, the Trustee and the Collateral Agent shall have power to institute and to maintain such suits and proceedings
as the Trustee may determine necessary to prevent any impairment of the Collateral by any acts which may be unlawful or in violation of
any of the Security Documents or this Secured Indenture, and such suits and proceedings as the Trustee may determine necessary to preserve
or protect its interests and the interests of the Holders in the Collateral. Nothing in this Section 10.04 shall be considered to
impose any such duty or obligation to act on the part of the Trustee or the Collateral Agent.

 

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SECTION 10.05.Authorization
of Receipt of Funds by the Trustee Under the Security Documents.

 

The Trustee is authorized to
receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds
to the Holders according to the provisions of this Secured Indenture.

 

SECTION 10.06.Purchaser
Protected.

 

In no event shall any purchaser
in good faith or other transferee of any property or rights purported to be released hereunder be bound to ascertain the authority of
the Collateral Agent or the Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions
hereof for the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee;
nor shall any purchaser or other transferee of any property or rights permitted by this Article 10 to be sold be under any obligation
to ascertain or inquire into the authority of the Company or the applicable Guarantor to make any such sale or other transfer.

 

SECTION 10.07.Powers Exercisable
by Receiver or Trustee.

 

In case the Collateral shall
be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article 10 upon the Company or a
Guarantor with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an
instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company or a Guarantor or
of any Officer or Officers thereof required by the provisions of this Article 10; and if the Trustee shall be in the possession of
the Collateral under any provision of this Secured Indenture, then such powers may be exercised by the Trustee.

 

SECTION 10.08.Release
Upon Termination of the Company’s Obligations.

 

In the event that the Company
delivers to the Trustee (a) an Officers’ Certificate certifying that (i) payment in full of the principal of, together
with accrued and unpaid interest on, the Secured Notes and all other Obligations under this Secured Indenture, the Secured Notes, the
Guarantees and the Security Documents that are due and payable at or prior to the time such principal, together with accrued and unpaid
interest, are paid or (ii) the Company shall have exercised its Legal Defeasance option or its Covenant Defeasance option, in each
case in compliance with the provisions of Article 8 hereof, and (b) an Opinion of Counsel stating that all conditions precedent
to the execution and delivery of such notice by the Trustee have been satisfied, the Trustee shall deliver to the Company and the Collateral
Agent a notice stating that the Trustee, on behalf of the Holders, disclaims and gives up any and all rights it has in or to the Collateral
(other than with respect to funds held by the Trustee pursuant to Article 8 hereof), and any rights it has under the Security Documents,
and upon receipt by the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in the Collateral on
behalf of the Trustee and shall do or cause to be done all acts reasonably necessary to release such Lien as soon as is reasonably practicable.

 

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SECTION 10.09.Collateral
Agent.

 

(a)            Each
of the Holders by acceptance of the Secured Notes hereby designates and appoints the Collateral Agent as its agent under this Secured
Indenture and the Security Documents and the Trustee and each of the Holders by acceptance of the Secured Notes hereby irrevocably authorizes
the Collateral Agent to take such action on its behalf under the provisions of this Secured Indenture and the Security Documents and to
exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Secured Indenture
and the Security Documents, and consents and agrees to the terms of each Security Document, as the same may be in effect or may be amended,
restated, supplemented or otherwise modified from time to time in accordance with their respective terms. The Collateral Agent agrees
to act as such on the express conditions contained in this Section 10.09. The provisions of this Section 10.09 are solely for
the benefit of the Collateral Agent and none of the Trustee, any of the Holders nor any of the Grantors shall have any rights as a third
party beneficiary of any of the provisions contained herein other than as expressly provided in Section 10.03 hereof. Each Holder
agrees that any action taken by the Collateral Agent in accordance with the provision of this Secured Indenture and the Security Documents,
and the exercise by the Collateral Agent of any rights or remedies set forth herein and therein shall be authorized and binding upon all
Holders. Notwithstanding any provision to the contrary contained elsewhere in this Secured Indenture and the Security Documents, the duties
of the Collateral Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities,
except those expressly set forth herein and in the other documents to which the Collateral Agent is a party, nor shall the Collateral
Agent have or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder or any Grantor, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Secured Indenture and the Security
Documents or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term
 “agent” in this Secured Indenture with reference to the Collateral Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of
market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

 

(b)            The
Collateral Agent may perform any of its duties under this Secured Indenture and the Security Documents by or through receivers, agents,
employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties, and shall
be entitled to act upon such advice of counsel. The Collateral Agent shall not be responsible for the negligence or willful misconduct
of any receiver, agent, employee or attorney-in-fact that it selects as long as such selection was made without negligence or willful
misconduct and in good faith.

 

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(c)            None
of the Collateral Agent or any of its respective Related Persons shall (i) be liable for any action taken or omitted to be taken
by any of them under or in connection with this Secured Indenture or the transactions contemplated hereby (except for its own gross negligence
or willful misconduct or under or in connection with any Security Document or the transactions contemplated thereby (except for its own
gross negligence, fraud or willful misconduct), or (ii) be responsible in any manner to any of the Trustee or any Holder for any
recital, statement, representation, warranty, covenant or agreement made by the Company or any Grantor or Affiliate of any Grantor, or
any Officer or Related Person thereof, contained in this Secured Indenture or the Security Documents, or in any certificate, report, statement
or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, this Secured Indenture
or the Security Documents, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Secured Indenture or the
Security Documents, or for any failure of any Grantor or any other party to this Secured Indenture or the Security Documents to perform
its obligations hereunder or thereunder. None of the Collateral Agent or any of its Related Persons shall be under any obligation to the
Trustee or any Holder to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions
of, this Secured Indenture or the Security Documents or to inspect the properties, books, or records of any Grantor or any Grantor’s
Affiliates.

 

(d)            The
Collateral Agent shall be entitled to conclusively rely, and shall be fully protected in conclusively relying, upon any writing, resolution,
notice, consent, certificate, affidavit, letter, telegram, facsimile, certification, telephone message, statement, or other communication,
document or conversation (including those by telephone or e-mail) believed by it in good faith to be genuine and correct and to have been
signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including, without limitation,
counsel to the Company or any Grantor), independent accountants and other experts and advisors selected by the Collateral Agent. The Collateral
Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, or other paper or document. The Collateral Agent shall be
fully justified in failing or refusing to take any action under this Secured Indenture or the Security Documents unless it shall first
receive such advice or concurrence of the Trustee or the Holders of a majority in aggregate principal amount of the Secured Notes as it
determines and, if it so requests, it shall first be indemnified to its satisfaction by the Holders against any and all liability and
expense including attorneys’ fees and expenses which may be incurred by it by reason of taking or continuing to take any such action.
The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Secured Indenture or the
Security Documents in accordance with a request, direction, instruction or consent of the Trustee or the Holders of a majority in aggregate
principal amount of the then outstanding Secured Notes and such request and any action taken or failure to act pursuant thereto shall
be binding upon all of the Holders.

 

(e)            The
Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, unless a Responsible
Officer of the Collateral Agent shall have received written notice from the Trustee or the Company referring to this Secured Indenture,
describing such Default or Event of Default and stating that such notice is a “notice of default.” The Collateral Agent shall
take such action with respect to such Default or Event of Default as may be requested by the Trustee in accordance with Article 6
hereof or the Holders of a majority in aggregate principal amount of the Secured Notes (subject to this Section 10.09).

 

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(f)            The
Collateral Agent and its respective Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire
equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with any Grantor
and its Affiliates as though it was not the Collateral Agent hereunder and without notice to or consent of the Trustee. The Trustee and
the Holders acknowledge that, pursuant to such activities, Collateral Agent or its respective Affiliates may receive information regarding
any Grantor or its Affiliates (including information that may be subject to confidentiality obligations in favor of any such Grantor or
such Affiliate) and acknowledge that the Collateral Agent shall not be under any obligation to provide such information to the Trustee
or the Holders. Nothing herein shall impose or imply any obligation on the part of the Collateral Agent to advance funds.

 

(g)            The
Collateral Agent may resign at any time by notice to the Trustee and the Company, such resignation to be effective upon the acceptance
of a successor agent to its appointment as Collateral Agent. If the Collateral Agent resigns under this Secured Indenture, the Company
shall appoint a successor collateral agent. If no successor collateral agent is appointed prior to the intended effective date of the
resignation of the Collateral Agent (as stated in the notice of resignation), the Collateral Agent may appoint, after consulting with
the Trustee, subject to the consent of the Company (which shall not be unreasonably withheld), a successor collateral agent. If no successor
collateral agent is appointed and consented to by the Company pursuant to the preceding sentence within thirty (30) days after the intended
effective date of resignation (as stated in the notice of resignation) the Collateral Agent shall be entitled to petition a court of competent
jurisdiction at the expense of the Company for appointment of a successor collateral agent. In addition, upon at least 30 days’
prior written notice to the Trustee and the Collateral Agent, the Company, at its sole discretion following consultation with the Trustee
and the Collateral Agent, may replace the Collateral Agent and appoint a successor collateral agent, such replacement to be effective
upon the acceptance of a successor agent to its appointment as Collateral Agent. Upon the acceptance of its appointment as successor collateral
agent hereunder, such successor collateral agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent,
and the term “Collateral Agent” shall mean such successor collateral agent, and the retiring Collateral Agent’s appointment,
powers and duties as the Collateral Agent shall be terminated. After the retiring Collateral Agent’s resignation or replacement
hereunder, the provisions of this Section 10.09 (and Section 7.07 hereof) shall continue to inure to its benefit and the retiring
Collateral Agent shall not by reason of such resignation be deemed to be released from liability as to any actions taken or omitted to
be taken by it while it was the Collateral Agent under this Secured Indenture.

 

(h)            The
Grantors hereby appoint U.S. Bank National Association, to initially act as Collateral Agent and shall be authorized to appoint co Collateral
Agents as necessary in its sole discretion. Except as otherwise explicitly provided herein or in the Security Documents, neither the Collateral
Agent nor any of its respective officers, directors, employees or agents or other Related Person shall be liable for failure to demand,
collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose
of any Collateral upon the request of any other Person or to take any other action whatsoever with regard to the Collateral or any part
thereof. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers,
and neither the Collateral Agent nor any of its officers, directors, employees or agents shall be responsible for any act or failure to
act hereunder, except for its own gross negligence, bad faith or willful misconduct.

 

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(i)            The
Collateral Agent is authorized and directed to (i) enter into the Security Documents to which it is party, whether executed on or
after the Issue Date, (ii) bind the Holders on the terms as set forth in the Security Documents, (iii) perform and observe its
obligations under the Security Documents and (iv) at the request of the Company, enter into any additional documentation necessary
or advisable in connection with the issuance of any Indebtedness permitted pursuant to Section 4.09 hereof, including any secured
Indebtedness.

 

(j)            The
Trustee agrees that it shall not (and shall not be obliged to), and shall not instruct the Collateral Agent to, unless specifically requested
to do so by the Holders of a majority in aggregate principal amount of the Secured Notes, take or cause to be taken any action to enforce
its rights under this Secured Indenture or the Security Documents or against any Grantor, including the commencement of any legal or equitable
proceedings, to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral.

 

(k)            The
Collateral Agent shall have no obligation whatsoever to the Trustee or any of the Holders to assure that the Collateral exists or is owned
by any Grantor or is cared for, protected, or insured or has been encumbered, or that the Collateral Agent’s Liens have been properly
or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any particular priority, or to determine
whether all or the Grantor’s property constituting collateral intended to be subject to the Lien and security interest of the Security
Documents has been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency
thereof or title thereto, or to exercise at all or in any particular manner or under any duty of care, disclosure, or fidelity, or to
continue exercising, any of the rights, authorities, and powers granted or available to the Collateral Agent pursuant to this Secured
Indenture any Security Document other than pursuant to the instructions of the Trustee or the Holders of a majority in aggregate principal
amount of the Secured Notes or as otherwise provided in the Security Documents, it being understood and agreed that in respect of the
Collateral, or any act, omission, or event related thereto, the Collateral Agent shall have no other duty or liability whatsoever to the
Trustee or any Holder as to any of the foregoing.

 

(l)            If
the Company (i) incurs any Indebtedness secured by the Collateral at any time when no intercreditor agreement is in effect or at
any time when Indebtedness secured by the Collateral is entitled to the benefit of an existing intercreditor agreement is concurrently
retired, and (ii) delivers to the Collateral Agent an Officers’ Certificate so stating and requesting the Collateral Agent
to enter into an intercreditor agreement for the benefit of a designated agent or representative for the holders of the Indebtedness secured
by the Collateral so incurred, the Collateral Agent shall (and is hereby authorized and directed to) enter into such intercreditor agreement
(at the sole expense and cost of the Company, including legal fees and expenses of the Collateral Agent), bind the Holders on the terms
set forth therein and perform and observe its obligations thereunder; provided that in each case (i) such intercreditor agreement
is consistent with the Security Agreement and no less favorable to the Notes Secured Parties than the terms set forth in the Security
Agreement or (ii) if such intercreditor agreement is inconsistent with the Security Agreement or less favorable to the Notes Secured
Parties than the terms set forth in the Security Agreement, the Collateral Agent shall enter into such intercreditor agreement only with
such consent of the Holders as may be required by Section 9.02 hereof.

 

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(m)            No
provision of this Secured Indenture or any Security Document shall require the Collateral Agent (or 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 thereunder or to take or omit
to take any action hereunder or thereunder or take any action at the request or direction of Holders (or the Trustee in the case of the
Collateral Agent) until it shall have received indemnity satisfactory to the Collateral Agent against potential costs and liabilities
incurred by the Collateral Agent relating thereto. Notwithstanding anything to the contrary contained in this Secured Indenture or the
Security Documents, in the event the Collateral Agent is entitled or required to commence an action to foreclose or otherwise exercise
its remedies to acquire control or possession of the Collateral, the Collateral Agent shall not be required to commence any such action
or exercise any remedy or to inspect or conduct any studies of any property under the mortgages or take any such other action if the Collateral
Agent has determined that the Collateral Agent may incur personal liability as a result of the presence at, or release on or from, the
Collateral or such property, of any hazardous substances unless the Collateral Agent has received security or indemnity from the Holders
in an amount and in a form all satisfactory to the Collateral Agent in its sole discretion, protecting the Collateral Agent from all such
liability. The Collateral Agent shall at any time be entitled to cease taking any action described above if it no longer reasonably deems
any indemnity, security or undertaking from the Company or the Holders to be sufficient.

 

(n)            The
Collateral Agent (i) shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be
authorized or within its rights or powers, or for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Collateral Agent was grossly negligent in ascertaining the pertinent facts and, (ii) shall not be liable for interest on
any money received by it except as the Collateral Agent may agree in writing with the Company (and money held in trust by the Collateral
Agent need not be segregated from other funds except to the extent required by law) and (iii) may consult with counsel of its selection
and the advice or opinion of such counsel as to matters of law. The grant of permissive rights or powers to the Collateral Agent shall
not be construed to impose duties to act.

 

(o)            Neither
the Collateral Agent nor the Trustee shall be liable for delays or failures in performance resulting from acts beyond its control. Such
acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations superimposed
after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. Neither the Collateral
Agent nor the Trustee shall be liable for any indirect, special or consequential damages (included but not limited to lost profits) whatsoever,
even if it has been informed of the likelihood thereof and regardless of the form of action.

 

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(p)            The
Collateral Agent does not assume any responsibility for any failure or delay in performance or any breach by the Company or any other
Grantor under this Secured Indenture and the Security Documents. The Collateral Agent shall not be responsible to the Holders or any other
Person for any recitals, statements, information, representations or warranties contained in this Secured Indenture, the Security Documents
or in any certificate, report, statement, or other document referred to or provided for in, or received by the Collateral Agent under
or in connection with, this Secured Indenture or any Security Document; the execution, validity, genuineness, effectiveness or enforceability
of the Security Documents of any other party thereto; the genuineness, enforceability, collectability, value, sufficiency, location or
existence of any Collateral, or the validity, effectiveness, enforceability, sufficiency, extent, perfection or priority of any Lien there-in;
the validity, enforceability or collectability of any Obligations; the assets, liabilities, financial condition, results of operations,
business, creditworthiness or legal status of any obligor; or for any failure of any obligor to perform its Obligations under this Secured
Indenture and the Security Documents. The Collateral Agent shall have no obligation to any Holder or any other Person to ascertain or
inquire into the existence of any Default or Event of Default, the observance or performance by any obligor of any terms of this Secured
Indenture and the Security Documents, or the satisfaction of any conditions precedent contained in this Secured Indenture and any Security
Documents. The Collateral Agent shall not be required to initiate or conduct any litigation or collection or other proceeding under this
Secured Indenture and the Security Documents unless expressly set forth hereunder or thereunder. The Collateral Agent shall have the right
at any time to seek instructions from the Holders with respect to the administration of this Secured Indenture, the Security Documents
or any certificate, report, statement, or other document referred to or provided for therein.

 

(q)            The
parties hereto and the Holders hereby agree and acknowledge that the Collateral Agent shall not assume, be responsible for or otherwise
be obligated for any liabilities, claims, causes of action, suits, losses, allegations, requests, demands, penalties, fines, settlements,
damages (including foreseeable and unforeseeable), judgments, expenses and costs (including but not limited to, any remediation, corrective
action, response, removal or remedial action, or investigation, operations and maintenance or monitoring costs, for personal injury or
property damages, real or personal) of any kind whatsoever, pursuant to any environmental law as a result of this Secured Indenture and
the Security Documents or any actions taken pursuant hereto or thereto. Further, the parties hereto and the Holders hereby agree and acknowledge
that in the exercise of its rights under this Secured Indenture and the Security Documents, the Collateral Agent may hold or obtain indicia
of ownership primarily to protect the security interest of the Collateral Agent in the Collateral and that any such actions taken by the
Collateral Agent shall not be construed as or otherwise constitute any participation in the management of such Collateral.

 

(r)            Upon
the receipt by the Collateral Agent of a written request of the Company signed by two Officers (a “Security Document Order”),
the Collateral Agent is hereby authorized to execute and enter into, and shall execute and enter into, without the further consent of
any Holder or the Trustee, any Security Document. Such Security Document Order shall (i) state that it is being delivered to the
Collateral Agent pursuant to, and is a Security Document Order referred to in, this Section 10.09(r), and (ii) instruct the
Collateral Agent to execute and enter into such Security Document. Any such execution of a Security Document shall be at the direction
and expense of the Company, upon delivery to the Collateral Agent of an Officers’ Certificate and Opinion of Counsel stating that
all conditions precedent to the execution and delivery of the Security Document have been satisfied. The Holders, by their acceptance
of the Secured Notes, hereby authorize and direct the Collateral Agent to execute such Security Documents.

 

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(s)            Subject
to the provisions of the applicable Security Documents, each Holder, by acceptance of the Secured Notes, agrees that the Collateral Agent
shall execute and deliver the Security Documents to which it is a party and all agreements, documents and instruments incidental thereto,
and act in accordance with the terms thereof. For the avoidance of doubt, the Collateral Agent shall have no discretion under this Secured
Indenture, or the Security Documents and shall not be required to make or give any determination, consent, approval, request or direction
without the written direction of the Holders of a majority in aggregate principal amount of the then outstanding Secured Notes or the
Trustee, as applicable.

 

(t)            After
the occurrence of an Event of Default, the Trustee may direct the Collateral Agent in connection with any action required or permitted
by this Secured Indenture.

 

(u)           The
Collateral Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed under the Security
Documents and to the extent not prohibited under the Security Agreement, for turnover to the Trustee to make further distributions of
such funds to itself, the Trustee and the Holders in accordance with the provisions of this Secured Indenture.

 

(v)       In
each case that Collateral Agent may or is required hereunder or under the Security Documents to take any action (an “Action”),
including without limitation to make any determination, to give consents, to exercise rights, powers or remedies, to release or sell Collateral
or otherwise to act hereunder or under the Security Documents, the Collateral Agent may seek direction from the Holders of a majority
in aggregate principal amount of the then outstanding Secured Notes. The Collateral Agent shall not be liable with respect to any Action
taken or omitted to be taken by it in accordance with the direction from the Holders of a majority in aggregate principal amount of the
then outstanding Secured Notes. If the Collateral Agent shall request direction from the Holders of a majority in aggregate principal
amount of the then outstanding Secured Notes with respect to any Action, the Collateral Agent shall be entitled to refrain from such Action
unless and until the Collateral Agent shall have received direction from the Holders of a majority in aggregate principal amount of the
then outstanding Secured Notes, and the Collateral Agent shall not incur liability to any Person by reason of so refraining.

 

(w)         Notwithstanding
anything to the contrary in this Secured Indenture or the Security Documents, in no event shall the Collateral Agent be responsible for,
or have any duty or obligation with respect to, the recording, filing, registering, perfection, protection or maintenance of the security
interests or Liens intended to be created by this Secured Indenture or the Security Documents (including without limitation the filing
or continuation of any UCC financing or continuation statements or similar documents or instruments), nor shall the Collateral Agent be
responsible for, and the Collateral Agent makes no representation regarding, the validity, effectiveness or priority of any of the Security
Documents or the security interests or Liens intended to be created thereby.

 

(x)       Before
the Collateral Agent acts or refrains from acting in each case at the request or direction of the Company or the Guarantors, it may require
an Officers’ Certificate and an Opinion of Counsel, which shall conform to the provisions of Section 13.04 hereof. The Collateral
Agent shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion.

 

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(y)            Notwithstanding
anything to the contrary contained herein, the Collateral Agent shall act pursuant to the instructions of the secured parties solely with
respect to the Security Documents and the Collateral.

 

SECTION 10.10.Permitted
Ordinary Course Activities With Respect to Collateral.

 

(a)            So
long as no Default or Event of Default under this Secured Indenture would result therefrom (and so long as the activities below otherwise
do not violate the provisions set forth in Article 4 or Article 10), the Company and the Guarantors may, without any release
or consent by the Trustee or the Collateral Agent, conduct ordinary course activities with respect to Collateral, including, without limitation,
(i) selling or otherwise disposing of, in any transaction or series of related transactions, any property subject to the Lien of
the Security Documents which has become worn out, defective or obsolete or not used or useful in the business; (ii) abandoning, terminating,
canceling, releasing or making alterations in or substitutions of any leases or contracts subject to the Lien of this Secured Indenture
or any of the Security Documents; (iii) surrendering or modifying any franchise, license or permit subject to the Lien of this Secured
Indenture or any of the Security Documents which it may own or under which it may be operating; (iv) altering, repairing, replacing,
changing the location or position of and adding to its structures, machinery, systems, equipment, fixtures and appurtenances; (v) granting
a license of any intellectual property; (vi) selling, transferring or otherwise disposing of inventory in the ordinary course of
business; (vii) selling, collecting, liquidating, factoring or otherwise disposing of accounts receivable in the ordinary course
of business; (viii) making cash payments (including for the scheduled repayment of Indebtedness) from cash that is at any time part
of the Collateral in the ordinary course of business that are not otherwise prohibited by this Secured Indenture and the Security Documents;
and (ix) abandoning any intellectual property which is no longer used or useful in the Company’s or the applicable Restricted
Subsidiary’s business.

 

(b)            The
Company and the Guarantors shall not be required to comply with the requirement to deliver certificates pursuant to Section 10.03(b) in
respect of the release of Collateral or Liens as described in paragraph (a) of this Section (to the extent such release may
be effected without action on the part of the Trustee); provided that the Company shall deliver to the Collateral Agent, within
60 calendar days following the end of each six-month period beginning on January 1 and July 1 of any year, an Officers’
Certificate to the effect that all releases and withdrawals during the preceding six-month period (or since the Issue Date, in the case
of the first such certificate) in respect of which no release or consent of the Trustee or the Collateral Agent was obtained were in the
ordinary course of the Company’s and the Guarantors’ business and were not prohibited by this Secured Indenture.

 

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ARTICLE 11

 

SUBORDINATION

 

SECTION 11.01.Subordination
with Respect to the Intercompany Loan.

 

(a)            Each
Holder, by accepting a Secured Note, acknowledges and agrees that the Indebtedness represented by the Secured Notes and the payment of
the principal of (and interest on) the Secured Notes are expressly made subordinate to and subject in right of payment to the existing
unsecured debt securities of the Company, including the then outstanding DDBS Notes and any future series of unsecured debt securities
of the Company (unless the instrument governing such obligations including any such debt securities expressly provides otherwise) (the
 “Senior Debt”), with respect to the asset of the Company represented by the Intercompany Loan and any collateral pledged as
security therefor.

 

(b)            In
the event of any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or
proceeding in connection therewith, related to the Company or to its assets, or any liquidation, dissolution or other winding up of the
Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or any assignment for the benefit of
creditors or any other marshaling of assets and liabilities of the Company, pursuant to this Article 11 the holders of the Company’s
Senior Debt shall be entitled to receive any proceeds in respect of the Intercompany Loan that may otherwise be deliverable or payable
to the Holders in respect of the Secured Notes.

 

(c)            In
the event that, notwithstanding the foregoing, the Trustee, the Collateral Agent or the Holder of any Secured Note shall have received
any payment or distribution in respect of the Intercompany Loan, before all such other obligations in respect of the Senior Debt are satisfied,
and if such fact shall, at or prior to the time of such payment or distribution, have been made known to the Trustee or, as the case may
be, such Holder, then and in such event such payment or distribution shall be paid over or delivered forthwith to the trustee in bankruptcy,
receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the Company for
application to the unpaid obligations described above, to the extent necessary to satisfy such obligations in respect of the Senior Debt
in full, after giving effect to any concurrent payment or distribution to or for the creditors in respect of such obligations in respect
of the Senior Debt.

 

ARTICLE 12

 

GUARANTEES

 

SECTION 12.01.Guarantee.

 

Each
of the Guarantors, jointly and severally, hereby unconditionally guarantees to each Holder of a Secured Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Secured
Indenture, the Secured Notes or the Obligations of the Company hereunder or thereunder, that:

 

(a)            the
principal of and interest on the Secured Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption
or otherwise, and interest on the overdue principal of and interest on the Secured Notes, if any, if lawful, and all other obligations
of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with
the terms hereof and thereof; and

 

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(b)            in
case of any extension of time of payment or renewal of any Secured Notes or any of such other obligations, that same will be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, each of the Guarantors,
jointly and severally, will be obligated to pay the same immediately.

 

Each of the Guarantors, jointly
and severally, hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability
of the Secured Notes or this Secured Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of
the Secured Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.

 

Each of the Guarantors, jointly
and severally, hereby waives diligence, presentment, demand of payment, 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, notice (except that the Trustee shall provide at
least ten days’ prior written notice to the Company on behalf of the Guarantors before taking any action for which the Communications
Act and/or the FCC rules require such notice and which right to notice is not waivable by any Guarantor) and all demands whatsoever
and covenant that this Guarantee will not be discharged except by complete performance of the Obligations guaranteed hereby. If any Holder
or the Trustee is required by any court or otherwise to return to the Company or any Guarantor, or any Custodian, Trustee, liquidator
or other similar official acting in relation to either the Company or any Guarantor, any amount paid by either to the Trustee or such
Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

 

Each of the Guarantors, jointly
and severally, agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby. Each of the Guarantors, jointly and severally, further agrees that, as between such Guarantor, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as provided
in Article 6 for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided
in Article 6, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the
purpose of this Guarantee. Notwithstanding the foregoing, in the event that any Guarantee would constitute or result in a violation of
any applicable fraudulent conveyance or similar law of any relevant jurisdiction, the liability of the applicable Guarantor under its
Guarantee shall be reduced to the maximum amount permissible under such fraudulent conveyance or similar law.

 

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The Guarantors hereby agree
as among themselves that each Guarantor that makes a payment or distribution under a Guarantee shall be entitled to a pro rata contribution
from each other Guarantor hereunder based on the net assets of such Guarantor and each other Guarantor. The preceding sentence shall in
no way affect the rights of the Holders of Secured Notes to the benefits of this Secured Indenture, the Secured Notes or the Guarantees.

 

Nothing
in this Section SECTION 12.01 shall apply to claims of, or payments to, the Trustee under or pursuant to the provisions of Section 7.07
of this Secured Indenture. Nothing contained in this SECTION 12.01 or elsewhere in this Secured Indenture, the Secured Notes or the
Guarantees shall impair, as between any Guarantor and the Holder of any Secured Note, the obligation of such Guarantor, which is
unconditional and absolute, to pay to the Holder thereof the principal of, premium, if any, and interest on the Secured Notes in accordance
with their terms and the terms of the Guarantee and this Secured Indenture, nor shall anything herein or therein prevent the Trustee or
the Holder of any Secured Note from exercising all remedies otherwise permitted by applicable law or hereunder or thereunder upon the
occurrence of an Event of Default.

 

SECTION 12.02.Execution
and Delivery of Guarantees.

 

To
evidence its Guarantee set forth in Section SECTION 12.01 of this Secured Indenture, each Guarantor hereby agrees that a notation
of such Guarantee substantially in the form of Exhibit B shall be endorsed by an officer of such Guarantor on each Secured
Note authenticated and delivered by the Trustee and that this Secured Indenture shall be executed on behalf of such Guarantor by its President
or one of its Vice Presidents and attested to by an Officer. Each of the Guarantors, jointly and severally, hereby agrees that its Guarantee
set forth in Section SECTION 12.01 of this Secured Indenture shall remain in full force and effect notwithstanding any failure
to endorse on each Secured Note a notation of such Guarantee. If an officer or Officer whose signature is on this Secured Indenture or
on the Guarantee of a Guarantor no longer holds that office at the time the Trustee authenticates the Secured Note on which the Guarantee
of such Guarantor is endorsed, the Guarantee of such Guarantor shall be valid nevertheless. The delivery of any Secured Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Guarantees set forth in this Secured Indenture on behalf
of the Guarantors.

 

SECTION 12.03.Merger,
Consolidation or Sale of Assets of Guarantors.

 

Subject to SECTION 12.05
of this Secured Indenture, a Guarantor may not, and the Company will not cause or permit any Guarantor to, consolidate or merge with or
into (whether or not such Guarantor is the surviving entity), or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its properties or assets in one or more related transactions to, any Person other than the Company or a Guarantor
unless:

 

(a)            such
Guarantor is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than such Guarantor)
or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation organized or
existing under the laws of the United States, any state thereof or the District of Columbia;

 

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(b)            the
Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or the Person to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of such Guarantor under this Secured
Indenture and the Secured Notes pursuant to a supplemental secured indenture to this Secured Indenture in form reasonably satisfactory
to the Trustee; and

 

(c)            immediately
after such transaction no Default or Event of Default exists.

 

Nothing contained in this Secured
Indenture shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor that is a Wholly Owned
Restricted Subsidiary of the Company or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially
as an entirety to the Company or another Guarantor that is a Wholly Owned Restricted Subsidiary of the Company. Except as set forth in
Articles 4 and 5, nothing contained in this Secured Indenture shall prevent any consolidation or merger of a Guarantor with or into the
Company or another Guarantor that is a Restricted Subsidiary of the Company or shall prevent any sale or conveyance of the property of
a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor that is a Restricted Subsidiary of the
Company.

 

SECTION 12.04.Successor
Corporation Substituted.

 

Upon
any consolidation, merger, sale or conveyance described in clauses (a) through (c) of SECTION 12.03 of this Secured Indenture,
and upon the assumption by the successor corporation, by supplemental secured indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of any Guarantee previously signed by the Guarantor and the due and punctual performance of all
of the covenants and conditions of this Secured Indenture to be performed by the Guarantor, such successor corporation shall succeed to
and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor corporation thereupon
may cause to be signed any or all of the Guarantees to be issuable hereunder by such Guarantor and delivered to the Trustee. All the Guarantees
so issued shall in all respects have the same legal rank and benefit under this Secured Indenture as the Guarantees theretofore and thereafter
issued in accordance with the terms of this Secured Indenture as though all of such Guarantees had been issued at the date of the execution
of such Guarantee by such Guarantor.

 

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SECTION 12.05.Releases
from Guarantees.

 

If
pursuant to any direct or indirect sale of assets (including, if applicable, all of the capital stock of any Guarantor) or other disposition
by way of merger, consolidation or otherwise the assets sold include all or substantially all of the assets of any Guarantor or all of
the capital stock of any such Guarantor, then such Guarantor or the Person acquiring the property (in the event of a sale or other disposition
of all or substantially all of the assets of such a Guarantor) shall be released and relieved of its obligations under its Guarantee or
SECTION 12.03 and SECTION 12.04 of this Secured Indenture, as the case may be; provided that in the event of an Asset
Sale, the Net Proceeds from such sale or other disposition are applied in accordance with the provisions of Section 4.10 of this
Secured Indenture. In addition, a Guarantor shall be released and relieved of its obligations under its Guarantee or SECTION 12.03
and SECTION 12.04 of this Secured Indenture, as the case may be (1) if such Guarantor is dissolved or liquidated in accordance
with the provisions of this Secured Indenture; (2) if the Company designates any such Guarantor as an Unrestricted Subsidiary in
compliance with the terms of this Secured Indenture; (3) without limiting the generality of the foregoing, in the case of any Guarantor
which constitutes a Non-Core Asset, upon the sale or other disposition of any Equity Interest of such Guarantor which constitutes a Non-Core
Asset; or (4) the Company exercises its option to effect Legal Defeasance or Covenant Defeasance as described under Section 8.01
(except with respect to the guarantee of any amounts due to the Trustee) or if the Company’s obligations under this Secured Indenture
are discharged in accordance with the terms of this Secured Indenture. Upon delivery by the Company to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the
provisions of this Secured Indenture, including without limitation Section 4.10 or 4.20 and SECTION 13.04 of this Secured Indenture
if applicable, the Trustee shall execute any documents reasonably required in order to evidence the release of any such Guarantor from
its obligations under its Guarantee. Any such Guarantor not released from its obligations under its Guarantee shall remain liable for
the full amount of principal of and interest on the Secured Notes and for the other obligations of such Guarantor under this Secured Indenture
as provided in this ARTICLE 12.

 

ARTICLE 13

 

MISCELLANEOUS

 

SECTION 13.01.Trust Indenture
Act Controls.

 

If any provision of this Secured
Indenture limits, qualifies or conflicts with the duties imposed by TIA Section 318(c), the imposed duties shall control.

 

SECTION 13.02.Notices.

 

Any
notice or communication by the Company, any Guarantor, the Trustee or the Collateral Agent to the other is duly given if in writing
and delivered in person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air
courier guaranteeing next day delivery, to the other’s address:

 

If to the Company or any Guarantor:

 

DISH DBS Corporation

9601 South Meridian Boulevard

Englewood, Colorado 80112

Telecopier No.: (303) 723-1699

Attention: General Counsel

 

    -109-

     

    

 

With a copy to:

 

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

Telecopier No.: (212) 558-3588

Attention: Scott D. Miller

 

If to the Trustee:

 

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107

Telecopier No.: (651) 466-7430

Attention: DISH DBS Corp Administrator

 

If to the Collateral Agent:

 

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107

 Telecopier No.: (651) 466-7430

Attention: DISH DBS Corp Administrator

 

The
Company, any Guarantor, the Trustee or the Collateral Agent, by notice to the other may designate additional or different addresses
for subsequent notices or communications.

 

All notices and communications
(other than those sent to Holders of Secured Notes) shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery.

 

Any
notice or communication to a Holder of a Secured Note shall be mailed by first class mail, certified or registered, return receipt requested,
or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication
shall also be so mailed to any Person described in TIA Section 313(c), to the extent required by the TIA. Failure to mail a notice
or communication to a Holder of a Secured Note or any defect in it shall not affect its sufficiency with respect to other Holders
of Secured Notes.

 

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

 

If
the Company mails a notice or communication to Holders of Secured Notes, it shall mail a copy to the Trustee and each Agent at
the same time.

 

    -110-

     

    

 

SECTION 13.03.Communication
by Holders of Secured Notes with Other Holders of Secured Notes.

 

Holders
of the Secured Notes may communicate pursuant to TIA Section 312(b) with other Holders of Secured Notes with respect
to their rights under this Secured Indenture or the Secured Notes. The Company, the Trustee, the Registrar and anyone else shall have
the protection of TIA Section 312(c).

 

SECTION 13.04.Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application
by the Company to the Trustee to take any action under this Secured Indenture, the Company shall furnish to the Trustee:

 

(a)            an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent and covenants, if any, provided for in this Secured Indenture relating to the proposed action have been satisfied;
and

 

(b)            an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been satisfied.

 

SECTION 13.05.Statements
Required in Certificate or Opinion.

 

Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Secured Indenture (other than a certificate provided pursuant
to TIA Section 314(a)(4)) shall include:

 

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

 

(b)            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;

 

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

 

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

 

SECTION 13.06.Rules by
Trustee and Agents.

 

The Trustee may make reasonable
rules for action by or at a meeting of Holders of Secured Notes. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions.

 

    -111-

     

    

 

 

SECTION 13.07.  No Personal
Liability of Directors, Officers, Employees, Incorporators and Stockholders.

 

No
director, officer, employee, incorporator or stockholder of the Company, the Guarantors or any of their Affiliates, as such, shall have
any liability for any obligations of the Company, the Guarantors or any of their Affiliates under the Secured Notes, the Guarantees, this
Secured Indenture or the Security Documents, or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of Secured Notes by accepting a Secured Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Secured Notes. Such waiver may not be effective to waive liabilities under the federal securities
laws and it is the view of the SEC that such a waiver is against public policy.

 

SECTION 13.08.  Governing
Law.

 

The internal law of the State
of New York shall govern and be used to construe this Secured Indenture, the Secured Notes and the Guarantees.

 

SECTION 13.09.  No Adverse
Interpretation of Other Agreements.

 

This Indenture may not be used
to interpret another indenture, loan or debt agreement of DISH Network, the Company or any of their respective Subsidiaries. Any such
indenture, loan or debt agreement may not be used to interpret this Secured Indenture.

 

SECTION 13.10.  Successors.

 

All agreements of the Company
and the Guarantors in this Secured Indenture and the Secured Notes and the Guarantees shall bind the successors of the Company and the
Guarantors, respectively. All agreements of the Trustee in this Secured Indenture shall bind its successor.

 

SECTION 13.11.  Severability.

 

In case any provision in this
Secured Indenture or in the Secured 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 13.12.  Counterpart
Originals and Electronic Execution.

 

The
parties may sign any number of copies of this Secured Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. The exchange of copies of this Secured Indenture and of signature pages by facsimile or other electronic format
(including, without limitation, “pdf,” “tif” or “jpg”) transmission shall constitute effective execution
and delivery of this Secured Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. The
words “execution,” “signed,” “signature,” and words of like import in this Secured Indenture or in
any other certificate, agreement or document related to this Secured Indenture shall include images of manually executed signatures transmitted
by facsimile or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and
other electronic signatures (including, without limitation, DocuSign and AdobeSign) and such signatures shall be deemed to be original
signatures for all purposes. The use of electronic signatures and electronic records (including, without limitation, any contract or other
record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by 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 applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the
Uniform Commercial Code.

 

    -112-

     

    

 

SECTION 13.13.  Table of
Contents, Headings, Etc.

 

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

 

SECTION 13.14.  U.S.A. Patriot
Act.

 

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

 

SECTION 13.15.  Force Majeure.

 

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, forces beyond its control, including, without limitation, strikes, pandemics, epidemics,
recognized public emergencies, quarantine restrictions, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services, and hacking, cyber-attacks or other use or infiltration of the Trustee’s technological infrastructure exceeding
authorized access; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

 

SECTION 13.16.  Direction
by Holders to Enter into Security Documents.

 

By accepting a Secured Note,
each Holder is deemed to have authorized and directed the Trustee and the Collateral Agent, as applicable, to enter into the Security
Documents.

 

    -113-

     

    

 

SECTION 13.17.  Collateral
Agent.

 

For the avoidance of doubt,
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 Collateral Agent as well as each agent, custodian or other Person employed by either of
them hereunder.

 

[Signatures on following page]

 

    -114-

     

    

 

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

 

	 	 	DISH
    DBS CORPORATION,
 a Colorado corporation
	 	 	 
	 	 	 
	 	 	By: 	/s/ Paul W. Orban
	 	 	 	Name: 	Paul W. Orban
	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	 	 	 
	 	 	 
	 	 	DISH
    NETWORK L.L.C.
	 	 	DISH
    OPERATING L.L.C.
 ECHOSPHERE L.L.C.
 DISH NETWORK SERVICE L.L.C.
	 	 	DISH
    BROADCASTING CORPORATION
	 	 	DISH
    TECHNOLOGIES L.L.C.
	 	 	SLING
    TV HOLDING L.L.C.
 as Guarantors
	 	 	 
	 	 	 
	 	 	By: 	/s/ Paul W. Orban
	 	 	 	Name:	Paul W. Orban
	 	 	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature Page to
Indenture]

 

    

     

    

 

	 	 	U.S.
    BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	 	 
	 	 	By: 	/s/ Benjamin J. Krueger
	 	 	 	Name:	Benjamin J. Krueger
	 	 	 	Title:	Vice President
	 	 	 
	 	 	U.S.
    BANK NATIONAL ASSOCIATION, as Collateral Agent
	 	 	 
	 	 	 
	 	 	By: 	/s/ Benjamin J. Krueger
	 	 	 	Name: 	Benjamin J. Krueger
	 	 	 	Title:	Vice President

 

    -2-

     

    

 

EXHIBIT A-1

 

[Face
of 2026 Secured Note]

 

--------------------------------------------------------------------------------

 

5.25%
Senior Secured Note due 2026

 

Cert. No.

CUSIP No.

 

DISH DBS Corporation
promises to pay to __________________ or its registered assigns the principal sum of _____________________ Dollars on December 1,
2026.

 

Interest Payment
Dates: June 1 and December 1, commencing June 1, 2022.

 

Record Dates:
May 15 and November 15 (whether or not a Business Day).

 

Reference is made to the further provisions of this 2026 Secured Note
contained in the reverse side of this 2026 Secured Note, which will for all purposes have the same effect as if set forth at this place.

 

IN
WITNESS WHEREOF, the Company has caused this 2026 Secured Note to be duly executed.

 

Dated:

 

	 	 	DISH
    DBS CORPORATION
	 	 	 
	 	 	 
	 	 	By:	         
	 	 	 	Title:
	 	 	 
	 	 	By:	                        
	 	 	 	Title:

 

(SEAL)

 

This is one
of the 2026 Secured Notes referred to in

the within-mentioned Secured Indenture:

 

	U.S.
    Bank National Association, as Trustee	 	 
	 	 	 
	By:	 	 	 
	 	Authorized Signatory	 	 

 

Dated:

 

    A-I-1

     

    

 

(Back of 2026 Secured Note)

 

Capitalized
terms used herein have the meanings assigned to them in the Secured Indenture (as defined below) unless otherwise indicated.

 

(1)            Interest.
DISH DBS Corporation, a Colorado corporation (the “Company”) promises to pay interest on the principal amount of this
2026 Secured Note at the rate and in the manner specified below. Interest on this 2026 Secured Note will accrue at the rate of 5.25%
per annum, payable semi-annually in arrears in cash on June 1 and December 1 of each year, commencing June 1, 2022,
or if any such day is not a Business Day on the next succeeding Business Day (each an “Interest Payment Date”) to the
Holder of record of this 2026 Secured Note at the close of business on the immediately preceding May 15 and November 15, respectively,
whether or not a Business Day. Interest on this 2026 Secured Note will be computed on the basis of a 360-day year consisting of twelve
30-day months. Interest on this 2026 Secured Note shall accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from the date of issuance. To the extent lawful, the Company shall pay interest on overdue principal at the rate of the
then applicable interest rate on this 2026 Secured Note; it shall pay interest on overdue installments of interest (without regard to
any applicable grace periods) at the same rate to the extent lawful.

 

(2)            Method
of Payment. The Company will pay interest on the 2026 Secured Notes (except defaulted interest) to the Persons who are registered
Holders of 2026 Secured Notes at the close of business on the record date next preceding the Interest Payment Date, even if such 2026
Secured Notes are canceled after such record date and on or before such Interest Payment Date. The Holder hereof must surrender this 2026
Secured Note to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States
that at the time of payment is legal tender for payment of public and private debts. The 2026 Secured Notes will be payable both as to
principal and interest at the office or agency of the Company maintained for such purpose or, at the option of the Company, payment of
interest may be made by check mailed to the Holders of 2026 Secured Notes at their respective addresses set forth in the register of Holders
of 2026 Secured Notes. Unless otherwise designated by the Company, the Company’s office or agency will be the office of the Trustee
maintained for such purpose.

 

(3)            Paying
Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar
or co-registrar without prior notice to any Holder of a 2026 Secured Note. The Company may act in any such capacity.

 

(4)            Secured
Indenture. The Company issued the 2026 Secured Notes under a Secured Indenture, dated as of November 26, 2021 (the “Secured
Indenture”), among the Company, the Guarantors, the Trustee and the Collateral Agent. The terms of the 2026 Secured Notes include
those stated in the Secured Indenture and those made part of the Secured Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code Sections 77aaa-77bbbb), as in effect on the date of the Secured Indenture. The 2026 Secured Notes are subject to
all such terms, and Holders of 2026 Secured Notes are referred to the Secured Indenture and such act for a statement of such terms. The
terms of the Secured Indenture shall govern any inconsistencies between the Secured Indenture and the 2026 Secured Notes. The 2026 Secured
Notes are secured obligations of the Company.

 

    A-I-2

     

    

 

(5)            Optional
Redemption. Except as provided below, the 2026 Secured Notes are not redeemable at the option of the Company prior to their stated
maturity.

 

The
2026 Secured Notes will be subject to redemption at the option of the Company, at any time in whole, or from time to time in part, prior
to June 1, 2026 (the date that is six months prior to the maturity of the 2026 Secured Notes) (the “Par Call Date”),
upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of such 2026 Secured
Notes plus accrued and unpaid interest, if any, to the applicable redemption date plus the Make-Whole Premium. At any time on or after
Par Call Date, the Company may redeem the 2026 Secured Notes, in whole at any time or in part from time to time, at a redemption price
equal to 100% of the principal amount of such 2026 Secured Notes plus accrued and unpaid interest, if any, to the applicable redemption
date.

 

Notwithstanding
the foregoing, at any time prior to December 1, 2024, the Company may redeem up to 35% of the aggregate principal amount of
the 2026 Secured Notes outstanding at a redemption price equal to 105.250% of the principal amount thereof on the redemption date, together
with accrued and unpaid interest to such redemption date, with the net cash proceeds of any capital contributions or one or more public
or private sales (including sales to DISH Network, regardless of whether DISH Network obtained such funds from an offering of Equity Interests
or Indebtedness of DISH Network or otherwise) of Equity Interests (other than Disqualified Stock) of the Company (other than proceeds
from a sale to any Subsidiary of the Company or any employee benefit plan in which the Company or any of its Subsidiaries participates);
provided that: (a) at least 65% in aggregate of the originally issued principal amount of the 2026 Secured Notes remains outstanding
immediately after the occurrence of such redemption; and (b) the sale of such Equity Interests is made in compliance with the terms
of the Secured Indenture.

 

In addition, at any time and
from time to time during the 36-month period following the Issue Date, the Company may redeem up to 10% of the aggregate principal amount
of the 2026 Secured Notes (including any additional notes issued under the Secured Indenture which are fungible with 2026 Secured Notes)
during each twelve-month period commencing with the Issue Date, upon not less than 30 nor more than 60 days’ prior notice mailed
by first-class mail to each Holder’s registered address, at a redemption price of 103% of the aggregate principal amount thereof
plus accrued and unpaid interest and additional interest, if any, to, but not including, the applicable redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).

 

(6)            Repurchase
at Option of Holder. Upon the occurrence of a Change of Control Event, the Company will be required to offer to repurchase from each
Holder of 2026 Secured Notes on the Change of Control Payment Date all or any part of outstanding 2026 Secured Notes at a purchase price
equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of purchase. Holders
of 2026 Secured Notes that are subject to an offer to purchase will receive a Change of Control Offer from the Company prior to any related
Change of Control Payment Date and may elect to have such 2026 Secured Notes purchased by completing the form entitled “Option
of Holder to Elect Purchase” appearing below.

 

    A-I-3

     

    

 

When
the cumulative amount of Excess Proceeds that have not been applied in accordance with Section 4.10 (Asset Sales) or Section 3.08
(Offer to Purchase by Application of Excess Proceeds) of the Secured Indenture exceeds $100.0 million, the Company will be required to
offer to purchase the maximum principal amount of 2026 Secured Notes that may be purchased out of such Excess Proceeds at an offer price
in cash equal to 101% of the principal amount thereof, together with accrued and unpaid interest thereon to the date of purchase. To the
extent the Company or a Restricted Subsidiary is required under the terms of Indebtedness of the Company or such Restricted Subsidiary
which is ranked equally with the 2026 Secured Notes (including, for the avoidance of doubt, the DDBS Notes) to make an offer to
purchase such other Indebtedness with any proceeds which constitute Excess Proceeds under the Secured Indenture, the Company shall make
a pro rata offer to the holders of all other pari passu Indebtedness (including the 2026 Secured Notes) with such proceeds.
If the aggregate principal amount of 2026 Secured Notes and other pari passu Indebtedness surrendered by holders thereof exceeds
the amount of such Excess Proceeds, the Trustee shall select the 2026 Secured Notes and other pari passu Indebtedness to be purchased
on a pro rata basis. Holders of 2026 Secured Notes that are subject to an offer to purchase will receive an Excess Proceeds Offer
from the Company prior to any related Purchase Date and may elect to have such 2026 Secured Notes purchased by completing the form entitled
 “Option of Holder to Elect Purchase” appearing below.

 

(7)            Notice
of Redemption. Notice of redemption shall be mailed at least 10 days but not more than 60 days before the redemption date to
each Holder whose 2026 Secured Notes are to be redeemed at its registered address. 2026 Secured Notes may be redeemed in part but only
if equal to $2,000 in principal amount or in whole multiples of $1,000 in excess thereof, unless all of the 2026 Secured Notes held by
a Holder of 2026 Secured Notes are to be redeemed. On and after the redemption date, interest ceases to accrue on 2026 Secured Notes or
portions of them called for redemption unless the Company fails to redeem such 2026 Secured Notes or such portions thereof.

 

(8)            Denominations,
Transfer, Exchange. The 2026 Secured Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of 2026 Secured Notes may be registered and 2026 Secured Notes may be exchanged as provided
in the Secured Indenture. The Registrar and the Trustee may require a Holder of a 2026 Secured Note, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Secured Indenture. The Registrar
need not exchange or register the transfer of any 2026 Secured Note or portion of a 2026 Secured Note selected for redemption. Also, it
need not exchange or register the transfer of any 2026 Secured Notes for a period of 15 days before the mailing of a notice of redemption
of 2026 Secured Notes to be redeemed.

 

(9)            Persons
Deemed Owners. Prior to due presentment to the Trustee for registration of the transfer of this 2026 Secured Note, the Trustee, any
Agent and the Company may deem and treat the Person in whose name this 2026 Secured Note is registered as its absolute owner for the purpose
of receiving payment of principal of, premium, if any, and interest on this 2026 Secured Note and for all other purposes whatsoever, whether
or not this 2026 Secured Note is overdue, and neither the Trustee, any Agent nor the Company shall be affected by notice to the contrary.
The registered Holder of a 2026 Secured Note shall be treated as its owner for all purposes.

 

    A-I-4

     

    

 

(10)          Amendments,
Supplement and Waivers. Subject to certain exceptions, the Secured Indenture or 2026 Secured Notes may be amended or supplemented
with the consent of the Holders of at least a majority in principal amount of the then outstanding 2026 Secured Notes (including consents
obtained in connection with a tender offer or exchange offer for the 2026 Secured Notes), and any existing default or compliance with
any provision of the Secured Indenture or the 2026 Secured Notes may be waived with the consent of the Holders of a majority in principal
amount of the then outstanding 2026 Secured Notes (including consents obtained in connection with a tender offer or exchange offer for
the 2026 Secured Notes). Notwithstanding the foregoing, (a) Sections 3.08 (Offer to Purchase by Application of Excess Proceeds),
4.10 (Asset Sales), 4.15 (Offer to Purchase Upon Change in Control) and 4.17 (Taking and Destruction) of the Secured Indenture (including,
in each case, the related definitions) and the release of all or substantially all of the Collateral from Liens of the Security Documents
otherwise than in accordance with the terms of the Secured Indenture or the Security Documents may not be amended or waived, in each case
in respect of the 2026 Secured Notes, without the written consent of at least 66 2/3% in principal amount of the 2026 Secured Notes then
outstanding (including consents obtained in connection with a tender offer or exchange offer for the 2026 Secured Notes) and (b) without
the consent of each Holder affected, an amendment or waiver may not (with respect to any 2026 Secured Notes held by a non-consenting Holder
of 2026 Secured Notes) (i) reduce the aggregate principal amount of 2026 Secured Notes whose Holders must consent to an amendment,
supplement or waiver; (ii) reduce the principal of or change the fixed maturity of any 2026 Secured Note or alter the provisions
with respect to the redemption of the 2026 Secured Notes; (iii) reduce the rate of or change the time for payment of interest on
any 2026 Secured Note; (iv) waive a Default or Event of Default in the payment of principal of, or premium, if any, or interest on
the 2026 Secured Notes (except a rescission of acceleration of the 2026 Secured Notes by the Holders of at least a majority in aggregate
principal amount of the then outstanding 2026 Secured Notes and a waiver of the payment default that resulted from such acceleration);
(v) make any 2026 Secured Note payable in money other than that stated in the 2026 Secured Notes; (vi) make any change in the
provisions of the Secured Indenture relating to waivers of past Defaults or the rights of Holders of 2026 Secured Notes to receive payments
of principal of or interest on the 2026 Secured Notes; (vii) waive a redemption payment or mandatory redemption with respect to any
2026 Secured Note; or (viii) make any change in the foregoing amendment and waiver provisions. Notwithstanding the foregoing, without
the consent of any Holder of a 2026 Secured Note, the Secured Indenture or the 2026 Secured Notes may be amended or supplemented (i) to
cure any ambiguity, defect or inconsistency; (ii) to provide for uncertificated 2026 Secured Notes or Guarantees in addition to or
in place of certificated 2026 Secured Notes or Guarantees; (iii) to provide for the assumption of the Company’s or any Guarantor’s
obligations to the Holders of the 2026 Secured Notes in case of a merger or consolidation; (iv) to add Guarantees or Collateral;
(v) to release Guarantees or release Collateral from the Liens of the Secured Indenture and the Security Documents when permitted
or required by the Security Documents or the Secured Indenture; (vi) to secure any Additional Secured Obligations under the Security
Documents; or (vii) to make any change that would provide any additional rights or benefits to the Holders of the 2026 Secured Notes
or that does not adversely affect the legal rights under the Secured Indenture of any such Holder.

 

    A-I-5

     

    

 

(11)          Defaults
and Remedies. Each of the following constitutes an Event of Default:

 

(a)            default
for 30 days in the payment when due of interest on the 2026 Secured Notes;

 

(b)           default
in payment when due of principal of the 2026 Secured Notes at maturity, upon repurchase, redemption or otherwise;

 

(c)            failure
to comply with the provisions described under Section 4.10 (Asset Sales), Section 4.11 (Limitation on Transactions with Affiliates),
Section 4.15 (Offer to Purchase Upon Change in Control) or Section 4.17 (Taking and Destruction) of the Secured Indenture;

 

(d)            default
under the provisions described under Section 4.07 (Limitation on Restricted Payments) or Section 4.09 (Limitation on Incurrence
of Indebtedness) of the Secured Indenture which default remains uncured for 30 days, or the breach of any representation or warranty,
or the making of any untrue statement, in any certificate delivered by the Company pursuant to the Secured Indenture;

 

(e)            failure
by the Company for 60 days after notice from the Trustee or the holders of at least 25% in principal amount of the then outstanding 2026
Secured Notes to comply with any of its other agreements in the Secured Indenture or the 2026 Secured Notes;

 

(f)            default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries), which default is caused by a failure to pay when due of principal or interest on such Indebtedness within
the grace period provided in such Indebtedness (a “Payment Default”), and the principal amount of any such Indebtedness, together
with the principal amount of any other such Indebtedness under which there has been a Payment Default, aggregates $250 million or
more;

 

(g)            default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company and any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any
of its Restricted Subsidiaries), which default results in the acceleration of such Indebtedness prior to its express maturity and the
principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been
a Payment Default or the maturity of which has been so accelerated, aggregates $250 million or more; provided that any acceleration
(other than an acceleration which is the result of a Payment Default under clause (f) above) of Indebtedness under the Outstanding
Deferred Payments in aggregate principal amount not to exceed $250 million shall be deemed not to constitute an acceleration pursuant
to this clause (g);

 

    A-I-6

     

    

 

(h)            failure
by the Company or any of its Restricted Subsidiaries to pay final judgments (other than any judgment as to which a reputable insurance
company has accepted full liability) aggregating in excess of $250 million, which judgments are not stayed within 60 days after their
entry;

 

(i)             DISH
Network, the Company or any Significant Subsidiary of the Company pursuant to or within the meaning of Bankruptcy Law (i) commences
a voluntary case; (ii) consents to the entry of an order for relief against it in an involuntary case; (iii) consents to the
appointment of a Custodian of it or for all or substantially all of its property; or (iv) makes a general assignment for the benefit
of its creditors;

 

(j)             a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against DISH Network,
the Company or any Significant Subsidiary of the Company in an involuntary case; (ii) appoints a custodian of DISH Network, the Company
or any Significant Subsidiary of the Company or for all or substantially all of the property of DISH Network, the Company or any Significant
Subsidiary of the Company; or (iii) orders the liquidation of DISH Network or any Significant Subsidiary of the Company, and the
order or decree remains unstayed and in effect for 60 consecutive days;

 

(k)            any
Guarantee shall be held in a judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and
effect, or any Guarantor, or any person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Guarantee;
and

 

(l)             in
each case with respect to any Collateral having a fair market value in excess of $250 million individually or in the aggregate, any of
the Security Documents at any time for any reason is declared null and void, or shall cease to be effective in all material respects to
give the Collateral Agent the Liens with the priority purported to be created thereby subject to no other Liens (in each case, other than
as expressly permitted by the Secured Indenture and the applicable Security Documents or by reason of the termination of the Secured Indenture
or the applicable Security Document in accordance with its terms), which declaration or cessation is not rescinded, stayed, or waived
by the Persons having such authority pursuant to the Security Documents or otherwise cured within 30 days after the Company receives written
notice thereof specifying such occurrence from the Trustee, the Collateral Agent or the holders of at least 25% of the outstanding principal
amount of the 2026 Secured Notes.

 

If
any Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in aggregate principal amount of the then outstanding
2026 Secured Notes may declare all the 2026 Secured Notes to be due and payable immediately (plus, in the case of an Event of Default
that is the result of an action by the Company or any of its Subsidiaries intended to avoid restrictions on or premiums related to redemptions
of the 2026 Secured Notes contained in the Secured Indenture or the 2026 Secured Notes, an amount of premium that would have been applicable
pursuant to the 2026 Secured Notes or as set forth in the Secured Indenture). Notwithstanding the foregoing, in the case of an Event of
Default arising from the events of bankruptcy or insolvency with respect to the Company or any Guarantor described in (i) or
(j) above, all outstanding 2026 Secured Notes shall become and be immediately due and payable without further action or notice. Holders
of the 2026 Secured Notes may not enforce the Indenture or the 2026 Secured Notes except as provided in the Secured Indenture. Subject
to certain limitations, holders of a majority in principal amount of the then outstanding 2026 Secured Notes may direct the Trustee in
its exercise of any trust or power. The Trustee may withhold from Holders of the 2026 Secured Notes notice of any continuing Default or
Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding
notice is in such holders’ interest.

 

    A-I-7

     

    

 

The Holders of a majority in
aggregate principal amount of the then outstanding 2026 Secured Notes, by notice to the Trustee, may on behalf of the holders of all of
the 2026 Secured Notes waive any existing Default or Event of Default and its consequences under the Secured Indenture, except a continuing
Default or Event of Default in the payment of interest or premium on, or principal of, the 2026 Secured Notes.

 

The Company is required to deliver
to the Trustee annually a statement regarding compliance with the Secured Indenture, and the Company is required upon becoming aware of
any Default or Event of Default to deliver to the Trustee a statement specifying such Default or Event of Default.

 

All powers of the Trustee under
the Secured Indenture will be subject to applicable provisions of the Communications Act, including without limitation, the requirements
of prior approval for de facto or de jure transfer of control or assignment of Title III licenses.

 

(12)          Trustee
Dealings with Company. The Trustee under the Secured Indenture, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not Trustee; however, if the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to
the SEC for permission to continue as Trustee, or resign.

 

(13)          No
Personal Liability of Directors, Officers, Employees, Incorporators and Stockholders. No director, officer, employee, incorporator
or stockholder of the Company, the Guarantors or any of their Affiliates, as such, shall have any liability for any obligations of the
Company, the Guarantors or any of their Affiliates under this 2026 Secured Note or the Secured Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of the 2026 Secured Notes by accepting a 2026 Secured Note
waives and releases all such liability. The waiver and release are part of the consideration for issuance of the 2026 Secured Notes.

 

(14)          Guarantees.
Payment of principal and interest (including interest on overdue principal and overdue interest, if lawful) is unconditionally guaranteed,
jointly and severally, by each of the Guarantors.

 

    A-I-8

     

    

 

(15)          Authentication.
This 2026 Secured Note shall not be valid until authenticated by the manual or electronic signature of the Trustee or an authenticating
agent.

 

(16)          Abbreviations.
Customary abbreviations may be used in the name of a Holder of a 2026 Secured Note or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (5 Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(17)          CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Company has caused
CUSIP numbers to be printed on the 2026 Secured Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Holders of 2026 Secured Notes. No representation is made as to the accuracy of such numbers either as printed on the 2026
Secured Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

    A-I-9

     

    

 

The
Company will furnish to any Holder of a 2026 Secured Note upon written request and without charge a copy of the Secured Indenture.
Request may be made to:

 

DISH DBS Corporation

9601 South Meridian Boulevard

Englewood, Colorado 80112

Attention: General Counsel

 

    A-I-10

     

    

 

ASSIGNMENT FORM

 

To assign this 2026 Secured Note, fill in the form
below:

 

(I) or (we) assign and transfer this 2026
Secured Note to

 

 

 

(Insert assignee’s Soc. Sec. or tax I.D.
no.)

 

 

 

(Print or type assignee’s
name, address and zip code) and irrevocably appoint ______________ agent to transfer this 2026 Secured Note on the books of the Company.
The agent may substitute another to act for him.

 

Date:_____________

 

	 	 	Your Signature:	
	 	 	 	(Sign
    exactly as your name
	 	 	 	appears
    on the face of this 2026
	 	 	 	Secured
    Note)
	 	 	 	 
	Signature Guarantee:	 	 	 	 

 

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    A-I-11

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have all or any part of this 2026 Secured Note purchased by the Company pursuant to Section 3.08 or Section 4.15
of the Secured Indenture check the appropriate box:

 

	 ̈ Section 3.08  	 	 ̈ Section 4.15

 

If
you want to have only part of the 2026 Secured Note purchased by the Company pursuant to Section 3.08 or Section 4.15 of the
Secured Indenture, state the amount you elect to have purchased:

 

$

 

Date:_____________

 

	 	 	Your Signature:	
	 	 	 	(Sign
    exactly as your name
	 	 	 	appears
    on the face of this 2026
	 	 	 	Secured
    Note)
	 	 	 	 
	Signature Guarantee:	 	 	 	 

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    A-I-12

     

    

 

 

[ATTACHMENT
FOR GLOBAL SECURED NOTES]

 

SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURED NOTE

 

The following exchanges of a
part of this Global Secured Note for an interest in another Global Secured Note or for a Definitive Secured Note, or exchanges of a part
of another Global Secured Note or Definitive Secured Note for an interest in this Global Secured Note, have been made:

 

	DATE OF

 EXCHANGE	 	AMOUNT OF

DECREASE IN

PRINCIPAL 

AMOUNT OF

THIS GLOBAL 

SECURED NOTE	 	AMOUNT OF

 INCREASE IN

PRINCIPAL 

AMOUNT
 OF THIS GLOBAL

SECURED NOTE	 	PRINCIPAL 

AMOUNT

OF THIS GLOBAL

SECURED NOTE

FOLLOWING SUCH

DECREASE (OR

INCREASE)	 	SIGNATURE OF

AUTHORIZED

SIGNATORY

OF TRUSTEE OR

SECURED NOTE

CUSTODIAN
	 	 	 	 	 	 	 	 	 

 

    A-I-13

     

    

 

EXHIBIT A-2

 

[Face
of 2028 Secured Note]

 

--------------------------------------------------------------------------------

 

5.75%
Senior Secured Note due 2028

 

Cert. No.

CUSIP No.

 

DISH DBS Corporation
promises to pay to __________________ or its registered assigns the principal sum of _____________________ Dollars on December 1,
2028.

 

Interest Payment
Dates: June 1 and December 1, commencing June 1, 2022.

 

Record Dates:
May 15 and November 15 (whether or not a Business Day).

 

Reference is made to the further provisions of this 2028 Secured Note
contained in the reverse side of this 2028 Secured Note, which will for all purposes have the same effect as if set forth at this place.

 

IN
WITNESS WHEREOF, the Company has caused this 2028 Secured Note to be duly executed.

 

Dated:

 

	 	 	DISH
    DBS CORPORATION
	 	 	 
	 	 	 
	 	 	By:	         
	 	 	 	Title:
	 	 	 
	 	 	By:	                        
	 	 	 	Title:

 

(SEAL)

 

This is one
of the 2028 Secured Notes referred to in

the within-mentioned Secured Indenture:

 

	U.S.
    Bank National Association, as Trustee	 	 
	 	 	 
	By:	 	 	 
	 	Authorized Signatory	 	 

 

Dated:

 

    A-II-1

     

    

 

(Back
of 2028 Secured Note)

 

Capitalized terms used herein
have the meanings assigned to them in the Secured Indenture (as defined below) unless otherwise indicated.

 

(1)            Interest.
DISH DBS Corporation, a Colorado corporation (the “Company”) promises to pay interest on the principal amount of this
2028 Secured Note at the rate and in the manner specified below. Interest on this 2028 Secured Note will accrue at the rate of 5.75%
per annum, payable semi-annually in arrears in cash on June 1 and December 1 of each year, commencing June 1, 2022,
or if any such day is not a Business Day on the next succeeding Business Day (each an “Interest Payment Date”) to the
Holder of record of this 2028 Secured Note at the close of business on the immediately preceding May 15 and November 15, respectively,
whether or not a Business Day. Interest on this 2028 Secured Note will be computed on the basis of a 360-day year consisting of twelve
30-day months. Interest on this 2028 Secured Note shall accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from the date of issuance. To the extent lawful, the Company shall pay interest on overdue principal at the rate of the
then applicable interest rate on this 2028 Secured Note; it shall pay interest on overdue installments of interest (without regard to
any applicable grace periods) at the same rate to the extent lawful.

 

(2)            Method
of Payment. The Company will pay interest on the 2028 Secured Notes (except defaulted interest) to the Persons who are registered
Holders of 2028 Secured Notes at the close of business on the record date next preceding the Interest Payment Date, even if such 2028
Secured Notes are canceled after such record date and on or before such Interest Payment Date. The Holder hereof must surrender this 2028
Secured Note to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States
that at the time of payment is legal tender for payment of public and private debts. The 2028 Secured Notes will be payable both as to
principal and interest at the office or agency of the Company maintained for such purpose or, at the option of the Company, payment of
interest may be made by check mailed to the Holders of 2028 Secured Notes at their respective addresses set forth in the register of Holders
of 2028 Secured Notes. Unless otherwise designated by the Company, the Company’s office or agency will be the office of the Trustee
maintained for such purpose.

 

(3)            Paying
Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar
or co-registrar without prior notice to any Holder of a 2028 Secured Note. The Company may act in any such capacity.

 

(4)            Secured
Indenture. The Company issued the 2028 Secured Notes under a Secured Indenture, dated as of November 26, 2021 (the “Secured
Indenture”), among the Company, the Guarantors, the Trustee and the Collateral Agent. The terms of the 2028 Secured Notes include
those stated in the Secured Indenture and those made part of the Secured Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code Sections 77aaa-77bbbb), as in effect on the date of the Secured Indenture. The 2028 Secured Notes are subject to
all such terms, and Holders of 2028 Secured Notes are referred to the Secured Indenture and such act for a statement of such terms. The
terms of the Secured Indenture shall govern any inconsistencies between the Secured Indenture and the 2028 Secured Notes. The 2028 Secured
Notes are secured obligations of the Company.

 

    A-II-2

     

    

 

(5)          Optional
Redemption. Except as provided below, the 2028 Secured Notes are not redeemable at the option of the Company prior to their stated
maturity.

 

The
2028 Secured Notes will be subject to redemption at the option of the Company, at any time in whole, or from time to time in part, prior
to December 1, 2027 (the date that is twelve months prior to the maturity of the 2028 Secured Notes) (the “Par Call Date”),
upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of such 2028 Secured
Notes plus accrued and unpaid interest, if any, to the applicable redemption date plus the Make-Whole Premium. At any time on or after
Par Call Date, the Company may redeem the 2028 Secured Notes, in whole at any time or in part from time to time, at a redemption price
equal to 100% of the principal amount of such 2028 Secured Notes plus accrued and unpaid interest, if any, to the applicable redemption
date.

 

Notwithstanding
the foregoing, at any time prior to December 1, 2024, the Company may redeem up to 35% of the aggregate principal amount of
the 2028 Secured Notes outstanding at a redemption price equal to 105.750% of the principal amount thereof on the redemption date, together
with accrued and unpaid interest to such redemption date, with the net cash proceeds of any capital contributions or one or more public
or private sales (including sales to DISH Network, regardless of whether DISH Network obtained such funds from an offering of Equity Interests
or Indebtedness of DISH Network or otherwise) of Equity Interests (other than Disqualified Stock) of the Company (other than proceeds
from a sale to any Subsidiary of the Company or any employee benefit plan in which the Company or any of its Subsidiaries participates);
provided that: (a) at least 65% in aggregate of the originally issued principal amount of the 2028 Secured Notes remains outstanding
immediately after the occurrence of such redemption; and (b) the sale of such Equity Interests is made in compliance with the terms
of the Secured Indenture.

 

In addition, at any time and
from time to time during the 36-month period following the Issue Date, the Company may redeem up to 10% of the aggregate principal amount
of the 2028 Secured Notes (including any additional notes issued under the Secured Indenture which are fungible with 2028 Secured Notes)
during each twelve-month period commencing with the Issue Date, upon not less than 30 nor more than 60 days’ prior notice mailed
by first-class mail to each Holder’s registered address, at a redemption price of 103% of the aggregate principal amount thereof
plus accrued and unpaid interest and additional interest, if any, to, but not including, the applicable redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).

 

(6)          Repurchase
at Option of Holder. Upon the occurrence of a Change of Control Event, the Company will be required to offer to repurchase from each
Holder of 2028 Secured Notes on the Change of Control Payment Date all or any part of outstanding 2028 Secured Notes at a purchase price
equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of purchase. Holders
of 2028 Secured Notes that are subject to an offer to purchase will receive a Change of Control Offer from the Company prior to any related
Change of Control Payment Date and may elect to have such 2028 Secured Notes purchased by completing the form entitled “Option
of Holder to Elect Purchase” appearing below.

 

    	 	A-II-3	 

     

    

 

When
the cumulative amount of Excess Proceeds that have not been applied in accordance with Section 4.10 (Asset Sales) or Section 3.08
(Offer to Purchase by Application of Excess Proceeds) of the Secured Indenture exceeds $100.0 million, the Company will be required to
offer to purchase the maximum principal amount of 2028 Secured Notes that may be purchased out of such Excess Proceeds at an offer price
in cash equal to 101% of the principal amount thereof, together with accrued and unpaid interest thereon to the date of purchase. To the
extent the Company or a Restricted Subsidiary is required under the terms of Indebtedness of the Company or such Restricted Subsidiary
which is ranked equally with the 2028 Secured Notes (including, for the avoidance of doubt, the DDBS Notes) to make an offer to
purchase such other Indebtedness with any proceeds which constitute Excess Proceeds under the Secured Indenture, the Company shall make
a pro rata offer to the holders of all other pari passu Indebtedness (including the 2028 Secured Notes) with such proceeds.
If the aggregate principal amount of 2028 Secured Notes and other pari passu Indebtedness surrendered by holders thereof exceeds
the amount of such Excess Proceeds, the Trustee shall select the 2028 Secured Notes and other pari passu Indebtedness to be purchased
on a pro rata basis. Holders of 2028 Secured Notes that are subject to an offer to purchase will receive an Excess Proceeds Offer
from the Company prior to any related Purchase Date and may elect to have such 2028 Secured Notes purchased by completing the form entitled
 “Option of Holder to Elect Purchase” appearing below.

 

(7)          Notice
of Redemption. Notice of redemption shall be mailed at least 10 days but not more than 60 days before the redemption date to
each Holder whose 2028 Secured Notes are to be redeemed at its registered address. 2028 Secured Notes may be redeemed in part but only
if equal to $2,000 in principal amount or in whole multiples of $1,000 in excess thereof, unless all of the 2028 Secured Notes held by
a Holder of 2028 Secured Notes are to be redeemed. On and after the redemption date, interest ceases to accrue on 2028 Secured Notes or
portions of them called for redemption unless the Company fails to redeem such 2028 Secured Notes or such portions thereof.

 

(8)          Denominations,
Transfer, Exchange. The 2028 Secured Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of 2028 Secured Notes may be registered and 2028 Secured Notes may be exchanged as provided
in the Secured Indenture. The Registrar and the Trustee may require a Holder of a 2028 Secured Note, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Secured Indenture. The Registrar
need not exchange or register the transfer of any 2028 Secured Note or portion of a 2028 Secured Note selected for redemption. Also, it
need not exchange or register the transfer of any 2028 Secured Notes for a period of 15 days before the mailing of a notice of redemption
of 2028 Secured Notes to be redeemed.

 

(9)          Persons
Deemed Owners. Prior to due presentment to the Trustee for registration of the transfer of this 2028 Secured Note, the Trustee, any
Agent and the Company may deem and treat the Person in whose name this 2028 Secured Note is registered as its absolute owner for the purpose
of receiving payment of principal of, premium, if any, and interest on this 2028 Secured Note and for all other purposes whatsoever, whether
or not this 2028 Secured Note is overdue, and neither the Trustee, any Agent nor the Company shall be affected by notice to the contrary.
The registered Holder of a 2028 Secured Note shall be treated as its owner for all purposes.

 

    	 	A-II-4	 

     

    

 

(10)        Amendments,
Supplement and Waivers. Subject to certain exceptions, the Secured Indenture or 2028 Secured Notes may be amended or supplemented
with the consent of the Holders of at least a majority in principal amount of the then outstanding 2028 Secured Notes (including consents
obtained in connection with a tender offer or exchange offer for the 2028 Secured Notes), and any existing default or compliance with
any provision of the Secured Indenture or the 2028 Secured Notes may be waived with the consent of the Holders of a majority in principal
amount of the then outstanding 2028 Secured Notes (including consents obtained in connection with a tender offer or exchange offer for
the 2028 Secured Notes). Notwithstanding the foregoing, (a) Sections 3.08 (Offer to Purchase by Application of Excess Proceeds),
4.10 (Asset Sales), 4.15 (Offer to Purchase Upon Change in Control) and 4.17 (Taking and Destruction) of the Secured Indenture (including,
in each case, the related definitions) and the release of all or substantially all of the Collateral from Liens of the Security Documents
otherwise than in accordance with the terms of the Secured Indenture or the Security Documents may not be amended or waived, in each
case in respect of the 2028 Secured Notes, without the written consent of at least 66 2/3% in principal amount of the 2028 Secured Notes
then outstanding (including consents obtained in connection with a tender offer or exchange offer for the 2028 Secured Notes) and (b) without
the consent of each Holder affected, an amendment or waiver may not (with respect to any 2028 Secured Notes held by a non-consenting
Holder of 2028 Secured Notes) (i) reduce the aggregate principal amount of 2028 Secured Notes whose Holders must consent to an amendment,
supplement or waiver; (ii) reduce the principal of or change the fixed maturity of any 2028 Secured Note or alter the provisions
with respect to the redemption of the 2028 Secured Notes; (iii) reduce the rate of or change the time for payment of interest on
any 2028 Secured Note; (iv) waive a Default or Event of Default in the payment of principal of, or premium, if any, or interest
on the 2028 Secured Notes (except a rescission of acceleration of the 2028 Secured Notes by the Holders of at least a majority in aggregate
principal amount of the then outstanding 2028 Secured Notes and a waiver of the payment default that resulted from such acceleration);
(v) make any 2028 Secured Note payable in money other than that stated in the 2028 Secured Notes; (vi) make any change in the
provisions of the Secured Indenture relating to waivers of past Defaults or the rights of Holders of 2028 Secured Notes to receive payments
of principal of or interest on the 2028 Secured Notes; (vii) waive a redemption payment or mandatory redemption with respect to
any 2028 Secured Note; or (viii) make any change in the foregoing amendment and waiver provisions. Notwithstanding the foregoing,
without the consent of any Holder of a 2028 Secured Note, the Secured Indenture or the 2028 Secured Notes may be amended or supplemented
(i) to cure any ambiguity, defect or inconsistency; (ii) to provide for uncertificated 2028 Secured Notes or Guarantees in
addition to or in place of certificated 2028 Secured Notes or Guarantees; (iii) to provide for the assumption of the Company’s
or any Guarantor’s obligations to the Holders of the 2028 Secured Notes in case of a merger or consolidation; (iv) to add
Guarantees or Collateral; (v) to release Guarantees or release Collateral from the Liens of the Secured Indenture and the Security
Documents when permitted or required by the Security Documents or the Secured Indenture; (vi) to secure any Additional Secured Obligations
under the Security Documents; or (vii) to make any change that would provide any additional rights or benefits to the Holders of
the 2028 Secured Notes or that does not adversely affect the legal rights under the Secured Indenture of any such Holder.

 

    	 	A-II-5	 

     

    

 

(11)       Defaults
and Remedies. Each of the following constitutes an Event of Default:

 

(a)         default
for 30 days in the payment when due of interest on the 2028 Secured Notes;

 

(b)         default
in payment when due of principal of the 2028 Secured Notes at maturity, upon repurchase, redemption or otherwise;

 

(c)          failure
to comply with the provisions described under Section 4.10 (Asset Sales), Section 4.11 (Limitation on Transactions with Affiliates),
Section 4.15 (Offer to Purchase Upon Change in Control) or Section 4.17 (Taking and Destruction) of the Secured Indenture;

 

(d)         default
under the provisions described under Section 4.07 (Limitation on Restricted Payments) or Section 4.09 (Limitation on Incurrence
of Indebtedness) of the Secured Indenture which default remains uncured for 30 days, or the breach of any representation or warranty,
or the making of any untrue statement, in any certificate delivered by the Company pursuant to the Secured Indenture;

 

(e)          failure
by the Company for 60 days after notice from the Trustee or the holders of at least 25% in principal amount of the then outstanding 2028
Secured Notes to comply with any of its other agreements in the Secured Indenture or the 2028 Secured Notes;

 

(f)          default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries), which default is caused by a failure to pay when due of principal or interest on such Indebtedness within
the grace period provided in such Indebtedness (a “Payment Default”), and the principal amount of any such Indebtedness, together
with the principal amount of any other such Indebtedness under which there has been a Payment Default, aggregates $250 million or
more;

 

(g)         default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company and any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any
of its Restricted Subsidiaries), which default results in the acceleration of such Indebtedness prior to its express maturity and the
principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been
a Payment Default or the maturity of which has been so accelerated, aggregates $250 million or more; provided that any acceleration
(other than an acceleration which is the result of a Payment Default under clause (f) above) of Indebtedness under the Outstanding
Deferred Payments in aggregate principal amount not to exceed $250 million shall be deemed not to constitute an acceleration pursuant
to this clause (g);

 

    	 	A-II-6	 

     

    

 

(h)         failure
by the Company or any of its Restricted Subsidiaries to pay final judgments (other than any judgment as to which a reputable insurance
company has accepted full liability) aggregating in excess of $250 million, which judgments are not stayed within 60 days after their
entry;

 

(i)          DISH
Network, the Company or any Significant Subsidiary of the Company pursuant to or within the meaning of Bankruptcy Law (i) commences
a voluntary case; (ii) consents to the entry of an order for relief against it in an involuntary case; (iii) consents to the
appointment of a Custodian of it or for all or substantially all of its property; or (iv) makes a general assignment for the benefit
of its creditors;

 

(j)          a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against DISH Network,
the Company or any Significant Subsidiary of the Company in an involuntary case; (ii) appoints a custodian of DISH Network, the Company
or any Significant Subsidiary of the Company or for all or substantially all of the property of DISH Network, the Company or any Significant
Subsidiary of the Company; or (iii) orders the liquidation of DISH Network or any Significant Subsidiary of the Company, and the
order or decree remains unstayed and in effect for 60 consecutive days;

 

(k)         any
Guarantee shall be held in a judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and
effect, or any Guarantor, or any person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Guarantee;
and

 

(l)          in
each case with respect to any Collateral having a fair market value in excess of $250 million individually or in the aggregate, any of
the Security Documents at any time for any reason is declared null and void, or shall cease to be effective in all material respects to
give the Collateral Agent the Liens with the priority purported to be created thereby subject to no other Liens (in each case, other than
as expressly permitted by the Secured Indenture and the applicable Security Documents or by reason of the termination of this Secured
Indenture or the applicable Security Document in accordance with its terms), which declaration or cessation is not rescinded, stayed,
or waived by the Persons having such authority pursuant to the Security Documents or otherwise cured within 30 days after the Company
receives written notice thereof specifying such occurrence from the Trustee, the Collateral Agent or the holders of at least 25% of the
outstanding principal amount of the 2028 Secured Notes.

 

    	 	A-II-7	 

     

    

 

If
any Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in aggregate principal amount of the then outstanding
2028 Secured Notes may declare all the 2028 Secured Notes to be due and payable immediately (plus, in the case of an Event of Default
that is the result of an action by the Company or any of its Subsidiaries intended to avoid restrictions on or premiums related to redemptions
of the 2028 Secured Notes contained in the Secured Indenture or the 2028 Secured Notes, an amount of premium that would have been applicable
pursuant to the 2028 Secured Notes or as set forth in the Secured Indenture). Notwithstanding the foregoing, in the case of an Event of
Default arising from the events of bankruptcy or insolvency with respect to the Company or any Guarantor described in (i) or
(j) above, all outstanding 2028 Secured Notes shall become and be immediately due and payable without further action or notice. Holders
of the 2028 Secured Notes may not enforce the Secured Indenture or the 2028 Secured Notes except as provided in the Secured Indenture.
Subject to certain limitations, holders of a majority in principal amount of the then outstanding 2028 Secured Notes may direct the Trustee
in its exercise of any trust or power. The Trustee may withhold from Holders of the 2028 Secured Notes notice of any continuing Default
or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding
notice is in such holders’ interest.

 

The Holders of a majority in
aggregate principal amount of the then outstanding 2028 Secured Notes, by notice to the Trustee, may on behalf of the holders of all of
the 2028 Secured Notes waive any existing Default or Event of Default and its consequences under the Secured Indenture, except a continuing
Default or Event of Default in the payment of interest or premium on, or principal of, the 2028 Secured Notes.

 

The Company is required to deliver
to the Trustee annually a statement regarding compliance with the Secured Indenture, and the Company is required upon becoming aware of
any Default or Event of Default to deliver to the Trustee a statement specifying such Default or Event of Default.

 

All powers of the Trustee under
the Secured Indenture will be subject to applicable provisions of the Communications Act, including without limitation, the requirements
of prior approval for de facto or de jure transfer of control or assignment of Title III licenses.

 

(12)        Trustee
Dealings with Company. The Trustee under the Secured Indenture, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not Trustee; however, if the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to
the SEC for permission to continue as Trustee, or resign.

 

(13)        No
Personal Liability of Directors, Officers, Employees, Incorporators and Stockholders. No director, officer, employee, incorporator
or stockholder of the Company, the Guarantors or any of their Affiliates, as such, shall have any liability for any obligations of the
Company, the Guarantors or any of their Affiliates under this 2028 Secured Note or the Secured Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of the 2028 Secured Notes by accepting a 2028 Secured Note
waives and releases all such liability. The waiver and release are part of the consideration for issuance of the 2028 Secured Notes.

 

(14)        Guarantees.
Payment of principal and interest (including interest on overdue principal and overdue interest, if lawful) is unconditionally guaranteed,
jointly and severally, by each of the Guarantors.

 

    	 	A-II-8	 

     

    

 

(15)        Authentication.
This 2028 Secured Note shall not be valid until authenticated by the manual or electronic signature of the Trustee or an authenticating
agent.

 

(16)        Abbreviations.
Customary abbreviations may be used in the name of a Holder of a 2028 Secured Note or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (5 Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(17)        CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Company has caused
CUSIP numbers to be printed on the 2028 Secured Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Holders of 2028 Secured Notes. No representation is made as to the accuracy of such numbers either as printed on the 2028
Secured Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

    	 	A-II-9	 

     

    

 

The
Company will furnish to any Holder of a 2028 Secured Note upon written request and without charge a copy of the Secured Indenture.
Request may be made to:

 

DISH DBS Corporation

9601 South Meridian Boulevard

Englewood, Colorado 80112

Attention: General Counsel

 

    	 	A-II-10	 

     

    

 

ASSIGNMENT FORM

 

To assign this 2028 Secured Note, fill in the form
below:

 

(I) or (we) assign and transfer this 2028
Secured Note to

 

 

(Insert assignee’s Soc. Sec. or tax I.D.
no.)

 

 

(Print or type assignee’s
name, address and zip code) and irrevocably appoint ______________ agent to transfer this 2028 Secured Note on the books of the Company.
The agent may substitute another to act for him.

 

Date:_____________

 

		Your Signature:	
	 	 	(Sign exactly as your name appears on the face of this 2028
Secured Note)

 

Signature Guarantee: ____________________

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	A-II-11	 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have all or any part of this 2028 Secured Note purchased by the Company pursuant to Section 3.08 or Section 4.15
of the Secured Indenture check the appropriate box:

 

[
] Section 3.08                                                                        [ ] Section 4.15

 

If
you want to have only part of the 2028 Secured Note purchased by the Company pursuant to Section 3.08 or Section 4.15 of the
Secured Indenture, state the amount you elect to have purchased:

 

$

 

Date:_____________

 

		Your Signature:	
	 	 	(Sign exactly as your name appears on the face of this 
Secured Note)

 

Signature Guarantee: ____________________

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	A-II-12	 

     

    

 

 

[ATTACHMENT
FOR GLOBAL SECURED NOTES]

 

SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURED NOTE

 

The following exchanges of a
part of this Global Secured Note for an interest in another Global Secured Note or for a Definitive Secured Note, or exchanges of a part
of another Global Secured Note or Definitive Secured Note for an interest in this Global Secured Note, have been made:

 

	DATE OF

 EXCHANGE	 	AMOUNT OF
 DECREASE IN
 PRINCIPAL 

AMOUNT OF
 THIS GLOBAL 

SECURED NOTE	 	AMOUNT OF 

INCREASE IN
 PRINCIPAL 

AMOUNT
 OF THIS GLOBAL

 SECURED NOTE	 	PRINCIPAL 

AMOUNT
 OF THIS GLOBAL 

SECURED NOTE
 FOLLOWING SUCH
 DECREASE (OR 

INCREASE)	 	SIGNATURE OF
 AUTHORIZED

 SIGNATORY
 OF TRUSTEE OR
 SECURED NOTE

 CUSTODIAN
	 	 	 	 	 	 	 	 	 

 

    	 	A-II-13	 

     

    

 

EXHIBIT B

 

FORM OF GUARANTEE

 

[Name
of Guarantor] and its successors and assigns under the Secured Indenture, jointly and severally with any other Guarantors, hereby
irrevocably and unconditionally guarantees (i) the due and punctual payment of the principal of, premium, if any, and interest on
the Secured Notes, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal
of and interest, if any, on the Secured Notes, to the extent lawful, and the due and punctual performance of all other obligations of
DISH DBS Corporation (the “Company”) to the Holders or the Trustee all in accordance with the terms set forth in Article 11
of the Secured Indenture, (ii) in case of any extension of time of payment or renewal of any Secured Notes or any of such other obligations,
that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise and (iii) has agreed to pay any and all costs and expenses (including reasonable attorneys’
fees) incurred by the Trustee or any Holder in enforcing any rights under this Guarantee. Capitalized terms used herein have the meanings
assigned to them in the Indenture unless otherwise indicated.

 

No stockholder, officer, director
or incorporator, as such, past, present or future, of [name of Guarantor] shall have any personal liability under this Guarantee by reason
of his or its status as such stockholder, officer, director or incorporator. This Guarantee shall be binding upon [name of Guarantor]
and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the
event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party
shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof.

 

This
Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Secured Note upon which this
Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual, facsimile or electronic signature
of one of its authorized officers.

 

THE TERMS OF ARTICLE 10
OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

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

 

	 	[NAME OF GUARANTOR]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	B-1	 

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF TRANSFER

 

DISH DBS Corporation

9601 South Meridian Boulevard

Englewood, Colorado 80112

 

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107

Telephone
No.: (651) 466-6299

Email: benjamin.krueger@usbank.com

 

Re:
5.25% Senior Secured Notes due 2026 and 5.75%
Senior Secured Notes due 2028

 

Reference
is hereby made to the Secured Indenture, dated as of November 26, 2021 (the “Secured Indenture”), among DISH DBS
Corporation, as issuer (the “Company”), the Guarantors named therein, U.S. Bank National Association, as trustee and as collateral
agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Secured Indenture.

 

________________
(the “Transferor”) owns and proposes to transfer the [2026 Secured Note[s]][2028 Secured Note[s]] or interest in such
[2026 Secured Note[s]][2028 Secured Note[s]] specified in Annex A hereto, in the principal amount of $____ in such [2026 Secured Note[s]][2028
Secured Note[s]]o 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 SECURED NOTE OR A DEFINITIVE SECURED NOTE PURSUANT
TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act
of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Secured Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing
the beneficial interest or Definitive Secured 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 Secured Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Global Secured Note and/or the Definitive Secured Note and in the Secured
Indenture and the Securities Act.

 

    	 	C-1	 

     

    

 

		2.	[  ]	CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S GLOBAL SECURED NOTE OR A DEFINITIVE SECURED 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 accordance with the terms of the Secured Indenture, the transferred beneficial interest or Definitive Secured Note will be
subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Secured Note and/or
the Definitive Secured Note and in the Secured Indenture and the Securities Act.

 

		3.	[  ]	CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE SECURED 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 Secured Notes and Restricted Definitive Secured 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)	[  ]	or such Transfer is being effected to the Company or a subsidiary thereof;

 

		or

 

    	 	C-2	 

     

    

 

		(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.

 

		4.	[  ]	CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURED NOTE OR OF AN UNRESTRICTED DEFINITIVE
SECURED 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 Secured Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Secured 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 Secured Indenture, the transferred beneficial interest or Definitive Secured Note will no longer
be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Secured Notes,
on Restricted Definitive Secured Notes and in the Secured 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 Secured Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Secured
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 Secured Indenture, the transferred beneficial interest or Definitive Secured
Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Secured Notes, on Restricted Definitive Secured Notes and in the Secured 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 Secured Indenture and any applicable blue sky securities laws of any State of the United States
and (ii) the restrictions on transfer contained in the Secured 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 Secured
Indenture, the transferred beneficial interest or Definitive Secured Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Secured Notes or Restricted Definitive Secured Notes and in the Secured
Indenture.

 

    	 	C-3	 

     

    

 

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

 

	 	 
	 	[Insert Name of Transferor]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Dated:_________________

 

    	 	C-4	 

     

    

 

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 Secured Note (CUSIP ___________), or
	 	 	 	 	 
	 	 	(ii)	[  ]	Regulation S Global Secured Note (CUSIP ___________), or
	 	 	 	 	 
	 	(b)	[  ]	a Restricted Definitive Secured Note.
	 	 	 	 	 
	2. 	After the Transfer the Transferee will hold:
	 	 	 	 	 
	[CHECK ONE]
	 	 	 	 	 
	 	(a)	[  ]	a beneficial interest in the:
	 	 	 	 	 
	 	 	(i)	[  ]	144A Global Secured Note (CUSIP ___________), or
	 	 	 	 	 
	 	 	(ii)	[  ]	Regulation S Global Secured Note (CUSIP ___________), or
	 	 	 	 	 
	 	 	(iii)	[  ]	Unrestricted Global Secured Note (CUSIP ___________), or
	 	 	 	 	 
	 	(b)	[  ]	a Restricted Definitive Secured Note; or
	 	 	 	 	 
	 	(c)	[  ]	an Unrestricted Definitive Secured Note, in accordance with the terms of the Secured Indenture.

 

    	 	C-5	 

     

    

 

EXHIBIT D

 

FORM OF CERTIFICATE OF EXCHANGE

 

DISH DBS Corporation

9601 South Meridian Boulevard

Englewood, Colorado 80112

 

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107

Telephone
No.: (651) 466-6299

Email: benjamin.krueger@usbank.com

 

Re:
5.25%  Senior Secured Notes due 2026 and 5.75% Senior Secured Notes due 2028

 

(CUSIP ___________)

 

Reference
is hereby made to the Secured Indenture, dated as of November 26, 2021 (the “Indenture”), among DISH DBS Corporation,
as issuer (the “Company”), the Guarantors named therein, U.S. Bank National Association, as trustee and as collateral agent.
Capitalized terms used but not defined herein shall have the meanings given to them in the Secured Indenture.

 

_______________
(the “Owner”) owns and proposes to exchange the [2026 Secured Note[s]][2028 Secured Note[s]] or interest in such [2026
Secured Note[s]][2028 Secured Note[s]] specified herein, in the principal amount of $________ in such [2026 Secured Note[s]][2028 Secured
Note[s]] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1.            EXCHANGE
OF RESTRICTED DEFINITIVE SECURED NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL SECURED NOTE FOR UNRESTRICTED DEFINITIVE SECURED
NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL SECURED NOTE.

 

(a)            [
  ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURED NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURED
NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Secured Note for a beneficial interest
in an Unrestricted Global Secured 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 Secured Notes and pursuant to and in accordance with the United States Securities Act of 1933, as
amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Secured 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 Secured Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United
States.

 

    	 	D-1	 

     

    

 

(b)            [
  ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURED NOTE TO UNRESTRICTED DEFINITIVE SECUREDNOTE. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Secured Note for an Unrestricted Definitive Secured
Note, the Owner hereby certifies (i) the Definitive Secured 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 Secured Notes
and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Secured Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive
Secured 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 SECURED NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURED NOTE. In connection
with the Owner’s Exchange of a Restricted Definitive Secured Note for a beneficial interest in an Unrestricted Global Secured 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 Secured Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Secured 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 SECURED NOTE TO UNRESTRICTED DEFINITIVE SECURED NOTE. In connection with the Owner’s
Exchange of a Restricted Definitive Secured Note for an Unrestricted Definitive Secured Note, the Owner hereby certifies (i) the
Unrestricted Definitive Secured 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 Secured Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Secured Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Secured 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 SECURED NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL SECURED NOTES FOR RESTRICTED DEFINITIVE SECURED NOTES
OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL SECURED NOTES.

 

(a)            [
  ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURED NOTE TO RESTRICTED DEFINITIVE SECURED NOTE. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Secured Note for a Restricted Definitive Secured Note
with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Secured 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 Secured Indenture, the Restricted
Definitive Secured Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Definitive Secured Note and in the Secured Indenture and the Securities Act.

 

    	 	D-2	 

     

    

 

(b)            [
  ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE SECURED NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURED NOTE. In connection
with the Exchange of the Owner’s Restricted Definitive Secured Note for a beneficial interest in the [CHECK ONE] _ 144A Global Secured
Note, _ Regulation S Global Secured 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 Secured 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 Secured 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 Secured Note and in the Secured 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:	 
	 	 	Name:	 
	 	 	Title:	 

 

Dated:_________________

 

    	 	D-3

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