Document:

ASSETS PURCHASE AGREEMENT

    

    

    

    

    

    

    

    

    

    

    

    

    Held between

    

    

    

    

    

    

    

    

    

    

    Laboratorios Quipropharma S.A.S. Selling Party

    

    

    

    

    

    

    And

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Flora Growth Corp Succursal Colombia.

    Buying Party

     

    

    

      

    

    
      1

      
        

    

    

    

    ASSETS PURCHASE AGREEMENT

    

    

    

    

    On the twelfth (12) day of the month of January 2021, among the undersigned:

    

    

    

    

    Laboratorios Quipropharma SAS, a commercial company organized and existing in accordance with the laws of the
      Republic of Colombia, identified with NIT 800.096.969-5, domiciled in Bogotá DC, represented in this Contract by Víctor Manuel Vera Contreras, of legal age, identified with National card number 19,301,637. (Hereinafter "Quipropharma" or the "Selling Party") and,

    

    

    

    

    Flora Growth Corp Sucursal Colombia, identified with NIT 901.379.188-1, domiciled in Bogotá DC, branch of the foreign
      company Flora Growth Corp, represented in this act by José Reinaldo Castellanos Bernal identified with National Card number 19.158.484 from Bogotá in his capacity as second general attorney, in accordance with the certificate of existence and legal
      representation issued by the Cámara de Comercio de Bogotá. (Hereinafter "Flora" or "The Buying Party")

    The Selling Party and the Buying Party, hereinafter will be referred to jointly as the "Parties" and individually as a "Party".

    The Parties, in the capacity in which they intervene, ensure that they have the necessary legal capacity to be bound by the terms of this Contract prior to
      the following:

    

    

    

    

    CONSIDERATIONS:

    

    

    

    

    
      	
              1.

            	
              That LABORATORIOS QUIPROPHARMA SAS is a company incorporated and currently existing under the laws of the Republic of Colombia whose corporate purpose is the
                manufacture, distribution of pharmaceutical products, cosmetics, dietary supplements and phytotherapeutics.

            

    

    

    

    

    

    
      	
              2.

            	
              That in exchange for a price, QUIPROPHARMA intends to sell to FLORA a Pharmaceutical Plant including equipment.

            

    

    

    

    

    

    
      	
              3.

            	
              The Parties have agreed to enter into this ASSETS PURCHASE AGREEMENT, (hereinafter the “Contract”), in accordance with the following:

            

    

    
      2

      
        

    

    

    

    CLAUSES

    
      	
              1.

            	
              Purpose of the Sale. By virtue of this Agreement, QUIPROFARMA sells the Pharmaceutical Plant to FLORA, composed of the
                following assets, (hereinafter the “Assets”) The Machinery and Equipment detailed in Annex 1.

            

    

    
      
        	
                1.1

              	
                The assets that make up this purchase contract are understood as Ad Corpus, fully covering the material and intangible elements that are inventoried by the parties,
                  in the audit process and in the closed-door negotiation.

              

      

    

    
      	
              2.

            	
              Price and payment method. The Buying Party will pay the Selling Party a total price of ONE
                  THOUSAND TWO HUNDRED MILLION COLOMBIAN PESOS ($ 1,200,000,000 COP).

            

    

    
      	
              2.1

            	
              VAT will not be applied to the purchase price as it involves a transfer of rights and sale of assets that constitute fixed assets for the Purchasing Party, not taxed
                with VAT in accordance with the provisions of articles 60 and Paragraph 1 of article 420 of the Tax Statute.

            

    

    
      	
              2.2

            	
              The total price must be paid within five (5) business days following the signing of this contract, a sum which will be consigned in the bank account of the Selling
                Party:

            

    

    
      	
              ✔

            	
              Bank: AV Villas

            

    

    
      	
              ✔

            	
              Account Type: Savings

            

    

    
      	
              ✔

            	
              Number: [*]

            

    

    
      	
              3.

            	
              Effective Date. For all purposes of this Contract, the Parties agree that the effective date of the sale and transfer of the
                Assets under this contract will be the date of this contract (hereinafter “Effective date”).

            

    

    

    

    
      	
              4.

            	
              Specifications on the Purchase of Machinery and Equipment.

            

    

    
      	
              4.1

            	
              Within the scope of the object of this Contract, the Selling Party will transfer ownership of the Machinery and Equipment used, detailed in Annex 1 (Hereinafter "Machinery and Equipment"), in the state in which they are.

            

    

    
      	
              4.2

            	
              The Selling Party will make the material delivery of the Machinery and Equipment to the Buying Party for the development of its activities on the Effective Date.

            

    

    
      3

      
        

    

    

    

    
      	
              4.3

            	
              As of the delivery of the Machinery and Equipment, the Buying Party undertakes to carry out all maintenance and repairs to the Machinery and Equipment at its own cost
                and assumes the risk of loss or destruction from that date.

            

    

    

      
        
          	
                  5.

                	
                  Approval of corporate bodies. The conclusion of this contract has been authorized by the
                      General Assembly of Shareholders of the Selling Party. Likewise, the conclusion of this contract has been authorized by the Headquarters of the Buying Party.

                

        

      

      

    

    
      
        	
                6.

              	
                Confidentiality. From the date of execution of this Agreement, neither Party may, without
                    the prior written consent of the other Party, directly or indirectly, reveal, communicate, disclose, disseminate, or use any Confidential Information, with the exception of their professional advisers, staff and that of its Affiliates.
                    However, such disclosure of Confidential Information will be allowed, in compliance with Applicable Law or orders from the competent Government Authorities as long as the Party that discloses (i) promptly provides the other Party with
                    notification of any request or requirement for such Confidential Information, and (ii) cooperates with the other Party in order to: (A) legally reduce the amount of Confidential Information disclosed and (B) until concurrent with what
                    the other Party requests, and at the latter's exclusive expense, seek an appropriate protective order or other remedy to limit such disclosure.

              

      

    

    This Section in no way replaces or modifies the terms of the Confidentiality Agreements entered into the Parties.

     

    
      
        
          
            	
                    7.

                  	
                    Communications and Notifications. For all legal purposes, the communications and notifications addresses of the Parties
                      will be the following:

                  

          

        

      

       

      

      Selling Party:

      

      

      Laboratorios Quipropharma S.A.S,

      Attention: Victor Manuel Vera Contreras

      Address: Carrera 22 # 164 - 42, of the city of Bogotá D.C.

      Emails: felipe.quipro@hotmail.com

      Telephone: + 57 (1) 611 11 91

    

    

    

    

     With a copy (which will not constitute notification) to:

    

    

    

    

    Grupo Legal Andino Ltda.

     

    

    Address: Carrera 19C # 86 - 30

    Office 201 in the city of Bogotá D.C.

    Email: alejandro.goyes@grupolegalandino.com

    
      4

      
        

    

    

    

    In Health S.A.S.

    Address: Calle 140 # 6 - 60 Torre 2 Ap. 301. Email: edgar.rojas@inhealthbp.com

    

    

    Buying Party:

    

    

    

    

    FLORA GROWTH CORP SUCURSAL COLOMBIA.

    Attention: Carolina Mejía Liévano 

    Address: Calle 93 B # 13 - 50 Oficina 101 

    Email: carolinamejia@floracolombia.co

     

    

    
      
        
          
            	
                    8.

                  	
                    Prohibition of Assignment. This Agreement may not be assigned or transferred (in whole
                        or in part) by one Party to another person except with the prior, express and written consent of the other Party.

                  

          

        

      

    

    
      
        
          
            	
                    9.

                  	
                    Modifications, Integrity and Efficacy.

                  

          

        

      

    

    
      	
              9.1

            	
              Any of the stipulations contemplated in this Contract may be modified by agreement of the Parties, which must be expressly stated in a document signed by both.

            

    

    
      	
              9.2

            	
              Either Party may release or waive the obligations or commitments of the other, provided that such waiver is expressly and in writing.

            

    

    
      	
              9.3

            	
              The delays or omissions of the Parties in the exercise of any of the rights contemplated in their favor will not be considered or interpreted as release or waivers in the exercise that
                the Contract and the Applicable Law confer on them.

            

    

    
      	
              9.4

            	
              This Contract and all its Annexes constitute the integral agreement between the Parties with respect to the object, obligations and commitments contemplated herein, and therefore
                supersedes and renders without any legal effect any prior agreement, contract or understanding, written or verbal, that the Parties would have had on the same object.

            

    

    
      	
              9.5

            	
              If any provision of this Contract is prohibited, null, ineffective or cannot be enforced in accordance with Applicable Law, in accordance with the decision of a competent court, the
                other provisions of the Contract will survive with their full binding and mandatory effects for the Parties, unless the prohibited, null, ineffective or unenforceable provision is essential to the Contract so that the interpretation or
                fulfillment thereof in the absence of such provision is not possible. In making such a determination, the Parties will negotiate in good faith to modify this Agreement to reflect the original intent of the Parties, as closely as possible.

            

    

    
      	
              9.6

            	
              None of the Parties will develop any activity, execute any act or enter into any contract or agreement that includes terms that are designed with the purpose of violating the intention
                of the Parties, as set forth in this Contract.

            

    

    
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                      10.

                    	
                      Penalty Clause.

                    

            

          

        

      

    

    Failure to comply with this contract carries legal sanctions and fines. The parties agree as a pecuniary penalty to be borne by the party that breaches
      its obligations under this contract and in favor of the other party, the payment of TWENTY percent (20%) of the total value of the signed contract. To apply this penal clause, the non- compliant party must be required to enter to solve the
      non-compliance within five (5) calendar days. If, after verifying the arguments and actions carried out, it does not comply with the obligations contracted in this contract, the breach will be notified by collecting the corresponding Penal Clause. 

     

    

    
      
        
          
            
              
                
                  	
                          11.

                        	
                          Indemnity.

                        

                

              

            

          

        

      

    

    The parties will remain harmless from damages, losses, expenses and claims that result or arise on the occasion of the execution of this Contract, derived
      from the breach of their contractual or legal obligations, for the concept of:

    
      	
              a.  

              

            	
              Claims or convictions for damages or losses inflicted on its workers or third parties.

            

    

    
      	
              b.  

              

            	
              Claims, lawsuits or convictions for civil liability against the Purchasing Party and that have been generated prior to the Effective Date.

            

    

    
      	
              c.  

              

            	
              Sanctions or fines imposed by the authorities of any order, administrative, police, surveillance and control, that have been generated prior to the Effective Date. Consequently, the
                Selling Party is obliged to directly assume said payments and to compensate the Buying Party for the outlays or expenses that it must face as a result of the breach of the obligations of the Selling Party.

            

    

    
      	
              11.1  

              

            	
              The indemnity obligation is continuous and will continue even after the termination of the contract.

            

    

    
      	
              11.2  

              

            	
              In the event that the Buying Party is condemned to any payment for the reasons stated above in the development of this Contract, the Selling Party must assume such values and reimburse
                them to the Purchasing Party within ten (10) days following the date. of the notification made by the Buying Party. In the event that payment is not obtained, The Selling Party accepts, acknowledges and authorizes the Buying Party to deduct
                such sums from those that it must pay.

            

    

    
      	
              11.3  

              

            	
              Each of THE PARTIES undertakes to stand up for the other in any judicial or extrajudicial claim, for the aforementioned reasons, originating
                from the development of this Contract.

            

    

    
       

      

      
        
          
            
              
                
                  	
                          12.

                        	
                          Applicable Law. This Contract will be subject to and must be interpreted in
                              accordance with the Laws in force in the Republic of Colombia (the “Applicable Law”).

                        

                

              

            

          

        

      

    

    Any difference or controversy related to this Contract, will be submitted to the decision in Law of three (3) arbitrators who will be subject to the
      regulations of the Arbitration Center and Conciliation Association of the Cámara de Comercio de Bogotá. The arbitrators will be appointed by the parties by mutual agreement and, failing that, will be appointed by the Arbitration and Conciliation
      Center of the Cámara de Comercio de Bogotá, at the request of either party. The arbitration will take place in the city of Bogotá. The court secretary will be made up of one (1) member of the official list of secretaries of the Center for Arbitration
      and Conciliation of the Cámara de Comercio de Bogotá.

    
      6

      
        

    

    

    

    

    

    

    

    IN ACCORDANCE WITH THE AGREEMENT, the Parties sign this Agreement on the date indicated in the header thereof.

    

    

    For the Selling Party

    

    

    

    

    

    

     

     /s/Victor Manuel Vera Contreras

    

    LABORATORIOS QUIPROPHARMA S.A.S.

    Victor Manuel Vera Contreras DC 19,301,637

    Legal representative

    

    

    

    

    By the Buying Party

    

    

    

    

    

    

    

    

     /s/José Reinaldo Castellanos Bernal

    FLORA GROWTH SUCURSAL COLOMBIA

    José Reinaldo Castellanos Bernal C.C. 19,158,484

    Second General Attorney

    
      7

      
        

    

    

    

    

    

    ANNEX 1. MACHINARY AND EQUIPMENT.

    

    

    

    

    

    

    	
            Equiment name

          	
            Origen

          	
            Year(antiquity)

          	
            Brand

          	
            Production Capacity

          	
            Condition GRAL

          
	
            Conveyor Belt # 1

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            N/A

          	
            Okay

          
	
            RGX10 Liquid Packaging Machine

          	
             

            Colombia

          	
            2010

          	
            RG

          	
            2.000 units / Hour

          	
            Modifications

          
	
            Tank of 1000 L. No 1

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            1.000 L

          	
            Okay

          
	
            Tank of 500 L.

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            500 L

          	
            Okay

          
	
            Tank of 1000 L. No 2

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            1.000 L

          	
            Okay

          
	
            300 L boiling pan. No 1

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            300 L

          	
            Okay

          
	
            300 L boiling pan No 2

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            300 L

          	
            Okay

          
	
            Trasigo Pump No 1

          	
            Spain

          	
            2010

          	
            Inoxpa

          	
            N/A

          	
            Okay

          
	
            Trasigo Pump No 2

          	
            Spain

          	
            2010

          	
            Inoxpa

          	
            N/A

          	
            Okay

          
	
            Pneumatic Packaging Machine

          	
             

            Colombia

          	
            2010

          	
            RG

          	
            500 units / Hour

          	
            Okay

          
	
            Metal tube packaging machine

          	
            USA

          	
            2000

          	
            Gasti

          	
            1000 units / Hour

          	
            Change of dosing block and general paint

          
	
            Domino A 200 encoder

          	
            USA

          	
            2010

          	
            Domino

          	
            2500 units / Hour

          	
            Band tape change.

          
	
            300 L kettle No 3

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            300 L

          	
            Okay

          
	
            300 L kettle No 4

          	 	
            2010

          	
            Mold Pak

          	
            300 L

          	
            Okay

          

    
      8

      
        

    

    

    

    

    

    	 	
            Colombia

          	 	 	 	 
	
            Tank of 1000 L. No 3

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            1.000 L

          	
            Okay

          
	
            Transfer Pump No 3

          	
            Spain

          	
            2010

          	
            Inoxpa

          	
            N/A

          	
            Okay

          
	
            Two Nozzle Packaging Machine

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            1.800 units / Hour

          	
            Metering system and main piston arrangement.

          
	
            Powder Packing Machine

          	
            USA

          	
            2005

          	
            Sisten 400

          	
            2.000 units / Hour

          	
            Electrical panel arrangement.

          
	
            Jar Capping Machine

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            600 units / Hour

          	
            Okay

          
	
            Ribbon Mixer

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            500 Kg

          	
            Gasket, cover and gate

          
	
            V mixer

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            100 Kg

          	
            Okay

          
	
            Packaging and Conditioning Line (10 Units)

          	
             

            China

          	
             

            2011

          	
            Remach y Bauer

          	
             

            N/A

          	
            Env.Caps. band motor arrangement and Etiq.

            Coding system.

          
	
             

            Passenger and Cargo Elevators

          	
             

            Colombia / Germany

          	
             

            2010

          	
             

            Tragfa y Kronel

          	
            450 Kg / 200

            Kg

          	
             

            Okay

          
	
            Compressor-Compressed Air System

          	
            Germany

          	
            2009

          	
            Aircenter

          	
            120 PSI

          	
            Okay

          
	
            Purified Air System Equipment (10 Units)

          	
             

            Colombia

          	
            2010

          	
            Gilyco

          	
            N/A

          	
            Validation, change of filters, pre-filters and belts.

          
	
            Water Treatment System Equipment

          	
             

            Colombia

          	
            2010

          	
            Walter Purifers

          	
            450 L / Hour

          	
            Filter and pressure gauge maintenance

          
	
            Enlofanadora

          	
            Hindu

          	
            2011

          	
            Pharma Chine

          	
            1.500 Foil / Hour

          	
            Okay

          
	
            Jar Blower

          	
             

            Colombia

          	
            2010

          	
            Mold Pak

          	
            1.500 Frascos

            / Hour

          	
            Okay

          
	
            Hydraulic Stacker

          	
            China

          	
            2010

          	
            Hu Lift

          	
            2.500 Kg

          	
            Okay

          

    
      9

      
        

    

    

    

    

    

    	
            Conveyor Belt # 2

          	
            Colombia

          	
            2010

          	
            Mold Pak

          	
            N/A

          	
            Okay

          
	
            Vacuum pump

          	
            USA

          	
            2012

          	
            Thomas

          	
            N/A

          	
            Okay

          
	
            Dehumidifier # 1

          	
            China

          	
            2012

          	
            Kenmore

          	
            N/A

          	
            Okay

          
	
            Dehumidifier # 2

          	
            China

          	
            2010

          	
            Woods

          	
            N/A

          	
            Okay

          
	
            Plastic pipe sealer # 1

          	
            Colombia

          	
            2013

          	
            Thor

          	
            1.500 Tubos / Hour

          	
            Okay

          
	
            Horizontal sachetera packaging machine

          	
            Colombia

          	
            2013

          	
            Mec Lec

          	
            3.000 Sobres

            / Hour

          	
            Okay

          
	
            Mobile Shaker

          	
            Colombia

          	
            2013

          	
            Silverson

          	
            N/A

          	
            Okay

          
	
            Coloidal Windmill

          	
            USA

          	
            2000

          	
            GW

          	
            30 L

          	
            Okay

          
	
            Ventilation system water equipment

          	
            Colombia

          	
            2014

          	
            Villamarin

          	
            N/A

          	
            Okay

          
	
            Homogenizer Shaker

          	
            Colombia

          	
            2015

          	
            Silverson

          	
            N/A

          	
            Okay

          
	
            Cream packaging machine

          	
            China

          	
            2015

          	
            Thor Hualian

          	
            1.500 Tubos / Hour

          	
            Okay

          
	
            Plastic pipe sealer # 2

          	
            Colombia

          	
            2013

          	
            Thor

          	
            1.500 Tubos / Hour

          	
            Electrical damage, main board.

          
	
             

            Semi-automatic encapsulator

          	
             

            China

          	
             

            2017

          	
             

            Sinoped Group

          	
            8.000

            Cápsulas / Hour

          	
             

            Okay

          
	
            Automatic liquid packaging machine

          	
            Colombia

          	
            2018

          	
            CTD

          	
            1.500 Frascos

            / Hour

          	
            Jar capper arrangement.

          

    

    

    

    

  

  10Exhibit 4.5

 

 

 

 

 

 

 

 

 

 

 

 

MOLSON
COORS BEVERAGE COMPANY, as Issuer

and

 

THE GUARANTORS NAMED HEREIN, as Guarantors

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 

 

 

INDENTURE

 

Dated as of [●], 20[●]

 

 

 

DEBT SECURITIES

 

     

     

    

 

Table
of Contents

 

Page

 

	Article I DEFINITIONS	1
	Section 1.1   Definitions	1
	Article II FORMS OF SECURITIES	12
	Section 2.1   Terms of the Securities	12
	Section 2.2   Form of Trustee’s Certificate of Authentication	12
	Section 2.3   Form of Trustee’s Certificate of Authentication by an Authenticating Agent	13
	Article III THE DEBT SECURITIES	13
	Section 3.1   Amount Unlimited; Issuable in Series	13
	Section 3.2   Denominations	16
	Section 3.3   Execution, Authentication, Delivery and Dating	16
	Section 3.4   Temporary Securities	18
	Section 3.5   Registrar	19
	Section 3.6   Transfer and Exchange	19
	Section 3.7   Mutilated, Destroyed, Lost and Stolen Securities	23
	Section 3.8   Payment of Interest; Interest Rights Preserved	24
	Section 3.9   Cancellation	25
	Section 3.10   Computation of Interest	25
	Section 3.11   Currency of Payments in Respect of Securities	25
	Section 3.12   Judgments	26
	Section 3.13   CUSIP Numbers	26
	Article IV REDEMPTION OF SECURITIES	26
	Section 4.1   Applicability of Right of Redemption	26
	Section 4.2   Selection of Securities to be Redeemed	27
	Section 4.3   Notice of Redemption	27
	Section 4.4   Deposit of Redemption Price	28
	Section 4.5   Securities Payable on Redemption Date	28
	Section 4.6   Securities Redeemed in Part	28
	Article V SINKING FUNDS	29
	Section 5.1   Applicability of Sinking Fund	29
	Section 5.2   Mandatory Sinking Fund Obligation	29
	Section 5.3   Optional Redemption at Sinking Fund Redemption Price	30
	Section 5.4   Application of Sinking Fund Payment	30

 

    i 

     

    

 

Table
of Contents (cont'd)

 

Page

 

	Article
VI PARTICULAR COVENANTS OF THE COMPANY	31
	Section 6.1   Payments of Securities	31
	Section 6.2   Paying Agent	31
	Section 6.3   To Hold Payment in Trust	32
	Section 6.4   Merger, Consolidation and Sale of Assets	33
	Section 6.5   Compliance Certificate	34
	Section 6.6   Conditional Waiver by Holders of Securities	34
	Section 6.7   Statement by Officers as to Default	35
	Section 6.8   Future Guarantors	35
	Article VII REMEDIES OF TRUSTEE AND SECURITYHOLDERS	35
	Section 7.1   Events of Default	35
	Section 7.2   Acceleration: Rescission and Annulment	37
	Section 7.3   Other Remedies	38
	Section 7.4   Trustee as Attorney-in-Fact	39
	Section 7.5   Priorities	39
	Section 7.6   Control by Securityholders; Waiver of Past Defaults	40
	Section 7.7   Limitation on Suits	41
	Section 7.8   Undertaking for Costs	41
	Section 7.9   Remedies Cumulative	42
	Article VIII CONCERNING THE SECURITYHOLDERS	42
	Section 8.1   Evidence of Action of Securityholders	42
	Section 8.2   Proof of Execution or Holding of Securities	42
	Section 8.3   Persons Deemed Owners	43
	Section 8.4   Effect of Consents	43
	Article IX SECURITYHOLDERS’ MEETINGS	44
	Section 9.1   Purposes of Meetings	44
	Section 9.2   Call of Meetings by Trustee	44
	Section 9.3   Call of Meetings by Company or Securityholders	44
	Section 9.4   Qualifications for Voting	44
	Section 9.5   Regulation of Meetings	45
	Section 9.6   Voting	45
	Section 9.7   No Delay of Rights by Meeting	46
	Article X REPORTS BY THE COMPANY AND THE TRUSTEE AND SECURITYHOLDERS’ LISTS	46
	Section 10.1   Reports by Trustee	46
	Section 10.2   Reports by the Company	46
	Section 10.3   Securityholders’ Lists	47

 

    ii 

     

    

 

Table
of Contents (cont'd)

 

Page

 

	Article XI CONCERNING THE TRUSTEE	47
	Section 11.1   Rights of Trustees; Compensation and Indemnity	47
	Section 11.2   Duties of Trustee	50
	Section 11.3   Notice of Defaults	51
	Section 11.4   Eligibility: Disqualification	51
	Section 11.5   Resignation and Notice: Removal	52
	Section 11.6   Successor Trustee by Appointment	53
	Section 11.7   Successor Trustee by Merger	54
	Section 11.8   Right to Rely on Officer’s Certificate	55
	Section 11.9   Appointment of Authenticating Agent	55
	Section 11.10   Communications by Securityholders with Other Securityholders	56
	Section 11.11   The Agents	56
	Article XII SATISFACTION AND DISCHARGE; DEFEASANCE	56
	Section 12.1   Applicability of Article	56
	Section 12.2   Satisfaction and Discharge of Indenture	56
	Section 12.3   Defeasance upon Deposit of Moneys or U.S. Government Obligations	58
	Section 12.4   Repayment to Company	59
	Section 12.5   Indemnity for U.S. Government Obligations	59
	Section 12.6   Deposits to Be Held in Escrow	59
	Section 12.7   Application of Trust Money	60
	Section 12.8   Deposits of Non-U.S. Currencies	60
	Section 12.9   Reinstatement	60
	Article XIII IMMUNITY OF CERTAIN PERSONS	61
	Section 13.1   No Personal Liability	61
	Article XIV SUPPLEMENTAL INDENTURES	61
	Section 14.1   Without Consent of Securityholders	61
	Section 14.2   With Consent of Securityholders; Limitations	63
	Section 14.3   Trustee Protected	65
	Section 14.4   Effect of Execution of Supplemental Indenture	65
	Section 14.5   Notation on or Exchange of Securities	65
	Section 14.6   Conformity with TIA	65
	Article XV SUBORDINATION OF SECURITIES	66
	Section 15.1   Agreement to Subordinate	66
	Section 15.2   Distribution on Dissolution. Liquidation and Reorganization; Subrogation of Securities	66
	Section 15.3   No Payment on Securities in Event of Default on Senior Debt	67
	Section 15.4   Payments on Securities Permitted	68

 

    iii 

     

    

 

Table
of Contents (cont'd)

 

Page

 

	Section 15.5   Authorization of Securityholders to Trustee to Effect Subordination	68
	Section 15.6   Notices to Trustee	68
	Section 15.7   Trustee as Holder of Senior Debt	69
	Section 15.8   Modifications of Terms of Senior Debt	69
	Section 15.9   Reliance on Judicial Order or Certificate of Liquidating Agent	69
	Section 15.10   Satisfaction and Discharge; Defeasance and Covenant Defeasance	69
	Section 15.11   Trustee Not Fiduciary for Holders of Senior Debt	70
	Article XVI GUARANTEES	70
	Section 16.1   Guarantees	70
	Section 16.2   Execution and Delivery	72
	Section 16.3   Limitation on Liability	72
	Section 16.4   No Waiver	72
	Section 16.5   Modification	72
	Section 16.6   Release of Guarantor	73
	Section 16.7   Contribution	73
	Article XVII MISCELLANEOUS PROVISIONS	73
	Section 17.1   Certificates and Opinions as to Conditions Precedent	73
	Section 17.2   Trust Indenture Act Controls	74
	Section 17.3   Notices to the Company, Guarantors and Trustee	74
	Section 17.4   Notices to Securityholders; Waiver	75
	Section 17.5   Legal Holiday	76
	Section 17.6   Effects of Headings and Table of Contents	76
	Section 17.7   Separability Clause	76
	Section 17.8   Benefits of Indenture	76
	Section 17.9   Counterparts Originals	77
	Section 17.10   Governing Law; Waiver of Trial by Jury	77
	Section 17.11   Force Majeure	77
	Section 17.12   USA Patriot Act	77
	Section 17.13   OFAC Sanctions.	77

 

    iv 

     

    

 

INDENTURE dated as of [●], 20[●]
among MOLSON COORS BEVERAGE COMPANY, a Delaware corporation (the “Company”); and [●] (collectively, the “Initial
Guarantors”); and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, the Company and the Initial Guarantors
have duly authorized the execution and delivery of this Indenture to provide for the issuance of unsecured debentures, notes, bonds
or other evidences of indebtedness (the “Securities”) and the related guarantees in an unlimited aggregate principal
amount to be issued from time to time in one or more series as provided in this Indenture; and WHEREAS, all things necessary to
make this Indenture a valid and legally binding agreement of the Company and the Initial Guarantors, in accordance with its terms,
have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

That, in consideration of the premises and
the purchase of the Securities by the Holders thereof for the equal and proportionate benefit of all of the present and future
Holders of the Securities, each party agrees and covenants as follows:

 

Article
I

DEFINITIONS

 

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

 

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

 

(b)              
references to “Article” or “Section” or other subdivision herein are references to an Article, Section
or other subdivision of the Indenture, unless the context otherwise requires.

 

Section
1.1           Definitions.

 

(a)              
Unless otherwise defined in this Indenture or the context otherwise requires, all terms used herein shall have the meanings
assigned to them in the Trust Indenture Act.

 

(b)              
Unless the context otherwise requires or as otherwise provided with respect to any series pursuant to Section 3.1, the terms
defined in this Section 1.1(b) shall for all purposes of this Indenture have the meanings hereinafter set forth, the following
definitions to be equally applicable to both the singular and the plural forms of any of the terms herein defined:

 

Additional Debt:

 

The term “Additional Debt” shall
mean any senior unsecured debt issued by the Company in future capital markets transactions.

 

     

     

    

 

Affiliate:

 

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

 

Agent:

 

The term “Agent” shall mean
any Paying Agent, any Authenticating Agent and the Registrar and their permitted successors and assigns.

 

Authenticating Agent:

 

The term “Authenticating Agent”
shall have the meaning assigned to it in Section 11.9.

 

Board of Directors:

 

The term “Board of Directors”
shall mean either the board of directors of the Company or the executive or any other committee of that board duly authorized to
act in respect hereof.

 

Board Resolution:

 

The term “Board Resolution”
shall mean a copy of a resolution or resolutions certified by the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors (or by a committee of the Board of Directors to the extent that any such other committee
has been authorized by the Board of Directors to establish or approve the matters contemplated) and to be in full force and effect
on the date of such certification and delivered to the Trustee.

 

Business Day:

 

The term “Business Day,” when
used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities,
shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of
Payment are authorized or obligated by law or executive order to close.

 

Capital Stock:

 

The term “Capital Stock,” with
respect to any specified Person, shall mean any and all shares, interests, rights to purchase, warrants, options, participations,
units or other equivalents of or interests in (however designated) equity of such specified Person, including any preferred stock,
but excluding any debt securities convertible into such equity.

 

    2 

     

    

 

Code:

 

The term “Code” shall mean the
Internal Revenue Code of 1986 as in effect on the date hereof.

 

Company:

 

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

 

Company Order:

 

The term “Company Order” shall
mean a written order signed in the name of the Company by the Chairman of the Board of Directors, Chief Executive Officer, President,
Executive Vice President, Senior Vice President, Treasurer, Assistant Treasurer, Controller, Assistant Controller, Secretary or
Assistant Secretary of the Company, and delivered to the Trustee.

 

Corporate Trust Office:

 

The term “Corporate Trust Office,”
or other similar term, shall mean the principal office of the Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date hereof is located at 400 South Hope Street, Suite 500, Los Angeles, California
90071, Attention: Corporate Unit, or such other address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the principal corporate trust officer of any successor Trustee (or such other address as such successor Trustee
may designate from time to time by notice to the Holders and the Company).

 

Currency:

 

The term “Currency” shall mean
U.S. Dollars or Foreign Currency.

 

Debt:

 

The term “Debt,” with respect
to any Person, shall mean:

 

(a)       indebtedness
for money borrowed of such Person, whether outstanding on the date of this Indenture or thereafter incurred; and

 

(b)       indebtedness
evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable.

 

The amount of indebtedness of any
Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and the
amount of any contingent obligation at such date that would be classified as indebtedness in accordance with GAAP; provided,
however, that in the case of indebtedness sold at a discount, the amount of such indebtedness at any time will be the
accreted value thereof at such time.

 

    3 

     

    

 

Default:

 

The term “Default” shall have
the meaning assigned to it in Section 11.3.

 

Defaulted Interest:

 

The term “Defaulted Interest”
shall have the meaning assigned to it in Section 3.8(b).

 

Depositary:

 

The term “Depositary” shall
mean, with respect to the Securities of any series issuable in whole or in part in the form of one or more Global Securities, the
Person designated as Depositary by the Company pursuant to Section 3.1 until a successor Depositary shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is
then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect
to the Securities of any such series shall mean the Depositary with respect to the Securities of that series.

 

Designated Currency:

 

The term “Designated Currency”
shall have the meaning assigned to it in Section 3.12.

 

Discharged:

 

The term “Discharged” shall
have the meaning assigned to it in Section 12.3.

 

Event of Default:

 

The term “Event of Default”
shall have the meaning assigned to it in Section 7.1.

 

Exchange Act:

 

The term “Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended.

 

Exchange Rate:

 

The term “Exchange Rate” shall
have the meaning assigned to it in Section 7.1.

 

Existing Notes:

 

The term “Existing Notes” shall
mean the following securities: [●].

 

    4 

     

    

 

Floating Rate Security:

 

The term “Floating Rate Security”
shall mean a Security that provides for the payment of interest at a variable rate determined periodically by reference to an interest
rate index specified pursuant to Section 3.1.

 

Foreign Currency:

 

The term “Foreign Currency”
shall mean a currency issued by the government of any country other than the United States or a composite currency, the value of
which is determined by reference to the values of the currencies of any group of countries.

 

GAAP:

 

The term “GAAP,” with respect
to any computation required or permitted hereunder, shall mean generally accepted accounting principles in the United States which
are in effect on the Issue Date. At any time after the Issue Date, the Company may elect to apply International Financial Reporting
Standards accounting principles as issued by the International Accounting Standards Board (“IFRS”) in lieu of GAAP
and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS on the date of such election;
provided that any such election, once made, shall be irrevocable; provided, further, that any calculation or determination in this
Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to the Company’s election
to apply IFRS shall remain as previously calculated or determined in accordance with GAAP.

 

Global Security:

 

The term “Global Security” shall
mean any Security that evidences all or part of a series of Securities, issued in fully-registered certificated form to the Depositary
for such series in accordance with Section 3.3 and bearing the legend prescribed in Section 3.3(f).

 

Guarantee:

 

The term “Guarantee” shall mean
any guarantee by a Guarantor of the Company’s obligations with respect to any series of Securities issued under this Indenture.

 

Guaranteed Obligations:

 

The term “Guaranteed Obligations”
shall have the meaning assigned to it in Section 16.1.

 

Guarantors:

 

The term “Guarantors” shall
mean (a) [●], and (b) each of the Company’s future Subsidiaries to the extent designated in accordance with Section
3.1(m) as a “Guarantor” for a particular series of Securities, until, in each case, such entity is released
as a Guarantor pursuant to the terms of this Indenture.

 

    5 

     

    

 

 

 

Holder; Holder of Securities:

 

The terms “Holder” and “Holder
of Securities” are defined under “Securityholder; Holder of Securities; Holder.”

 

Indenture:

 

The term “Indenture” or “this
Indenture” shall mean this instrument and all indentures supplemental hereto.

 

Individual Securities:

 

The term “Individual Securities”
shall have the meaning assigned to it in Section 3.1(p).

 

Interest:

 

The term “interest” shall mean,
when used with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, interest payable
after Maturity.

 

Interest Payment Date:

 

The term “Interest Payment Date”
shall mean, with respect to any Security, the Stated Maturity of an installment of interest on such Security.

 

Issue Date:

 

The term “Issue Date” shall
mean, with respect to any series of Securities, the date on which the initial Securities of such series are first issued.

 

Mandatory Sinking Fund Payment:

 

The term “Mandatory Sinking Fund Payment”
shall have the meaning assigned to it in Section 5.1(b).

 

Maturity:

 

The term “Maturity,” with respect
to any Security, shall mean the date on which the principal of such Security shall become due and payable as therein and herein
provided, whether by declaration, call for redemption or otherwise.

 

Members:

 

The term “Members” shall have
the meaning assigned to it in Section 3.3(h).

 

Officer’s Certificate:

 

The term “Officer’s
Certificate” shall mean a certificate signed by any of the Chairman of the Board of Directors, Chief Executive Officer,
the President or a Vice President, Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary
of the Company and delivered to the Trustee. Each such certificate shall include the statements provided for in Section 17.1
if and to the extent required by the provisions of such Section.

 

    6

     

    

 

Opinion of Counsel:

 

The term “Opinion of Counsel”
shall mean an opinion in writing signed by legal counsel, who may be an employee of or of counsel to the Company, that meets the
requirements provided for in Section 17.1, provided in each case such individual is reasonably acceptable to the Trustee.

 

Optional Sinking Fund Payment:

 

The term “Optional Sinking Fund Payment”
shall have the meaning assigned to it in Section 5.1(b).

 

Original Issue Discount Security:

 

The term “Original Issue Discount
Security” shall mean any Security that is issued with “original issue discount” within the meaning of Section
1273(a) of the Code and the regulations thereunder and any other Security designated by the Company as issued with original issue
discount for United States federal income tax purposes.

 

Outstanding:

 

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

 

(a)       Securities
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

(b)       Securities
or portions thereof for which payment or redemption money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall
act as its own Paying Agent) for the Holders of such Securities or Securities as to which the Company’s obligations have
been Discharged; provided, however, that if such Securities or portions thereof are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and

 

(c)       Securities
that have been paid pursuant to Section 3.7(b) or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
a Responsible Officer of the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands
such Securities are valid obligations of the Company;

 

provided, however, that in determining whether the Holders
of the requisite principal amount of Securities of a series Outstanding have performed any action hereunder, Securities owned
by the Company or any other obligor upon the Securities of such series or any Affiliate of the Company or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such action, only Securities of such series that a Responsible Officer of the Trustee actually
knows to be so owned shall be so disregarded. Securities so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act with respect to
such Securities and that the pledgee is not the Company or any other obligor upon such Securities or any Affiliate of the
Company or of such other obligor. In determining whether the Holders of the requisite principal amount of Outstanding
Securities of a series have performed any action hereunder, the principal amount of an Original Issue Discount Security that
shall be deemed to be Outstanding for such purpose shall be the amount of the principal thereof that would be due and payable
as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 7.2 and
the principal amount of a Security denominated in a Foreign Currency that shall be deemed to be Outstanding for such purpose
shall be the amount calculated pursuant to Section 3.11(b).

 

    67

     

    

 

Paying Agent:

 

The term “Paying Agent” shall
have the meaning assigned to it in Section 6.2(a). The Trustee shall initially be appointed as the Paying Agent.

 

Person:

 

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

 

Place of Payment:

 

The term “Place of Payment”
shall mean, when used with respect to the Securities of any series, the place or places where the principal of and premium, if
any, and interest on the Securities of that series are payable as specified pursuant to Section 3.1.

 

Predecessor Security:

 

The term “Predecessor Security”
shall mean, with respect to any Security, every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security, and, for the purposes of this definition, any Security authenticated and delivered under Section 3.7
in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

Record Date:

 

The term “Record Date” shall
mean, with respect to any interest payable on any Security on any Interest Payment Date, the close of business on any date specified
in such Security for the payment of interest pursuant to Section 3.1.

 

    8

     

    

Redemption Date:

 

The term “Redemption Date” shall
mean, when used with respect to any Security to be redeemed, in whole or in part, the date fixed for such redemption by or pursuant
to this Indenture and the terms of such Security, which, in the case of a Floating Rate Security, unless otherwise specified pursuant
to Section 3.1, shall be an Interest Payment Date only.

 

Redemption Price:

 

The term “Redemption Price,”
when used with respect to any Security to be redeemed, in whole or in part, shall mean the price at which it is to be redeemed
pursuant to the terms of the Security and this Indenture.

 

Register:

 

The term “Register” shall have
the meaning assigned to it in Section 3.5(a).

 

Registrar:

 

The term “Registrar” shall have
the meaning assigned to it in Section 3.5(a). The Trustee shall initially be appointed as the Registrar.

 

Responsible Officers:

 

The term “Responsible Officers”
of the Trustee hereunder shall mean any officer associated with the corporate trust department of the Trustee having direct responsibility
for the administration of this Indenture, including any vice president, assistant vice president, assistant secretary, senior associate,
associate, trust officer or any other officer who customarily performs functions similar to those performed by the persons who
at the time shall be such officers, respectively, or, with respect to a particular corporate trust matter, any other officer of
the Trustee to whom such matter is referred because of such person’s knowledge of and familiarity with the particular subject
and who shall have direct responsibility for the administration of this Indenture.

 

SEC:

 

The term “SEC” shall mean the
U.S. Securities and Exchange Commission, as constituted from time to time.

 

Security:

 

The term “Security” or “Securities”
shall have the meaning stated in the recitals and shall more particularly mean one or more of the Securities duly authenticated
by the Trustee and delivered pursuant to the provisions of this Indenture.

 

    9

     

    

 

Security Custodian:

 

The term “Security Custodian”
shall mean the custodian with respect to any Global Security appointed by the Depositary, or any successor Person thereto, and
shall initially be the Paying Agent.

 

Securityholder; Holder of Securities; Holder:

 

The term “Securityholder” or
“Holder of Securities” or “Holder” shall mean the Person in whose name Securities shall be registered in
the Register kept for that purpose hereunder.

 

Senior Debt:

 

The term “Senior Debt,” with
respect to any Person, shall mean Debt of such Person, whether outstanding on the date of this Indenture or thereafter incurred
unless, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such
obligations are subordinate in right of payment to the Securities of any series; provided, however, that Senior Debt shall not
include (1) any Debt of such Person owing to any Affiliate of the Company; or (2) any Debt of such Person (and any accrued and
unpaid interest in respect thereof) which is subordinate or junior in right of payment to any other Debt of such Person. For purposes
of the foregoing and the definition of “Senior Debt,” the phrase “subordinate in right of payment” means
debt subordination only and not lien subordination, and accordingly, (i) unsecured debt shall not be deemed to be subordinate in
right of payment to secured debt merely by virtue of the fact that it is unsecured, and (ii) junior liens, second liens and other
contractual arrangements that provide for priorities among Holders of the same or different issues of debt with respect to any
collateral or the proceeds of collateral shall not constitute subordination in right of payment. This definition may be modified
or superseded by a supplemental indenture.

 

Significant Subsidiary:

 

The term “Significant Subsidiary”
shall mean any Subsidiary of the Company that would be a “Significant Subsidiary” within the meaning of Rule 1-02 under
Regulation S-X promulgated by the SEC.

 

Special Record Date:

 

The term “Special Record Date”
shall have the meaning assigned to it in Section 3.8(b)(i).

 

Stated Maturity:

 

The term “Stated Maturity,”
when used with respect to any Security or any installment of interest thereon, shall mean the date specified in such Security as
the fixed date on which the principal (or any portion thereof) of or premium, if any, on such Security or such installment of interest
is due and payable.

 

    10

     

    

 

Subsidiary:

 

The term “Subsidiary,” when
used with respect to any Person, shall mean any other Person more than 50% of the outstanding Voting Stock of which at the time
of determination is owned, directly or indirectly, by such first Person and/or one or more other Subsidiaries of such first Person.

 

Successor Company:

 

The term “Successor Company”
shall have the meaning assigned to it in Section 3.6(i).

 

Trust Indenture Act; TIA:

 

The term “Trust Indenture Act”
or “TIA” shall mean the Trust Indenture Act of 1939, as amended.

 

Trustee:

 

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

 

United States:

 

The term “United States” shall
mean the United States of America (including the States and the District of Columbia), its territories and its possessions and
other areas subject to its jurisdiction.

 

U.S. Dollars:

 

The term “U.S. Dollars” shall
mean such currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts.

 

U.S. Government Obligations:

 

The term “U.S. Government Obligations”
shall have the meaning assigned to it in Section 12.3.

 

Voting Stock:

 

The term “Voting Stock,” with
respect to any specified Person, shall mean all classes of Capital Stock or other interests (including partnership interests) of
such specified Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof.

 

    11

     

    

 

Article
II

FORMS OF SECURITIES

 

Section
2.1           Terms of the Securities.

 

(a)              
The Securities of each series shall be substantially in the form set forth in a Company Order or in one or more indentures
supplemental hereto, and shall have such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends
or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange on which any series of the Securities may be listed or of any automated quotation system on which any
such series may be quoted, or to conform to usage, all as determined by the officers executing such Securities as conclusively
evidenced by their execution of such Securities.

 

(b)              
The terms and provisions of the Securities shall constitute, and are hereby expressly made, a part of this Indenture, and,
to the extent applicable, the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly
agree to such terms and provisions and to be bound thereby.

 

Section
2.2           Form of Trustee’s Certificate of Authentication.

 

(a)              
Only such of the Securities as shall bear thereon a certificate substantially in the form of the Trustee’s certificate
of authentication hereinafter recited, executed by the Trustee by manual, facsimile or electronic signature, shall be valid or
become obligatory for any purpose or entitle the Holder thereof to any right or benefit under this Indenture.

 

(b)              
Each Security shall be dated the date of its authentication, except that any Global Security shall be dated as of the date
specified as contemplated in Section 3.1.

 

(c)              
The form of the Trustee’s certificate of authentication to be borne by the Securities shall be substantially as follows:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication: __________	The Bank of New York Mellon Trust 

Company, N.A.,

as Trustee

 

	 	By:	 
	 	 	Authorized Signatory

 

    12

     

    

 

Section
2.3           Form of Trustee’s Certificate of Authentication
by an Authenticating Agent. If at any time there
shall be an Authenticating Agent appointed with respect to any series of Securities, then the Trustee’s certificate of authentication
by such Authenticating Agent to be borne by Securities of each such series shall be substantially as follows:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication: 	The Bank of New York Mellon Trust

 Company, N.A.,

as Trustee

 

	 	By:	[NAME OF AUTHENTICATING AGENT]

	 	 	as Authenticating Agent

 

	 	By:	 
	 	 	Authorized Signatory

 

Article
III

THE DEBT SECURITIES

 

Section
3.1           Amount Unlimited; Issuable in Series.
The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities
may be issued in one or more series. There shall be set forth in a Company Order or in one or more indentures supplemental hereto,
prior to the issuance of Securities of any series:

 

(a)              
the title of the Securities of the series (which shall distinguish the Securities of such series from the Securities of
all other series, except to the extent that additional Securities of an existing series are being issued);

 

(b)              
any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of such series pursuant to Section 3.4, 3.6, 3.7, 4.6 or 14.5);

 

(c)              
the dates on which or periods during which the Securities of the series may be issued, and the dates on, or the range of
dates within, which the principal of and premium, if any, on the Securities of such series are or may be payable or the method
by which such date or dates shall be determined or extended;

 

(d)               the
rate or rates (which may be fixed or variable) at which the Securities of the series shall bear interest, if any, or the
method by which such rate or rates shall be determined, whether such interest shall be payable in cash or additional
Securities of the same series or shall accrue and increase the aggregate principal amount outstanding of such series
(including if such Securities were originally issued at a discount), the date or dates from which such interest shall accrue,
or the method by which such date or dates shall be determined, the Interest Payment Dates on which any such interest shall be
payable, and the Record Dates for the determination of Holders to whom interest is payable on such Interest Payment Dates or
the method by which such date or dates shall be determined, the right, if any, to extend or defer interest payments and the
duration of such extension or deferral;

 

    13

     

    

 

(e)              
if other than U.S. Dollars, the Currency in which Securities of the series shall be denominated or in which payment of the
principal of, premium, if any, or interest on the Securities of the series shall be payable and any other terms concerning such
payment;

 

(f)               
if the amount of payment of principal of, premium, if any, or interest on the Securities of the series may be determined
with reference to an index, formula or other method including, but not limited to, an index based on a Currency or Currencies other
than that in which the Securities are stated to be payable, the manner in which such amounts shall be determined;

 

(g)              
if the principal of, premium, if any, or interest on Securities of the series are to be payable, at the election of the
Company or a Holder thereof, in a Currency other than that in which the Securities are denominated or stated to be payable without
such election, the period or periods within which, and the terms and conditions upon which, such election may be made and the time
and the manner of determining the exchange rate between the Currency in which the Securities are denominated or payable without
such election and the Currency in which the Securities are to be paid if such election is made;

 

(h)              
the place or places, if any, in addition to or instead of the Corporate Trust Office where the principal of, premium, if
any, and interest on Securities of any series shall be payable, and where Securities of any series may be presented for registration
of transfer, exchange or conversion, and the place or places where notices and demands to or upon the Company in respect of the
Securities of such series may be made;

 

(i)                
the price or prices at which, the period or periods within which or the date or dates on which, and the terms and conditions
upon which, Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have
that option;

 

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

 

(k)              
if other than denominations of $1,000 or any integral multiple thereof, the denominations in which Securities of the series
shall be issuable;

 

(l)                
if other than the principal amount thereof, the portion of the principal amount of the Securities of the series which shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 7.2;

 

    14

     

    

 

(m)            
 the Guarantors, if any, of the Securities of the series, and the extent of the Guarantees (including provisions relating
to seniority, subordination and the release of the Guarantors), if any, and any additions or changes to permit or facilitate Guarantees
of such Securities;

 

(n)              
whether the Securities of the series are to be issued as Original Issue Discount Securities and the amount of discount with
which such Securities may be issued;

 

(o)              
provisions, if any, for the defeasance of Securities of the series in whole or in part and any addition to or change in
the provisions related to satisfaction and discharge;

 

(p)              
whether the Securities of the series are to be issued in whole or in part in the form of one or more Global Securities and,
in such case, the Depositary for such Global Security or Global Securities, and the terms and conditions, if any, upon which interests
in such Global Security or Global Securities may be exchanged in whole or in part for the individual Securities represented thereby
in definitive form registered in the name or names of Persons other than such Depositary or a nominee or nominees thereof (“Individual
Securities”);

 

(q)              
the date as of which any Global Security of the series shall be dated if other than the original issuance of the first Security
of the series to be issued;

 

(r)               
the form of the Securities of the series;

 

(s)               
if the Securities of the series are to be convertible into or exchangeable for any securities or property of any Person
(including the Company), the terms and conditions upon which such Securities will be so convertible or exchangeable, and any additions
or changes, if any, to permit or facilitate such conversion or exchange;

 

(t)                
whether the Securities of such series are subject to subordination and the terms of such subordination;

 

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

 

(v)              
any addition to or change in the provisions related to compensation and reimbursement of the Trustee which applies to Securities
of such series;

 

(w)            
any addition to or change in the provisions related to supplemental indentures set forth in Sections 14.2 and 14.4 which
applies to Securities of such series;

 

(x)              
provisions, if any, granting special rights to Holders upon the occurrence of specified events;

 

(y)              
any addition to or change in the Events of Default which applies to any Securities of the series and any change in the right
of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to
Section 7.2 and any addition to or change in the provisions set forth in Article VII which applies to Securities of the series;

 

    15

     

    

 

 

(z)              
 any addition to or change in the covenants set forth in Article VI which applies to Securities of the series; and

 

(aa)            
any other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of this Indenture,
except as permitted by Section 14.01).

 

All Securities of any one series shall be substantially identical,
except as to denomination and except as may otherwise be provided herein or set forth in a Company Order or in one or more indentures
supplemental hereto.

 

Section
3.2           Denominations.
In the absence of any specification pursuant to Section 3.1 with respect to Securities of any series, the Securities of such series
shall be issuable only as Securities in denominations of any integral multiple of $1,000, and shall be payable only in U.S. Dollars.

 

Section
3.3           Execution, Authentication, Delivery and Dating.

 

(a)              
The Securities shall be executed in the name and on behalf of the Company by the manual or facsimile signature of its Chairman
of the Board of Directors, its Chief Executive Officer, President, one of its Vice Presidents or Treasurer. If the Person whose
signature is on a Security no longer holds that office at the time the Security is authenticated and delivered, the Security shall
nevertheless be valid.

 

(b)              
At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities
of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and
delivery of such Securities and, if required pursuant to Section 3.1, a supplemental indenture or Company Order setting forth the
terms of the Securities of a series. The Trustee shall thereupon authenticate and deliver such Securities without any further action
by the Company. The Company Order shall specify the amount of Securities to be authenticated and the date on which the original
issue of Securities is to be authenticated.

 

(c)              
In authenticating the Securities of any series and accepting the additional responsibilities under this Indenture in relation
to such Securities, the Trustee shall have received, and (subject to Section 11.2) shall be fully protected in relying upon, an
executed supplemental indenture, if any, an Officer’s Certificate and an Opinion of Counsel, each prepared in accordance
with Section 17.1 stating that all the conditions precedent, if any, provided for in the Indenture with respect to the issuance
and authentication of such Securities have been complied with.

 

(d)              
The Trustee shall have the right to decline to authenticate and deliver the Securities under this Section 3.3 if the issue
of the Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities
and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

(e)              
Each Security shall be dated the date of its authentication, except as otherwise provided pursuant to Section 3.1 with respect
to the Securities of such series.

 

    16 

     

    

 

(f)               
 If the Company shall establish pursuant to Section 3.1 that the Securities of a series are to be issued in whole or in
part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall authenticate and deliver
one or more Global Securities that (i) shall represent an aggregate amount equal to the aggregate principal amount of the Outstanding
Securities of such series to be represented by such Global Securities, (ii) shall be registered, if in registered form, in the
name of the Depositary for such Global Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the
Trustee to such Depositary or pursuant to such Depositary’s instruction and (iv) shall bear a legend substantially to the
following effect:

 

“THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH
MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF [THE DEPOSITARY] TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF [THE NOMINEE OF THE DEPOSITARY] OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF [THE DEPOSITARY] (AND ANY PAYMENT HEREON IS MADE TO [THE NOMINEE OF THE DEPOSITARY] OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY]), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, [THE NOMINEE OF THE DEPOSITARY], HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.”

 

The aggregate principal amount of each Global Security may from
time to time be increased or decreased by adjustments made on the records of the Security Custodian, as provided in this Indenture.

 

(g)              
Each Depositary designated pursuant to Section 3.1 for a Global Security in registered form must, at the time of its designation
and at all times while it serves as such Depositary, be a clearing agency registered under the Exchange Act and any other applicable
statute or regulation.

 

    17 

     

    

 

(h)              
 Members of, or participants in, the Depositary (“Members”) shall have no rights under this Indenture with respect
to any Global Security held on their behalf by the Depositary or by the Security Custodian under such Global Security, and the
Depositary may be treated by the Company, the Trustee, the Paying Agent and the Registrar and any of their agents as the absolute
owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Trustee, the Paying Agent or the Registrar or any of their agents from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or impair, as between the Depositary and its Members, the operation of customary
practices of the Depositary governing the exercise of the rights of an owner of a beneficial interest in any Global Security. The
Holder of a Global Security may grant proxies and otherwise authorize any Person, including Members and Persons that may hold interests
through Members, to take any action that a Holder is entitled to take under this Indenture or the Securities.

 

(i)               
No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially in one of the forms provided for herein duly executed by
the Trustee or by an Authenticating Agent by manual, facsimile or electronic signature of an authorized signatory of the Trustee,
and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder and is entitled to the benefits of this Indenture.

 

Section
3.4           Temporary Securities.

 

(a)              
Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee
shall authenticate and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise reproduced,
in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered
form and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities
may determine, as conclusively evidenced by their execution of such Securities. Any such temporary Security may be in the form
of one or more Global Securities, representing all or a portion of the Outstanding Securities of such series. Every such temporary
Security shall be executed by an officer of the Company and shall be authenticated and delivered by the Trustee upon the same conditions
and in substantially the same manner, and with the same effect, as the definitive Security or Securities in lieu of which it is
issued.

 

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

 

    18 

     

    

 

(c)              
 Upon any exchange of a portion of a temporary Global Security for a definitive Global Security or for the Individual Securities
represented thereby pursuant to this Section 3.4 or Section 3.6, the temporary Global Security shall be endorsed by the Trustee
to reflect the reduction of the principal amount evidenced thereby, whereupon the principal amount of such temporary Global Security
shall be reduced for all purposes by the amount so exchanged and endorsed.

 

Section
3.5           Registrar.

 

(a)              
The Company will keep, at an office or agency to be maintained by it in a Place of Payment where Securities may be presented
for registration or presented and surrendered for registration of transfer or of exchange, and where Securities of any series that
are convertible or exchangeable may be surrendered for conversion or exchange, as applicable (the “Registrar”), a security
register for the registration and the registration of transfer or of exchange of the Securities (the registers maintained in such
office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as
the “Register”), as in this Indenture provided, which Register shall at all reasonable times be open for inspection
by the Trustee. Such Register shall be in written form or in any other form capable of being converted into written form within
a reasonable time. The Company may have one or more co-Registrars; the term “Registrar” includes any co-registrar.

 

(b)              
The Company shall enter into an appropriate agency agreement with any Registrar or co-Registrar not a party to this Indenture.
The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall promptly notify the
Trustee of the name and address of each such agent. If the Company fails to maintain a Registrar for any series, the Trustee shall
act as such and shall be entitled to appropriate compensation therefor pursuant to Section 11.1. The Company or any Affiliate thereof
may act as Registrar, co-Registrar or transfer agent.

 

(c)              
The Company hereby appoints the Trustee at its Corporate Trust Office as Registrar in connection with the Securities and
this Indenture, until such time as another Person is appointed as such.

 

Section
3.6           Transfer and Exchange.

 

(a)              
Transfer.

 

(i)                
Upon surrender for registration of transfer of any Security of any series at the Registrar the Company shall execute, and
the Trustee or any Authenticating Agent shall authenticate and deliver, in the name of the designated transferee, one or more new
Securities of the same series for like aggregate principal amount of any authorized denomination or denominations. The transfer
of any Security shall not be valid as against the Company or the Trustee unless registered at the Registrar at the request of the
Holder, or at the request of his, her or its attorney duly authorized in writing.

 

(ii)                Notwithstanding
any other provision of this Section, unless and until it is exchanged in whole or in part for the Individual Securities
represented thereby, a Global Security representing all or a portion of the Securities of a series may not be transferred
except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to
such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for
such series or a nominee of such successor Depositary.

 

    19 

     

    

 

(b)              
Exchange.

 

(i)                
At the option of the Holder, Securities of any series (other than a Global Security, except as set forth below) may be exchanged
for other Securities of the same series for like aggregate principal amount of any authorized denomination or denominations, upon
surrender of the Securities to be exchanged at the Registrar.

 

(ii)               
Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities that the Holder making the exchange is entitled to receive.

 

(c)              
Exchange of Global Securities for Individual Securities. Except as provided below, owners of beneficial interests in Global
Securities will not be entitled to receive Individual Securities.

 

(i)                
Individual Securities shall be issued to all owners of beneficial interests in a Global Security in exchange for such interests
if: (A) at any time the Depositary for the Securities of a series notifies the Company that it is unwilling or unable to continue
as Depositary for the Securities of such series or if at any time the Depositary for the Securities of such series shall no longer
be eligible under Section 3.3(g) and, in each case, a successor Depositary is not appointed by the Company within 90 days of such
notice, or (B) the Company executes and delivers to the Trustee and the Registrar an Officer’s Certificate stating that such
Global Security shall be so exchangeable.

 

In connection with the exchange of an entire
Global Security for Individual Securities pursuant to this subsection (c), such Global Security shall be deemed to be surrendered
to the Trustee for cancellation, and the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication
and delivery of Individual Securities of such series, will authenticate and deliver to each beneficial owner identified by the
Depositary in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Individual Securities
of authorized denominations.

 

(ii)               
The owner of a beneficial interest in a Global Security will be entitled to receive an Individual Security in exchange for
such interest if an Event of Default has occurred and is continuing. Upon receipt by the Security Custodian and Registrar of written
instructions from the Holder of a Global Security directing the Security Custodian and Registrar to (x) issue one or more Individual
Securities in the amounts specified to the owner of a beneficial interest in such Global Security and (y) debit or cause to be
debited an equivalent amount of beneficial interest in such Global Security, subject to the rules and regulations of the Depositary:

 

    20 

     

    

 

(A)            
 the Security Custodian and Registrar shall notify the Company and the Trustee of such instructions, identifying the owner
and amount of such beneficial interest in such Global Security;

 

(B)             
the Company shall promptly execute and the Trustee, upon receipt of a Company Order for the authentication and delivery
of Individual Securities of such series, shall authenticate and deliver to such beneficial owner Individual Securities in an equivalent
amount to such beneficial interest in such Global Security; and

 

(C)             
the Security Custodian and Registrar shall decrease such Global Security by such amount in accordance with the foregoing.
In the event that the Individual Securities are not issued to each such beneficial owner promptly after the Registrar has received
a request from the Holder of a Global Security to issue such Individual Securities, the Company expressly acknowledges, with respect
to the right of any Holder to pursue a remedy pursuant to Section 7.7 hereof, the right of any beneficial Holder of Securities
to pursue such remedy with respect to the portion of the Global Security that represents such beneficial Holder’s Securities
as if such Individual Securities had been issued.

 

(iii)           
If specified by the Company pursuant to Section 3.1 with respect to a series of Securities, the Depositary for such series
of Securities may surrender a Global Security for such series of Securities in exchange in whole or in part for Individual Securities
of such series on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the
Trustee shall authenticate and deliver, without service charge,

 

(A)            
to each Person specified by such Depositary a new Individual Security or new Individual Securities of the same series, of
any authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s
beneficial interest in the Global Security; and

 

(B)            
to such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal amount
of the surrendered Global Security and the aggregate principal amount of Individual Securities delivered to Holders thereof.

 

(iv)            
In any exchange provided for in clauses (i) through (iii), the Company will execute and the Trustee will authenticate and
deliver Individual Securities in registered form in authorized denominations.

 

(v)              Upon
the exchange in full of a Global Security for Individual Securities, such Global Security shall be canceled by the Trustee.
Individual Securities issued in exchange for a Global Security pursuant to this Section shall be registered in such names and
in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee in writing. The Trustee shall deliver such Securities to the
Persons in whose names such Securities are so registered.

 

    21 

     

    

 

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

 

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

 

(f)               
No service charge will be made for any registration of transfer or exchange of Securities. The Company or the Trustee may
require payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than those expressly provided in this Indenture to be made at
the Company’s own expense or without expense or charge to the Holders.

 

(g)              
The Company shall not be required to (i) register, transfer or exchange Securities of any series during a period beginning
at the opening of business 15 days before the day of the transmission of a notice of redemption of Securities of such series selected
for redemption under Section 4.3 and ending at the close of business on the day of such transmission, or (ii) register, transfer
or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part.

 

(h)              
Prior to the due presentation for registration of transfer or exchange of any Security, the Company, the Trustee, the Paying
Agent, the Registrar, any co-Registrar or any of their agents may deem and treat the Person in whose name a Security is registered
as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership
or other writing thereon) for all purposes whatsoever, and none of the Company, the Trustee, the Paying Agent, the Registrar, any
co-Registrar or any of their agents shall be affected by any notice to the contrary.

 

(i)                In
case a successor Company (“Successor Company”) has executed an indenture supplemental hereto with the Trustee
pursuant to Article XIV, any of the Securities authenticated or delivered pursuant to such transaction may, from time to
time, at the request of the Successor Company, be exchanged for other Securities executed in the name of the Successor
Company with such changes in phraseology and form as may be appropriate, but otherwise identical to the Securities
surrendered for such exchange and of like principal amount; and the Trustee, upon Company Order of the Successor Company,
shall authenticate and deliver Securities as specified in such order for the purpose of such exchange. If Securities shall at
any time be authenticated and delivered in any new name of a Successor Company pursuant to this Section 3.6 in exchange or
substitution for or upon registration of transfer of any Securities, such Successor Company, at the option of the Holders but
without expense to them, shall provide for the exchange of all Securities at the time Outstanding for Securities
authenticated and delivered in such new name.

 

    22 

     

    

 

(j)               
Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the
transfer, exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable
United States federal or state securities laws.

 

(k)              
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 Security other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if
and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof.

 

(l)               
Neither the Trustee, any Paying Agent or the Registrar nor any agent of the Trustee, any Paying Agent or the Registrar shall
have any responsibility for any actions taken or not taken by the Depositary.

 

Section
3.7           Mutilated, Destroyed, Lost and Stolen Securities.

 

(a)              
If (i) any mutilated Security is surrendered to the Trustee at its Corporate Trust Office or (ii) the Company and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company
and the Trustee security and/or indemnity satisfactory to them to save each of them and any Paying Agent harmless, and neither
the Company nor the Trustee receives notice that such Security has been acquired by a protected purchaser, then the Company shall
execute and upon Company Order the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Security, a new Security of the same series and of like tenor, form, terms and principal amount, bearing a number
not contemporaneously outstanding, that neither gain nor loss in interest shall result from such exchange or substitution.

 

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

 

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

 

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

 

    23 

     

    

 

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

 

Section
3.8           Payment of Interest; Interest Rights Preserved.

 

(a)              
Interest on any Security that is payable and is punctually paid or duly provided for on any Interest Payment Date shall
be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered at the close of business
on the Record Date for such interest notwithstanding the cancellation of such Security upon any transfer or exchange subsequent
to the Record Date. Payment of interest on Securities shall be made at the Corporate Trust Office (except as otherwise specified
pursuant to Section 3.1) or, at the option of the Company, by check mailed to the address of the Person entitled thereto as such
address shall appear in the Register or, in accordance with arrangements satisfactory to the Trustee, by wire transfer of immediately
available funds to an account designated by the Holder.

 

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

 

(i)                
The Company may elect to make payment of any Defaulted Interest to the Persons in whose names such Securities (or their
respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted
Interest (a “Special Record Date”), which shall be fixed in the following manner. The Company shall notify the Trustee
in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the
date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest
which shall be not more than 15 calendar days and not less than 10 calendar days prior to the date of the proposed payment and
not less than 10 calendar days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holders
of such Securities at their addresses as they appear in the Register, not less than 10 calendar days prior to such Special Record
Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid,
such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities)
are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause
(ii).

 

    24 

     

    

 

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

 

(c)              
Subject to the provisions set forth herein relating to Record Dates, each Security delivered pursuant to any provision of
this Indenture in exchange or substitution for, or upon registration of transfer of, any other Security shall carry all the rights
to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

Section
3.9           Cancellation.
Unless otherwise specified pursuant to Section 3.1 for Securities of any series, all Securities surrendered for payment, redemption,
registration of transfer or exchange or credit against any sinking fund or otherwise shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee for cancellation and shall be promptly canceled by it and, if surrendered to the
Trustee, shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever, and all Securities so delivered
shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled
as provided in this Section, except as expressly permitted by this Indenture. The Trustee shall dispose of all canceled Securities
held by it in accordance with its then customary procedures and deliver a certificate of such disposal to the Company upon its
written request therefor. The acquisition of any Securities by the Company shall not operate as a redemption or satisfaction of
the Debt represented thereby unless and until such Securities are surrendered to the Trustee for cancellation.

 

Section
3.10        Computation of Interest.
Except as otherwise specified pursuant to Section 3.1 for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

 

Section
3.11        Currency of Payments in Respect of Securities.

 

(a)              
Except as otherwise specified pursuant to Section 3.1 for Securities of any series, payment of the principal of and premium,
if any, and interest on Securities of such series will be made in U.S. Dollars.

 

(b)              
For purposes of any provision of this Indenture where the Holders of Outstanding Securities may perform an action that requires
that a specified percentage of the Outstanding Securities of all series perform such action and for purposes of any decision or
determination by the Trustee of amounts due and unpaid for the principal of and premium, if any, and interest on the Securities
of all series in respect of which moneys are to be disbursed ratably, the principal of and premium, if any, and interest on the
Outstanding Securities denominated in a Foreign Currency will be the amount in U.S. Dollars based upon exchange rates, determined
as specified pursuant to Section 3.1 for Securities of such series, as of the date for determining whether the Holders entitled
to perform such action have performed it or as of the date of such decision or determination by the Trustee, as the case may be.

 

    25 

     

    

 

 

(c)              
 Any decision or determination to be made regarding exchange rates shall be made by an agent appointed by the Company; provided,
that such agent shall accept such appointment in writing and the terms of such appointment shall, in the opinion of the Company
at the time of such appointment, require such agent to make such determination by a method consistent with the method provided
pursuant to Section 3.1 for the making of such decision or determination. All decisions and determinations of such agent regarding
exchange rates shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company,
the Trustee and all Holders of the Securities.

 

Section
3.12         Judgments.
The Company may provide pursuant to Section 3.1 for Securities of any series that (a) the obligation, if any, of the Company to
pay the principal of, premium, if any, and interest on the Securities of any series in a Foreign Currency or U.S. Dollars (the
“Designated Currency”) as may be specified pursuant to Section 3.1 is of the essence and agrees that, to the fullest
extent possible under applicable law, judgments in respect of such Securities shall be given in the Designated Currency; (b) the
obligation of the Company to make payments in the Designated Currency of the principal of and premium, if any, and interest on
such Securities shall, notwithstanding any payment in any other Currency (whether pursuant to a judgment or otherwise), be discharged
only to the extent of the amount in the Designated Currency that the Holder receiving such payment may, in accordance with normal
banking procedures, purchase with the sum paid in such other Currency (after any premium and cost of exchange) on the Business
Day in the country of issue of the Designated Currency or in the international banking community (in the case of a composite currency)
immediately following the day on which such Holder receives such payment; (c) if the amount in the Designated Currency that may
be so purchased for any reason falls short of the amount originally due, the Company shall pay such additional amounts as may be
necessary to compensate for such shortfall; and (d) any obligation of the Company not discharged by such payment shall be due as
a separate and independent obligation and, until discharged as provided herein, shall continue in full force and effect.

 

Section
3.13        CUSIP Numbers.
The Company in issuing any Securities may use CUSIP, ISIN or other similar numbers, if then generally in use, and thereafter with
respect to such series, the Trustee may use such numbers in any notice of redemption or exchange with respect to such series provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities
or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee in writing of any change in the CUSIP, ISIN or other similar numbers.

 

Article
IV

REDEMPTION OF SECURITIES

 

Section
4.1           Applicability of Right of
Redemption. Redemption of Securities (other
than pursuant to a sinking fund, amortization or analogous provision) permitted by the terms of any series of Securities
shall be made (except as otherwise specified pursuant to Section 3.1 for Securities of any series) in accordance with this
Article; provided, however, that if any such terms of a series of Securities shall conflict with any provision of this
Article, the terms of such series shall govern.

 

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Section
4.2           Selection of Securities to be Redeemed.

 

(a)              
If the Company shall at any time elect to redeem all or any portion of the Securities of a series then Outstanding, it shall
at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter period shall be satisfactory to the Trustee)
notify the Trustee of such Redemption Date and of the principal amount of Securities to be redeemed, and thereupon, in the case
of definitive Securities, the Notes shall be selected by lot and, in the case of Global Securities, in accordance with the procedures
of the Depositary, and which may provide for the selection for redemption of a portion of the principal amount of any Security
of such series; provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination
(which shall not be less than the minimum authorized denomination) for such Security. In any case where more than one Security
of such series is registered in the same name, the Trustee may treat the aggregate principal amount so registered as if it were
represented by one Security of such series. The Trustee shall, as soon as practicable, notify the Company in writing of the Securities
and portions of Securities so selected.

 

(b)              
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount
of such Security that has been or is to be redeemed. If the Company shall so direct, Securities registered in the name of the Company,
any Affiliate or any Subsidiary thereof shall not be included in the Securities selected for redemption.

 

Section
4.3           Notice of Redemption.

 

(a)              
Notice of redemption shall be given by the Company or, at the Company’s request, by the Trustee in the name and at
the expense of the Company, not less than 30 nor more than 60 days prior to the Redemption Date, to the Holders of Securities of
any series to be redeemed in whole or in part pursuant to this Article, in the manner provided in Section 17.4; provided that the
Trustee be provided with the draft notice at least 15 days prior to sending such notice of redemption. Any notice so given shall
be conclusively presumed to have been duly given, whether or not the Holder receives such notice. Failure to give such notice,
or any defect in such notice to the Holder of any Security of a series designated for redemption, in whole or in part, shall not
affect the sufficiency of any notice of redemption with respect to the Holder of any other Security of such series.

 

(b)              
All notices of redemption shall identify the Securities to be redeemed (including CUSIP, ISIN or other similar numbers,
if available) and shall state:

 

                   (i)                such
election by the Company to redeem Securities of such series pursuant to provisions contained in this Indenture or the terms of
the Securities of such series or a Company Order or supplemental indenture establishing such series, if such be the case;

 

                   (ii)              
the Redemption Date;

 

    27 

     

    

 

                   (iii)             
 the Redemption Price;

 

                   (iv)             
if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the Securities of such series to be redeemed;

 

                   (v)              
that on the Redemption Date, the Redemption Price will become due and payable upon each such Security to be redeemed, and
that, if applicable, interest thereon shall cease to accrue on and after said date;

 

                   (vi)             
the Place or Places of Payment where such Securities are to be surrendered for payment of the Redemption Price;

 

                   (vii)            
the paragraph of the Securities and/or provision of this Indenture or any Company Order or supplemental indenture pursuant
to which the Securities called for redemption are being redeemed; and

 

                   (viii)           
that the redemption is for a sinking fund, if that is the case.

 

Section
4.4           Deposit of Redemption Price.
On or prior to 10:00 a.m., New York City time, on the Redemption Date for any Securities, the Company shall deposit with the Trustee
or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section
6.3) an amount of money in the Currency in which such Securities are denominated (except as provided pursuant to Section 3.1) sufficient
to pay the Redemption Price of such Securities or any portions thereof that are to be redeemed on that date.

 

Section
4.5           Securities Payable on Redemption Date.
Notice of redemption having been given as aforesaid, any Securities so to be redeemed shall, on the Redemption Date, become due
and payable at the Redemption Price and from and after such date (unless the Company shall Default in the payment of the Redemption
Price) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said
notice, such Security shall be paid by the Company at the Redemption Price; provided, however, that (unless otherwise provided
pursuant to Section 3.1) installments of interest that have a Stated Maturity on or prior to the Redemption Date for such Securities
shall be payable according to the terms of such Securities and the provisions of Section 3.8.

 

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

 

Section
4.6           Securities Redeemed in Part.
Any Security that is to be redeemed only in part shall be surrendered at the Corporate Trust Office or such other office or
agency of the Company as is specified pursuant to Section 3.1 with, if the Company, the Registrar or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Registrar and the Trustee
duly executed by the Holder thereof or his, her or its attorney duly authorized in writing, and the Company shall execute,
and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or
Securities of the same series, of like tenor and form, of any authorized denomination as requested by such Holder in
aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so
surrendered; except that if a Global Security is so surrendered, the Company shall execute, and the Trustee shall
authenticate and deliver to the Depositary for such Global Security, without service charge, a new Global Security in a
denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. In
the case of a Security providing appropriate space for such notation, at the option of the Holder thereof, the Trustee, in
lieu of delivering a new Security or Securities as aforesaid, may make a notation on such Security of the payment of the
redeemed portion thereof.

 

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Article
V

SINKING FUNDS

 

Section
5.1           Applicability of Sinking Fund.

 

(a)               
Redemption of Securities permitted or required pursuant to a sinking fund for the retirement of Securities of a series by
the terms of such series of Securities shall be made in accordance with such terms of such series of Securities and this Article,
except as otherwise specified pursuant to Section 3.1 for Securities of such series, provided, however, that if any such terms
of a series of Securities shall conflict with any provision of this Article, the terms of such series shall govern.

 

(b)              
The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred
to as a “Mandatory Sinking Fund Payment,” and any payment in excess of such minimum amount provided for by the terms
of Securities of any series is herein referred to as an “Optional Sinking Fund Payment.” If provided for by the terms
of Securities of any series, the cash amount of any Mandatory Sinking Fund Payment may be subject to reduction as provided in Section
5.2.

 

Section
5.2           Mandatory Sinking Fund Obligation.
The Company may, at its option, satisfy any Mandatory Sinking Fund Payment obligation, in whole or in part, with respect to a particular
series of Securities by (a) delivering to the Trustee Securities of such series in transferable form theretofore purchased or otherwise
acquired by the Company or redeemed at the election of the Company pursuant to Section 4.3 or (b) receiving credit for Securities
of such series (not previously so credited) acquired by the Company and theretofore delivered to the Trustee. The Trustee shall
credit such Mandatory Sinking Fund Payment obligation with an amount equal to the Redemption Price specified in such Securities
for redemption through operation of the sinking fund and the amount of such Mandatory Sinking Fund Payment shall be reduced accordingly.
If the Company shall elect to so satisfy any Mandatory Sinking Fund Payment obligation, it shall deliver to the Trustee not less
than 45 days prior to the relevant sinking fund payment date an Officer’s Certificate, which shall designate the Securities
(and portions thereof, if any) so delivered or credited and which shall be accompanied by such Securities (to the extent not theretofore
delivered) in transferable form. In case of the failure of the Company, at or before the time so required, to give such notice
and deliver such Securities, the Mandatory Sinking Fund Payment obligation shall be paid entirely in moneys.

 

    29 

     

    

 

Section
5.3           Optional Redemption at Sinking Fund Redemption
Price. In addition to the sinking fund requirements
of Section 5.2, to the extent, if any, provided for by the terms of a particular series of Securities, the Company may, at its
option, make an Optional Sinking Fund Payment with respect to such Securities. Unless otherwise provided by such terms, (a) to
the extent that the right of the Company to make such Optional Sinking Fund Payment shall not be exercised in any year, it shall
not be cumulative or carried forward to any subsequent year, and (b) such optional payment shall operate to reduce the amount
of any Mandatory Sinking Fund Payment obligation as to Securities of the same series. If the Company intends to exercise its right
to make such optional payment in any year it shall deliver to the Trustee not less than 45 days prior to the relevant sinking
fund payment date an Officer’s Certificate stating that the Company will exercise such optional right, and specifying the
amount which the Company will pay on or before the next succeeding sinking fund payment date. Such Officer’s Certificate
shall also state that no Event of Default has occurred and is continuing.

 

Section
5.4           Application of Sinking Fund Payment.

 

(a)              
If the sinking fund payment or payments made in funds pursuant to either Section 5.2 or 5.3 with respect to a particular
series of Securities plus any unused balance of any preceding sinking fund payments made in funds with respect to such series shall
exceed $50,000 (or a lesser sum if the Company shall so request, or such equivalent sum for Securities denominated other than in
U.S. Dollars), it shall be applied by the Trustee on the sinking fund payment date next following the date of such payment, unless
the date of such payment shall be a sinking fund payment date, in which case such payment shall be applied on such sinking fund
payment date, to the redemption of Securities of such series at the redemption price specified pursuant to Section 4.3(b). The
Securities shall be selected, in the manner provided in Section 4.2, for redemption on such sinking fund payment date, a sufficient
principal amount of Securities of such series to absorb said funds, as nearly as may be, and shall, at the expense and in the name
of the Company, thereupon cause notice of redemption of the Securities to be given substantially in the manner provided in Section
4.3(a) for the redemption of Securities in part at the option of the Company, except that such notice of redemption shall also
state that the Securities are being redeemed for the sinking fund. Any sinking fund moneys not so applied by the Trustee to the
redemption of Securities of such series shall be added to the next sinking fund payment received in funds by the Trustee and, together
with such payment, shall be applied in accordance with the provisions of this Section 5.4. Any and all sinking fund moneys held
by the Trustee on the last sinking fund payment date with respect to Securities of such series, and not held for the payment or
redemption of particular Securities of such series, shall be applied by the Trustee to the payment of the principal of the Securities
of such series at Maturity.

 

(b)              
On or prior to each sinking fund payment date, the Company shall pay to the Trustee a sum equal to all interest accrued
to but not including the date fixed for redemption on Securities to be redeemed on such sinking fund payment date pursuant to this
Section 5.4.

 

    30 

     

    

 

(c)               The
Trustee shall not redeem any Securities of a series with sinking fund moneys or deliver any notice of redemption of
Securities of such series by operation of the sinking fund during the continuance of a Default in payment of interest on any
Securities of such series or of any Event of Default (other than an Event of Default occurring as a consequence of this
paragraph) of which a Responsible Officer of the Trustee has received written notice, except that if the notice of redemption
of any Securities of such series shall theretofore have been delivered in accordance with the provisions hereof, the Trustee
shall redeem such Securities if funds sufficient for that purpose shall be deposited with the Trustee in accordance with the
terms of this Article. Except as aforesaid, any moneys in the sinking fund at the time any such Default or Event of Default
shall occur and any moneys thereafter paid into the sinking fund shall, during the continuance of such Default or Event of
Default, be held as security for the payment of all the Securities of such series; provided, however, that in case such
Default or Event of Default shall have been cured or waived as provided herein, such moneys shall thereafter be applied on
the next sinking fund payment date on which such moneys are required to be applied pursuant to the provisions of this Section
5.4.

 

Article
VI

PARTICULAR COVENANTS OF THE COMPANY

 

The Company hereby covenants and agrees
for the benefit of the Holders of each series of Securities as follows:

 

Section
6.1           Payments of Securities.
The Company will duly and punctually pay the principal of and premium, if any, on each series of Securities, and the interest which
shall have accrued thereon, and other amounts payable (if any) thereon, at the dates and place and in the manner provided in the
Securities and in this Indenture.

 

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

 

Section
6.2           Paying Agent.

 

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

 

(b)               The
Company may also from time to time designate different or additional offices or agencies where the Securities of any series
may be presented or surrendered for any or all such purposes (in or outside of such Place of Payment), and may from time to
time rescind any such designations; provided, however, that no such designation or rescission shall in any manner relieve the
Company of its obligations described in the preceding paragraph. The Company will give prompt written notice to the Trustee
of any such additional designation or rescission of designation and of any change in the location of any such different or
additional office or agency. The Company shall enter into an appropriate agency agreement with any Paying Agent not a party
to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company
shall promptly notify the Trustee in writing of the name and address of each such agent. The Company or any Affiliate thereof
may act as Paying Agent.

 

    31 

     

    

 

Section
6.3           To Hold Payment in Trust.

 

(a)              
If the Company or an Affiliate thereof shall at any time act as Paying Agent with respect to any series of Securities, then,
on or before the date on which the principal of and premium, if any, or interest on any of the Securities of that series by their
terms or as a result of the calling thereof for redemption shall become payable, the Company or such Affiliate will segregate and
hold in trust for the benefit of the Holders of such Securities or the Trustee a sum sufficient to pay such principal and premium,
if any, or interest which shall have so become payable until such sums shall be paid to such Holders or otherwise disposed of as
herein provided, and will notify the Trustee of its action or failure to act in that regard. Upon any proceeding under any federal
bankruptcy laws with respect to the Company or any Affiliate thereof, if the Company or such Affiliate is then acting as Paying
Agent, the Trustee shall replace the Company or such Affiliate as Paying Agent.

 

(b)              
If the Company shall appoint, and at the time have, a Paying Agent for the payment of the principal of and premium, if any,
or interest on any series of Securities, then prior to 10:00 a.m., New York City time, on the date on which the principal of and
premium, if any, or interest on any of the Securities of that series shall become payable as aforesaid, whether by their terms
or as a result of the calling thereof for redemption, the Company will deposit with such Paying Agent a sum sufficient to pay such
principal and premium, if any, or interest, such sum to be held in trust for the benefit of the Holders of such Securities or the
Trustee, and (unless such Paying Agent is the Trustee), the Company or any other obligor of such Securities will promptly notify
the Trustee of its payment or failure to make such payment.

 

(c)              
If the Paying Agent shall be other than the Trustee, the Company will cause such Paying Agent to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 6.3,
that such Paying Agent shall:

 

                   (i)               
hold all moneys held by it for the payment of the principal of and premium, if any, or interest on the Securities of that
series in trust for the benefit of the Holders of such Securities until such sums shall be paid to such Holders or otherwise disposed
of as herein provided;

 

                   (ii)              
give to the Trustee notice of any Default by the Company or any other obligor upon the Securities of that series in the
making of any payment of the principal of and premium, if any, or interest on the Securities of that series; and

 

                   (iii)             
at any time during the continuance of any such Default, upon the written request of the Trustee, pay to the Trustee all
sums so held in trust by such Paying Agent.

 

(d)               Anything
in this Section 6.3 to the contrary notwithstanding, the Company may at any time, for the purpose of obtaining a release,
satisfaction or discharge of this Indenture or for any other reason, pay or cause to be paid to the Trustee all sums held in
trust by the Company or by any Paying Agent other than the Trustee as required by this Section 6.3, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent.

 

    32 

     

    

 

(e)              
Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal
of and premium, if any, or interest on any Security of any series and remaining unclaimed for two years after such principal and
premium, if any, or interest has become due and payable shall be paid to the Company upon Company Order along with any interest
that has accumulated thereon as a result of such money being invested at the direction of the Company, or (if then held by the
Company) shall be discharged from such trust, and the Holder of such Security shall thereafter, as an unsecured general creditor,
look only to the Company for payment of such amounts without interest thereon, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent before being required to make any such repayment, may, but shall have no obligation to, at
the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Company.

 

Section
6.4           Merger, Consolidation and Sale of Assets.

 

(a)              
Except as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, the Company shall
not consolidate or amalgamate with, or merge with or into, or sell, convey, transfer or lease, in one transaction or a series of
transactions, directly or indirectly, all or substantially all of its assets to, any Person, unless:

 

                   (i)               
the resulting, surviving or transferee Person (if not the Company) (the “Successor Company”) shall be a Person
organized and existing under the laws of the United States of America, Canada, Switzerland, the United Kingdom or any member of
the European Union, or any state, province or division thereof, or the District of Columbia, and the Successor Company shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the
obligations of the Company under the Securities and this Indenture; and immediately after giving pro forma effect to such transaction
or series of transactions, no Default or Event of Default shall have occurred and be continuing;

 

                   (ii)              
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
such consolidation, amalgamation, merger, sale or transfer and such supplemental indenture (if any) comply with this Indenture
and all provisions applicable to such particular series of Securities; and

 

                   (iii)             
the Company or the Successor Company, as applicable, shall have delivered to the Trustee an Opinion of Counsel that such
transaction will not result in, or be deemed to result in, a taxable event or any withholding tax with respect to any Securityholders.

 

    33 

     

    

 

For purposes of this Section 6.4(a), the
sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of
one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would
constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be
the transfer of all or substantially all of the properties and assets of the Company.

 

In the case of a transaction subject to
Section 6.4(a)(i), the Successor Company shall be the successor to the Company and shall succeed to, and be substituted for, and
may exercise every right and power of, the Company under this Indenture, and the predecessor Company, except in the case of a lease,
shall be released from the obligation to pay the principal of and interest on the Securities.

 

(b)              
Except as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, the Company shall
not permit any Guarantor to consolidate or amalgamate with, or merge with or into, or sell, convey, transfer or lease, in one transaction
or a series of transactions, all or substantially all of its assets to, any Person unless: (1) except upon the occurrence of one
of the events referred to in clause (i) or (ii) of Section 16.6, the resulting, surviving or transferee Person (if not such Guarantor)
(the “Successor Guarantor”) shall be a Person organized and existing under the laws of the United States of America,
Canada, Switzerland, the United Kingdom, any member of the European Union or the predecessor Guarantor’s jurisdiction of
organization, or any state, province or division thereof, or the District of Columbia, and the Successor Guarantor shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the Trustee in form satisfactory to the Trustee, all the
obligations of such Guarantor under its Guarantee and this Indenture; (2) immediately after giving pro forma effect to such transaction
or series of transactions, no Default or Event of Default shall have occurred and be continuing; and (3) the Company shall have
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation,
merger, sale or transfer and such supplemental indenture (if any) comply with this Indenture and all provisions applicable to such
particular series of Securities.

 

Section
6.5           Compliance Certificate.
Except as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, the Company shall furnish
to the Trustee annually, within 120 days after the end of each fiscal year (and at least once in each twelve-month period), a brief
certificate from the principal executive officer, principal financial officer, principal accounting officer or treasurer as to
his or her actual or constructive knowledge of the Company’s compliance with all conditions and covenants under this Indenture
(which compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture)
and, in the event of any Default, specifying each such Default and the nature and status thereof of which such person may have
actual or constructive knowledge. Such certificates need not comply with Section 17.1 of this Indenture.

 

Section
6.6           Conditional Waiver by Holders of
Securities. Anything in this Indenture to
the contrary notwithstanding, the Company may fail or omit in any particular instance to comply with a covenant or condition
set forth herein with respect to any series of Securities if the Company shall have obtained and filed with the Trustee,
prior to the time of such failure or omission, evidence (as provided in Article VIII) of the consent of the Holders of a majority
in aggregate principal amount of the Securities of such series at the time Outstanding, either waiving such compliance in
such instance or generally waiving compliance with such covenant or condition, but no such waiver shall extend to or affect
such covenant or condition except to the extent so expressly waived, or impair any right consequent thereon and, until such
waiver shall have become effective, the obligations of the Company and the duties of the Trustee in respect of any such
covenant or condition shall remain in full force and effect.

 

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Section
6.7           Statement by Officers as to Default.
The Company shall deliver to the Trustee as soon as possible and in any event within 30 days after the Company becomes aware of
the occurrence of any Event of Default or an event which, with the giving of notice or the lapse of time or both, would constitute
an Event of Default, an Officer’s Certificate setting forth the details of such Event of Default or Default and the action
which the Company proposes to take with respect thereto.

 

Section
6.8           Future Guarantors.
The Company shall cause each of its Subsidiaries that guarantees Senior Debt of the Company under (i) the Company’s then-existing
primary credit facility, (ii) the Existing Notes and (iii) Additional Debt, after the Issue Date to, at the same time, execute
and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary will guarantee payment of any series of Securities
on the same terms and conditions as those set forth in Article XVI.

 

Article
VII

REMEDIES OF TRUSTEE AND SECURITYHOLDERS

 

Section
7.1           Events of Default.
Except where otherwise indicated by the context or where the term is otherwise defined for a specific purpose, the term “Event
of Default” as used in this Indenture with respect to Securities of any series shall mean one of the following described
events unless it is either inapplicable to a particular series or it is specifically deleted or modified in the manner contemplated
in Section 3.1:

 

(a)              
the failure of the Company to pay any installment of interest on any Security of such series when and as the same shall
become due and payable, which failure shall have continued unremedied for a period of 30 days;

 

(b)              
the failure of the Company to pay the principal of (and premium, if any, on) any Security of such series, when and as the
same shall become due and payable, whether at Maturity as therein expressed, by call for redemption (otherwise than pursuant to
a sinking fund), by declaration as authorized by this Indenture or otherwise;

 

(c)              
the failure of the Company to pay a sinking fund installment, if any, when and as the same shall become payable by the terms
of a Security of such series, which failure shall have continued unremedied for a period of 30 days;

 

(d)               the
failure of the Company or any Guarantor, subject to the provisions of Section 6.6, to perform any covenants or agreements
contained in this Indenture (including any indenture supplemental hereto pursuant to which the Securities of such series were
issued as contemplated by Section 3.1) (other than a covenant or agreement which has been expressly included in this
Indenture solely for the benefit of a series of Securities other than that series and other than a covenant or agreement a
default in the performance of which is elsewhere in this Section 7.1 specifically addressed), which failure shall not have
been remedied, or without provision deemed to be adequate for the remedying thereof having been made, for a period of 90 days
after written notice shall have been given to the Company by the Trustee or shall have been given to the Company and the
Trustee by Holders of 30% or more in aggregate principal amount of the Securities of such series then Outstanding, specifying
such failure, requiring the Company to remedy the same and stating that such notice is a “Notice of Default”
hereunder;

 

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(e)           the entry by a court having jurisdiction in the premises of a decree or order for relief in respect of the Company in an
involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee
or sequestrator (or similar official) of the Company or of substantially all the property of the Company or ordering the winding-up
or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;

 

(f)           the
commencement by the Company of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Company
to the entry of an order for relief in an involuntary case under any such law, or the consent by the Company to the appointment
of or taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official) of the Company
or of substantially all the property of the Company or the making by it of an assignment for the benefit of its creditors or the
admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by
the Company in furtherance of any action;

 

(g)          the
payment of any Debt of the Company, any Guarantor or any Significant Subsidiary in a principal amount exceeding [●] is accelerated
as a result of the failure of the Company, such Guarantor or such Significant Subsidiary to perform any covenant or agreement
applicable to such Debt, which acceleration has not been rescinded or annulled within 60 days after written notice thereof; or

 

(h)          the
occurrence of any other Event of Default with respect to Securities of such series as provided in Section 3.1.

 

Notwithstanding the foregoing provisions
of this Section 7.1, if the principal or any premium or interest on any Security is payable in a Currency other than the Currency
of the United States and such Currency is not available to the Company for making payment thereof due to the imposition of exchange
controls or other circumstances beyond the control of the Company, the Company will be entitled to satisfy its obligations to
Holders of the Securities by making such payment in the Currency of the United States in an amount equal to the Currency of the
United States equivalent of the amount payable in such other Currency, as determined by the Company’s agent in accordance
with Section 3.11(c) hereof by reference to the noon buying rate in The City of New York for cable transfers for such Currency
(“Exchange Rate”), as such Exchange Rate is reported or otherwise made available by the Federal Reserve Bank of New
York on the date of such payment, or, if such rate is not then available, on the basis of the most recently available Exchange
Rate. Notwithstanding the foregoing provisions of this Section 7.1,any payment made under such circumstances in the Currency of
the United States where the required payment is in a Currency other than the Currency of the United States will not constitute
an Event of Default under this Indenture.

 

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Section
7.2           Acceleration: Rescission and Annulment.

 

(a)          Except as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, if any one or more of the
Events of Default described in Section 7.1 (other than an Event of Default specified in Section 7.1(e) or 7.1(f)) shall happen
with respect to Securities of any series at the time Outstanding, then, and in each and every such case, during the continuance
of any such Event of Default, the Trustee or the Holders of 30% or more in principal amount of the Securities of such series then
Outstanding may declare the principal (or, if the Securities of that series are Original Issue Discount Securities, such portion
of the principal amount as may be specified in the terms of that series) of, premium, if any, and all accrued but unpaid interest
on all the Securities of such series then Outstanding to be due and payable immediately by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount), and all such
other amounts, shall become immediately due and payable. If an Event of Default specified in Section 7.1(e) or 7.1(f) occurs and
is continuing, then in every such case, the principal amount (or specified amount), and all such other amounts, of all of the
Securities of that series then Outstanding shall automatically, and without any declaration or any other action on the part of
the Trustee or any Holder, become due and payable immediately. Upon payment of such amounts in the Currency in which such Securities
are denominated (subject to Section 7.1 and except as otherwise provided pursuant to Section 3.1 for any series of Securities),
all obligations of the Company in respect of the payment of principal of and interest on the Securities of such series shall terminate.

 

(b)          The
provisions of Section 7.2(a), however, are subject to the condition that, at any time after the principal of all the Securities
of such series, to which any one or more of the Events of Default described in Section 7.1 is applicable, shall have been so declared
to be due and payable, and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter
provided in this Article, the Holders of a majority in principal amount of the Securities of such series then Outstanding by written
notice to the Trustee and the Company may rescind and annul such declaration or its consequences with respect to such series of
Securities if

 

(i)         the
Company has paid or deposited with the Trustee or Paying Agent a sum in the Currency in which such Securities are denominated
(subject to Section 7.1 and except as otherwise provided pursuant to Section 3.1 for any series of Securities) sufficient to pay:

 

(A)          all
amounts owing the Trustee and any predecessor Trustee hereunder under Section 11.1(a) (provided, however, that all sums payable
under this clause (A) shall be paid in U.S. Dollars);

 

(B)           all
arrears of interest, if any, upon all the Securities of such series (with interest, to the extent that interest thereon shall
be legally enforceable, on any overdue installment of interest at the rate borne by such Securities at the rate or rates prescribed
therefor in such Securities); and

 

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(C)            the principal of and premium, if any, and any other amounts, on any Securities of such series that have become due otherwise
than by such declaration of acceleration and interest thereon; and

 

(ii)        the
rescission or annulment would not conflict with any judgment or decree and every other Default and Event of Default with respect
to Securities of that series, other than the non-payment of the principal of, or premium, if any, or interest on, Securities of
that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section
7.6.

 

(c)          No
such rescission shall affect any subsequent Default or impair any right consequent thereon.

 

(d)          For
all purposes under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been accelerated
and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration
has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes
hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment
of such portion of the principal thereof as shall be due and payable as a result of such acceleration, together with interest,
if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities.

 

Section
7.3           Other Remedies.
If the Company shall fail for a period of 30 days to pay any installment of interest on the Securities of any series when and as
the same shall become due and payable or shall fail to pay the principal of and premium, if any, on any of the Securities of such
series when and as the same shall become due and payable, whether at Maturity, or by call for redemption (other than pursuant to
the sinking fund), by declaration as authorized by this Indenture, or otherwise, or shall fail for a period of 30 days to make
any required sinking fund payment as to a series of Securities when and as the same shall become due and payable, then, upon demand
of the Trustee, the Company will pay to the Paying Agent for the benefit of the Holders of Securities of such series then Outstanding
the whole amount which then shall have become due and payable on all the Securities of such series, with interest on the overdue
principal and premium, if any, and (so far as the same may be legally enforceable) on the overdue installments of interest at the
rate borne by the Securities of such series, and all amounts owing the Trustee and any predecessor Trustee hereunder under Section
11.1(a).

 

In case the Company shall fail
forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be
entitled and empowered to institute any action or proceeding at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or
final decree against the Company or any other obligor upon the Securities of such series, and collect the moneys adjudged or
decreed to be payable out of the property of the Company or any other obligor upon the Securities of such series, wherever
situated, in the manner provided by law. Every recovery of judgment in any such action or other proceeding, subject to the
payment to the Trustee of all amounts owing the Trustee and any predecessor Trustee hereunder under Section 11.1(a), shall be
for the ratable benefit of the Holders of such series of Securities which shall be the subject of such action or proceeding.
All rights of action upon or under any of the Securities or this Indenture may be enforced by the Trustee without the
possession of any of the Securities and without the production of any thereof at any trial or any proceeding relative
thereto.

 

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Section
7.4           Trustee as Attorney-in-Fact.
The Trustee is hereby appointed, and each and every Holder of the Securities, by receiving and holding the same, shall be conclusively
deemed to have appointed the Trustee, the true and lawful attorney-in-fact of such Holder, with authority to make or file (whether
or not the Company shall be in Default in respect of the payment of the principal of, or interest on, any of the Securities), in
its own name and as trustee of an express trust or otherwise as it shall deem advisable, in any receivership, insolvency, liquidation,
bankruptcy, reorganization or other judicial proceeding relative to the Company or any other obligor upon the Securities or to
their respective creditors or property, any and all claims, proofs of claim, proofs of debt, petitions, consents, other papers
and documents and amendments of any thereof, as may be necessary or advisable in order to have the claims of the Trustee and any
predecessor Trustee hereunder and of the Holders of the Securities allowed in any such proceeding and to collect and receive any
moneys or other property payable or deliverable on any such claim, and to execute and deliver any and all other papers and documents
and to do and perform any and all other acts and things, as it may deem necessary or advisable in order to enforce in any such
proceeding any of the claims of the Trustee and any predecessor Trustee hereunder and of any of such Holders in respect of any
of the Securities; and any receiver, assignee, trustee, custodian or debtor in any such proceeding is hereby authorized, and each
and every taker or Holder of the Securities, by receiving and holding the same, shall be conclusively deemed to have authorized
any such receiver, assignee, trustee, custodian or debtor, to make any such payment or delivery only to or on the order of the
Trustee, and to pay to the Trustee any amount due it and any predecessor Trustee hereunder under Section 11.1(a); provided, however,
that nothing herein contained shall be deemed to authorize or empower the Trustee to consent to or accept or adopt, on behalf of
any Holder of Securities, any plan of reorganization or readjustment affecting the Securities or the rights of any Holder thereof,
or to authorize or empower the Trustee to vote in respect of the claim of any Holder of any Securities in any such proceeding.

 

Section
7.5           Priorities.
Any moneys or properties collected by the Trustee with respect to a series of Securities under this Article VII shall be applied
in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys or properties and, in the
case of the distribution of such moneys or properties on account of the Securities of any series, upon presentation of the Securities
of such series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:

 

FIRST: To the payment of all amounts due to the Trustee
and any predecessor Trustee hereunder under Section 11.1(a).

 

SECOND: In case the principal of the Outstanding
Securities of such series shall not have become due and be unpaid, to the payment of interest on the Securities of such
series, in the chronological order of the Maturity of the installments of such interest, with interest (to the extent that
such interest has been collected by the Trustee) upon the overdue installments of interest at the rate borne by such
Securities, such payments to be made ratably, without preference or priority of any kind, to the Persons entitled
thereto.

 

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THIRD: In case the principal of the Outstanding Securities
of such series shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon
the Securities of such series for principal and premium, if any, and interest, with interest on the overdue principal and premium,
if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate
borne by the Securities of such series, and in case such moneys shall be insufficient to pay in full the whole amounts so due and
unpaid upon the Securities of such series, then to the payment of such principal and premium, if any, and interest without preference
or priority of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment
of interest over any other installment of interest, or of any Security of such series over any other Security of such series, ratably,
without preference or priority of any kind, to the aggregate of such principal and premium, if any, and accrued and unpaid interest.

 

Any surplus then remaining shall be paid to the Company or as
directed by a court of competent jurisdiction.

 

Section
7.6           Control by Securityholders; Waiver of Past Defaults.
The Holders of a majority in principal amount of the Securities of any series at the time Outstanding may direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee hereunder, or of exercising any trust or power hereby
conferred upon the Trustee with respect to the Securities of such series, provided, however, that, subject to the provisions of
Sections 11.1 and 11.2, the Trustee shall have the right to decline to follow any such direction if the Trustee being advised by
counsel determines that the action so directed may not lawfully be taken or would be unduly prejudicial to Holders not joining
in such direction or would involve the Trustee in personal liability. Prior to any declaration accelerating the Maturity of the
Securities of any series, the Holders of a majority in aggregate principal amount of such series of Securities at the time Outstanding
may on behalf of the Holders of all of the Securities of such series waive any past Default or Event of Default hereunder and its
consequences except a Default (a) in the payment of interest or any premium on or the principal of the Securities of such series,
(b) arising from the failure to redeem or purchase any Security of such series when required pursuant to the terms of this Indenture
or (c) in respect of a provision that under Section 14.2 cannot be amended without the consent of each Holder of Securities of
such series affected. Upon any such waiver the Company, the Trustee and the Holders of the Securities of such series shall be restored
to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been
waived as permitted by this Section 7.6, said Default or Event of Default shall for all purposes of the Securities of such series
and this Indenture be deemed to have been cured and to be not continuing.

 

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Section
7.7           Limitation on Suits.
No Holder of any Security of any series shall have any right
to institute any action, suit or proceeding at law or in equity for the execution of any trust hereunder or for the appointment
of a receiver or for any other remedy hereunder, in each case with respect to an Event of Default with respect to such series
of Securities, unless such Holder previously shall have given to the Trustee written notice of one or more of the Events of Default
herein specified with respect to such series of Securities, and unless also the Holders of 30% in principal amount of the Securities
of such series then Outstanding shall have requested the Trustee in writing to take action in respect of the matter complained
of, and unless also there shall have been offered to the Trustee security and indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after receipt of such notification, request
and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding, and during such 60-day
period the holders of a majority in principal amount of Outstanding Securities of such series shall not have given the Trustee
a direction inconsistent with such request; and such notification, request and offer of indemnity are hereby declared in every
such case to be conditions precedent to any such action, suit or proceeding by any Holder of any Security of such series; it being
understood and intended that no one or more of the Holders of Securities of such series shall have any right in any manner whatsoever
by his, her, its or their action to enforce any right hereunder, except in the manner herein provided, and that every action,
suit or proceeding at law or in equity shall be instituted, had and maintained in the manner herein provided and for the equal
benefit of all Holders of the Outstanding Securities of such series; provided, however, that nothing in this Indenture or in the
Securities of such series shall affect or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on the Securities of such series to the respective Holders of such Securities at the
respective due dates in such Securities stated, or affect or impair the right, which is also absolute and unconditional, of such
Holders to institute suit to enforce the payment thereof.

 

Section
7.8           Undertaking for Costs.
All parties to this Indenture and each Holder of any Security, by such Holder’s acceptance thereof, shall be deemed to have
agreed that any court may in its discretion require, in any action, suit or proceeding for the enforcement of any right or remedy
under this Indenture, or in any action, suit or proceeding against the Trustee for any action taken or omitted by it as Trustee,
the filing by any party litigant in such action, suit or proceeding of an undertaking to pay the costs of such action, suit or
proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such action, suit or proceeding, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; provided, however, that the provisions of this Section 7.8 shall not apply to any action,
suit or proceeding instituted by the Trustee, to any action, suit or proceeding instituted by any one or more Holders of Securities
holding in the aggregate more than 10% in principal amount of the Securities of any series Outstanding, or to any action, suit
or proceeding instituted by any Holder of Securities of any series for the enforcement of the payment of the principal of or premium,
if any, or the interest on, any of the Securities of such series, on or after the respective due dates expressed in such Securities.

 

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Section
7.9           Remedies Cumulative.
No remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities of any series is intended to be
exclusive of any other remedy or remedies, and each and every remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission of the
Trustee or of any Holder of the Securities of any series to exercise any right or power accruing upon any Default or Event of
Default shall impair any such right or power or shall be construed to be a waiver of any such Default or Event of Default or
an acquiescence therein; and every power and remedy given by this Article VII to the Trustee and to the Holders of Securities
of any series, respectively, may be exercised from time to time and as often as may be deemed expedient by the Trustee or by
the Holders of Securities of such series, as the case may be. In case the Trustee or any Holder of Securities of any series
shall have proceeded to enforce any right under this Indenture and the proceedings for the enforcement thereof shall have
been discontinued or abandoned because of waiver or for any other reason or shall have been adjudicated adversely to the
Trustee or to such Holder of Securities, then and in every such case the Company, the Trustee and the Holders of the
Securities of such series shall severally and respectively be restored to their former positions and rights hereunder, and
thereafter all rights, remedies and powers of the Trustee and the Holders of the Securities of such series shall continue as
though no such proceedings had been taken, except as to any matters so waived or adjudicated.

 

Article
VIII

CONCERNING THE SECURITYHOLDERS

 

Section
8.1           Evidence of Action of Securityholders.
Whenever in this Indenture it is provided that the Holders of a specified percentage or a majority in aggregate principal amount
of the Securities or of any series of Securities may take any action (including the making of any demand or request, the giving
of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the Holders
of such specified percentage or majority have joined therein may be evidenced by (a) any instrument or any number of instruments
of similar tenor executed by Securityholders in person, by an agent or by a proxy appointed in writing, including through an electronic
system for tabulating consents operated by the Depositary for such series or otherwise (such action becoming effective, except
as herein otherwise expressly provided, when such instruments or evidence of electronic consents are delivered to the Trustee and,
where it is hereby expressly required, to the Company), or (b) by the record of the Holders of Securities voting in favor thereof
at any meeting of Securityholders duly called and held in accordance with the provisions of Article IX, or (c) by a combination
of such instrument or instruments and any such record of such a meeting of Securityholders.

 

Section
8.2           Proof of Execution or Holding of Securities.
Proof of the execution of any instrument by a Securityholder or his, her or its agent or proxy and proof of the holding by any
Person of any of the Securities shall be sufficient if made in the following manner:

 

(a)          The
fact and date of the execution by any Person of any such instrument may be proved (i) by the certificate of any notary public
or other officer in any jurisdiction who, by the laws thereof, has power to take acknowledgments or proof of deeds to be recorded
within such jurisdiction, that the Person who signed such instrument did acknowledge before such notary public or other officer
the execution thereof, or (ii) by the affidavit of a witness of such execution sworn to before any such notary or other officer.
Where such execution is by a Person acting in other than his or her individual capacity, such certificate or affidavit shall also
constitute sufficient proof of his or her authority.

 

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(b)          The ownership of Securities of any series shall be proved by the Register of such Securities or by a certificate of the
Registrar for such series.

 

(c)          The
record of any Holders’ meeting shall be proved in the manner provided in Section 9.6.

 

(d)          The
Trustee may require such additional proof of any matter referred to in this Section 8.2 as it shall deem appropriate or necessary,
so long as the request is a reasonable one.

 

(e)          If the Company shall solicit from the Holders of Securities of any series any action, the Company may, at its option, fix
in advance a record date for the determination of Holders of Securities entitled to take such action, but the Company shall have
no obligation to do so. Any such record date shall be fixed at the Company’s discretion. If such a record date is fixed,
such action may be sought or given before or after the record date, but only the Holders of Securities of record at the close of
business on such record date shall be deemed to be Holders of Securities for the purpose of determining whether Holders of the
requisite proportion of Outstanding Securities of such series have authorized or agreed or consented to such action, and for that
purpose the Outstanding Securities of such series shall be computed as of such record date.

 

Section
8.3           Persons Deemed Owners.

 

(a)          The
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name any Security is registered
as the owner of such Security for the purpose of receiving payment of principal of and premium, if any, and (subject to Section
3.8) interest, if any, on, such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither
the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. All payments
made to any Holder, or upon his, her or its order, shall be valid, and, to the extent of the sum or sums paid, effectual to satisfy
and discharge the liability for moneys payable upon such Security.

 

(b)          None of the Company, the Trustee, any Paying Agent or the Registrar will have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests.

 

Section
8.4           Effect of Consents.
After an amendment, supplement, waiver or other action becomes effective as to any series of Securities, a consent to it by a Holder
of such series of Securities is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the
same Securities or portion thereof, and of any Security issued upon the transfer thereof or in exchange therefor or in place thereof,
even if notation of the consent is not made on any such Security. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

 

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Article
IX 

SECURITYHOLDERS’ MEETINGS

 

Section
9.1           Purposes of Meetings.
A meeting of Securityholders of any or all series may be called at any time and from time to time pursuant to the provisions of
this Article IX for any of the following purposes:

 

(a)          to
give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any
Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders
pursuant to any of the provisions of Article VIII;

 

(b)          to
remove the Trustee and nominate a successor Trustee pursuant to the provisions of Article XI;

 

(c)          to
consent to the execution of an Indenture or of indentures supplemental hereto pursuant to the provisions of Section 14.2; or

 

(d)          to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Securities of any one or more or all series, as the case may be, under any other provision of this Indenture or under applicable
law.

 

Section
9.2           Call of Meetings by Trustee.
The Trustee may at any time call a meeting of all Securityholders of all series that may be affected by the action proposed to
be taken, to take any action specified in Section 9.1, to be held at such time and at such place as the Trustee shall determine.
Notice of every meeting of the Securityholders of a series, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be mailed to Holders of Securities of such series at their addresses
as they shall appear on the Register of the Company. Such notice shall be mailed not less than 20 nor more than 90 days prior to
the date fixed for the meeting.

 

Section
9.3           Call of Meetings by Company or Securityholders.
In case at any time the Company or the Holders of at least 10% in aggregate principal amount of the Securities of a series then
Outstanding that may be affected by the action proposed to be taken, shall have requested the Trustee to call a meeting of Securityholders
of such series, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the Company or such Securityholders
may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.1, by
mailing notice thereof as provided in Section 9.2.

 

Section
9.4           Qualifications for Voting.
To be entitled to vote at any meeting of Securityholders, a Person shall (a) be a Holder of one or more Securities affected by
the action proposed to be taken at the meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of
one or more such Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Securityholders
shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel
and any representatives of the Company and its counsel.

 

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Section
9.5          Regulation of Meetings.

 

(a)          Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Securityholders, in regard to proof of the holding of Securities and of the appointment of proxies,
and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem fit.

 

(b)          The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Securityholders as provided in Section 9.3, in which case the Company or the Securityholders calling the
meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by majority vote of the meeting.

 

(c)          At any meeting of Securityholders of a series, each Securityholder of such series or such Securityholder’s proxy shall
be entitled to one vote for each $1,000 principal amount of Securities of such series Outstanding held or represented by him; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled
by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue
of Securities of such series held by him or her or instruments in writing as aforesaid duly designating him or her as the Person
to vote on behalf of other Securityholders. At any meeting of the Securityholders duly called pursuant to the provisions of Section
9.2 or 9.3 the presence of Persons holding or representing Securities in an aggregate principal amount sufficient to take action
upon the business for the transaction of which such meeting was called shall be necessary to constitute a quorum, and any such
meeting may be adjourned from time to time by a majority of those present, whether or not constituting a quorum, and the meeting
may be held as so adjourned without further notice.

 

Section
9.6           Voting.
The vote upon any resolution submitted to any meeting of Securityholders of a series shall be by written ballots on which shall
be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal
amounts of the Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors
of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary
of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings
of each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record
the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in
Section 9.2. The record shall show the principal amounts of the Securities voting in favor of or against any resolution. The record
shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates
shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee.

 

Any record so signed and verified shall
be conclusive evidence of the matters therein stated.

 

    45 

     

    

 

 

Section
9.7         No Delay of Rights by Meeting.
Nothing contained in this Article IX
shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Securityholders of any series or any
rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights
conferred upon or reserved to the Trustee or to the Securityholders of such series under any of the provisions of this Indenture
or of the Securities of such series.

 

Article
X

REPORTS BY THE COMPANY AND THE TRUSTEE AND

SECURITYHOLDERS’ LISTS

 

Section
10.1       Reports by Trustee.

 

(a)              
So long as any Securities are outstanding, the Trustee shall transmit to Holders such reports concerning the Trustee and
its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided
therein. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following
the date of this Indenture, deliver to Holders a brief report which complies with the provisions of such Section 313(a).

 

(b)              
The Trustee shall, at the time of the transmission to the Holders of Securities of any report pursuant to the provisions
of this Section 10.1, file a copy of such report with each stock exchange upon which the Securities are listed, if any, and also
with the SEC in respect of a Security listed and registered on a national securities exchange, if any. The Company agrees to notify
the Trustee when, as and if the Securities become listed on any stock exchange or any delisting thereof.

 

The Company will reimburse the Trustee for
all expenses incurred in the preparation and transmission of any report pursuant to the provisions of this Section 10.1 and of
Section 10.2.

 

Section
10.2       Reports by the Company.
The Company shall file with the Trustee and the SEC, and transmit to Holders, such information, documents and other reports, and
such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided in the
Trust Indenture Act. In addition, any information, documents or reports that the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is required to be filed
with the SEC (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). Information, documents or reports
filed with the SEC via its Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system will be deemed to be
filed with the Trustee as of the time such information, documents or reports are filed via the EDGAR system.

 

Delivery of such information,
documents and other reports to the Trustee is for informational purposes only and the Trustee’s receipt of such shall
not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates). Notwithstanding any provisions hereunder to the contrary, the foregoing
provisions of this Section 10.2 are subject, in their entirety, to the provisions of Section 7.1.

 

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Section
10.3       Securityholders’ Lists.
The Company covenants and agrees that it will famish or cause to be furnished to the Trustee:

 

(a)              
semi-annually, within 15 days after each Record Date, but in any event not less frequently than semi-annually, a list in
such form as the Trustee may reasonably require of the names and addresses of the Holders of Securities to which such Record Date
applies, as of such Record Date, and

 

(b)              
at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished.

 

Article
XI

CONCERNING THE TRUSTEE

 

Section
11.1       Rights of Trustees; Compensation and Indemnity.
The Trustee accepts the trusts created by this Indenture upon the terms and conditions hereof, including the following, to all
of which the parties hereto and the Holders from time to time of the Securities agree:

 

(a)              
The Trustee shall be entitled to such compensation as the Company and the Trustee shall from time to time agree in writing
for all services rendered by it hereunder (including in any agent capacity in which it acts). The compensation of the Trustee shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust. The Company shall reimburse
the Trustee promptly upon its request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by
the Trustee (including the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as shall be determined to have been caused by its own gross negligence, bad faith or willful misconduct.

 

The Company also agrees to indemnify
each of the Trustee and any predecessor Trustee hereunder and each of their respective officers, directors, employees and
agents (each, an “Indemnified Person”) for, and to hold each Indemnified Person harmless against, any and all
loss, liability, damage, claim, or expense incurred without its own gross negligence, bad faith or willful misconduct,
arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the performance of
its duties (including in any agent capacity in which it acts), as well as the costs and expenses of defending itself against
any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder, except those
attributable to its gross negligence, willful misconduct or bad faith. The applicable Indemnified Person shall notify the
Company promptly of any claim for which it may seek indemnity provided that failure to provide such notification shall not
relieve the Company of its indemnification obligation hereunder, except to the extent that the Company is materially
prejudiced by such failure. The Company shall defend the claim and the applicable Indemnified Person shall reasonably
cooperate in the defense. An Indemnified Person may have separate counsel (in addition to local counsel) of its selection and
the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld or delayed.

 

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As security for the performance of the obligations
of the Company under this Section 11.1(a), the Trustee shall have a lien upon all property and funds held or collected by the Trustee
as such, except funds held in trust by the Trustee to pay principal of and interest on any Securities. Notwithstanding any provisions
of this Indenture to the contrary, the obligations of the Company to compensate and indemnify the Trustee under this Section 11.1(a)
shall survive the resignation or removal of the Trustee, the termination of this Indenture and any satisfaction and discharge under
Article XII. When the Trustee incurs expenses or renders services after an Event of Default specified in clause (e) or (f) of Section
7.1 occurs, the expenses and compensation for the services are intended to constitute expenses of administration under any applicable
federal or state bankruptcy, insolvency or similar laws.

 

(b)              
The Trustee may execute any of the trusts or powers hereof and perform any duty hereunder either directly or by its agents
and attorneys and shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder.

 

(c)              
The Trustee shall not be responsible in any manner whatsoever for the correctness of the recitals herein or in the Securities
(except its certificates of authentication thereon) contained, all of which are made solely by the Company; and the Trustee shall
not be responsible or accountable in any manner whatsoever for or with respect to the validity or execution or sufficiency of this
Indenture or of the Securities (except its certificates of authentication thereon), and the Trustee makes no representation with
respect thereto, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate
the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1
supplied to the Company are true and accurate, subject to the qualifications set forth therein. The Trustee shall not be accountable
for the use or application by the Company of any Securities, or the proceeds of any Securities, authenticated and delivered by
the Trustee in conformity with the provisions of this Indenture.

 

(d)              
The Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken or suffered by the Trustee hereunder in good faith
and in reliance thereon.

 

(e)              
The Trustee may rely upon the certificate of the Secretary or one of the Assistant Secretaries of the Company as to the
adoption of any Board Resolution or resolution of the stockholders of the Company, and any request, direction, order or demand
of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution.

 

(f)               
Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee may exclusively rely upon, an Officer’s Certificate
of the Company (unless other evidence in respect thereof be herein specifically prescribed).

 

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(g)              
 Subject to Section 11.4, the Trustee or any agent of the Trustee, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the
Company with the same rights it would have had if it were not the Trustee or such agent.

 

(h)              
Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law.
The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing
with the Company.

 

(i)               
Any action taken by the Trustee pursuant to any provision hereof at the request or with the consent of any Person who at
the time is the Holder of any Security shall be conclusive and binding in respect of such Security upon all future Holders thereof
or of any Security or Securities which may be issued for or in lieu thereof in whole or in part, whether or not such Security shall
have noted thereon the fact that such request or consent had been made or given.

 

(j)               
Subject to TIA Sections 315(a) through (d), in the absence of bad faith on its part, the Trustee may conclusively rely and
shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, debenture or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties.

 

(k)              
Subject to TIA Sections 315(a) through (d), the Trustee shall not be under any 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 of the Securities, pursuant to
any provision of this Indenture, unless one or more of the Holders of the Securities shall have offered to the Trustee security
or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred by it therein or thereby.

 

(l)                
Subject to TIA Sections 315(a) through (d), the Trustee shall not be liable for any action taken or omitted by it in good
faith and believed by it to be authorized or within its discretion or within the rights or powers conferred upon it by this Indenture.

 

(m)             
Subject to TIA Sections 315(a) through (d), the Trustee shall not be deemed to have knowledge or notice of any Default or
Event of Default unless a Responsible Officer of the Trustee has received written notice at its Corporate Trust Office of any event
which is in fact such a default, and such notice references the Securities and this Indenture.

 

(n)              
Subject to TIA Sections 315(a) through (d), the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of Debt or other paper or document, but the Trustee, may, but shall not be required to, make further
inquiry or investigation into such facts or matters as it may see fit.

 

(o)              
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder.

 

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

 

(q)              
The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture.

 

Section
11.2       Duties of Trustee.

 

(a)              
Unless and until an Event of Default specified in Section 7.1 with respect to the Securities of any series shall have happened
which at the time is continuing,

 

(i)         
the Trustee undertakes to perform such duties and only such duties with respect to the Securities of that series as are
specifically set out in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee,
whose duties and obligations shall be determined solely by the express provisions of this Indenture; and

 

(ii)        
the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
in the absence of bad faith on the part of the Trustee, upon certificates and opinions furnished to it pursuant to the express
provisions of this Indenture; but in the case of any such certificates or opinions which, by the provisions of this Indenture,
are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether
or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts, statements, opinions or conclusions stated therein);

 

(b)              
If one or more of the Events of Default specified in Section 7.1 with respect to the Securities of any series shall have
happened, then, during the continuance thereof, the Trustee shall, with respect to such Securities, exercise such of the rights
and powers vested in it by this Indenture, and shall 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 such person’s own affairs.

 

(c)              
None of the provisions of this Indenture shall be construed as relieving the Trustee from liability for its own negligent
action, negligent failure to act, or its own willful misconduct, except that, anything in this Indenture contained to the contrary
notwithstanding,

 

(i)         
this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

 

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

 

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(iii)       
 the Trustee shall not be liable to any Holder of Securities or to any other Person with respect to any action taken or
omitted to be taken by it in good faith, in accordance with the direction of Securityholders given as provided in Section 7.6,
relating to the time, method and place of conducting any proceeding for any remedy available to it or exercising any trust or power
conferred upon it by this Indenture.

 

(iv)       
the Trustee shall not be required to expend or risk its own funds or otherwise to incur any financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(d)              
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section 11.2.

 

(e)              
The permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

(f)               
No provision of this Indenture shall be deemed to impose any duty or obligation on the Trustee to take or omit to take any
action, or suffer any action to be taken or omitted, in the performance of its duties or obligations under this Indenture, or to
exercise any right or power thereunder, to the extent that taking or omitting to take such action or suffering such action to be
taken or omitted would violate applicable law binding upon it.

 

Section
11.3       Notice of Defaults.
Within 90 days after the occurrence thereof, and if a Responsible Officer of the Trustee has received written notice thereof,
the Trustee shall give to the Holders of the Securities of a series notice of each Default or Event of Default with respect to
the Securities of such series of which the Trustee has been notified in writing, by transmitting such notice to Holders at their
addresses as the same shall then appear on the Register of the Company, unless such Default shall have been cured or waived before
the giving of such notice (the term “Default” being hereby defined to be the events specified in Section 7.1, which
are, or after notice or lapse of time or both would become, Events of Default as defined in said Section). Except in the case
of a Default or Event of Default in payment of the principal of, premium, if any, or interest on any of the Securities of such
series when and as the same shall become payable, or to make any sinking fund payment as to Securities of the same series, the
Trustee shall be protected in withholding such notice, if and so long as a Responsible Officer or Responsible Officers of the
Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Securities of such
series and so advises the Company in writing.

 

Section
11.4       Eligibility: Disqualification.

 

(a)               The
Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Trustee shall have a combined capital and
surplus of at least $50 million as set forth in its most recent published annual report of condition, and shall have a
Corporate Trust Office. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section 11.4, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

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(b)              
The Trustee shall comply with TIA Section 310(b); provided, however, that there shall be excluded from the operation of
TIA Section 310(b)(i) any indenture or indentures under which other securities or certificates of interest or participation in
other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(i) are met.
If the Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of the Trust Indenture Act, the
Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions
of, the Trust Indenture Act and this Indenture. If Section 310(b) of the Trust Indenture Act is amended any time after the date
of this Indenture to change the circumstances under which a Trustee shall be deemed to have a conflicting interest with respect
to the Securities of any series or to change any of the definitions in connection therewith, this Section 11.4 shall be automatically
amended to incorporate such changes.

 

Section
11.5       Resignation and Notice: Removal.
The Trustee, or any successor to it hereafter appointed, may at any time resign and be discharged of the trusts hereby created
with respect to any one or more or all series of Securities by giving to the Company 30 days’ notice in writing. Such resignation
shall take effect upon the appointment of a successor Trustee and the acceptance of such appointment by such successor Trustee.
Any Trustee hereunder may be removed with respect to any series of Securities at any time by the filing with such Trustee and
the delivery to the Company of an instrument or instruments in writing signed by the Holders of a majority in principal amount
of the Securities of such series then Outstanding, specifying such removal and the date when it shall become effective (which
shall be at least 30 days after delivery to the Trustee).

 

If at any time:

 

(1)              
the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company
or by any Holder who has been a bona fide Holder of a Security for at least six months (or, if it is a shorter period, the period
since the initial issuance of the Securities of such series), or

 

(2)              
the Trustee shall cease to be eligible under Section 11.4 and shall fail to resign after written request therefor by the
Company or by any Holder who has been a bona fide Holder of a Security for at least six months (or, if it is a shorter period,
the period since the initial issuance of the Securities of such series), or

 

(3)              
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or
of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company by written notice
to the Trustee may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject to TIA
Section 315(e), any Securityholder who has been a bona fide Holder of a Security for at least six months (or, if it is a
shorter period, the period since the initial issuance of the Securities of such series) may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

 

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Upon its resignation or removal, any Trustee
shall be entitled to the prompt payment of reasonable compensation for the services rendered hereunder by such Trustee and to the
prompt payment of all reasonable expenses incurred hereunder and all moneys then due to it hereunder. The Trustee’s and each
of its officers’, directors’, employees’ and agents’ rights to indemnification provided in Section 11.1(a)
shall survive the Trustee’s resignation or removal.

 

Section
11.6       Successor Trustee by Appointment.

 

(a)              
In case at any time the Trustee shall resign, or shall be removed (unless the Trustee shall be removed as provided in Section
11.4(b), in which event the vacancy shall be filled as provided in said subdivision), or shall become incapable of acting, or shall
be adjudged bankrupt or insolvent, or if a receiver of the Trustee or of its property shall be appointed, or if any public officer
shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation
with respect to the Securities of one or more series, a successor Trustee with respect to the Securities of that or those series
(it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such
series and that at any time there shall be only one Trustee with respect to the Securities of any series) may be appointed by the
Holders of a majority in principal amount of the Securities of that or those series then Outstanding, by an instrument or instruments
in writing signed in duplicate by such Holders and filed, one original thereof with the Company and the other with the successor
Trustee; but, until a successor Trustee shall have been so appointed by the Holders of Securities of that or those series as herein
authorized, the Company, or, in case all or substantially all the assets of the Company shall be in the possession of one or more
custodians or receivers lawfully appointed, or of trustees in bankruptcy or reorganization proceedings (including a trustee or
trustees appointed under the provisions of the federal bankruptcy laws, as now or hereafter constituted), or of assignees for the
benefit of creditors, such receivers, custodians, trustees or assignees, as the case may be, by an instrument in writing, shall
appoint a successor Trustee with respect to the Securities of such series. Subject to the provisions of Sections 11.4 and 11.5,
upon the appointment as aforesaid of a successor Trustee with respect to the Securities of any series, the Trustee with respect
to the Securities of such series shall cease to be Trustee hereunder. After any such appointment other than by the Holders of Securities
of that or those series, the Person making such appointment shall forthwith cause notice thereof to be mailed to the Holders of
Securities of such series at their addresses as the same shall then appear on the Register of the Company but any successor Trustee
with respect to the Securities of such series so appointed shall, immediately and without further act, be superseded by a successor
Trustee appointed by the Holders of Securities of such series in the manner above prescribed, if such appointment be made prior
to the expiration of one year from the date of the mailing of such notice by the Company, or by such receivers, trustees or assignees.

 

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(b)               If
any Trustee with respect to the Securities of one or more series shall resign or be removed and a successor Trustee shall not
have been appointed by the Company or by the Holders of the Securities of such series or, if any successor Trustee so
appointed shall not have accepted its appointment within 30 days after such appointment shall have been made, the resigning
Trustee at the expense of the Company may apply to any court of competent jurisdiction for the appointment of a successor
Trustee. If in any other case a successor Trustee shall not be appointed pursuant to the foregoing provisions of this Section
11.6 within three months after such appointment might have been made hereunder, the Holder of any Security of the applicable
series or any retiring Trustee at the expense of the Company may apply to any court of competent jurisdiction to appoint a
successor Trustee. Such court may thereupon, in any such case, after such notice, if any, as such court may deem proper and
prescribe, appoint a successor Trustee.

 

(c)              
Any successor Trustee appointed hereunder with respect to the Securities of one or more series shall execute, acknowledge
and deliver to its predecessor Trustee and to the Company, or to the receivers, trustees, assignees or court appointing it, as
the case may be, an instrument accepting such appointment hereunder, and thereupon such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations
with respect to such series of such predecessor Trustee with like effect as if originally named as Trustee hereunder, and such
predecessor Trustee, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to pay over, and
such successor Trustee shall be entitled to receive, all moneys and properties held by such predecessor Trustee as Trustee hereunder,
subject nevertheless to its lien provided for in Section 11.1(a). Nevertheless, on the written request of the Company or of the
successor Trustee or of the Holders of at least 10% in principal amount of the Securities of such series then Outstanding, such
predecessor Trustee, upon payment of its said charges and disbursements, shall execute and deliver an instrument transferring to
such successor Trustee upon the trusts herein expressed all the rights, powers and trusts of such predecessor Trustee and shall
assign, transfer and deliver to the successor Trustee all moneys and properties held by such predecessor Trustee, subject nevertheless
to its lien provided for in Section 11.1(a); and, upon request of any such successor Trustee and the Company shall make, execute,
acknowledge and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor
Trustee all such authority, rights, powers, trusts, immunities, duties and obligations.

 

Section
11.7       Successor Trustee by Merger.
Any Person into which the Trustee or any successor to it in the trusts created by this Indenture shall be merged or
converted, or any Person with which it or any successor to it shall be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Trustee or any such successor to it shall be a party, or any Person to which the
Trustee or any successor to it shall sell or otherwise transfer all or substantially all of the corporate trust business of
the Trustee, shall be the successor Trustee under this Indenture without the execution or filing of any paper or any further
act on the part of any of the parties hereto; provided that such Person shall be otherwise qualified and eligible under this
Article. In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture with respect
to one or more series of Securities, any of such Securities shall have been authenticated but not delivered by the Trustee
then in office, any successor to such Trustee may adopt the certificate of authentication of any predecessor Trustee, and
deliver such Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated,
any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name
of the successor Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the
Securities or in this Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to
adopt the certificate of authentication of any predecessor Trustee or authenticate Securities in the name of any predecessor
Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

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Section
11.8       Right to Rely on Officer’s Certificate.
Subject to Section 11.2, and subject to the provisions of Section 17.1 with respect to the certificates required thereby, whenever
in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved
or established prior to taking or suffering any action hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of gross negligence, bad faith or willful misconduct on the part of the Trustee,
be deemed to be conclusively proved and established by an Officer’s Certificate with respect thereto delivered to the Trustee,
and such Officer’s Certificate, in the absence of gross negligence, bad faith or willful misconduct on the part of the Trustee,
shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon
the faith thereof.

 

Section
11.9       Appointment of Authenticating Agent.
The Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Company to authenticate
the Securities, and the Trustee shall give written notice of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve. Unless limited by the terms of such appointment, any such Authenticating
Agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by the Authenticating Agent. Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.

 

Each Authenticating Agent shall at all times
be a corporation organized and doing business and in good standing under the laws of the United States, any State thereof or the
District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by Federal or State authority. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the
purposes of this Article XI, the combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Article XI, it shall resign immediately in the manner and with the effect
specified in this Article XI.

 

Any corporation into which an
Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent,
provided such corporation shall be otherwise eligible under this Article XI, without the execution or filing of any paper or
any further act on the part of the Trustee or the Authenticating Agent.

 

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An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section 11.9, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to
the Company and shall give written notice of such appointment to all Holders of Securities of the series with respect to which
such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating
Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 11.9.

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section 11.9.

 

Section
11.10     Communications by Securityholders with Other Securityholders.
Holders of Securities may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Holders with respect to
their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection
of Section 312(c) of the Trust Indenture Act with respect to such communications.

 

Section
11.11    The Agents.
The rights, privileges, protections, immunities and benefits provided to the Trustee hereunder, including, without limitation,
its right to be compensated, reimbursed for expenses and indemnified, are extended to, and shall be enforceable by, each Agent
as if such Agent were named as the Trustee herein.

 

Article
XII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section
12.1       Applicability of Article.
If, pursuant to Section 3.1, provision is made for the defeasance of Securities of a series and if the Securities of such series
are denominated and payable only in U.S. Dollars (except as provided pursuant to Section 3.1), then the provisions of this Article
shall be applicable except as otherwise specified pursuant to Section 3.1 for Securities of such series. Defeasance provisions,
if any, for Securities denominated in a Foreign Currency may be specified pursuant to Section 3.1.

 

Section
12.2       Satisfaction and Discharge of Indenture.
This Indenture, with respect to the Securities of any series (if all series issued under this Indenture are not to be affected),
shall, upon Company Order, cease to be of further effect (except as to any surviving rights of registration of transfer or exchange
of such Securities herein expressly provided for and rights to receive payments of principal of and premium, if any, and interest
on such Securities) and the Trustee, at the expense of the Company, shall execute proper instruments delivered to it and reasonably
acceptable to it acknowledging satisfaction and discharge of this Indenture, when,

 

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(a)              either:

 

(i)                 all
Securities of such series theretofore authenticated and delivered (other than (A) Securities that have been destroyed, lost or
stolen and that have been replaced or paid as provided in Section 3.7 and (B) Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 6.3) have been delivered to the Trustee for cancellation; or

 

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

 

(A)            have
become due and payable, or

 

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

 

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

 

and in the case of (A), (B) or (C) above, has deposited or caused
to be deposited with the Trustee or Paying Agent as trust funds in trust for the purpose an amount in the Currency in which such
Securities are denominated (except as otherwise provided pursuant to Section 3.1) sufficient to pay and discharge the entire Debt
on such Securities for principal and premium, if any, and interest to the date of such deposit (in the case of Securities that
have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; provided, however, in the event
a petition for relief under federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, is filed with respect to the Company within 91 days after the deposit and the Trustee
is required to return the moneys then on deposit with the Trustee to the Company, the obligations of the Company under this Indenture
with respect to such Securities shall not be deemed terminated or discharged;

 

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

 

(c)              the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such series have been
complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee
under Section 11.1 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (a)(i) of this
Section, the obligations of the Trustee under Section 12.7 and the last paragraph of Section 6.3(e) shall survive.

 

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Section
12.3       Defeasance upon Deposit of Moneys or U.S. Government Obligations.
At the Company’s option, either (a) the Company shall be deemed to have been Discharged (as defined below) from its obligations
with respect to Securities of any series on the first day after the applicable conditions set forth below have been satisfied
or (b) the Company and the Guarantors shall cease to be under any obligation to comply with any term, provision or condition
set forth in Section 6.4 or Section 10.2 with respect to Securities of any series (and, if so specified pursuant to Section 3.1,
any other restrictive covenant added for the benefit of such series pursuant to Section 3.1) at any time after the applicable
conditions set forth below have been satisfied (such action under clauses (a) or (b) of this paragraph in no circumstance may
be construed as an Event of Default under Section 7.1):

 

(a)              The
Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust, specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series (i) money in an amount,
or (ii) U.S. Government Obligations (as defined below) that through the payment of interest and principal in respect thereof in
accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii)
a combination of (i) and (ii), in each case sufficient in the opinion of an independent firm of certified public accountants,
to pay and discharge each installment of principal (including any mandatory sinking fund payments) of and premium, if any, and
interest on, the Outstanding Securities of such series on the dates such installments of interest or principal and premium are
due;

 

(b)              No
Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit (other
than a Default resulting from the borrowing of funds and the grant of any related liens to be applied to such deposit); and

 

(c)              The
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such series
will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Company’s exercise of its
option under this Section and will be subject to federal income tax on the same amounts and in the same manner and at the same
times as would have been the case if such action had not been exercised and, in the case of the Securities of such series being
Discharged, accompanied by a ruling to that effect received from or published by the Internal Revenue Service.

 

“Discharged” means that the
Company shall be deemed to have paid and discharged the entire Debt represented by, and obligations under, the Securities of such
series and to have satisfied all the obligations under this Indenture relating to the Securities of such series (and the Trustee,
at the expense of the Company, shall execute proper instruments delivered to it and reasonably acceptable to it acknowledging the
same), except (A) the rights of Holders of Securities of such series to receive, from the trust fund described in clause (a) above,
payment of the principal of and premium, if any, and interest on such Securities when such payments are due, (B) the Company’s
obligations with respect to Securities of such series under Sections 3.4, 3.6, 3.7, 6.2, 12.6 and 12.7 and (C) the rights, powers,
trusts, duties and immunities of the Trustee hereunder.

 

“U.S. Government
Obligations” means securities that are (i) direct obligations of the United States for the payment of which its full
faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States the timely of payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States, that, in either case under clauses (i) or (ii) are not callable or redeemable at the action
of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depositary receipt; provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt
from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on
or principal of the U.S. Government Obligation evidenced by such depositary receipt.

 

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(d)              The
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions
precedent herein provided for relating to the defeasance of this Indenture have been complied with. Notwithstanding the defeasance
of this Indenture, the obligations of the Company to the Trustee under Section 11.1 shall survive.

 

(e)              Upon
the Company’s exercise of its option under this Section with respect to Securities of any series, each Guarantor, if any,
shall be released from all its obligations with respect to its Guarantee with respect to such Series.

 

Section
12.4       Repayment to Company.
The Trustee and any Paying Agent shall promptly pay to the Company (or to its designee) upon Company Order any excess moneys or
U.S. Government Obligations held by them at any time, including any such moneys or obligations held by the Trustee under any escrow
trust agreement entered into pursuant to Section 12.6. The provisions of the last paragraph of Section 6.3 shall apply to any
money held by the Trustee or any Paying Agent under this Article that remains unclaimed for two years after the Maturity of any
series of Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 12.3.

 

Section
12.5       Indemnity for U.S. Government Obligations.
The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the
deposited U.S. Government Obligations or the principal or interest received on such U.S. Government Obligations.

 

Section
12.6       Deposits to Be Held in Escrow.
Any deposits with the Trustee referred to in Section 12.3 above shall be irrevocable (except to the extent provided in Sections
12.4 and 12.7) and shall be made under the terms of an escrow trust agreement. If any Outstanding Securities of a series are to
be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any mandatory
or optional sinking fund requirement, the applicable escrow trust agreement shall provide therefor and the Company shall make
such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at
the expense, of the Company. The agreement shall provide that, upon satisfaction of any mandatory sinking fund payment requirements,
whether by deposit of moneys, application of proceeds of deposited U.S. Government Obligations or, if permitted, by delivery of
Securities, the Trustee shall pay or deliver over to the Company as excess moneys pursuant to Section 12.4 all funds or obligations
then held under the agreement and allocable to the sinking fund payment requirements so satisfied.

 

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If Securities of a series with respect
to which such deposits are made may be subject to later redemption at the option of the Company or pursuant to optional
sinking fund payments, the applicable escrow trust agreement may, at the option of the Company, provide therefor. In the case
of an optional redemption in whole or in part, such agreement shall require the Company to deposit with the Trustee on or
before the date notice of redemption is given funds sufficient to pay the Redemption Price of the Securities to be redeemed
together with all unpaid interest thereon to the Redemption Date. Upon such deposit of funds, the Trustee shall pay or
deliver over to the Company as excess funds pursuant to Section 12.4 all funds or obligations then held under such agreement
and allocable to the Securities to be redeemed. In the case of exercise of optional sinking fund payment rights by the
Company, such agreement shall, at the option of the Company, provide that upon deposit by the Company with the Trustee of
funds pursuant to such exercise the Trustee shall pay or deliver over to the Company as excess funds pursuant to Section 12.4
all funds or obligations then held under such agreement for such series and allocable to the Securities to be redeemed.

 

Section
12.7       Application of Trust Money.

 

(a)               Neither
the Trustee nor any other Paying Agent shall be required to pay interest on any moneys deposited pursuant to the provisions of
this Indenture, except such as it shall agree with the Company in writing to pay thereon. Any moneys so deposited for the payment
of the principal of, or premium, if any, or interest on the Securities of any series and remaining unclaimed for two years after
the date of the maturity of the Securities of such series or the date fixed for the redemption of all the Securities of such series
at the time outstanding, as the case may be, shall be repaid by the Trustee or such other Paying Agent to the Company upon its
written request and thereafter, anything in this Indenture to the contrary notwithstanding, any rights of the Holders of Securities
of such series in respect of which such moneys shall have been deposited shall be enforceable only against the Company, and all
liability of the Trustee or such other Paying Agent with respect to such moneys shall thereafter cease.

 

(b)              Subject to the provisions of the foregoing paragraph, any moneys which at any time shall be deposited by the Company or
on its behalf with the Trustee or any other Paying Agent for the purpose of paying the principal of, premium, if any, and interest
on any of the Securities shall be and are hereby assigned, transferred and set over to the Trustee or such other Paying Agent in
trust for the respective Holders of the Securities for the purpose for which such moneys shall have been deposited; but such moneys
need not be segregated from other funds except to the extent required by law.

 

Section
12.8       Deposits of Non-U.S. Currencies.
Notwithstanding the foregoing provisions of this Article, if the Securities of any series are payable in a Currency other than
U.S. Dollars, the Currency or the nature of the government obligations to be deposited with the Trustee under the foregoing provisions
of this Article shall be as set forth in the Officer’s Certificate or established in the supplemental indenture under which
the Securities of such series are issued.

 

Section
12.9       Reinstatement.
If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 12.3
by reason of any legal proceeding or by reason of any order of judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the obligations of the Company under this Indenture and the Securities and the Guarantors’
obligations under this Indenture and their respective Guarantees shall be revived and reinstated as though no deposit had
occurred pursuant to Section 12.3 until such time as the Trustee or such Paying Agent is permitted to apply all such money or
U.S. Government Obligations in accordance with Section 12.3; provided, however, that, if the Company has made any payment of principal
of or premium, if any, or interest on any Securities because of the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by
the Trustee or such Paying Agent.

 

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Article
XIII

IMMUNITY OF CERTAIN PERSONS

 

Section
13.1       No Personal Liability.
No recourse shall be had for the payment of the principal of, or the premium, if any, or interest on, any Security or for any
claim based thereon or otherwise in respect thereof or of the Debt represented thereby, or upon any obligation, covenant or agreement
of this Indenture or any Guarantee, against any incorporator, stockholder, officer, director, member or shareholder, as such,
past, present or future, of the Company or any Guarantor or any of their respective successor companies, either directly or through
the Company or any Guarantor or any of their respective successor companies, whether by virtue of any constitutional provision,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood
that no personal liability whatsoever shall attach to, or be incurred by, any incorporator, stockholder, officer, director, member
or shareholder, as such, past, present or future, of the Company or any Guarantor or any their respective successor companies,
either directly or through the Company or any Guarantor or any of their respective successor companies, because of the incurring
of the Debt hereby authorized or under or by reason of any of the obligations, covenants, promises or agreements contained in
this Indenture or in any of the Securities or the Guarantees, or to be implied herefrom or therefrom, and that all liability,
if any, of that character against every such incorporator, stockholder, officer, director, member and shareholder is, by the acceptance
of the Securities and the Guarantees and as a condition of, and as part of the consideration for, the execution of this Indenture
and the issue of the Securities and the Guarantees expressly waived and released.

 

Article
XIV

SUPPLEMENTAL INDENTURES

 

Section
14.1       Without Consent of Securityholders.
Except as otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, the Company, the Guarantors
and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto for any one or more
of or all the following purposes (except that with respect to Section 14.1(k), the signatures of the Other Guarantors shall not
be required):

 

(a)               to
add to the covenants and agreements of the Company or any Guarantor, to be observed thereafter and during the period, if any,
in such supplemental indenture or indentures expressed, and to add Events of Default, in each case for the protection or benefit
of the Holders of all or any series of the Securities (and if such covenants, agreements and Events of Default are to be for the
benefit of fewer than all series of Securities, stating that such covenants, agreements and Events of Default are expressly being
included for the benefit of such series as shall be identified therein), or to surrender any right or power herein conferred upon
the Company or any Guarantor;

 

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(b)               to
delete or modify any Events of Default with respect to all or any series of the Securities, the form and terms of which are being
established pursuant to such supplemental indenture as permitted in Section 3.1 (and, if any such Event of Default is applicable
to fewer than all such series of the Securities, specifying the series to which such Event of Default is applicable), and to specify
the rights and remedies of the Trustee and the Holders of such Securities in connection therewith;

 

(c)               to
add to, change or eliminate any of the provisions of this Indenture with respect to one or more series of Securities, so long
as any such addition, change or elimination not otherwise permitted under this Indenture shall: (i) neither apply to any Security
of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor
modify the rights of the Holders of any such Security with respect to the benefit of such provision; or (ii) become effective
only when there is no such prior Security Outstanding;

 

(d)               to
evidence the succession of another company to the Company or any Guarantor, or successive successions, and the assumption by such
successor of the covenants and obligations of the Company or such Guarantor, as applicable, contained in the Securities of one
or more series and in this Indenture or any supplemental indenture;

 

(e)               to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to one or more series of
Securities and to add to or change any of the provisions of this Indenture as shall be necessary for or to facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 11.6(c);

 

(f)                in
the case of any subordinated Securities, to make any change in the provisions of this Indenture or any supplemental indenture
relating to subordination that would limit or terminate the benefits available to any holder of Senior Debt under such provisions
(but only if each such holder of Senior Debt under such provisions consents to such change);

 

(g)               to secure any series of Securities;

 

(h)               to
evidence any changes to this Indenture pursuant to Sections 11.5, 11.6 or 11.7 hereof as permitted by the terms thereof;

 

(i)                to cure any ambiguity or to correct or supplement any provision contained herein or in any indenture supplemental hereto
which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, or to conform
the terms hereof, as amended and supplemented, that are applicable to the Securities of any series to the description of the terms
of such Securities in the offering memorandum, prospectus supplement or other offering document applicable to such Securities at
the time of initial sale thereof;

 

(j)                to
add to or change or eliminate any provision of this Indenture as shall be necessary or desirable in accordance with any amendments
to the Trust Indenture Act;

 

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(k)               to add Guarantors or co-obligors with respect to any series of Securities, or to release Guarantors from their Guarantees
of Securities in accordance with the terms of the applicable series of Securities;

 

(l)                to make any change in any series of Securities that does not adversely affect the rights of any Holder of such Securities;

 

(m)              to
provide for uncertificated securities in addition to or in place of certificated securities;

 

(n)               to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance
and discharge of any series of Securities; provided that any such action shall not adversely affect the interests of the Holders
of Securities of such series or any other series of Securities;

 

(o)               to
prohibit the authentication and delivery of additional series of Securities; or

 

(p)               to
establish the form or terms of other Securities issued under this Indenture and coupons of any series of such other Securities
pursuant to this Indenture and to change the procedures for transferring and exchanging such other Securities so long as such
change does not adversely affect the Holders of any Securities then Outstanding (except as required by applicable securities laws).

 

Subject to the provisions of Section 14.3,
the Trustee is authorized to join with the Company in the execution of any such supplemental indenture, to make the further agreements
and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property
or assets thereunder.

 

Any supplemental indenture authorized by
the provisions of this Section 14.1 may be executed by the Company, the Guarantors (if applicable) and the Trustee without the
consent of the Holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 14.2.

 

Section
14.2       With Consent of Securityholders; Limitations.

 

(a)               With
the consent of the Holders (evidenced as provided in Article VIII) of not less than a majority in aggregate principal amount of
the Outstanding Securities of each series affected by such supplemental indenture voting separately, the Company, the Guarantors
and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose
of adding any provisions to or changing in any manner or eliminating any provisions of this Indenture or of modifying in any manner
the rights of the Holders of the Securities of such series to be affected; provided, however, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security of each such series affected thereby,

 

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(i)                extend
the Stated Maturity of the principal of, or any installment of interest on, any Security, or reduce the principal amount thereof
or the interest thereon or any premium payable upon redemption thereof, or change the time at which any Security may be redeemed
in accordance with Article 4, or extend the Stated Maturity of, or change place of payment where, or the Currency in which the
principal of and premium, if any, or interest on such Security is denominated or payable, or reduce the amount of the principal
of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 7.2, or impair the right to institute suit for the enforcement of any payment of principal amount of or premium,
if any, or interest on, or any other amounts payable under, any Security on or after the Stated Maturity thereof (or, in the case
of redemption, on or after the Redemption Date); or

 

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

 

(iii)              make any changes in the ranking or priority of any Security that would adversely affect the Holders of the Securities of
such series; or

 

(iv)            
make any change in the Guarantees that would adversely affect the rights of the Holders of the Securities of such series;
or

 

(v)              modify
any of the provisions of this Section, Section 6.6 or Section 7.6, except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to
changes in the references to “the Trustee” and concomitant changes in this Section and Section 6.6, or the deletion
of this proviso, in accordance with the requirements of Sections 11.6 and 14.1(e); or

 

(vi)             change the Company’s obligation to pay additional amounts; or

 

(vii)         
modify, without the written consent of the Trustee, the rights, duties or immunities of the Trustee.

 

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

 

(c)               It
shall not be necessary for the consent of the Securityholders under this Section 14.2 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

(d)              The
Company may set a record date for purposes of determining the identity of the Holders of each series of Securities entitled to
give a written consent or waive compliance by the Company as authorized or permitted by this Section. Such record date shall not
be more than 30 days prior to the first solicitation of such consent or waiver or the date of the most recent list of Holders
furnished to the Trustee prior to such solicitation pursuant to Section 312 of the Trust Indenture Act.

 

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(e)               Promptly
after the execution by the Company, the Guarantors and the Trustee of any supplemental indenture pursuant to the provisions of
this Section 14.2, the Company shall mail a notice, setting forth in general terms the substance of such supplemental indenture,
to the Holders of Securities at their addresses as the same shall then appear in the Register of the Company. Any failure of the
Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

 

Section
14.3       Trustee Protected.
Upon the request of the Company, accompanied by the Officer’s Certificate and Opinion of Counsel required by Section 17.1
and also stating that the execution of such supplemental indenture is authorized or permitted by this Indenture, and evidence
reasonably satisfactory to the Trustee of consent of the Holders if the supplemental indenture is to be executed pursuant to Section
14.2, the Trustee shall join with the Company in the execution of said supplemental indenture unless said supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may
in its discretion, but shall not be obligated to, enter into said supplemental indenture. The Trustee shall be fully protected
in relying upon such Officer’s Certificate and an Opinion of Counsel.

 

Section
14.4       Effect of Execution of Supplemental Indenture.
Upon the execution of any supplemental indenture pursuant to the provisions of this Article XIV, this Indenture shall be deemed
to be modified and amended in accordance therewith and, except as herein otherwise expressly provided, the respective rights,
limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company, the Guarantors and
the Holders of all of the Securities or of the Securities of any series affected, as the case may be, shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and
all purposes.

 

Section
14.5       Notation on or Exchange of Securities.
Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions
of this Article may bear a notation in the form approved by the Trustee as to any matter provided for in such supplemental indenture.
If the Company or the Trustee shall so determine, new Securities so modified as to conform, in the opinion of the Board of Directors
of the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed
by the Company and authenticated and delivered by the Trustee in exchange for the Securities then Outstanding in equal aggregate
principal amounts, and such exchange shall be made without cost to the Holders of the Securities.

 

Section
14.6       Conformity with TIA.
Every supplemental indenture executed pursuant to the provisions of this Article shall not violate the requirements of the Trust
Indenture Act as then in effect, as confirmed to the Trustee in an Opinion of Counsel.

 

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Article
XV

 

SUBORDINATION
OF SECURITIES

 

Section
15.1       Agreement to Subordinate.
In the event a series of Securities is designated as subordinated pursuant to Section 3.1, and except as otherwise provided in
a Company Order or in one or more indentures supplemental hereto, the Company, for itself, its successors and assigns, covenants
and agrees, and each Holder of Securities of such series by his, her or its acceptance thereof, likewise covenants and agrees,
that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Securities of such series
is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment
in full of all Senior Debt. In the event a series of Securities is not designated as subordinated pursuant to Section 3.1(t), this
Article XV shall have no effect upon the Securities.

 

Section
15.2       Distribution on Dissolution. Liquidation and Reorganization; Subrogation
of Securities. Subject to Section 15.1, upon
any distribution of assets of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether
in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any
other marshalling of the assets and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction
to make other equitable provision reflecting the rights conferred in this Indenture upon the Senior Debt and the holders thereof
with respect to the Securities and the holders thereof by a lawful plan of reorganization under applicable bankruptcy law):

 

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

 

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

 

(c)               in
the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities prohibited by the foregoing, shall be received by the Trustee or the Holders of the
Securities before all Senior Debt is paid in full, such payment or distribution shall be paid over, upon written notice to a
Responsible Officer of the Trustee, to the holder of such Senior Debt or his, her or its representative or representatives or
to the trustee or trustees under any indenture under which any instrument evidencing any of such Senior Debt may have been
issued, ratably as aforesaid, as calculated by the Company, for application to payment of all Senior Debt remaining unpaid
until all such Senior Debt shall have been paid in full, after giving effect to any concurrent payment or distribution to the
holders of such Senior Debt.

 

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(d)              
Subject to the payment in full of all Senior Debt, the Holders of the Securities shall be subrogated to the rights of the
holders of Senior Debt (to the extent that distributions otherwise payable to such holder have been applied to the payment of Senior
Debt) to receive payments or distributions of cash, property or securities of the Company applicable to Senior Debt until the principal
of (and premium, if any) and interest, if any, on the Securities shall be paid in full and no such payments or distributions to
the Holders of the Securities of cash, property or securities otherwise distributable to the holders of Senior Debt shall, as between
the Company, its creditors other than the holders of Senior Debt, and the Holders of the Securities be deemed to be a payment by
the Company to or on account of the Securities. It is understood that the provisions of this Article XV are and are intended solely
for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior
Debt, on the other hand. Nothing contained in this Article XV or elsewhere in this Indenture or in the Securities is intended to
or shall impair, as between the Company, its creditors other than the holders of Senior Debt, and the Holders of the Securities,
the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Securities the principal of (and
premium, if any) and interest, if any, on the Securities as and when the same shall become due and payable in accordance with their
terms, or to affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of
Senior Debt, nor shall anything herein or in the Securities prevent the Trustee or the Holder of any Security from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article
XV of the holders of Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such
remedy. Upon any payment or distribution of assets of the Company referred to in this Article XV, the Trustee, subject to the provisions
of Section 15.5, shall be entitled to conclusively rely upon a certificate of the liquidating trustee or agent or other person
making any distribution to the Trustee for the purpose of ascertaining the Persons entitled to participate in such distribution,
the holders of Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts
paid or distributed thereof and all other facts pertinent thereto or to this Article XV.

 

Section
15.3       No Payment on Securities in Event of Default on Senior Debt.
Subject to Section 15.1, no payment by the Company on account of principal (or premium, if any), sinking funds or interest, if
any, on the Securities shall be made at anytime if (i) a default on Senior Debt exists that permits the holders of such Senior
Debt to accelerate its maturity and (ii) the default is the subject of judicial proceedings or the Company has received notice
of such default. The Company may resume payments on the Securities when full payment of amounts then due for principal (premium,
if any), sinking funds and interest on Senior Debt has been made or duly provided for in money or money’s worth.

 

In the event that, notwithstanding the
foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this
Section 15.3, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of
such Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any
of such Senior Debt may have been issued, as their respective interests may appear, as calculated by the Company, but only to
the extent that the holders of such Senior Debt (or their representative or representatives or a trustee) notify the Trustee
in writing within 90 days of such payment of the amounts then due and owing on such Senior Debt and only the amounts
specified in such notice to the Trustee shall be paid to the holders of such Senior Debt.

 

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Section
15.4       Payments on Securities Permitted.
Subject to Section 15.1, nothing contained in this Indenture or in any of the Securities shall (a) affect the obligation of the
Company to make, or prevent the Company from making, at any time except as provided in Sections 15.2 and 15.3, payments of principal
of (or premium, if any) or interest, if any, on the Securities or (b) prevent the application by the Trustee of any moneys or assets
deposited with it hereunder to the payment of or on account of the principal of (or premium, if any) or interest, if any, on the
Securities, unless a Responsible Officer of the Trustee shall have received at its Corporate Trust Office written notice of any
fact prohibiting the making of such payment from the Company or from the holder of any Senior Debt or from the trustee for any
such holder, together with proof satisfactory to the Trustee of such holding of Senior Debt or of the authority of such trustee
more than two Business Days prior to the date fixed for such payment.

 

Section
15.5       Authorization of Securityholders to Trustee to Effect Subordination.
Subject to Section 15.1, each Holder of Securities by his acceptance thereof authorizes and directs the Trustee on his, her or
its behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article XV
and appoints the Trustee his attorney-in-fact for any and all such purposes.

 

Section
15.6       Notices to Trustee.
The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company that
would prohibit the making of any payment of monies or assets to or by the Trustee in respect of the Securities of any series
pursuant to the provisions of this Article XV. Subject to Section 15.1, notwithstanding the provisions of this Article XV or
any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall be charged
with knowledge of the existence of any Senior Debt or of any fact which would prohibit the making of any payment of moneys or
assets to or by the Trustee or such Paying Agent, unless and until a Responsible Officer of the Trustee or such Paying Agent
shall have received (in the case of a Responsible Officer of the Trustee, at the Corporate Trust Office) written notice
thereof from the Company or from the holder of any Senior Debt or from the trustee for any such holder, together with proof
satisfactory to the Trustee of such holding of Senior Debt or of the authority of such trustee and, prior to the receipt of
any such written notice, the Trustee shall be entitled in all respects conclusively to presume that no such facts exist;
provided, however, that if at least two Business Days prior to the date upon which by the terms hereof any such moneys or
assets may become payable for any purpose (including, without limitation, the payment of either the principal (or premium, if
any) or interest, if any, on any Security) a Responsible Officer of the Trustee shall not have received with respect to such
moneys or assets the notice provided for in this Section 15.6, then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such moneys or assets and to apply the same to
the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it
within two Business Days prior to such date. The Trustee shall be entitled to rely on the delivery to it of a written
notice by a Person representing himself to be a holder of Senior Debt (or a trustee on behalf of such holder) to establish
that such a notice has been given by a holder of Senior Debt or a trustee on behalf of any such holder. In the event that the
Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of
Senior Debt to participate in any payment or distribution pursuant to this Article XV, the Trustee may request such Person to
furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt held by such Person, the
extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this Article XV and, if such evidence is not furnished, the Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive such payment.

 

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Section
15.7       Trustee as Holder of Senior Debt.
Subject to Section 15.1, the Trustee in its individual capacity shall be entitled to all the rights set forth in this Article XV
in respect of any Senior Debt at any time held by it to the same extent as any other holder of Senior Debt and nothing in this
Indenture shall be construed to deprive the Trustee of any of its rights as such holder. Nothing in this Article XV shall apply
to claims of, or payments to, the Trustee under or pursuant to Sections 7.5 or 11.1.

 

Section
15.8       Modifications of Terms of Senior Debt.
Subject to Section 15.1, any renewal or extension of the time of payment of any Senior Debt or the exercise by the holders of Senior
Debt of any of their rights under any instrument creating or evidencing Senior Debt, including, without limitation, the waiver
of default thereunder, may be made or done all without notice to or assent from the Holders of the Securities or the Trustee. No
compromise, alteration, amendment, modification, extension, renewal or other change of, or waiver, consent or other action in respect
of, any liability or obligation under or in respect of, or of any of the terms, covenants or conditions of any indenture or other
instrument under which any Senior Debt is outstanding or of such Senior Debt, whether or not such release is in accordance with
the provisions of any applicable document, shall in any way alter or affect any of the provisions of this Article XV or of the
Securities relating to the subordination thereof.

 

Section
15.9       Reliance on Judicial Order or Certificate of Liquidating Agent.
Subject to Section 15.1, upon any payment or distribution of assets of the Company referred to in this Article XV, the Trustee
and the Holders of the Securities shall be entitled to conclusively rely upon any order or decree entered by any court of competent
jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar
case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee
for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders
of Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders
of Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article XV.

 

Section
15.10   Satisfaction and Discharge; Defeasance and Covenant Defeasance.
Subject to Section 15.1, amounts and U.S. Government Obligations deposited in trust with the Trustee pursuant to and
in accordance with Article XII and not, at the time of such deposit, prohibited to be deposited under Sections 15.2 or 15.3
shall not be subject to this Article XV.

 

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Section
15.11   Trustee Not Fiduciary for Holders of Senior Debt.
With respect to the holders of Senior Debt, the Trustee undertakes to perform or observe only such of its covenants and obligations
as are specifically set forth in this Article XV, and no implied covenants or obligations with respect to the holders of Senior
Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders
of Senior Debt. The Trustee shall not be liable to any such holder if it shall pay over or distribute to or on behalf of Holders
of Securities or the Company, or any other Person, moneys or assets to which any holder of Senior Debt shall be entitled by virtue
of this Article XV or otherwise.

 

Article
XVI

 

GUARANTEES

 

Section
16.1       Guarantees.
If Guarantees have been provided for any particular series of Securities pursuant to Section 3.1, each applicable Guarantor hereby
unconditionally and irrevocably guarantees, jointly and severally, to each Holder of Securities of such series, to the Trustee
and its successors and assigns: (a) the full and punctual payment of all of the principal of, and any premium and interest on,
the Securities of such series when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary
obligations of the Company under this Indenture and the Securities of such series; and (b) the full and punctual performance within
applicable grace periods of all other obligations of the Company under this Indenture with respect to the Securities of such series
and under the Securities of such series (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”).
Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or
further assent from such Guarantor and that such Guarantor will remain bound under this Article XVI notwithstanding any extension
or renewal of any Guaranteed Obligation.

 

In addition, if Guarantees have been provided
pursuant to Section 3.1 for a particular series of Securities, each applicable Guarantor waives: (1) presentation to, demand of,
payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for non-payment;
and (2) notice of any default under the Securities of such series or the Guaranteed Obligations, and agrees that the Holders of
such Securities may exercise their rights of enforcement under its Guarantee without first exercising their rights of enforcement
directly against the Company. The obligations of each Guarantor hereunder shall not be affected by: (a) the failure of any Holder
or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this
Indenture, the Securities or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission,
waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (d)
the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; (e) the failure of
any Holder or the Trustee to exercise any right or remedy against any other Guarantor of the Guaranteed Obligations; or (f) any
change in the ownership of such Guarantor.

 

If Guarantees have been provided for a
particular series of Securities pursuant to Section 3.1, each applicable Guarantor further agrees that its Guarantee
constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any
right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed
Obligations.

 

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If Guarantees have been provided for a particular
series of Securities pursuant to Section 3.1, and except as expressly set forth in Sections 12.3(e), 16.2 and 16.6, the obligations
of each applicable Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason,
including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed
Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not
be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to
enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by
any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission
or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Guarantor or would
otherwise operate as a discharge of such Guarantor as a matter of law or equity.

 

If Guarantees have been provided for a particular
series of Securities pursuant to Section 3.1, each applicable Guarantor further agrees that its Guaranteed Obligations herein shall
continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, or
premium or interest on, any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon
the bankruptcy or reorganization of the Company or otherwise.

 

In furtherance of the foregoing and not
in limitation of any other right which any Holder or the Trustee has at law or in equity against any Guarantor by virtue hereof,
upon the failure of the Company to pay the principal of, or premium or interest on, any Guaranteed Obligation when and as the same
shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed
Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause
to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of: (1) the unpaid amount of such Guaranteed Obligations;
(2) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law); and (3) all other
monetary Guaranteed Obligations of the Company to the Holders and the Trustee.

 

Each Guarantor agrees that, as between it,
on the one hand, and the Holders and the Trustee, on the other hand: (x) the maturity of the Guaranteed Obligations may be accelerated
as provided in Article VII for the purposes of such Guarantor’s Guarantee herein, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the Guaranteed Obligations; and (y) in the event of any declaration
of acceleration of such Obligations as provided in Article VII, such Guaranteed Obligations (whether or not due and payable) shall
forthwith become due and payable by such Guarantor for the purposes of this Section.

 

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If Guarantees have been provided for a particular
series of Securities pursuant to Section 3.1, each applicable Guarantor also agrees to pay any and all costs and expenses (including
reasonable fees and expenses of attorneys and other agents) incurred by the Trustee or any Holder in enforcing any rights under
this Section.

 

Section
16.2       Execution and Delivery.
If Guarantees have been provided for a particular series of Securities pursuant to Section 3.1, to evidence its Guarantee set forth
in Section 16.1, each Guarantor hereby agrees that this Indenture and any applicable indenture supplemental hereto shall be executed
in the name and on behalf of such Guarantor by the manual or facsimile signature of its Chief Executive Officer, President, one
of its Vice Presidents or Treasurer. If the Person whose signature is on this Indenture and any applicable indenture supplemental
hereto no longer holds that office at the time the Trustee authenticates the Securities, the Guarantee shall nevertheless be valid.

 

Each Guarantor hereby agrees that its Guarantee
set forth in Section 16.1 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation
of such Guarantee on the Securities.

 

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

 

If required pursuant to Section 6.8, the
Company shall cause any newly created or acquired Subsidiary to comply with the provisions of Section 6.8 and this Article XVI,
to the extent applicable.

 

Section
16.3       Limitation on Liability.
Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates
to such Guarantor, or the applicable supplemental indenture voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors generally.

 

Section
16.4       No Waiver.
Neither a failure nor a delay on the part of the Trustee or the Holders in exercising any right, power or privilege under this
Article XVI shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise
of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are
cumulative and not exclusive of any other rights, remedies or benefits which they may have under this Article XVI or this Indenture
at law, in equity, by statute or otherwise.

 

Section
16.5       Modification.
No modification, amendment or waiver of any provision of this Article XVI, nor the consent to any departure by any Guarantor therefrom,
shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in
any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances.

 

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Section
16.6       Release of Guarantor.
Unless provided otherwise pursuant to Section 3.1, upon:
(i) the sale or other disposition (including by way of consolidation, amalgamation or merger), in one transaction or a series
of related transactions, of a majority of the total voting power of the Capital Stock or other interests of a Guarantor (other
than to the Company or any of its Subsidiaries as permitted by this Indenture); or (ii) the sale or other disposition of all or
substantially all the assets of such Guarantor (other than to the Company or any of its Subsidiaries as permitted by this Indenture);
or (iii) if at any time when no Default or Event of Default has occurred and is continuing with respect to Securities of any series
so guaranteed, such Guarantor no longer guarantees (or which Guarantee is being simultaneously released or will be immediately
released after the release of the Guarantor) the Debt of the Company under (A) the Company’s then-existing primary credit
facility; (B) the Existing Notes; and (C) the Additional Debt, such Guarantor shall automatically be deemed released from all
obligations under this Article XVI without any further action required on the part of the Trustee or any Holder. At the request
of the Company, the Trustee shall execute and deliver an appropriate instrument, including a supplemental indenture, delivered
to it by the Company and reasonably acceptable to the Trustee, evidencing such release.

 

Section
16.7       Contribution.
If Guarantees have been provided for a particular series of Securities pursuant to Section 3.1, each Guarantor that makes a payment
under its Guarantee shall be entitled upon payment in full of all Guaranteed Obligations with respect to such series to a contribution
from each other Guarantor so providing a Guarantee with respect to such series of Securities in an amount equal to such other Guarantor’s
pro rata portion of such payment based on the respective net assets of all the Guarantors so providing a Guarantee with respect
to such series of Securities at the time of such payment determined in accordance with GAAP.

 

Article
XVII

 

MISCELLANEOUS PROVISIONS

 

Section
17.1       Certificates and Opinions as to Conditions Precedent.

 

(a)              
Upon any request or application by the Company to the Trustee to take any action under any of the provisions of this Indenture,
the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion
of such counsel all such conditions precedent have been complied with.

 

(b)              
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with
a condition or covenant provided for in this Indenture (other than the certificates provided pursuant to Section 6.5 of this Indenture)
shall include (i) a statement that the Person giving such certificate or opinion has read such covenant or condition; (ii) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based; (iii) a statement that, in the view or opinion of such Person, he or she has made such examination
or investigation as is necessary to enable such Person to express an informed view or opinion as to whether or not such covenant
or condition has been complied with; and (iv) a statement as to whether or not, in the view or opinion of such Person, such condition
or covenant has been complied with.

 

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(c)              
 Any certificate, statement or opinion of an officer of the Company may be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate,
statement or opinion is based are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates
to factual matters, upon a certificate, statement or opinion of, or representations by, an officer or officers of the Company stating
that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in
the exercise of reasonable care should know, that the certificate, statement or opinion or representations with respect to such
matters are erroneous.

 

(d)              
Any certificate, statement or opinion of an officer of the Company or of counsel to the Company may be based, insofar as
it relates to accounting matters, upon a certificate or opinion of, or representations by, an accountant or firm of accountants,
unless such officer or counsel, as the case may be, knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the accounting matters upon which his or her certificate, statement or opinion may
be based are erroneous. Any certificate or opinion of any firm of independent registered public accountants filed with the Trustee
shall contain a statement that such firm is independent.

 

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

 

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

 

Section
17.2       Trust Indenture Act Controls.
If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or another
provision included in this Indenture which is required to be included in this Indenture by any of the provisions of Sections 310
to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control.

 

Section
17.3       Notices to the Company, Guarantors and Trustee.
Any notice or demand authorized by this Indenture to be made upon, given or furnished to, or filed with, the Company, any Guarantor
or the Trustee shall be sufficiently made, given, furnished or filed for all purposes if it shall be mailed, delivered or telefaxed
to:

 

(a)              
the Company or any Guarantor, at Molson Coors Beverage Company, P.O. BOX 4030, NH353, Golden, Colorado 80401, Attention:
Chief Legal Officer, Facsimile No.: 312-496-5198, or at such other address or facsimile number as may have been furnished in writing
to the Trustee by the Company.

 

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(b)              
 the Trustee, at:

 

The Bank of New York Mellon Trust Company, N.A.

400 South Hope Street, Suite 500

Los Angeles, California 90071

Attention: Corporate Unit

Facsimile No.: 213-630-6298

 

Any such notice, demand or other document shall be in the English
language.

 

The Trustee shall have the right to accept
and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture
and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate
listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures
of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted
from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion
elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company
understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee
shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate
provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized
Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard
the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the
Company. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s
reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent
written instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception
and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of
transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s)
selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions
provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify
the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. "Electronic Means"
shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable
authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee
as available for use in connection with its services hereunder.

 

Section
17.4       Notices to Securityholders; Waiver.
Any notice required or permitted to be given to Securityholders shall be sufficiently given (unless otherwise herein expressly
provided),

 

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(a)              
 if to Holders, if given in writing by first-class mail, postage prepaid, to such Holders at their addresses as the same
shall appear on the Register of the Company.

 

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

 

(c)              
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
on such waiver. In any case where notice to Holders is given by mail; neither the failure to mail such notice nor any defect in
any notice so mailed to any particular Holder shall affect the sufficiency of such notice with respect to other Holders, and any
notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given. In any case where notice
to Holders is given by publication, any defect in any notice so published as to any particular Holder shall not affect the sufficiency
of such notice with respect to other Holders, and any notice that is published in the manner herein provided shall be conclusively
presumed to have been duly given.

 

Section
17.5       Legal Holiday.
Unless otherwise specified pursuant to Section 3.1, in any case where any Interest Payment Date, Redemption Date or Maturity of
any Security of any series shall not be a Business Day at any Place of Payment for the Securities of that series, then payment
of principal and premium, if any, or interest need not be made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and effect as if made on such Interest Payment Date, Redemption
Date or Maturity and no interest shall accrue on such payment for the period from and after such Interest Payment Date, Redemption
Date or Maturity, as the case may be, to such Business Day if such payment is made or duly provided for on such Business Day.

 

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

 

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

 

Section
17.8       Benefits of Indenture.
Nothing in this Indenture expressed and nothing that may be implied from any of the provisions hereof is intended, or shall
be construed, to confer upon, or to give to, any Person or corporation other than the parties hereto and their successors and
the Holders of the Securities any benefit or any right, remedy or claim under or by reason of this Indenture or any covenant,
condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in
this Indenture contained shall be for the sole and exclusive benefit of the parties hereto and their successors and of the
Holders of the Securities. In addition, this Indenture shall not be used to, and is not intended to, interpret any other
indenture (other than a supplemental indenture hereto or a security issued hereunder), supplemental indenture, loan or
other agreement or instrument of the Company or any of its Subsidiaries. Any such indenture, supplemental indenture, loan or
debt agreement may not be used to interpret this Indenture.

 

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

 

Section
17.10     Governing Law; Waiver of Trial by Jury.
This Indenture and the Securities shall be deemed to be contracts made under the law of the State of New York, and for all
purposes shall be governed by and construed in accordance with the law of said State.

 

EACH PARTY HERETO, AND EACH HOLDER OF A
SECURITY BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.

 

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

 

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

 

Section
17.13     OFAC Sanctions.

 

(i)       The
Company covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers are the target
or subject of any sanctions enforced by the US Government, (including, the Office of Foreign Assets Control of the US Department
of the Treasury (“OFAC”)), the United Nations Security Council, the European Union, HM Treasury, or other relevant
sanctions authority (collectively “Sanctions”).

 

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(ii)       The
Company covenants and represents that neither it nor any of its affiliates, subsidiaries, directors or officers will use any payments
made pursuant to this Supplemental Indenture, (i) to fund or facilitate any activities of or business with any person who, at the
time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business
with any country or territory that is the target or subject of Sanctions, or in any other manner that will result in a violation
of Sanctions by any person.

 

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

 

	 	MOLSON COORS BEVERAGE COMPANY, as Issuer 
	 	 
	 	By:	                
	 	 	Name:
	 	 	Title:
	 	 
	 	GUARANTORS:
	 	 
	 	[●]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    79

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