Document:

Exhibit 4.1

 

 

 

OMEGA HEALTHCARE INVESTORS, INC.,

as Issuer,

 

the SUBSIDIARY GUARANTORS named herein,

as Subsidiary Guarantors,

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

 

INDENTURE

 

 

 

Dated as of March 11, 2014

 

 

 

4.950% Senior Notes due 2024

 

 

   

    	 

    	 

    

 

CROSS-REFERENCE TABLE

 

	Trust Indenture Act	 	Indenture
	Section	 	Section
	 	 	 	 
	310(a)(1)	 	7.10
	 	(a)(2)	 	7.10
	 	(a)(3)	 	N.A.
	 	(a)(4)	 	N.A.
	 	(a)(5)	 	7.08; 7.10
	 	(b)	 	7.08; 7.10; 12.02
	 	(c)	 	N.A.
	311(a)	 	7.11
	 	(b)	 	7.11
	 	(c)	 	N.A.
	312(a)	 	2.05
	 	(b)	 	11.03
	 	(c)	 	11.03
	313(a)	 	7.06
	 	(b)(1)	 	7.06
	 	(b)(2)	 	7.06
	 	(c)	 	7.06; 11.02
	 	(d)	 	7.06
	314(a)	 	4.05; 4.15; 11.02
	 	(b)	 	N.A.
	 	(c)(1)	 	7.02; 11.04; 11.05
	 	(c)(2)	 	7.02; 11.04; 11.05
	 	(c)(3)	 	N.A.
	 	(d)	 	N.A.
	 	(e)	 	11.05
	 	(f)	 	N.A.
	315(a)	 	7.01(b); 7.02(a)
	 	(b)	 	7.05; 11.02
	 	(c)	 	7.01
	 	(d)	 	6.05; 7.01(c)
	 	(e)	 	6.11
	316(a) (last sentence)	 	2.09
	 	(a)(1)(A)	 	6.05
	 	(a)(1)(B)	 	6.04
	 	(a)(2)	 	9.02
	 	(b)	 	6.07
	 	(c)	 	9.04
	317(a)(1)	 	6.08
	 	(a)(2)	 	6.09
	 	(b)	 	2.04
	318(a)	 	11.01
	 	(c)	 	11.01

  

 

N.A. means Not Applicable

 

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

 

    	 

    	 

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE ONE
	 	 	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	13
	SECTION 1.03.	Incorporation by Reference of Trust Indenture Act	14
	SECTION 1.04.	Rules of Construction	14
	 	 	 
	ARTICLE TWO
	 	 	 
	THE NOTES
	 	 	 
	SECTION 2.01.	Form and Dating	15
	SECTION 2.02.	Execution, Authentication and Denomination; Additional Notes; Exchange Notes	16
	SECTION 2.03.	Registrar and Paying Agent	17
	SECTION 2.04.	Paying Agent To Hold Assets in Trust	18
	SECTION 2.05.	Holder Lists	18
	SECTION 2.06.	Transfer and Exchange	18
	SECTION 2.07.	Replacement Notes	19
	SECTION 2.08.	Outstanding Notes	19
	SECTION 2.09.	Treasury Notes	20
	SECTION 2.10.	Temporary Notes	20
	SECTION 2.11.	Cancellation	20
	SECTION 2.12.	Defaulted Interest	20
	SECTION 2.13.	CUSIP and ISIN Numbers	21
	SECTION 2.14.	Deposit of Moneys	21
	SECTION 2.15.	Book-Entry Provisions for Global Notes	21
	SECTION 2.16.	Special Transfer and Exchange Provisions	22
	 	 	 
	ARTICLE THREE
	 	 	 
	REDEMPTION
	 	 	 
	SECTION 3.01.	Notices to Trustee	26
	SECTION 3.02.	Selection of Notes To Be Redeemed	26
	SECTION 3.03.	Notice of Redemption	26
	SECTION 3.04.	Effect of Notice of Redemption	27
	SECTION 3.05.	Deposit of Redemption Price	27
	SECTION 3.06.	Notes Redeemed in Part	28

 

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	ARTICLE FOUR
	 
	COVENANTS
	 	 	 
	SECTION 4.01.	Payment of Notes	28
	SECTION 4.02.	Maintenance of Office or Agency	28
	SECTION 4.03.	Corporate Existence	29
	SECTION 4.04.	Payment of Taxes	29
	SECTION 4.05.	Compliance Certificate; Notice of Default	29
	SECTION 4.06.	Waiver of Stay, Extension or Usury Laws	30
	SECTION 4.07.	[Reserved.]	30
	SECTION 4.08.	Limitation on Indebtedness	30
	SECTION 4.09.	[Reserved.]	31
	SECTION 4.10.	Maintenance of Total Unencumbered Assets	31
	SECTION 4.11.	[Reserved.]	31
	SECTION 4.12.	[Reserved.]	31
	SECTION 4.13.	[Reserved.]	31
	SECTION 4.14.	Limitation on Issuances of Guarantees by Subsidiaries	31
	SECTION 4.15.	Reports to Holders	31
	SECTION 4.16.	[Reserved.]	31
	 	 	 
	ARTICLE FIVE
	 	 	 
	SUCCESSOR CORPORATION
	 	 	 
	SECTION 5.01.	Consolidation, Merger and Sale of Assets	31
	 	 	 
	ARTICLE SIX
	 
	DEFAULT AND REMEDIES
	 	 	 
	SECTION 6.01.	Events of Default	33
	SECTION 6.02.	Acceleration	35
	SECTION 6.03.	Other Remedies	36
	SECTION 6.04.	Waiver of Past Defaults	36
	SECTION 6.05.	Control by Majority	36
	SECTION 6.06.	Limitation on Suits	36
	SECTION 6.07.	Rights of Holders To Receive Payment	37
	SECTION 6.08.	Collection Suit by Trustee	37
	SECTION 6.09.	Trustee May File Proofs of Claim	37
	SECTION 6.10.	Priorities	38
	SECTION 6.11.	Undertaking for Costs	38
	 	 	 
	ARTICLE SEVEN
	 
	TRUSTEE

 

    	-ii-

    	 

    

  

	SECTION 7.01.	Duties of Trustee	39
	SECTION 7.02.	Rights of Trustee	40
	SECTION 7.03.	Individual Rights of Trustee	41
	SECTION 7.04.	Trustee’s Disclaimer	41
	SECTION 7.05.	Notice of Default	41
	SECTION 7.06.	Reports by Trustee to Holders	42
	SECTION 7.07.	Compensation and Indemnity	42
	SECTION 7.08.	Replacement of Trustee	43
	SECTION 7.09.	Successor Trustee by Merger, Etc.	44
	SECTION 7.10.	Eligibility; Disqualification	44
	SECTION 7.11.	Preferential Collection of Claims Against the Issuer	44
	 	 	 
	ARTICLE EIGHT
	 
	DISCHARGE OF INDENTURE; DEFEASANCE
	 	 	 
	SECTION 8.01.	Termination of the Issuer’s Obligations	44
	SECTION 8.02.	Legal Defeasance and Covenant Defeasance	45
	SECTION 8.03.	Conditions to Legal Defeasance or Covenant Defeasance	47
	SECTION 8.04.	Application of Trust Money	48
	SECTION 8.05.	Repayment to the Issuer	48
	SECTION 8.06.	Reinstatement	48
	 	 	 
	ARTICLE NINE
	 
	AMENDMENTS, SUPPLEMENTS AND WAIVERS
	 	 	 
	SECTION 9.01.	Without Consent of Holders	49
	SECTION 9.02.	With Consent of Holders	49
	SECTION 9.03.	Compliance with the Trust Indenture Act	51
	SECTION 9.04.	Revocation and Effect of Consents	51
	SECTION 9.05.	Notation on or Exchange of Notes	51
	SECTION 9.06.	Trustee To Sign Amendments, Etc.	52
	 	 	 
	ARTICLE TEN
	 
	SUBSIDIARY GUARANTEE
	 	 	 
	SECTION 10.01.	Guarantee	52
	SECTION 10.02.	Limitation on Subsidiary Guarantor Liability	53
	SECTION 10.03.	Execution and Delivery of Subsidiary Guarantee	53
	SECTION 10.04.	Release of a Subsidiary Guarantor	54
	 	 	 
	ARTICLE ELEVEN
	 
	MISCELLANEOUS
	 	 	 
	SECTION 11.01.	Trust Indenture Act Controls	55

 

    	-iii-

    	 

    

 

	SECTION 11.02.	Notices	55
	SECTION 11.03.	Communications by Holders with Other Holders	56
	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	56
	SECTION 11.05.	Statements Required in Certificate or Opinion	56
	SECTION 11.06.	Rules by Paying Agent or Registrar	57
	SECTION 11.07.	Legal Holidays	57
	SECTION 11.08.	Governing Law	57
	SECTION 11.09.	No Adverse Interpretation of Other Agreements	57
	SECTION 11.10.	No Recourse Against Others	57
	SECTION 11.11.	Successors	58
	SECTION 11.12.	Duplicate Originals	58
	SECTION 11.13.	Severability	58
	 	 	 
	SIGNATURES	 	S-1

 

	Exhibit A	-	Form of Note
	Exhibit B	-	Form of Legends
	Exhibit C	-	Form of Certificate To Be Delivered in Connection with Transfers to Non-QIB Accredited Investors
	Exhibit D	-	Form of Certificate To Be Delivered in Connection with Transfers Pursuant to Regulation S
	Exhibit E	-	Form of Notation of Subsidiary Guarantee

 

Note:   This Table of Contents shall not, for
any purpose, be deemed to be part of this Indenture.

 

 

    	-iv-

    	 

    

  

INDENTURE dated as of March 11. 2014 among
Omega Healthcare Investors, Inc., a Maryland corporation (the “Issuer”), each of the Subsidiary Guarantors named
herein, as Subsidiary Guarantors, and U.S. Bank National Association, a national banking association organized and existing under
the laws of the United States of America, as Trustee (the “Trustee”).

 

The Issuer has duly authorized the creation
of an issue of 4.950% Senior Notes due 2024 and, to provide therefor, the Issuer and the Subsidiary Guarantors have duly authorized
the execution and delivery of this Indenture. All things necessary to make the Notes, when duly issued and executed by the Issuer
and authenticated and delivered hereunder, the valid and binding obligations of the Issuer and to make this Indenture a valid and
binding agreement of the Issuer and the Subsidiary Guarantors have been done.

 

THIS INDENTURE WITNESSETH

 

For and in consideration
of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and
proportionate benefit of all Holders, as follows:

 

ARTICLE
One

 

DEFINITIONS AND INCORPORATION
BY REFERENCE

 

SECTION 1.01.         Definitions.

 

Set forth below are certain defined terms
used in this Indenture.

 

“Acquired Indebtedness”
means Indebtedness of a Person existing at the time such Person becomes a Subsidiary or that is assumed in connection with an Asset
Acquisition from such Person by a Subsidiary and not incurred by such Person in connection with, or in anticipation of, such Person
becoming a Subsidiary or such Asset Acquisition; provided, however, that Indebtedness of such Person that is redeemed, defeased,
retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such Person becomes a
Subsidiary or such Asset Acquisition shall not be Acquired Indebtedness.

 

“Additional Interest” has
the meaning set forth in the Registration Rights Agreement.

 

“Adjusted Consolidated Net Income”
means, for any period, the aggregate net income (or loss) (before giving effect to cash dividends on preferred stock of the Issuer
or charges resulting from the redemption of preferred stock of the Issuer) of the Issuer and its Subsidiaries for such period determined
on a consolidated basis in conformity with GAAP; provided, however, that the following items shall be excluded in computing
Adjusted Consolidated Net Income, without duplication:

 

(1)          the
net income of any Person, other than the Issuer or a Subsidiary, except to the extent of the amount of dividends or other distributions
actually paid to the Issuer or any of its Subsidiaries by such Person during such period;

 

    	 

    	 

    

 

(2)          the
net income of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary
of such net income is not at the time permitted by the operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to such Subsidiary;

 

(3)          any
after-tax gains or losses attributable to asset sales; and

 

(4)          all
extraordinary gains and extraordinary losses.

 

“Adjusted Total Assets”
means, for any Person, the sum of:

 

(1)          Total
Assets for such Person as of the end of the fiscal quarter preceding the Transaction Date as set forth on the most recent quarterly
or annual consolidated balance sheet of the Issuer and its Subsidiaries, prepared in conformity with GAAP and filed with the SEC
or provided to the Trustee pursuant to Section 4.15; and

 

(2)          any
increase in Total Assets following the end of such quarter including, without limitation, any increase in Total Assets resulting
from the application of the proceeds of any additional Indebtedness.

 

 

“Affiliate” means, as applied
to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with,
such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as applied to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting securities, by contract or otherwise.

 

“Agent” means any Registrar
or Paying Agent.

 

“amend” means to amend,
supplement, restate, amend and restate or otherwise modify, including successively; and “amendment” shall have
a correlative meaning.

 

“Asset Acquisition” means:

 

(1)          an
investment by the Issuer or any of its Subsidiaries in any other Person pursuant to which such Person shall become a Subsidiary
or shall be merged into or consolidated with the Issuer or any of its Subsidiaries; provided, however, that such Person’s
primary business is related, ancillary, incidental or complementary to the businesses of the Issuer or any of its Subsidiaries
on the date of such investment; or

 

(2)          an
acquisition by the Issuer or any of its Subsidiaries from any other Person of assets that constitute substantially all of a division
or line of business, or one or more healthcare properties, of such Person; provided, however, that the assets and properties
acquired are related, ancillary, incidental or complementary to the businesses of the Issuer or any of its Subsidiaries on the
date of such acquisition.

 

    	-2-

    	 

    

 

“Asset Disposition” means
the sale or other disposition by the Issuer or any of its Subsidiaries, other than to the Issuer or another Subsidiary, of:

 

(1)          all
or substantially all of the Capital Stock of any Subsidiary; or

 

(2)          all
or substantially all of the assets that constitute a division or line of business, or one or more healthcare properties, of the
Issuer or any of its Subsidiaries.

 

“Bankruptcy Law” means
Title 11 of the United States Code, as amended, or any insolvency or other similar federal or state law for the relief of debtors.

 

“Board of Directors” means,
as to any Person, the board of directors (or similar governing body) of such Person or any duly authorized committee thereof.

 

“Board Resolution” means,
with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have
been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

 

“Business Day” means a
day other than a Saturday, Sunday or other day on which banking institutions in New York or Maryland are authorized or required
by law to close.

 

“Capital Stock” means,
with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting), including partnership interests, whether general or limited, in the equity of such Person, whether outstanding
on the Closing Date or issued thereafter, including, without limitation, all Common Stock and Preferred Stock.

 

“Capitalized Lease” means,
as applied to any Person, any lease of any property, whether real, personal or mixed, of which the discounted present value of
the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of
such Person.

 

“Capitalized Lease Obligations”
means the discounted present value of the rental obligations under a Capitalized Lease as reflected on the balance sheet of such
Person as determined in conformity with GAAP.

 

“Closing Date” means March
11, 2014.

 

“Common Stock” means, with
respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or
non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital Stock, including
partnership interests, whether general or limited, of such Person’s equity, whether outstanding on the Closing Date or issued
thereafter, including, without limitation, all series and classes of common stock.

 

    	-3-

    	 

    

 

“Consolidated EBITDA” means,
for any period, Adjusted Consolidated Net Income for such period plus amounts which have been deducted and minus
amounts which have been added for, without duplication:

 

(1)          Consolidated
Interest Expense;

 

(2)          provision
for taxes based on income;

 

(3)          impairment
losses and gains on sales or other dispositions of properties and other Investments;

 

(4)          real
estate related depreciation and amortization expense;

 

(5)          the
effect of any non-recurring, non-cash items;

 

(6)          amortization
of deferred charges;

 

(7)          gains
or losses on early extinguishment of Indebtedness; and

 

(8)          acquisition
expenses;

 

all as determined on a consolidated basis for the Issuer and
its Subsidiaries in conformity with GAAP; provided, however, that, if any Subsidiary is not a Wholly Owned Subsidiary, Consolidated
EBITDA shall be reduced (to the extent not already reduced in Adjusted Consolidated Net Income or otherwise reduced in accordance
with GAAP) by an amount equal to:

 

(x)           the
amount of the Adjusted Consolidated Net Income attributable to such Subsidiary multiplied by

 

(y)          the
percentage ownership interest in the income of such Subsidiary not owned on the last day of such period by the Issuer or any of
its Subsidiaries.

 

“Consolidated Interest Expense”
means, for any period, the aggregate amount of interest expense in respect of Indebtedness of the Issuer and the Subsidiaries during
such period, all as determined on a consolidated basis in conformity with GAAP including, without limitation (without duplication):

 

(1)          amortization
of debt issuance costs, debt discount or premium and other financing fees and expenses;

 

(2)          the
interest portion of any deferred payment obligations;

 

(3)          all
commissions, discounts and other fees and expenses owed with respect to letters of credit and bankers’ acceptance financing;

 

(4)          the
net costs associated with Interest Rate Agreements and Indebtedness that is Guaranteed or secured by assets of the Issuer or any
of its Subsidiaries; and

 

    	-4-

    	 

    

 

(5)          all
but the principal component of rentals in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to
be accrued by the Issuer and its Subsidiaries;

 

excluding, to the extent included in interest expense
above, the amount of such interest expense of any Subsidiary if the net income of such Subsidiary is excluded in the calculation
of Adjusted Consolidated Net Income pursuant to clause (2) of the definition thereof (but only in the same proportion as the
net income of such Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant to clause (2)
of the definition thereof), as determined on a consolidated basis in conformity with GAAP.

 

“Corporate Trust Office”
means the corporate trust office of the Trustee located at Two Midtown Plaza, 1349 W. Peachtree Street, NW, Suite 1050, EX-GA-ATPT,
Atlanta, Georgia 30309, Attention: Corporate Trust Department, or such other office, designated by the Trustee by written notice
to the Issuer, at which at any particular time its corporate trust business shall be administered.

 

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

 

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

 

“Depository” means The
Depository Trust Company, New York, New York, or a successor thereto registered under the Exchange Act or other applicable statute
or regulation.

 

“Disqualified Stock” means
any class or series of Capital Stock of any Person that by its terms or otherwise is:

 

(1)          required
to be redeemed prior to the Stated Maturity of the Notes,

 

(2)          redeemable
at the option of the holder of such class or series of Capital Stock, at any time prior to the Stated Maturity of the Notes, or

 

(3)          convertible
into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity
prior to the Stated Maturity of the Notes;

 

provided, however, that any Capital Stock that would
not constitute Disqualified Stock but for customary provisions thereof giving holders thereof the right to require such Person
to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control”
occurring prior to the Stated Maturity of the Notes shall not constitute Disqualified Stock.

 

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

 

“Exchange Notes” has the
meaning set forth in the Registration Rights Agreement.

 

    	-5-

    	 

    

 

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

 

“Existing Note Indentures”
means the indenture governing the Issuer’s 7.50% senior notes due 2020, the indenture governing the Issuer’s 6.75%
senior notes due 2022 and the indenture governing the Issuer’s 5.875% senior notes due 2024 (each an “Existing Note
Indenture”), as each such Existing Note Indenture may be supplemented from time to time.

 

“fair market value” means
the price that would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to
sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of Directors of the
Issuer, whose determination shall be conclusive if evidenced by a Board Resolution.

 

“GAAP” means generally
accepted accounting principles in the United States of America as in effect as of January 1, 2014, including, without limitation,
those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other
entity as approved by a significant segment of the accounting profession. Except as otherwise specifically provided in this Indenture,
all ratios and computations contained or referred to in this Indenture shall be computed in conformity with GAAP applied on a consistent
basis.

 

“Guarantee” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting
the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person:

 

(1)          to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services (unless
such purchase arrangements are on arm’s-length terms and are entered into in the ordinary course of business), to take-or-pay,
or to maintain financial statement conditions or otherwise); or

 

(2)          entered
into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part);

 

provided, however, that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used
as a verb has a corresponding meaning.

 

“Holder” means any registered
holder, from time to time, of the Notes.

 

“Incur” means, with respect
to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect to, or become responsible
for, the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence” of Acquired

 

    	-6-

    	 

    

 

Indebtedness; provided, however, that
neither the accrual of interest nor the accretion of original issue discount shall be considered an Incurrence of Indebtedness.

 

“Indebtedness” means, with
respect to any Person at any date of determination (without duplication):

 

(1)          all
indebtedness of such Person for borrowed money;

 

(2)          all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

 

(3)          the
face amount of letters of credit or other similar instruments, excluding obligations with respect to letters of credit (including
trade letters of credit) securing obligations (other than obligations described in (1) or (2) above or (4), (5) or
(6) below) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn
upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following receipt by such
Person of a demand for reimbursement;

 

(4)          all
unconditional obligations of such Person to pay amounts representing the balance deferred and unpaid of the purchase price of any
property (which purchase price is due more than six months after the date of placing such property in service or taking delivery
and title thereto), except any such balance that constitutes an accrued expense or Trade Payable;

 

(5)          all
Capitalized Lease Obligations;

 

(6)          all
Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such
Person; provided, however, that the amount of such Indebtedness shall be the lesser of (A) the fair market value of
such asset at that date of determination and (B) the amount of such Indebtedness;

 

and also includes, to the extent
not otherwise included, any non-contingent obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise
(other than for purposes of collection in the ordinary course of business), Indebtedness of the types referred to in items (1)
through (6) above of another Person (it being understood that Indebtedness shall be deemed to be Incurred by such Person whenever
such Person shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof). In addition,

 

(1)          the
amount outstanding at any time of any Indebtedness issued with original issue discount shall be deemed to be the face amount with
respect to such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at the
date of determination in conformity with GAAP, and

 

(2)          Indebtedness
shall not include any liability for federal, state, local or other taxes.

 

    	-7-

    	 

    

 

“Indenture” means this
Indenture, as amended or supplemented from time to time in accordance with the terms hereof.

 

“Initial Purchasers” means
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Agricole Securities (USA) Inc., Morgan
Stanley & Co. LLC, RBC Capital Markets, LLC, RBS Securities Inc., SunTrust Robinson Humphrey, Inc., BB&T Capital Markets,
a division of BB&T Securities, LLC, SMBC Nikko Securities America, Inc., Stifel, Nicolaus & Company, Incorporated and UBS
Securities LLC.

 

“Institutional Accredited Investor”
or “IAI” means an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7)
under the Securities Act.

 

“interest” means, with
respect to the Notes, interest and Additional Interest, if any, on the Notes.

 

“Interest Coverage Ratio”
means, on any Transaction Date, the ratio of:

 

(x)           the
aggregate amount of Consolidated EBITDA for the then most recent four fiscal quarters prior to such Transaction Date for which
reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.15 (“Four Quarter Period”)
to

 

(y)          the
aggregate Consolidated Interest Expense during such Four Quarter Period.

 

In making the foregoing calculation,

 

(1)          pro
forma effect shall be given to any Indebtedness Incurred or repaid (other than in connection with an Asset Acquisition or
Asset Disposition) during the period (“Reference Period”) commencing on the first day of the Four Quarter Period
and ending on the Transaction Date (other than Indebtedness Incurred or repaid under a revolving credit or similar arrangement),
in each case as if such Indebtedness had been Incurred or repaid on the first day of such Reference Period;

 

(2)          Consolidated
Interest Expense attributable to interest on any Indebtedness (whether existing or being Incurred) computed on a pro forma
basis and bearing a floating interest rate shall be computed as if the rate in effect on the Transaction Date (taking into account
any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months
or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period;

 

(3)           pro
forma effect shall be given to Asset Dispositions and Asset Acquisitions and Investments (including giving pro forma
effect to the application of proceeds of any Asset Disposition and any Indebtedness Incurred or repaid in connection with any such
Asset Acquisitions or Asset Dispositions) that occur during such Reference Period but subsequent to the end of the related Four
Quarter Period as if they had occurred and such proceeds had been applied on the first day of such Reference Period; and

 

    	-8-

    	 

    

 

(4)           pro
forma effect shall be given to asset dispositions and asset acquisitions (including giving pro forma effect
to (i) the application of proceeds of any asset disposition and any Indebtedness Incurred or repaid in connection with any
such asset acquisitions or asset dispositions and (ii) expense and cost reductions calculated on a basis consistent with Regulation S-X
under the Exchange Act) that have been made by any Person that has become a Subsidiary or has been merged with or into the Issuer
or any of its Subsidiaries during such Reference Period but subsequent to the end of the related Four Quarter Period and that would
have constituted asset dispositions or asset acquisitions during such Reference Period but subsequent to the end of the related
Four Quarter Period had such transactions occurred when such Person was a Subsidiary as if such asset dispositions or asset acquisitions
were Asset Dispositions or Asset Acquisitions and had occurred on the first day of such Reference Period;

 

provided, however, that to the extent that clause (3)
or (4) of this paragraph requires that pro forma effect be given to an Asset Acquisition or Asset Disposition
or asset acquisition or asset disposition, as the case may be, such pro forma calculation shall be based upon the
four full fiscal quarters immediately preceding the Transaction Date of the Person, or division or line of business, or one or
more healthcare properties, of the Person that is acquired or disposed of to the extent that such financial information is available.

 

“Interest Payment Date”
means the Stated Maturity of an installment of interest on the Notes.

 

“Interest Rate Agreement”
means any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract
or other similar agreement or arrangement with respect to interest rates.

 

“Investment” in any Person
means any direct or indirect advance, loan or other extension of credit (including, without limitation, by way of Guarantee or
similar arrangement, but excluding advances to customers in the ordinary course of business that are, in conformity with GAAP,
recorded as accounts receivable on the consolidated balance sheet of the Issuer and its Subsidiaries) or capital contribution to
(by means of any transfer of cash or other property (tangible or intangible) to others or any payment for property or services
solely for the account or use of others, or otherwise), or any purchase or acquisition of Capital Stock, bonds, notes, debentures
or other similar instruments issued by, such Person.

 

“Lien” means any mortgage,
pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other
title retention agreement or lease in the nature thereof or any agreement to give any security interest).

 

“Non-U.S. Person” has the
meaning assigned to such term in Regulation S.

 

“Notes” means, collectively,
the Issuer’s 4.950% Senior Notes due 2024 issued in accordance with Section 2.02 (whether issued on the Closing Date,
issued as Additional Notes, issued as Exchange Notes or Private Exchange Notes, or otherwise issued after the Closing Date)

 

    	-9-

    	 

    

 

treated as a single class of securities under
this Indenture, as amended or supplemented from time to time in accordance with the terms of this Indenture.

 

“Officer” means any of
the following of the Issuer or a Subsidiary Guarantor, as applicable: the Chairman of the Board of Directors, the Chief Executive
Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer or the Secretary.

 

“Officers’ Certificate”
means a certificate signed by two Officers.

 

“Opinion of Counsel” means
a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of, or counsel
to, the Issuer, a Subsidiary Guarantor or the Trustee.

 

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

 

“Preferred Stock” means,
with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting) that have a preference on liquidation or with respect to distributions over any other class of Capital Stock, including
preferred partnership interests, whether general or limited, or such Person’s preferred or preference stock, whether outstanding
on the Closing Date or issued thereafter, including, without limitation, all series and classes of such preferred or preference
stock.

 

“principal” means, with
respect to the Notes, the principal of and premium, if any, on the Notes.

 

“Private Exchange” has
the meaning given to it in the Registration Rights Agreement.

 

“Private Exchange Notes”
has the meaning given to it in the Registration Rights Agreement.

 

“Private Placement Legend”
means the legends initially set forth on the Notes in the form set forth in Exhibit B.

 

“QIB” shall have the meaning
specified in Rule 144A under the Securities Act.

 

“Record Date” means the
applicable Record Date specified in the Notes; provided, however, that if any such date is not a Business Day, the
Record Date shall be the first day immediately succeeding such specified day that is a Business Day.

 

“redeem” means to redeem,
repurchase, purchase, defease, retire, discharge or otherwise acquire or retire for value; and “redemption”
shall have a correlative meaning; provided, however, that this definition shall not apply for purposes of Section 5
of the Notes or Article Three.

 

    	-10-

    	 

    

 

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

 

“Redemption Price,” when
used with respect to any Note to be redeemed, means the price fixed for such redemption, payable in immediately available funds,
pursuant to this Indenture and the Notes.

 

“Registration Rights Agreement”
means the Registration Rights Agreement dated as of March 11, 2014 among the Issuer, the Subsidiary Guarantors and the Representative,
as amended, supplemented or modified from time to time, and any similar agreement entered into in connection with the issuance
of any Additional Notes.

 

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

 

“Representative” means
J.P. Morgan Securities LLC, as representative on behalf of itself and the other Initial Purchasers.

 

“Responsible Officer” means,
when used with respect to the Trustee, any officer in the Corporate Trust Office of the Trustee to whom any corporate trust matter
is referred because of such officer’s knowledge of and familiarity with the particular subject and shall also mean any officer
who shall have direct responsibility for the administration of this Indenture.

 

“Restricted Security” means
a Note that constitutes a “Restricted Security” within the meaning of Rule 144(a)(3) under the Securities Act;
provided, however, that the Trustee shall be entitled to request and conclusively rely on an Opinion of Counsel with respect
to whether any Note constitutes a Restricted Security.

 

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

 

“SEC” means the U.S. Securities
and Exchange Commission.

 

“Secured Indebtedness”
means any Indebtedness secured by a Lien upon the property of the Issuer or any of its Subsidiaries.

 

“Securities Act” means
the U.S. Securities Act of 1933, as amended, or any successor statute or statutes thereto.

 

“Significant Subsidiary,”
with respect to any Person, means any subsidiary of such Person that satisfies the criteria for a “significant subsidiary”
set forth in Rule 1.02(w) of Regulation S-X under the Exchange Act.

 

“Stated Maturity” means:

 

(1)          with
respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal
of such debt security is due and payable; and

 

    	-11-

    	 

    

 

(2)          with
respect to any scheduled installment of principal of or interest on any debt security, the date specified in such debt security
as the fixed date on which such installment is due and payable.

 

“Subsidiary” means, with
respect to any Person, any corporation, association or other business entity of which more than 50% of the voting power of the
outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person and
the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance with
GAAP, if such statements were prepared as of such date.

 

“Subsidiary Debt” means
all unsecured Indebtedness of which a Subsidiary is the primary obligor.

 

“Subsidiary Guarantee”
means a Guarantee by each Subsidiary Guarantor for payment of the Notes by such Subsidiary Guarantor. The Subsidiary Guarantee
will be an unsecured senior obligation of each Subsidiary Guarantor and will be unconditional regardless of the enforceability
of the Notes and this Indenture. Notwithstanding the foregoing, each Subsidiary Guarantee by a Subsidiary Guarantor shall provide
by its terms that it shall be automatically and unconditionally released and discharged upon any sale, exchange or transfer, to
any Person not an Affiliate of the Issuer, of all of the Capital Stock owned by the Issuer and its Subsidiaries in, or all or substantially
all the assets of, such Subsidiary (which sale, exchange or transfer is not then prohibited by this Indenture).

 

“Subsidiary Guarantors”
means (i) each Subsidiary that is a guarantor of Indebtedness under the Existing Note Indentures on the Closing Date and (ii) each
other Person that is required to become a Subsidiary Guarantor by the terms of this Indenture after the Closing Date, in each case,
until such Person is released from its Subsidiary Guarantee.

 

“Total Assets” means the
sum (without duplication) of:

 

(1)          Undepreciated
Real Estate Assets; and

 

(2)          all
other assets (excluding intangibles and accounts receivable) of the Issuer and its Subsidiaries on a consolidated basis determined
in conformity with GAAP.

 

“Total Unencumbered Assets”
as of any date means the sum of:

 

(1)          those
Undepreciated Real Estate Assets not securing any portion of Secured Indebtedness; and

 

(2)          all
other assets (but excluding intangibles and accounts receivable) of the Issuer and its Subsidiaries not securing any portion of
Secured Indebtedness determined on a consolidated basis in conformity with GAAP;

 

provided, however, that all
investments in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and
other unconsolidated entities shall

 

    	-12-

    	 

    

 

be excluded from Total Unencumbered Assets
to the extent that such investments would have otherwise been included.

 

“Trade Payables” means,
with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade creditors created, assumed
or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with the acquisition
of goods or services.

 

“Transaction Date” means,
with respect to the Incurrence of any Indebtedness by the Issuer or any of its Subsidiaries, the date such Indebtedness is to be
Incurred.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended.

 

“Trustee” means the party
named as such in this Indenture until a successor replaces it in accordance with the provisions of this Indenture and thereafter
means such successor.

 

“Undepreciated Real Estate Assets”
means, as of any date, the cost (being the original cost to the Issuer or any of its Subsidiaries plus capital improvements) of
real estate assets of the Issuer and its Subsidiaries on such date, before depreciation and amortization of such real estate assets,
determined on a consolidated basis in conformity with GAAP.

 

“Unsecured Indebtedness”
means any Indebtedness of the Issuer or any of its Subsidiaries that is not Secured Indebtedness.

 

“U.S. Government Obligations”
means direct obligations of, obligations guaranteed by, or participations in pools consisting solely of obligations of or obligations
guaranteed by, the United States of America for the payment of which obligations or guarantee the full faith and credit of the
United States of America is pledged and that are not callable or redeemable at the option of the issuer thereof.

 

“U.S. Legal Tender” means
such coin or currency of the United States of America that at the time of payment shall be legal tender for the payment of public
and private debts.

 

“Voting Stock” means with
respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers
or other voting members of the governing body of such Person.

 

“Wholly Owned” means, with
respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock of such Subsidiary (other than any
director’s qualifying shares or Investments by individuals mandated by applicable law) by such Person or one or more Wholly
Owned Subsidiaries of such Person.

 

SECTION 1.02.         Other
Definitions.

 

	Term	 	Defined in Section
	“144A Global Note”	 	2.01
	“Additional Notes”	 	2.02
	“Authentication Order”	 	2.02

 

    	-13-

    	 

    

 

	Term	 	Defined
    in Section
	“Covenant Defeasance”	 	8.02
	“Event of Default”	 	6.01
	“Four Quarter Period”	 	1.01
	“Global Note”	 	2.01
	“IAI Global Note”	 	2.01
	“Initial Global Notes”	 	2.01
	“Initial Notes”	 	2.02
	“Issuer”	 	Preamble
	“Legal Defeasance”	 	8.02
	“Participants”	 	2.15
	“Paying Agent”	 	2.03
	“Payment Date”	 	1.01
	“Physical Notes”	 	2.01
	“Primary Treasury Dealer”	 	1.01
	“Reference Period”	 	1.01
	“Registrar”	 	2.03
	“Regulation S Global Note	 	2.01

 

SECTION 1.03.         Incorporation
by Reference of Trust Indenture Act.

 

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

 

“indenture securities”
means the Notes.

 

“indenture security holder”
means a Holder.

 

“indenture to be qualified”
means this Indenture.

 

“indenture trustee” or
“institutional trustee” means the Trustee.

 

“obligor” on the indenture
securities means the Issuer, any Subsidiary Guarantor or any other obligor on the Notes.

 

All other Trust Indenture Act terms used in
this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined
by SEC rule and not otherwise defined herein have the meanings assigned to them therein.

 

SECTION 1.04.         Rules
of Construction.

 

Unless the context otherwise requires:

 

(1)          a
term has the meaning assigned to it;

 

    	-14-

    	 

    

 

(2)          an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)          “or”
is not exclusive;

 

(4)          words
in the singular include the plural, and words in the plural include the singular;

 

(5)          provisions
apply to successive events and transactions;

  

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

 

(7)          the
words “including,” “includes” and similar words shall be deemed to be followed by “without limitation.”

 

ARTICLE
Two

THE NOTES

 

SECTION 2.01.         Form
and Dating.

 

The Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. The Issuer shall approve the form of the Notes and any notation,
legend or endorsement on them. Each Note shall be dated the date of its issuance and show the date of its authentication. Each
Note shall have an executed Subsidiary Guarantee from each of the Subsidiary Guarantors existing on the Closing Date endorsed thereon
substantially in the form of Exhibit E.

 

The terms and provisions contained in the
Notes and the Subsidiary Guarantees shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent
applicable, the Issuer, the Subsidiary Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly
agree to such terms and provisions and to be bound thereby.

 

Notes offered and sold in reliance on Rule 144A
shall be issued initially in the form of a single permanent global Note in registered form, substantially in the form set forth
in Exhibit A (the “144A Global Note”), deposited with the Trustee, as custodian for the Depository,
duly executed by the Issuer (and having an executed Subsidiary Guarantee from each of the Subsidiary Guarantors endorsed thereon)
and authenticated by the Trustee as hereinafter provided and shall bear the legends set forth in Exhibit B.

 

Notes offered and sold in offshore transactions
in reliance on Regulation S shall be issued initially in the form of a single permanent global Note in registered form, substantially
in the form of Exhibit A (the “Regulation S Global Note”), deposited with the Trustee, as custodian
for the Depository, duly executed by the Issuer (and having an executed Subsidiary Guarantee from each of the Subsidiary Guarantors
endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear the legends set forth in Exhibit B.

 

    	-15-

    	 

    

 

The initial offer and resale of the Notes
shall not be to an Institutional Accredited Investor. The Notes resold to Institutional Accredited Investors in connection with
the first transfer made pursuant to Section 2.16(a) shall be issued initially in the form of a single permanent Global Note
in registered form, substantially in the form set forth in Exhibit A (the “IAI Global Note,” and,
together with the 144A Global Note and the Regulation S Global Note, the “Initial Global Notes”), deposited
with the Trustee, as custodian for the Depository, duly executed by the Issuer (and having an executed Subsidiary Guarantee from
each of the Subsidiary Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear the
legend set forth in Exhibit B.

 

Notes issued after the Closing Date shall
be issued initially in the form of one or more global Notes in registered form, substantially in the form set forth in Exhibit A,
deposited with the Trustee, as custodian for the Depository, duly executed by the Issuer (and having an executed Subsidiary Guarantee
from each of the Subsidiary Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and shall bear
any legends required by applicable law (together with the Initial Global Notes, the “Global Notes”) or as Physical
Notes.

 

The aggregate principal amount of the Global
Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depository,
as hereinafter provided. Notes issued in exchange for interests in a Global Note pursuant to Section 2.16 may be issued in
the form of permanent certificated Notes in registered form in substantially the form set forth in Exhibit A and bearing
the applicable legends, if any, (the “Physical Notes”).

 

SECTION 2.02.         Execution,
Authentication and Denomination; Additional Notes; Exchange Notes

 

One Officer of the Issuer (who shall have
been duly authorized by all requisite corporate actions) shall sign the Notes for such Issuer by manual or facsimile signature.
One Officer of a Subsidiary Guarantor (who shall have been duly authorized by all requisite corporate actions) shall sign the Subsidiary
Guarantee for such Subsidiary Guarantor by manual or facsimile signature.

 

If an Officer whose signature is on a Note
or Subsidiary Guarantee, as the case may be, was an Officer at the time of such execution but no longer holds that office at the
time the Trustee authenticates the Note, the Note shall nevertheless be valid.

 

A Note (and the Subsidiary Guarantees in respect
thereof) shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the
Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.

 

The Trustee shall authenticate (i) on
the Closing Date, Notes for original issue in the aggregate principal amount not to exceed $400,000,000 (the “Initial
Notes”), (ii) additional Notes (the “Additional Notes”) in an unlimited amount (so long as not
otherwise prohibited by the terms of this Indenture, including Section 4.08) and (iii) Exchange Notes or Private Exchange
Notes (x) in exchange for a like principal amount of Initial Notes or (y) in exchange for a like

 

    	-16-

    	 

    

 

principal amount of Additional Notes in each
case upon a written order of the Issuer in the form of a certificate of an Officer of the Issuer (an “Authentication Order”).
Each such Authentication Order shall specify the amount of Notes to be authenticated and the date on which the Notes are to be
authenticated, whether the Notes are to be Initial Notes, Exchange Notes, Private Exchange Notes or Additional Notes and whether
the Notes are to be issued as certificated Notes or Global Notes or such other information as the Trustee may reasonably request.
In addition, with respect to authentication pursuant to clause (ii) or (iii) of the first sentence of this paragraph, the first
such Authentication Order from the Issuer shall be accompanied by an Opinion of Counsel of the Issuer in a form reasonably satisfactory
to the Trustee.

 

All Notes issued under this Indenture shall
be treated as a single class for all purposes under this Indenture. The Additional Notes and the Private Exchange Notes shall bear
any legend required by applicable law.

 

The Trustee may appoint an authenticating
agent reasonably acceptable to the Issuer to authenticate Notes. Unless otherwise provided in the appointment, an authenticating
agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Issuer and Affiliates
of the Issuer. The Trustee shall have the right to decline to authenticate and deliver any Notes under this Indenture if the Trustee,
being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine
that such action would expose the Trustee to personal liability.

 

The Notes shall be issuable only in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

SECTION 2.03.         Registrar
and Paying Agent.

 

The Issuer shall maintain or cause to be maintained
an office or agency in the Borough of Manhattan, The City of New York, where (a) Notes may be presented or surrendered for
registration of transfer or for exchange (“Registrar”), (b) Notes may, subject to Section 2 of the
Notes, be presented or surrendered for payment (“Paying Agent”) and (c) notices and demands to or upon
the Issuer in respect of the Notes and this Indenture may be served. The Issuer may also from time to time designate one or more
other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer
of its obligation to maintain or cause to be maintained an office or agency in the Borough of Manhattan, The City of New York,
for such purposes. The Issuer may act as Registrar or Paying Agent, except that for the purposes of Articles Three and Eight, neither
the Issuer nor any Affiliate of the Issuer shall act as Paying Agent. The Registrar shall keep a register of the Notes and of their
transfer and exchange. The Issuer, upon notice to the Trustee, may have one or more co-registrars and one or more additional paying
agents reasonably acceptable to the Trustee. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Issuer initially appoints the Trustee as Registrar and Paying Agent until
such time as the Trustee has resigned or a successor has been appointed.

 

    	-17-

    	 

    

 

The Issuer shall enter into an appropriate
agency agreement with any Agent not a party to this Indenture, which agreement shall implement the provisions of this Indenture
that relate to such Agent. The Issuer shall notify the Trustee, in advance, of the name and address of any such Agent. If the Issuer
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such.

 

SECTION 2.04.         Paying
Agent To Hold Assets in Trust.

 

The Issuer shall require each Paying Agent
other than the Trustee or the Issuer or any Subsidiary to agree in writing that each Paying Agent shall hold in trust for the benefit
of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether
such assets have been distributed to it by the Issuer or any other obligor on the Notes), and shall notify the Trustee of any Default
by the Issuer (or any other obligor on the Notes) in making any such payment. The Issuer at any time may require a Paying Agent
to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during
the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets
held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall
have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets.

 

SECTION 2.05.         Holder
Lists.

 

The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is
not the Registrar, the Issuer shall furnish to the Trustee at least two (2) Business Days prior to each Interest Payment Date and
at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably
require, of the names and addresses of Holders, which list may be conclusively relied upon by the Trustee.

 

SECTION 2.06.         Transfer
and Exchange.

 

Subject to Sections 2.15 and 2.16, when
Notes are presented to the Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal
principal amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange as
requested if its requirements for such transaction are met; provided, however, that the Notes surrendered for transfer or
exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar,
duly executed by the Holder thereof or his or her attorney duly authorized in writing. To permit registrations of transfers and
exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s request. No service charge
shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith.

 

Without the prior written consent of the Issuer,
the Registrar shall not be required to register the transfer of or exchange of any Note (i) during a period beginning at the
opening of business 15 days before the mailing of a notice of redemption of Notes and ending at the close of

 

    	-18-

    	 

    

 

business on the day of such mailing, (ii) selected
for redemption in whole or in part pursuant to Article Three, except the unredeemed portion of any Note being redeemed in part,
and (iii) beginning at the opening of business on any Record Date and ending on the close of business on the related Interest
Payment Date.

 

Any Holder of a beneficial interest in a Global
Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Notes may be
effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) in accordance with the applicable
legends thereon, and that ownership of a beneficial interest in the Note shall be required to be reflected in a book-entry system.

 

SECTION 2.07.         Replacement
Notes.

 

If a mutilated Note is surrendered to the
Trustee or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and
the Trustee shall authenticate a replacement Note if the Trustee’s requirements are met. Such Holder must provide an indemnity
bond or other indemnity, sufficient in the judgment of both the Issuer and the Trustee, to protect the Issuer, the Trustee or any
Agent from any loss which any of them may suffer if a Note is replaced. The Issuer may charge such Holder for its reasonable out-of-pocket
expenses in replacing a Note pursuant to this Section 2.07, including reasonable fees and expenses of counsel and of the Trustee.

 

Every replacement Note is an additional obligation
of the Issuer and every replacement Subsidiary Guarantee shall constitute an additional obligation of the Subsidiary Guarantor
thereof.

 

The provisions of this Section 2.07 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of
lost, destroyed or wrongfully taken Notes.

 

SECTION 2.08.         Outstanding
Notes.

 

Notes outstanding at any time are all the
Notes that have been authenticated by the Trustee except those cancelled by it, those delivered to it for cancellation and those
described in this Section 2.08 as not outstanding. A Note does not cease to be outstanding because the Issuer, the Subsidiary
Guarantors or any of their respective Affiliates hold the Note (subject to the provisions of Section 2.09).

 

If a Note is replaced pursuant to Section 2.07
(other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless a Responsible Officer of the Trustee
receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be
outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07.

 

If the principal amount of any Note is considered
paid under Section 4.01, it ceases to be outstanding and interest ceases to accrue. If on a Redemption Date or the Stated
Maturity the Trustee or Paying Agent (other than the Issuer or an Affiliate thereof) holds U.S. Legal Tender or U.S. Government
Obligations sufficient to pay all of the principal and interest due on

 

    	-19-

    	 

    

 

 

 

the Notes payable on that date, then on and
after that date such Notes cease to be outstanding and interest on them ceases to accrue.

 

SECTION 2.09.         Treasury
Notes.

 

In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or any of its
Affiliates shall be disregarded, except that, for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent, only Notes that the Trustee has been informed in writing are so owned shall be disregarded.

 

SECTION 2.10.         Temporary
Notes.

 

Until definitive Notes are ready for delivery,
the Issuer may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of
definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay,
the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange,
temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes. Notwithstanding the foregoing,
so long as the Notes are represented by a Global Note, such Global Note may be in typewritten form.

 

SECTION 2.11.         Cancellation.

 

The Issuer at any time may deliver Notes to
the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for
transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent (other than the
Issuer or a Subsidiary), and no one else, shall cancel and, at the written direction of the Issuer, shall dispose of all Notes
surrendered for transfer, exchange, payment or cancellation in accordance with its customary procedures. Subject to Section 2.07,
the Issuer may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. If the Issuer
or any Subsidiary Guarantor shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction
of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant
to this Section 2.11.

 

SECTION 2.12.         Defaulted
Interest.

 

If the Issuer defaults in a payment of interest
on the Notes, it shall pay the defaulted interest, plus (to the extent lawful) any interest payable on the defaulted interest,
in any lawful manner. The Issuer may pay the defaulted interest to the persons who are Holders on a subsequent special record date,
which date shall be the fifteenth day next preceding the date fixed by the Issuer for the payment of defaulted interest or the
next succeeding Business Day if such date is not a Business Day. At least 15 days before any such subsequent special record date,
the Issuer shall mail to each Holder, with a copy to the Trustee, a notice that states the subsequent special record date, the
payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid.

 

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SECTION 2.13.         CUSIP
and ISIN Numbers.

 

The Issuer in issuing the Notes may use “CUSIP”
or “ISIN” numbers, and if so, the Trustee shall use the “CUSIP” or “ISIN” numbers in notices
of redemption or exchange as a convenience to Holders; provided, however, that any such notice may state that no representation
is made as to the correctness or accuracy of the “CUSIP” or “ISIN” numbers printed in the notice or on
the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuer will promptly
notify the Trustee of any change in the “CUSIP” or “ISIN” numbers.

 

SECTION 2.14.         Deposit
of Moneys.

 

Subject to Section 2 of the Notes, prior
to 10:00 a.m. New York City time on each Interest Payment Date, Stated Maturity, Redemption Date and Payment Date, the Issuer shall
have deposited with the Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such
Interest Payment Date, Stated Maturity, Redemption Date and Payment Date, as the case may be, in a timely manner which permits
the Paying Agent to remit payment to the Holders on such Interest Payment Date, Stated Maturity, Redemption Date and Payment Date,
as the case may be.

 

SECTION 2.15.         Book-Entry
Provisions for Global Notes.

 

(a)          The
Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, (ii) be delivered
to the Trustee as custodian for such Depository and (iii) bear legends as set forth in Exhibit B, as applicable.

 

Members of, or participants in, the Depository
(“Participants”) shall have no rights under this Indenture with respect to any Global Note held on their behalf
by the Depository, or the Trustee as its custodian, or under the Global Note, and the Depository may be treated by the Issuer,
the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the Global Note for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect
to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and
Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note.

 

(b)          Transfers
of Global Notes shall be limited to transfers in whole, but not in part, to the Depository, its successors or their respective
nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Physical Notes in accordance with
the rules and procedures of the Depository and the provisions of Section 2.16. In addition, Physical Notes shall be transferred
to all beneficial owners in exchange for their beneficial interests in Global Notes if (i) the Depository notifies the Issuer
that it is unwilling or unable to act as Depository for any Global Note, the Issuer so notifies the Trustee in writing and a successor
Depository is not appointed by the Issuer within 90 days of such notice or (ii) a Default or Event of Default has occurred
and is continuing and the Registrar has received a written request from any owner of a beneficial interest in a Global Note to
issue Physical Notes. Upon any issuance of a Physical Note in accordance with this Section 2.15(b) the Trustee is required
to register such

 

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Physical Note in the name of, and cause the
same to be delivered to, such person or persons (or the nominee of any thereof). All such Physical Notes shall bear the applicable
legends, if any.

 

(c)          In
connection with any transfer or exchange of a portion of the beneficial interest in a Global Note to beneficial owners pursuant
to paragraph (b) of this Section 2.15, the Registrar shall (if one or more Physical Notes are to be issued) reflect on
its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount
of the beneficial interest in the Global Note to be transferred, and the Issuer shall execute, and the Trustee shall authenticate
and deliver, one or more Physical Notes of authorized denominations in an aggregate principal amount equal to the principal amount
of the beneficial interest in the Global Note so transferred.

 

(d)          In
connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to paragraph (b) of this Section 2.15,
such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and (i) the Issuer shall execute, (ii) the
Subsidiary Guarantors shall execute notations of Subsidiary Guarantees on and (iii) the Trustee shall upon written instructions
from the Issuer authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial
interest in such Global Note, an equal aggregate principal amount of Physical Notes of authorized denominations.

 

(e)          Any
Physical Note constituting a Restricted Security delivered in exchange for an interest in a Global Note pursuant to paragraph (b)
or (c) of this Section 2.15 shall, except as otherwise provided by Section 2.16, bear the Private Placement Legend.

 

(f)          The
Holder of any Global Note may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold
interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes.

 

SECTION 2.16.         Special
Transfer and Exchange Provisions.

 

(a)          Transfers
to Non-QIB Institutional Accredited Investors. The following provisions shall apply with respect to the registration of any
proposed transfer of a Restricted Security to any Institutional Accredited Investor which is not a QIB:

 

(i)           the
Registrar shall register the transfer of any Restricted Security, whether or not such Note bears the Private Placement Legend,
if (x) the requested transfer is after the second anniversary of the Closing Date; provided, however, that neither the Issuer
nor any Affiliate of the Issuer has held any beneficial interest in such Note, or portion thereof, at any time on or prior to the
second anniversary of the Closing Date or (y) the proposed transferee has delivered to the Registrar a certificate substantially
in the form of Exhibit C hereto and any legal opinions and certifications as may be reasonably requested by the Trustee
and the Issuer;

 

(ii)          if
the proposed transferee is a Participant and the Notes to be transferred consist of Physical Notes which after transfer are to
be evidenced by an interest in the IAI Global Note, upon receipt by the Registrar of the Physical Note and (x) written instructions
given in accordance with the Depository’s and the Registrar’s procedures and (y) the certificate, if required,
referred to in clause (y) of paragraph (i) above (and any

 

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legal opinion or other certifications),
the Registrar shall register the transfer and reflect on its books and records the date and an increase in the principal amount
of the IAI Global Note in an amount equal to the principal amount of Physical Notes to be transferred, and the Registrar shall
cancel the Physical Notes so transferred; and

 

(iii)         if
the proposed transferor is a Participant seeking to transfer an interest in a Global Note, upon receipt by the Registrar of (x) written
instructions given in accordance with the Depository’s and the Registrar’s procedures and (y) the certificate,
if required, referred to in clause (y) of paragraph (i) above, the Registrar shall register the transfer and reflect
on its books and records the date and (A) a decrease in the principal amount of the Global Note from which such interests are to
be transferred in an amount equal to the principal amount of the Notes to be transferred and (B) an increase in the principal amount
of the IAI Global Note in an amount equal to the principal amount of the Notes to be transferred.

 

(b)          Transfers
to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of a Restricted Security
to a QIB:

 

(i)           the
Registrar shall register the transfer of any Restricted Security, whether or not such Note bears the Private Placement Legend,
if (x) the requested transfer is after the second anniversary of the Closing Date; provided, however, that neither
the Issuer nor any Affiliate of the Issuer has held any beneficial interest in such Note, or portion thereof, at any time on or
prior to the second anniversary of the Closing Date or (y) such transfer is being made by a proposed transferor who has checked
the box provided for on the applicable Global Note stating, or has otherwise advised the Issuer and the Registrar in writing, that
the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification provided
for on the applicable Global Note stating, or has otherwise advised the Issuer and the Registrar in writing, that it is purchasing
the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such
account is a QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Issuer as it has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations
in order to claim the exemption from registration provided by Rule 144A;

 

(ii)          if
the proposed transferee is a Participant and the Notes to be transferred consist of Physical Notes which after transfer are to
be evidenced by an interest in the 144A Global Note, upon receipt by the Registrar of the Physical Note and written instructions
given in accordance with the Depository’s and the Registrar’s procedures, the Registrar shall register the transfer
and reflect on its book and records the date and an increase in the principal amount of the 144A Global Note in an amount equal
to the principal amount of Physical Notes to be transferred, and the Registrar shall cancel the Physical Notes so transferred;
and

 

(iii)         if
the proposed transferor is a Participant seeking to transfer an interest in the IAI Global Note or the Regulation S Global
Note, upon receipt by the Registrar of

 

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written instructions given in accordance
with the Depository’s and the Registrar’s procedures, the Registrar shall register the transfer and reflect on its
books and records the date and (A) a decrease in the principal amount of the IAI Global Note or the Regulation S Global Note,
as the case may be, in an amount equal to the principal amount of the Notes to be transferred and (B) an increase in the principal
amount of the 144A Global Note in an amount equal to the principal amount of the Notes to be transferred.

 

(c)          Transfers
to Non-U.S. Persons. The following provisions shall apply with respect to any transfer of a Restricted Security to a Non-U.S.
Person under Regulation S:

 

(i)           the
Registrar shall register any proposed transfer of a Restricted Security to a Non-U.S. Person upon receipt of a certificate substantially
in the form of Exhibit D from the proposed transferor and such certifications, legal opinions and other information
as the Trustee or the Issuer may reasonably request; and

 

(ii)          (a)
if the proposed transferor is a Participant holding a beneficial interest in the Rule 144A Global Note or the IAI Global Note
or the Note to be transferred consists of Physical Notes, upon receipt by the Registrar of (x) the documents required by paragraph (i)
and (y) instructions in accordance with the Depository’s and the Registrar’s procedures, the Registrar shall reflect
on its books and records the date and a decrease in the principal amount of the Rule 144A Global Note or the IAI Global Note,
as the case may be, in an amount equal to the principal amount of the beneficial interest in the Rule 144A Global Note or
the IAI Global Note, as the case may be, to be transferred or cancel the Physical Notes to be transferred, and (b) if the
proposed transferee is a Participant, upon receipt by the Registrar of instructions given in accordance with the Depository’s
and the Registrar’s procedures, the Registrar shall reflect on its books and records the date and an increase in the principal
amount of the Regulation S Global Note in an amount equal to the principal amount of the Rule 144A Global Note, the IAI
Global Note or the Physical Notes, as the case may be, to be transferred.

 

(d)          Exchange
Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Issuer shall issue
and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Global
Notes and/or Physical Notes not bearing the Private Placement Legend in an aggregate principal amount equal to the principal amount
of the beneficial interests in the Initial Global Notes or Physical Notes, as the case may be, tendered for acceptance in accordance
with the Exchange Offer and accepted for exchange in the Exchange Offer.

 

(e)          Restrictions
on Transfer and Exchange of Global Notes. Notwithstanding any other provisions of this Indenture, a Global Note may not be
transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository
or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor
Depository.

 

(f)           Private
Placement Legend. Upon the transfer, exchange or replacement of Notes not bearing the Private Placement Legend unless otherwise
required by applicable law, the Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the transfer,

 

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exchange or replacement of Notes bearing the
Private Placement Legend, the Registrar shall deliver only Notes that bear the Private Placement Legend unless (i) there is delivered
to the Trustee an Opinion of Counsel reasonably satisfactory to the Issuer and the Trustee to the effect that neither such legend
nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act
or (ii) such Note has been offered and sold (including pursuant to the Exchange Offer) pursuant to an effective registration statement
under the Securities Act.

 

(g)          General.
By its acceptance of any Note bearing the Private Placement Legend, each Holder of such a Note acknowledges the restrictions on
transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Note
only as provided in this Indenture.

 

The Registrar shall retain copies of all letters,
notices and other written communications received pursuant to Section 2.15 or Section 2.16. The Issuer shall have the
right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving
of reasonable written notice to the Registrar.

 

The Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Note (including any transfers between or among Depository Participants
or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.

 

The Trustee shall have no responsibility for
the actions or omissions of the Depository, or the accuracy of the books and records of the Depository.

 

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

 

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ARTICLE
Three

 

REDEMPTION

 

SECTION 3.01.         Notices
to Trustee.

 

If the Issuer elects to redeem Notes pursuant
to Section 5 of the Notes, it shall notify the Trustee in writing of the Redemption Date, the Redemption Price and the principal
amount of Notes to be redeemed. The Issuer shall give notice of redemption to the Trustee at least 45 days but not more than 75
days before the Redemption Date (unless a shorter notice shall be agreed to by the Trustee in writing), together with such documentation
and records as shall enable the Trustee to select the Notes to be redeemed.

 

SECTION 3.02.         Selection
of Notes To Be Redeemed.

 

If less than all of the Notes are to be redeemed
at any time pursuant to Section 5 of the Notes, the Trustee will select Notes for redemption as follows:

 

(x)          if
the Notes are listed on a national securities exchange, in compliance with the requirements of the principal national securities
exchange on which the Notes are listed; or

 

(y)          if
the Notes are not so listed, while the Notes are in book-entry form, in accordance with the procedures of the Depository, or if
the Notes are no longer in book-entry form, on a pro rata basis, by lot or by such method as the Trustee shall deem fair
and appropriate.

 

No Notes of $2,000 or less shall be redeemed
in part.

 

SECTION 3.03.         Notice
of Redemption.

 

At least 30 days but not more than 60 days
before a Redemption Date, the Issuer shall mail a notice of redemption by first class mail, postage prepaid, to each Holder whose
Notes are to be redeemed at its registered address (except that a notice issued in connection with a redemption referred to in
Section 8.01 may be more than 60 days before such Redemption Date). At the Issuer’s request, the Trustee shall forward
the notice of redemption in the Issuer’s name and at the Issuer’s expense. Each notice for redemption shall identify
the Notes (including the CUSIP or ISIN number) to be redeemed and shall state:

 

(1)          the
Redemption Date;

 

(2)          the
Redemption Price and the amount of accrued interest, if any, to be paid;

 

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

 

(4)          that
Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price plus accrued interest, if any;

 

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(5)          that,
unless the Issuer defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after
the Redemption Date, and the only remaining right of the Holders of such Notes is to receive payment of the Redemption Price upon
surrender to the Paying Agent of the Notes redeemed;

 

(6)          if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the Redemption
Date, and upon surrender and cancellation of such Note, a new Note or Notes in aggregate principal amount equal to the unredeemed
portion thereof will be issued;

 

(7)          if
fewer than all the Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be redeemed, as
well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after
such partial redemption; and

 

(8)          the
Section of the Notes or the Indenture, as applicable, pursuant to which the Notes are to be redeemed.

 

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

 

SECTION 3.04.         Effect
of Notice of Redemption.

 

Once notice of redemption is mailed in accordance
with Section 3.03, Notes called for redemption become due and payable on the Redemption Date and at the Redemption Price plus
accrued interest, if any. Upon surrender to the Trustee or Paying Agent, such Notes called for redemption shall be paid at the
Redemption Price (which shall include accrued interest thereon to, but not including, the Redemption Date), but installments of
interest, the maturity of which is on or prior to the Redemption Date, shall be payable to Holders of record at the close of business
on the relevant Record Dates. On and after the Redemption Date interest shall cease to accrue on Notes or portions thereof called
for redemption unless the Issuer shall have not complied with its obligations pursuant to Section 3.05.

 

SECTION 3.05.         Deposit
of Redemption Price.

 

On or before 10:00 a.m. New York time on the
Redemption Date, the Issuer shall deposit with the Paying Agent U.S. Legal Tender sufficient to pay the Redemption Price plus accrued
and unpaid interest, if any, of all Notes to be redeemed on that date.

 

If the Issuer complies with the preceding
paragraph, then, unless the Issuer defaults in the payment of such Redemption Price plus accrued interest, if any, interest on
the Notes to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented
for payment.

 

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SECTION 3.06.         Notes
Redeemed in Part.

 

If any Note is to be redeemed in part only,
the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed. A new
Note or Notes in principal amount equal to the unredeemed portion of the original Note or Notes shall be issued in the name of
the Holder thereof upon surrender and cancellation of the original Note or Notes.

 

ARTICLE
Four

 

COVENANTS

 

SECTION 4.01.         Payment
of Notes.

 

The Issuer shall pay the principal of, premium,
if any, and interest on the Notes in the manner provided in the Notes, the Registration Rights Agreement and this Indenture. An
installment of principal of, or interest on, the Notes shall be considered paid on the date it is due if the Trustee or Paying
Agent (other than the Issuer or an Affiliate thereof) holds on that date U.S. Legal Tender designated for and sufficient to pay
the installment. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

The Issuer shall pay interest on overdue principal
(including post-petition interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent lawful, at the
same rate per annum borne by the Notes.

 

SECTION 4.02.         Maintenance
of Office or Agency.

 

The Issuer shall maintain in the Borough of
Manhattan, The City of New York, the office or agency required under Section 2.03 (which may be an office of the Trustee or
an affiliate of the Trustee or Registrar). The Issuer shall give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the address of the Trustee set forth in Section 11.02.

 

The Issuer may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations. The Issuer will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.

 

The Issuer hereby initially designates U.S.
Bank National Association, located at Two Midtown Plaza, 1349 W. Peachtree Street, NW, Suite 1050, EX-GA-ATPT, Atlanta, Georgia
30309, Attention: Corporate Trust Department, as such office of the Issuer in accordance with Section 2.03.

 

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SECTION 4.03.         Corporate
Existence.

 

Except as otherwise permitted by Article Five,
the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence
and the corporate, partnership or other existence of each of its Subsidiaries in accordance with the respective organizational
documents of each such Subsidiary and the material rights (charter and statutory) and material franchises of the Issuer and each
of its Subsidiaries; provided, however, that the Issuer shall not be required to preserve any such right, franchise or corporate
existence with respect to itself or any Subsidiary if the Board of Directors shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss thereof
is not adverse in any material respect to the Holders of the Notes.

 

SECTION 4.04.         Payment
of Taxes.

 

The Issuer and the Subsidiary Guarantors shall,
and shall cause each of the Subsidiaries to, pay or discharge or cause to be paid or discharged, before the same shall become delinquent,
(a) all material taxes, assessments and governmental charges levied or imposed upon it or any of the Subsidiaries or upon
the income, profits or property of it or any of the Subsidiaries and (b) all lawful claims for labor, materials and supplies
which, in each case, if unpaid, might by law become a material liability or Lien upon the property of it or any of the Subsidiaries;
provided, however, that the Issuer and the Subsidiary Guarantors shall not be required to pay or discharge or cause to be
paid or discharged any such tax, assessment, charge or claim whose amount the applicability or validity is being contested in good
faith by appropriate actions and for which appropriate provision has been made.

 

SECTION 4.05.         Compliance
Certificate; Notice of Default.

 

(a)          The
Issuer shall deliver to the Trustee, within 90 days after the close of each fiscal year, an Officers’ Certificate stating
that a review of the activities of the Issuer and its Subsidiaries has been made under the supervision of the signing Officers
with a view to determining whether the Issuer and the Subsidiary Guarantors have kept, observed, performed and fulfilled their
obligations under this Indenture and further stating, as to each such Officer signing such certificate, that to the best of such
Officer’s knowledge, the Issuer and the Subsidiary Guarantors during such preceding fiscal year has kept, observed, performed
and fulfilled each and every such covenant and no Default occurred during such year and at the date of such certificate there is
no Default that has occurred and is continuing or, if such signers do know of such Default, the certificate shall specify such
Default and what action, if any, the Issuer is taking or proposes to take with respect thereto. The Officers’ Certificate
shall also notify the Trustee should the Issuer elect to change the manner in which it fixes the fiscal year end.

 

(b)          The
Issuer shall deliver to the Trustee promptly and in any event within five days after the Issuer becomes aware of the occurrence
of any Default an Officers’ Certificate specifying the Default and what action, if any, the Issuer is taking or proposes
to take with respect thereto.

 

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SECTION 4.06.         Waiver
of Stay, Extension or Usury Laws.

 

The Issuer and each Subsidiary Guarantor covenants
(to the extent permitted by applicable law) that it will not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive such
Issuer or such Subsidiary Guarantor from paying all or any portion of the principal of and/or interest on the Notes or the Subsidiary
Guarantee of any such Subsidiary Guarantor as contemplated herein, wherever enacted, now or at any time hereafter in force, or
which may affect the covenants or the performance of this Indenture, and (to the extent permitted by applicable law) each hereby
expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law
had been enacted.

 

SECTION 4.07.         [Reserved.]

 

SECTION 4.08.         Limitation
on Indebtedness.

 

(a)          The
Issuer will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness (including Acquired Indebtedness) if, immediately
after giving effect to the Incurrence of such additional Indebtedness and the receipt and application of the proceeds therefrom,
the aggregate principal amount of all outstanding Indebtedness of the Issuer and its Subsidiaries on a consolidated basis determined
in conformity with GAAP is greater than 60% of Adjusted Total Assets.

 

(b)          The
Issuer will not, and will not permit any of its Subsidiaries to, Incur any Subsidiary Debt or any Secured Indebtedness if, immediately
after giving effect to the Incurrence of such additional Subsidiary Debt or Secured Indebtedness and the receipt and application
of the proceeds therefrom, the aggregate principal amount of all outstanding Subsidiary Debt and Secured Indebtedness of the Issuer
and its Subsidiaries on a consolidated basis determined in conformity with GAAP is greater than 40% of Adjusted Total Assets.

 

(c)          The
Issuer will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness other than the Notes issued on the Closing
Date and other Indebtedness existing on the Closing Date; provided, however, that the Issuer or any of its Subsidiaries
may Incur Indebtedness if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds
therefrom, the Interest Coverage Ratio of the Issuer and its Subsidiaries on a consolidated basis would be greater than 1.5 to
1.0.

 

(d)          Notwithstanding
any other provision of this Section 4.08, the maximum amount of Indebtedness that the Issuer or any of its Subsidiaries may
Incur pursuant to this Section 4.08 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, due
solely to the result of fluctuations in the exchange rates of currencies.

 

(e)          For
purposes of determining any particular amount of Indebtedness under this Section 4.08, Guarantees, Liens or obligations with
respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not
be included.

 

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SECTION 4.09.         [Reserved.]

 

SECTION 4.10.         Maintenance
of Total Unencumbered Assets.

 

The Issuer and its Subsidiaries will maintain
Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Indebtedness of
the Issuer and its Subsidiaries on a consolidated basis.

 

SECTION 4.11.         [Reserved.]

 

SECTION 4.12.         [Reserved.]

 

SECTION 4.13.         [Reserved.]

 

SECTION 4.14.         Limitation
on Issuances of Guarantees by Subsidiaries.

 

The Issuer will not permit any of its Subsidiaries,
directly or indirectly, at any time after the issuance of the Notes (including following any release of a Subsidiary Guarantor
from its obligations under this Indenture) to Guarantee any Indebtedness of the Issuer (that would constitute Indebtedness under
clauses (1) or (2) of the definition thereof) in an amount at least equal to $50 million, unless such Subsidiary simultaneously
executes and delivers a supplemental indenture to this Indenture providing for a Subsidiary Guarantee by such Subsidiary.

 

SECTION 4.15.         Reports
to Holders.

 

Whether or not the Issuer is then required
to file reports with the SEC, the Issuer shall file with the SEC all such reports and other information as it would be required
to file with the SEC by Section 13(a) or 15(d) under the Exchange Act if it was subject thereto; provided, however,
that, if filing such documents by the Issuer with the SEC is not permitted under the Exchange Act, the Issuer shall provide such
documents to the Trustee and upon written request supply copies of such documents to any prospective Holder. The Issuer shall supply
the Trustee and each Holder or shall supply to the Trustee for forwarding to each Holder, without cost to such Holder and at the
expense of the Issuer, copies of such reports and other information.

 

SECTION 4.16.         [Reserved.]

 

ARTICLE
Five

 

SUCCESSOR CORPORATION

 

SECTION 5.01.         Consolidation,
Merger and Sale of Assets.

 

(a)          The
Issuer will not consolidate with or merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially
all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions)
to, any Person or permit any Person to merge with or into the Issuer unless:

 

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(1)          the
Issuer shall be the continuing Person, or the Person (if other than the Issuer) formed by such consolidation or into which the
Issuer is merged or that acquired or leased such property and assets of the Issuer shall be a corporation organized and validly
existing under the laws of the United States of America or any state or jurisdiction thereof and shall expressly assume, by a supplemental
indenture, executed and delivered to the Trustee, all of the obligations of the Issuer on the Notes and under this Indenture;

 

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

 

(3)          immediately
after giving effect to such transaction on a pro forma basis the Issuer, or any Person becoming the successor obligor of
the Notes, as the case may be, could Incur at least $1.00 of Indebtedness under paragraphs (a), (b) and (c) of Section 4.08;
provided, however, that this clause (3) shall not apply to a consolidation or merger with or into a Wholly Owned Subsidiary
with a positive net worth; provided further, however, that, in connection with any such merger or consolidation,
no consideration (other than Capital Stock (other than Disqualified Stock) in the surviving Person or the Issuer) shall be issued
or distributed to the holders of Capital Stock of the Issuer; and

 

(4)          the
Issuer delivers to the Trustee an Officers’ Certificate (attaching the arithmetic computations to demonstrate compliance
with clause (3) above) and an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental
indenture complies with this Section 5.01 and that all conditions precedent provided for herein relating to such transaction
have been complied with; provided, however, that clause (3) above does not apply if, in the good faith determination of
the Board of Directors of the Issuer, whose determination shall be evidenced by a Board Resolution, the principal purpose of such
transaction is to change the state of domicile of the Issuer; provided further, however, that any such transaction
shall not have as one of its purposes the evasion of the foregoing limitations.

 

(b)          Except
as provided in Section 10.04, no Subsidiary Guarantor may consolidate with or merge with or into (whether or not such Subsidiary
Guarantor is the surviving Person) another Person, unless:

 

(1)          either
such Subsidiary Guarantor shall be the continuing Person or the Person (if other than such Subsidiary Guarantor) formed by such
consolidation or into which Subsidiary Guarantor is merged shall be a corporation or other legal entity organized and validly existing
under the laws of the United States of America or any state or jurisdiction thereof and shall expressly assume, by a supplemental
indenture, executed and delivered to the Trustee, all of the obligations of such Subsidiary Guarantor under the Subsidiary Guarantee
of such Subsidiary Guarantor and under this Indenture;

  

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

 

(c)          For
purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions)
of all or substantially all of the properties

 

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or assets of one or more Subsidiary Guarantors,
the Capital Stock of which constitute all or substantially all of the properties and assets of the Issuer, will be deemed to be
the transfer of all or substantially all of the properties and assets of the Issuer.

 

(d)          Upon
any such consolidation, combination or merger of the Issuer or a Subsidiary Guarantor, or any such sale, conveyance, transfer,
lease or other disposition of all or substantially all of the assets of the Issuer in accordance with this Section 5.01, in
which the Issuer or such Subsidiary Guarantor is not the continuing obligor under the Notes or its Subsidiary Guarantee, the surviving
entity formed by such consolidation or into which the Issuer or such Subsidiary Guarantor is merged or the entity to which the
sale, conveyance, transfer, lease or other disposition is made will succeed to, and be substituted for, and may exercise every
right and power of, the Issuer or such Subsidiary Guarantor under this Indenture and, the Notes and the Subsidiary Guarantees with
the same effect as if such surviving entity had been named therein as the Issuer or such Subsidiary Guarantor and, except in the
case of a lease, the Issuer or such Subsidiary Guarantor, as the case may be, will be released from the obligation to pay the principal
of and interest on the Notes or in respect of its Subsidiary Guarantee, as the case may be, and all of the Issuer’s or such
Subsidiary Guarantor’s other obligations and covenants under the Notes, this Indenture and its Subsidiary Guarantee, if applicable.

 

(e)          Notwithstanding
the foregoing, any Subsidiary Guarantor may consolidate with or merge with or into the Issuer or another Subsidiary Guarantor.

 

ARTICLE
Six

 

DEFAULT AND REMEDIES

 

SECTION 6.01.         Events
of Default.

 

Each of the following is an “Event
of Default”:

 

(1)          default
in the payment of principal of, or premium, if any, on any Note when they are due and payable at maturity, upon acceleration, redemption
or otherwise;

 

(2)          default
in the payment of interest on any Note when they are due and payable, and such default continues for a period of 30 days;

 

(3)          default
in the performance or breach of the provisions of this Indenture applicable to mergers, consolidations and transfers of all or
substantially all of the assets of the Issuer;

 

(4)          the
Issuer defaults in the performance of or breaches any other covenant or agreement of the Issuer in this Indenture or under the
Notes (other than a default specified in clause (1), (2) or (3) above) and such default or breach continues for the earlier of
(i) 60 consecutive days and (ii) such shorter period specified for comparable defaults under any Existing Note Indenture (or under
any indenture pursuant to which the Issuer or a Subsidiary Guarantor has issued any Indebtedness that refinances or refunds (x)
the Indebtedness under such Existing Note Indenture or (y) such refinancing or refunding

 

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

 

(5)          there
occurs with respect to any issue or issues of Indebtedness of the Issuer or any Significant Subsidiary having an outstanding principal
amount of $20 million or more in the aggregate for all such issues of all such Persons, whether such Indebtedness now exists or
shall hereafter be created,

 

(i)          an
event of default that has caused the Holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity
and such Indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of
such acceleration and/or

 

(ii)         the
failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not have
been made, waived or extended within 30 days of such payment default;

 

(6)          any
final judgment or order (not covered by insurance) for the payment of money in excess of $20 million in the aggregate for all such
final judgments or orders against all such Persons (treating any deductibles, self-insurance or retention as not covered by insurance):

 

(i)          shall
be rendered against the Issuer or any Significant Subsidiary and shall not be paid or discharged, and

 

(ii)         there
shall be any period of 60 consecutive days following entry of the final judgment or order that causes the aggregate amount for
all such final judgments or orders outstanding and not paid or discharged against all such Persons to exceed $20 million during
which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect;

 

(7)          a
court of competent jurisdiction enters a decree or order for:

 

(i)          relief
in respect of the Issuer or any Significant Subsidiary in an involuntary case under any applicable Bankruptcy Law now or hereafter
in effect,

 

(ii)         appointment
of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or any Significant Subsidiary
or for all or substantially all of the property and assets of the Issuer or any Significant Subsidiary, or

 

(iii)        the
winding up or liquidation of the affairs of the Issuer or any Significant Subsidiary and, in each case, such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or

 

(8)          the
Issuer or any Significant Subsidiary:

 

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(i)          commences
a voluntary case under any applicable Bankruptcy Law now or hereafter in effect, or consents to the entry of an order for relief
in an involuntary case under such law,

 

(ii)         consents
to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
of the Issuer or such Significant Subsidiary or for all or substantially all of the property and assets of the Issuer or such Significant
Subsidiary, or

 

(iii)        effects
any general assignment for the benefit of its creditors.

 

SECTION 6.02.         Acceleration.

 

If an Event of Default (other than an Event
of Default specified in clause (7) or (8) of Section 6.01 that occurs with respect to the Issuer) occurs and is continuing
under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by
written notice to the Issuer (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of
the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall, declare the principal of, premium,
if any, and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal
of, premium, if any, and accrued interest shall be immediately due and payable. In the event of a declaration of acceleration because
an Event of Default set forth in clause (5) of Section 6.01 has occurred and is continuing, such declaration of acceleration
shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to clause (5) of
Section 6.01 shall be remedied or cured by the Issuer or the relevant Significant Subsidiary or waived by the holders of the
relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto.

 

If an Event or Default specified in clause
(7) or (8) of Section 6.01 occurs with respect to the Issuer, the principal of, premium, if any, and accrued interest on the
Notes then outstanding shall automatically become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder. The Holders of at least a majority in principal amount of the outstanding Notes, by written
notice to the Issuer and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration and its
consequences if:

 

(x)           all
existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have
become due solely by such declaration of acceleration, have been cured or waived;

 

(y)          the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and

 

(z)           in
the event of a cure or waiver of a Default of the type set forth in Section 6.01(7) or (8), the Trustee shall have received an
Officers’ Certificate and an Opinion of Counsel that such Default has been cured or waived.

 

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No such rescission shall affect any subsequent
Default or impair any right consequent thereto.

 

SECTION 6.03.         Other
Remedies.

 

If a Default occurs and is continuing, the
Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or interest on,
the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or
any Holder in exercising any right or remedy accruing upon a Default shall not impair the right or remedy or constitute a waiver
of or acquiescence in the Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent
permitted by law.

 

SECTION 6.04.         Waiver
of Past Defaults.

 

Subject to Sections 2.09, 6.07 and 9.02,
the Holders of a majority in principal amount of the outstanding Notes (which may include consents obtained in connection with
a tender offer or exchange offer of Notes) by notice to the Trustee may waive an existing Default and its consequences, except
a Default in the payment of principal of, or interest on, any Note as specified in Section 6.01(1) or (2). The Issuer shall
deliver to the Trustee an Officers’ Certificate stating that the requisite percentage of Holders have consented to such waiver
and attaching copies of such consents. When a Default is waived, it is cured and ceases.

 

SECTION 6.05.         Control
by Majority.

 

The Holders of at least a majority in aggregate
principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee or exercising any trust or power conferred on the Trustee. Subject to Section 7.01, however, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or
that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving
of such direction received from the Holders of Notes; provided, however, that the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with any such direction received from the Holders of the Notes.

 

In the event the Trustee takes any action
or follows any direction pursuant to this Indenture, the Trustee shall be entitled to indemnification against any loss or expense
caused by taking such action or following such direction.

 

SECTION 6.06.         Limitation
on Suits.

 

No Holder will have any right to institute
any proceeding with respect to this Indenture or for any remedy thereunder, unless:

 

(1)          the
Holder gives the Trustee written notice of a continuing Event of Default;

 

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

 

(3)          such
Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense;

 

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

 

(5)          during
such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a
direction that is inconsistent with the request.

 

However, such limitations do not apply to
the right of any Holder of a Note to receive payment of the principal of, premium, if any, or interest on, such Note or to bring
suit for the enforcement of any such payment on or after the due date expressed in the Notes, which right shall not be impaired
or affected without the consent of the Holder.

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over such other Holder.

 

SECTION 6.07.         Rights
of Holders To Receive Payment.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal of and premium, if any, and interest on, a Note, on or after
the respective due dates therefor, or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of the Holder.

 

SECTION 6.08.         Collection
Suit by Trustee.

 

If a Default in payment of principal or interest
specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee
of an express trust against the Issuer or any other obligor on the Notes for the whole amount of principal and accrued interest
and fees remaining unpaid, together with interest on overdue principal and, to the extent that payment of such interest is lawful,
interest on overdue installments of interest, in each case at the rate per annum borne by the Notes and such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.

 

SECTION 6.09.         Trustee
May File Proofs of Claim.

 

The Trustee may file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any
judicial proceedings relating to the Issuer, their creditors or their property and shall be entitled and empowered to collect and
receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any Custodian in
any such judicial proceedings is hereby authorized by each Holder to make such payments to the

 

    	-37-

    	 

    

 

Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee
under Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the
rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
The Trustee shall be entitled to participate as a member of any official committee of creditors in the matters as it deems necessary
or advisable.

 

SECTION 6.10.         Priorities.

 

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

 

First: to the Trustee for
amounts due under Section 7.07;

 

Second: to Holders for
interest accrued on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on
the Notes for interest;

 

Third: to Holders for principal
amounts due and unpaid on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable
on the Notes for principal; and

 

Fourth: to the Issuer or,
if applicable, the Subsidiary Guarantors, as their respective interests may appear.

 

The Trustee, upon prior notice to the Issuer,
may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10.

 

SECTION 6.11.         Undertaking
for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder
or Holders of more than 10% in principal amount of the outstanding Notes.

 

    	-38-

    	 

    

 

ARTICLE
Seven

 

TRUSTEE

 

SECTION 7.01.         Duties
of Trustee.

 

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

 

(b)          Except
during the continuance of a Default:

 

(1)          The
Trustee need perform only those duties as are specifically set forth herein or in the Trust Indenture Act and no duties, covenants,
responsibilities or obligations shall be implied in this Indenture against the Trustee.

 

(2)          In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates (including Officers’ Certificates) or opinions (including Opinions of
Counsel) furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the
certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

 

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

 

(1)          This
paragraph does not limit the effect of Section 7.01(b).

 

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

 

(3)          The
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05.

 

(d)          No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or to take or omit to take any action under this Indenture or take any action
at the request or direction of Holders if it shall have reasonable grounds for believing that repayment of such funds is not assured
to it.

 

(e)          Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this
Section 7.01.

 

    	-39-

    	 

    

 

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

 

(g)          In
the absence of bad faith, negligence or willful misconduct on the part of the Trustee, the Trustee shall not be responsible for
the application of any money by any Paying Agent other than the Trustee.

 

SECTION 7.02.         Rights
of Trustee.

 

Subject to Section 7.01:

 

(a)          The
Trustee may rely conclusively on any resolution, certificate (including any Officers’ Certificate), statement, instrument,
opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture, or other paper or document
believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact
or matter stated in the document.

 

(b)          Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate and an Opinion of Counsel, which shall
conform to the provisions of Section 11.05. The Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officers’ Certificate or Opinion of Counsel.

 

(c)          The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent (other
than an agent who is an employee of the Trustee) appointed with due care.

 

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

 

(e)          The
Trustee may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full
and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in
good faith and in accordance with the advice or opinion of such counsel.

 

(f)          The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein
or thereby.

 

(g)          The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate (including
any Officers’ Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction,
consent, order, bond, debenture, or other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry
or investigation, it

 

    	-40-

    	 

    

 

shall be entitled, upon reasonable
notice to the Issuer, to examine the books, records, and premises of the Issuer, personally or by agent or attorney at the sole
cost of the Issuer.

 

(h)          The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(i)           The
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties.

 

(j)           Except
with respect to Section 4.01 and 4.05, the Trustee shall have no duty to inquire as to the performance of the Issuer with
respect to the covenants contained in Article 4. In addition, the Trustee shall not be deemed to have knowledge of an Event of
Default except (i) any Default or Event of Default occurring pursuant to Sections 4.01, 6.01(1) or 6.01(2) or (ii) any Default
or Event of Default known to a Responsible Officer.

 

(k)          The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person
employed to act hereunder.

 

SECTION 7.03.         Individual
Rights of Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, its Subsidiaries or its respective Affiliates
with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee must
comply with Sections 7.10 and 7.11.

 

SECTION 7.04.         Trustee’s
Disclaimer.

 

The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s
use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or any document
issued in connection with the sale of Notes or any statement in the Notes other than the Trustee’s certificate of authentication.
The Trustee makes no representations with respect to the effectiveness or adequacy of this Indenture.

 

SECTION 7.05.         Notice
of Default.

 

If a Default occurs and is continuing and
is deemed to be known to the Trustee pursuant to Section 7.02(j), the Trustee shall mail to each Holder notice of the uncured Default
within 30 days after such Default occurs. Except in the case of a Default in payment of principal of, or interest on, any Note,
including an accelerated payment and the failure to make a payment on a Payment Date pursuant to a Default in complying with the
provisions of Article Five, the Trustee may withhold the notice if and so long as the Board of Directors, the executive committee,
or a trust committee of directors and/or Responsible Officers, of the Trustee in good faith determines that withholding the notice
is in the interest of the Holders.

 

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SECTION 7.06.         Reports
by Trustee to Holders.

 

Within 60 days after each December 1, beginning
with December 1, 2014, the Trustee shall, to the extent that any of the events described in Trust Indenture Act § 313(a)
occurred within the previous twelve months, but not otherwise, mail to each Holder a brief report dated as of such date that complies
with Trust Indenture Act § 313(a). The Trustee also shall comply with Trust Indenture Act §§ 313(b), 313(c)
and 313(d).

 

A copy of each report at the time of its mailing
to Holders shall be mailed to the Issuer and filed with the SEC and each securities exchange, if any, on which the Notes are listed.

 

The Issuer shall notify the Trustee if the
Notes become listed on any securities exchange or of any delisting thereof and the Trustee shall comply with Trust Indenture Act
§ 313(d).

 

SECTION 7.07.         Compensation
and Indemnity.

 

The Issuer shall pay to the Trustee from time
to time such compensation as the Issuer and the Trustee shall from time to time agree in writing for its services hereunder. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall
reimburse the Trustee upon request for all reasonable disbursements, expenses and advances (including reasonable fees and expenses
of counsel) incurred or made by it in addition to the compensation for its services, except any such disbursements, expenses and
advances as may be attributable to the Trustee’s negligence, bad faith or willful misconduct. Such expenses shall include
the reasonable fees and expenses of the Trustee’s agents and counsel.

 

The Issuer shall indemnify each of the Trustee
or any predecessor Trustee and its agents for, and hold them harmless against, any and all loss, damage, claims including taxes
(other than taxes based upon, measured by or determined by the income of the Trustee), liability or expense incurred by them except
for such actions to the extent caused by any negligence, bad faith or willful misconduct on their part, arising out of or in connection
with the acceptance or administration of this trust including the reasonable costs and expenses of defending themselves against
or investigating any claim or liability in connection with the exercise or performance of any of the Trustee’s rights, powers
or duties hereunder. The Trustee shall notify the Issuer promptly of any claim asserted against the Trustee or any of its agents
for which it may seek indemnity. The Issuer may, subject to the approval of the Trustee (which approval shall not be unreasonably
withheld), defend the claim and the Trustee shall cooperate in the defense. The Trustee and its agents subject to the claim may
have separate counsel and the Issuer shall pay the reasonable fees and expenses of such counsel; provided, however, that
the Issuer will not be required to pay such fees and expenses if, subject to the approval of the Trustee (which approval shall
not be unreasonably withheld), it assumes the Trustee’s defense and there is no conflict of interest between the Issuer and
the Trustee and its agents subject to the claim in connection with such defense as reasonably determined by the Trustee. The Issuer
need not pay for any settlement made without its written consent. The Issuer need not reimburse any expense or indemnify against
any loss or liability to the extent incurred by the Trustee through its negligence, bad faith or willful misconduct.

 

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To secure the Issuer’s payment obligations
in this Section 7.07, the Trustee shall have a Lien prior to the Notes against all money or property held or collected by
the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal and interest on particular Notes.

 

When the Trustee incurs expenses or renders
services after a Default specified in Section 6.01(7) or 6.01(8) occurs, such expenses and the compensation for such services
shall be paid to the extent allowed under any Bankruptcy Law.

 

Notwithstanding any other provision in this
Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and discharge of this Indenture or
the appointment of a successor Trustee.

 

SECTION 7.08.         Replacement
of Trustee.

 

The Trustee may resign at any time by so notifying
the Issuer in writing. The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by so notifying
the Issuer and the Trustee and may appoint a successor Trustee. The Issuer may remove the Trustee if:

 

(1)          the
Trustee fails to comply with Section 7.10;

 

(2)          the
Trustee is adjudged a bankrupt or an insolvent;

 

(3)          a
receiver or other public officer takes charge of the Trustee or its property; or

 

(4)          the
Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if
a vacancy exists in the office of Trustee for any reason, the Issuer shall notify each Holder of such event and shall promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount
of the Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Issuer. Immediately after that, the retiring Trustee shall transfer,
after payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as Trustee to the successor
Trustee, subject to the Lien provided in Section 7.07, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee
shall mail notice of its succession to each Holder.

 

If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 10%
in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor
Trustee at the expense of the Issuer.

 

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If the Trustee fails to comply with Section 7.10,
any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the
retiring Trustee.

 

SECTION 7.09.         Successor
Trustee by Merger, Etc.

 

If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the resulting, surviving
or transferee corporation without any further act shall, if such resulting, surviving or transferee corporation is otherwise eligible
hereunder, be the successor Trustee; provided that such corporation shall be otherwise qualified and eligible under this
Article Seven.

 

SECTION 7.10.         Eligibility;
Disqualification.

 

This Indenture shall always have a Trustee
who satisfies the requirement of Trust Indenture Act §§ 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee shall have
a combined capital and surplus of at least $150,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with Trust Indenture Act § 310(b); provided, however, that there shall be excluded from the
operation of Trust Indenture Act § 310(b)(1) any indenture or indentures under which other securities, or certificates
of interest or participation in other securities, of the Issuer are outstanding, if the requirements for such exclusion set forth
in Trust Indenture Act § 310(b)(1) are met. The provisions of Trust Indenture Act § 310 shall apply to the
Issuer and any other obligor of the Notes.

 

SECTION 7.11.         Preferential
Collection of Claims Against the Issuer.

 

The Trustee, in its capacity as Trustee hereunder,
shall comply with Trust Indenture Act § 311(a), excluding any creditor relationship listed in Trust Indenture Act § 311(b).
A Trustee who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent indicated.

 

ARTICLE
Eight

 

DISCHARGE OF INDENTURE;
DEFEASANCE

 

SECTION 8.01.         Termination
of the Issuer’s Obligations.

 

The Issuer may terminate its obligations under
the Notes and this Indenture and the obligations of the Subsidiary Guarantors under the Subsidiary Guarantees and this Indenture
and this Indenture shall cease to be of further effect, except those obligations referred to in the penultimate paragraph of
this Section 8.01, if:

 

(1)          either

 

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(A)        all
the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and
Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter
repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation; or

 

(B)        all
Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) will become due
and payable within one year, or are to be called for redemption within one year, under arrangements reasonably satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer
has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire
Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest
on the Notes to the date of maturity or redemption, as the case may be, together with irrevocable instructions from the Issuer
directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;

 

(2)          the
Issuer has paid all sums payable by them under this Indenture, and

 

(3)          the
Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.

 

In the case of clause (B) of this Section 8.01,
and subject to the next sentence and notwithstanding the foregoing paragraph, the Issuer’s obligations in Sections 2.05,
2.06, 2.07, 2.08, 4.01, 4.02, 4.03 (as to legal existence of the Issuer only), 7.07, 8.05 and 8.06 shall survive until the Notes
are no longer outstanding pursuant to the last paragraph of Section 2.08. After the Notes are no longer outstanding,
the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive.

 

After such delivery or irrevocable deposit,
the Trustee upon request shall acknowledge in writing the discharge of the Issuer’s obligations under the Notes and this
Indenture except for those surviving obligations specified above.

 

SECTION 8.02.         Legal
Defeasance and Covenant Defeasance.

 

(a)          The
Issuer may, at its option and at any time, elect to have either paragraph (b) or (c) below applied to all outstanding Notes
upon compliance with the conditions set forth in Section 8.03.

 

(b)          Upon
the Issuer’s exercise under Section 8.02(a) hereof of the option applicable to this Section 8.02(b), the Issuer
and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be deemed to
have been discharged from their obligations with respect to all outstanding Notes on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the
Subsidiary Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes
and Subsidiary Guarantees, which shall

 

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thereafter be deemed to be “outstanding”
only for the purposes of Section 8.04 hereof and the other Sections of this Indenture referred to in (i) and (ii) below,
and to have satisfied all its other obligations under such Notes and this Indenture and the Subsidiary Guarantors shall be deemed
to have satisfied all of their obligations under the Subsidiary Guarantees and this Indenture (and the Trustee, on demand of and
at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which
shall survive until otherwise terminated or discharged hereunder:

 

(i)           the
rights of Holders of outstanding Notes to receive, solely from the trust fund described in Section 8.04, and as more fully
set forth in such Section 8.04, payments in respect of the principal of, premium, if any, and interest on such Notes when
such payments are due;

 

(ii)          the
Issuer’s obligations with respect to such Notes under Article Two and Section 4.02 hereof;

 

(iii)         the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith;
and

 

(iv)         the
provisions of this Article Eight applicable to Legal Defeasance.

 

Subject to compliance with this Article Eight,
the Issuer may exercise its option under this Section 8.02(b) notwithstanding the prior exercise of its option under Section 8.02(c).

 

(c)          Upon
the Issuer’s exercise under paragraph (a) hereof of the option applicable to this paragraph (c), the Issuer and
the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be released from
their respective obligations under the covenants contained in Sections 4.03 (other than with respect to the legal existence
of the Issuer), 4.04, 4.08, 4.10, 4.14 and 4.15 and clause (3) of Section 5.01(a) with respect to the outstanding Notes
on and after the date the conditions set forth in Section 8.03 are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer and the Subsidiary Guarantors
may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute an
Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall
be unaffected thereby. In addition, upon the Issuer’s exercise under paragraph (a) hereof of the option applicable to
this paragraph (c), subject to the satisfaction of the conditions set forth in Section 8.03, clauses (3), (4), (5) and
(6) of Section 6.01 shall not constitute Events of Default.

 

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SECTION 8.03.         Conditions
to Legal Defeasance or Covenant Defeasance.

 

The following shall be the conditions to the
application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:

 

(1)          the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, U.S. Legal Tender, U.S. Government
Obligations or a combination thereof, in such amounts as will be sufficient (without reinvestment), in the opinion of a nationally
recognized firm of independent public accountants selected by the Issuer, to pay the principal of and interest and premium, if
any, on the Notes on the stated date for payment or on the redemption date Notes;

 

(2)          in
the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States confirming
that:

 

(a)          the
Issuer has received from, or there has been published by the Internal Revenue Service, a ruling, or

 

(b)         since
the date of this Indenture, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that, and based thereon
the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and
will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Legal Defeasance had not occurred;

 

(3)          in
the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to the Trustee confirming that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)          no
Default shall have occurred and be continuing on the date of such deposit (other than a Default resulting from the borrowing of
funds to be applied to such deposit);

 

(5)          the
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a Default under this Indenture
or a default under any other material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which
the Issuer or any of its Subsidiaries is bound (other than any such Default or default resulting solely from the borrowing of funds
to be applied to such deposit);

 

(6)          the
Issuer shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by it with the
intent of preferring the Holders over any other creditors of the Issuer or with the intent of defeating, hindering, delaying or
defrauding any other of its creditors; and

 

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(7)          the
Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the conditions
provided for in, in the case of the Officers’ Certificate, clauses (1) through (6), as applicable, and, in the case of the
Opinion of Counsel, clauses (2), if applicable, and/or (3) and (5) of this Section 8.03 have been complied with.

 

SECTION 8.04.         Application
of Trust Money.

 

The Trustee or Paying Agent shall hold in
trust U.S. Legal Tender and U.S. Government Obligations deposited with it pursuant to this Article Eight, and shall apply the deposited
U.S. Legal Tender and the money from U.S. Government Obligations in accordance with this Indenture to the payment of the principal
of and the interest on the Notes. The Trustee shall be under no obligation to invest said U.S. Legal Tender and U.S. Government
Obligations, except as it may agree with the Issuer.

 

The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S. Legal Tender and U.S. Government Obligations deposited
pursuant to Section 8.03 or the principal and interest received in respect thereof, other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

 

Anything in this Article Eight to the contrary
notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the Issuer’s request any U.S. Legal
Tender and U.S. Government Obligations held by it as provided in Section 8.03 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of
the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

SECTION 8.05.         Repayment
to the Issuer.

 

The Trustee and the Paying Agent shall pay
to the Issuer upon request any money held by them for the payment of principal or interest that remains unclaimed for two years;
provided, however, that the Trustee or such Paying Agent, before being required to make any payment, may at the expense
of the Issuer cause to be published once in a newspaper of general circulation in the City of New York or mail to each Holder entitled
to such money notice that such money remains unclaimed and that after a date specified therein which shall be at least 30 days
from the date of such publication or mailing any unclaimed balance of such money then remaining will be repaid to the Issuer. After
payment to the Issuer, Holders entitled to such money must look to the Issuer for payment as general creditors unless an applicable
law designates another Person.

 

SECTION 8.06.         Reinstatement.

 

If the Trustee or Paying Agent is unable to
apply any U.S. Legal Tender and U.S. Government Obligations in accordance with this Article Eight by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, or if the funds deposited with the Trustee to effect Covenant Defeasance are insufficient to pay the principal of,
and interest on, the Notes when

 

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due, the Issuer’s obligations under
this Indenture, and the Notes and the Subsidiary Guarantees shall be revived and reinstated as though no deposit had occurred pursuant
to this Article Eight until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender and U.S.
Government Obligations in accordance with this Article Eight; provided that if the Issuer has made any payment of interest
on, or principal of, any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of
the Holders of such Notes to receive such payment from the U.S. Legal Tender and U.S. Government Obligations held by the Trustee
or Paying Agent.

 

ARTICLE
Nine

 

AMENDMENTS, SUPPLEMENTS
AND WAIVERS

 

SECTION 9.01.         Without
Consent of Holders.

 

(a)          The
Issuer, the Subsidiary Guarantors and the Trustee, together, may amend or supplement this Indenture, the Notes or the Subsidiary
Guarantees without notice to or consent of any Holder:

 

(1)          to
cure any ambiguity, defect or inconsistency;

 

(2)          to
provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(3)          to
provide for the assumption of the Issuer’s or a Subsidiary Guarantor’s obligations to the Holders of the Notes in the
case of a merger, consolidation or sale of all or substantially all of the assets, in accordance with Article Five;

 

(4)          to
release any Subsidiary Guarantor from any of its obligations under its Subsidiary Guarantee or this Indenture (to the extent permitted
by this Indenture);

 

(5)          to
make any change that would not materially adversely affect the rights of any Holder; or

 

(6)          to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act;

 

provided, however, that the Issuer has delivered
to the Trustee an Opinion of Counsel and an Officers’ Certificate, each stating that such amendment or supplement complies
with the provisions of this Section 9.01.

 

SECTION 9.02.         With
Consent of Holders.

 

(a)          Subject
to Section 6.07, the Issuer, the Subsidiary Guarantors and the Trustee, together, with the written consent of the Holder or
Holders of a majority in aggregate principal amount of the outstanding Notes may amend or supplement this Indenture, the Notes
or the Subsidiary Guarantees, without notice to any other Holders. Subject to Sections 6.07, the Holder or Holders of a majority
in aggregate principal amount of the outstanding Notes may

 

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waive compliance with any provision of this
Indenture, the Notes or the Subsidiary Guarantees without notice to any other Holders.

 

(b)          Notwithstanding
Section 9.02(a), without the consent of each Holder affected, no amendment or waiver may:

 

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

 

(2)          reduce
the principal amount of, or premium, if any, or interest on, any Note;

 

(3)          change
the place of payment of principal of, or premium, if any, or interest on, any Note;

 

(4)          impair
the right to institute suit for the enforcement of any payment on or after the Stated Maturity (or, in the case of a redemption,
on or after the Redemption Date) of any Note;

 

(5)          reduce
the above-stated percentages of outstanding Notes the consent of whose Holders is necessary to modify or amend this Indenture;

 

(6)          waive
a default in the payment of principal of, premium, if any, or interest on the Notes;

 

(7)          voluntarily
release a Subsidiary Guarantor of the Notes, except as permitted by this Indenture;

 

(8)          reduce
the percentage or aggregate principal amount of outstanding Notes the consent of whose Holders is necessary for waiver of compliance
with Sections 6.02 and 6.04; or

 

(9)          modify
or change any provisions of this Indenture affecting the ranking of the Notes or the Subsidiary Guarantees in any manner adverse
to the Holders of the Notes.

 

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

 

(d)          A
consent to any amendment, supplement or waiver under this Indenture by any Holder given in connection with an exchange (in the
case of an exchange offer) or a tender (in the case of a tender offer) of such Holder’s Notes will not be rendered invalid
by such tender or exchange.

 

(e)          After
an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall mail to the Holders affected
thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any

 

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defect therein, shall not, however, in any
way impair or affect the validity of any such amendment, supplement or waiver.

 

SECTION 9.03.         Compliance
with the Trust Indenture Act.

 

From the date on which this Indenture is qualified
under the Trust Indenture Act, every amendment, waiver or supplement of this Indenture, the Notes or the Subsidiary Guarantees
shall comply with the Trust Indenture Act as then in effect.

 

SECTION 9.04.         Revocation
and Effect of Consents.

 

Until an amendment, waiver or supplement becomes
effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of
a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.
However, any such Holder or subsequent Holder may revoke the consent as to his Note or portion of his Note by notice to the Trustee
or the Issuer received before the date on which the Trustee receives an Officers’ Certificate certifying that the Holders
of the requisite principal amount of Notes have consented (and not theretofore revoked such consent) to the amendment, supplement
or waiver.

 

The Issuer may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which
record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then notwithstanding
the last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated
proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date.
The Issuer shall inform the Trustee in writing of the fixed record date if applicable.

 

After an amendment, supplement or waiver becomes
effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (8) of Section 9.02(b),
in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note; provided, however,
that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of, and interest on, a
Note, on or after the respective due dates therefor, or to bring suit for the enforcement of any such payment on or after such
respective dates without the consent of such Holder.

 

SECTION 9.05.         Notation
on or Exchange of Notes.

 

If an amendment, supplement or waiver changes
the terms of a Note, the Issuer may require the Holder of the Note to deliver it to the Trustee. The Issuer shall provide the Trustee
with an appropriate notation on the Note about the changed terms and cause the Trustee to return it to the Holder at the Issuer’s
expense. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for the Note shall issue, and the Trustee
shall authenticate, a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall
not affect the validity and effect of such amendment, supplement or waiver.

 

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SECTION 9.06.         Trustee
To Sign Amendments, Etc.

 

The Trustee shall execute any amendment, supplement
or waiver authorized pursuant to this Article Nine; provided, however, that the Trustee may, but shall not be obligated
to, execute any such amendment, supplement or waiver which affects the Trustee’s own rights, duties or immunities under this
Indenture. The Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel and an
Officers’ Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant to this
Article Nine is authorized or permitted by this Indenture and constitutes legal, valid and binding obligations of the Issuer enforceable
in accordance with its terms. Such Opinion of Counsel shall be at the expense of the Issuer.

 

ARTICLE
Ten

 

SUBSIDIARY GUARANTEE

 

SECTION 10.01.        Guarantee.

 

Subject to this Article Ten, each of
the Subsidiary Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of
this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: (a) the principal of and interest on
the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on
the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the Holders or
the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof;
and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same immediately. Each Subsidiary Guarantor
agrees that this is a guarantee of payment and not a guarantee of collection.

 

The Subsidiary Guarantors hereby agree that
their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or
this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to
any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Subsidiary Guarantor
hereby waives, to the extent permitted by applicable law, diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice
and all demands whatsoever and covenant that this Note Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes and this Indenture.

 

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If any Holder or the Trustee is required by
any court or otherwise to return to the Issuer, the Subsidiary Guarantors or any custodian, trustee, liquidator or other similar
official acting in relation to either the Issuer or the Subsidiary Guarantors, any amount paid by either to the Trustee or such
Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

 

Each Subsidiary Guarantor agrees that it shall
not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment
in full of all obligations guaranteed hereby. Each Subsidiary Guarantor further agrees that, as between the Subsidiary Guarantors,
on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may
be accelerated as provided in Article Six hereof for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article Six hereof, such obligations (whether or not due and payable)
shall forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Subsidiary Guarantee.

 

SECTION 10.02.       Limitation
on Subsidiary Guarantor Liability.

 

Each Subsidiary Guarantor, and by its acceptance
of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Subsidiary
Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Subsidiary Guarantee.
To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably agree that the
obligations of such Subsidiary Guarantor will, after giving effect to such maximum amount and all other contingent and fixed liabilities
of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other
Subsidiary Guarantor under this Article Ten, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee
not constituting a fraudulent transfer or conveyance. Each Subsidiary Guarantor that makes a payment for distribution under its
Subsidiary Guarantee is entitled to a contribution from each other Subsidiary Guarantor in a pro rata amount based on the
adjusted net assets of each Subsidiary Guarantor.

 

SECTION 10.03.       Execution
and Delivery of Subsidiary Guarantee.

 

To evidence its Subsidiary Guarantee set forth
in Section 10.01, each Subsidiary Guarantor hereby agrees that a notation of such Subsidiary Guarantee substantially in the
form included in Exhibit E shall be endorsed by an Officer of such Subsidiary Guarantor on each Note authenticated
and delivered by the Trustee and that this Indenture shall be executed on behalf of such Subsidiary Guarantor by an Officer.

 

Each Subsidiary Guarantor hereby agrees that
its Subsidiary Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding any failure to endorse
on each Note a notation of such Subsidiary Guarantee.

 

    	-53-

    	 

    

 

If an Officer whose signature is on this Indenture
or on the Subsidiary Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Subsidiary
Guarantee is endorsed, the Subsidiary Guarantee shall be valid nevertheless.

 

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

 

SECTION 10.04.       Release
of a Subsidiary Guarantor.

 

A Subsidiary Guarantor shall be automatically
and unconditionally released from its obligations under its Note Guarantee and its obligations under this Indenture and the Registration
Rights Agreement:

 

(1)          upon
any sale, exchange or transfer to a Person not an Affiliate of the Issuer of all of the Capital Stock held by the Issuer and its
Subsidiaries in, or all or substantially all of the assets of, such Subsidiary Guarantor;

 

(2)          upon
the liquidation or dissolution of such Subsidiary Guarantor; provided that no Default or Event of Default shall occur as
a result thereof;

 

(3)          if
the Issuer exercises its Legal Defeasance option under Section 8.02(b) or its Covenant Defeasance option under Section 8.02(c),
or if the Issuer’s obligations under this Indenture are discharged in accordance with Section 8.01; or

 

(4)          if
a Subsidiary Guarantor ceases to guarantee the obligations of the Issuer under any such Indebtedness of the Issuer that would constitute
Indebtedness under clauses (1) or (2) under the definition thereof in an amount at least equal to $50 million;

 

provided, however, that in the
case of clauses (1) and (2) above, (x) such sale or other disposition is made to a Person other than the Issuer or any of its Subsidiaries
and (y) such sale or disposition is otherwise permitted by this Indenture. Upon any such occurrence specified in this Section 10.04,
at the Issuer’s request, and upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent under the Indenture relating to such release have been complied with, the Trustee shall execute
any documents reasonably requested by the Issuer evidencing such release. A Person that has been released pursuant to this Section
10.04 shall cease to be a Subsidiary Guarantor for all purposes under this Indenture from and after the date of such release unless
and until such Person again becomes a Subsidiary Guarantor pursuant to Section 4.14.

 

Nothing contained in this Indenture or in
any of the Notes shall prevent any consolidation or merger of a Subsidiary Guarantor with or into the Issuer (in which case such
Subsidiary Guarantor shall no longer be a Subsidiary Guarantor) or another Subsidiary Guarantor or shall prevent any sale or conveyance
of the property of a Subsidiary Guarantor as an entirety or substantially as an entirety to the Issuer or another Subsidiary Guarantor.

 

    	-54-

    	 

    

 

ARTICLE
Eleven

 

MISCELLANEOUS

 

SECTION 11.01.        Trust
Indenture Act Controls.

 

If any provision of this Indenture limits,
qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the Trust Indenture
Act, such required or deemed provision shall control.

 

SECTION 11.02.        Notices.

 

Any notices or other communications required
or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by telex, by nationally recognized
overnight courier service, by telecopier or registered or certified mail, postage prepaid, return receipt requested, addressed
as follows:

 

if to the Issuer or a Subsidiary Guarantor:

 

c/o Omega Healthcare Investors, Inc.

200 International Circle, Suite 3500

Hunt Valley, Maryland  21030

Attention: Robert O. Stephenson

Telephone:   (410) 427-1700

Facsimile:    (410) 427-8800

 

with a copy to:

 

Bryan Cave LLP

One Atlantic Center

Fourteenth Floor

1201 W. Peachtree Street, NW

Atlanta, Georgia  30309-3488

Attention:  Eliot Robinson

 

Telephone:    (404) 572-6600

Facsimile:     (404) 572-6999

 

if to the Trustee:

 

Two Midtown Plaza

1349 W. Peachtree Street, NW

Suite 1050, EX-GA-ATPT

Atlanta, Georgia 30309

 

    	-55-

    	 

    

 

Attention: Corporate Trust Department

Telephone:   (404) 965-7218

Facsimile:    (404) 365-7946

 

Each of the Issuer and the Trustee by written
notice to each other such Person may designate additional or different addresses for notices to such Person. Any notice or communication
to the Issuer and the Trustee, shall be deemed to have been given or made as of the date so delivered if personally delivered;
when replied to; when receipt is acknowledged, if telecopied; five (5) calendar days after mailing if sent by registered or certified
mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received
by the addressee); and next Business Day if by nationally recognized overnight courier service.

 

Any notice or communication mailed to a Holder
shall be mailed to him by first class mail or other equivalent means at his address as it appears on the registration books of
the Registrar and shall be sufficiently given to him if so mailed within the time prescribed.

 

Failure to mail a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 

SECTION 11.03.        Communications
by Holders with Other Holders.

 

Holders may communicate pursuant to Trust
Indenture Act § 312(b) with other Holders with respect to their rights under this Indenture, the Notes or the Subsidiary
Guarantees. The Issuer, the Trustee, the Registrar and any other Person shall have the protection of Trust Indenture Act § 312(c).

 

SECTION 11.04.        Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer
to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee:

 

(1)          an
Officers’ Certificate, in form and substance satisfactory to the Trustee, stating that, in the opinion of the signers, all
conditions precedent to be performed or effected by the Issuer, if any, provided for in this Indenture relating to the proposed
action have been complied with; and

 

(2)          an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

SECTION 11.05.        Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture, other than the Officers’ Certificate required by
Section 4.05, shall include:

 

    	-56-

    	 

    

 

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

 

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

 

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

 

(4)          a
statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied with; provided,
however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates
of public officials.

 

SECTION 11.06.        Rules
by Paying Agent or Registrar.

 

The Paying Agent or Registrar may make reasonable
rules and set reasonable requirements for their functions.

 

SECTION 11.07.        Legal
Holidays.

 

If a payment date is not a Business Day, payment
may be made on the next succeeding day that is a Business Day.

 

SECTION 11.08.        Governing
Law.

 

This Indenture, the Notes and the Subsidiary
Guarantees will be governed by and construed in accordance with the laws of the State of New York.

 

SECTION 11.09.        No
Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret
another indenture, loan or debt agreement of any of the Issuer or any of its Subsidiaries. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

SECTION 11.10.        No
Recourse Against Others.

 

No director, officer, employee, incorporator,
stockholder, member or manager of the Issuer or any Subsidiary Guarantor shall have any liability for any obligations of the Issuer
under the Notes or this Indenture or of any Subsidiary Guarantor under its Subsidiary Guarantee or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and
releases all such liability. Such waiver and release are part of the consideration for issuance of the Notes.

 

    	-57-

    	 

    

 

SECTION 11.11.        Successors.

 

All agreements of the Issuer and the Subsidiary
Guarantors in this Indenture, the Notes and the Note Guarantees shall bind their respective successors. All agreements of the Trustee
in this Indenture shall bind its successor.

 

SECTION 11.12.        Duplicate
Originals.

 

All parties may sign any number of copies
of this Indenture. Each signed copy or counterpart shall be an original, but all of them together shall represent the same agreement.

 

SECTION 11.13.        Severability.

 

To the extent permitted by applicable law,
in case any one or more of the provisions in this Indenture, in the Notes or in the Subsidiary Guarantees shall be held invalid,
illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all
of the provisions hereof shall be enforceable to the full extent permitted by law.

 

    	-58-

    	 

    

 

SIGNATURES

 

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

 

	 	OMEGA HEALTHCARE INVESTORS, INC.,
	 	as Issuer
	 	 	 
	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title:  Chief Financial Officer

 

    	S-1

    	 

    

 

	 	1200 Ely Street Holdings Co. LLC
	 	13922 CErise avenue, llc
	 	2425 teller avenue, llc
	 	245 East Wilshire avenue, llc
	 	3806 CLAYTON ROAD, LLC
	 	42235 County Road Holdings Co. LLC
	 	48 HIGH POINT ROAD, LLC
	 	523 HAYES LANE, LLC
	 	637 EAST ROMIE LANE, LLC
	 	Arizona Lessor - Infinia, Inc.
	 	Bayside Colorado Healthcare Associates, Inc.
	 	Bayside Street II, Inc.
	 	Bayside Street, Inc.
	 	Canton Health Care Land, Inc. 
	 	Carnegie Gardens LLC
	 	CFG 2115 Woodstock Place LLC
	 	Colonial Gardens, LLC 
	 	Colorado Lessor - Conifer, Inc.
	 	CSE Albany LLC
	 	CSE Amarillo LLC
	 	CSE Arden L.P.
	 	CSE Augusta LLC
	 	CSE Bedford LLC
	 	CSE Blountville LLC
	 	CSE Bolivar LLC
	 	CSE Cambridge LLC
	 	CSE Cambridge Realty LLC
	 	CSE Camden LLC
	 	CSE Canton LLC
	 	CSE Casablanca Holdings II LLC
	 	CSE Casablanca Holdings LLC
	 	CSE Cedar Rapids LLC
	 	CSE Centennial Village
	 	CSE Chelmsford LLC
	 	CSE Chesterton LLC,
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-2

    	 

    

 

	 	CSE Claremont LLC 
	 	CSE Corpus North LLC
	 	CSE Denver Iliff LLC
	 	CSE Denver LLC
	 	CSE Douglas LLC
	 	CSE Elkton LLC
	 	CSE Elkton Realty LLC
	 	CSE Fairhaven LLC
	 	CSE Fort Wayne LLC
	 	CSE Frankston LLC
	 	CSE Georgetown LLC
	 	CSE Green Bay LLC
	 	CSE Hilliard LLC
	 	CSE Huntingdon LLC
	 	CSE Huntsville LLC
	 	CSE Indianapolis-Continental LLC
	 	CSE Indianapolis-Greenbriar LLC
	 	CSE Jacinto City LLC
	 	CSE Jefferson City LLC
	 	CSE Jeffersonville-Hillcrest Center LLC
	 	CSE Jeffersonville-Jennings House LLC
	 	CSE Kerrville LLC
	 	CSE King L.P.
	 	CSE Kingsport LLC
	 	CSE Knightdale L.P.
	 	CSE Lake City LLC
	 	CSE Lake Worth LLC
	 	CSE Lakewood LLC
	 	CSE Las Vegas LLC
	 	CSE Lawrenceburg LLC
	 	CSE Lenoir L.P.
	 	CSE Lexington Park LLC
	 	CSE Lexington Park Realty LLC
	 	CSE Ligonier LLC
	 	CSE Live Oak LLC,
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-3

    	 

    

 

	 	CSE Lowell LLC
	 	CSE Marianna Holdings LLC
	 	CSE Memphis LLC
	 	CSE Mobile LLC
	 	CSE Moore LLC
	 	CSE North Carolina Holdings I LLC
	 	CSE North Carolina Holdings II LLC
	 	CSE Omro LLC
	 	CSE Orange Park LLC
	 	CSE Orlando-Pinar Terrace Manor LLC
	 	CSE Orlando-Terra Vista Rehab LLC
	 	CSE Pennsylvania Holdings
	 	CSE Piggott LLC
	 	CSE Pilot Point LLC
	 	CSE Pine View LLC
	 	CSE Ponca City LLC
	 	CSE Port St. Lucie LLC
	 	CSE Richmond LLC
	 	CSE Ripley LLC
	 	CSE Ripon LLC
	 	CSE Safford LLC
	 	CSE Salina LLC
	 	CSE Seminole LLC
	 	CSE Shawnee LLC
	 	CSE Spring Branch LLC
	 	CSE Stillwater LLC
	 	CSE Taylorsville LLC
	 	CSE Texarkana LLC
	 	CSE Texas City LLC
	 	CSE The Village LLC
	 	CSE Upland LLC
	 	CSE Walnut Cove L.P.
	 	CSE West Point LLC
	 	CSE Whitehouse LLC
	 	CSE Williamsport LLC
	 	CSE Winter Haven LLC,
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-4

    	 

    

 

	 	CSE Woodfin L.P.
	 	CSE Yorktown LLC
	 	Delta Investors I, LLC
	 	Delta Investors II, LLC
	 	Desert Lane LLC
	 	Dixie White House Nursing Home, Inc.
	 	Dixon Health Care Center, Inc. 
	 	Encanto Senior Care, LLC
	 	Florida Lessor – Meadowview, Inc.
	 	Florida Real Estate Company, LLC
	 	Georgia Lessor - Bonterra/Parkview, Inc.
	 	Greenbough, LLC
	 	Hutton I Land, Inc. 
	 	Hutton II Land, Inc. 
	 	Hutton III Land, Inc. 
	 	Indiana Lessor – Wellington Manor, Inc.
	 	LAD I Real Estate Company, LLC
	 	Leatherman 90-1, Inc. 
	 	Leatherman Partnership 89-1, Inc. 
	 	Leatherman Partnership 89-2, Inc. 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-5

    	 

    

 

	 	Meridian Arms Land, Inc. 
	 	North Las Vegas LLC
	 	NRS Ventures, L.L.C.
	 	Ocean Springs Nursing Home, Inc.
	 	OHI (Connecticut), Inc. 
	 	OHI (Illinois), Inc. 
	 	OHI (Indiana), Inc. 
	 	OHI (Iowa), Inc. 
	 	OHI Asset (AR) Ash Flat, LLC
	 	OHI Asset (AR) Camden, LLC
	 	OHI Asset (AR) Conway, LLC
	 	OHI Asset (AR) Des Arc, LLC
	 	OHI Asset (AR) Hot Springs, LLC
	 	OHI Asset (AR) Malvern, LLC
	 	OHI Asset (AR) Mena, LLC
	 	OHI Asset (AR) Pocahontas, LLC
	 	OHI Asset (AR) Sheridan, LLC
	 	OHI Asset (AR) Walnut Ridge, LLC
	 	OHI Asset (AZ) Austin House, LLC
	 	OHI Asset (CA), LLC
	 	OHI Asset (CO), LLC
	 	OHI Asset (CT) Lender, LLC
	 	OHI Asset (FL) Lake Placid, LLC
	 	OHI Asset (FL) Lender, LLC
	 	OHI Asset (FL), LLC
	 	OHI Asset (GA) Moultrie, LLC
	 	OHI Asset (GA) Snellville, LLC
	 	OHI Asset (ID) Holly, LLC
	 	OHI Asset (ID) Midland, LLC
	 	OHI Asset (ID), LLC
	 	OHI Asset (IL), LLC
	 	OHI Asset (IN) American Village, LLC
	 	OHI Asset (IN) Anderson, LLC,
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-6

    	 

    

 

	 	OHI Asset (IN) Beech Grove, LLC
	 	OHI Asset (IN) Clarksville, LLC
	 	OHI Asset (IN) Clinton, LLC
	 	OHI Asset (IN) Connersville, LLC
	 	OHI Asset (IN) Crown Point, LLC
	 	OHI Asset (IN) Eagle Valley, LLC
	 	OHI Asset (IN) Elkhart, LLC
	 	OHI Asset (IN) Forest Creek, LLC
	 	OHI Asset (IN) Fort Wayne, LLC
	 	OHI Asset (IN) Franklin, LLC
	 	OHI Asset (IN) Greensburg, LLC
	 	OHI Asset (IN) Indianapolis, LLC
	 	OHI Asset (IN) Jasper, LLC
	 	OHI Asset (IN) Kokomo, LLC
	 	OHI Asset (IN) Lafayette, LLC
	 	OHI Asset (IN) Madison, LLC
	 	OHI Asset (IN) Monticello, LLC
	 	OHI Asset (IN) Noblesville, LLC
	 	OHI Asset (IN) Rosewalk, LLC
	 	OHI Asset (IN) Salem, LLC
	 	OHI Asset (IN) Seymour, LLC
	 	OHI Asset (IN) Spring Mill, LLC
	 	OHI Asset (IN) Terre Haute, LLC
	 	OHI Asset (IN) Wabash, LLC
	 	OHI Asset (IN) Westfield, LLC
	 	OHI Asset (IN) Zionsville, LLC
	 	OHI Asset (LA), LLC
	 	OHI Asset (MD), LLC
	 	OHI Asset (MI) Heather Hills, LLC
	 	OHI Asset (MI), LLC
	 	OHI Asset (MO), LLC
	 	OHI Asset (MS) Byhalia, LLC
	 	OHI Asset (MS) Cleveland, LLC
	 	OHI Asset (MS) Clinton, LLC
	 	OHI Asset (MS) Columbia, LLC,
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-7

    	 

    

 

	 	OHI Asset (MS) Corinth, LLC
	 	OHI Asset (MS) Greenwood, LLC
	 	OHI Asset (MS) Grenada, LLC
	 	OHI Asset (MS) Holly Springs, LLC
	 	OHI Asset (MS) Indianola, LLC
	 	OHI Asset (MS) Natchez, LLC
	 	OHI Asset (MS) Picayune, LLC
	 	OHI Asset (MS) Vicksburg, LLC
	 	OHI Asset (MS) Yazoo City, LLC
	 	OHI Asset (NC) Wadesboro, LLC
	 	OHI Asset (OH) Lender, LLC
	 	OHI Asset (OH), LLC
	 	OHI Asset (OR) Portland, LLC
	 	OHI Asset (PA) Trust
	 	OHI Asset (PA), LLC
	 	OHI Asset (SC) Aiken, LLC
	 	OHI Asset (SC) Anderson, LLC
	 	OHI Asset (SC) Easley Anne, LLC
	 	OHI Asset (SC) Easley Crestview, LLC
	 	OHI Asset (SC) Edgefield, LLC
	 	OHI Asset (SC) Greenville Griffith, LLC
	 	OHI Asset (SC) Greenville Laurens, LLC
	 	OHI Asset (SC) Greenville North, LLC
	 	OHI Asset (SC) Greer, LLC
	 	OHI Asset (SC) Marietta, LLC
	 	OHI Asset (SC) McCormick, LLC
	 	OHI Asset (SC) Pickens East Cedar, LLC
	 	OHI Asset (SC) Pickens Rosemond, LLC
	 	OHI Asset (SC) Piedmont, LLC
	 	OHI Asset (SC) Simpsonville SE Main, LLC,
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-8

    	 

    

 

	 	OHI Asset (SC) Simpsonville West Broad, LLC
	 	OHI Asset (SC) Simpsonville West Curtis, LLC
	 	OHI Asset (TN) Bartlett, LLC
	 	OHI Asset (TN) Collierville, LLC
	 	OHI Asset (TN) Memphis, LLC
	 	OHI Asset (TX) Anderson, LLC
	 	OHI Asset (TX) Bryan, LLC
	 	OHI Asset (TX) Burleson, LLC
	 	OHI Asset (TX) College Station, LLC
	 	OHI Asset (TX) Comfort, LLC
	 	OHI Asset (TX) Diboll, LLC
	 	OHI Asset (TX) Granbury, LLC
	 	OHI Asset (TX) Hondo, LLC
	 	OHI Asset (TX) Italy, LLC
	 	OHI Asset (TX) Winnsboro, LLC
	 	OHI Asset (TX), LLC
	 	OHI Asset (UT) Ogden, LLC
	 	OHI Asset (UT) Provo, LLC
	 	OHI Asset (UT) Roy, LLC
	 	OHI Asset (VA) Charlottesville, LLC
	 	OHI Asset (VA) Farmville, LLC
	 	OHI Asset (VA) Hillsville, LLC
	 	OHI Asset (VA) Rocky Mount, LLC
	 	OHI Asset (WA) Battle Ground, LLC
	 	OHI Asset CSB LLC
	 	OHI Asset CSE – E, LLC
	 	OHI Asset CSE – U, LLC
	 	OHI Asset HUD CFG, LLC
	 	OHI Asset HUD Delta, LLC
	 	OHI Asset HUD SF CA, LLC
	 	OHI Asset HUD SF, LLC
	 	OHI Asset HUD WO, LLC
	 	OHI Asset II (CA), LLC,
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-9

    	 

    

 

	 	OHI Asset II (FL), LLC
	 	OHI Asset II (PA) Trust
	 	OHI Asset III (PA) Trust
	 	OHI Asset IV (PA) Silver Lake Trust
	 	OHI Asset RO PMM Services, LLC
	 	OHI Asset RO, LLC
	 	OHI Asset, LLC
	 	OHI Mezz Lender, LLC
	 	OHI Tennessee, Inc.
	 	OHIMA, Inc. 
	 	Omega TRS I, Inc.
	 	Orange Village Care Center, Inc.
	 	Panama City Nursing Center LLC
	 	Pavillion North Partners, Inc. 
	 	Pavillion North, LLP
	 	Pavillion Nursing Center North, Inc. 
	 	Pensacola Real Estate Holdings I, Inc.
	 	Pensacola Real Estate Holdings II, Inc.
	 	Pensacola Real Estate Holdings III, Inc.
	 	Pensacola Real Estate Holdings IV, Inc.
	 	Pensacola Real Estate Holdings V, Inc.
	 	Skyler Boyington, Inc.
	 	Skyler Florida, Inc.
	 	Skyler Maitland LLC
	 	Skyler Pensacola, Inc.
	 	St. Mary’s Properties, Inc.
	 	Sterling Acquisition Corp.,
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-10

    	 

    

 

	 	Suwanee, LLC
	 	Texas Lessor – Stonegate GP, Inc.
	 	Texas Lessor – Stonegate, Limited, Inc.
	 	Texas Lessor – Stonegate, LP
	 	The Suburban Pavilion, Inc. 
	 	Washington Lessor – Silverdale, Inc.
	 	Wilcare, LLC, 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

    	S-11

    	 

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ David Ferrell
	 	 	Name: David Ferrell
	 	 	Title: Vice President

 

    	S-12

    	 

    

 

EXHIBIT A

 

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

 

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

 

OMEGA HEALTHCARE INVESTORS, INC.

4.950% Senior Notes due 2024

 

	 	CUSIP No.
	No.  [        ]	$

 

OMEGA HEALTHCARE INVESTORS, INC., a Maryland
corporation (the “Issuer”), for value received promises to pay to Cede & Co., or its registered assigns,
the principal sum of [                         ]
DOLLARS [or such other amount as is provided in a schedule attached hereto]a
on April 1, 2024.

 

Interest Payment Dates: April 1 and October
1, commencing October 1, 2014.

 

Record Dates: March 15 and September 15.

 

Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

 

 

  

		a	This language should be included only if the Note is issued in global form.

 

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IN WITNESS WHEREOF, the Issuer has caused
this Note to be signed manually or by facsimile by its duly authorized officer.

 

Dated:

 

	 	OMEGA HEALTHCARE INVESTORS, INC., as

Issuer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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[FORM OF] TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the 4.950% Senior Notes due
2024 described in the within-mentioned Indenture.

Dated:

 

	 	U.S. Bank National Association,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

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(Reverse of Note)

 

4.950% Senior Notes due 2024

 

Capitalized terms used herein shall have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

SECTION 1.   Interest. Omega Healthcare
Investors, Inc., a Maryland corporation (the “Issuer”) promises to pay interest on the principal amount of this
Note at 4.950% per annum from March 11, 2014 until maturity. The Issuer will pay interest semi-annually on April 1 and October
1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment
Date”), commencing October 1, 2014. Interest on the Notes will accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from March 11, 2014. The Issuer shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand to the extent
lawful at the interest rate applicable to the Notes; it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time
on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

SECTION 2.   Method of Payment.
The Issuer will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business on the March
15 or September 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before
such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes
will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Issuer shall pay principal, premium,
if any, and interest on the Notes in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts (“U.S. Legal Tender”). Principal, premium, if any, and interest on the
Notes will be payable at the office or agency of the Issuer maintained for such purpose except that, at the option of the Issuer,
the payment of interest may be made by check mailed to the Holders of the Notes at their respective addresses set forth in the
register of Holders of Notes. Until otherwise designated by the Issuer, the Issuer’s office or agency in New York will be
the office of the Trustee maintained for such purpose.

 

SECTION 3.   Paying Agent and Registrar.
Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuer
may change any Paying Agent or Registrar without notice to any Holder. Except as provided in the Indenture, the Issuer or any of
their Subsidiaries may act in any such capacity.

 

SECTION 4.   Indenture. The Issuer
issued the Notes under an Indenture dated as of March 11, 2014 (“Indenture”) by and among the Issuer, the Subsidiary
Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “Trust
Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture
Act for a statement of such terms.

 

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SECTION 5.   Optional Redemption.
The Notes will be redeemable at the option of the Issuer, in whole or in part, at any time, and from time to time, prior
to January 1, 2024, upon not less than 30 days’ nor more than 60 days’ notice, at the Redemption Price equal to the
greater of:

 

(a)          100%
of the principal amount of the Notes to be redeemed, and

 

(b)          the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive
of interest accrued to the applicable Redemption Date) discounted to such Redemption Date on a semiannual basis, assuming a 360-day
year consisting of twelve 30-day months, at the Treasury Rate plus 40 basis points,

 

plus, in each case of clauses (a) and (b)
above, accrued and unpaid interest thereon to, but not including, the applicable Redemption Date; provided, however,
that if the Redemption Date falls after the Record Date and on or prior to the corresponding Interest Payment Date, the Issuer
will pay the full amount of accrued and unpaid interest, if any, on such Interest Payment Date to the Holder of Notes at the close
of business on the corresponding Record Date (instead of the holder surrendering its Notes for redemption).

 

Notwithstanding the foregoing, if the Notes
are redeemed on or after January 1, 2024, the Redemption Price will be equal to 100% of the principal amount of the Notes being
redeemed, plus accrued and unpaid interest thereon to, but not including, such Redemption Date.

 

“Treasury Rate” means (1)
the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published
statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors
of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the remaining life of the Notes, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or (2) if such release (or any successor release) is
not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for the applicable Redemption Date. The Treasury
Rate shall be calculated on the third Business Day preceding the applicable Redemption Date.

 

“Comparable Treasury Issue”
means, with respect to any Redemption Date for the Notes, the United States Treasury security selected by the Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes to be redeemed.

 

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“Comparable Treasury Price”
means, with respect to any Redemption Date for the Notes:

 

(i)          
the average of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such
Reference Treasury Dealer Quotations, or

 

(ii)          if
the Issuer obtains fewer than five but more than one such Reference Treasury Dealer Quotations for such Redemption Date, the average
of all such quotations, or

 

(iii)         if
the Issuer obtains only one such Reference Treasury Dealer Quotation for such Redemption Date, that Reference Treasury Dealer Quotation.

 

“Independent Investment Banker”
means, with respect to any Redemption Date for the Notes, an independent investment banking institution of national standing appointed
by the Issuer with respect to such Redemption Date.

 

“Reference Treasury Dealer”
means (1) J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and (2) any three other Primary
Treasury Dealer selected by the Issuer; provided, however, that if any Reference Treasury Dealer referred to in clause
(1) above ceases to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Issuer will substitute
therefor another Primary Treasury Dealer.

 

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

 

SECTION 6.   [Reserved].

 

SECTION 7.   Notice of Redemption.
Notice of redemption will be mailed by first class mail at least 30 days but not more than 60 days before the redemption date to
each Holder of Notes to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part.
If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal
amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name
of the Holder thereof upon cancellation of the original Note. On and after the Redemption Date interest ceases to accrue on Notes
or portions thereof called for redemption.

 

SECTION 8.   Mandatory Redemption.
The Issuer shall not be required to make mandatory redemption payments with respect to the Notes.

 

SECTION 9.   [Reserved].

 

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SECTION 10.   Denominations, Transfer,
Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer and the Registrar are not
required to transfer or exchange any Note selected for redemption. Also, the Issuer and the Registrar are not required to transfer
or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed.

 

SECTION 11.   Persons Deemed Owners.
The registered Holder of a Note may be treated as its owner for all purposes.

 

SECTION 12.   Amendment, Supplement
and Waiver. Subject to certain exceptions allowing modifications and amendments of the Indenture without the consent of the
Holders of the Notes, the Indenture and the Notes may be amended or supplemented with the written consent of the Holders of at
least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or compliance with any provision
may be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without
notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other things,
cure any ambiguity, defect or inconsistency in the Indenture, provide for uncertificated Notes in addition to certificated Notes,
comply with any requirements of the SEC in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any change that does not materially adversely affect the rights of any Holder of a Note.

 

SECTION 13.   Defaults and Remedies.
If a Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes
generally may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of a Default
arising from certain events of bankruptcy or insolvency as set forth in the Indenture, with respect to the Issuer, all outstanding
Notes will become due and payable without further action or notice. Holders of the Notes may not enforce the Indenture or the Notes
except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of
any continuing Default if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal
amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing
Default and its consequences under the Indenture except a continuing Default in the payment of interest on, or the principal of,
or the premium on, the Notes.

 

SECTION 14.   Restrictive Covenants.
The Indenture contains certain covenants that, among other things, limit the ability of the Issuer and its Subsidiaries to incur
indebtedness, to create liens or to consolidate, merge or sell all or substantially all of its assets. The limitations are subject
to a number of important qualifications and exceptions. The Issuer must annually report to the Trustee on compliance with such
limitations and other provisions in the Indenture.

 

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SECTION 15.   No Recourse Against Others.
No director, officer, employee, incorporator, stockholder, member or manager of the Issuer or any Subsidiary Guarantor shall have
any liability for any obligations of the Issuer under the Notes or the Indenture, or of any Subsidiary Guarantor under its Subsidiary
Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes.

 

SECTION 16.   Subsidiary Guarantees.
This Note will be entitled to the benefits of certain Subsidiary Guarantees made for the benefit of the Holders. Reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the
Subsidiary Guarantors, the Trustee and the Holders.

 

SECTION 17.   Trustee Dealings with
the Issuer. Subject to certain terms, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with the Issuer, their Subsidiaries or their respective Affiliates as if it
were not the Trustee.

 

SECTION 18.   Authentication. This
Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

SECTION 19.   Abbreviations. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

 

SECTION 20.   Additional Rights of Holders
of Restricted Global Notes and Restricted Definitive Notes. Pursuant to, but subject to the exceptions in, the Registration
Rights Agreement, the Issuer and the Subsidiary Guarantors will be obligated to consummate an exchange offer pursuant to which
the Holder of this Note shall have the right to exchange this Note for a 4.950% Senior Note due 2024 of the Issuer which shall
have been registered under the Securities Act, in like principal amount and having terms identical in all material respects to
this Note (except that such Note shall not be entitled to Additional Interest and shall not contain terms with respect to transfer
restrictions). The Holders shall be entitled to receive certain Additional Interest in the event such exchange offer is not consummated
or the Notes are not offered for resale and upon certain other conditions, all pursuant to and in accordance with the terms of
the Registration Rights Agreement.b

 

SECTION 21.   CUSIP and ISIN Numbers.
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused
CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP or ISIN

 

 

  

		b	This Section not to appear on Exchange Notes or Private Exchange Notes or Additional Notes unless required by the terms
of such Additional Notes.

 

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numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

SECTION 22.   Governing Law. This
Note shall be governed by, and construed in accordance with, the laws of the State of New York.

 

The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture.

 

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ASSIGNMENT FORM

 

I or we assign and transfer this Note to

 

	 
	 
	(Print or type name, address and zip code of assignee or transferee)

 

	(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint _______________________________________
agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

	Dated:  _________________	Signed:	 
	 	 	  (Sign exactly as name appears on
	 	 	  the other side of this Note)

 

	 	 
	Signature Guarantee:	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

In connection with any transfer of this Note
occurring prior to the date which is the date following the second anniversary of the original issuance of this Note, the undersigned
confirms that it has not utilized any general solicitation or general advertising in connection with the transfer and is making
the transfer pursuant to one of the following:

 

[Check One]

 

	(1) ___	to the Issuer or a subsidiary thereof; or
	 	 
	(2) ___	to a person who the transferor reasonably believes is a “qualified institutional buyer” pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 
	(3) ___	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter can be obtained from the Trustee); or
	 	 
	(4) ___	outside the United States to a non-“U.S. person” as defined in Rule 902 of Regulation S under the Securities Act in compliance with Rule 904 of Regulation S under the Securities Act; or

 

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	(5) ___	pursuant to the exemption from registration provided by Rule 144 under the Securities Act; or
	 	 
	(6) ___	pursuant to an effective registration statement under the Securities Act.

 

and unless the box below is checked, the undersigned confirms
that such Note is not being transferred to an “affiliate” of the Issuer as defined in Rule 144 under the Securities
Act (an “Affiliate”):

 

 ̈    The
transferee is an Affiliate of the Issuer.

 

Unless one of the foregoing items (1) through
(6) is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other
than the registered Holder thereof; provided, however, that if item (3), (4) or (5) is checked, the Issuer or the Trustee
may require, prior to registering any such transfer of the Notes, in their sole discretion, such written legal opinions, certifications
(including an investment letter in the case of box (3) or (4)) and other information as the Trustee or the Issuer has reasonably
requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

 

If none of the foregoing items (1) through
(6) are checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the
Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.16 of
the Indenture shall have been satisfied.

 

	Dated:                                             	Signed:	 
	 	 	(Sign exactly as name appears on the other
	 	 	side of this Note)

 

	Signature Guarantee:	 

 

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

 

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TO BE COMPLETED BY PURCHASER IF (2) ABOVE
IS CHECKED

 

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

 

	Dated:                      
                  	 	 
	 	 	NOTICE:	To be executed by an executive
	 	 	 	officer

 

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SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTEc

 

The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Physical Note, or exchanges of a part of another Global Note or Physical
Note for an interest in this Global Note, have been made:

 

	Date
    of Exchange	 	Amount
                                         of decrease in

        Principal
        Amount of

        this
        Global Note
	 	Amount
                                         of increase in

        Principal
        Amount of

        this
        Global Note
	 	Principal
                                         Amount of

        this
        Global Note

        following
        such decrease

        (or
        increase)
	 	Signature
                                         of

        authorized
        officer of

        Trustee
        or Note

        Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

 

 

		c	This schedule should be included only if the Note is issued in global form.

  

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EXHIBIT B

 

FORM OF LEGENDS

 

Each Global Note and Physical Note that constitutes
a Restricted Security shall bear the following legend (the “Private Placement Legend”) on the face thereof until
after the second anniversary of the Closing Date, unless otherwise agreed by the Issuer and the Holder thereof or if such legend
is no longer required by Section 2.16(f) of the Indenture:

 

THE SECURITY (OR ITS PREDECESSOR)
EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED
HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH
SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (i) (a) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING
THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT, OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), (ii) TO THE COMPANY, OR (iii) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY
ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION
CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.

 

Each Global Note authenticated and delivered
hereunder shall also bear the following legend:

 

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THIS NOTE IS A GLOBAL NOTE WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY
OR A SUCCESSOR DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY
OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER
OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR
ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

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

 

TRANSFERS OF THIS GLOBAL NOTE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN SECTION 2.16 OF THE INDENTURE.

    	B-2

    	 

    

 

EXHIBIT C

 

Form of Certificate To Be

Delivered in Connection with

Transfers to Non-QIB Institutional Accredited Investors

 

[                  ],
[     ]

 

U.S. Bank National Association

Two Midtown Plaza

1349 W. Peachtree Street, NW

Suite 1050, EX-GA-ATPT

Atlanta, Georgia 30309

T: (404) 965-7218

F: (404) 365-7946

Attention: Corporate Trust Department

 

Ladies and Gentlemen:

 

In connection with our proposed purchase of
4.950% Senior Notes due 2024 (the “Notes”) of OMEGA HEALTHCARE INVESTORS, INC., a Maryland corporation (the
“Issuer”), we confirm that:

 

1.           We
understand that any subsequent transfer of the Notes is subject to certain restrictions and conditions set forth in the Indenture
relating to the Notes (the “Indenture”) and the undersigned agrees to be bound by, and not to resell, pledge
or otherwise transfer the Notes except in compliance with, such restrictions and conditions and the Securities Act of 1933, as
amended (the “Securities Act”), and all applicable state securities laws.

 

2.           We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes may not be
offered, sold, pledged or otherwise transferred except as permitted in the following sentence. We agree, on our own behalf and
on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell, offer, pledge or otherwise transfer
any Notes, we will do so only (A) to the Issuer or any of the Issuer’s Subsidiaries, (B) inside the United States
to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) in a transaction complying
with Rule 144A under the Securities Act, (C) inside the United States to an institutional “accredited investor”
(as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that, prior to such transfer, furnishes
(or has furnished on its behalf by a U.S. broker-dealer) to the Trustee a signed letter containing certain representations and
agreements relating to the restrictions on transfer of the Notes (the form of which letter can be obtained from such Trustee),
(D) outside the United States in compliance with Rule 904 under the Securities Act, (E) pursuant to the exemption
from registration provided by Rule 144 under the Securities Act (if available), (F) in accordance with another exemption
from the registration requirements of the Securities Act (and based

 

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upon an opinion of counsel if we
so request) or (G) pursuant to an effective registration statement under the Securities Act, and we further agree to provide
to any person purchasing any of the Notes from us a notice advising such purchaser that resales of the Notes are restricted as
stated herein.

 

3.           We
are not acquiring the Notes for or on behalf of, and will not transfer the Notes to, any employee benefit plan subject to Title
I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), any plan, individual retirement
accounts or other arrangements subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
or provisions under any federal, state, local, or non-U.S. or other laws or regulations that are similar to such provisions of
ERISA or the Code or any entity whose underlying assets are considered to include “plan assets” of such plans, accounts
or arrangements, except as permitted in the Section entitled “Notice to investors” of the Offering Memorandum
of the Issuer relating to the Notes dated March 6, 2014.

 

4.           We
understand that, on any proposed resale of any Notes, we will be required to furnish to the Trustee and the Issuer such certification,
legal opinions and other information as the Trustee and the Issuer may reasonably require to confirm that the proposed sale complies
with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect.

 

5.           We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under
the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic
risk of our or their investment, as the case may be.

 

6.           We
are acquiring the Notes purchased by us for our account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

 

    	C-2

    	 

    

 

You, as Trustee, the Issuer, counsel for the
Issuer and others are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	[Name of Transferee]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-3

    	 

    

 

EXHIBIT D

 

Form of Certificate To Be Delivered

in Connection with Transfers 

      Pursuant
to Regulation S     

 

[                ],
[     ]

 

U.S. Bank National Association

Two Midtown Plaza

1349 W. Peachtree Street, NW

Suite 1050, EX-GA-ATPT

Atlanta, Georgia 30309

T: (404) 965-7218

F: (404) 365-7946

Attention: Corporate Trust Department

 

Re:         Omega Healthcare Investors,
Inc. (the “Issuer”)

4.950% Senior Notes due 2024 (the “Notes”) 

 

Ladies and Gentlemen:

 

In connection with our proposed sale of $[        ]
aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation
S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

 

(1)          the
offer of the Notes was not made to a person in the United States;

 

(2)          either
(a) at the time the buy offer was originated, the transferee was outside the United States or we and any person acting on our behalf
reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither we nor any person acting on our behalf knows that the transaction
has been prearranged with a buyer in the United States;

 

(3)          no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b)
of Regulation S, as applicable;

 

(4)          the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(5)          we
have advised the transferee of the transfer restrictions applicable to the Notes.

 

    	D-1

    	 

    

 

You, as Trustee, the Issuer, counsel for the
Issuer and others are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.
Terms used in this certificate have the meanings set forth in Regulation S.

 

	 	Very truly yours,
	 	 
	 	[Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	D-2

    	 

    

 

EXHIBIT E

 

SUBSIDIARY GUARANTEE

 

For value received, each of the undersigned
(including any successor Person under the Indenture) hereby unconditionally guarantees, jointly and severally, to the extent set
forth in the Indenture (as defined below) to the Holder of this Note the payment of principal, premium, if any, and interest on
this Note in the amounts and at the times when due and interest on the overdue principal, premium, if any, and interest, if any,
of this Note when due, if lawful, and, to the extent permitted by law, the payment or performance of all other obligations of the
Issuer under the Indenture or the Notes, to the Holder of this Note and the Trustee, all in accordance with and subject to the
terms and limitations of this Note, the Indenture, including Article Ten thereof, and this Subsidiary Guarantee. This Subsidiary
Guarantee will become effective in accordance with Article Ten of the Indenture and its terms shall be evidenced therein. The validity
and enforceability of any Subsidiary Guarantee shall not be affected by the fact that it is not affixed to any particular Note.

 

Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Indenture dated as of March 11, 2014, among Omega Healthcare Investors, Inc., a
Maryland corporation (the “Issuer”), the Subsidiary Guarantors named therein and U.S. Bank National Association,
as trustee (the “Trustee”), as amended or supplemented (the “Indenture”).

 

The obligations of the undersigned to the
Holders of Notes and to the Trustee pursuant to this Subsidiary Guarantee and the Indenture are expressly set forth in Article
Ten of the Indenture and reference is hereby made to the Indenture for the precise terms of the Subsidiary Guarantee and all of
the other provisions of the Indenture to which this Subsidiary Guarantee relates.

 

No director, officer, employee, incorporator,
stockholder, member or manager of any Subsidiary Guarantor, as such, shall have any liability for any obligations of such Subsidiary
Guarantor under such Subsidiary Guarantor’s Subsidiary Guarantee or the Indenture or for any claim based on, in respect of,
or by reason of, such obligation or its creation.

 

This Subsidiary Guarantee shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

This Subsidiary Guarantee is subject to release
upon the terms set forth in the Indenture.

 

    	E-1

    	 

    

 

IN WITNESS WHEREOF, each Subsidiary Guarantor
has caused its Subsidiary Guarantee to be duly executed.

 

Date:

 

	 	[                                       ]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	E-2Exhibit 4.2

 

EXECUTION VERSION

  

 

 

REGISTRATION RIGHTS AGREEMENT

 

Dated as of March 11, 2014

 

Among

 

Omega
Healthcare Investors, Inc.

 

and

 

THE GUARANTORS NAMED HEREIN

 

as Issuers,

 

and

 

J.P. MORGAN
SECURITIES LLC

 

as Representative of the several Initial Purchasers

 

4.950% Senior Notes due 2024

  

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	Definitions	1
	 	 	 
	2.	Exchange Offer	5
	 	 	 
	3.	Shelf Registration	9
	 	 	 
	4.	Additional Interest	11
	 	 	 
	5.	Registration Procedures	12
	 	 	 
	6.	Registration Expenses	22
	 	 	 
	7.	Indemnification and Contribution.	23
	 	 	 
	8.	Rules 144 and 144A	26
	 	 	 
	9.	Underwritten Registrations	27
	 	 	 
	10.	Miscellaneous	27

 

    	-i-

    	 

    

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”)
is dated as of March 11, 2014, among OMEGA HEALTHCARE INVESTORS, INC., a Maryland corporation (the “Company”),
the subsidiaries of the Company listed on the signature pages hereto (collectively, and together with any entity that in the future
executes a supplemental indenture pursuant to which such entity agrees to guarantee the Notes (as hereinafter defined), the “Guarantors,”
and together with the Company, the “Issuers”) and J.P. MORGAN SECURITIES LLC as Representative of the several
initial purchasers (collectively, the “Initial Purchasers”) listed on Schedule 1 to the Purchase Agreement
(as defined below).

 

This Agreement is entered into in connection
with the Purchase Agreement by and among the Issuers and J.P. Morgan Securities LLC, for itself and as representative of the Initial
Purchasers, dated as of March 6, 2014 (the “Purchase Agreement”), which provides for, among other things, the
sale by the Company to the Initial Purchasers of $400,000,000 aggregate principal amount of the Company’s 4.950% Senior
Notes due 2024 (the “Notes”) guaranteed on a senior basis by the Guarantors (the “Guarantees”).
In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Issuers have agreed to provide the registration
rights set forth in this Agreement for the benefit of the Initial Purchasers and any subsequent holder or holders of the Notes.
The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes
under the Purchase Agreement.

 

The parties hereby agree as follows:

 

1.            Definitions

 

As used in this Agreement, the following terms
shall have the following meanings:

 

Additional
Interest: See Section 4(a) hereof.

 

Additional
Notes: shall have the meaning ascribed thereto in the Indenture.

 

Advice:
See the last paragraph of Section 5 hereof.

 

Agreement:
See the introductory paragraphs hereto.

 

Applicable
Period: See Section 2(b) hereof.

 

Application:
See Section 7(a) hereof.

 

    	 

    	 

    

 

Business
Day: Any day that is not a Saturday, Sunday or a day on which banking institutions in New York are authorized or required
by law to be closed.

 

Company:
See the introductory paragraphs hereto.

 

Effectiveness
Date: With respect to (i) the Exchange Offer Registration Statement, the 270th day after the Issue Date and (ii) any
Shelf Registration Statement, the 60th day after the Filing Date with respect thereto; provided, however, that if
the Effectiveness Date would otherwise fall on a day that is not a Business Day, then the Effectiveness Date shall be the next
succeeding Business Day.

 

Effectiveness
Period: See Section 3(a) hereof.

 

Event
Date: See Section 4(b) hereof.

 

Exchange
Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

Exchange
Notes: See Section 2(a) hereof.

 

Exchange
Offer: See Section 2(a) hereof.

 

Exchange
Offer Registration Statement: See Section 2(a) hereof.

 

FINRA:
Financial Industry Regulatory Authority, Inc.

 

Filing
Date: (A) If no Registration Statement has been filed by the Company pursuant to this Agreement, the 220th day
after the Issue Date; and (B) in any other case (which may be applicable notwithstanding the consummation of the Exchange
Offer), the 60th day after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof; provided, however,
that if the Filing Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding
Business Day.

 

Guarantees:
See the introductory paragraphs hereto.

 

Guarantors:
See the introductory paragraphs hereto.

 

Holder:
Any holder of a Registrable Note or Registrable Notes.

 

Indenture:
The Indenture, dated as of March 11, 2014, by and among the Company, the Guarantors and U.S. Bank National Association, as Trustee,
pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof.

 

    	-2-

    	 

    

 

Information:
See Section 5(o) hereof.

 

Initial
Purchasers: See the introductory paragraphs hereto.

 

Initial
Shelf Registration: See Section 3(a) hereof.

 

Inspectors:
See Section 5(o) hereof.

 

Issue
Date: March 11, 2014, the date of the original issuance of the Notes.

 

Issuers:
See the introductory paragraphs hereto.

 

Notes:
See the introductory paragraphs hereto.

 

Participant:
See Section 7(a) hereof.

 

Participating
Broker-Dealer: See Section 2(b) hereof.

 

Person:
An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated association,
union, business association, firm or other legal entity.

 

Private
Exchange: See Section 2(b) hereof.

 

Private
Exchange Notes: See Section 2(b) hereof.

 

Prospectus:
The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion and
a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement
in reliance upon Rule 430A under the Securities Act and any “issuer free writing prospectus” as defined in Rule
433 under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements
to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated
by reference in such Prospectus.

 

Purchase
Agreement: See the introductory paragraphs hereof.

 

Records:
See Section 5(o) hereof.

 

Registrable Notes: Each Note (and the
related Guarantees) upon its original issuance and at all times subsequent thereto, each Exchange Note (and the related Guarantees)
as to which Section 2(c)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private
Exchange Note (and the related Guarantees) upon original issuance thereof and at all times subsequent thereto, until, in each
case, the earliest to occur of

 

    	-3-

    	 

    

 

(i) a
Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable,
the Exchange Offer Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been declared effective
by the SEC and such Note, Exchange Note or such Private Exchange Note, as the case may be, has been disposed of in accordance
with such effective Registration Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for an Exchange
Note or Exchange Notes (and the related Guarantees) that may be resold without restriction under the Securities Act, (iii) such
Note, Exchange Note or Private Exchange Note (and the related Guarantees), as the case may be, ceases to be outstanding for purposes
of the Indenture or (iv) such Note or Private Exchange Note, as the case may be, shall have been otherwise transferred by the
holder thereof and a new security not bearing a legend restricting further transfer shall have been delivered by the Company and
subsequent disposition of such new security shall not require registration or qualification under the Securities Act.

 

Registration
Statement: Any registration statement of the Company that covers any of the Notes, the Exchange Notes or the Private
Exchange Notes (and the related Guarantees) filed with the SEC under the Securities Act, including the Prospectus, amendments
and supplements to such registration statement, including post-effective amendments, all exhibits, and all material incorporated
by reference or deemed to be incorporated by reference in such registration statement.

 

Regulatory
Requirements: See the last paragraph of this Section 1.

 

Rule
144: Rule 144 under the Securities Act.

 

Rule
144A: Rule 144A under the Securities Act.

 

Rule
405: Rule 405 under the Securities Act.

 

Rule
415: Rule 415 under the Securities Act.

 

Rule
424: Rule 424 under the Securities Act.

 

SEC:
The U.S. Securities and Exchange Commission.

 

Securities
Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

Shelf
Notice: See Section 2(c) hereof.

 

Shelf
Registration: See Section 3(b) hereof.

 

Shelf
Registration Statement: Any Registration Statement relating to a Shelf Registration.

 

    	-4-

    	 

    

 

Shelf
Suspension Period: See Section 3(a) hereof.

 

Subsequent
Shelf Registration: See Section 3(b) hereof.

 

TIA:
The Trust Indenture Act of 1939, as amended.

 

Trustee:
The trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes and Private Exchange
Notes (and the related Guarantees).

 

Underwritten
registration or underwritten offering: A registration in which securities of the Company are sold to an underwriter
for reoffering to the public.

 

Except as otherwise specifically provided, all
references in this Agreement to acts, laws, statutes, rules, regulations, releases, forms, no-action letters and other regulatory
requirements (collectively, “Regulatory Requirements”) shall be deemed to refer also to any amendments thereto
and all subsequent Regulatory Requirements adopted as a replacement thereto having substantially the same effect therewith; provided
that Rule 144 shall not be deemed to amend or replace Rule 144A.

 

2.            Exchange
Offer

 

(a)          Unless
the Exchange Offer would violate applicable law or any applicable interpretation of the staff of the SEC, the Issuers shall use
commercially reasonable efforts to file with the SEC, no later than the Filing Date, a Registration Statement (the “Exchange
Offer Registration Statement”) on an appropriate registration form with respect to a registered offer (the “Exchange
Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal amount of debt securities of
the Company (the “Exchange Notes”), guaranteed on a senior basis by the Guarantors, that are identical in all
material respects to the Notes, except that (i) the Exchange Notes shall contain no restrictive legend thereon and (ii) interest
thereon shall accrue from the last date on which interest was paid on the Notes or if no such interest has been paid, from
the Issue Date, and which are entitled to the benefits of the Indenture or a trust indenture which is identical in all material
respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to
comply with the TIA) and which, in either case, conforms to the requirements necessary for qualification under the TIA. The Exchange
Offer shall comply with all applicable tender offer rules and regulations under the Exchange Act and other applicable laws. The
Issuers shall (x) use commercially reasonable efforts to cause the Exchange Offer Registration Statement to be declared effective
under the Securities Act on or before the Effectiveness Date; (y) keep the Exchange Offer open for at least 30 days (or longer
if required by applicable law) after the date that notice of the Exchange Offer is mailed to Holders; and (z) consummate
the Exchange Offer on or prior to the 360th day following the Issue Date.

 

    	-5-

    	 

    

 

Each Holder (including, without limitation, each
Participating Broker-Dealer) who participates in the Exchange Offer will be required to represent to the Issuers in writing (which
may be contained in the applicable letter of transmittal) that: (i) any Exchange Notes acquired in exchange for Registrable
Notes tendered are being acquired in the ordinary course of business of the Person receiving such Exchange Notes, whether or not
such recipient is such Holder itself; (ii) at the time of the commencement or consummation of the Exchange Offer neither
such Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Notes from such Holder has an arrangement
or understanding with any Person to participate in the “distribution” (within the meaning of the Securities Act) of
the Exchange Notes in violation of the provisions of the Securities Act; (iii) neither the Holder nor, to the actual knowledge
of such Holder, any other Person receiving Exchange Notes from such Holder is an “affiliate” (as defined in Rule 405)
of the Company or, if it is an affiliate of the Company, it will comply with the registration and prospectus delivery requirements
of the Securities Act to the extent applicable and will provide information to be included in the Shelf Registration Statement
in accordance with Section 5 hereof in order to have their Notes included in the Shelf Registration Statement and benefit from
the provisions regarding Additional Interest in Section 4 hereof; (iv) neither such Holder nor, to the actual knowledge of
such Holder, any other Person receiving Exchange Notes from such Holder is engaging in or intends to engage in a distribution
of the Exchange Notes; and (v) if such Holder is a Participating Broker-Dealer, such Holder has acquired the Registrable
Notes as a result of market-making activities or other trading activities and that it will comply with the applicable provisions
of the Securities Act (including, but not limited to, the prospectus delivery requirements thereunder) in connection with any
resale of the Exchange Notes.

 

Upon consummation of the Exchange Offer in accordance
with this Section 2, the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with
respect to Registrable Notes that are Private Exchange Notes, Exchange Notes as to which Section 2(c)(iv) is applicable and
Exchange Notes held by Participating Broker-Dealers, and the Company shall have no further obligation to register Registrable
Notes (other than Private Exchange Notes and Exchange Notes as to which clause 2(c)(iv) hereof applies) pursuant to Section 3
hereof.

 

No securities other than the Exchange Notes shall
be included in the Exchange Offer Registration Statement or exchange notes and related guarantees issuable in respect of Additional
Notes.

 

(b)          The
Issuers shall include within the Prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan
of Distribution,” in the form attached hereto as Exhibit A or as otherwise, reasonably acceptable to the Initial Purchasers,
which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential
“underwriter” status of any broker-dealer that is the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act) of Exchange Notes

 

    	-6-

    	 

    

 

received by such broker-dealer in the Exchange
Offer (a “Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated
by the staff of the SEC or such positions or policies represent the prevailing views of the staff of the SEC. Such “Plan
of Distribution” section shall also expressly permit, to the extent permitted by applicable policies and regulations of
the SEC, the use of the Prospectus by all Persons subject to the prospectus delivery requirements of the Securities Act, including,
to the extent permitted by applicable policies and regulations of the SEC, all Participating Broker-Dealers, and include a statement
describing the means by which Participating Broker-Dealers may resell the Exchange Notes in compliance with the Securities Act.

 

The Issuers shall use commercially reasonable
efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the Prospectus contained therein
in order to permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements of
the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the
Exchange Notes; provided, however, that such period shall not be required to exceed 90 days or such longer period
if extended pursuant to the last paragraph of Section 5 hereof (the “Applicable Period”).

 

If, prior to consummation of the Exchange Offer,
the Initial Purchasers hold any Notes acquired by them that have the status of an unsold allotment in the initial distribution,
the Issuers, upon the request of the Initial Purchasers, shall simultaneously with the delivery of the Exchange Notes issue and
deliver to the Initial Purchasers, in exchange (the “Private Exchange”) for such Notes held by any such Holder,
a like principal amount of notes (the “Private Exchange Notes”) of the Company, guaranteed by the Guarantors,
that are identical in all material respects to the Exchange Notes except for the placement of a restrictive legend on such Private
Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same
CUSIP number as the Exchange Notes if permitted by the CUSIP Service Bureau.

 

In connection with the Exchange Offer, the Issuers
shall:

 

(1)         mail,
or cause to be mailed, to each Holder of record entitled to participate in the Exchange Offer a copy of the Prospectus forming
part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents;

 

(2)         use
commercially reasonable efforts to keep the Exchange Offer open for not less than 30 days after the date that notice of the Exchange
Offer is mailed to Holders (or longer if required by applicable law);

 

(3)         utilize
the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York;

 

    	-7-

    	 

    

 

(4)         permit
Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last Business Day on which
the Exchange Offer remains open; and

 

(5)         otherwise
comply in all material respects with all applicable laws, rules and regulations.

 

As soon as practicable after the close of the
Exchange Offer and the Private Exchange, if any, the Issuers shall:

 

(1)         accept
for exchange all Registrable Notes validly tendered and not validly withdrawn pursuant to the Exchange Offer and the Private Exchange,
if any;

 

(2)         deliver
to the Trustee for cancellation all Registrable Notes so accepted for exchange; and

 

(3)         cause
the Trustee to authenticate and deliver promptly to each Holder of Notes, Exchange Notes or Private Exchange Notes, as the case
may be, equal in principal amount to the Notes of such Holder so accepted for exchange; provided that, in the case of any
Notes held in global form by a depositary, authentication and delivery to such depositary of one or more replacement Notes in
global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy
such authentication and delivery requirement.

 

The Exchange Offer and the Private Exchange shall
not be subject to any conditions, other than that (i) the Exchange Offer or Private Exchange, as the case may be, does not
violate applicable law or any applicable interpretation of the staff of the SEC; (ii) no action or proceeding shall have
been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Issuers
to proceed with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing
action or proceeding with respect to the Issuers; and (iii) all governmental approvals shall have been obtained, which approvals
the Issuers deem necessary for the consummation of the Exchange Offer or Private Exchange.

 

The Exchange Notes and the Private Exchange Notes
shall be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture and
which, in either case, conforms to the requirements necessary for qualification under the TIA or is exempt from such qualification
and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture. The Indenture
or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together
on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes will have the right to
vote or consent as a separate class on any matter.

 

    	-8-

    	 

    

 

(c)          If,
(i) because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuers are not
permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated within 360 days of the Issue Date, (iii) any
Holder so requests in writing to the Company at any time after the consummation of the Exchange Offer with respect to Notes (including
Private Exchange Notes) that were ineligible to be exchanged for Exchange Notes in the Exchange Offer (or in the case of Private
Exchange Notes, were not issued in exchange for Notes that are or were eligible to be exchanged in the Exchange Offer) or (iv)
 in the case of any Holder that participates in the Exchange Offer, such Holder does not receive Exchange Notes on the date
of the exchange that may be sold without restriction under the Securities Act (other than due solely to the status of such Holder
as an affiliate of the Company within the meaning of the Securities Act) and so notifies the Company within 30 days after such
Holder first becomes aware of such restrictions, in the case of each of clauses (i) to and including (iv) of this sentence, then
the Issuers shall promptly deliver to the Holders and the Trustee written notice thereof (the “Shelf Notice”)
and shall file a Shelf Registration pursuant to Section 3 hereof.

 

3.            Shelf
Registration

 

If at any time a Shelf Notice is delivered as
contemplated by Section 2(c) hereof, then:

 

(a)          Shelf
Registration. The Issuers shall as promptly as practicable file with the SEC a Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the “Initial Shelf Registration”).
The Issuers shall use commercially reasonable efforts to file with the SEC the Initial Shelf Registration on or prior to the applicable
Filing Date. The Initial Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable
Notes for resale by Holders in the manner or manners designated by them (including, without limitation, one or more underwritten
offerings). The Issuers shall not permit any securities other than the Registrable Notes and the Guarantees, and Additional Notes
(if any) and the related guarantees, to be included in the Initial Shelf Registration or any Subsequent Shelf Registration (as
defined below).

 

The Issuers shall use commercially
reasonable efforts to cause the Shelf Registration to be declared effective under the Securities Act on or prior to the Effectiveness
Date and to keep the Initial Shelf Registration continuously effective under the Securities Act until the date that is one year
from the Effectiveness Date or such shorter period ending when all Registrable Notes covered by the Initial Shelf Registration
have been sold in the manner set forth and as contemplated in the Initial Shelf Registration or, if applicable, a Subsequent Shelf
Registration (the “Effectiveness Period”); provided, however, that the Effectiveness Period in
respect of the Initial Shelf Registration shall be extended to the extent required to permit dealers to comply with the applicable
prospectus delivery requirements of Rule 174 under the Securities Act and as

 

    	-9-

    	 

    

 

otherwise provided herein. Notwithstanding
anything to the contrary in this Agreement, at any time, the Company may delay the filing of any Initial Shelf Registration Statement
or delay or suspend the effectiveness thereof, for a reasonable period of time, but not in excess of an aggregate of 75 days in
any calendar year (a “Shelf Suspension Period”), if the Board of Directors of the Company determines reasonably
and in good faith that the filing of any such Initial Shelf Registration Statement or the continuing effectiveness thereof would
require the disclosure of non-public material information that, in the reasonable judgment of the Board of Directors of the Company,
would be detrimental to the Company if so disclosed or would otherwise materially adversely affect a financing, acquisition, disposition,
merger or other material transaction.

 

(b)          Withdrawal
of Stop Orders; Subsequent Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration ceases
to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the Notes
registered thereunder), the Issuers shall use commercially reasonable efforts to obtain the prompt withdrawal of any order suspending
the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend such Shelf Registration
Statement in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf
Registration Statement pursuant to Rule 415 covering all of the Registrable Notes covered by and not sold under the Initial Shelf
Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent Shelf Registration”). If a Subsequent
Shelf Registration is filed, the Issuers shall use commercially reasonable efforts to cause the Subsequent Shelf Registration
to be declared effective under the Securities Act as soon as practicable after such filing and to keep such subsequent Shelf Registration
continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days
during which the Initial Shelf Registration or any Subsequent Shelf Registration was previously continuously effective. As used
herein the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf Registration.

 

(c)          Supplements
and Amendments. The Issuers shall promptly supplement and amend the Shelf Registration if required by the rules, regulations
or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if
reasonably requested by the Holders of a majority in aggregate principal amount of the Registrable Notes (or their counsel) covered
by such Registration Statement with respect to the information included therein with respect to one or more of such Holders, or
by any underwriter of such Registrable Notes with respect to the information included therein with respect to such underwriter.

 

    	-10-

    	 

    

 

4.            Additional
Interest

 

(a)          The
Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill their obligations
under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision.
Accordingly, the Issuers agree to pay, jointly and severally, as liquidated damages, additional interest on the Notes (“Additional
Interest”) under the circumstances and to the extent set forth below (each of which shall be given independent effect):

 

(i)          if
(A) neither the Exchange Offer Registration Statement nor the Initial Shelf Registration has been filed on or prior to the Filing
Date applicable thereto or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer, the Issuers
are required to file a Shelf Registration and such Shelf Registration is not filed on or prior to the Filing Date applicable thereto,
then, commencing on the day after any such Filing Date, Additional Interest shall accrue on the principal amount of the Notes
at a rate of 0.25% per annum for the first 90 days immediately following such applicable Filing Date, and such Additional Interest
rate shall increase by an additional 0.25% per annum at the beginning of each subsequent 90-day period; or

 

(ii)         if
(A) neither the Exchange Offer Registration Statement nor the Initial Shelf Registration is declared effective by the SEC on or
prior to the Effectiveness Date applicable thereto or (B) notwithstanding that the Issuers have consummated or will consummate
the Exchange Offer, the Issuers are required to file a Shelf Registration and such Shelf Registration is not declared effective
by the SEC on or prior to the Effectiveness Date applicable to such Shelf Registration, then, commencing on the day after such
Effectiveness Date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the
first 90 days immediately following the day after such Effectiveness Date, and such Additional Interest rate shall increase by
an additional 0.25% per annum at the beginning of each subsequent 90-day period; or

 

(iii)        if
(A) the Issuers have not exchanged Exchange Notes for all Notes validly tendered in accordance with the terms of the Exchange
Offer on or prior to the 90th day after the date on which the Exchange Offer Registration Statement was declared effective or
(B) if applicable, a Shelf Registration has been declared effective and such Shelf Registration ceases to be effective at
any time during the Effectiveness Period, then Additional Interest shall accrue on the principal amount of the Notes at a rate
of 0.25% per annum for the first 90 days commencing on the (x) 91st day after such effective date, in the case of (A) above,
or (y) the day such Shelf Registration ceases to be effective in the case of (B) above, and such Additional Interest rate shall
increase by an additional 0.25% per annum at the beginning of each such subsequent 90-day period;

 

    	-11-

    	 

    

 

provided,
however, that the Additional Interest rate on the Notes may not accrue under more than one of the foregoing clauses (i)
- (iii) at any one time and at no time shall the aggregate amount of Additional Interest accruing exceed in the aggregate 1.0%
per annum; provided, further, however, that (1) upon the filing of the applicable Exchange Offer Registration
Statement or the applicable Shelf Registration as required hereunder (in the case of clause (i) above of this Section 4),
(2) upon the effectiveness of the Exchange Offer Registration Statement or the applicable Shelf Registration Statement as
required hereunder (in the case of clause (ii) of this Section 4), or (3) upon the exchange of the Exchange Notes for
all Notes tendered (in the case of clause (iii)(A) of this Section 4), or upon the effectiveness of the applicable Shelf
Registration Statement which had ceased to remain effective (in the case of (iii)(B) of this Section 4), Additional Interest
on the Notes in respect of which such events relate as a result of such clause (or the relevant subclause thereof), as the case
may be, shall cease to accrue. Notwithstanding any other provision of this Section 4, the Issuers shall not be obligated to pay
Additional Interest provided in Sections 4(a)(i)(B), 4(a)(ii)(B) or 4(a)(iii)(B) during a Shelf Suspension Period permitted by
Section 3(a) hereof.

 

(b)          The
Issuers shall notify the Trustee within one Business Day after each and every date on which an event occurs in respect of which
Additional Interest is required to be paid (an “Event Date”). Any amounts of Additional Interest due pursuant
to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable in cash semiannually on each April 1 and October 1 (to the
holders of record on the March 15 and September 15 immediately preceding such dates), commencing with the first such date occurring
after any such Additional Interest commences to accrue. The amount of Additional Interest will be determined by multiplying the
applicable Additional Interest rate by the principal amount of the Registrable Notes, multiplied by a fraction, the numerator
of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360 day
year comprised of twelve 30 day months and, in the case of a partial month, the actual number of days elapsed), and the denominator
of which is 360.

 

5.            Registration
Procedures

 

In connection with the filing of any Registration
Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations to permit the sale of the securities
covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection
with any Registration Statement filed by the Company hereunder, each of the Issuers shall:

 

(a)          Prepare
and file with the SEC prior to the applicable Filing Date a Registration Statement or Registration Statements as prescribed by
Section 2 or 3 hereof, and use commercially reasonable efforts to cause each such Registration Statement to become effective
and remain effective as provided herein; provided, however, that if (1) such filing is pursuant to Section 3
hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof
is required to

 

    	-12-

    	 

    

 

be delivered under the Securities Act
by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the
Company has received prior written notice that it will be a Participating Broker-Dealer in the Exchange Offer, before filing any
Registration Statement or Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and afford the Holders
of the Registrable Notes covered by such Registration Statement (with respect to a Registration Statement filed pursuant to Section 3
hereof) or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their
counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies
of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least
five Business Days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments
or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration
Statement, their counsel, or the managing underwriters, if any, shall reasonably object on a timely basis.

 

(b)          Use
commercially reasonable efforts to prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration
Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement
continuously effective for the Effectiveness Period, the Applicable Period or until consummation of the Exchange Offer, as the
case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so
supplemented to be filed pursuant to Rule 424; and comply with the provisions of the Securities Act and the Exchange Act
applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in
such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by an Participating
Broker-Dealer covered by any such Prospectus. The Company shall be deemed not to have used commercially reasonable efforts to
keep a Registration Statement effective if such Issuer voluntarily takes any action that would result in selling Holders of the
Registrable Notes covered thereby or Participating Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable
Notes or such Exchange Notes during that period unless such action is required by applicable law or permitted by this Agreement.

 

(c)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Company has received
written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable
Notes (with respect to a Registration Statement filed pursuant to Section 3

 

    	-13-

    	 

    

 

hereof), or each such Participating
Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing underwriters,
if any, promptly (but in any event within one Business Day), and confirm such notice in writing, (i) when a Prospectus or
any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective
amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any
Holder may, upon request, obtain, at the sole expense of the Company, one conformed copy of such Registration Statement or post-effective
amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits),
(ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order
preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if
at any time when a prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes
or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Issuers contained in any
agreement (including any underwriting agreement) contemplated by Section 5(n) hereof cease to be true and correct, (iv) of
the receipt by any Issuer of any notification with respect to the suspension of the qualification or exemption from qualification
of a Registration Statement or any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer
for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening
of any event, the existence of any condition or any information becoming known that makes any statement made in such Registration
Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material
respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus
or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and
that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading, and (vi) of the Issuers’ determination that a post-effective amendment to a Registration
Statement would be appropriate.

 

(d)          Use
commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement
or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification)
of any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any jurisdiction,
and, if any such

 

    	-14-

    	 

    

 

order is issued, to use commercially
reasonable efforts to obtain the withdrawal of any such order at the earliest practicable date.

 

(e)          If
a Shelf Registration is filed pursuant to Section 3 and if requested in writing during the Effectiveness Period by the managing
underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes being sold
in connection with an underwritten offering or any Participating Broker-Dealer, (i) as promptly as practicable incorporate
in a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any),
such Holders, any Participating Broker-Dealer or counsel for any of them reasonably request to be included therein, (ii) make
all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has
received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment, and (iii) supplement
or make amendments to such Registration Statement; provided, however, the Issuers shall not be required to take any action pursuant
to this Section 5(e) that would, in the opinion of counsel for the Company, reasonably satisfactory to the Initial Purchasers,
violate applicable law.

 

(f)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes
(with respect to a Registration Statement filed pursuant to Section 3 hereof) and to each such Participating Broker-Dealer
who so requests (with respect to any such Registration Statement) and to their respective counsel and each managing underwriter,
if any, at the sole expense of the Company, one conformed copy of the Registration Statement or Registration Statements and each
post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated
or deemed to be incorporated therein by reference and all exhibits.

 

(g)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes
(with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer (with
respect to any such Registration Statement), as the case may be, their respective counsel, and the underwriters, if any, at the
sole expense of the Company, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus)
and each amendment or supplement thereto and any documents incorporated by

 

    	-15-

    	 

    

 

reference therein as such Persons may
reasonably request; and, subject to the last paragraph of this Section 5, the Issuers hereby consent to the use of such Prospectus
and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer,
as the case may be, and the underwriters or agents, if any, and dealers, if any, in connection with the offering and sale of the
Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and
any amendment or supplement thereto.

 

(h)          Prior
to any public offering of Registrable Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement
by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use commercially reasonable
efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer,
as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration
or qualification (or exemption from such registration or qualification) of such Registrable Notes for offer and sale under the
securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer,
or the managing underwriter or underwriters reasonably request in writing; provided, however, that where Exchange
Notes held by Participating Broker-Dealers or Registrable Notes are offered other than through an underwritten offering, the Issuers
agree to cause their counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed
pursuant to this Section 5(h), keep each such registration or qualification (or exemption therefrom) effective during the
period such Registration Statement is required to be kept effective and do any and all other acts or things necessary or advisable
to enable the disposition in such jurisdictions of the Exchange Notes held by Participating Broker-Dealers or the Registrable
Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to (A) qualify
generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it
to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation
in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject.

 

(i)          If
a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the
managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable
Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The
Depository Trust Company; and enable such Registrable Notes to be in such denominations (subject to applicable requirements contained
in the Indenture) and registered in such names as the managing underwriter or underwriters, if any, or Holders may request.

 

    	-16-

    	 

    

 

(j)          Use
commercially reasonable efforts to cause the Registrable Notes covered by the Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the
underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes, except as may be required solely
as a consequence of the nature of such selling Holder’s business, in which case the Issuers will cooperate in all respects
with the filing of such Registration Statement and the granting of such approvals; provided that no Issuer shall be required to
(A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject
it to general service of process in any jurisdiction where it is not then so subject or (C) subject itself to taxation in excess
of a nominal dollar amount in any such jurisdiction it is not then so subject.

 

(k)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by
paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with
the SEC, at the sole expense of the Company, a supplement or post-effective amendment to the Registration Statement or a supplement
to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required
document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder (with respect to a
Registration Statement filed pursuant to Section 3 hereof) or to the purchasers of the Exchange Notes to whom such Prospectus
will be delivered by a Participating Broker-Dealer (with respect to any such Registration Statement), any such Prospectus will
not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(l)          Use
commercially reasonable efforts to cause the Registrable Notes covered by a Registration Statement or the Exchange Notes, as the
case may be, to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal
amount of Registrable Notes covered by such Registration Statement or the Exchange Notes, as the case may be, or the managing
underwriter or underwriters, if any.

 

(m)          Prior
to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with
certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide
a CUSIP number for the Registrable Notes.

 

    	-17-

    	 

    

 

(n)          In
connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration, enter into an underwriting agreement
as is customary in underwritten offerings of debt securities similar to the Notes, and take all such other actions as are reasonably
requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of
such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the
underwriters with respect to the business of the Issuers (including any acquired business, properties or entity, if applicable),
and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein,
in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes,
and confirm the same in writing if and when requested; (ii) obtain the written opinions of counsel to the Issuers, and written
updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to
the underwriters covering the matters customarily covered in opinions reasonably requested in underwritten offerings of debt securities
similar to the Notes; (iii) obtain “cold comfort” letters and updates thereof in form, scope and substance reasonably
satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and,
if necessary, any other independent certified public accountants of the Issuers, or of any business acquired by the Issuers, for
which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration
Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily
covered in “cold comfort” letters in connection with underwritten offerings of debt securities similar to the Notes;
and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no
less favorable to the sellers and underwriters, if any, than those set forth in Section 7 hereof (or such other provisions
and procedures reasonably acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered by such
Registration Statement and the managing underwriter or underwriters or agents, if any). The above shall be done at each closing
under such underwriting agreement, or as and to the extent required thereunder. Notwithstanding the foregoing, the Issuers may
delay entering into such agreement in the event that and for a period of time not to exceed an aggregate of 60 days if (1) the
Board of Directors of the Company determines in good faith that the disclosure of an event at such time could reasonably be expected
to have a material adverse effect on the business, operations or prospects of the Issuers or (2) the disclosure otherwise relates
to a material business transaction which has not been publicly disclosed and the Board of Directors of the Company determines
that any such disclosure would jeopardize the success of such transaction.

 

(o)          If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to

 

    	-18-

    	 

    

 

Section 2 hereof is required to
be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable
Period, make available for inspection by any Initial Purchaser, any selling Holder of such Registrable Notes being sold (with
respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer, as the
case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant
or other agent retained by any such selling Holder or each such Participating Broker-Dealer (with respect to any such Registration
Statement), as the case may be, or underwriter (any such Initial Purchasers, Holders, Participating Broker-Dealers, underwriters,
attorneys, accountants or agents, collectively, the “Inspectors”), upon written request, at the offices where
normally kept, during reasonable business hours, all pertinent financial and other records, pertinent corporate documents and
instruments of the Company and subsidiaries of the Company (collectively, the “Records”), as shall be reasonably
necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees
of the Company and any of its subsidiaries to supply all information (“Information”) reasonably requested by
any such Inspector in connection with such due diligence responsibilities. Each Inspector shall agree in writing that it will
keep the Records and Information confidential and that it will not disclose any of the Records or Information that the Company
determines, in good faith, to be confidential and notifies the Inspectors in writing are confidential, and that such information
will be treated as confidential by it so as not to give rise to disclosure obligations on the part of the Issuer under SEC Regulation
FD unless (i) the disclosure of such Records or Information is necessary to avoid or correct a misstatement or omission in
such Registration Statement or Prospectus, (ii) the release of such Records or Information is ordered pursuant to a subpoena
or other order from a court of competent jurisdiction, (iii) disclosure of such Records or Information is necessary or advisable,
in the opinion of counsel for any Inspector, in connection with any action, claim, suit or proceeding, directly or indirectly,
involving or potentially involving such Inspector and arising out of, based upon, relating to, or involving this Agreement or
the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the
information in such Records or Information has been made generally available to the public other than by an Inspector or an “affiliate”
(as defined in Rule 405) thereof; provided, however, that prior notice shall be provided as soon as practicable
to the Company of the potential disclosure of any information by such Inspector pursuant to clauses (i) or (ii) of this
sentence to permit the Company to obtain a protective order (or waive the provisions of this paragraph (o)) and that such
Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable)
to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of
the Holder or any Inspector.

 

    	-19-

    	 

    

 

(p)          Provide
an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and, unless exempt from qualification,
cause the Indenture or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under
the TIA not later than the effective date of the first Registration Statement relating to the Registrable Notes; and in connection
therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes, to effect such changes
(if any) to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and
execute, and use commercially reasonable efforts to cause such trustee to execute, all documents as may be required to effect
such changes, and all other forms and documents required to be filed with the SEC to enable such indenture to be so qualified
in a timely manner.

 

(q)          Comply
with all applicable rules and regulations of the SEC and make generally available to its securityholders with regard to any applicable
Registration Statement, a consolidated earning statement satisfying the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end
of any fiscal quarter (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing
at the end of any fiscal quarter in which Registrable Notes are sold to underwriters in a firm commitment or best efforts underwritten
offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter
of the Company, after the effective date of a Registration Statement, which statements shall cover said 12-month periods.

 

(r)          Upon
consummation of the Exchange Offer or a Private Exchange, obtain an opinion of counsel to the Issuers, in a form customary for
underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange
Offer or the Private Exchange, as the case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, the
related guarantee and the related indenture constitute legal, valid and binding obligations of the Issuers, enforceable against
the Issuers in accordance with their respective terms, subject to customary exceptions and qualifications. If the Exchange Offer
or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other
Person as directed by the Company), in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the
Issuers shall mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being cancelled in exchange
for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as
paid or otherwise satisfied.

 

(s)          Cooperate
with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the
disposition of such

 

    	-20-

    	 

    

 

Registrable Notes and their respective
counsel in connection with any filings required to be made with FINRA.

 

(t)          Use
commercially reasonable efforts to take all other steps necessary to effect the registration of the Exchange Notes and/or Registrable
Notes covered by a Registration Statement contemplated hereby.

 

The Company may require each seller of Registrable
Notes as to which any registration is being effected to furnish to the Company such information regarding such seller and the
distribution of such Registrable Notes as the Company may, from time to time, reasonably request. The Company may exclude from
such registration the Registrable Notes of any seller so long as such seller fails to furnish such information within a reasonable
time after receiving such request. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly
to the Company all information required to be disclosed in order to make the information previously furnished to the Company by
such seller not materially misleading.

 

If any such Registration Statement refers to
any Holder by name or otherwise as the holder of any securities of any Issuer, then such Holder shall have the right to require
(i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the
holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality
of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial
requirements of the Issuers, or (ii) in the event that such reference to such Holder by name or otherwise is not required
by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment
or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required.

 

Each Holder of Registrable Notes and each Participating
Broker-Dealer agrees by its acquisition of such Registrable Notes or Exchange Notes to be sold by such Participating Broker-Dealer,
as the case may be, that, upon actual receipt of any notice from the Company of the happening of any event of the kind described
in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such Holder will forthwith discontinue disposition of such Registrable
Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer,
as the case may be, and in each case, dissemination of such Prospectus, until such Holder’s or Participating Broker-Dealer’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised
in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and has
received copies of any amendments or supplements thereto. In the event that the Issuers shall give any such notice, each of the
Applicable Period and the Effectiveness Period shall be extended by the number of days during such periods from and including
the date of the giving of such notice to and including the date when each seller of

 

    	-21-

    	 

    

 

Registrable Notes covered by such Registration
Statement or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the
copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice.

 

6.            Registration
Expenses

 

All fees and expenses incident to the performance
of or compliance with this Agreement by the Issuers shall be borne by the Company, whether or not the Exchange Offer Registration
Statement or any Shelf Registration Statement is filed or becomes effective or the Exchange Offer is consummated, including, without
limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required
to be made with FINRA in connection with an underwritten offering and (B) fees and expenses of compliance with state securities
or Blue Sky laws where required (including, without limitation, fees and disbursements of counsel in connection with Blue Sky
qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange
Notes for investment under the laws of such jurisdictions (x) where the holders of Registrable Notes are located, in the
case of the Exchange Notes, or (y) as provided in Section 5(h) hereof, in the case of Registrable Notes or Exchange
Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without
limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The
Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter
or underwriters, if any, by the Holders of a majority in aggregate principal amount of the Registrable Notes included in any Registration
Statement or in respect of Registrable Notes or Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable
Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel
for the Issuers and, in the case of a Shelf Registration, reasonable fees and disbursements of one special counsel for all of
the sellers of Registrable Notes selected by the Holder of a majority in aggregate principal amount of Registrable Notes covered
by such Shelf Registration (exclusive of any counsel retained pursuant to Section 7 hereof), (v) fees and disbursements of
all independent certified public accountants referred to in Section 5(n)(iii) hereof (including, without limitation, the expenses
of any “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance,
if the Issuers desire such insurance, (vii) fees and expenses of all other Persons retained by the Issuers, (viii) internal
expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Issuers performing
legal or accounting duties), (ix) the expense of any annual audit, (x) any fees and expenses incurred in connection
with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities,
in each case, if applicable and (xi) the expenses relating to printing, word processing and distributing all Registration
Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding
the foregoing, the Issuers shall not pay underwriting or brokerage discounts or commissions.

 

    	-22-

    	 

    

 

7.            Indemnification
and Contribution.

 

(a)          Each
of the Issuers agree, jointly and severally, to indemnify and hold harmless each Holder of Registrable Notes and each Participating
Broker-Dealer selling Exchange Notes during the Applicable Period, and each Person, if any, who controls such Person or its affiliates
within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, a “Participant”) against
any losses, claims, damages or liabilities to which any Participant may become subject under the Securities Act, the Exchange
Act or otherwise, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon:

 

(i)          any
untrue statement or alleged untrue statement made by any Issuer contained in any application or any other document or any amendment
or supplement thereto executed by any Issuer based upon written information furnished by or on behalf of any Issuer filed in any
jurisdiction in order to qualify the Notes under the securities or “Blue Sky” laws thereof or filed with the SEC or
any securities association or securities exchange (each, an “Application”);

 

(ii)         any
untrue statement or alleged untrue statement of any material fact contained in any Registration Statement (or any amendment thereto)
or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or
any preliminary prospectus; or

 

(iii)        the
omission or alleged omission to state, in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented
if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus or any Application
or any other document or any amendment or supplement thereto, a material fact required to be stated therein or necessary to make
the statements therein not misleading;

 

and will reimburse, as incurred, the Participant for any legal
or other expenses incurred by the Participant in connection with investigating, defending against or appearing as a third-party
witness in connection with any such loss, claim, damage, liability or action; provided, however, none of the Issuers
will be liable in any such case to the extent that any such loss, claim, damage, or liability arises out of or is based upon any
untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement (or any amendment
thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto)
or any preliminary prospectus or Application or any amendment or supplement thereto in reliance upon and in conformity with information
relating to any Participant furnished to the Issuers by such Participant specifically for use therein. The indemnity provided
for in this Section 7 will be in addition to any liability that the Issuers may otherwise have to the indemnified parties.
The Issuers shall not be

 

    	-23-

    	 

    

 

liable under this Section 7 for any settlement of any claim
or action effected without their prior written consent, which shall not be unreasonably withheld.

 

(b)          Each
Participant, severally and not jointly, agrees to indemnify and hold harmless the Issuers, their directors, their officers and
each person, if any, who controls the Issuers within the meaning of Section 15 of the Act or Section 20 of the Exchange Act
against any losses, claims, damages or liabilities to which the Issuers or any such director, officer or controlling person may
become subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact
contained in any Registration Statement, Prospectus or Application, any amendment or supplement thereto, or any preliminary prospectus,
or (ii) the omission or the alleged omission to state therein a material fact necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission
or alleged omission was made in reliance upon and in conformity with written information concerning such Participant, furnished
to the Issuers by the Participant, specifically for use therein; and subject to the limitation set forth immediately preceding
this clause, will reimburse, as incurred, any reasonable legal or other expenses incurred by the Issuers or any such director,
officer or controlling person in connection with investigating or defending against or appearing as a third party witness in connection
with any such loss, claim, damage, liability or action in respect thereof. The indemnity provided for in this Section 7 will
be in addition to any liability that the Participants may otherwise have to the indemnified parties. The Participants shall not
be liable under this Section 7 for any settlement of any claim or action effected without their consent, which shall not
be unreasonably withheld. The Issuers shall not, without the prior written consent of such Participant, effect any settlement
or compromise of any pending or threatened proceeding in respect of which such Participant is or could have been a party, or indemnity
could have been sought hereunder by such Participant, unless such settlement (A) includes an unconditional written release
of such Participant, in form and substance reasonably satisfactory to such Participant, from all liability on claims that are
the subject matter of such proceeding and (B) does not include any statement as to an admission of fault, culpability or failure
to act by or on behalf of such Participant.

 

(c)          Promptly
after receipt by an indemnified party under this Section 7 of notice of the commencement of any action for which such indemnified
party is entitled to indemnification under this Section 7, such indemnified party will, if a claim in respect thereof is to be
made against the indemnifying party under this Section 7, notify the indemnifying party of the commencement thereof in writing;
but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b)
above unless and to the extent such failure results in the forfeiture by the indemnifying party of substantial rights and defenses
and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than
the indemnification obligation provided in paragraphs (a)

 

    	-24-

    	 

    

 

and (b) above. In case any such action is brought
against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will
be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified,
to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party; provided, however,
that if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel
with a conflict of interest, (ii) the defendants in any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have been advised by counsel that there may be one or more legal defenses available to it
and/or other indemnified parties that are different from or additional to those available to the indemnifying party, or (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after receipt by the indemnifying party of notice of the institution of such action, then, in each
such case, the indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified
party or parties and such indemnified party or parties shall have the right to select separate counsel to defend such action on
behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election
so to assume the defense thereof and approval by such indemnified party of counsel appointed to defend such action, the indemnifying
party will not be liable to such indemnified party under this Section 7 for any legal or other expenses, other than reasonable
costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the
indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it
being understood, however, that in connection with such action the indemnifying party shall not be liable for the expenses of
more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar actions
in the same jurisdiction arising out of the same general allegations or circumstances, designated by Participants who sold a majority
in interest of the Registrable Notes and Exchange Notes sold by all such Participants in the case of paragraph (a) of this Section
7 or the Issuers in the case of paragraph (b) of this Section 7, representing the indemnified parties under such paragraph (a)
or paragraph (b), as the case may be, who are parties to such action or actions) or (ii) the indemnifying party has authorized
in writing the employment of counsel for the indemnified party at the expense of the indemnifying party. All fees and expenses
reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. After such notice from the indemnifying party
to such indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action
effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be unreasonably
withheld), unless such indemnified party waived in writing its rights under this Section 7, in which case the indemnified
party may effect such a settlement without such consent.

 

(d)          In
circumstances in which the indemnity agreement provided for in the preceding paragraphs of this Section 7 is unavailable
to, or insufficient to hold harmless, an

 

    	-25-

    	 

    

 

indemnified party in respect of any losses, claims,
damages or liabilities (or actions in respect thereof), each indemnifying party, in order to provide for just and equitable contribution,
shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities
(or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying
party or parties on the one hand and the indemnified party on the other from the offering of the Notes or (ii) if the allocation
provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative
fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements
or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect
thereof). The relative benefits received by the Company on the one hand and such Participant on the other shall be deemed to be
in the same proportion as the total proceeds from the offering (before deducting expenses) of the Notes received by the Company
bear to the total net profit received by such Participant in connection with the sale of the Notes. The relative fault of the
parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand,
or the Participants on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission or alleged statement or omission, and any other equitable considerations appropriate in
the circumstances. The parties agree that it would not be equitable if the amount of such contribution were determined by pro
rata or per capita allocation or by any other method of allocation that does not take into account the equitable considerations
referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of this paragraph (d), no Participant
shall be obligated to make contributions hereunder that in the aggregate exceed the total net profit received by such Participant
in connection with the sale of the Notes, less the aggregate amount of any damages that such Participant has otherwise been required
to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and
no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each
person, if any, who controls a Participant within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act shall have the same rights to contribution as the Participants, and each director of the Issuers, each officer of the Issuers
and each person, if any, who controls the Issuers within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act, shall have the same rights to contribution as the Issuers.

 

8.            Rules
144 and 144A

 

The Issuers covenant and agree that they will
file the reports required to be filed by them under the Securities Act and the Exchange Act and the rules and regulations adopted
by the SEC thereunder in a timely manner in accordance with the requirements of the

 

    	-26-

    	 

    

 

Securities Act and the Exchange Act and, if at
any time the Company or any Guarantor is not required to file such reports, the Company or such Guarantor, as the case may be,
will, upon the request of any Holder or beneficial owner of Registrable Notes, make available such information necessary to permit
sales pursuant to Rule 144A. The Issuers further covenant and agree, for so long as any Registrable Notes remain outstanding
that they will take such further action as any Holder of Registrable Notes may reasonably request, all to the extent required
from time to time to enable such holder to sell Registrable Notes without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 and Rule 144A.

 

9.            Underwritten
Registrations

 

If any of the Registrable Notes covered by any
Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers
that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable
Notes included in such offering and shall be reasonably acceptable to the Company.

 

No Holder of Registrable Notes may participate
in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Notes on
the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

 

10.           Miscellaneous

 

(a)          No
Inconsistent Agreements. None of the Issuers has, as of the date hereof, and none of the Issuers shall, after the date of
this Agreement, enter into any agreement with respect to any of its securities that is inconsistent with the rights granted to
the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Issuers’
other issued and outstanding securities under any such agreements.

 

(b)          Adjustments
Affecting Registrable Notes. The Issuers shall not, directly or indirectly, take any action with respect to the Registrable
Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes
in a registration undertaken pursuant to this Agreement.

 

(c)          Amendments
and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Issuers,

 

    	-27-

    	 

    

 

and (II) (A) the Holders of not less
than a majority in aggregate principal amount of the then outstanding Registrable Notes and (B) in circumstances that would
adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate
principal amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7
and this Section 10(c) may not be amended, modified or supplemented without the prior written consent of each Holder and
each Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Notes or
Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement) affected by any such amendment, modification
or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter
that relates exclusively to the rights of other Holders of Registrable Notes whose securities are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of Holders of Registrable Notes
not being sold pursuant to such Registration Statement may be given by Holders of at least a majority in aggregate principal amount
of the Registrable Notes being sold pursuant to such Registration Statement.

 

(d)          Notices.
All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided
for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile:

 

(i)          if
to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or Participating
Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to
the Initial Purchasers as follows:

 

J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

Telephone: (212) 834-4533

Facsimile: (212) 834-6081

Attn: Investment Grade Syndicate Desk

 

with a copy to:

Cahill
Gordon & Reindel LLP

80 Pine Street

New York, New York 10005

Facsimile No.: (212) 378-2198

Attention: Stuart Downing, Esq.

 

    	-28-

    	 

    

 

(ii)         if
to the Initial Purchasers, at the address specified in Section 10(d)(i);

 

(iii)        if
to the Company, at the address as follows:

 

Omega Healthcare Investors, Inc.

200 International Circle

Suite
3500

Hunt Valley, MD  21030

Facsimile No.: (410) 427-8822

Attention: Robert O. Stephenson

 

with a copy to:

Bryan Cave LLP

One Atlantic Center, Fourteenth Floor

1201 W. Peachtree Street, NW

Atlanta, Georgia  30309-3488

Facsimile No.: (404) 420-0785

Attention: Eliot W. Robinson, Esq.

 

All such notices and communications shall be
deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier; and upon written confirmation,
if sent by facsimile.

 

Copies of all such notices, demands or other
communications shall be concurrently delivered by the Person giving the same to the Trustee at the address and in the manner specified
in such Indenture.

 

(e)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties
hereto, the Holders and the Participating Broker-Dealers; provided, however, that nothing herein shall be deemed
to permit any assignment, transfer or other disposition of Registrable Notes in violation of the terms of the Purchase Agreement
or the Indenture.

 

(f)          Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(g)          Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

    	-29-

    	 

    

 

(h)          Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD
REQUIRE THE APPLICATION OF ANY OTHER LAW.

 

(i)          Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(j)          Notes
Held by the Issuers or Their Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable
Notes is required hereunder, Registrable Notes held by the Issuers or their affiliates (as such term is defined in Rule 405
under the Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such
required percentage.

 

(k)          Third-Party
Beneficiaries. Holders of Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this
Agreement, and this Agreement may be enforced by such Persons.

 

(l)          Entire
Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein
and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence,
conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents,
representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject
matter hereof and thereof are merged herein and replaced hereby.

 

[Signature Pages Follow]

 

    	-30-

    	 

    

 

 

IN WITNESS WHEREOF, the Issuer has caused this Agreement to be signed
manually or by facsimile by its duly authorized officer.

 

 

	 	OMEGA HEALTHCARE INVESTORS, INC.,
	 	as Issuer
	 	 
	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF, each Subsidiary Guarantor has caused its Subsidiary
Guarantee to be duly executed.

 

Date: March 11, 2014

 

	 	 	1200 Ely Street Holdings Co. LLC
	 	 	13922 CErise avenue, llc
	 	 	2425 teller avenue, llc
	 	 	245 East Wilshire avenue, llc
	 	 	3806 CLAYTON ROAD, LLC
	 	 	42235 County Road Holdings Co. LLC
	 	 	48 HIGH POINT ROAD, LLC
	 	 	523 HAYES LANE, LLC
	 	 	637 EAST ROMIE LANE, LLC
	 	 	Arizona Lessor - Infinia, Inc.
	 	 	Bayside Colorado Healthcare Associates, Inc.
	 	 	Bayside Street II, Inc.
	 	 	Bayside Street, Inc.
	 	 	Canton Health Care Land, Inc.
	 	 	Carnegie Gardens LLC
	 	 	CFG 2115 Woodstock Place LLC
	 	 	Colonial Gardens, LLC
	 	 	Colorado Lessor - Conifer, Inc.
	 	 	CSE Albany LLC
	 	 	CSE Amarillo LLC
	 	 	CSE Arden L.P.
	 	 	CSE Augusta LLC
	 	 	CSE Bedford LLC
	 	 	CSE Blountville LLC
	 	 	CSE Bolivar LLC
	 	 	CSE Cambridge LLC
	 	 	CSE Cambridge Realty LLC
	 	 	CSE Camden LLC
	 	 	CSE Canton LLC
	 	 	CSE Casablanca Holdings II LLC
	 	 	CSE Casablanca Holdings LLC
	 	 	CSE Cedar Rapids LLC
	 	 	CSE Centennial Village
	 	 	CSE Chelmsford LLC
	 	 	as Subsidiary Guarantors

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

	 	 	 CSE Chesterton LLC,
	 	 	CSE Claremont LLC
	 	 	CSE Corpus North LLC
	 	 	CSE Denver Iliff LLC
	 	 	CSE Denver LLC
	 	 	CSE Douglas LLC
	 	 	CSE Elkton LLC
	 	 	CSE Elkton Realty LLC
	 	 	CSE Fairhaven LLC
	 	 	CSE Fort Wayne LLC
	 	 	CSE Frankston LLC
	 	 	CSE Georgetown LLC
	 	 	CSE Green Bay LLC
	 	 	CSE Hilliard LLC
	 	 	CSE Huntingdon LLC
	 	 	CSE Huntsville LLC
	 	 	CSE Indianapolis-Continental LLC
	 	 	CSE Indianapolis-Greenbriar LLC
	 	 	CSE Jacinto City LLC
	 	 	CSE Jefferson City LLC
	 	 	CSE Jeffersonville-Hillcrest Center LLC
	 	 	CSE Jeffersonville-Jennings House LLC
	 	 	CSE Kerrville LLC
	 	 	CSE King L.P.
	 	 	CSE Kingsport LLC
	 	 	CSE Knightdale L.P.
	 	 	CSE Lake City LLC
	 	 	CSE Lake Worth LLC
	 	 	CSE Lakewood LLC
	 	 	CSE Las Vegas LLC
	 	 	CSE Lawrenceburg LLC
	 	 	CSE Lenoir L.P.
	 	 	CSE Lexington Park LLC
	 	 	CSE Lexington Park Realty LLC
	 	 	CSE Ligonier LLC
	 	 	CSE Live Oak LLC,
	 	 	as Subsidiary Guarantors

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

	 	 	CSE Lowell LLC
	 	 	CSE Marianna Holdings LLC
	 	 	CSE Memphis LLC
	 	 	CSE Mobile LLC
	 	 	CSE Moore LLC
	 	 	CSE North Carolina Holdings I LLC
	 	 	CSE North Carolina Holdings II LLC
	 	 	CSE Omro LLC
	 	 	CSE Orange Park LLC
	 	 	CSE Orlando-Pinar Terrace Manor LLC
	 	 	CSE Orlando-Terra Vista Rehab LLC
	 	 	CSE Pennsylvania Holdings
	 	 	CSE Piggott LLC
	 	 	CSE Pilot Point LLC
	 	 	CSE Pine View LLC
	 	 	CSE Ponca City LLC
	 	 	CSE Port St. Lucie LLC
	 	 	CSE Richmond LLC
	 	 	CSE Ripley LLC
	 	 	CSE Ripon LLC
	 	 	CSE Safford LLC
	 	 	CSE Salina LLC
	 	 	CSE Seminole LLC
	 	 	CSE Shawnee LLC
	 	 	CSE Spring Branch LLC
	 	 	CSE Stillwater LLC
	 	 	CSE Taylorsville LLC
	 	 	CSE Texarkana LLC
	 	 	CSE Texas City LLC
	 	 	CSE The Village LLC
	 	 	CSE Upland LLC
	 	 	CSE Walnut Cove L.P.
	 	 	CSE West Point LLC
	 	 	CSE Whitehouse LLC
	 	 	CSE Williamsport LLC
	 	 	CSE Winter Haven LLC,
	 	 	as Subsidiary Guarantors

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

	 	 	CSE Woodfin L.P.
	 	 	CSE Yorktown LLC
	 	 	Delta Investors I, LLC
	 	 	Delta Investors II, LLC
	 	 	Desert Lane LLC
	 	 	Dixie White House Nursing Home, Inc.
	 	 	Dixon Health Care Center, Inc.
	 	 	Encanto Senior Care, LLC
	 	 	Florida Lessor – Meadowview, Inc.
	 	 	Florida Real Estate Company, LLC
	 	 	Georgia Lessor - Bonterra/Parkview, Inc.
	 	 	Greenbough, LLC
	 	 	Hutton I Land, Inc.
	 	 	Hutton II Land, Inc.
	 	 	Hutton III Land, Inc.
	 	 	Indiana Lessor – Wellington Manor, Inc.
	 	 	LAD I Real Estate Company, LLC
	 	 	Leatherman 90-1, Inc.
	 	 	Leatherman Partnership 89-1, Inc.
	 	 	Leatherman Partnership 89-2, Inc.
	 	 	as Subsidiary Guarantors

 

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

	 	 	Meridian Arms Land, Inc.
	 	 	North Las Vegas LLC
	 	 	NRS Ventures, L.L.C.
	 	 	Ocean Springs Nursing Home, Inc.
	 	 	OHI (Connecticut), Inc.
	 	 	OHI (Illinois), Inc.
	 	 	OHI (Indiana), Inc.
	 	 	OHI (Iowa), Inc.
	 	 	OHI Asset (AR) Ash Flat, LLC
	 	 	OHI Asset (AR) Camden, LLC
	 	 	OHI Asset (AR) Conway, LLC
	 	 	OHI Asset (AR) Des Arc, LLC
	 	 	OHI Asset (AR) Hot Springs, LLC
	 	 	OHI Asset (AR) Malvern, LLC
	 	 	OHI Asset (AR) Mena, LLC
	 	 	OHI Asset (AR) Pocahontas, LLC
	 	 	OHI Asset (AR) Sheridan, LLC
	 	 	OHI Asset (AR) Walnut Ridge, LLC
	 	 	OHI Asset (AZ) Austin House, LLC
	 	 	OHI Asset (CA), LLC
	 	 	OHI Asset (CO), LLC
	 	 	OHI Asset (CT) Lender, LLC
	 	 	OHI Asset (FL) Lake Placid, LLC
	 	 	OHI Asset (FL) Lender, LLC
	 	 	OHI Asset (FL), LLC
	 	 	OHI Asset (GA) Moultrie, LLC
	 	 	OHI Asset (GA) Snellville, LLC
	 	 	OHI Asset (ID) Holly, LLC
	 	 	OHI Asset (ID) Midland, LLC
	 	 	OHI Asset (ID), LLC
	 	 	OHI Asset (IL), LLC
	 	 	OHI Asset (IN) American Village, LLC
	 	 	OHI Asset (IN) Anderson, LLC,
	 	 	as Subsidiary Guarantors

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

	 	 	OHI Asset (IN) Beech Grove, LLC
	 	 	OHI Asset (IN) Clarksville, LLC
	 	 	OHI Asset (IN) Clinton, LLC
	 	 	OHI Asset (IN) Connersville, LLC
	 	 	OHI Asset (IN) Crown Point, LLC
	 	 	OHI Asset (IN) Eagle Valley, LLC
	 	 	OHI Asset (IN) Elkhart, LLC
	 	 	OHI Asset (IN) Forest Creek, LLC
	 	 	OHI Asset (IN) Fort Wayne, LLC
	 	 	OHI Asset (IN) Franklin, LLC
	 	 	OHI Asset (IN) Greensburg, LLC
	 	 	OHI Asset (IN) Indianapolis, LLC
	 	 	OHI Asset (IN) Jasper, LLC
	 	 	OHI Asset (IN) Kokomo, LLC
	 	 	OHI Asset (IN) Lafayette, LLC
	 	 	OHI Asset (IN) Madison, LLC
	 	 	OHI Asset (IN) Monticello, LLC
	 	 	OHI Asset (IN) Noblesville, LLC
	 	 	OHI Asset (IN) Rosewalk, LLC
	 	 	OHI Asset (IN) Salem, LLC
	 	 	OHI Asset (IN) Seymour, LLC
	 	 	OHI Asset (IN) Spring Mill, LLC
	 	 	OHI Asset (IN) Terre Haute, LLC
	 	 	OHI Asset (IN) Wabash, LLC
	 	 	OHI Asset (IN) Westfield, LLC
	 	 	OHI Asset (IN) Zionsville, LLC
	 	 	OHI Asset (LA), LLC
	 	 	OHI Asset (MD), LLC
	 	 	OHI Asset (MI) Heather Hills, LLC
	 	 	OHI Asset (MI), LLC
	 	 	OHI Asset (MO), LLC
	 	 	OHI Asset (MS) Byhalia, LLC
	 	 	OHI Asset (MS) Cleveland, LLC
	 	 	OHI Asset (MS) Clinton, LLC
	 	 	OHI Asset (MS) Columbia, LLC,
	 	 	as Subsidiary Guarantors

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

	 	 	OHI Asset (MS) Corinth, LLC
	 	 	OHI Asset (MS) Greenwood, LLC
	 	 	OHI Asset (MS) Grenada, LLC
	 	 	OHI Asset (MS) Holly Springs, LLC
	 	 	OHI Asset (MS) Indianola, LLC
	 	 	OHI Asset (MS) Natchez, LLC
	 	 	OHI Asset (MS) Picayune, LLC
	 	 	OHI Asset (MS) Vicksburg, LLC
	 	 	OHI Asset (MS) Yazoo City, LLC
	 	 	OHI Asset (NC) Wadesboro, LLC
	 	 	OHI Asset (OH) Lender, LLC
	 	 	OHI Asset (OH), LLC
	 	 	OHI Asset (OR) Portland, LLC
	 	 	OHI Asset (PA) Trust
	 	 	OHI Asset (PA), LLC
	 	 	OHI Asset (SC) Aiken, LLC
	 	 	OHI Asset (SC) Anderson, LLC
	 	 	OHI Asset (SC) Easley Anne, LLC
	 	 	OHI Asset (SC) Easley Crestview, LLC
	 	 	OHI Asset (SC) Edgefield, LLC
	 	 	OHI Asset (SC) Greenville Griffith, LLC
	 	 	OHI Asset (SC) Greenville Laurens, LLC
	 	 	OHI Asset (SC) Greenville North, LLC
	 	 	OHI Asset (SC) Greer, LLC
	 	 	OHI Asset (SC) Marietta, LLC
	 	 	OHI Asset (SC) McCormick, LLC
	 	 	OHI Asset (SC) Pickens East Cedar, LLC
	 	 	OHI Asset (SC) Pickens Rosemond, LLC
	 	 	OHI Asset (SC) Piedmont, LLC
	 	 	OHI Asset (SC) Simpsonville SE Main, LLC,
	 	 	as Subsidiary Guarantors

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

	 	 	OHI Asset (SC) Simpsonville West Broad, LLC
	 	 	OHI Asset (SC) Simpsonville West Curtis, LLC
	 	 	OHI Asset (TN) Bartlett, LLC
	 	 	OHI Asset (TN) Collierville, LLC
	 	 	OHI Asset (TN) Memphis, LLC
	 	 	OHI Asset (TX) Anderson, LLC
	 	 	OHI Asset (TX) Bryan, LLC
	 	 	OHI Asset (TX) Burleson, LLC
	 	 	OHI Asset (TX) College Station, LLC
	 	 	OHI Asset (TX) Comfort, LLC
	 	 	OHI Asset (TX) Diboll, LLC
	 	 	OHI Asset (TX) Granbury, LLC
	 	 	OHI Asset (TX) Hondo, LLC
	 	 	OHI Asset (TX) Italy, LLC
	 	 	OHI Asset (TX) Winnsboro, LLC
	 	 	OHI Asset (TX), LLC
	 	 	OHI Asset (UT) Ogden, LLC
	 	 	OHI Asset (UT) Provo, LLC
	 	 	OHI Asset (UT) Roy, LLC
	 	 	OHI Asset (VA) Charlottesville, LLC
	 	 	OHI Asset (VA) Farmville, LLC
	 	 	OHI Asset (VA) Hillsville, LLC
	 	 	OHI Asset (VA) Rocky Mount, LLC
	 	 	OHI Asset (WA) Battle Ground, LLC
	 	 	OHI Asset CSB LLC
	 	 	OHI Asset CSE – E, LLC
	 	 	OHI Asset CSE – U, LLC
	 	 	OHI Asset HUD CFG, LLC
	 	 	OHI Asset HUD Delta, LLC
	 	 	OHI Asset HUD SF CA, LLC
	 	 	OHI Asset HUD SF, LLC
	 	 	OHI Asset HUD WO, LLC
	 	 	OHI Asset II (CA), LLC,
	 	 	as Subsidiary Guarantors

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    
 

	 	 	
 OHI Asset II (FL), LLC
	 	 	OHI Asset II (PA) Trust
	 	 	OHI Asset III (PA) Trust
	 	 	OHI Asset IV (PA) Silver Lake Trust
	 	 	OHI Asset RO PMM Services, LLC
	 	 	OHI Asset RO, LLC
	 	 	OHI Asset, LLC
	 	 	OHI Mezz Lender, LLC
	 	 	OHI Tennessee, Inc.
	 	 	OHIMA, Inc.
	 	 	Omega TRS I, Inc.
	 	 	Orange Village Care Center, Inc.
	 	 	Panama City Nursing Center LLC
	 	 	Pavillion North Partners, Inc.
	 	 	Pavillion North, LLP
	 	 	Pavillion Nursing Center North, Inc.
	 	 	Pensacola Real Estate Holdings I, Inc.
	 	 	Pensacola Real Estate Holdings II, Inc.
	 	 	Pensacola Real Estate Holdings III, Inc.
	 	 	Pensacola Real Estate Holdings IV, Inc.
	 	 	Pensacola Real Estate Holdings V, Inc.
	 	 	Skyler Boyington, Inc.
	 	 	Skyler Florida, Inc.
	 	 	Skyler Maitland LLC
	 	 	Skyler Pensacola, Inc.
	 	 	St. Mary’s Properties, Inc.
	 	 	Sterling Acquisition Corp.,
	 	 	as Subsidiary Guarantors

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

 

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

	 	 	Suwanee, LLC
	 	 	Texas Lessor – Stonegate GP, Inc.
	 	 	Texas Lessor – Stonegate, Limited, Inc.
	 	 	Texas Lessor – Stonegate, LP
	 	 	The Suburban Pavilion, Inc.
	 	 	Washington Lessor – Silverdale, Inc.
	 	 	Wilcare, LLC,
	 	 	as Subsidiary Guarantors

 

 

	 	By:	/s/ Daniel J. Booth
	 	 	Name: Daniel J. Booth
	 	 	Title: Chief Operating Officer and Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Registration Rights Agreement]

 

 

    	 

    	 

    

 

The foregoing Agreement is hereby confirmed and
accepted as of the date

first above written.

 

J.P. MORGAN SECURITIES LLC

MERRILL LYNCH, PIERCE, FENNER &
SMITH INCORPORATED

CREDIT AGRICOLE SECURITIES (USA)
INC.

BB&T CAPITAL MARKETS, A DIVISION OF BB&T SECURITIES, LLC

MORGAN STANLEY & CO. LLC

RBC CAPITAL MARKETS, LLC

RBS SECURITIES INC.

SMBC NIKKO SECURITIES AMERICA, INC.

STIFEL, NICOLAUS & COMPANY, INCORPORATED

SUNTRUST ROBINSON HUMPHREY, INC.

UBS SECURITIES LLC

 

	By:	J.P. MORGAN SECURITIES LLC
	 	Acting on behalf of itself and as 

    Representative of the several Initial 

    Purchasers

 

	By:	/s/ Stephen L. Sheiner	 
	 	Name: Stephen L. Sheiner	 
	 	Title: Executive Director	 

 

    	 

    	 

    

 

EXHIBIT A

 

PLAN OF DISTRIBUTION

 

Each Participating Broker-Dealer that receives
Exchange Notes for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Notes during the Applicable Period. This Prospectus, as it may be amended or supplemented from
time to time, may be used by a Participating Broker-Dealer in connection with resales of Exchange Notes received in exchange for
Notes where such Notes were acquired as a result of market-making activities or other trading activities. The Company has agreed
that, during the Applicable Period, it will make this Prospectus, as amended or supplemented, available to any Participating Broker-Dealer
for use in connection with any such resale. In addition, until ____________, all dealers effecting transactions in the Exchange
Notes may be required to deliver a prospectus.

 

The Company will not receive any proceeds from
any sale of Exchange Notes by Participating Broker-Dealers. Exchange Notes received by Participating Broker-Dealers for their
own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market,
in negotiated transactions, through the writing of options on the Exchange Notes or a combination of such methods of resale, at
market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such
resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions
or concessions from any such Participating Broker-Dealer and/or the purchasers of any such Exchange Notes. Any Participating Broker-Dealer
that resells Exchange Notes that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer
that participates in a distribution of such Exchange Notes may be deemed to be an “underwriter” within the meaning
of the Act and any profit from any such resale of Exchange Notes and any commissions or concessions received by any such persons
may be deemed to be underwriting compensation under the Act. The letter of transmittal states that by acknowledging that it will
deliver and by delivering a prospectus, a Participating Broker-Dealer will not be deemed to admit that it is an “underwriter”
within the meaning of the Act.

 

During the Applicable Period, the Company will
promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any Participating Broker-Dealer
that requests such documents in the letter of transmittal. The Company has agreed to pay all expenses incident to the Exchange
Offer other than dealers’ and brokers’ discounts, commissions and counsel fees and will indemnify the holders of the
Notes (including any Participating Broker-Dealer) against certain liabilities, including liabilities under the Act.

 

[If applicable, add information required by Regulation
S-K Items 507 and/or 508.]

 

    	A-1

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