Document:

Exhibit
4.1

 

 

 

 

INDENTURE

 

Dated as
of February 2, 2021

 

Among

 

THE HOWARD
HUGHES CORPORATION,

 

as Issuer,

 

THE SUBSIDIARY
GUARANTORS PARTY HERETO,

 

and

 

WELLS FARGO
BANK, NATIONAL ASSOCIATION,

 

as Trustee

 

4.125% SENIOR
NOTES DUE 2029

 

 

 

    

     

    

 

TABLE OF
CONTENTS

 

Page

 

	Article 1
	 
	DEFINITIONS AND INCORPORATION BY
    REFERENCE
	 
	Section
    1.01   Definitions	 	 	1	 
	Section
    1.02   Other Definitions	 	 	27	 
	Section
    1.03   Rules of Construction	 	 	29	 
	Section
    1.04   Acts of Holders	 	 	30	 
	 	 	 	 	 
	Article 2
	 
	THE NOTES
	 	 	 	 	 
	Section
    2.01   Form and Dating; Terms	 	 	32	 
	Section
    2.02   Execution and Authentication	 	 	33	 
	Section
    2.03   Registrar and Paying Agent	 	 	33	 
	Section
    2.04   Paying Agent to Hold Money in Trust	 	 	34	 
	Section
    2.05   Holder Lists	 	 	34	 
	Section
    2.06   Transfer and Exchange	 	 	35	 
	Section
    2.07   Replacement Notes	 	 	36	 
	Section
    2.08   Outstanding Notes	 	 	37	 
	Section
    2.09   Treasury Notes	 	 	37	 
	Section
    2.10   Temporary Notes	 	 	37	 
	Section
    2.11   Cancellation	 	 	38	 
	Section
    2.12   Defaulted Interest	 	 	38	 
	Section
    2.13   CUSIP and ISIN Numbers	 	 	38	 
	Section
    2.14   Computation of Interest	 	 	38	 
	 	 	 	 	 
	Article 3
	 	 	 	 	 
	REDEMPTION
	 	 	 	 	 
	Section
    3.01   Notices to Trustee	 	 	39	 
	Section
    3.02   Selection of Notes to Be Redeemed or Purchased	 	 	39	 
	Section
    3.03   Notice of Redemption	 	 	40	 
	Section
    3.04   Effect of Notice of Redemption	 	 	41	 
	Section
    3.05   Deposit of Redemption or Purchase Price	 	 	41	 
	Section
    3.06   Notes Redeemed or Purchased in Part	 	 	42	 
	Section
    3.07   Optional Redemption	 	 	42	 
	Section
    3.08   Mandatory Redemption; Open Market Purchases	 	 	43	 
	Section
    3.09   Offers to Repurchase by Application of Excess Proceeds	 	 	43	 

 

    

     

    

 

	Article 4
	 
	COVENANTS
	 
	Section
    4.01   Payment of Notes	 	 	46	 
	Section
    4.02   Maintenance of Office or Agency	 	 	46	 
	Section
    4.03   Reports	 	 	46	 
	Section
    4.04   Compliance Certificate	 	 	48	 
	Section
    4.05   Corporate Existence	 	 	48	 
	Section
    4.06   Payment of Taxes	 	 	49	 
	Section
    4.07   Stay, Extension and Usury Laws	 	 	49	 
	Section
    4.08   Restricted Payments	 	 	49	 
	Section
    4.09   Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	 	 	53	 
	Section
    4.10   Incurrence of Indebtedness and Issuance of Preferred Stock	 	 	55	 
	Section
    4.11   Asset Sales	 	 	60	 
	Section
    4.12   Transactions with Affiliates	 	 	63	 
	Section
    4.13   Liens	 	 	65	 
	Section
    4.14   Permitted Business Activities	 	 	65	 
	Section
    4.15   Offer to Repurchase upon Change of Control	 	 	65	 
	Section
    4.16   Future Guarantors	 	 	68	 
	Section
    4.17   Designation of Restricted and Unrestricted Subsidiaries	 	 	68	 
	Section
    4.18   Effectiveness of Covenants	 	 	69	 
	Article 5
	 
	SUCCESSORS
	 
	Section
    5.01   Merger, Consolidation or Sale of Assets	 	 	71	 
	Section
    5.02   Successor Entity Substituted	 	 	73	 
	Article 6
	 
	DEFAULTS AND REMEDIES
	 
	Section
    6.01   Events of Default	 	 	73	 
	Section
    6.02   Acceleration	 	 	75	 
	Section
    6.03   Other Remedies	 	 	75	 
	Section
    6.04   Waiver of Past Defaults	 	 	76	 
	Section
    6.05   Control by Majority	 	 	76	 
	Section
    6.06   Limitation on Suits	 	 	76	 
	Section
    6.07   Rights of Holders to Receive Payment	 	 	77	 
	Section
    6.08   Collection Suit by Trustee	 	 	77	 
	Section
    6.09   Restoration of Rights and Remedies	 	 	77	 
	Section
    6.10   Rights and Remedies Cumulative	 	 	77	 
	Section
    6.11   Delay or Omission Not Waiver	 	 	78	 
	Section
    6.12   Trustee May File Proofs of Claim	 	 	78	 
	Section
    6.13   Priorities	 	 	78	 
	Section
    6.14   Undertaking for Costs	 	 	79	 

 

    ii

     

    

 

	Article 7
	 
	TRUSTEE
	 
	Section
    7.01   Duties of Trustee	 	 	79	 
	Section
    7.02   Rights of Trustee	 	 	80	 
	Section
    7.03   Individual Rights of the Trustee	 	 	83	 
	Section
    7.04   Trustee’s Disclaimer	 	 	83	 
	Section
    7.05   Notice of Defaults	 	 	83	 
	Section
    7.06   Limitation on Trustee’s Liability	 	 	83	 
	Section
    7.07   Compensation and Indemnity	 	 	83	 
	Section
    7.08   Replacement of Trustee	 	 	84	 
	Section
    7.09   Successor Trustee by Merger	 	 	85	 
	Section
    7.10   Eligibility; Disqualification	 	 	85	 
	Article 8
	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section
    8.01   Option to Effect Legal Defeasance or Covenant Defeasance	 	 	86	 
	Section
    8.02   Legal Defeasance and Discharge	 	 	86	 
	Section
    8.03   Covenant Defeasance	 	 	87	 
	Section
    8.04   Conditions to Legal or Covenant Defeasance	 	 	87	 
	Section
    8.05   Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	 	 	88	 
	Section
    8.06   Repayment to the Issuer	 	 	89	 
	Section
    8.07   Reinstatement	 	 	89	 
	Article 9
	 
	AMENDMENT, SUPPLEMENT AND WAIVER
	 
	Section
    9.01   Without Consent of Holders	 	 	89	 
	Section
    9.02   With Consent of Holders	 	 	90	 
	Section
    9.03   Revocation and Effect of Consents	 	 	92	 
	Section
    9.04   Notation on or Exchange of Notes	 	 	92	 
	Section
    9.05   Trustee to Sign Amendments, etc.	 	 	92	 
	Article 10
	 
	NOTE GUARANTEES
	 
	Section
    10.01   Guarantee	 	 	93	 
	Section
    10.02   Limitation on Subsidiary Guarantor Liability	 	 	94	 
	Section
    10.03   Execution and Delivery	 	 	95	 
	Section
    10.04   Subrogation	 	 	95	 
	Section
    10.05   Benefits Acknowledged	 	 	95	 
	Section
    10.06   Release of Note Guarantees	 	 	96	 

 

    iii

     

    

 

	Article 11
	 
	SATISFACTION AND DISCHARGE
	 
	Section
    11.01   Satisfaction and Discharge	 	 	97	 
	Section
    11.02   Application of Trust Money	 	 	97	 
	Article 12
	 
	MISCELLANEOUS
	 
	Section
    12.01   Notices	 	 	98	 
	Section
    12.02   Communication by Holders with Other Holders	 	 	100	 
	Section
    12.03   Certificate and Opinion as to Conditions Precedent	 	 	100	 
	Section
    12.04   Statements Required in Certificate or Opinion	 	 	100	 
	Section
    12.05   Rules by Trustee and Agents	 	 	101	 
	Section
    12.06   No Personal Liability of Directors, Officers, Employees, Members, Partners and Stockholders	 	 	101	 
	Section
    12.07   Governing Law	 	 	101	 
	Section
    12.08   Jurisdiction	 	 	101	 
	Section
    12.09   Waiver of Jury Trial	 	 	101	 
	Section
    12.10   No Adverse Interpretation of Other Agreements	 	 	101	 
	Section
    12.11   Successors	 	 	102	 
	Section
    12.12   Severability	 	 	102	 
	Section
    12.13   Counterpart Originals	 	 	102	 
	Section
    12.14   Table of Contents, Headings, etc.	 	 	102	 
	Section
    12.15   U.S.A. PATRIOT Act	 	 	102	 
	Section
    12.16   Payments Due on Non-Business Days	 	 	103	 

 

	Appendix A	 	Provisions
    Relating to Initial Notes and Additional Notes
	Exhibit A	 	Form of Note
	Exhibit B	 	Form of Supplemental
    Indenture to Be Delivered by Future Guarantors

 

    iv

     

    

 

 

INDENTURE,
dated as of February 2, 2021, among The Howard Hughes Corporation, a Delaware corporation (the “Issuer”), the
Subsidiary Guarantors (as defined below) party hereto and Wells Fargo Bank, National Association, a national banking association,
as the trustee (“Trustee”).

 

W I T
N E S S E T H

 

WHEREAS,
the Issuer has duly authorized the creation and issuance of $650,000,000 aggregate principal amount of 4.125% Senior Notes due
2029 (the “Initial Notes”) and each Initial Guarantor (as defined below) has duly authorized its Note Guarantee
(as defined below) thereof; and

 

WHEREAS,
the Issuer and each Initial Guarantor has duly authorized the execution and delivery of this Indenture.

 

NOW,
THEREFORE, the Issuer, the Initial Guarantors and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders.

 

Article
1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01           
Definitions.

 

“Acquired
Debt” means, with respect to any specified Person:

 

(1)               
Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary
of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other
Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and

 

(2)               
Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

 

“Additional
Assets” means any property or assets (other than Indebtedness and Capital Stock) to be used by the Issuer or any of
its Restricted Subsidiaries in a Permitted Business.

 

“Additional
Notes” means Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance with Section
2.01 and Section 4.10, as part of the same series as the Initial Notes whether or not they bear the same CUSIP number.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Agent”
means any Registrar, co-registrar, Custodian, Transfer Agent, Paying Agent or additional paying agent.

 

“Applicable
Premium” means, with respect to any Note on any Redemption Date, the greater of:

 

(1)               
1.0% of the principal amount of such Note, and

 

     

     

    

 

(2)               
 the excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price (such redemption
price being set forth in the table appearing in Section 3.07(d)) of such Note at February 1, 2024, plus (ii) all required
interest payments due on such Note (excluding accrued but unpaid interest to the Redemption Date) to, but excluding, February
1, 2024, computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the
principal amount of such Note.

 

“Asset
Sale” means:

 

(1)               
the sale, lease (other than operating leases), conveyance or other disposition (including by merger, amalgamation, consolidation
or sale and leaseback transaction, and whether by operation of law or otherwise) of any assets or rights; provided that
the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries,
taken as a whole, shall be governed by Section 4.15 and/or Section 5.01 and not by Section 4.11; and

 

(2)               
the issuance of Equity Interests in any of the Issuer’s Restricted Subsidiaries or the sale of Equity Interests in
any such Restricted Subsidiary (other than directors’ qualifying Equity Interests or Equity Interests required by applicable
law to be held by a Person other than the Issuer or any of its Restricted Subsidiaries).

 

Notwithstanding
the preceding, none of the following items shall be deemed to be an Asset Sale:

 

(1)               
any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $25.0 million;

 

(2)               
a transfer of assets (including through a merger, amalgamation or consolidation) between or among the Issuer and its Restricted
Subsidiaries;

 

(3)               
an issuance of Equity Interests by a Restricted Subsidiary of the Issuer to any other Restricted Subsidiary of the Issuer
or to the Issuer;

 

(4)               
the disposition of inventory, commercial properties, development rights, units, homes, land, lots, or other assets, in
each case in the ordinary course of business, and any sale or other disposition of damaged, worn-out, negligible, surplus or obsolete
assets;

 

(5)               
the sale or other disposition of Cash Equivalents;

 

(6)               
a Restricted Payment or Permitted Investment that does not violate Section 4.08;

 

(7)               
the unwinding of any Hedging Obligations;

 

(8)               
the licensing of intellectual property in the ordinary course of business or in accordance with industry practice;

 

(9)               
the sale, lease, conveyance, disposition or other transfer of the securities of, or any Investment in, any Unrestricted
Subsidiary;

 

(10)            
surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind;

 

(11)            
a disposition of leasehold improvements or leased assets in connection with the termination of any operating lease;

 

    2

     

    

 

(12)            
 leases or subleases, or assignments of leased facilities, to third persons;

 

(13)            
in the ordinary course of business, any swap of assets, or lease, assignment or sublease of any real or personal property,
in exchange for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness
to the business of the Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by the Issuer;

 

(14)            
the creation or realization of a Lien to the extent that the granting of such Lien was not in violation of Section 4.13;

 

(15)            
the issuance of preferred stock of a Restricted Subsidiary of the Issuer pursuant to Section 4.10;

 

(16)            
the sale or disposition of any assets or property received as a result of a foreclosure by the Issuer or any of its Restricted
Subsidiaries;

 

(17)            
any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other
claims of any kind;

 

(18)            
solely for purposes of Section 4.11(a), the sale of interests in a joint venture pursuant to customary put-call or buy-sell
arrangements;

 

(19)            
to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding
any boot thereon); and

 

(20)            
foreclosures or governmental condemnations on assets.

 

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

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except
that in calculating the beneficial ownership of any particular “person” (as that term is defined in Section 13(d)(3)
of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person”
has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time or upon the occurrence of a subsequent condition. The term “Beneficially Own”
shall have a corresponding meaning.

 

“Board
of Directors” means:

 

(1)               
with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act
on behalf of such board;

 

(2)               
with respect to a partnership, the board of directors of the general partner of the partnership;

 

(3)               
with respect to a limited liability company, the managing member or members or any controlling committee of managing members
thereof; and

 

(4)               
with respect to any other Person, the board or committee of such Person serving a similar function.

 

    3

     

    

 

“Bridge
Loan” means the Term Loan Agreement, dated as of December 30, 2019 (as amended by the First Amendment thereto, dated
as of May 20, 2020, and as it may be further amended or modified from time to time), among the Issuer, as borrower, certain Subsidiaries
of the Issuer from time to time party thereto, as guarantors, Bank of America, N.A., as administrative agent, and the lenders
party thereto.

 

“Business
Day” means each day that is not a Saturday, a Sunday or a day on which banking institutions are not required to be open
in the State of New York or at the place of payment in respect of the Notes. If a payment date is not a Business Day at such place,
payment may be made at such place on the next succeeding Business Day.

 

“Capital
Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital
lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP on the Issue Date,
and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to
the first date upon which such lease may be prepaid by the lessee without payment of a penalty.

 

“Capital
Stock” means:

 

(1)               
in the case of a corporation, corporate stock;

 

(2)               
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents
(however designated) of corporate stock;

 

(3)               
in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership
interests; and

 

(4)               
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into
Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

 

“Cash
Equivalents” means:

 

(1)               
U.S. dollars or any other currencies held from time to time in the ordinary course of business;

 

(2)               
securities issued or directly and fully and unconditionally guaranteed or insured by the United States government or any
agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation
of such government with maturities of 24 months or less from the date of acquisition;

 

(3)               
certificates of deposit, time deposits and Eurodollar time deposits with maturities of two years or less from the date
of acquisition, bankers’ acceptances with maturities not exceeding two years and overnight bank deposits, in each case with
any U.S. commercial bank having capital and surplus of not less than $250.0 million;

 

(4)               
repurchase obligations for underlying securities of the types described in clauses (2), (3) and (7) of this definition
entered into with any financial institution meeting the qualifications specified in clause (3) of this definition;

 

    4

     

    

 

(5)               
 commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P (or, if at any time neither Moody’s
nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency
selected by the Issuer) and in each case maturing within 24 months after the date of creation thereof and Indebtedness or
preferred stock issued by Persons (other than Affiliates of the Issuer) with a rating of “A2” or higher from Moody’s
or “A” or higher from S&P with maturities of 24 months or less from the date of acquisition;

 

(6)               
marketable short-term money market and similar funds either having (A) assets in excess of $250.0 million or (B) a
rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor
S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected
by the Issuer);

 

(7)               
readily marketable direct obligations issued by any state of the United States or any political subdivision or taxing authority
thereof having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P
shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by
the Issuer) with maturities of 24 months or less from the date of acquisition;

 

(8)               
readily marketable direct obligations issued by any foreign government or any political subdivision or public instrumentality
thereof, in each case having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s
nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency
selected by the Issuer) with maturities of 24 months or less from the date of acquisition; and

 

(9)               
investment funds investing at least 90% of their assets in securities of the types described in clauses (1) through
(8) of this definition.

 

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

 

(1)               
the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger, amalgamation or consolidation),
in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Restricted
Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d) of the Exchange Act) other
than Permitted Holders;

 

(2)               
the adoption of a plan relating to the liquidation or dissolution of the Issuer; or

 

(3)               
any “person” or “group” (within the meaning of Section 13(d) of the Exchange Act), other than
Permitted Holders, becomes the Beneficial Owner of Voting Stock of the Issuer representing more than 50% of the voting power of
the Voting Stock of the Issuer, whether as a result of issuance of securities of the Issuer, any merger, consolidation, amalgamation,
liquidation or dissolution of the Issuer or any direct or indirect transfer of securities. For purposes of this clause, the Permitted
Holders shall be deemed to Beneficially Own any Voting Stock of a Person held by any other Person (the “parent entity”)
so long as the Permitted Holders Beneficially Own directly or indirectly in the aggregate a majority of the voting power of the
Voting Stock of the parent entity.

 

Notwithstanding
the foregoing: (A) the transfer of assets between or among the Restricted Subsidiaries and the Issuer shall not itself constitute
a Change of Control; (B) the term “Change of Control” shall not include a merger, amalgamation or consolidation
of the Issuer with, or the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the
assets of the Issuer to, an Affiliate incorporated or organized solely for the purpose of reincorporating or reorganizing the
Issuer in another state of the United States and/or for the sole purpose of forming, collapsing or dissolving a holding company
structure; and (C) a “person” or “group” shall not be deemed to have beneficial ownership of securities
subject to a stock purchase agreement, merger agreement or similar agreement (or voting or option agreement related thereto) until
the consummation of the transactions contemplated by such agreement.

 

    5

     

    

 

“Common
Stock” means with respect to any Person, any and all shares, interest or other participations in, and other equivalents
(however designated and whether voting or nonvoting) of such Person’s common stock, whether or not outstanding on the Issue
Date, and includes, without limitation, all series and classes of such common stock.

 

“Consolidated
Cash Flow Available for Fixed Charges” of the Issuer and its Restricted Subsidiaries means for any period, the sum of
the amounts for such period of:

 

(i)                
Consolidated Net Income, plus

 

(ii)              
Consolidated Income Tax Expense (without regard to income tax expense or credits attributable to extraordinary and nonrecurring
gains or losses on Asset Sales), plus

 

(iii)             
Consolidated Interest Incurred, plus

 

(iv)             
all depreciation, and, without duplication, amortization (including capitalized interest amortized to cost of sales), plus

 

(v)               
any non-cash impairment charge or asset write-off reducing Net Income and not added back to Consolidated Net Income pursuant
to clause (xii) of the definition thereof; plus

 

(vi)             
all other non-cash items reducing Consolidated Net Income during such period, plus

 

(vii)            
any expenses or charges related to any Equity Offering, Permitted Investment, merger, amalgamation, consolidation, arrangement,
acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Indenture (including
a refinancing thereof) (whether or not successful), including (x) fees, expenses or charges related to the offering of the
Notes and (y) any amendment or other modification of the Notes, in each case to the extent deducted (and not added back)
in computing Consolidated Net Income; minus

 

(viii)           
all other non-cash items increasing Consolidated Net Income during such period, other than the accrual of revenue in the
ordinary course of business;

 

all as determined on a consolidated
basis for the Issuer and its Restricted Subsidiaries in accordance with GAAP.

 

“Consolidated
Income Tax Expense” of the Issuer for any period means the income tax expense of the Issuer and its Restricted Subsidiaries
for such period, determined on a consolidated basis in accordance with the GAAP.

 

    6

     

    

 

“Consolidated
Interest Incurred” of the Issuer for any period means, without duplication, the aggregate amount, determined on a consolidated
basis in accordance with GAAP, of (i) interest which, in conformity with GAAP, would be set opposite the caption “interest
expense” or any like caption on an income statement for the Issuer and its Restricted Subsidiaries for such period (including
imputed interest included on Capital Lease Obligations, all commissions, discounts and other fees and charges owed with respect
to letters of credit securing financial obligations and bankers’ acceptance financing, the net costs associated with Hedging
Obligations, amortization of other financing fees and expenses, the interest portion of any deferred payment obligation, amortization
of discount or premium, if any, and all other non-cash interest expense other than interest and other charges amortized to cost
of sales and other than any non-cash expense attributable to mark-to-market valuation of Hedging Obligations or other derivative
instruments and the write-off of deferred financing and issuance costs) and includes, with respect to the Issuer and its Restricted
Subsidiaries, without duplication, all interest capitalized for such period, all interest attributable to discontinued operations
for such period to the extent not set forth on the income statement under the caption “interest expense” or any like
caption, and all interest actually paid by the Issuer or a Restricted Subsidiary under any Guarantee of Indebtedness (including
a Guarantee of principal, interest or any combination thereof) of any other Person during such period and (ii) the amount
of cash dividends or distributions on Disqualified Stock of the Issuer or preferred stock of the Issuer’s Restricted Subsidiaries
(other than to the Issuer or another Restricted Subsidiary) whether or not declared during such period.

 

“Consolidated
Net Income” of the Issuer for any period means the aggregate Net Income of the Issuer and its Restricted Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded from
such Net Income (to the extent otherwise included therein), without duplication:

 

(i)                
the Net Income of any Person (other than a Restricted Subsidiary) in which any Person (including an Unrestricted Subsidiary)
other than the Issuer or any Restricted Subsidiary has an ownership interest, except to the extent that any such income has actually
been received by the Issuer or any Restricted Subsidiary in the form of cash dividends or similar cash distributions during such
period, or in any other form but converted to cash during such period;

 

(ii)              
except to the extent includable in Consolidated Net Income pursuant to clause (i) of this definition, the Net Income
of any Person that accrued prior to the date that (a) such Person becomes a Restricted Subsidiary or is merged or amalgamated
with or into or consolidated with the Issuer or any of its Restricted Subsidiaries or (b) the assets of such Person are acquired
by the Issuer or any of its Restricted Subsidiaries;

 

(iii)             
solely for the purpose of determining the Cumulative Buildup Basket, the Net Income of any Restricted Subsidiary only to
the extent that (but only so long as) the declaration or payment of dividends or similar distributions by such Restricted Subsidiary
of that income is not permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Restricted Subsidiary during such period;

 

(iv)              
in the case of a successor to the Issuer by consolidation, amalgamation, merger or transfer of its assets, any earnings
of the successor prior to such merger, consolidation, amalgamation or transfer of assets;

 

(v)               
the gains and losses realized during such period by the Issuer or any of its Restricted Subsidiaries resulting from (a) the
acquisition of securities issued by the Issuer or extinguishment of Indebtedness of the Issuer or any of its Restricted Subsidiaries,
(b) Asset Sales by the Issuer or any of its Restricted Subsidiaries and (c) other extraordinary, non-recurring or unusual
items realized by the Issuer or any of its Restricted Subsidiaries;

 

(vi)             
any income or loss from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments;

 

(vii)            
any unrealized net gain or loss resulting in such period from Hedging Obligations or other derivative instruments;

 

(viii)           
the cumulative effect of a change in accounting principles;

 

    7

     

    

 

(ix)             
 any non-cash compensation expense recorded from grants of stock appreciation or similar rights, stock options, restricted
stock or other rights to officers, directors or employees;

 

(x)               
any net unrealized gain or loss (after any offset) resulting in such period from currency translation gains or losses related
to currency remeasurements of Indebtedness (including any unrealized net loss or gain resulting from hedge agreements for currency
exchange risk);

 

(xi)              
any non-cash gain or loss related to any increase or decrease in the value of the Management Warrants; and

 

(xii)             
any non-cash impairment charge or asset write-off, in each case other than related to real estate assets.

 

“Consolidated
Tangible Assets” of the Issuer means, with respect to any determination date, (a) the total amount of assets of
the Issuer and its Restricted Subsidiaries (less applicable reserves) on a consolidated basis at the end of the fiscal quarter
immediately preceding such date, as determined in accordance with GAAP, less (b) minority or non-controlling interests
and Intangible Assets, in each case as reflected on the consolidated balance sheet of the Issuer and its Restricted Subsidiaries
as of the end of the fiscal quarter immediately preceding such date.

 

“Consolidated
Tangible Net Worth” of the Issuer means, with respect to any determination date, (a) the stockholders’ equity
of the Issuer and its Restricted Subsidiaries on a consolidated basis at the end of the fiscal quarter immediately preceding such
date, as determined in accordance with GAAP (exclusive of the liability associated with outstanding Management Warrants), less
(b) the total book value of Intangible Assets reflected on the consolidated balance sheet of the Issuer and its Restricted
Subsidiaries as of the end of the fiscal quarter immediately preceding such date.

 

“Corporate
Trust Office” means (a) with respect to the Trustee, the office of the Trustee at which the corporate trust business
of the Trustee is administered, which at the date of this Indenture is located, (i) for purposes of transfers, exchanges
or surrender of the Notes or for presentment of Notes for final payment thereon, at Wells Fargo Bank, National Association, as
Trustee and Registrar – 600 S. 4th Street, 7th Floor, Minneapolis, MN 55415, MAC: N9300-070, Attention:
Bondholder Communications, Telephone No.: (800) 344-5128, Email: bondholdercommunications@wellsfargo.com and (ii) for all
other purposes, at Wells Fargo Bank, National Association, CTSO Mail Operations 600 South 4th Street, 7th Floor, MAC: N9300-070,
Minneapolis, MN 55415, Attention: Corporate Trust Services -- The Howard Hughes Corporation Administrator, or such other address
as the Trustee shall designate.

 

“Credit
Agreement” means the Third Amended and Restated Master Credit Agreement dated as of August 8, 2013, by and among The
Woodlands Commercial Properties Company, L.P., The Woodlands Land Development Company, L.P., Keybank National Association, the
other lenders that are a party to the agreement, and the other lending institutions which may become parties to the agreement,
as lenders, and Keybank National Association, as administrative agent for the lenders.

 

“Credit
Facilities” means one or more debt facilities, commercial paper facilities or debt securities or other forms of debt
financing, in each case, with banks, institutional investors or other lenders or credit providers or a trustee providing for the
revolving credit loans, term loans, project loans, receivables financing (including through the sale of receivables to such lenders
or to special purpose entities formed to borrow from such lenders against such receivables), bankers acceptances, letters of credit
or issuances of debt securities, including any related notes, guarantees, collateral documents, instruments, indentures, documents
and agreements executed in connection therewith and in each case, as amended, restated, modified, renewed, extended, supplemented,
restructured, refunded, replaced in any manner (whether upon or after termination or otherwise) or in part from time to time,
in one or more instances and including any amendment increasing the amount of Indebtedness incurred or available to be borrowed
thereunder, extending the maturity of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding or substituting
one or more parties thereto (whether or not such added or substituted parties are banks or other institutional lenders), including
one or more separate instruments or facilities, in each case, whether any such amendment, restatement, modification, renewal,
extension, supplement, restructuring, refunding, replacement or refinancing occurs simultaneously or not with the termination
or repayment of a prior Credit Facility.

 

    8

     

    

 

“Custodian”
means, with respect to the Notes in global form, Wells Fargo Bank, National Association, as custodian or any successor entity
thereto.

 

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

 

“Definitive
Note” means a certificated Initial Note or Additional Note (bearing the Restricted Notes Legend if the transfer of such
Note is restricted by applicable law) that does not include the Global Notes Legend.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, a Person specified in Section 2.03 as
the Depositary with respect to the Notes and any and all successors thereto appointed as Depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“Designated
Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by the Issuer or any of its Restricted
Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s
Certificate setting forth the basis of such valuation, executed by a member of Senior Management, less the amount of cash or Cash
Equivalents received in connection with a subsequent sale of or collection on such Designated Non-Cash Consideration.

 

“Designated
SPE Debt” with respect to any SPE means Indebtedness for which the creditor thereof does not have recourse to assets
for collection of principal and interest on such Indebtedness other than the assets of such SPE and its Subsidiaries. Indebtedness
which is otherwise Designated SPE Debt shall not lose its character as Designated SPE Debt because there is recourse to the Issuer,
a Restricted Subsidiary or other Person for or in respect of (a) environmental warranties and indemnities, (b) indemnities
for and liabilities arising from fraud, misrepresentation, misapplication or non-payment of rents, profits, insurance and condemnation
proceeds and other sums actually received by the obligor from secured assets to be paid to the lender, waste and mechanics’
liens, (c) a voluntary bankruptcy filing (or similar filing or action) or involuntary bankruptcy filings by such borrower,
and other events, actions and circumstances customarily excluded by institutional lenders from exculpation provisions and/or included
in separate indemnification agreements or guarantees in non-recourse financings of real estate, (d) performance and completion
guarantees or (e) financial guarantees by the Issuer or any of its Restricted Subsidiaries incurred pursuant to Section 4.10(b)(1).
In the event that any Indebtedness which previously constituted Designated SPE Debt ceases to satisfy the requirements of this
definition, then at such time such Indebtedness shall be deemed, in each case, to constitute a new incurrence of such Indebtedness
by the Issuer or such Restricted Subsidiary, as the case may be, which new incurrence is not permitted by Section 4.10(b)(24).

 

    9

     

    

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible,
or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of
the holder of the Capital Stock, in whole or in part, on or prior to the date that is 90 days after the date on which the
Notes mature. Notwithstanding the preceding sentence, (x) any Capital Stock that would constitute Disqualified Stock solely
because the holders of the Capital Stock have the right to require the Person that issued such Capital Stock to repurchase such
Capital Stock upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock, (y) any
Capital Stock that would constitute Disqualified Stock solely as a result of any redemption feature that is conditioned upon,
and subject to, compliance with Section 4.08 shall not constitute Disqualified Stock and (z) any Capital Stock issued to
any plan for the benefit of employees shall not constitute Disqualified Stock solely because it may be required to be repurchased
by the Person that issued such Capital Stock in order to satisfy applicable statutory or regulatory obligations. The amount of
Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture shall be the maximum amount that the Issuer
and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions
of, such Disqualified Stock, exclusive of accrued dividends.

 

“DTC”
means The Depository Trust Company.

 

“Equity
Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock and, for the avoidance of doubt, phantom stock or deferred
stock units issued as compensation).

 

“Equity
Offering” means a public or private offering after the Issue Date of Capital Stock (other than Disqualified Stock) of
the Issuer.

 

“Exchange
Act” means the Securities Exchange Act of 1934.

 

“Excluded
Contribution” means cash or Cash Equivalents received by the Issuer as capital contributions to its common equity (other
than through the issuance of Disqualified Stock) or from the issuance or sale (other than to a Subsidiary) of Capital Stock of
the Issuer (other than Disqualified Stock), in each case, to the extent designated as an Excluded Contribution pursuant to an
Officer’s Certificate of the Issuer.

 

“Existing
Indebtedness” means Indebtedness existing on the Issue Date (other than the Existing Project Loans), plus interest accruing
thereon.

 

“Existing
Notes” means the Issuer’s 4.125% Senior Notes due 2025, 5.375% Senior Notes due 2028 and 4.375% Senior Notes due
2031.

 

“Existing
Project Loans” means the Credit Agreement and all other Project Loans and Designated SPE Debt (and Guarantees thereof),
in each case, in existence on the Issue Date.

 

“Fair
Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction
not involving distress or necessity of either party, determined in good faith by the Board of Directors or Senior Management of
the Issuer (unless otherwise provided in this Indenture) and shall be evidenced by a board resolution or Officer’s Certificate
of Senior Management, respectively.

 

“Fixed
Charge Coverage Ratio” of the Issuer means, with respect to any determination
date, the ratio of (i) Consolidated Cash Flow Available for Fixed Charges of the Issuer and its Restricted Subsidiaries for the
Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available immediately
preceding the determination date to (ii) the aggregate Consolidated Interest Incurred of the Issuer and its Restricted Subsidiaries
for the Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available immediately
preceding the determination date; provided that:

 

    10

     

    

 

 

(i)                with
respect to any Indebtedness incurred since the beginning of such four fiscal quarter period, including on the date of determination,
such Indebtedness shall be assumed to have been incurred as of the first day of such four full fiscal quarter period; provided,
however, that the pro forma calculation of Consolidated Interest Incurred shall not give effect to any Indebtedness
incurred on the date of determination pursuant to Section 4.10(b); provided, further, however, that for purposes
of the calculation of the Fixed Charge Coverage Ratio in Section 4.10(b)(11), the Indebtedness to be incurred under Section 4.10(b)(11)
that is giving rise to the need to calculate the Fixed Charge Coverage Ratio shall be given effect;

 

(ii)              
with respect to Indebtedness discharged, defeased or repaid (other than a repayment of revolving credit obligations repaid
solely out of operating cash flows) since the beginning of such four full fiscal quarter period, including on the date of determination,
such Indebtedness shall be assumed to have been repaid on the first day of such four full fiscal quarter period; provided,
however, that the pro forma calculation of Consolidated Interest Incurred shall not give effect to such discharge,
defeasance or repayment on the date of determination of any Indebtedness to the extent such discharge, defeasance or repayment
results from the proceeds of Indebtedness incurred on the date of determination pursuant to Section 4.10(b);

 

(iii)             
with respect to the incurrence of any Acquired Debt since the beginning of such four full fiscal quarter period, such Indebtedness
and any proceeds therefrom shall be assumed to have been incurred and applied as of the first day of such four full fiscal quarter
period, and the results of operations of any Person and any Subsidiary of such Person that, in connection with or in contemplation
of such incurrence, becomes a Restricted Subsidiary of the Issuer or is merged with or into the Issuer or one of the Issuer’s
Restricted Subsidiaries or whose assets are acquired, shall be included, on a pro forma basis (including any acquisition
made by such Person during the four full fiscal quarter period), in the calculation of the Fixed Charge Coverage Ratio as if such
transaction had occurred on the first day of such four full fiscal quarters period (without giving effect to clause (ii) of
the definition of Consolidated Net Income);

 

(iv)              with
respect to any other transaction pursuant to which any Person becomes a Restricted Subsidiary of the Issuer (including the designation
of an Unrestricted Subsidiary as a Restricted Subsidiary of the Issuer) or is merged or amalgamated with or into the Issuer or
one of the Issuer’s Restricted Subsidiaries or pursuant to which any Person’s assets are acquired since the beginning
of such four full fiscal quarter period, such Fixed Charge Coverage Ratio shall be calculated on a pro forma basis as if
such transaction (including any acquisition made by such Person during the four full fiscal quarter period) had occurred on the
first day of such four full fiscal quarters period (without giving effect to clause (ii) of the definition of Consolidated
Net Income); and

 

(v)              
with respect to any discontinuation of any discontinued operations, pro forma effect shall be given, but, in the
case of Consolidated Interest Incurred, only to the extent that the obligations giving rise to the Consolidated Interest Incurred
shall not be obligations of such Person or any of its Restricted Subsidiaries following the transaction date.

 

For purposes
of this definition, whenever pro forma effect is to be given to any calculation under this definition, the pro forma
calculations shall be determined in good faith by a responsible financial or accounting officer of the Issuer. If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the interest expense on such Indebtedness shall
be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period. If any
Indebtedness that is being given pro forma effect bears an interest rate at the option of the Issuer, the interest rate
shall be calculated by applying such optional rate chosen by the Issuer.

 

    11 

     

    

 

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

 

“Government
Securities” means direct obligations of, or obligations guaranteed by, the United States of America (including any agency
or instrumentality thereof) and the payment for which the United States pledges its full faith and credit.

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements
to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions
or otherwise); provided, however, that the term “Guarantee” shall not include Liens permitted by clause
(n) of the definition of Permitted Liens.

 

“Hedging
Obligations” means, with respect to any specified Person, the obligations of such Person under:

 

(1)              
interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements
and interest rate collar agreements;

 

(2)              
other agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(3)              
other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity
prices.

 

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

 

“incur”
(and derivatives thereof) means to, directly or indirectly, create, incur, assume, issue, Guarantee, extend the maturity of, or
otherwise become liable with respect to any Indebtedness; provided, however, that neither the accrual of interest
(whether such interest is payable in cash or kind) nor the accretion of original issue discount shall be considered an incurrence
of Indebtedness.

 

“Indebtedness”
of any Person at any date means, without duplication,

 

(i)               
all indebtedness of such Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets
of such Person or only to a portion thereof);

 

(ii)              
all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments (including a purchase
money obligation) given in connection with the acquisition of any businesses, properties or assets of any kind or with services
incurred in connection with capital expenditures (other than any obligation to pay a contingent purchase price which, as of the
date of incurrence thereof, is not required to be recorded as a liability in accordance with GAAP);

 

(iii)             
all fixed obligations of such Person in respect of letters of credit or other similar instruments or reimbursement obligations
with respect thereto (other than standby letters of credit or similar instruments issued in connection with trade payables and
for the benefit of, or surety, performance, completion or payment bonds, earnest money notes or similar purpose undertakings or
indemnifications issued by, such Person, in each case in the ordinary course of business);

 

    12 

     

    

 

(iv)             
all obligations of such Person with respect to Hedging Obligations (other than those that fix or cap the interest rate
on variable rate Indebtedness otherwise permitted by this Indenture or that fix the exchange rate in connection with Indebtedness
denominated in a foreign currency and otherwise permitted by this Indenture);

 

(v)              
all Capital Lease Obligations of such Person;

 

(vi)             
all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by
such Person to the extent of the Fair Market Value of such asset (other than a Lien permitted by clause (n) of the definition
of Permitted Lien);

 

(vii)            
all Indebtedness of others Guaranteed by, or otherwise the liability of, such Person to the extent of such Guarantee or
liability; and

 

(viii)           
all Disqualified Stock issued by such Person and all preferred stock issued by Restricted Subsidiaries of such Person (the
amount of Indebtedness represented by any Disqualified Stock or preferred stock shall equal the greatest of the voluntary or involuntary
liquidation preference, or maximum mandatory redemption price, in each case plus accrued and unpaid dividends);

 

provided,
that Indebtedness shall not include accrued expenses, accounts payable, trade payables, liabilities related to inventory not owned,
customer deposits or deferred income taxes arising in the ordinary course of business.

 

The amount
of Indebtedness of any Person at any date shall be:

 

(a)              
the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(b)              
the outstanding balance at such date of all unconditional obligations as described above;

 

(c)              
the maximum liability of such Person for any contingent obligations under clause (vii) of this definition;

 

(d)              
the principal amount of the Indebtedness, in the case of any other Indebtedness;

 

(e)              
in the case of clause (vi) of this definition (if the Indebtedness referred to therein is not assumed by such Person),
the lesser of the (1) Fair Market Value of all assets subject to a Lien securing the Indebtedness of others on the date that
the Lien attaches and (2) amount of the Indebtedness secured; and

 

(f)               
calculated without giving effect to any increase or decrease as a result of any embedded derivative created by the terms
of such Indebtedness.

 

“Indebtedness
to Consolidated Tangible Net Worth Ratio” of the Issuer means, with respect to any determination date, the ratio of
(i) Indebtedness of the Issuer and its Restricted Subsidiaries (other than Indebtedness incurred under clauses (6), (7), (8),
(9), (10), (12), (14), (15), (16), (17), (18), (21), (22), (23) and (24) of Section 4.10(b)) to (ii) Consolidated Tangible Net
Worth of the Issuer, in each case, as of the determination date. The Indebtedness to Consolidated Tangible Net Worth Ratio shall
be calculated on a pro forma basis consistent with the pro forma adjustments set forth in the definition of Fixed Charge Coverage
Ratio.

 

    13 

     

    

 

“Indenture”
means this Indenture dated as of February 2, 2021, between the Issuer and Wells Fargo Bank, National Association, as the Trustee,
as amended or supplemented from time to time.

 

“Independent
Qualified Party” means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing
in the United States that is, in the good faith judgment of Senior Management, qualified to perform the task for which it has
been engaged; provided, however, that such firm or consultant is not an Affiliate of the Issuer.

 

“Initial
Guarantors” means, collectively, API/ HHC Lake Robbins Holding Company, LLC, HHC Warehouse Holding Company, LLC, a Delaware
limited liability company, HH Warehouse Land Holdings, LLC and HH Woodlands Tower Holdings, LLC, a Delaware limited liability
company.

 

“Initial
Notes” has the meaning set forth in the recitals hereto.

 

“Initial
Purchasers” means BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, PNC Capital Markets LLC
and U.S. Bancorp Investments, Inc.

 

“interest”
with respect to the Notes means interest with respect thereto.

 

“Interest
Payment Date” means February 1 and August 1 of each year until the stated maturity of the Notes, commencing, with respect
to the Initial Notes, on August 1, 2021.

 

“Intangible
Assets” of the Issuer means the amount (to the extent reflected in determining consolidated stockholders’ equity)
of:

 

(1)              
all write-ups (other than write-ups of tangible assets of a going concern business made within twelve months after the
acquisition of such business) in the book value of any asset owned by the Issuer or any Restricted Subsidiary; and

 

(2)              
all goodwill, trade names, trademarks, patents, service marks, copyrights and all other like intangibles;

 

provided,
however, that intangible assets resulting from the application of Statement of Financial Accounting Standards No. 141 to
the leased portions of acquired real estate assets shall not be considered Intangible Assets for purposes of this definition.

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent), in the case of Moody’s, and BBB-
(or the equivalent), in the case of S&P, or an equivalent rating in the case of any other Rating Agency.

 

“Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in
the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel,
relocation and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions
for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified
as investments on a balance sheet prepared in accordance with GAAP. The outstanding amount of any Investment shall be the original
cost thereof, reduced by all returns of such Investment (including returns of principal and proceeds of sale).

 

“Issue
Date” means February 2, 2021.

 

“Issuer”
has the meaning set forth in the recitals hereto or any successor obligor to its obligations under this Indenture and the Notes
pursuant to Article 5.

 

    14 

     

    

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect
of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest
in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes)
of any jurisdiction.

 

“Limited
Condition Acquisition” means any acquisition or other Investment, including by way of merger, amalgamation or consolidation,
by the Issuer or one or more of its Restricted Subsidiaries, with respect to which the Issuer or such Restricted Subsidiaries
have entered into an agreement or are otherwise contractually committed to consummate and the consummation of which is not expressly
conditioned upon the availability of, or on obtaining, financing from a third party non-Affiliate.

 

“Management
Warrants” means the warrants to purchase 2,103,485 shares of the Issuer’s common stock (subject to adjustment
pursuant to the applicable warrant agreement) pursuant to the warrant agreements entered into by the Issuer with David R. Weinreb,
David O’Reilly and Grant Herlitz.

 

“Marketable
Securities” means (a) equity securities that are listed on the New York Stock Exchange, the NYSE MKT or The Nasdaq
Stock Market and (b) debt securities that are rated by a nationally recognized rating agency, listed on the New York Stock
Exchange or the NYSE MKT or covered by at least two reputable market makers.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor to its debt rating business.

 

“Net
Income” means, with respect to any specified Person, such Person’s net income (loss) attributable to owners, determined
in accordance with GAAP and before any reduction in respect of preferred stock dividends.

 

“Net
Indebtedness to Book Capitalization Ratio” of the Issuer means, with respect
to any determination date, the ratio of (i) (x) Indebtedness of the Issuer and its Restricted Subsidiaries (other than Indebtedness
incurred under clauses (6), (7), (8), (9), (10), (12), (14), (15), (16), (17), (18), (21), (22), (23) and (24) of Section 4.10(b)),
minus (y) the aggregate amount of cash and Cash Equivalents of the Issuer and its Restricted Subsidiaries that would not
appear as “restricted” on a consolidated balance sheet of the Issuer and its Restricted Subsidiaries, in each case
as of the determination date (this clause (i), “Net Indebtedness”) to (ii) the sum of (x) Net Indebtedness and
(y) the stockholders’ equity of the Issuer and its Restricted Subsidiaries on a consolidated basis at the end of the fiscal
quarter immediately preceding such determination date (exclusive of the liability associated with outstanding Management Warrants),
in each case as determined in accordance with GAAP.  The Net Indebtedness to Book Capitalization Ratio shall be calculated
on a pro forma basis consistent with the pro forma adjustments set forth in the definition of Fixed Charge Coverage
Ratio.

 

    15 

     

    

 

“Net
Proceeds” means the aggregate cash proceeds received by the Issuer or any of its Restricted Subsidiaries in respect
of any Asset Sale (including any cash received upon the sale or other disposition of any non-cash consideration received in any
Asset Sale), net of the direct costs relating to such Asset Sale, including legal, accounting, investment banking and other professional
fees, payments made in order to obtain a necessary consent or required by applicable law, and sales commissions, and any relocation
expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, including taxes resulting
from the transfer of the proceeds of such Asset Sale to the Issuer, in each case, after taking into account:

 

(1)              
any available tax credits or deductions and any tax sharing arrangements;

 

(2)              
 amounts required to be applied to the repayment of Indebtedness secured by a Lien on the asset or assets that were the
subject of such Asset Sale;

 

(3)              
any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP;

 

(4)              
any reserve for adjustment in respect of any liabilities associated with the asset disposed of in such transaction and
retained by the Issuer or any Restricted Subsidiary of the Issuer after such sale or other disposition thereof;

 

(5)              
any distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures
as a result of such Asset Sale; and

 

(6)              
in the event that a Restricted Subsidiary of the Issuer consummates an Asset Sale and makes a pro rata payment of dividends
to all of its stockholders from any cash proceeds of such Asset Sale, the amount of dividends paid to any stockholder other than
the Issuer or any Restricted Subsidiary of the Issuer.

 

“Non-Guarantor”
means any Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor.

 

“Non-Recourse
Debt” means Indebtedness:

 

(1)              
as to which neither the Issuer nor any Restricted Subsidiary of the Issuer (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable
as a guarantor or otherwise, or (c) constitutes the lender, other than in each case Indebtedness secured by Liens permitted
by clause (n) of the definition of Permitted Liens;

 

(2)              
no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness,
of the Issuer to declare a default on such other Indebtedness or cause the payment of such other Indebtedness to be accelerated
or payable prior to its Stated Maturity; and

 

(3)              
as to which the lenders have been notified in writing or have agreed in writing (in the agreement relating thereto or otherwise)
that they shall not have any recourse to the stock or assets of the Issuer or any Restricted Subsidiary of the Issuer, other than
the Equity Interests of an Unrestricted Subsidiary owned by the Issuer or its Restricted Subsidiaries.

 

“Note
Guarantee” means the Guarantee by each Subsidiary Guarantor of the Issuer’s obligations under this Indenture and
the Notes pursuant to the provisions of this Indenture.

 

“Notes”
means the Initial Notes and any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the
term “Notes” shall also include any Additional Notes that may be issued under a supplemental indenture and Notes to
be issued or authenticated upon transfer, replacement or exchange of Notes.

 

“Obligations”
means, with respect to any Indebtedness, all obligations (whether in existence on the Issue Date or arising afterwards, absolute
or contingent, direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption, upon mandatory
repayment or repurchase pursuant to a mandatory offer to purchase, or otherwise), premium, interest, penalties, fees, indemnification,
reimbursement and other amounts payable and liabilities with respect to such Indebtedness, including all interest accrued or accruing
after the commencement of any bankruptcy, insolvency or reorganization or similar case or proceeding at the contract rate (including
any contract rate applicable upon default) specified in the relevant documentation, whether or not the claim for such interest
is allowed as a claim in such case or proceeding.

 

    16 

     

    

 

“Offering
Memorandum” means the final offering memorandum, dated January 19, 2021, relating to the offer and sale of the Initial
Notes.

 

“Officer”
means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President,
the Treasurer or the Secretary of the Issuer or, in the event that the Issuer is a partnership or a limited liability company
that has no such officers, a person duly authorized under applicable law by the general partner, managers, members or a similar
body to act on behalf of the Issuer. Officer of any Subsidiary Guarantor has a correlative meaning.

 

“Officer’s
Certificate” means a certificate signed by an Officer of the Issuer or a Subsidiary Guarantor, as the case may be.

 

“Opinion
of Counsel” means a written opinion from legal counsel who may be an employee of, or counsel to, the Issuer or such
other counsel acceptable to the Trustee.

 

“Permitted
Business” means (i) any business engaged in by the Issuer or any of its Restricted Subsidiaries or joint ventures on
the Issue Date, (ii) any business or other activities that are reasonably similar, ancillary, complementary or related to, or
a reasonable extension, development or expansion of, the businesses described in clause (i) of this definition (including complementary
leisure and entertainment facilities and activities), (iii) any business in the real estate development or community planning
industries, including for the avoidance of doubt, property management, hotel and casino ownership, hotel management, commercial
property development and/or fund management related to commercial and/or residential real estate and (iv) solely for purposes
of Section 4.14, licensing, sublicensing, contributing to joint ventures or other forms of exploiting for value the trade names,
trademarks, patents, service marks, copyrights and all other like intangibles of the Issuer and its Subsidiaries.

 

“Permitted
Business Investments” means Investments and expenditures made in the ordinary course of a Permitted Business as a means
of acquiring or developing land or any other real property interests through agreements, transactions, interests or arrangements
that, among other things, permit a Person to share (or have the effect of sharing) risks or costs, to participate in (or have
the effect of participating in) the economics of land or real property or development projects or to comply with any regulatory
agreements or requirements, including (a) co-tenancies, co-ownerships and the holding of ownership interests through nominee
companies to hold title to land or other real property interests and (b) Investments in the form of or pursuant to joint
development agreements, partnership agreements, limited liability company agreements, trust agreements, joint venture agreements
or other similar agreements with third parties.

 

“Permitted
Holders” means (i) Pershing Square and its Affiliates (including any investment partnership or fund managed by
any of them), and (ii) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act
or any successor provision) of which any of the Persons in clause (i) are members; provided that in the case of such
 “group” and without giving effect to the existence of such “group” or any other “group,” such
foregoing Persons in clause (i), collectively, have Beneficial Ownership, directly or indirectly, of more than 50% of the total
voting power of the Voting Stock of the Issuer or any of its direct or indirect parent entities held by such “group.”

 

    17 

     

    

 

“Permitted
Investments” means:

 

(1)              
any Investment in Cash Equivalents;

 

(2)              
any Investment in (a) the Issuer or any Restricted Subsidiary or (b) any Person that becomes a Restricted Subsidiary
as a result of such Investment or that is consolidated, amalgamated or merged with or into, or transfers all or substantially
all of the assets of it or an operating unit or line of business to, the Issuer or a Restricted Subsidiary;

 

(3)              
any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and
in compliance with Section 4.11 or any other disposition not constituting an Asset Sale;

 

(4)              
any Investment solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Issuer;

 

(5)              
any Investments received in compromise, settlement or resolution of (A) obligations of trade creditors or customers
that were incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary of the Issuer, including pursuant
to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, (B) litigation,
arbitration or other disputes with Persons who are not Affiliates or (C) as a result of a foreclosure by the Issuer or any
Restricted Subsidiary of the Issuer with respect to any secured Investment or other transfer of title with respect to any secured
Investment in default;

 

(6)              
Investments represented by Hedging Obligations;

 

(7)              
any Investment in payroll, travel and similar advances to cover business-related travel expenses, moving expenses or other
similar expenses, in each case incurred in the ordinary course of business;

 

(8)              
Investments in receivables owing to the Issuer or any Restricted Subsidiary of the Issuer if created or acquired in the
ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however,
that such trade terms may include such concessionary trade terms as the Issuer or such Restricted Subsidiary deems reasonable
under the circumstances;

 

(9)              
Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation,
performance and similar deposits entered into as a result of the operations of the business in the ordinary course of business;

 

(10)            
loans or advances to and guarantees provided for the benefit of employees, agents or consultants made in the ordinary course
of business of the Issuer or any Restricted Subsidiary of the Issuer in an aggregate principal amount not to exceed $2.0 million
at any one time outstanding;

 

(11)            
(i) Investments existing as of the Start Date, (ii) Investments made pursuant to a binding commitment existing on
the Start Date or (iii) Investments consisting of any extension, modification or renewal of any Investment described in subclause
(i) or (ii) of this clause (11) (excluding any such extension, modification or renewal involving additional advances,
contributions or other investments of cash or property or other increases thereof unless it is a result of the accrual or accretion
of interest or original issue discount or payment-in-kind pursuant to the terms, as of the Start Date, of the original Investment
so extended, modified or renewed);

 

    18 

     

    

 

(12)            
 Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between
the joint venture parties set forth in the joint venture arrangements and similar binding arrangements in the ordinary course
of business;

 

(13)            
extensions of trade credit and credit in connection with the sale of lots, asset purchases (including purchases of inventory,
supplies and materials) and the licensing or contribution of intellectual property pursuant to joint marketing arrangements with
other Persons, in each case in the ordinary course of business;

 

(14)            
any Investment in any entity or purchase of a business or assets in each case owned (or previously owned) by a customer
of the Issuer or any Restricted Subsidiary of the Issuer as a condition or in connection with such customer (or any member of
such customer’s group) contracting with the Issuer or any such Restricted Subsidiary, in each case in the ordinary course
of business;

 

(15)            
guarantee obligations, including completion guarantee or indemnification obligations (other than for the payment of borrowed
money) entered into in the ordinary course of business and incurred for the benefit of any adjoining landowner, lender, seller
of real property or municipal government authority (or enterprises thereof) in connection with the acquisition, construction,
subdivision, entitlement and development of real property;

 

(16)            
Investments in any Restricted Subsidiary of the Issuer or joint venture engaged in a Permitted Business in connection with
intercompany cash management arrangements in the ordinary course of business;

 

(17)            
Investments resulting from the acquisition of a Person, otherwise permitted by this Indenture, which Investments at the
time of such acquisition were held by the acquired Person and were not acquired in contemplation of the acquisition of such Person;

 

(18)            
reclassification of any Investment initially made in (or reclassified as) one form into another (such as from equity to
loan or vice versa); provided in each case that the amount of such Investment is not increased thereby;

 

(19)            
Guarantees otherwise permitted by the terms of this Indenture;

 

(20)            
Investments consisting of purchases and acquisitions of supplies, material or equipment or the licenses or contribution
of intellectual property in the ordinary course of business pursuant to joint marketing, joint development or similar arrangements
with other Persons;

 

(21)            
advances, loans, rebates and extensions of credit (including the creation of receivables) to suppliers, customers and vendors,
and performance and completion guarantees, in each case in the ordinary course of business;

 

(22)            
Permitted Business Investments;

 

(23)            
Investments resulting from liens, pledges and deposits permitted under the definition
of “Permitted Liens”; and

 

(24)            
other Investments in Permitted Businesses having an aggregate Fair Market Value (measured on the date each such Investment
was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant
to this clause (24) that are at the time outstanding, after giving effect to any return of any Investments previously made
pursuant to this clause (24) received by the Issuer or any of its Restricted Subsidiaries, not to exceed the greater of $50.0
million and 1.0% of Consolidated Tangible Assets.

 

    19 

     

    

 

“Permitted
Liens” means:

 

		(a)	Liens in favor of
                                         the Issuer or its Restricted Subsidiaries;

 

		(b)	Liens (including
                                         deposits and pledges) to secure the performance of public or statutory obligations, progress
                                         payments, surety or appeal bonds, performance bonds, completion bonds, completion guarantees
                                         or other obligations of a like nature incurred in the ordinary course of business;

 

		(c)	Liens to secure
                                         purchase money Indebtedness and construction, improvement or development loans (including
                                         Capital Lease Obligations) with respect to Obligations permitted by Section 4.10(b)(4)
                                         covering only the assets acquired, constructed, developed or improved with or financed
                                         by such Indebtedness, and additions, accessions, improvements and replacements and customary
                                         deposits in connection therewith and proceeds and products therefrom, or floating charges
                                         securing such Indebtedness; provided that individual financings of assets provided
                                         by one lender may be cross collateralized to other financings of assets provided by such
                                         lender; provided, further, that any such Liens are established within 365
                                         days of such purchase, construction, development or improvement;

 

		(d)	Liens existing on
                                         the Issue Date (other than Liens securing Indebtedness under the Existing Project Loans),
                                         plus renewals and extensions of such Liens;

 

		(e)	Liens for taxes,
                                         assessments or governmental charges or claims that are not yet delinquent or that are
                                         being contested in good faith by appropriate proceedings promptly instituted and diligently
                                         concluded; provided that any reserve or other appropriate provision as is required
                                         in conformity with GAAP has been made therefor;

 

		(f)	Liens imposed by
                                         law, such as carriers’, warehousemen’s, landlord’s, materialmen’s,
                                         repairmen’s, construction contractors’, laborers’, employees’,
                                         suppliers’ and mechanics’ Liens, in each case, incurred in the ordinary course
                                         of business;

 

		(g)	survey exceptions,
                                         title defects, encumbrances, easements or reservations of, or rights of others for, licenses,
                                         rights-of-way, support, sewers, gas, electric lines, telecommunication and telephone
                                         lines and other similar purposes, or zoning or other restrictions as to the use of real
                                         property that do not materially interfere with the ordinary conduct of the business of
                                         the Issuer and its Subsidiaries, taken as a whole, whether registered or unregistered;

 

		(h)	Liens created for
                                         the benefit of (or to secure) the Notes (or any Note Guarantees);

 

		(i)	Liens to secure
                                         any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture
                                         if the Indebtedness to be refinanced was secured by a Lien (other than pursuant to clauses
                                         (y), (bb) and (ee) of this definition); provided, however, that:

 

		(i)	the new Lien shall
                                         be limited to all or part of the same property and assets securing the original Indebtedness
                                         (and additions, accessions, improvements and replacements and customary deposits
                                         in connection therewith and proceeds and products therefrom), and assets that secured
                                         or, under the written agreements pursuant to which the original Lien arose, could secure
                                         the original Indebtedness; and

 

    20 

     

    

 

 

 

		(ii)	the Permitted Refinancing Indebtedness
                                         secured by the new Lien is not increased to any amount greater than the sum of (x) the
                                         outstanding principal amount, or, if greater, the committed amount, of the original Indebtedness,
                                         plus accrued interest thereon and (y) an amount necessary to pay any fees, commissions,
                                         discounts and expenses, including premiums, related to such renewal, refunding, refinancing,
                                         replacement, defeasance or discharge;

 

		(j)	Liens incurred or pledges or
                                         deposits made in connection with workers’ compensation, unemployment insurance
                                         and other types of social security or similar legislation, or to secure the performance
                                         of tenders, statutory or regulatory obligations (including any warranty obligations),
                                         surety, stay, customs and appeal bonds, bids, leases, government contracts, trade contracts,
                                         performance and return-of-money bonds, utility services, developer’s or others’
                                         obligations to make on-site or off-site improvements and other similar obligations (including
                                         those to secure health, safety and environmental obligations) incurred in the ordinary
                                         course of business;

 

		(k)	leases, subleases, licenses or
                                         sublicenses to third parties entered into in the ordinary course of business;

 

		(l)	Liens securing Hedging Obligations
                                         incurred for non-speculative purposes or to implement cash pooling arrangements in the
                                         ordinary course of business;

 

		(m)	Liens arising out of judgments,
                                         decrees, orders or awards in respect of which the Issuer shall in good faith be prosecuting
                                         an appeal or proceedings for review which appeal or proceedings shall not have been finally
                                         terminated, or if the period within which such appeal or proceedings may be initiated
                                         shall not have expired;

 

		(n)	Liens on Equity Interests of
                                         a joint venture that secure Indebtedness or other obligations of such joint venture;

 

		(o)	rights of purchasers and borrowers
                                         with respect to security deposits, escrow funds and other amounts held by the Issuer
                                         or any Subsidiary of the Issuer;

 

		(p)	Liens on specific items of inventory
                                         or other goods and proceeds of any Person securing such Person’s obligations in
                                         respect of bankers’ acceptances issued or created for the account of such Person
                                         to facilitate the purchase, shipment or storage of such inventory or other goods;

 

		(q)	Liens arising from Uniform Commercial
                                         Code financing statement filings regarding operating leases entered into by the Issuer
                                         and any Restricted Subsidiary of the Issuer in the ordinary course of business;

 

		(r)	deposits made in the ordinary
                                         course of business to secure liability to insurance carriers;

 

		(s)	judgment and attachment Liens
                                         not giving rise to an Event of Default and notices of lis pendens and associated rights
                                         related to litigation being contested in good faith by appropriate proceedings and for
                                         which adequate reserves have been made;

 

    21 

     

    

 

		(t)	Liens arising out of conditional
                                         sale, title retention, consignment or similar arrangements for the sale of goods entered
                                         into in the ordinary course of business;

 

		(u)	Liens arising by virtue of any
                                         statutory or common law provisions relating to banker’s Liens, rights of set-off
                                         or similar rights and remedies as to deposit accounts or other funds maintained with
                                         a depository or financial institution;

 

		(v)	pledges, deposits and other Liens
                                         existing under, or required to be made in connection with, (i) earnest money obligations,
                                         escrows or similar purpose undertakings or indemnifications in connection with any purchase
                                         and sale agreement, (ii) development agreements or other contracts entered into
                                         with governmental authorities (or an entity sponsored by a governmental authority)
                                         in connection with the entitlement of real property or (iii) agreements for the
                                         funding of infrastructure, including in respect of the issuance of community facility
                                         district bonds, metro district bonds, subdivision improvement bonds and similar bonding
                                         requirements arising in the ordinary course of business of a homebuilder;

 

		(w)	Liens deemed to exist by reason
                                         of (i) any encumbrance or restriction (including put and call arrangements) with
                                         respect to the Capital Stock of any joint venture or similar arrangement pursuant to
                                         any joint venture or similar agreement or (ii) any encumbrance or restriction imposed
                                         under any contract for the sale by the Issuer or any Subsidiary of the Issuer of the
                                         Capital Stock of any Subsidiary of the Issuer, or any business unit or division of the
                                         Issuer or any Subsidiary of the Issuer permitted by this Indenture; provided that
                                         in each case such Liens shall extend only to the relevant Capital Stock;

 

		(x)	Liens securing obligations of
                                         the Issuer or any Restricted Subsidiary of the Issuer to any third party in connection
                                         with any option, repurchase right or right of first refusal to purchase real property
                                         granted to the master developer or the seller of real property that arises as a result
                                         of the non-use or non-development of such real property by the Issuer or any Restricted
                                         Subsidiary of the Issuer and joint development agreements with third parties to perform
                                         and/or pay for or reimburse the costs of construction and/or development related to or
                                         benefiting property (and additions, accessions, improvements and replacements and customary
                                         deposits in connection therewith and proceeds and products therefrom) of the Issuer or
                                         any Restricted Subsidiary of the Issuer and property belonging to such third parties,
                                         in each case entered into in the ordinary course of business; provided that such
                                         Liens do not at any time encumber any property, other than the property (and additions,
                                         accessions, improvements and replacements and customary deposits in connection therewith
                                         and proceeds and products therefrom) financed by such Indebtedness and the proceeds and
                                         products thereof;

 

		(y)	Liens securing Indebtedness incurred
                                         pursuant to Section 4.10(b)(1);

 

		(z)	Liens on property or assets of
                                         a Person, plus renewals and extensions of such Liens, existing at the time such Person
                                         is merged or amalgamated with or into, consolidated with or acquired by the Issuer or
                                         any Subsidiary the Issuer; provided that such Liens were in existence prior to
                                         the contemplation of such merger, amalgamation, consolidation or acquisition and do not
                                         extend to any assets other than those of the Person merged into, amalgamated into, consolidated
                                         with or acquired by the Issuer or such Subsidiary, and other than pursuant to customary
                                         after-acquired property clauses;

 

		(aa)	Liens on property at the time
                                         the Issuer or a Restricted Subsidiary of the Issuer acquired the property, including
                                         any acquisition by means of a merger, amalgamation, arrangement or consolidation with
                                         or into the Issuer or any of its Restricted Subsidiaries; provided, however,
                                         that such Liens are not created, incurred or assumed in connection with, or in contemplation
                                         of, such acquisition; provided, further, however, that such Liens
                                         may not extend to any other property owned by the Issuer or any of its Restricted Subsidiaries;

 

    22 

     

    

 

		(bb)	Liens securing Designated SPE
                                         Debt; provided that the Liens do not encumber any property of the Issuer and its
                                         Restricted Subsidiaries other than the property of the SPE that incurs such Designated
                                         SPE Debt, its Subsidiaries and the direct parent of such SPE;

 

		(cc)	Liens on cash collateral issued
                                         to assure payment of obligations under letters of credit securing obligations permitted
                                         to be incurred pursuant Section 4.10(b)(7);

 

		(dd)	Liens for homeowners and similar
                                         association fees, assessments and other payments; and

 

		(ee)	other
                                         Liens securing Indebtedness in an aggregate principal amount not to exceed the greater
                                         of $25.0 million and 1.0% of Consolidated Tangible Assets in the aggregate at any one
                                         time outstanding.

 

References
to Section 4.10(b) in this definition shall continue to apply after delivery of a Covenant Suspension Event Notice pursuant to
a Covenant Suspension Event.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer issued in
exchange for, or incurred to extend, renew, refund, refinance, replace, defease or discharge other Indebtedness of the Issuer
or any Restricted Subsidiary of the Issuer (other than intercompany Indebtedness); provided that:

 

(1)               
the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed
the sum of the principal amount (or accreted value, if applicable) of the Indebtedness extended, renewed, refunded, refinanced,
replaced, defeased or discharged plus all accrued interest on the Indebtedness and the amount of all fees, commissions, discounts
and expenses, including premiums, incurred in connection therewith;

 

(2)               
either (a) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of,
and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness
being extended, renewed, refunded, refinanced, replaced, defeased or discharged or (b) all scheduled payments on or in respect
of such Permitted Refinancing Indebtedness (other than interest payments) shall be at least 91 days following the final scheduled
maturity of the Notes; and if such Indebtedness is Pari Passu Indebtedness and has a final Stated Maturity later than the
final Stated Maturity of the Notes, such Permitted Refinancing Indebtedness has a final Stated Maturity later than the final Stated
Maturity of the Notes;

 

(3)               
if the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in
right of payment to the Notes (or any Note Guarantee), such Permitted Refinancing Indebtedness is subordinated in right of payment
to the Notes (or such Note Guarantee) on terms at least as favorable to the Holders of Notes as those contained in the documentation
governing the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged; and

 

(4)               
Permitted Refinancing Indebtedness shall not include Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor
that refinances Indebtedness of the Issuer or a Restricted Subsidiary that is a Subsidiary Guarantor.

 

    23 

     

    

 

“Pershing
Square” means any of Pershing Square Capital Management L.P., Pershing Square Holdings, Ltd., Pershing Square International,
Ltd., Pershing Square, L.P., or William A. Ackman.

 

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

 

“preferred
stock” of any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock
of such Person with respect to dividends or redemptions or upon liquidation.

 

“Project
Loans” means project loans of the Issuer and its Restricted Subsidiaries, including any Credit Facilities or Designated
SPE Debt, incurred for the purpose of financing the development, construction and improvement of real estate projects of the Issuer
and its Restricted Subsidiaries.

 

“Qualified
Proceeds” means any of the following or any combination of the following:

 

(1)               
Cash Equivalents;

 

(2)               
the Fair Market Value of assets other than Cash Equivalents that are used or useful in the Permitted Business; and

 

(3)               
the Fair Market Value of the Capital Stock of any Person engaged primarily in a Permitted Business if, in connection with
the receipt of such Capital Stock, such Person becomes a Restricted Subsidiary of the Issuer or such Person is merged or consolidated
into the Issuer or any of its Restricted Subsidiaries.

 

“Rating
Agencies” mean Moody’s and S&P, or if Moody’s or S&P, or both, shall not make a rating on the Notes
publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer
(as certified by a resolution by their Board of Directors) which shall be substituted for Moody’s or S&P, or both, as
the case may be.

 

“Record
Date” for the interest payable on any applicable Interest Payment Date means January 15 or July 15 (whether or not a
Business Day) preceding such Interest Payment Date.

 

“Redemption
Date” has the meaning set forth in Section 3.07(b).

 

“Responsible
Officer” means, when used with respect to the Trustee or Paying Agent, any officer within the corporate trust department
of the Trustee Paying Agent or Registrar, as the case may be, including any vice president, assistant vice president, trust officer
or any other officer of the Trustee, Paying Agent or Registrar, as the case may be, who customarily performs functions similar
to those performed by the Persons who at the time shall be such officers who shall have direct responsibility for the administration
of this Indenture , respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of
and familiarity with the particular subject.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted
Payment” means any of the following actions or payments:

 

(A) declare
or pay (without duplication) any dividend or make any other payment or distribution on account of the Issuer’s or any of
its Restricted Subsidiaries’ Equity Interests (including any payment in connection with any merger, amalgamation or consolidation
involving the Issuer or any of its Restricted Subsidiaries) (other than (1) dividends or distributions or similar payments
payable in Equity Interests (other than Disqualified Stock) of the Issuer and (2) in the case of Restricted Subsidiaries
of the Issuer, dividends or distributions or similar payments payable ratably to the Issuer or another Restricted Subsidiary and
each other Person entitled thereto);

 

    24 

     

    

 

(B) purchase,
redeem or otherwise acquire or retire for value (including in connection with any merger, amalgamation or consolidation involving
the Issuer) any Equity Interests of the Issuer (other than a payment made to the Issuer or another Restricted Subsidiary);

 

(C) make
any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated
Indebtedness of the Issuer or any Restricted Subsidiary (excluding any intercompany Indebtedness between or among the Issuer and
any of its Restricted Subsidiaries), except (i) a payment of principal at the Stated Maturity thereof or (ii) the purchase,
repurchase, repayment, prepayment, defeasance or other acquisition or retirement for value of any such Subordinated Indebtedness
purchased in anticipation of satisfying a sinking fund obligation, principal installment or payment at final maturity, in each
case due within one year of the date of purchase, repurchase, repayment, prepayment, defeasance or other acquisition or retirement
for value; or

 

(D) make
any Restricted Investment.

 

“Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. Unless otherwise
indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer.

 

“S&P”
means Standard & Poor’s, a division of the McGraw Hill Companies, Inc., a New York corporation, or any successor
to its debt rating business.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933.

 

“Senior
Management” means the chief executive officer or the chief financial officer of the Issuer.

 

“Significant
Subsidiary” means any Restricted Subsidiary of the Issuer that would constitute a “significant subsidiary”
as defined in Rule 1-02(w) of Regulation S-X under the Securities Act and the Exchange Act as in effect on the Issue Date.

 

“SPE”
means (i) an entity formed solely for the purpose of holding, acquiring, constructing, developing or improving assets whose
acquisition, construction, development or improvement shall be financed by Designated SPE Debt and equity Investments in such
entity or (ii) an entity acquired by the Issuer or any Restricted Subsidiary whose outstanding Indebtedness is all Designated
SPE Debt.

 

“Start
Date” means October 2, 2013.

 

“Stated
Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness, including
pursuant to any mandatory redemption or sinking fund provision, and shall not include any contingent obligations to repay, redeem
or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

 

“Subordinated
Indebtedness” means

 

(a)               
with respect to the Issuer, any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the
Notes, and

 

(b)               
 with respect to any Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor which is by its terms subordinated
in right of payment to the Note Guarantee of such Subsidiary Guarantor.

 

    25 

     

    

 

“Subsidiary”
means, with respect to any specified Person:

 

(1)               
any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’
agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation,
association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more
of the other Subsidiaries of that Person (or a combination thereof); and

 

(2)               
any partnership (a) the sole general partner or the sole managing general partner of which is such Person or a Subsidiary
of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any
combination thereof).

 

“Subsidiary
Guarantor” means (1) each Initial Guarantor and (2) any Restricted Subsidiary of the Issuer that executes a Note Guarantee
in accordance with the provisions of this Indenture, and their respective successors and assigns, in each case, until the Note
Guarantee of such Person has been released in accordance with the provisions of this Indenture.

 

“Transfer
Restricted Notes” means Definitive Notes and any other Notes that bear or are required to bear the Restricted Notes
Legend.

 

“Treasury
Rate” means the weekly average for each Business Day during the most recent week that has ended at least two Business
Days prior to the redemption date of the yield to maturity at the time of computation of United States Treasury securities with
a constant maturity (as compiled and published in the Federal Reserve Statistical Release H.15 (or, if such statistical release
is not so published or available, any publicly available source of similar market data selected by the Issuer in good faith))
most nearly equal to the period from the redemption date to February 1, 2024; provided, however, that if the period
from the redemption date to February 1, 2024 is not equal to the constant maturity of a United States Treasury security for which
a yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year)
from the yields of United States Treasury securities for which such yields are given, except that if the period from the redemption
date to such applicable date is less than one year, the weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year shall be used.

 

“Trustee”
means Wells Fargo Bank, National Association, as Trustee, until a successor replaces it in accordance with the applicable provisions
of this Indenture and thereafter means the successor serving hereunder.

 

“Unrestricted
Subsidiary” means any Subsidiary of a Restricted Subsidiary that is designated by the Board of Directors of the Issuer
as an Unrestricted Subsidiary pursuant to a resolution of such Board of Directors, but only to the extent that such Subsidiary:

 

(1)               
has no Indebtedness other than Non-Recourse Debt or Designated SPE Debt;

 

(2)               
except as permitted by Section 4.12 is not party to any agreement, contract, arrangement or understanding with the Issuer
or any Restricted Subsidiary of the Issuer unless the terms of any such agreement, contract, arrangement or understanding are
no less favorable, taken as a whole, to the Issuer or such Restricted Subsidiary than those that might be obtained at the time
from Persons who are not Affiliates of the Issuer;

 

    26 

     

    

 

(3)               
is a Person with respect to which neither the Issuer nor any Restricted Subsidiary of the Issuer has any direct or indirect
obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating results; and

 

(4)               
has not Guaranteed any Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer, except in the case of clauses
(1) and (3), to the extent:

 

(A)
that the Issuer or such Restricted Subsidiary could otherwise provide such a Guarantee or incur such Indebtedness under Section
4.10, and

 

(B)
the provision of such Guarantee and the incurrence of such Indebtedness otherwise would be permitted under Section 4.08.

 

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

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(1)               
the sum of the products obtained by multiplying (a) the amount of each then-remaining installment, sinking fund, serial
maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the
number of years (calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment; by

 

(2)               
the then-outstanding principal amount of such Indebtedness.

 

Section 1.02           
Other Definitions.

 

	Term

        
	 	Defined
        in Section

        

	“Acceptable Commitment”	 	4.11(b)
	“Agent Members”	 	2.1(c) of Appendix A
	“Affiliate
    Transaction”	 	4.12(a)
	“Applicable
    Procedures”	 	1.1(a)
    of Appendix A
	“Asset Sale
    Offer”	 	4.11(c)
	“Asset Sale
    Offer Amount”	 	3.09(b)
	“Asset Sale
    Offer Period”	 	3.09(b)
	“Asset Sale
    Purchase Date”	 	3.09(b)
	“Authentication
    Order”	 	2.02(c)
	“Automatic
    Exchange”	 	2.3(e)
    of Appendix A
	“Automatic
    Exchange Date”	 	2.3(e)
    of Appendix A
	“Automatic
    Exchange Notice”	 	2.3(e)
    of Appendix A

 

    27 

     

    

 

 

	Term

        
	 	Defined
        in Section

        

	“Automatic Exchange Notice Date”	 	2.3(e) of Appendix A
	“Change of
    Control Offer”	 	4.15(a)
	“Change of
    Control Payment”	 	4.15(a)
	“Change of
    Control Payment Date”	 	4.15(a)(2)
	“Clearstream”	 	1.1(a)
    of Appendix A
	“Covenant Defeasance”	 	8.03
	“Definitive
    Notes Legend”	 	2.3(d)(i)
    of Appendix A
	“Euroclear”	 	1.1(a)
    of Appendix A
	“Event of Default”	 	6.01(a)
	“Excess Proceeds”	 	4.11(c)
	“Expiration
    Date”	 	1.04(j)
	“Global Note”	 	2.1(b)
    of Appendix A
	“Global Notes
    Legend”	 	2.3(d)(i)
    of Appendix A
	“Initial Default”	 	6.04
	“Legal Defeasance”	 	8.02(a)
	“Net Indebtedness”	 	Definition
    of Net Indebtedness to Book Capitalization Ratio
	“Note Register”	 	2.03(a)
	“OID Legend”	 	2.3(d)(i)
    of Appendix A
	“Pari Passu
    Indebtedness”	 	4.11(b)
	“Paying Agent”	 	2.03(a)
	“Payment Default”	 	6.01(a)(5)
	“Permitted
    Debt”	 	4.10(b)
	“QIB”	 	1.1(a)
    of Appendix A
	“Registrar”	 	2.03(a)
	“Regulation
    S”	 	1.1(a)
    of Appendix A
	“Regulation
    S Global Note”	 	2.1(b)
    of Appendix A
	“Regulation
    S Legend”	 	2.3(d)(i) of Appendix A
	“Regulation
    S Notes”	 	2.1(a)
    of Appendix A
	“Restricted
    Global Note”	 	2.3(e)
    of Appendix A
	“Restricted
    Notes Legend”	 	2.3(d)(i) of Appendix A
	“Rule 144”	 	1.1(a)
    of Appendix A
	“Rule 144A”	 	1.1(a)
    of Appendix A

 

    28 

     

    

 

	Term

        
	 	Defined
        in Section

	“Rule 144A Global Note”	 	2.1(b) of Appendix A
	“Rule 144A
    Notes”	 	2.1(a)
    of Appendix A
	“Second Commitment”	 	4.11(b)
	“Suspended
    Covenants”	 	4.18(a)
	“Suspension
    Period”	 	4.18(b)
	“Unrestricted
    Global Note”	 	1.1(a)
    of Appendix A
	“U.S. person”	 	1.1(a)
    of Appendix A

 

Section 1.03           
Rules of Construction.

 

Unless the
context otherwise requires:

 

(1)               
a term defined in Section 1.01 or 1.02 has the meaning assigned to it therein;

 

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

 

(3)               
“or” is not exclusive;

 

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

 

(5)               
provisions apply to successive events and transactions;

 

(6)               
unless the context otherwise requires, any reference to an “Appendix,” “Article,” “Section,”
 “clause,” “Schedule” or “Exhibit” refers to an Appendix, Article, Section, clause, Schedule
or Exhibit, as the case may be, of this Indenture;

 

(7)               
the words “herein,” “hereof” and other words of similar import refer to this Indenture as a whole
and not any particular Article, Section, clause or other subdivision;

 

(8)               
the words “including,” “includes” and other words of similar import shall be deemed to be followed
by “without limitation”;

 

(9)               
references to sections of, or rules or regulations under, the Securities Act or the Exchange Act shall be deemed to include
substitute, replacement or successor sections, rules or regulations adopted by the SEC from time to time;

 

(10)           
unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and
other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not
prohibited by the terms of this Indenture;

 

(11)           
“shall” shall be interpreted to express a command;

 

    29 

     

    

 

(12)           
 in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions,
the Issuer may classify (and reclassify from time to time) such transaction as it, in its sole discretion, determines;

 

(13)           
Indebtedness shall not be considered subordinate in right of payment to any other Indebtedness solely by virtue of being
unsecured, secured with a subset of the collateral securing such other Indebtedness or with different collateral, secured to a
lesser extent or secured with lower priority, by virtue of structural subordination, by virtue of maturity date, or by virtue
of not being guaranteed by all guarantors of such other Indebtedness, and any subordination in right of payment must be pursuant
to a written agreement or instrument;

 

(14)           
any reference to the contents of an Opinion of Counsel required hereunder is deemed to include customary assumptions and
qualifications.

 

Section 1.04              
Acts of Holders.

 

(a)               
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Issuer. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by
any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor
of the Trustee, the Issuer and the Subsidiary Guarantors, if made in the manner provided in this Section 1.04.

 

(b)               
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments
of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her the execution thereof.
Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also
constitute proof of the authority of the Person executing the same. The authority of the Person executing the same may also be
proved in any other manner deemed reasonably sufficient by the Trustee.

 

(c)               
The ownership of Notes shall be proved by the Note Register.

 

(d)               
Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall
bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Issuer or the Subsidiary
Guarantors in reliance thereon, whether or not notation of such action is made upon such Note.

 

(e)               
The Issuer may set a record date for purposes of determining the identity of Holders entitled to make, give or take any
request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, or to
vote on any action authorized or permitted to be taken by Holders; provided that the Issuer may not set a record date for,
and this Section 1.04(e) shall not apply with respect to, the giving or making of any notice, declaration, request or direction
referred to in Section 1.04(f). Unless otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder
made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date shall
be the later of 30 days prior to the first solicitation of such consent or vote or, if required under Section 2.05, the date of
the most recent list of Holders furnished to the Trustee prior to such solicitation or vote. If any record date is set pursuant
to this Section 1.04(e), the Holders on such record date, and only such Holders, shall be entitled to make, give or take such
request, demand, authorization, direction, notice, consent, waiver or other action (including revocation of any action), whether
or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless
made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes, or each
affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this paragraph, the Issuer,
at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date
to be given to the Trustee in writing and to each Holder in the manner set forth in Section 12.01.

 

    30 

     

    

 

 

(f)            The
Trustee may set any day as a record date for the purpose of determining the Holders entitled to join in the giving or making of
(1) any notice of default under Section 6.01(a), (2) any declaration of acceleration referred to in Section 6.02, (3) any
direction referred to in Section 6.05 or (4) any request to pursue a remedy referred to in Section 6.06(2). If any record
date is set pursuant to this paragraph, the Holders on such record date, and no other Holders, shall be entitled to join in such
notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided
that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after
any record date is set pursuant to this paragraph, the Trustee, at the Issuer’s expense, shall cause notice of such record
date, the proposed action by Holders and the applicable Expiration Date to be given to the Issuer and to each Holder in the manner
set forth in Section 12.01.

 

(g)           Without
limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard
to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant
to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its
agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given
or taken by separate Holders of each such different part.

 

(h)           Without
limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note, may make, give
or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver
or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is the Holder of a Global
Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s
standing instructions and customary practices.

 

(i)            The
Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note
held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners
of interests in such Global Note on such record date or their duly appointed proxy or proxies shall be entitled to make, give
or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial
owners remain beneficial owners of interests in such Global Note after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the
applicable Expiration Date.

 

(j)             With
respect to any record date set pursuant to this Section 1.04, the party hereto that sets such record date may designate any day
as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day;
provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other
party hereto in writing, and to each Holder of Notes in the manner set forth in Section 12.01, on or prior to both the existing
and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section
1.04, the party hereto which set such record date shall be deemed to have initially designated the 30th day after such record
date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this Section
1.04(j).

 

    31 

     

    

 

Article
2

THE NOTES

 

Section 2.01          Form
and Dating; Terms.

 

(a)           The
Notes and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, rules or agreements with national securities exchanges
to which the Issuer or any Subsidiary Guarantor is subject, if any, or general usage (provided that any such notation,
legend or endorsement is in a form acceptable to the Issuer but which notation, legend or endorsement does not affect the rights,
duties or obligations of the Trustee). Each Note shall be dated the date of its authentication. The Initial Notes shall be in
denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

(b)           The
aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

 

The terms
and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Issuer
and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions
of this Indenture shall govern and be controlling.

 

The Notes
shall be subject to repurchase by the Issuer pursuant to an Asset Sale Offer as provided in Section 4.11 or a Change of Control
Offer as provided in Section 4.15, and otherwise as not prohibited by this Indenture. The Notes shall not be redeemable other
than as provided in Article 3.

 

Additional
Notes ranking pari  passu with the Initial Notes may be created and issued from time to time by the Issuer
without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and
shall have substantially identical terms, including as to status, waivers, amendments, offers to repurchase and redemption as
the Initial Notes, but may have different issue prices, issue dates and CUSIP numbers; provided that the Issuer’s
ability to issue Additional Notes shall be subject to the Issuer’s compliance with Section 4.10. Any Additional Notes shall
be issued under an indenture supplemental to this Indenture.

 

In authenticating
and delivering the Initial Notes, Additional Notes and any other Notes issued pursuant to this Indenture, the Trustee shall receive
and shall be fully protected in conclusively relying upon, in addition to the Opinion of Counsel (which shall not be required
in connection with the Initial Notes) and Officer’s Certificate required by Section 12.03, an Opinion of Counsel (i) as
to the due authorization, execution, delivery, validity and enforceability of such Notes, and (ii) stating that all laws
and requirements in respect of the execution and delivery by the Issuer of such Notes have been complied with.

 

    32 

     

    

 

(c)           Global
Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including any legends
thereon but without the Definitive Notes Legend). Notes issued in definitive form shall be substantially in the form of Exhibit A
attached hereto (including any legends thereon but without the Global Note Legend thereon and without the “Schedule of Exchanges
of Interests in the Global Note” attached thereto). Each Global Note shall represent the aggregate principal amount of outstanding
Notes as shall be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes
from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time
to time be reduced or increased, as appropriate, to reflect exchanges, repurchases and redemptions. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby
shall be made in accordance with instructions given by the Holder thereof as required by Section 2.06 and shall be made on the
records of the Registrar or the Depositary, as the case may be.

 

(d)           The
customary applicable terms, conditions and procedures of Euroclear and Clearstream shall be applicable to transfers of beneficial
interests in the Regulation S Global Note that are held by participants through Euroclear or Clearstream.

 

Section 2.02          Execution
and Authentication.

 

(a)            At
least one Officer shall execute the Notes on behalf of the Issuer by manual or facsimile signature. If an Officer whose signature
is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.

 

(b)            A
Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated substantially
in the form of Exhibit A attached hereto by the manual signature of an authorized signatory of the Trustee. The signature
shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.

 

(c)            On
the Issue Date, the Trustee shall, upon receipt of a written order of the Issuer signed by an Officer (an “Authentication
Order”) and together with an Opinion of Counsel and Officer’s Certificate reasonably acceptable to the Trustee,
authenticate and deliver the Initial Notes. The Trustee shall be fully protected and shall incur no liability for failing to take
any action with respect to the delivery of any Notes unless and until it has received such Authentication Order, Opinion of Counsel
and Officer’s Certificate. In addition, at any time and from time to time, the Trustee shall, upon receipt of an Authentication
Order, Opinion of Counsel and Officer’s Certificate, authenticate and deliver any Definitive Notes to be issued in exchange
for interests in Global Notes, any Additional Notes, any replacement Notes to be issued pursuant to Section 2.07 or any Notes
issuable following a redemption or repurchase by the Issuer pursuant to the terms of this Indenture in an aggregate principal
amount specified in such Authentication Order for such Notes issued hereunder.

 

(d)            The
Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to
deal with Holders or an Affiliate of the Issuer.

 

Section 2.03          Registrar
and Paying Agent.

 

(a)           The
Issuer shall maintain at least one office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and at least one office or agency where Notes may be presented for payment (“Paying
Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange (“Note Register”).
The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes
any co-registrar, and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying
Agent or Registrar without prior notice to any Holder; provided, however, that no such removal shall become effective
until acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such
successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee and the passage of any waiting or notice
periods required by the Depositary’s procedures. The Issuer shall enter into an appropriate agency agreement with any Registrar
or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate
to such Agent. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture.
If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such for the
Notes and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer or any of its Restricted
Subsidiaries may act as Paying Agent (except for purposes of Article 8) or Registrar.

 

    33 

     

    

 

(b)           The
Issuer initially appoints DTC to act as Depositary (the “Depositary”) with respect to the Global Notes representing
Initial Notes. The Issuer initially appoints the Trustee to act as Paying Agent, Custodian and Registrar for the Notes.

 

Section 2.04          Paying
Agent to Hold Money in Trust.

 

The Issuer
shall, by no later than 12:00 noon (New York City time) on each due date for the payment of principal, premium, if any, and interest
on any of the Notes, deposit with the Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders
entitled to the same, and the Issuer shall promptly notify the Trustee in writing (which notice may be sent electronically) of
its action or failure so to act. The Issuer shall require the Paying Agent other than the Trustee to agree in writing that such
Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment
of principal, premium, if any, and interest on the Notes and shall notify the Trustee in writing (which notice may be sent electronically)
of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the
Trustee and to account for any funds disbursed by the Paying Agent. Upon payment over to the Trustee, and upon accounting for
any funds disbursed, a Paying Agent shall have no further liability for the money. If the Issuer or a Restricted Subsidiary acts
as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve as Paying Agent.

 

Section 2.05          Holder
Lists.

 

The Registrar
shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of all Holders of the Notes. If the Trustee is not the Registrar in respect of the Notes, the Issuer shall furnish to the Trustee
in writing at least five Business Days before each Interest Payment Date and at such other times as the Trustee may reasonably
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of
the Holders.

 

    34 

     

    

 

Section 2.06          Transfer
and Exchange.

 

(a)           The
Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer
and in compliance with Appendix A.

 

(b)           To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

 

(c)           No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange (other than pursuant to Section 2.07), but the Holders shall be required to pay any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.11, 4.15 and 9.04). In addition, the Trustee, Transfer
Agent and Registrar may request such other evidence as may be reasonably requested by them documenting the identity and/or signatures
of the transferor and the transferees.

 

(d)           All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. Any holder of a beneficial interest
in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global
Note may be effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) and that
ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry.

 

(e)           Neither
the Issuer nor the Registrar shall be required (1) to issue, to register the transfer of or to exchange any Note during a
period beginning at the opening of business 15 days before the delivery of a notice of redemption pursuant to Section 3.03 and
ending at the delivery of such notice of redemption, (2) to register the transfer of or to exchange any Note so selected
for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (3) to register the
transfer of or to exchange any Note between a Record Date and the next succeeding Interest Payment Date.

 

(f)            Prior
to due presentment for the registration of a transfer of any Note, each of the Trustee, any Agent or the Issuer may deem and treat
the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal,
premium, if any, and (subject to the Record Date provisions of the Notes) interest on such Notes and for all other purposes, and
none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.

 

(g)           Upon
surrender for registration of transfer of any Note at the office or agency of the Issuer designated pursuant to Section 4.02,
the Issuer shall execute, and the Trustee shall authenticate and deliver upon receipt of an Authentication Order, in the name
of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of
a like aggregate principal amount so long as the requirements of this Indenture are met.

 

(h)           At
the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate
principal amount upon surrender of the Notes to be exchanged at the office or agency of the Issuer designated pursuant to Section
4.02 so long as the requirements of this Indenture are met. Whenever any Global Notes or Definitive Notes are so surrendered for
exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the replacement Global Notes or Definitive
Notes, as applicable, to which the Holder making the exchange is entitled in accordance with the provisions of Appendix A so long
as the requirements of this Indenture are met.

 

    35 

     

    

 

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

 

(j)            In
connection with any proposed exchange of Notes, the Company or DTC shall be required to provide or cause to be provided to the
Trustee all information available to them necessary to allow the Trustee to comply with any applicable tax reporting obligations,
including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely
on any such information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

For certain
payments made pursuant to this Indenture, the Paying Agent or Trustee may be required to make a “reportable payment”
or “withholdable payment” and in such cases the Paying Agent or Trustee shall have the duty to act as a payor or withholding
agent, respectively, that is responsible for any tax withholding and reporting required under Chapters 3, 4 and 61 of the United
States Internal Revenue Code of 1986, as amended (the “Code”). The Paying Agent and/or Trustee shall have the sole
right to make the determination as to which payments are “reportable payments” or “withholdable payments.”
All parties to this Indenture shall provide an executed IRS Form W-9 or appropriate IRS Form W-8 (or, in each case, any successor
form) to the Paying Agent prior to closing, and shall promptly update any such form to the extent such form becomes obsolete or
inaccurate in any respect. The Paying Agent and Trustee shall have the right to request from any party to this Indenture, or any
other Person entitled to payment hereunder, any additional forms, documentation or other information as may be reasonably necessary
for the Paying Agent to satisfy its reporting and withholding obligations under the Code. To the extent requested a reasonable
time in advance and any such forms to be delivered under this Section 2.06 are not provided prior to or by the time the related
payment is required to be made or are determined by the Paying Agent or Trustee to be incomplete and/or inaccurate in any respect,
the Paying Agent or Trustee shall be entitled to withhold on any such payments hereunder to the extent withholding is required
under Chapters 3, 4 or 61 of the Code, and shall have no obligation to gross up any such payment.

 

Section 2.07          Replacement
Notes.

 

(a)           If
a mutilated Note is surrendered to the Registrar or if a Holder claims that its Note has been lost, destroyed or wrongfully taken
and the Registrar receives evidence to its satisfaction of the ownership and loss, destruction or theft of such Note, the Issuer
shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s
reasonable requirements are otherwise met. An indemnity bond must be provided by the Holder that is sufficient in the judgment
of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any
of them may suffer if a Note is replaced. The Issuer may charge the Holder for the expenses of the Issuer and the Trustee (including
reasonable respective fees and expenses of counsel) in replacing a Note. Every replacement Note is a contractual obligation of
the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly
issued hereunder. Notwithstanding the foregoing provisions of this Section 2.07(a), in case any mutilated, lost, destroyed or
wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a
new Note, pay such Note. Upon the issuance of any replacement Note under this Section 2.07, the Issuer may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the reasonable fees and expenses of counsel and the Trustee) connected therewith.

 

    36 

     

    

 

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

 

Section 2.08          Outstanding
Notes.

 

(a)           The
Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation, those reductions in the interest in a Global Note effected in accordance with the provisions
hereof, those paid pursuant to Section 2.07, those described in this Section 2.08 as not outstanding and, solely to the extent
provided for in Article 8, Notes that are subject to Legal Defeasance or Covenant Defeasance as provided in Article 8. Except
as set forth in Section 2.09, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the
Note; provided that Notes held by the Issuer or a Subsidiary of the Issuer shall not be deemed to be outstanding for purposes
of Section 3.07(b).

 

(b)           If
a Note is replaced or paid pursuant to Section 2.07, it ceases to be outstanding.

 

(c)           If
the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases
to accrue from and after the date of such payment.

 

(d)           If
a Paying Agent (other than the Issuer, a Restricted Subsidiary of the Issuer or any Affiliate thereof) holds, on the maturity
date, any redemption date or any date of purchase pursuant to an offer to purchase, money, which is irrevocably deposited and
sufficient to pay Notes payable or to be redeemed or purchased on that date, then on and after that date such Notes shall be deemed
to be no longer outstanding and shall cease to accrue interest.

 

Section 2.09          Treasury
Notes.

 

In determining
whether the Holders of the requisite principal amount of Notes have concurred in any direction, waiver or consent (other than
a waiver or consent contemplated by Section 9.02(e) requiring the consent of each Holder or each affected Holder), Notes beneficially
owned by the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes
of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible
Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith
shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any
such direction, waiver or consent with respect to the Notes and that the pledgee is not the Issuer or any obligor under the Notes
or any Affiliate of the Issuer or of such other obligor.

 

Section 2.10          Temporary
Notes.

 

Until definitive
Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate
temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuer
considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the
Issuer shall prepare and the Trustee shall, upon receipt of an Authentication Order, authenticate definitive Notes in exchange
for temporary Notes upon surrender of such temporary Notes at the office or agency of the Issuer, without charge to the Holder.
Until so exchanged, the Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the
benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture.

 

    37 

     

    

 

Section 2.11          Cancellation.

 

The Issuer
at any time may deliver Notes to the Trustee for cancellation and the Trustee will cancel such Notes in accordance with its customary
procedures. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer,
exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation and shall dispose of canceled Notes in accordance with its customary procedures (subject to the record
retention requirement of the Exchange Act). The Trustee shall retain all canceled Notes in accordance with its standard procedures
(subject to the record retention requirements of the Exchange Act), and evidence of such cancellation shall be provided to the
Issuer upon the Issuer’s written request. The Issuer may not issue new Notes to replace Notes that it has paid or that have
been delivered to the Trustee for cancellation. If the Issuer acquires any of the Notes, such acquisition shall not operate as
a redemption or satisfaction of Indebtedness represented by such Notes unless or until the same are delivered to the Trustee for
cancellation. No Trustee shall authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture.

 

Section 2.12          Defaulted
Interest.

 

(a)            If
the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date,
in each case at the rate provided in the Notes and in Section 4.01. The Issuer shall notify the Trustee in writing (which notice
may be sent electronically) of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed
payment, and at the same time the Issuer 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 reasonably 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 provided in this Section 2.12. The Issuer shall fix or cause to be fixed each such special record
date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment
date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of
the Issuer, the Trustee in the name and at the expense of the Issuer) shall send, or cause to be sent, to each Holder a notice
that states the special record date, the related payment date and the amount of such interest to be paid.

 

(b)           Subject
to Section 2.12(a) and for greater certainty, each Note delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue interest, which
were carried by such other Note.

 

Section 2.13          CUSIP
and ISIN Numbers.

 

The Issuer
in issuing the Notes may use CUSIP or ISIN numbers (if then generally in use) and if it does, the Trustee shall use CUSIP or ISIN
numbers in notices of redemption or exchange or in offers to purchase as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained
in any notice of redemption or exchange or in offers to purchase and that reliance may be placed only on the other identification
numbers printed on the Notes, and any such redemption or exchange or offer to purchase shall not be affected by any defect in
or omission of such numbers. The Issuer shall promptly notify the Trustee in writing (which notice may be electronic) of any change
in the CUSIP or ISIN numbers.

 

Section 2.14          Computation
of Interest.

 

Interest
shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

    38 

     

    

 

Article
3

REDEMPTION

 

Section 3.01          Notices
to Trustee.

 

(a)           If
the Issuer elects to redeem Notes pursuant to Section 3.07, it shall furnish to the Trustee, at least 10 Business Days before
notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 3.03 (unless a shorter notice
shall be agreed to by the Trustee in writing) but not more than 65 days before a redemption date, an Officer’s Certificate
(which may be withdrawn prior to the date such notice of redemption is given) setting forth (1) the paragraph or subparagraph
of such Article or Section of this Indenture pursuant to which the redemption shall occur, (2) the redemption date, (3) the
principal amount of the Notes to be redeemed, as applicable, (4) the redemption price, if then ascertainable, and (5) the
CUSIP and ISIN number, if applicable, of the Notes to be redeemed.

 

(b)           If
the redemption price is not known at the time such notice is to be given, the actual redemption price, calculated as described
in the terms of the Notes to be redeemed, shall be set forth in an Officer’s Certificate of the Issuer delivered to the
Trustee no later than two Business Days prior to the redemption date.

 

Section 3.02          Selection
of Notes to Be Redeemed or Purchased.

 

(a)           If
less than all of the Notes are to be redeemed pursuant to Section 3.07 or purchased in an offer to purchase at any time, the Trustee
shall select the Notes to be redeemed or purchased (1) if the Notes are listed on any national securities exchange, in compliance
with the requirements of the principal national securities exchange on which the Notes are listed, (2) if the Notes are not
so listed but are in global form, then by lot or otherwise in accordance with the procedures of DTC or the Depositary or (3) if
the Notes are not so listed and are not in global form, then on a pro rata basis, by lot or by such other method as the Trustee
deems to be fair and appropriate, although no Note of $2,000 in principal amount or less will be redeemed in part. In the event
of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the then outstanding
Notes not previously called for redemption or purchase.

 

(b)          The
Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption or purchase. Notes and portions of Notes
selected shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof; except that if all of the Notes of a
Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple
of $1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this
Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

 

(c)           After
the redemption date, upon surrender of a Note to be redeemed in part only, a new Note or Notes in principal amount equal to the
unredeemed portion of the original Note, representing the same Indebtedness to the extent not redeemed, shall be issued in the
name of the Holder of the Notes (or transferred by book entry transfer) upon cancellation of the original Note (or appropriate
book entries shall be made to reflect such partial redemption); provided that each new Note shall be in a principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof.

 

    39 

     

    

 

Section 3.03          Notice
of Redemption.

 

(a)          Subject
to Section 3.09 and, except in connection with Article 11, the Issuer shall give, or cause to be given electronically or by first-class
mail notices of redemption of Notes at least 15 days but not more than 60 days before the redemption date to each Holder whose
Notes are to be redeemed (with a copy to the Trustee) pursuant to this Article at such Holder’s registered address, except
that redemption notices may be given more than 60 days prior to a redemption date if the notice is issued in connection with a
defeasance of the Notes pursuant to Article 8 or a satisfaction and discharge of this Indenture pursuant to Article 11, or otherwise
in accordance with the procedures of the Depositary. Notwithstanding the above, when notice has to be given to a holder of a global
security (including any notice of redemption or repurchase) such notice shall be sufficiently given if given to DTC (or its designee)
pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with applicable DTC
procedures. Notices to the Trustee may be given by email in PDF format.

 

(b)          The
notice shall identify the Notes to be redeemed (including CUSIP and ISIN number, if applicable) and shall state:

 

(1)               
the redemption date;

 

(2)               
the redemption price, including the portion thereof representing any accrued and unpaid interest; provided that
in connection with a redemption under Section 3.07(a), the notice need not set forth the redemption price but only the manner
of calculation thereof;

 

(3)               
if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed;

 

(4)               
the name and address of the Paying Agent and the Trustee;

 

(5)               
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)               
that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue
on and after the redemption date;

 

(7)               
the paragraph or subparagraph of the Notes or Section of this Indenture pursuant to which the Notes called for redemption
are being redeemed;

 

(8)               
that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice
or printed on the Notes; and

 

(9)               
if applicable, any condition to such redemption.

 

(c)          At
the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s
expense; provided that the Issuer shall have given to the Trustee, at least 10 Business Days before notice of redemption
is required to be sent or caused to be sent to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed
to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and attaching a form of the notice
which shall contain the information to be stated in such notice as provided in Section 3.03(b); provided that such Officer’s
Certificate may be withdrawn by the Issuer upon written notice (which notice may be electronic) to the Trustee prior to the date
such notice of redemption is required to be sent to Holders. The Trustee is permitted to accept the Issuer’s direction regarding
redemptions, notwithstanding anything to the contrary in this Indenture, and the Trustee shall have no liability for any action
taken at the Issuer’s direction.

 

    40 

     

    

 

 

Section 3.04           
Effect of Notice of Redemption.

 

(a)           
Once notice of redemption is sent to Holders in accordance with Section 3.03, Notes called for redemption become irrevocably
due and payable on the redemption date at the redemption price subject to the satisfaction of (or waiver by the Issuer in the
Issuer’s discretion) of any condition set forth in the notice of redemption. If such redemption is subject to satisfaction
of one or more conditions precedent, the redemption date may be delayed, in the Issuer’s discretion, until such time as
any or all such conditions shall be satisfied (or waived by the Issuer in the Issuer’s discretion), or such redemption may
not occur and the notice of redemption may be rescinded in the event that any or all such conditions shall not have been satisfied
(or waived by the Issuer in the Issuer’s discretion) by the applicable redemption date (whether the original redemption
date or the redemption date so delayed). The notice, if sent in a manner herein provided, shall be conclusively presumed to have
been given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice
to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the
redemption of any other Note. Subject to Section 3.05, on and after the applicable redemption date (whether the original redemption
date or the redemption date so delayed), interest ceases to accrue on Notes or portions of Notes called for redemption.

 

(b)           
The Issuer shall provide written notice to the Trustee prior to the close of business two Business Days prior to the redemption
date (unless a shorter notice shall be agreed to by the Trustee in writing) if any such redemption has been rescinded or delayed,
and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption
was given.

 

Section 3.05           
Deposit of Redemption or Purchase Price.

 

(a)           
By no later than 12:00 noon (New York City time) on the redemption or purchase date, the Issuer shall deposit with the
Trustee, or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest
on all Notes to be redeemed or purchased on that date. The Trustee or Paying Agent shall promptly distribute to each Holder whose
Notes are to be redeemed or repurchased the applicable redemption or purchase price thereof, accrued and unpaid interest thereon
and Applicable Premium, if any. The Trustee or Paying Agent shall promptly return to the Issuer any money deposited with Trustee
or Paying Agents by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and
unpaid interest and Applicable Premium, if any, on, all Notes to be redeemed or purchased.

 

(b)           
If the Issuer complies with Section 3.05(a), on and after the redemption or purchase date, interest shall cease to accrue
on the Notes or the portions of Notes called for redemption or purchase whether or not such Notes are presented for payment, and
the Holders of such Notes shall have no further rights with respect to such Notes except the right to receive such payment of
the redemption price and accrued and unpaid interest, if any, on such Notes upon surrender of such Notes. If a Note is redeemed
or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest
to the redemption or purchase date shall be paid on the relevant Interest Payment Date to the Person in whose name such Note was
registered at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall
be subject to redemption by the Issuer. If any Note called for redemption or purchase shall not be so paid upon surrender for
redemption or purchase because of the failure of the Issuer to comply with Section 3.05(a), interest shall accrue and be paid
on the unpaid principal, from the redemption or purchase date until such principal is paid.

 

    41

     

    

 

Section 3.06           
Notes Redeemed or Purchased in Part.

 

Upon surrender
of a Note that is redeemed or purchased in part, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee
shall promptly authenticate and mail to the Holder (or cause to be transferred by book entry) at the expense of the Issuer a new
Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same Indebtedness
to the extent not redeemed or purchased; provided that each new Note shall be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only
an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate
such new Note.

 

Section 3.07           
Optional Redemption.

 

(a)           
At any time prior to February 1, 2024, the Issuer is entitled, on any one or more occasions, to redeem all or a part of
the Notes, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium, plus
accrued and unpaid interest, if any, to, but excluding, the applicable redemption date (subject to the right of Holders of record
on the relevant Record Date to receive interest due on the relevant Interest Payment Date as provided in Section 3.07(g) falling
on or prior to such redemption date). Promptly after the determination thereof, the Issuer shall give the Trustee notice of the
redemption price provided for in this Section 3.07(a), and the Trustee shall not be responsible for such calculation.

 

(b)           
At any time prior to February 1, 2024, the Issuer is entitled, on any one or more occasions, to redeem up to 40% of the
aggregate principal amount of the Notes issued under this Indenture (including issuance of Additional Notes, if any) at a redemption
price equal to 104.125% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to but
excluding the applicable redemption date (the “Redemption Date”) (subject to the right of Holders of record
on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling on or prior to such redemption
date as provided in Section 3.07(g)) using an amount equal to the net cash proceeds of one or more Equity Offerings; provided
that (1) at least 60% of the aggregate principal amount of the Notes (which includes Additional Notes, if any) remains
outstanding immediately after the occurrence of any such redemption (other than Notes held, directly or indirectly, by the Issuer
or Affiliates of the Issuer), unless all other outstanding Notes are repurchased or redeemed substantially concurrently with such
redemption; and (2) such redemption occurs prior to 180 days after the date of the closing of such Equity Offering.

 

(c)           
Except pursuant to Section 3.07(a) or (b), the Notes shall not be redeemable at the Issuer’s option prior to February
1, 2024.

 

    42

     

    

 

(d)           
On and after February 1, 2024, the Issuer is entitled, on any one or more occasions, to redeem all or a part of the Notes,
at the redemption prices (expressed as a percentage of principal amount of the Notes to be redeemed) set forth below, plus accrued
and unpaid interest, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning
on February 1 of each of the years indicated below (subject to the rights of Holders of record of Notes on the relevant Record
Date to receive interest due on the relevant Interest Payment Date falling on or prior to such redemption date as provided in
Section 3.07(g)):

 

	Year	 	Notes

    Redemption
 Percentage	 
	2024	 	 	102.063	%
	2025	 	 	101.031	%
	2026 and thereafter	 	 	100.000	%

 

(e)           
Any redemption pursuant to this Section 3.07 shall be made pursuant to Sections 3.01 through 3.06.

 

(f)           
Any redemption notice in connection with this Section 3.07 may, at the Issuer’s discretion, be subject to the satisfaction
of one or more conditions precedent, including the occurrence of a Change of Control or completion of an Equity Offering.

 

(g)           
If the redemption date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and
unpaid interest to but excluding such redemption date shall be paid to the Person in whose name the Note is registered at the
close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be subject to
redemption by the Issuer.

 

Section 3.08           
Mandatory Redemption; Open Market Purchases.

 

The Issuer
shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. The Issuer and its Subsidiaries
may acquire Notes through redemption, by tender offer, open market purchases, negotiated transactions or otherwise, in accordance
with applicable securities laws and regulations, so long as such acquisition does not otherwise violate the terms of this Indenture,
upon such terms and at such prices as the Issuer or its Subsidiaries may determine.

 

Section 3.09           
Offers to Repurchase by Application of Excess Proceeds.

 

(a)           
In the event that, pursuant to Section 4.11, the Issuer is required or opts to commence an Asset Sale Offer, the Issuer
shall follow the procedures specified below.

 

(b)           
The Asset Sale Offer shall be made to all Holders and if the Issuer elects (or is required by the terms of other Pari Passu
Indebtedness), all holders of other Pari Passu Indebtedness. The Asset Sale Offer shall remain open for a period of at least 20
Business Days following its commencement, except to the extent that a longer period is required by applicable law (the “Asset
Sale Offer Period”). No later than five Business Days after the termination of the Asset Sale Offer Period (the “Asset
Sale Purchase Date”), the Issuer shall apply all Excess Proceeds to the purchase of the aggregate principal amount of
Notes and, if applicable, Pari Passu Indebtedness (on a pro rata basis, if applicable) required to be purchased pursuant to Section
4.11 (the “Asset Sale Offer Amount”), or if less than the Asset Sale Offer Amount of Notes (and, if applicable,
Pari Passu Indebtedness) has been so validly tendered and not validly withdrawn, all Notes and Pari Passu Indebtedness validly
tendered and not validly withdrawn in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the
same manner as interest payments on the Notes are made.

 

(c)           
If the Asset Sale Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued
and unpaid interest to but excluding the Asset Sale Purchase Date shall be paid to the Person in whose name a Note is registered
at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be tendered
pursuant to such Asset Sale Offer.

 

    43

     

    

 

(d)           
 Upon the commencement of an Asset Sale Offer, the Issuer shall deliver a notice (or, in the case of Global Notes, otherwise
communicate in accordance with the procedures of the Depositary) to each of the Holders, with a copy to the Trustee. The notice
shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer.
The Asset Sale Offer shall be made to all Holders and, to the extent required by the terms of the outstanding Pari Passu Indebtedness,
all holders of such Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state:

 

(1)               
that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.11 and the length of time the Asset
Sale Offer shall remain open;

 

(2)               
the Asset Sale Offer Amount, the purchase price, including the portion thereof representing any accrued and unpaid interest,
and the Asset Sale Purchase Date;

 

(3)               
that any Note not properly tendered or accepted for payment shall continue to accrue interest;

 

(4)               
that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
shall cease to accrue interest on and after the Asset Sale Purchase Date;

 

(5)               
that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral
multiples of $1,000 (with respect to the Notes) (although no Note of $2,000 in principal amount or less will be purchased in part);

 

(6)               
that Holders electing to have a Note purchased pursuant to an Asset Sale Offer shall be required to (i) surrender
such Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Note completed, or (ii) transfer
such Note by book-entry transfer, in either case, to the Issuer, the Depositary, if applicable, or the Paying Agent at the address
specified in the notice prior to the close of business on the third Business Day preceding the Asset Sale Purchase Date or comply
with applicable procedures of DTC for such tender;

 

(7)               
that Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such
Notes if the Issuer, the Depositary or the Paying Agent, as the case may be, receives at the address specified in the notice,
not later than the expiration of the Asset Sale Offer Period, a facsimile transmission or letter setting forth the name of the
Holder, the principal amount of the Notes the Holder tendered for purchase and a statement that such Holder is withdrawing its
tendered Notes and its election to have such Note purchased or the Holder complies with the applicable procedures of DTC for such
withdrawal;

 

(8)               
that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds
the Asset Sale Offer Amount, then the Notes to be repurchased shall be selected in compliance with the requirements of the principal
national securities exchange, if any, on which the Notes are listed or, if the Notes are not listed but are in global form, then
by lot or otherwise in accordance with the procedures of DTC or, if the Notes are not listed and not in global form on a pro rata
basis, by lot or by such other method as the Trustee shall deem to be fair and appropriate, and the Issuer shall select Pari Passu
Indebtedness to be purchased on a pro rata basis on the basis of the aggregate accreted value or principal amount of tendered
Notes and Pari Passu Indebtedness, although no Note having a principal amount of $2,000 (with respect to Notes) shall be purchased
in part; and

 

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(9)               
 that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer) representing the same Indebtedness to the extent not
repurchased; provided that if, following repurchase of a portion of a Note, the remaining principal amount of such Note
outstanding immediately after such repurchase would be less than $2,000, then the portion of such Note so repurchased shall be
reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase is $2,000.

 

The notice,
if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such
notice. If (A) the notice is sent in a manner herein provided and (B) any Holder fails to receive such notice or a Holder
receives such notice but it is defective, such Holder’s failure to receive such notice or such defect shall not affect the
validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect.

 

(e)           
On or before the Asset Sale Purchase Date, the Issuer shall, to the extent lawful, accept for payment, by lot or on a pro
rata basis or by such other method as the Trustee shall deem to be fair and appropriate, as applicable, the Asset Sale Offer Amount
of Notes or portions thereof (and, if applicable, Pari Passu Indebtedness or portions thereof) validly tendered and not validly
withdrawn pursuant to the Asset Sale Offer, or if less than the Asset Sale Offer Amount of Notes (and Pari Passu Indebtedness,
as applicable) has been validly tendered and not validly withdrawn, all Notes so tendered and not validly withdrawn, in the case
of the Notes, in integral multiples of $1,000; provided that if, following repurchase of a portion of a Note, the remaining
principal amount of such Note outstanding immediately after such repurchase would be less than $2,000, then the portion of such
Note so repurchased shall be reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase
is $2,000. The Issuer shall deliver, or cause to be delivered, to the Trustee the Notes so accepted and an Officer’s Certificate
stating the aggregate principal amount of Notes or portions thereof so accepted and that such Notes or portions thereof were accepted
for payment by the Issuer in accordance with the terms of this Section 3.09 and, in the case of Pari Passu Indebtedness, shall
comply with the applicable procedures in the indenture or other agreement governing such Pari Passu Indebtedness.

 

(f)           
The Issuer shall promptly, but in no event later than five Business Days after termination of the Asset Sale Offer Period,
mail or deliver to the Paying Agent to remit to each tendering Holder or to the holder or lender of Pari Passu Indebtedness, as
the case may be, an amount equal to the purchase price of the Notes or Pari Passu Indebtedness so validly tendered and not properly
withdrawn by such Holder or such holder or lender, as the case may be, and accepted by the Issuer for purchase, and, if less than
all of the Notes tendered are purchased pursuant to the Asset Sale Offer, the Issuer shall promptly issue a new Note, and the
Trustee, upon delivery of an Authentication Order from the Issuer, shall authenticate and mail or deliver (or cause to be transferred
by book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary,
no Opinion of Counsel or Officer’s Certificate shall be required for the Trustee to authenticate and mail or deliver such
new Note) in a principal amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note
shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note not so accepted shall be
promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of the Asset
Sale Offer on the Asset Sale Purchase Date.

 

(g)           
Other than as specifically provided in this Section 3.09 or Section 4.11, any purchase pursuant to this Section 3.09 shall
be made pursuant to Sections 3.01 through 3.06, as applicable.

 

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Article
4

 

COVENANTS

 

Section 4.01           
Payment of Notes.

 

(a)           
The Issuer shall pay or cause to be paid the principal, premium, if any, and interest on the Notes on the dates and in
the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Trustee
or the Paying Agent, as applicable, if other than the Issuer or a Restricted Subsidiary, holds as of 12:00 noon (New York City
time) on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay the
principal, premium, if any, and interest then due.

 

(b)           
The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace period) at the same rate to the extent lawful.

 

Section 4.02           
Maintenance of Office or Agency.

 

The Issuer
shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar)
where Notes may be surrendered for principal payment, registration of transfer or for exchange. The Issuer shall give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations
and surrenders may be made at the Corporate Trust Office of the Trustee.

 

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

 

The Issuer
hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section
2.03.

 

Section 4.03           
Reports.

 

(a)           
For so long as any Notes are outstanding, the Issuer shall furnish to the Trustee (and the Holders of the Notes and beneficial
owners of the Notes), which shall be deemed satisfied by public filing on EDGAR (or any successor system for public filing), the
following reports (collectively, the “Financial Reports”), within three Business Days following the time periods
specified by the SEC’s rules and regulations as if the Issuer were required to file such Financial Reports:

 

(1)               
annual reports of the Issuer on Form 10-K under the Exchange Act, including (A) “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and (B) audited financial statements prepared in accordance with
GAAP

 

(2)               
quarterly reports of the Issuer on Form 10-Q under the Exchange Act, including (A) “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and (B) unaudited quarterly financial statements prepared
in accordance with GAAP; and

 

    46

     

    

 

(3)               
current reports on Form 8-K under the Exchange Act;

 

provided, however,
that the foregoing documents shall not be required to (A) if the Issuer is not otherwise subject to such requirements, comply
with Section 302, Section 906 or Section 404 of the Sarbanes-Oxley Act of 2002, or Items 307, 308, and 402 of Regulation S-K promulgated
by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein), (B) contain the
separate financial information (i) for Subsidiary Guarantors and Non-Guarantor Subsidiaries contemplated by Rule 3-10 of
Regulation S-X promulgated by the SEC or (ii) for Affiliates of the Issuer contemplated by Rule 3-16 of Regulation S-X promulgated
by the SEC.

 

(b)           
At any time that there shall be one or more Unrestricted Subsidiaries that, in the aggregate, hold more than 15.0% of Consolidated
Tangible Assets, the quarterly and annual financial information required by the preceding paragraph shall include a reasonably
detailed presentation, either on the face of the financial statements or in the footnotes thereto of the financial condition and
results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations
of the Unrestricted Subsidiaries.

 

(c)           
In addition, the Issuer agrees that, for so long as any Notes are outstanding, if at any time it is not required to and
does not file with the SEC the reports required by the preceding paragraphs, it shall furnish to the Holders of the Notes and
prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act.

 

(d)           
Any subsequent restatement of financial statements shall have no retroactive effect for purposes of calculations previously
made pursuant to the covenants contained in this Indenture.

 

(e)           
For greater clarity, to the extent any information is not provided as specified in this Section 4.03 and such information
is subsequently provided, the Issuer shall be deemed to have satisfied its obligations with respect thereto at such time and any
Default with respect thereto shall be deemed to have been cured.

 

(f)           
In addition, the Issuer shall:

 

(1)               
issue regular quarterly earnings releases (including an annual earnings release with respect to annual financial statements)
not later than ten Business Days after the time the Issuer files with the SEC or furnishes to the Trustee the applicable Financial
Report; and

 

(2)               
at any time that the Issuer’s common stock is no longer listed on the New York Stock Exchange or any other national
exchange, or if the Issuer ceases to issue the quarterly earnings releases referred to in clause (1) above,

 

(a)               
hold a quarterly conference call to discuss the information contained in the Financial Reports not later than ten Business
Days from the time the Issuer files with the SEC or furnishes to the Trustee the applicable Financial Report; and

 

(b)               
no fewer than three Business Days prior to the date of the conference call required to be held in accordance with clause
(2)(a) above, issue a press release to the appropriate U.S. wire services announcing the time and date of such conference call
and directing the Holders or beneficial owners of, and prospective investors in, the Notes and securities analysts and market
makers to contact an individual at the Issuer (for whom contact information shall be provided in such press release) to obtain
the Financial Report and information on how to access such conference call.

 

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(g)           
Delivery of reports, information and documents to the Trustee is for informational purposes only and its receipt of such
reports shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Issuer’s, any Subsidiary Guarantor’s or any other Person’s compliance with any of its
covenants under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).
The Trustee shall have no liability or responsibility for the filing, timelines or content of such reports.

 

(h)           
The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s, any Subsidiary
Guarantor’s or any other Person’s compliance with the covenants described herein or with respect to any reports or
other documents filed with EDGAR or required under this Indenture.

 

Section 4.04           
Compliance Certificate.

 

(a)           
The Issuer shall deliver to the Trustee, within 30 days after the date the annual financial information is required under
Section 4.03(a)(1), an Officer’s Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether
the Issuer and any Subsidiary Guarantor have kept, observed, performed and fulfilled their obligations under this Indenture, and
further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, based on such review,
the Issuer and any Subsidiary Guarantor have kept, observed, performed and fulfilled each and every condition and covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions
of this Indenture (or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and
what action the Issuer and any Subsidiary Guarantor are taking or propose to take with respect thereto).

 

(b)           
When any Default has occurred and is continuing under this Indenture, or if the Trustee or the Holder of any other evidence
of Indebtedness of the Issuer or any Subsidiary gives any notice or takes any other action with respect to a claimed Default,
the Issuer shall promptly (which shall be no more than 10 Business Days following the date on which the Issuer becomes aware of
such Default, receives such notice or becomes aware of such action, as applicable) send to the Trustee an Officer’s Certificate
specifying such event, its status and what action the Issuer is taking or proposes to take with respect thereto.

 

Section 4.05           
Corporate Existence. Except as otherwise provided in this Article 4, Article 5 and Section 10.06, the Issuer and
any Subsidiary Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect their
corporate, partnership or limited liability company, as applicable, existence and the corporate, partnership, limited liability
company or other existence of each Restricted Subsidiary and the rights (charter and statutory), licenses and franchises of the
Issuer and each Restricted Subsidiary; provided, however, that the Issuer shall not be required to preserve any
such right, license or franchise or the corporate, partnership, limited liability company or other existence of any Restricted
Subsidiary if the respective Board of Directors or, with respect to a Restricted Subsidiary that is not a Significant Subsidiary
(or group of Restricted Subsidiaries that taken together would not be a Significant Subsidiary), Senior Management of the Issuer
determines that the preservation thereof is no longer desirable in the conduct of the business of the Issuer and each of its Restricted
Subsidiaries, taken as a whole, and that the loss thereof is not, and will not be, disadvantageous in any material respect to
the Holders.

 

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Section 4.06           
Payment of Taxes. The Issuer shall pay or discharge or cause to be paid or discharged, before the same shall become
delinquent, all material taxes, assessments and governmental charges levied or imposed upon the Issuer or any Subsidiary; provided,
however, that the Issuer shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and
for which appropriate reserves, if necessary (in the good faith judgment of management of the Issuer), are being maintained in
accordance with GAAP or where the failure to effect such payment will not be disadvantageous in any material respect to the Holders.

 

Section 4.07           
Stay, Extension and Usury Laws.

 

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

 

Section 4.08           
Restricted Payments.

 

(a)           
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any Restricted
Payment, unless, at the time of and after giving effect to such Restricted Payment:

 

(i)            
no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(ii)           
the Issuer would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted
Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to Section 4.10(a); and

 

(iii)          
such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted
Subsidiaries since the Start Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (9),
(10), (11), (12), (13) and (14) of Section 4.08(b)), is less than the sum, without duplication, of:

 

(a)               
50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from and including October
1, 2013 to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available
at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit);
plus

 

    49

     

    

 

(b)               
100% of the aggregate Qualified Proceeds received by the Issuer subsequent to the Start Date (i) as a contribution to its
common equity capital or (ii) from the issue or sale of Equity Interests of the Issuer (other than Disqualified Stock of the Issuer),
or (iii) from the issue or sale of Disqualified Stock or debt securities of the Issuer or any of its Restricted Subsidiaries that
have been converted into or exchanged for Equity Interests (other than Disqualified Stock) of the Issuer, other than in the case
of each of clauses (i), (ii) and (iii), (w) any net proceeds from an Equity Offering to the extent used to redeem Notes pursuant
to Section 3.07(b) (x) Equity Interests (or Disqualified Stock or debt securities) sold to a Restricted Subsidiary of the Issuer
or an employee stock ownership plan, option plan or similar trust established for the benefit of the employees of the Issuer or
any of its Subsidiaries to the extent funded by the Issuer or any Restricted Subsidiary, (y) net cash proceeds applied pursuant
to Section 4.08(b)(2) and Qualified Proceeds to the extent that any Restricted Payment has been made from such proceeds in reliance
on Section 4.08(b)(4) and (z) Excluded Contributions; plus

 

(c)               
to the extent not already included in Consolidated Net Income, 100% of the aggregate Qualified Proceeds from (A) the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary of the Issuer) of any Restricted Investment that
was made after the Start Date and (B) repurchases, redemptions and repayments of such Restricted Investments and the receipt
of any dividends or distributions from such Restricted Investments, in the case of each of clauses (A) and (B) not to exceed the
aggregate amount of such Restricted Investment that was previously treated as a Restricted Payment that reduced the Cumulative
Buildup Basket (as defined below); plus

 

(d)               
to the extent that any Unrestricted Subsidiary of the Issuer designated as such after the Start Date is redesignated as
a Restricted Subsidiary after the Start Date, the Fair Market Value of the Issuer’s Investment in such Subsidiary as of
the date of such redesignation (but only to the extent it was previously treated as a Restricted
Payment that reduced the Cumulative Buildup Basket); plus

 

(e)               
in the event that the Issuer and/or any Restricted Subsidiary of the Issuer makes any Investment in a Person that, as a
result of or in connection with such Investment, becomes a Restricted Subsidiary of the Issuer, an amount equal to the existing
Investment of the Issuer and/or any of its Restricted Subsidiaries in such Person to the extent it was previously treated as a
Restricted Payment that reduced the Cumulative Buildup Basket.

 

The sum of all amounts under
Section 4.08(a)(iii) clauses (a)-(e) is referred to as the “Cumulative Buildup Basket.”

 

(b)           
Section 4.08(a) shall not prohibit:

 

(1)               
the payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days
after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration
or notice, the dividend or redemption payment would have complied with the provisions of this Indenture;

 

(2)               
the making of any Restricted Payment in exchange for, or out of the net cash proceeds of the sale (other than to the Issuer
or a Restricted Subsidiary of the Issuer) of, Equity Interests of the Issuer (other than Disqualified Stock) or from the contribution
of common equity capital to the Issuer, which sale or contribution occurs within 60 days prior to such Restricted Payment;
provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment shall be excluded
from clause (iii)(b) of the Cumulative Buildup Basket;

 

    50

     

    

 

 

(3)               
the repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness with the
net cash proceeds from an incurrence of Permitted Refinancing Indebtedness, which incurrence occurs within 60 days prior
to such repurchase, redemption, defeasance or other acquisition or retirement for value;

 

(4)               
the repurchase, redemption or other acquisition or retirement for value of any Management Warrants or any other Equity
Interests of the Issuer held by any current or former officer, director, employee or consultant of the Issuer or any Restricted
Subsidiary of the Issuer, and the repurchase or other acquisition for value of Equity Interests of the Issuer by the Issuer or
a Restricted Subsidiary to fund an escrowed stock plan established for the benefit of a current officer, director, employee or
consultant of the Issuer (or Investments in an entity formed to create such an escrowed stock plan to permit such entity to purchase
or otherwise acquire for value Equity Interests of the Issuer in connection therewith), in each case, pursuant to any equity subscription
agreement, stock option agreement, shareholders’ agreement or similar agreement or benefit plan of any kind; provided
that the aggregate price paid for all such repurchased, redeemed, acquired or retired Management Warrants and other Equity
Interests and amount of such Investments may not exceed $5.0 million in any calendar year (with any unused amounts to be paid
pursuant to this proviso are available to be carried over to subsequent fiscal years), although such amount in any calendar year
may be increased by an amount not to exceed:

 

(a)               
the Qualified Proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Issuer, other than Excluded
Contributions, to any current or former officer, director, employee or consultant of the Issuer or any Restricted Subsidiaries
of the Issuer that occurs after the Start Date, to the extent the Qualified Proceeds from the sale of such Capital Stock have
not otherwise been applied to the payment of Restricted Payments (provided that the Qualified Proceeds from such sales
or contributions shall be excluded from clause (iii)(b) of the Cumulative Buildup Basket); plus

 

(b)               
the cash proceeds of key man life insurance policies received by the Issuer or its Restricted Subsidiaries after the Start
Date; less

 

(c)               
the amount of any Restricted Payments previously made with the Qualified Proceeds described in clauses (a) and (b) of
this clause (4);

 

(5)               
so long as no Default has occurred and is continuing or would be caused thereby, other Restricted Payments in an aggregate
amount not to exceed the greater of $50.0 million and 1.0% of Consolidated Tangible Assets;

 

(6)               
any repurchase, redemption, defeasance or other acquisition or retirement for value of Disqualified Stock of the Issuer
or any of its Restricted Subsidiaries at the Stated Maturity thereof or made by exchange for or out of the proceeds of the sale
of Disqualified Stock of the Issuer or such Restricted Subsidiary, as the case may be, so long as such refinancing Disqualified
Stock constitutes Permitted Refinancing Indebtedness and is issued within 60 days prior to such repurchase, redemption, defeasance
or other acquisition or retirement for value;

 

(7)               
the repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Indebtedness or
Disqualified Stock (a) at a purchase price not greater than 101% of the principal amount of such Subordinated Indebtedness
or liquidation preference of such Disqualified Stock in the event of a Change of Control in accordance with provisions similar
to those in Section 4.15 or (b) at a purchase price not greater than 100% of the principal amount (or accreted value, as
applicable, if such Subordinated Indebtedness is represented by securities sold at a discount) of such Subordinated Indebtedness
or 100% of the liquidation preference of such Disqualified Stock in accordance with provisions similar to those in Section 4.11;
provided that, prior to or simultaneously with such repurchase, redemption, defeasance or other acquisition or retirement,
the Issuer has made the Change of Control Offer or Asset Sale Offer, as applicable, as provided in Section 4.15 and Section 4.11,
respectively, with respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment
(and not validly withdrawn) in connection with such Change of Control Offer or Asset Sale Offer:

 

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(8)               
the repurchase on one or more occasions, of Common Stock of the Issuer for aggregate consideration for all such repurchases
not to exceed $50.0 million;

 

(9)               
so long as no Default has occurred and is continuing or would be caused thereby, the declaration and payment of dividends
to holders of any class or series of Disqualified Stock of the Issuer or a Restricted Subsidiary of the Issuer or preferred stock
of a Restricted Subsidiary of the Issuer issued in accordance with the terms of this Indenture;

 

(10)           
repurchases of Equity Interests deemed to occur upon the exercise of stock options, warrants, other rights to purchase
Equity Interests or other convertible securities or similar securities if such Equity Interests represent a portion of the exercise
price thereof (or withholding of Equity Interests to pay related withholding taxes with regard to the exercise of such stock
options or the vesting of any such restricted stock, restricted stock units, deferred stock units or any similar securities);

 

(11)           
payments in lieu of the issuance of fractional shares of Capital Stock in connection with any transaction otherwise permitted
under this Section 4.08;

 

(12)           
payments or distributions to holders of the Capital Stock of the Issuer or any of its Restricted Subsidiaries pursuant
to appraisal or dissenter rights required under applicable law or pursuant to a court order in connection with any merger, amalgamation,
arrangement, consolidation or sale, assignment, conveyance, transfer, lease or other disposition of assets;

 

(13)           
Restricted Payments that are made with Excluded Contributions; and

 

(14)           
so long as no Default has occurred and is continuing or would be caused thereby, any Restricted Payment if after giving
effect to such Restricted Payment the Net Indebtedness to Book Capitalization Ratio on a pro forma basis as of the end
of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available would have been
less than or equal to 0.30 to 1.0.

 

(c)               
The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted Payment
of the asset(s) or securities proposed to be transferred or issued by the Issuer or a Restricted Subsidiary of the Issuer, as
the case may be, pursuant to the Restricted Payment.

 

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(d)               
 For purposes of determining compliance with this Section 4.08, in the event that a Restricted Payment or Permitted Investment
meets the criteria of more than one of the types of Restricted Payments or Permitted Investments described in the above clauses
or the definitions thereof, the Issuer, in its sole discretion, may order and classify, and later reclassify, such Restricted
Payment or Permitted Investment if it would have been permitted at the time such Restricted Payment or Permitted Investment was
made and at the time of any such reclassification.

 

(e)               
For purposes of designating any Restricted Subsidiary of the Issuer as an Unrestricted Subsidiary, all outstanding Investments
by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to
be Investments in an amount determined as set forth in the definition of “Investment.” Such designation shall be permitted
only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to this Section 4.08 or pursuant
to the definition of “Permitted Investment” in Section 1.01, and if such Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in
this Indenture.

 

Section 4.09           
Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)               
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit
to exist or become effective any consensual encumbrance or restriction on the ability of any such Restricted Subsidiary to:

 

(1)               
pay dividends or make any other distributions on its Capital Stock to the Issuer or any other Restricted Subsidiary of
the Issuer, or with respect to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed
to the Issuer or any Restricted Subsidiary of the Issuer (it being understood that the priority of any preferred stock in receiving
dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be
deemed a restriction on the ability to make distributions on Capital Stock and the subordination of loans or advances made to
the Issuer or any of its Restricted Subsidiaries to other Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries
shall not be deemed a restriction on the ability to pay any Indebtedness);

 

(2)               
make loans or advances to the Issuer or any other Restricted Subsidiary of the Issuer (it being understood that the subordination
of loans or advances made to the Issuer or any of its Restricted Subsidiaries to other Indebtedness incurred by the Issuer or
any of its Restricted Subsidiaries shall not be deemed a restriction on the ability to make loans or advances); or

 

(3)               
sell, lease or transfer any of its properties or assets to the Issuer or any other Restricted Subsidiary of the Issuer
(it being understood that such transfers shall not include any type of transfer described in clause (1) or (2) of this
Section 4.09(a)).

 

(b)               
Section 4.09(a) shall not prohibit encumbrances or restrictions existing under or by reason of:

 

(1)               
agreements governing Existing Indebtedness and Existing Project Loans, in each case, as in effect on the Issue Date and
any other agreements in effect on the Issue Date, in each case, and any amendments, modifications,
restatements, extensions, renewals, replacements or refinancings of those agreements; provided that the encumbrances and
restrictions in the amendment, modification, restatement, extension, renewal, replacement or refinancing are, taken as a whole,
not materially less favorable to the Holders of Notes than the encumbrances or restrictions being amended, modified, restated,
extended, renewed, replaced or refinanced;

 

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(2)               
this Indenture and the Notes (and any Note Guarantee);

 

(3)               
applicable law, rule, regulation or order;

 

(4)               
any instrument governing Indebtedness or Capital Stock of a Restricted Subsidiary acquired by the Issuer or any Restricted
Subsidiary of the Issuer as in effect at the time of such acquisition or at the time an Unrestricted Subsidiary is redesignated
as a Restricted Subsidiary of the Issuer (except to the extent such Indebtedness or Capital Stock was incurred in connection with
or in contemplation of such acquisition or redesignation), which encumbrance or restriction is not applicable to any Person, or
the properties or assets of any Person, other than the Person or any of its Subsidiaries, or the property or assets of the Person
or any of its Subsidiaries, so acquired and any amendments, modifications, restatements,
extensions, renewals, replacements or refinancings of those agreements (provided that the encumbrances and restrictions in the
amendment, modification, restatement, extension, renewal, replacement or refinancing are, taken as a whole, not materially less
favorable to the Holders of Notes than the encumbrances or restrictions being amended, modified, restated, extended, renewed,
replaced or refinanced); provided that, in the case of Indebtedness, such Indebtedness was permitted to be incurred
by the terms of this Indenture;

 

(5)               
customary non-assignment provisions in contracts and licenses entered into in the ordinary course of business;

 

(6)               
customary restrictions in leases (including capital leases), security agreements or mortgages or other purchase money obligations
for property acquired in the ordinary course of business to the extent they impose restrictions on the property purchased or leased
of the nature described in Section 4.09(a)(3);

 

(7)               
any agreement for the sale or other disposition of all or substantially all the Capital Stock or the assets of a Restricted
Subsidiary of the Issuer to the extent it restricts distributions by that Restricted Subsidiary pending the sale or other disposition;

 

(8)               
Liens permitted to be incurred under Section 4.13 to the extent they limit the right of the debtor to dispose of the assets
subject to such Liens;

 

(9)               
provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements,
sale-leaseback agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets
that are the subject of such agreements;

 

(10)           
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course
of business;

 

(11)           
customary provisions imposed on the transfer of copyrighted or patented materials;

 

(12)           
customary provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements
of the Issuer or any Restricted Subsidiary of the Issuer;

 

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(13)           
 contracts entered into in the ordinary course of business, not relating to any Indebtedness, and that do not, individually
or in the aggregate, detract from the value of property or assets of the Issuer or any Restricted Subsidiary of the Issuer in
any manner material to the Issuer or any such Restricted Subsidiary;

 

(14)           
restrictions on the transfer of property or assets required by any regulatory authority having jurisdiction over the Issuer
or any Restricted Subsidiary of the Issuer or any of their businesses;

 

(15)           
any encumbrances or restrictions existing under (A) development agreements or other contracts entered into with municipal
entities, agencies or sponsors in connection with the entitlement or development of real property or (B) agreements for funding
of infrastructure, including in respect of the issuance of community facility district bonds, metro district bonds, mello-roos
bonds and subdivision improvement bonds, and similar bonding requirements arising in the ordinary course of business of a homebuilder;

 

(16)           
any encumbrances or restrictions that require “lockbox” or similar obligations with respect to Non-Recourse
Debt and Indebtedness secured by a Permitted Lien pursuant to clause (c) of the definition thereof

 

(17)           
any encumbrances or restrictions of the type referred to in Section 4.09(a) imposed by any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred
to in clauses (1) through (16) or clause (18) of this Section 4.09(b); provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings, in the good faith judgment of the Senior
Management or the Board of Directors, are not materially more restrictive, taken as a whole, with respect to such encumbrance
and other restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing; and

 

(18)           
(x) other Indebtedness incurred or preferred stock issued by any Restricted Subsidiary in accordance with Section 4.10
that, in the good faith judgment of Senior Management or the Board of Directors, are not materially more restrictive, taken as
a whole, with respect to such encumbrance and other restrictions, than those applicable to the Issuer in this Indenture on the
Issue Date (which results in encumbrances or restrictions on Restricted Subsidiaries of the Issuer comparable to those applicable
to the Issuer) or (y) other Indebtedness permitted to be incurred subsequent to the Issue Date pursuant to Section 4.10;
provided that with respect to this clause (y) of this clause (18), such encumbrances or restrictions shall not materially
adversely affect the Issuer’s ability to make anticipated principal and interest payments on the Notes (in the good
faith judgment of Senior Management or the Board of Directors).

 

Section 4.10           
Incurrence of Indebtedness and Issuance of Preferred Stock.

 

(a)               
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, incur, with respect
to any Indebtedness (including Acquired Debt), and shall not permit any of its Restricted Subsidiaries to issue any shares of
preferred stock; provided, however, that the Issuer and its Restricted Subsidiaries may incur Indebtedness (including
Acquired Debt) and the Issuer’s Restricted Subsidiaries may issue shares of preferred stock, if, after giving effect thereto
and the application of the proceeds therefrom, either (i) the Fixed Charge Coverage Ratio for the Issuer’s most recently
ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which
such additional Indebtedness is incurred or such preferred stock is issued, as the case may be, would have been at least 2.0 to
1.0, or (ii) the Indebtedness to Consolidated Tangible Net Worth Ratio as of the end of the Issuer’s most recently
ended fiscal quarter for which internal financial statements are available immediately preceding the date on which such additional
Indebtedness is incurred or such preferred stock is issued, as the case may be, would have been less than or equal to 1.75 to
1.0.

 

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(b)               
Section 4.10(a) shall not prohibit the incurrence of any Indebtedness that meets the following criteria or the issuance
of any preferred stock that meets the following criteria, as applicable (collectively, “Permitted Debt”):

 

(1)               
the incurrence by the Issuer or any Restricted Subsidiary of Indebtedness pursuant to Credit Facilities or Project Loans,
including any Guarantee of such Indebtedness or any Guarantee of Designated SPE Debt by the Issuer or any Restricted Subsidiary,
in an aggregate principal amount at any one time outstanding not to exceed the greater of $1,500 million and 22.5% of Consolidated
Tangible Assets at the time of incurrence;

 

(2)               
the Existing Indebtedness;

 

(3)               
the incurrence by the Issuer of Indebtedness represented by the Initial Notes issued on the Issue Date and replacement
Notes in respect thereof, if any (and the incurrence by any Subsidiary Guarantor of any related Note Guarantee);

 

(4)               
the incurrence or issuance by the Issuer or any Restricted Subsidiary of the Issuer of Indebtedness (including Capital
Lease Obligations and Indebtedness incurred in connection with a sale/leaseback transaction), Disqualified Stock or preferred
stock, in each case, incurred or issued for the purpose of financing all or any part of the purchase price or cost of design,
construction, lease, installation, development or improvement of plant, equipment or other property used or useful in a Permitted
Business which occurs within 365 days of such purchase, design, construction, lease, installation, development or improvement,
in an aggregate principal amount at any time outstanding, together with any Permitted Refinancing Indebtedness in respect thereof,
not to exceed the greater of $25.0 million and 1.0% of Consolidated Tangible Assets at the time of incurrence;

 

(5)               
the incurrence by the Issuer or any Restricted Subsidiary of Permitted Refinancing Indebtedness in exchange for, or incurred
to extend, renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that
was permitted by this Indenture to be incurred under Section 4.10(a), this clause (5) or clause (2) (other
than the Existing Notes which are being repurchased or redeemed with the net proceeds of the Initial Notes issued on the Issue
Date), (3), (4) or (11) of this Section 4.10(b);

 

(6)               
the incurrence by the Issuer or any of its Restricted Subsidiaries of Hedging Obligations not for speculative purposes;

 

(7)               
the incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation
claims, self-insurance obligations, bankers’ acceptances, letters of credit, performance bonds, completion bonds, bid bonds,
surety bonds, appeal bonds, performance, completion and compliance guarantees or other similar obligations incurred in the ordinary
course of business; provided, however, that upon the drawing of letters of credit for reimbursement obligations,
or the incurrence of other reimbursement-type Indebtedness with respect to the foregoing, such obligations are reimbursed within
30 days following such drawing or incurrence;

 

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(8)               
 the incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank
or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts)
drawn against insufficient funds in the ordinary course of business, so long as such Indebtedness is extinguished within five
Business Days;

 

(9)               
the incurrence of Indebtedness arising from agreements of the Issuer or a Restricted Subsidiary of the Issuer providing
for indemnification, adjustment of purchase price, holdback, contingency payment obligations or similar obligations, in each case,
incurred or assumed in connection with the disposition or acquisition of any business, assets or Equity Interests of the Issuer
or any such Restricted Subsidiary;

 

(10)           
the incurrence of Indebtedness resulting from endorsements of negotiable instruments for collection in the ordinary course
of business;

 

(11)           
Acquired Debt or Indebtedness or preferred stock of the Issuer or its Restricted Subsidiaries incurred to provide all or
a portion of the funds utilized to acquire Persons that are acquired by the Issuer or any Restricted Subsidiary of the Issuer
(including by way of merger, amalgamation or consolidation) in accordance with the terms of this Indenture; provided that
immediately after giving effect to such acquisition, any of the following is true:

 

(a)               
the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to Section 4.10(a);

 

(b)               
the Issuer’s Fixed Charge Coverage Ratio after giving pro forma effect to such acquisition would be greater
than or equal to the Issuer’s actual Fixed Charge Coverage Ratio immediately prior to such acquisition; or

 

(c)               
the Issuer’s Indebtedness to Consolidated Tangible Net Worth Ratio after giving pro forma effect to such acquisition
would be less than or equal to the Issuer’s actual Indebtedness to Consolidated Tangible Net Worth Ratio immediately prior
to such acquisition;

 

(12)           
 Indebtedness of the Issuer or a Restricted Subsidiary of the Issuer in respect of netting services, overdraft protection
and otherwise in connection with deposit accounts; provided that such Indebtedness remains outstanding for ten Business
Days or less;

 

(13)           
the incurrence or issuance by the Issuer or a Restricted Subsidiary of the Issuer of Indebtedness in an aggregate principal
amount (or accreted value, as applicable) at any time outstanding, not to exceed the greater of $150.0 million and 3.0%
of Consolidated Tangible Assets of the Issuer at the time of incurrence;

 

(14)           
the incurrence of guarantees by the Issuer or a Restricted Subsidiary of the Issuer in the ordinary course of business
in respect of obligations to suppliers, customers, franchisees, lessors and licensees of the Issuer or any Restricted Subsidiary
of the Issuer;

 

(15)           
the incurrence of Indebtedness by the Issuer or a Restricted Subsidiary of the Issuer in respect of obligations to pay
the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided
that such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms (which
require that all such payments be made within 60 days after the incurrence of the related obligation) in the ordinary course
of business and not in connection with the borrowing of money or any Hedging Obligations;

 

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(16)           
Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer consisting of (a) the financing of insurance
premiums or (b) take-or-pay obligations contained in supply arrangements, in each case in the ordinary course of business;

 

(17)           
the incurrence of Indebtedness by the Issuer or a Restricted Subsidiary of the Issuer deemed to exist pursuant to the terms
of a joint venture agreement as a result of the failure of the Issuer or any Restricted Subsidiary of the Issuer to make a required
capital contribution therein;

 

(18)           
obligations of the Issuer or any Restricted Subsidiary of the Issuer under an agreement with any governmental authority
or adjoining (or common masterplan) landowner, in each case entered into in the ordinary course of business in connection
with the acquisition of real property, to entitle, develop or construct infrastructure thereupon;

 

(19)           
Indebtedness consisting of Indebtedness issued by the Issuer or any Restricted Subsidiary of the Issuer to any current
or former officer, director, employee or consultant of the Issuer or any Restricted Subsidiary of the Issuer, in each case to
finance the repurchase, redemption or other acquisition or retirement for value of any Management Warrants or other Equity Interests
of the Issuer to the extent described in Section 4.08(b)(4);

 

(20)           
Guarantees issued from time to time by the Issuer or Restricted Subsidiaries of the Issuer of Indebtedness (other than
Designated SPE Debt) incurred by any joint venture in which the Issuer or its Restricted Subsidiaries has an equity Investment
(or incurred by any Subsidiaries of such joint ventures), in an amount not to exceed at any time outstanding the greater
of $100.0 million and 2.5% of Consolidated Tangible Assets of the Issuer at the time of incurrence;

 

(21)           
the incurrence by the Issuer or any Restricted Subsidiary of intercompany Indebtedness between or among the Issuer and
any of its Restricted Subsidiaries; provided, however, that:

 

(a)               
if the Issuer or any Subsidiary Guarantor is the obligor on such Indebtedness and the obligee is not the Issuer or a Subsidiary
Guarantor, such Indebtedness must be unsecured and subordinated in right of payment to the prior payment in full in cash of all
Obligations then due with respect to the Notes, in the case of the Issuer, or the Note Guarantee, in the case of a Subsidiary
Guarantor; and

 

(b)               
(i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person
other than the Issuer or a Restricted Subsidiary and (ii) any sale or other transfer of any such Indebtedness to a Person
that is not either the Issuer or a Restricted Subsidiary shall be deemed, in each case, to constitute a new incurrence of such
Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be, which new incurrence is not permitted by this clause (21);

 

(22)           
the issuance by any Restricted Subsidiary to the Issuer or to any other Restricted Subsidiary of shares of preferred stock;
provided, however, that:

 

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(a)               
 any subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person
other than the Issuer or a Restricted Subsidiary; and

 

(b)               
any sale or other transfer of any such preferred stock to a Person that is not either the Issuer or a Restricted Subsidiary
shall be deemed, in each case, to constitute a new issuance of such preferred stock by such Restricted Subsidiary, which new issuance
is not permitted by this clause (22);

 

(23)           
Guarantees (other than Guarantees of Designated SPE Debt) by (a) the Issuer or any Subsidiary Guarantor of Indebtedness
permitted to be incurred by the Issuer or any Restricted Subsidiary of the Issuer in accordance with the provisions of this Indenture;
provided that in the event such Indebtedness that is being Guaranteed is Subordinated Indebtedness, then the related Guarantee
shall be subordinated in right of payment to the Notes or the Note Guarantee, as the case may be, and (b) Non-Guarantors
of Indebtedness incurred by other Non-Guarantors in accordance with the provisions of this Indenture; and

 

(24)           
Designated SPE Debt.

 

(c)               
For purposes of determining compliance with this Section 4.10:

 

(1)               
In the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt
described in Section 4.10(b)(1) through (24) or can be incurred pursuant to Section 4.10(a), the Issuer, in its sole discretion,
will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify (based on circumstances
existing at the time of such reclassification), all or a portion of such item of Indebtedness, in any manner that complies with
Section 4.10(a) or Section 4.10(b);

 

(2)               
The Existing Project Loans that do not constitute Designated SPE Debt shall be deemed to have been incurred pursuant to
Section 4.10(b)(1) and, notwithstanding clause (1) of this Section 4.10(c), may not be reclassified.

 

(d)               
The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness
in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change
in accounting principles, and the payment of dividends on preferred stock in the form of additional shares of the same class of
preferred stock shall not be deemed to be an incurrence of Indebtedness or an issuance of preferred stock for purposes of this
Section 4.10; provided, in each such case, that the amount thereof is included in Consolidated Interest Incurred of the
Issuer as accrued (other than the reclassification of preferred stock as Indebtedness due to a change in accounting principles).
For purposes of Section 4.10(b)(21) and (22), the existence of a Permitted Lien on Equity Interests, Indebtedness or preferred
stock shall not be considered a transfer until the Equity Interests, Indebtedness or preferred stock securing such Permitted Lien
has been foreclosed upon.

 

(e)               
[Reserved]

 

(f)                
For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness,
the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the
relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness, or first
committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction
to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing does not exceed the
principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 4.10, the maximum
amount of Indebtedness that the Issuer and its Restricted Subsidiaries may incur pursuant to this Section 4.10 shall not be deemed
to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness
incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be
calculated based on the currency exchange rate applicable to the currencies in which such refinancing is denominated that is in
effect on the date of such refinancing.

 

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Section 4.11           
Asset Sales.

 

(a)               
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(1)               
the Issuer or any such Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale
at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

(2)               
at least 75% of the consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary, as the case may
be, is in the form of cash or Marketable Securities. For the purposes of this Section 4.11(a)(2) only, each of the following shall
be deemed to be cash:

 

(a)               
Cash Equivalents;

 

(b)               
any Indebtedness (other than any Subordinated Indebtedness) of the Issuer or any of its Restricted Subsidiaries that is
actually assumed by the transferee in such Asset Sale (provided that the Issuer or such Restricted Subsidiary, as the case
may be, making the Asset Sale is released from its obligations with respect to such Indebtedness);

 

(c)               
any securities, notes or other obligations or assets received by the Issuer or any Restricted Subsidiary of the Issuer
from such transferee that within 180 days after the consummation of such Asset Sale are converted by the recipient into (or with
respect to which the recipient receives payments of) cash or Cash Equivalents, to the extent of the cash or Cash Equivalents received
in that conversion or payment;

 

(d)               
the Fair Market Value of any property or other assets (including Equity Interests of any Person that shall be a Restricted
Subsidiary following receipt thereof) received that are used or useful in a Permitted Business; and

 

(e)               
any Designated Non-Cash Consideration received by the Issuer or any such Restricted Subsidiary in such Asset Sale having
an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause
(e) that is at the time outstanding, not to exceed the greater of $50.0 million and 1.0% of Consolidated Tangible Assets at the
time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash
Consideration being measured at the time received and without giving effect to subsequent changes in value.

 

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(b)          Within
12 months after the receipt of any Net Proceeds from an Asset Sale, the Issuer or the applicable Restricted Subsidiary, as
the case may be, may apply an amount equal to such Net Proceeds at its option:

 

(1)               
to permanently repay or prepay

 

(a)               
Obligations under any Indebtedness of the Issuer or its Restricted Subsidiaries secured
by Permitted Liens (whose commitments, in the case of Indebtedness under any revolving credit facility, shall be correspondingly
reduced permanently in an amount equal to the principal amount so prepaid upon such repayment or prepayment);

 

(b)               
Obligations under the notes or any Indebtedness of the Issuer that ranks pari passu in right of payment with the Notes
(“Pari Passu Indebtedness”); provided that if the Issuer or any such Restricted Subsidiary shall so
repay or prepay any such other Pari Passu Indebtedness, the Issuer shall reduce (or offer to reduce) Obligations under the Notes
on a pro rata basis (based on the amount so applied to such repayments or prepayments) by, at their option, (A) redeeming Notes
as described under Section 3.07 (B) making an offer (in accordance with the procedures set forth below for an Asset Sale Offer)
to all Holders to purchase their Notes for cash at a price of at least 100% of the principal amount thereof, plus the amount of
accrued but unpaid interest, if any, thereon to, but excluding, the applicable date of repurchase (and
any such Net Proceeds remaining following the consummation of such offer will not constitute Excess Proceeds) or (C) purchasing
Notes through privately negotiated transactions or open market purchases, in a manner that complies with this Indenture and applicable
securities laws, at a price in cash of not less than 100% of the principal amount thereof, plus the amount of accrued but unpaid
interest, if any, thereon to, but excluding, the applicable date of repurchase; or

 

(c)               
Indebtedness of a Restricted Subsidiary of the Issuer that is a Non-Guarantor, other than Indebtedness owed to the Issuer
or another Restricted Subsidiary of the Issuer;

 

(2)               
to acquire all or substantially all of the assets of, or any Capital Stock of a Person engaged in, a Permitted Business,
if, after giving effect to any such acquisition of Capital Stock, such Person (and the Permitted Business) is or becomes a Restricted
Subsidiary of the Issuer;

 

(3)               
to make a capital expenditure;

 

(4)               
to acquire Additional Assets or improve or develop existing assets to be used in a Permitted Business; or

 

(5)               
in any combination of applications described in clause (1), (2), (3) or (4) of this Section 4.11(b);

 provided that in the case of clause (2), (3) or (4) (or clause (5) solely
as it relates to clause (2), (3) or (4)), of this Section 4.11(b), a binding commitment to acquire the assets of a
Permitted Business, or Capital Stock of a Person engaged in a Permitted Business, acquire Additional Assets (or improve or develop
such existing assets) or to make such capital expenditures shall be treated as a permitted application of an amount of Net Proceeds
as of the date of such commitment so long as the Issuer or such Restricted Subsidiary enters into such commitment with the good
faith expectation that such amount of Net Proceeds shall be applied to satisfy such commitment within 180 days after the
date of such commitment (an “Acceptable Commitment”) and, in the event any Acceptable Commitment is later
cancelled or terminated for any reason before such amount of Net Proceeds is applied in connection therewith, the Issuer or such
Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within 180 days
after the date of such cancellation or termination, it being understood that if a Second Commitment is later cancelled or terminated
for any reason before such amount of Net Proceeds is applied, then such amount of Net Proceeds shall constitute Excess Proceeds

 

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(c)           
Any amounts of Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.11(b) shall constitute
 “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, within ten Business
Days thereafter, the Issuer shall make an Asset Sale Offer to all Holders of Notes and if the Issuer elects (or is required
by the terms of such other Pari Passu Indebtedness), all holders of other Pari Passu Indebtedness (an “Asset
Sale Offer”) to purchase the maximum aggregate principal amount of Notes and such Pari Passu Indebtedness, in denominations
of $2,000 principal amount and multiples of $1,000 in excess thereof, that may be purchased with an amount equal to the Excess
Proceeds at an offer price in cash in an amount not less than 100% of the principal amount thereof, or, in the case of Pari Passu
Indebtedness represented by securities sold at a discount, not less than the amount of the accreted value thereof at such time,
plus accrued and unpaid interest to, but excluding, the purchase date, in accordance with the procedures set forth in this Indenture.
In the event that the Issuer or any Restricted Subsidiary of the Issuer prepays any Pari Passu Indebtedness that is outstanding
under a revolving credit or other committed loan facility pursuant to an Asset Sale Offer, the Issuer or such Restricted Subsidiary
shall cause the related loan commitment to be reduced in an amount equal to the principal amount so prepaid. After the completion
of an Asset Sale, the Issuer and its Restricted Subsidiaries may make an Asset Sale Offer prior to the time they are required
to do so by the second sentence of this paragraph. If the Issuer or any Restricted Subsidiary of the Issuer completes such an
Asset Sale Offer with respect to any Net Proceeds, the Issuer and its Restricted Subsidiaries shall be deemed to have complied
with this Section 4.11 with respect to the application of such Net Proceeds (regardless of how much principal amount of Notes
is tendered into such offer) and the amount of Excess Proceeds shall be reset to zero,
and any such Net Proceeds remaining after completion of such Asset Sale Offer may be used by the Issuer and its Restricted Subsidiaries
for any purpose not prohibited by this Indenture. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the
Issuer and its Restricted Subsidiaries may use those Excess Proceeds for any purpose not prohibited by this Indenture. If the
aggregate principal amount of Notes surrendered by Holders thereof and other Pari Passu Indebtedness surrendered by holders
thereof or lenders thereunder, collectively, exceeds the amount of Excess Proceeds, the Notes to be repurchased shall be selected
in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if
the Notes are not listed but are in global form, then by lot or otherwise in accordance with the procedures of DTC, or, if the
Notes are not listed and not in global form on a pro rata basis, by lot or by such other method as the Trustee in
its sole discretion shall deem to be fair and appropriate, and the Issuer shall select Pari Passu Indebtedness to
be purchased on a pro rata basis on the basis of the aggregate accreted value or principal amount of tendered Notes and Pari Passu
Indebtedness. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

 

(d)          
Pending the final application of any Net Proceeds pursuant to this covenant, the Issuer and its Restricted Subsidiaries
may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest
such Net Proceeds in any manner not prohibited by this Indenture.

 

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(e)          
The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an
Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.11 or Section
3.09, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their
obligations under this Section 4.11 or Section 3.09 by virtue of such compliance.

 

Section 4.12         
Transactions with Affiliates.

 

(a)          
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease,
transfer or otherwise dispose of any of their properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of,
any Affiliate of the Issuer (including Unrestricted Subsidiaries) involving aggregate consideration in excess of $5.0 million
(each, an “Affiliate Transaction”), unless:

 

(1)               
the Affiliate Transaction is on terms that, taken as a whole, are not materially less favorable to the Issuer or its relevant
Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary
with an unrelated Person on an arm’s-length basis; and

 

(2)               
the Issuer delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of $7.5 million, a resolution of the Board of Directors (or a committee of disinterested
directors) of the Issuer set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with
this covenant and that such Affiliate Transaction has been approved by a majority of the members of the Board of Directors of
the Issuer (or a committee of disinterested directors) with respect to such Affiliate Transaction.

 

(b)           The
following items will not be deemed to be Affiliate Transactions and therefore shall not be subject to Section 4.12(a):

 

(1)               
any employment, consultancy, advisory or other compensatory agreement, employee benefit plan, officer or director indemnification
agreement or any similar arrangement entered into by the Issuer or any Restricted Subsidiary of the Issuer in the ordinary course
of business and payments pursuant thereto;

 

(2)               
transactions between or among the Issuer and/or its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary
as a result of such transaction;

 

(3)               
transactions with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Issuer solely because the
Issuer owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

(4)               
payment of reasonable directors’ fees;

 

(5)               
any transaction in which the only consideration paid by the Issuer or any of its Restricted Subsidiaries is in the form
of Equity Interests (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer or any equity capital contribution
made to the Issuer (other than in respect of Disqualified Stock) and any agreement that grants registration and other customary
rights in connection therewith or otherwise to the direct or indirect security holders of the Issuer;

 

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(6)               
Permitted Investments (other than Permitted Investments of the type described in clause 2(b) of the definition thereof)
or Restricted Payments that do not violate Section 4.08;

 

(7)               
any agreement as in effect as of the Issue Date, including any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements, or refinancings thereof; provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements, or refinancings are not materially less favorable to the Holders of
the Notes, in the good faith judgment of Senior Management or the Board of Directors, as compared to the applicable agreement
as in effect on the Issue Date;

 

(8)               
transactions with customers, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services,
in each case which are in the ordinary course of business (including pursuant to joint venture agreements) and otherwise in compliance
with the terms of this Indenture, and which are fair to the Issuer and its Restricted Subsidiaries, as applicable, in the reasonable
determination of the Board of Directors or Senior Management of the Issuer or any Restricted Subsidiary of the Issuer, as applicable,
or are on terms, taken as a whole, at least as favorable as might reasonably have been obtained at such time from an unaffiliated
party;

 

(9)               
intellectual property licenses in the ordinary course of business;

 

(10)             
any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by, merged
into or amalgamated, arranged or consolidated with the Issuer or any of its Restricted Subsidiaries; provided that such
agreement was not entered into in contemplation of such acquisition, merger, amalgamation, arrangement or consolidation and any
amendment thereto (so long as any such amendment is not materially less favorable to the Holders of the Notes, in the good faith
judgment of Senior Management or the Board of Directors, as compared to the applicable agreement as in effect on the date of such
acquisition, merger, amalgamation, arrangement or consolidation);

 

(11)             
any merger, amalgamation, arrangement, consolidation or other reorganization of the Issuer with an Affiliate solely for
the purpose and with the sole effect of forming, collapsing or dissolving a holding company structure or reincorporating or reorganizing
the Issuer in a new jurisdiction;

 

(12)             
pledges of Capital Stock or Indebtedness of Unrestricted Subsidiaries; and

 

(13)             
transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter
from an Independent Qualified Party stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial
point of view or stating that the terms, taken as a whole, are not materially less favorable to the Issuer or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with
an unrelated Person on an arm’s-length basis.

 

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Section 4.13          
Liens.

 

(a)           The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to create, incur, assume or otherwise cause or suffer
to exist or become effective any Lien (a “Triggering Lien”) of any kind (other than Permitted Liens) securing
Indebtedness upon any of their property or assets, now owned or hereafter acquired, or any income or profits therefrom unless
all payments due under this Indenture and the Notes (and, in the case of Liens of a Subsidiary Guarantor, under the Note Guarantee
of such Subsidiary Guarantor) are secured on an equal and ratable basis with the obligations so secured until such time as such
obligations are no longer secured by a Triggering Lien.

 

(b)           For
purposes of determining compliance with this Section 4.13, a Lien securing an item of Indebtedness need not be permitted solely
by reference to the above paragraph or to one category (or portion thereof) of Permitted Liens described in clauses (a)
through (ee) of the definition of “Permitted Liens” but may be permitted in part under any combination thereof.

 

(c)           With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount”
of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the
accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness
with the same terms or in the form of common equity of the Issuer, the payment of dividends on preferred stock in the form of
additional shares of preferred stock of the same class, accretion of original issue discount or liquidation preference and increases
in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in
the value of property securing Indebtedness described in the definition of “Indebtedness.”

 

Section 4.14          Permitted
Business Activities.

 

The Issuer
shall not, and shall not permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses,
except to such extent as would not be material to the Issuer and its Restricted Subsidiaries, taken as a whole; it being understood
that the Issuer and its Restricted Subsidiaries shall be deemed to be in compliance with this Section 4.14 if the Issuer or its
Restricted Subsidiaries acquire another Person that is primarily engaged in Permitted Businesses or acquire business operations
that primarily consist of Permitted Businesses and continue to operate such acquired Person’s operations or such acquired
business operations, as the case may be.

 

Section 4.15          Offer
to Repurchase upon Change of Control.

 

(a)           If
a Change of Control occurs after the Issue Date, except as described in Section 4.15(f), the Issuer shall make an offer to purchase
all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash
(the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued
and unpaid interest to, but excluding, the date of purchase, subject to the right of Holders of record of Notes on the relevant
record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control,
the Issuer shall give notice of such Change of Control Offer electronically or by first class mail, with a copy to the Trustee,
to each Holder of Notes to the address of such Holder appearing in the security register or otherwise in accordance with the procedures
of DTC, with the following information:

 

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(1)               
 that a Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes properly tendered (and not
properly withdrawn) pursuant to such Change of Control Offer shall be accepted for payment by the Issuer;

 

(2)               
the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 60 days from
the date such notice is delivered, subject to the last sentence of Section 4.15(e) in the event that the Change of Control Offer
is made in advance of a Change of Control, conditional upon such Change of Control (the date of payment and purchase for Notes
pursuant to the Change of Control Offer, the “Change of Control Payment Date”);

 

(3)               
that any Note not properly tendered (or tendered but properly withdrawn and not properly retendered) shall remain outstanding
and continue to accrue interest;

 

(4)               
that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer shall cease to accrue interest on the Change of Control Payment Date;

 

(5)               
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender
such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to
the Paying Agent specified in the notice at the address specified in the notice prior to the close of business on the third Business
Day preceding the Change of Control Payment Date or comply with applicable procedures of DTC for such tender;

 

(6)               
that Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such
Notes; provided that the Paying Agent receives, not later than the expiration time of the Change of Control Offer, a facsimile
transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase,
and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased or the Holder
complies with the applicable procedures of DTC for such withdrawal;

 

(7)               
that if a Holder requests that only a portion of a note held by it be purchased, such Holder shall be issued (or receive
a book-entry interest in) a new note equal in principal amount to the unpurchased portion of the Note surrendered; provided
that the unpurchased portion of such Note must be equal to $2,000 or an integral multiple of $1,000 in excess thereof;

 

(8)               
if such notice is delivered prior to the occurrence of a Change of Control, a statement that the Change of Control Offer
is conditional on the occurrence of such Change of Control; and

 

(9)               
the other instructions, as determined by the Issuer, consistent with this Section 4.15, that a Holder must follow.

 

While the
Notes are in global form and the Issuer makes a Change of Control Offer, a Holder may exercise its option to elect for the purchase
of the Notes (and any election to withdraw its tendered Notes) through the facilities of DTC, subject to DTC’s rules, regulations
and applicable procedures.

 

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(b)          On
the Change of Control Payment Date, the Issuer shall, to the extent lawful:

 

(1)               
 accept for payment all Notes or portions of Notes properly tendered (and not properly withdrawn) pursuant to the Change
of Control Offer;

 

(2)               
unless deposited before the Change of Control Payment Date (but in any case, prior to 12:00 noon, New York City time, on
the Change of Control Payment Date), deposit with the Paying Agent an amount equal to the Change of Control Payment in respect
of all Notes or portions of Notes accepted for payment; and

 

(3)               
deliver or cause to be delivered to the Trustee the Notes accepted for payment together with an Officer’s Certificate
stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer.

 

(c)         
The Paying Agent will promptly remit to each Holder of Notes properly tendered (and not properly withdrawn) in the Change
of Control Payment for such Notes, and the Trustee, upon receipt of an Authentication Order from the Issuer, will promptly authenticate
and deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof. The Issuer shall publicly announce the results of the Change of Control Offer on or as soon
as practicable after the Change of Control Payment Date.

 

(d)          If
the Change of Control Payment Date is on or after the relevant Record Date and on or before the related Interest Payment Date,
the accrued and unpaid interest, if any, shall be paid on such Interest Payment Date to the Person in whose name the Note is registered
at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes are tendered
pursuant to the Change of Control Offer.

 

(e)          Notwithstanding
anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, and conditioned upon
the occurrence of such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making
the Change of Control Offer. If such a conditional Change of Control Offer is made, the Change of Control Payment Date may be
delayed, in the Issuer’s discretion, until such time as such Change of Control shall have occurred, or if such Change of
Control shall not have occurred by the applicable Change of Control Payment Date (whether the original Change of Control Payment
Date or the Change of Control Payment Date so delayed), then such Change of Control Offer may be rescinded by the Issuer.

 

(f)           The
Issuer shall not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable
to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered (and not properly withdrawn) under the
Change of Control Offer or (2) a notice of redemption that is or has become unconditional (other
than with respect to any conditions relating to the actual occurrence of such Change of Control)  has been given pursuant
to this Indenture as described in Section 3.07 unless and until there is a default in payment of the applicable redemption price.

 

(g)          The
Issuer shall comply with all applicable securities laws and regulations, including the requirements of Rule 14e-1 under the
Exchange Act. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 4.15,
the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations
under this Section 4.15 by virtue of such compliance.

 

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(h)          In
the event that Holders of not less than 90% in aggregate principal amount of the then outstanding Notes accept a Change of Control
Offer and the Issuer (or any third party making such Change of Control Offer in lieu of the Issuer as described in Section 4.15(f))
purchases all of the Notes properly tendered (and not properly withdrawn) under the Change of Control Offer by such Holders, the
Issuer will have the right, upon not less than 15 nor more than 60 days’ prior notice, but given not more than 30 days following
the Change of Control Payment Date of the Change of Control Offer described above, to redeem all of the Notes that remain outstanding
following such purchase pursuant to such Change of Control Offer at a redemption price equal to the Change of Control Payment
(subject to the rights of Holders of the Notes on the relevant record date to receive interest due on the relevant Interest Payment
Date that is on or prior to the applicable redemption date).

 

(i)           Other
than as specifically provided in this Section 4.15, any purchase pursuant to this Section 4.15 shall be made pursuant to Sections 3.02,
3.05 and 3.06.

 

Section 4.16         Future
Guarantors.

 

(a)          The
Issuer shall cause each Restricted Subsidiary which Guarantees obligations of the Issuer or another guarantor under, or is a borrower
or obligor under, any Credit Facility (other than Designated SPE Debt), syndicated loan facility, capital markets debt or similar
Indebtedness (collectively, “Guarantor Obligation Debt”) to execute and deliver to the Trustee a supplemental
indenture to this Indenture substantially in the form of Exhibit B attached hereto within 30 days after the giving of such Guarantee
of, or becoming a borrower or obligor under, such Guarantor Obligation Debt pursuant to which such Restricted Subsidiary shall
irrevocably and unconditionally (subject to the customary release provisions described below) Guarantee, on a joint and several
basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a senior basis
and all other obligations under this Indenture. Notwithstanding the foregoing, if a Subsidiary Guarantor is released and discharged
in full from its Guarantee of or obligations under such Guarantor Obligation Debt (and is not then a guarantor of, or obligor
or borrower under, other Guarantor Obligation Debt such that it would be required to provide a Note Guarantee under this Section
4.16(a)), then the Note Guarantee of such Subsidiary Guarantor shall be automatically and unconditionally released and discharged.

 

(b)          The
Note Guarantee of any Subsidiary Guarantor shall be released in accordance with the provisions of Section 10.06(a).

 

(c)          The
Issuer at any time at its sole option may cause any Non-Guarantor to become a Subsidiary Guarantor by executing a supplemental
indenture to this Indenture.

 

Section 4.17         Designation
of Restricted and Unrestricted Subsidiaries.

 

The Board
of Directors of the Issuer may designate any Restricted Subsidiary of the Issuer to be an Unrestricted Subsidiary if that designation
would not cause a Default. If a Restricted Subsidiary of the Issuer is designated as an Unrestricted Subsidiary, the aggregate
Fair Market Value of all outstanding Investments owned by the Issuer and its Restricted Subsidiaries in the Subsidiary designated
as an Unrestricted Subsidiary shall be deemed to be an Investment made as of the time of the designation and shall reduce the
Cumulative Buildup Basket or amounts available under one or more clauses of the definition of Permitted Investments or one or
more clauses of Section 4.08(b) as determined by the Issuer. That designation shall only be permitted if the Investment would
be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board
of Directors of the Issuer may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if (i) that
redesignation would not cause a Default and (ii) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding
immediately after such redesignation would, if incurred at such time, have been permitted to be incurred (and shall be deemed
to have been incurred) under this Indenture.

 

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Any designation
of a Subsidiary of the Issuer as an Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified
copy of a resolution of the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate
certifying that such designation complied with the preceding conditions and was permitted by Section 4.08.

 

Section 4.18          Effectiveness
of Covenants.

 

(a)          At
any time after the Notes have received Investment Grade Ratings from two Rating Agencies (a “Covenant Suspension
Event”), upon notice by the Issuer to the Trustee certifying that a Covenant Suspension Event has occurred and that
at the time of the giving of such notice no Default has occurred and is continuing under this Indenture (a “Covenant
Suspension Event Notice”), then, beginning on the day such notice is given and continuing until the Reversion Date (as defined
below), the Issuer and its Restricted Subsidiaries shall not be subject to the following Sections of this Indenture (collectively,
the “Suspended Covenants”):

 

(1)               
Section 4.08;

 

(2)               
Section 4.09;

 

(3)               
Section 4.10;

 

(4)               
Section 4.11;

 

(5)               
Section 4.12;

 

(6)               
Section 4.14;

 

(7)               
Section 4.16 (but only with respect to any Restricted Subsidiary that would otherwise be required to become a Subsidiary
Guarantor after the Suspension Date and prior to the Reversion Date); and

 

(8)               
Section 5.01(a)(4).

 

(b)          If
at any time the Notes cease to have Investment Grade Ratings from two Rating Agencies, then the Suspended Covenants shall thereafter
be reinstated as if such covenants had never been suspended (the “Reversion Date”) and be applicable pursuant
to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance
with the terms of this Indenture), unless and until a subsequent Covenant Suspension Event occurs and a Covenant Suspension Event
Notice is delivered to the Trustee (in which event the Suspended Covenants shall no longer be in effect unless and until
the Notes cease to have such Investment Grade Ratings from two Rating Agencies); provided, however, that no Default
or Event of Default or breach of any kind shall be deemed to exist under this Indenture or the Notes (or any Note Guarantee) with
respect to the Suspended Covenants based on, and none of the Issuer or any of its Subsidiaries shall bear any liability under
the Suspended Covenants for, any actions taken or events occurring during the Suspension Period (as defined below), or any
actions taken at any time pursuant to any contractual obligation arising prior to the Reversion Date, regardless of whether such
actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period
of time between the date of suspension of the covenants and the Reversion Date is referred to as the “Suspension Period.”

 

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(c)           On
the Reversion Date, all Indebtedness incurred during the Suspension Period shall be classified to have been incurred pursuant
to Section 4.10(a) or one of the clauses set forth in Section 4.10(b) (to the extent such Indebtedness would be permitted
to be incurred thereunder as of the Reversion Date and after giving effect to the Indebtedness incurred prior to the Suspension
Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be incurred pursuant
to Section 4.10(a) or Section 4.10(b) such Indebtedness shall be deemed to have been Existing Indebtedness, so that it is classified
as permitted Section 4.10(b)(2). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments
under Section 4.08 shall be made as though Section 4.08 had been in effect since the Issue Date and throughout the Suspension
Period. Accordingly, Restricted Payments made during the Suspension Period and not otherwise permitted under Section 4.08(b) shall
reduce the amount available to be made as Restricted Payments under Section 4.08(a). During the Suspension Period, any obligation
to grant Note Guarantees with respect to any Restricted Subsidiary that would otherwise be required to become a Subsidiary Guarantor
after the Suspension Date and prior to the Reversion Date shall be suspended. Such obligation to grant Note Guarantees shall be
reinstated upon the Reversion Date, if applicable.

 

(d)           During
the Suspension Period, the Board of Directors of the Issuer may not designate any of the Restricted Subsidiaries as Unrestricted
Subsidiaries pursuant to this Indenture.

 

(e)           The
Issuer shall provide each of the Trustee and the Holders with prompt written notice of any suspension of the Suspended Covenants
or the subsequent reinstatement of such Suspended Covenants, which may be given in a filing on EDGAR.

 

(f)           The
Issuer shall deliver an Officer’s Certificate to the Trustee, specifying (1) if a Covenant Suspension Event has occurred
or has ended and (2) the dates of the commencement or ending of any Suspension Period. The Trustee shall not have any duty to
monitor whether or not a Covenant Suspension Event has occurred or ended nor any duty to notify the Holders of any of the foregoing.

 

Section 4.19          Financial
Calculations for Limited Condition Acquisitions.

 

When calculating
the availability under any threshold based on a dollar amount, percentage of Consolidated Tangible Assets or other financial measure
(a “basket”) or ratio under this Indenture, in each case, in connection with a Limited Condition Acquisition,
the date of determination of such basket or ratio and of any Default or Event of Default may, at the option of the Issuer, be
the date the definitive agreement(s) for such Limited Condition Acquisition is entered into. Any such ratio or basket shall be
calculated on a pro forma basis, including with such adjustments as are appropriate and consistent with the pro forma
adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio, after giving effect to such Limited Condition
Acquisition and other transactions in connection therewith (including any incurrence or issuance of Indebtedness or preferred
stock and the use of proceeds thereof) as if they had been consummated at the beginning of the applicable period for purposes
of determining the ability to consummate any such Limited Condition Acquisition (and not for purposes of any subsequent availability
of any basket or ratio); provided that if the Issuer elects to make such determination as of the date of such definitive
agreement(s), then (a) if any of such ratios are no longer complied with or baskets are exceeded as a result of fluctuations in
such ratio or basket subsequent to such date of determination and at or prior to the consummation of the relevant Limited Condition
Acquisition, such ratios or baskets will not be deemed to have been no longer complied with or exceeded as a result of such fluctuations
solely for purposes of determining whether the Limited Condition Acquisition is permitted under this Indenture and (b) such ratios
or baskets shall not be tested at the time of consummation of such Limited Condition Acquisition or related transactions; provided,
further, that if the Issuer elects to have such determinations occur at the time of entry into such definitive agreement(s),
any such transactions (including any incurrence or issuance of Indebtedness or preferred stock and the use of proceeds thereof,
the granting, creation, incurrence or suffering to exist of any Lien and the making of any Investment) shall be deemed to have
occurred on the date the definitive agreement(s) is entered into and shall be deemed outstanding thereafter for purposes of calculating
any ratios or baskets under this Indenture after the date of such definitive agreement(s) and before the consummation of such
Limited Condition Acquisition, unless such definitive agreement(s) is terminated or such Limited Condition Acquisition or incurrence
or issuance of Indebtedness or preferred stock or such other transaction to which pro forma effect is being given is abandoned
or with respect to which the Issuer has notified the Trustee in writing will not occur.

 

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Article
5

SUCCESSORS

 

Section 5.01           
Merger, Consolidation or Sale of Assets.

 

(a)               
The Issuer shall not directly or indirectly: (1) consolidate, amalgamate or merge with or into another Person (whether
or not it is the surviving corporation); or (2) sell, assign, lease, transfer, convey or otherwise dispose of all or substantially
all of its properties or assets, taken as a whole, in one or more related transactions, to another Person, unless:

 

(1)               
either:

 

(a)               
the Issuer is the surviving corporation; or

 

(b)               
the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer) or to
which such sale, assignment, lease, transfer, conveyance or other disposition has been made (the “Surviving Person”)
is a Person organized or existing under the laws of the United States, any state of the United States or the District
of Columbia; provided that if such Surviving Person is not a corporation, a Restricted Subsidiary that is a corporation
shall become a co-obligor of the Notes pursuant to a supplemental indenture reasonably satisfactory to the Trustee;

 

(2)               
the Surviving Person (if other than the Issuer) assumes all the obligations of the Issuer under the Notes and this
Indenture pursuant to a supplemental indenture reasonably satisfactory to the Trustee;

 

(3)               
immediately after such transaction, no Default or Event of Default exists;

 

(4)               
any of the following is true:

 

(a)               
on the date of such transaction after giving pro forma effect thereto and any related financing transactions
as if the same had occurred at the beginning of the applicable four-quarter period, the Issuer, or the Surviving Person, would
be permitted to incur at least $1.00 of additional Indebtedness pursuant to Section 4.10(a);

 

(b)               
the Fixed Charge Coverage Ratio of the Issuer or the Surviving Person, after giving pro forma effect to such
transaction and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter
period, would be greater than or equal to the actual Fixed Charge Coverage Ratio of the Issuer immediately prior to such transaction; or

 

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(c)               
 the Indebtedness to Consolidated Tangible Net Worth Ratio of the Issuer or the Surviving Person, after giving pro forma
effect to such transaction and any related financing transactions as if the same had occurred at the end of the last full
fiscal quarter, would be less than or equal to the actual Indebtedness to Consolidated Tangible Net Worth Ratio of the Issuer
immediately prior to such transaction;

 

and

 

(5)               
the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation, merger or amalgamation, or sale, assignment, lease, transfer, conveyance or other disposition and such supplemental
indenture, if any, comply with this Indenture and constitutes the legal, valid and binding obligation of the Issuer enforceable
against it in accordance with its terms.

 

(b)               
Sections 5.01(a)(1) through (5) above and Section 5.01(d)(1) shall not apply to: (a) any Restricted Subsidiary
of the Issuer merging, amalgamating or consolidating with or into the Issuer or another Restricted Subsidiary; or (b) the
transfer of assets between or among the Issuer’s Restricted Subsidiaries, or from any of the Issuer’s Restricted Subsidiaries
to the Issuer. Sections 5.01(a)(3), (4) and (5) above shall not apply to the sale, assignment, conveyance, transfer, lease
or other disposition of all or substantially all of the assets of the Issuer to an Affiliate incorporated or organized solely
for the purpose of reincorporating or reorganizing the Issuer in another state in the United States and/or for the sole purpose
of forming or collapsing a holding company structure.

 

(c)               
The Surviving Person shall succeed to, and be substituted for, and may exercise every right and power of the Issuer under
this Indenture. In the case of a lease, however, the Issuer shall not be released from any of the obligations or covenants under
this Indenture.

 

(d)               
Unless the Note Guarantee of the applicable Subsidiary Guarantor is permitted to be released in connection with such transaction
as described in Section 4.16 or Section 10.06, such Subsidiary Guarantor may not sell or otherwise dispose of all or substantially
all of its assets to, or consolidate with or amalgamate or merge with or into (whether or not it is the surviving Person) another
Person, other than the Issuer or another Subsidiary Guarantor, unless:

 

(1)               
immediately after giving effect to that transaction, no Default or Event of Default exists; and

 

(2)               
either:

 

(a)               
the Person (if other than the Issuer or a Subsidiary Guarantor) acquiring the property in any such sale or disposition
or the Person (if other than the Issuer or a Subsidiary Guarantor) formed by or surviving any such consolidation or amalgamation
or merger assumes all the obligations of that Subsidiary Guarantor, as applicable, under this Indenture and its Note Guarantee
pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or

 

(b)               
such transfer does not violate Section 4.11.

 

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Section 5.02           
Successor Entity Substituted.

 

Upon any
consolidation, merger, amalgamation, or winding up, in each case including by way of an arrangement, or any sale, assignment,
transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer or any Subsidiary Guarantor
in accordance with Section 5.01, the successor Person formed by such consolidation or into or with which the Issuer or any Subsidiary
Guarantor, as applicable, is merged with or into, or amalgamated or consolidated with or wound up into, or undergoes an arrangement
with, or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted
for (so that from and after the date of such consolidation, merger, winding up, sale, assignment, lease, transfer, conveyance
or other disposition, the provisions of this Indenture referring to the Issuer or such Subsidiary Guarantor, as applicable, shall
refer instead to the successor entity and not to the Issuer or such Subsidiary Guarantor, as applicable), and may exercise every
right and power of the Issuer or such Subsidiary Guarantor, as applicable, under this Indenture and the Notes (and any Note Guarantees)
with the same effect as if such successor Person had been named as the Issuer or such Subsidiary Guarantor, as applicable, herein;
provided that, in the case of a lease of all or substantially all its assets, the Issuer shall not be released from the
obligation to pay the principal of and interest on the Notes, and such Subsidiary Guarantor shall not be released from its obligations
under its Note Guarantee.

 

Article
6

DEFAULTS AND REMEDIES

 

Section 6.01           
Events of Default.

 

(a)               
Each of the following is an “Event of Default”:

 

(1)               
default for 30 days in the payment when due of interest on the Notes;

 

(2)               
default in the payment when due (at maturity, upon redemption, acceleration or otherwise) of the principal of, or
premium, if any, on, the Notes (including the failure to make payment on a Change of Control Payment Date);

 

(3)               
failure by the Issuer or any Restricted Subsidiary of the Issuer to comply with Section 5.01;

 

(4)               
failure by the Issuer or any Restricted Subsidiary of the Issuer for 60 days (or
90 days in the case of Section 4.03) after notice to the Issuer by the Trustee or the Holders (by notice to the Trustee
and the Issuer) of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of the other agreements
in this Indenture;

 

(5)               
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed (other than Designated SPE Debt, but including any Guarantee of Designated SPE Debt)
by the Issuer or any Restricted Subsidiary of the Issuer (or the payment of which is Guaranteed by the Issuer or any Restricted
Subsidiary of the Issuer), other than Indebtedness owed to the Issuer or its Restricted Subsidiaries, whether such Indebtedness
or Guarantee now exists, or is created after the Issue Date, if that default:

 

(a)               
is caused by a failure to pay principal at the final Stated Maturity of such Indebtedness (a “Payment Default”); or

 

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(b)               
 results in the acceleration of such Indebtedness prior to its express maturity;

 

and, in each case, the principal
amount of such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated and remains unpaid, aggregates $30.0 million or more;

 

(6)               
with respect to any judgment or decree for the payment of money (net of any amount covered by insurance issued by
a reputable and creditworthy insurer that has not contested coverage) in excess of $30.0 million or its foreign currency
equivalent against the Issuer or any Restricted Subsidiary of the Issuer, the failure by the Issuer or such Restricted Subsidiary,
as applicable, to pay such judgment or decree, which judgment or decree has remained outstanding for a period of 60 days
after such judgment or decree became final and nonappealable without being paid, discharged, waived or stayed;

 

(7)               
except as permitted by this Indenture, any Note Guarantee of any Significant Subsidiary of the Issuer is declared to be
unenforceable or invalid by any judgment or decree or ceases for any reason to be in full force and effect, or the Issuer or any
Subsidiary Guarantor or any Person acting on behalf of the Issuer or any Subsidiary Guarantor that is a Significant Subsidiary
denies or disaffirms its obligations in writing under its Note Guarantee and any such Default continues for 10 days after
receipt of the notice specified in this Indenture;

 

(8)               
the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together, would
constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:

 

(i)
commences proceedings to be adjudicated bankrupt or insolvent;

 

(ii)
consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or
consent seeking an arrangement of debt, reorganization, dissolution, winding up or relief under applicable Bankruptcy Law;

 

(iii)
consents to the appointment of a custodian, receiver, interim receiver, receiver and manager, liquidator, assignee, trustees,
sequestrator or other similar official of it or for all or substantially all of its property;

 

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

 

(v)
generally is not paying its debts as they become due; or

 

(9)               
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(a)               
is for relief against the Issuer, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, in a proceeding in which the Issuer, any such Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent;

 

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(b)               
appoints a custodian, receiver, interim receiver, receiver and manager, liquidator, assignee, trustees, sequestrator or
other similar official of the Issuer, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer, any Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or

 

(c)               
orders the liquidation, dissolution, readjustment of debt, reorganization or winding up of the Issuer, or any Significant
Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary;

 

and the order or decree remains
unstayed and in effect for 60 consecutive days.

 

(b)               
In the event of a declaration of acceleration of the Notes because an Event of Default described in Section 6.01(a)(5)
has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if:

 

(1)               
the default triggering such Event of Default pursuant to Section 6.01(a)(5) shall be remedied or cured by the Issuer or
any of its Restricted Subsidiaries or waived by the holders of the relevant Indebtedness within 30 days after the declaration
of acceleration with respect thereto, and

 

(2)               
(i) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent
jurisdiction and (ii) all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the
Notes that became due solely because of the acceleration of the Notes, have been cured or waived and all outstanding amounts owing
to the Trustee have been paid.

 

Section 6.02           
Acceleration.

 

(a)               
If an Event of Default (other than an Event of Default specified in Section 6.01(a)(8) or (9)) occurs and is continuing,
the Trustee (acting at the direction of the Holders of at least 25% in aggregate principal amount of the then outstanding Notes)
by written notice to the Issuer, specifying the Event of Default, or the Holders of at least 25% in aggregate principal amount
of the then outstanding Notes by notice to the Issuer and the Trustee, may, and Trustee at the written request of such Holders
shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable
immediately. Upon the effectiveness of such a declaration, such principal, premium, if any, and accrued and unpaid interest, if
any, shall be due and payable immediately.

 

(b)               
If an Event of Default specified in Section 6.01(a)(8) or (9) occurs and is continuing, the principal of, premium, if any,
and accrued and unpaid interest, if any, on all the Notes shall become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holders.

 

Section 6.03           
Other Remedies.

 

If an Event
of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium,
if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

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

 

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Section 6.04           
Waiver of Past Defaults.

 

The Holders
of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all
Holders rescind an acceleration or waive any existing Default or Event of Default and its consequences hereunder (including any
related payment default that resulted from such acceleration), except:

 

(1)               
a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes;
and

 

(2)               
a Default with respect to a provision that under Section 9.02(e) cannot be amended, supplemented or waived without the
consent of each Holder affected,

 

provided
that, in the case of the rescission of any acceleration with respect to the Notes, (1) the rescission would not conflict
with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default (except nonpayment
of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration)
have been cured or waived.

 

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

 

If a Default
is deemed to occur solely because a Default (the “Initial Default”) already existed, and such Initial Default
is subsequently cured and is not continuing, the Default or Event of Default resulting solely because the Initial Default existed
shall be deemed cured, and shall be deemed annulled, waived and rescinded without any further action required.

 

Section 6.05           
Control by Majority.

 

The Holders
of a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the
Trustee may refuse to follow any direction that conflicts with law or this Indenture, the Notes or any Note Guarantee, or that
the Trustee determines in good faith is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee
shall not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any other Holder) or
that would involve the Trustee in personal liability or expense.

 

Section 6.06           
Limitation on Suits.

 

Subject to
Section 6.07, no Holder of a Note may pursue any remedy with respect to this Indenture or the Notes or for the appointment of
a receiver or the Trustee, or for any other remedy hereunder, unless:

 

(1)               
such Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)               
the Holders of at least 25% in aggregate principal amount of the then outstanding Notes have requested the Trustee in writing
to pursue the remedy;

 

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(3)               
 such Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability
or expense;

 

(4)               
the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense; and

 

(5)               
the Holders of a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction
that, in the opinion of the Trustee, is inconsistent with such request within such 60-day period.

 

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

 

Section 6.07           
Rights of Holders to Receive Payment.

 

Notwithstanding
any other provision of this Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest
on its Notes, on or after the respective due dates expressed or provided for in such Note (including in connection with an Asset
Sale Offer or a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

 

Section 6.08           
Collection Suit by Trustee.

 

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

 

Section 6.09           
Restoration of Rights and Remedies.

 

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

 

Section 6.10           
Rights and Remedies Cumulative.

 

Except as
otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no
right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy is, to the extent permitted by law, cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy.

 

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Section 6.11           
Delay or Omission Not Waiver.

 

No delay
or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given
by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

 

Section 6.12           
Trustee May File Proofs of Claim.

 

The Trustee
may file proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of each of the Trustee, their respective
agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor
upon the Notes, including any Subsidiary Guarantors), its creditors or its property and is entitled and empowered to participate
as a member in any official committee of creditors appointed in such matter and to collect, receive and distribute any money or
other property payable or deliverable on any such claims. Any custodian in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to each of them for the reasonable compensation, expenses, disbursements
and advances of the Trustee and their respective agents and counsel, and any other amounts due to the Trustee or Agent hereunder.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, their respective
agents and counsel, and any other amounts due the Trustee under or Agent hereunder out of the estate in any such proceeding, shall
be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding.

 

Section 6.13           
Priorities.

 

If the Trustee
collects any money or property pursuant to this Article 6, it shall pay out the money in the following order:

 

(1)               
to the Trustee or any Agent and their respective agents and attorneys for amounts due hereunder, including payment of all
reasonable compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection;

 

(2)               
to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and

 

(3)               
to the Issuer or to such party as a court of competent jurisdiction shall direct, including any Subsidiary Guarantor, if
applicable.

 

The Trustee may fix a record
date and payment date for any payment to Holders pursuant to this Section 6.13. Promptly after any record date is set pursuant
to this Section 6.13, the Trustee shall cause notice of such record date and payment date to be given to the Issuer and to each
Holder in the manner set forth in Section 12.01.

 

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Section 6.14           
Undertaking for Costs.

 

In any suit
for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken, suffered
or omitted by it as the Trustee, a court in its discretion may require the filing by any party litigant in such suit of an undertaking
to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section 6.14 does not apply to a suit by the Trustee a suit by a Holder pursuant to Section 6.07,
or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

 

Article
7

TRUSTEE

 

Section 7.01           
Duties of Trustee.

 

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

 

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

 

(1)               
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and
the Trustee shall not be liable except for the performance of such duties, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

 

(2)               
in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon resolutions, statements, instruments, notices, directions,
certificates and/or opinions furnished to the Trustee and conforming on their face to the requirements of this Indenture. However,
in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the
Trustee, the Trustee shall 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 stated therein).
The Trustee may (but shall in no way be obligated to) make further inquiry or investigation into such facts or materials as it
sees fit.

 

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

 

(1)               
this Section 7.01(c) shall not be construed to limit the effect of Section 7.01(b);

 

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

 

(3)               
the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance
with the direction of the Holders of at least a majority in aggregate principal amount of the outstanding Notes relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
upon the Trustee under this Indenture or believed by it to be authorized or permitted by this Indenture.

 

(d)               
Subject to this Article 7, if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders unless the Holders
have offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, cost, liability or expense.

 

(e)               
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Issuer.

 

(f)                
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except
for money held in trust under Article 8.

 

(g)               
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to this Article 7.

 

Section 7.02           
Rights of Trustee.

 

(a)               
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both conforming to Section 12.03. The Trustee shall not be liable for any action it takes or omits to take in good faith
in conclusive reliance on the Officer’s Certificate or Opinion of Counsel.

 

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

 

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

 

(d)               
The Trustee may consult with counsel of its selection, and the written or verbal advice or opinion of counsel with respect
to legal matters relating to this Indenture and the Notes, including any Opinion of Counsel, shall be full and complete authorization
and protection from liability in respect to any action taken, suffered or omitted to be taken by it hereunder in good faith and
in accordance with the advice or opinion of such counsel, including any Opinion of Counsel.

 

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

 

(f)                
The Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions
or agreements, or perform any calculation hereunder or in connection herewith, on the part of the Issuer (or Subsidiary Guarantor,
as applicable), but the Trustee may require of the Issuer full information and advice as to the performance of the covenants,
conditions and agreements contained herein.

 

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(g)               
The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with
respect to such permissive rights, the Trustee shall not be answerable for anything other than its negligence or willful misconduct;

 

(h)               
Except for an Event of Default under Section 6.01(a)(1) or (2) hereof, the Trustee shall not be deemed to
have notice or be charged with knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer of
the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. In the absence
of any such notice or actual knowledge, and except for a Default under Section 6.01(a)(1) or (2) hereof, the Trustee
may conclusively assume that no Default or Event of Default exists.

 

(i)                
The rights, privileges, protections, immunities and benefits given to the Trustee hereunder, including their respective
right of reimbursement for fees and expenses (including attorney fees and expenses) and the right to be indemnified, are extended
to the Trustee in each of its capacities hereunder and shall be enforceable by, the Agents and to each other agent, custodian
and Person employed to act hereunder.

 

(j)                
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including 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, labor dispute, disease, epidemic or pandemics, quarantine, national emergency, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services,
communications system failure, malware or ransomware or unavailability of the Federal Reserve Bank wire or telex system or other
wire or other funds transfer systems or unavailability of any securities clearing system, it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

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

 

(l)                
Any request or direction of the Issuer or other Person mentioned herein shall be sufficiently evidenced by an Officer’s
Certificate or certificate of an Officer of such other Person and any resolution of the Board of Directors of the Issuer or of
such other Person may be sufficiently evidenced by a board resolution certified by the secretary or assistant secretary (or similar
officer) of such Person.

 

(m)             
The Trustee may request that the Issuer 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, which certificate may be updated and delivered to
the Trustee at any time by the Issuer in its discretion.

 

(n)               
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of the percentage of Holders specified herein unless such Holders shall have furnished to (or caused
to be furnished to) the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities,
including attorneys’ fees and expenses, that might be incurred by the Trustee therein or thereby.

 

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(o)               
Nothing in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers.

 

(p)               
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 their respective 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 them.

 

(q)               
The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the name of the individuals
and/or titles of officers authorized at such time to take specific actions pursuant to this Indenture, which Officer’s Certificate
may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized
in any such Officer’s Certificate previously delivered and not superseded.

 

(r)                
To help fight the funding of terrorism and money laundering activities, the Trustee shall obtain, verify, and record information
that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee shall ask
for and the parties hereby agree that they shall provide the Trustee with such information as it may request, including but not
limited to, each party’s the name, address, tax identification number and other information that shall allow the Trustee
to identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for
formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided.

 

(s)                
Notwithstanding anything to the contrary herein, any and all communications (both text and attachments) by or from the
Trustee that the Trustee deems to contain confidential, proprietary, and/or sensitive information and sent by electronic mail
shall be encrypted. The recipient of the email communication shall be required to complete a one-time registration process.

 

(t)                
Trustee shall have no liability or responsibility for the action or inaction of any Depositary.

 

(u)               
Under no circumstances will the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.

 

(v)               
The Trustee shall have no obligation to pursue any action that is not in accordance with applicable law.

 

(w)              
 If any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice
to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such
event occurred, unless such Responsible Officer of the Trustee had actual knowledge of such event.

 

(x)               
The Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any
other matters relating to payment) or notice effected by the Issuer or any Paying Agent or any records maintained by any co-Registrar
with respect to the Notes.

 

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Section 7.03              
Individual Rights of the Trustee.

 

The Trustee
in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its
Affiliates with the same rights it would have if it were not the Trustee. Any Agent or any other agent of the Trustee or any Agent
may do the same with like rights.

 

Section 7.04              
Trustee’s Disclaimer.

 

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

 

Section 7.05              
Notice of Defaults.

 

If a Default
occurs and is continuing and is actually known to a Responsible Officer of the Trustee, the Trustee shall send to each Holder
a notice of the Default within 90 days after it is actually known to a Responsible Officer or written notice of it is
received by a Responsible Officer of the Trustee, but if the Trustee obtains actual knowledge or receives written notice of the
occurrence and continuance of a default or an Event of Default from the Company or any Holder after 90 days following the occurrence
and continuance of such default or Event of Default, the Trustee shall send a notice of such default or Event of Default to the
Holders within 30 days after it obtains actual knowledge or receives written notice of such a default or Event of Default . Except
in the case of a Default specified in Section 6.01(a)(1) or (2), the Trustee may withhold from the Holders notice of any
continuing Default if a Responsible Officer of the Trustee determines in good faith that withholding the notice is in the interests
of the Holders.

 

Section 7.06              
Limitation on Trustee’s Liability.

 

Except as
provided in this Article, in accepting the trusts hereby created, the Trustee is acting solely as Trustee hereunder and not in
its individual capacity and, except as provided in this Article, all Persons having any claim against the Trustee by reason of
the transactions contemplated by this Indenture or any Note shall look only to the Issuer for payment or satisfaction thereof.

 

Section 7.07              
Compensation and Indemnity.

 

(a)               
The Issuer and any Subsidiary Guarantors, jointly and severally, shall pay to the Trustee (acting in any capacity hereunder)
from time to time such compensation for its services as shall be agreed to in writing from time to time by the Issuer, any Subsidiary
Guarantors and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Issuer shall reimburse the Trustee (acting in any capacity hereunder) upon request for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such
expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s (or any Agent’s)
agents, counsel, accountants and experts. The Issuer and any Subsidiary Guarantors, jointly and severally, shall indemnify
the Trustee (acting in any capacity hereunder and under any other document or transaction entered into in connection herewith),
their agents, representatives, officers, directors, employees and attorneys against any and all loss, liability, damage, claim,
costs (whether asserted by the Issuer, any Subsidiary Guarantor, a Holder or any other person), fees or expenses (including reasonable
compensation, fees, expenses and court costs and disbursements of the Trustee’s counsel) arising out of or in connection
with the administration of this trust and the performance of its duties, or in connection with the enforcement of any rights hereunder
(including reasonable counsel fees and expenses and court costs in connection with the enforcement of this Section 7.07) and defending
itself against any claim (whether asserted by the Issuer, any Subsidiary Guarantor, any Holder or any other Person), or arising
out of or in connection with the exercise or performance of any of its rights or powers hereunder. The Trustee or Agent,
as the case maybe, shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by a Trustee or
Agent, as the case maybe, to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall
defend the claim and the Trustee shall provide reasonable cooperation in such defense. The Trustee or Agent, as the case
maybe, may have separate counsel of its selection and the Issuer shall pay the fees and expenses of such counsel reasonably acceptable
to the Issuer; Notwithstanding the foregoing, the Issuer need not reimburse any expense or indemnify against any loss, liability,
damage, claim or expense incurred by the Trustee through its own willful misconduct or negligence as finally adjudicated by a
court of competent jurisdiction.

 

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(b)               
To secure the payment obligations of the Issuer and any Subsidiary Guarantors hereunder, the Trustee shall have a Lien
prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, other than money or
property held in trust to pay principal of and interest, if any, on particular Notes.

 

(c)               
The Issuer’s obligations under this Article 7 shall survive the resignation or removal of the Trustee and the satisfaction
and discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Section
6.01(a)(8) or (9) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the
Bankruptcy Law.

 

Section 7.08              
Replacement of Trustee.

 

(a)               
The Trustee may resign at any time by giving 30 days’ prior notice of such resignation to the Issuer and be discharged
from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing at least 30 days prior to such removal. The
Issuer shall remove the Trustee if:

 

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

 

(2)               
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law;

 

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

 

(4)               
the Trustee otherwise becomes incapable of acting.

 

(b)               
If the Trustee resigns or has been removed by the Holders, Holders of a majority in aggregate principal amount of the outstanding
Notes may appoint a successor Trustee. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office
of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee. If no successor is so appointed, the Trustee,
at expense of the Issuer, may petition a court of competent jurisdiction to appoint a successor. Within one year after the successor
Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor
Trustee to replace it with another successor Trustee appointed by the Issuer.

 

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(c)               
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders,
and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. The retiring or
removed Trustee shall have no liability or responsibility for the action or inaction of any successor Trustee.

 

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

 

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

 

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

 

Section 7.09              
Successor Trustee by Merger.

 

(a)               
If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust
business or assets to, another Person, the resulting, surviving or transferee Person without any further act shall, if such resulting,
surviving or transferee Person is otherwise eligible under this Indenture, be the successor to the Trustee. Such successor Person
shall, at the Issuer’s expense, execute such supplement or other documentation reasonably requested by the Issuer to evidence
such successor role.

 

(b)               
In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to
the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of the predecessor Trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates
shall have the full force which the Notes provide or this Indenture provides that the certificate of the Trustee shall have.

 

Section 7.10               
Eligibility; Disqualification.

 

The Trustee
shall at all times be a corporation or national association organized and doing business under the laws of the United States or
of any state thereof that is authorized under such laws to exercise corporate trustee power and that is subject to supervision
or examination by federal or state authorities. The Trustee together with its affiliates shall at all times have a combined capital
surplus of at least $50 million as set forth in its most recent annual report of condition.

 

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Article
8

 

LEGAL
DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01              
Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Issuer
may, at its option and at any time, elect to have either Section 8.02 or Section 8.03 applied to all outstanding Notes (and any
Note Guarantees) upon compliance with the conditions set forth below in this Article 8.

 

Section 8.02              
Legal Defeasance and Discharge.

 

(a)               
Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer and any Subsidiary
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from
their obligations with respect to all outstanding Notes (and any Note Guarantees) on the date the conditions set forth below are
satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be
 “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in Section
8.02(a)(1) and (2), and to have satisfied all of its other obligations under the Notes and this Indenture, including that
of any Subsidiary Guarantors (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(1)                
the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or premium or interest,
if any, on, such Notes when such payments are due from the trust created pursuant to this Indenture referred to in Section 8.04;

 

(2)               
the Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;

 

(3)               
the rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s (and any Subsidiary Guarantor’s)
obligations in connection therewith; and

 

(4)               
this Section 8.02.

 

(b)               
Following the Issuer’s exercise of its Legal Defeasance option, payment of the Notes may not be accelerated because
of an Event of Default. If the Issuer exercises its Legal Defeasance option, the Note Guarantees in effect at such time shall
terminate.

 

(c)               
Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the
prior exercise of its option under Section 8.03.

 

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Section 8.03              
Covenant Defeasance.

 

Upon the
Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer and any Subsidiary Guarantors
shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants
contained in Sections 3.09, 4.03, 4.04, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18 and Sections 5.01(a)(3)
and (4) and (d) with respect to the outstanding Notes, and any Subsidiary Guarantors shall be deemed to have been discharged
from their obligations with respect to all Note Guarantees, on and after the date the conditions set forth in Section 8.04 are
satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for
the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such enumerated Sections, but shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance
means that, with respect to this Indenture and the outstanding Notes, the Issuer may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such enumerated Section, whether directly or indirectly, by reason
of any reference elsewhere herein to any such enumerated Section or by reason of any reference in any such enumerated Section
to any other provision herein or in any other document, and such omission to comply shall not constitute a Default or an Event
of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected
thereby. In addition, upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject
to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3) (solely with respect to the failure
of the Issuer to comply with Sections 5.01(a)(3), (a)(4) and (d)), 6.01(a)(4) (solely with respect to enumerated Sections that
are released as a result of such Covenant Defeasance), 6.01(a)(5), 6.01(a)(6), 6.01(a)(7) and 6.01(a)(8) (solely with respect
to Significant Subsidiaries or a group of Restricted Subsidiaries of the Issuer that, taken together would constitute a Significant
Subsidiary) and 6.01(a)(9) (solely with respect to Significant Subsidiaries or a group of Restricted Subsidiaries of the Issuer
that, taken together would constitute a Significant Subsidiary), in each case, shall not constitute Events of Default.

 

Section 8.04              
Conditions to Legal or Covenant Defeasance.

 

(a)               
The following shall be the conditions to the exercise of either the Legal Defeasance option under Section 8.02 or the Covenant
Defeasance option under Section 8.03 with respect to the Notes:

 

(1)               
the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, for the benefit of the Holders of Notes, non-callable Government Securities, or a combination of cash in U.S. dollars,
and non-callable Government Securities, in amounts as will be sufficient, in the opinion or based on the report of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants in the United States, to pay the principal
of, and interest and premium, if any, on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption
date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated date for payment or
to a particular redemption date (for the avoidance of doubt, in the case of a defeasance that occurs in connection with a redemption
that is to occur on a redemption date pursuant to Section 3.07(b), the amount to be deposited shall be the amount that, as of
the date of such deposit, is reasonably deemed sufficient to make the redemption payment on the redemption date, in the good-faith
determination of the Board of Directors of the Issuer pursuant to a resolution of the Board of Directors of the Issuer and as
evidenced by an Officer’s Certificate, with any deficit in such redemption payment required to be deposited with the Trustee
on or prior to the redemption date);

 

(2)               
in the case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that (a) the
Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date,
there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders and beneficial owners of the outstanding Notes shall not recognize income,
gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and shall be subject to U.S. federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred;

 

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(3)               
in the case of Covenant Defeasance, the Issuer must deliver to the Trustee an opinion of counsel confirming that the Holders
of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;

 

(4)               
no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event
of Default resulting from the borrowing of funds to be applied to such deposit (or the deposit
for other Indebtedness that is concurrently being defeased or discharged) and the incurrence of any Lien in respect thereof)
and such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture) to which the Issuer or any Subsidiary of the Issuer is a party
or by which the Issuer or any Restricted Subsidiary of the Issuer is bound;

 

(5)               
the Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer
with the intent of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering,
delaying or defrauding any creditors of the Issuer or others; and

 

(6)               
the Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05           
Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

 

(a)               
Subject to Section 8.06, all money and Government Securities (including the proceeds thereof) (which the Trustee shall
not be obligated to reinvest) deposited with the Trustee pursuant to Section 8.04 in respect of the outstanding Notes shall be
held in trust and applied by the Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer or a Subsidiary Guarantor acting as Paying Agent) as the Trustee may
determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on
the Notes, but such money need not be segregated from other funds except to the extent required by law.

 

(b)               
The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the
cash or Government Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders.

 

(c)               
Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to
time upon the request of the Issuer any money or Government Securities held by it as provided in Section 8.04 which, in the opinion
or based on the report of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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Section 8.06    
           Repayment to the Issuer.

 

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

 

Section 8.07    
           Reinstatement.

 

If the Trustee
or Paying Agent is unable to apply any money or Government Securities in accordance with Section 8.02 or Section 8.03, as the
case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Issuer’s and any Subsidiary Guarantor’s obligations under this Indenture and the Notes
(and any Note Guarantees) shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section
8.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or Section
8.03, as the case may be; provided that, if the Issuer makes any payment of principal, premium, if any, or interest on
any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders to receive
such payment from the money held by the Trustee or Paying Agent.

 

Article
9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01    
           Without Consent of Holders.

 

(a)               
Notwithstanding Section 9.02, without the consent of any Holder, the Issuer, the Subsidiary Guarantors (if any) and the
Trustee may amend or supplement this Indenture and the Notes (and any Note Guarantee) (and any other documents relating thereto):

 

(1)               
to cure any ambiguity, omission, defect, mistake or inconsistency (as described in an Officer’s Certificate provided
to the Trustee);

 

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

 

(3)               
to provide for the assumption of the Issuer’s or any Subsidiary Guarantor’s obligations to Holders of Notes
and any Note Guarantees in the case of a merger, amalgamation or consolidation or sale of all or substantially all of the Issuer’s
or such Subsidiary Guarantor’s assets in accordance with Section 5.01;

 

(4)               
to make any change that would provide any additional rights or benefits (including the addition of collateral or Note Guarantees)
to the Holders of Notes or that does not adversely affect in any material respect the legal rights under this Indenture of any
such Holder;

 

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(5)               
 to conform the text of this Indenture, any Note Guarantees or the Notes to any provision of the “Description of
Notes” section of the Offering Memorandum;

 

(6)               
to provide for the issuance of additional Notes in accordance with the limitations set forth in this Indenture, including
in Section 4.10;

 

(7)               
to allow any Subsidiary Guarantor to execute a supplemental indenture (which supplemental indenture need not be executed
by the Issuer or any other Subsidiary Guarantor) and/or a Note Guarantee with respect to the Notes;

 

(8)               
to release any Subsidiary Guarantor from any of its obligations under its Note Guarantee or this Indenture (to the extent
permitted by this Indenture);

 

(9)               
to evidence and provide the acceptance of the appointment of a successor trustee under this Indenture; or

 

(10)      
        to comply with the rules of any applicable securities depository.

 

(b)               
Upon the request of the Issuer, and upon receipt by the Trustee of the documents described in Section 12.03, the Trustee
shall join with the Issuer and, subject to Section 9.01(a)(7), any Subsidiary Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that
adversely affects its own rights, duties or immunities under this Indenture or otherwise.

 

(c)               
After an amendment, supplement or waiver under this Section 9.01 becomes effective, the Issuer shall send to the Holders
of Notes affected thereby a written notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to
send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement
or waiver.

 

Section 9.02  
             With Consent of Holders.

 

(a)               
Except as provided in Section 9.01 and this Section 9.02, the Issuer, any Subsidiary Guarantors and the Trustee may amend
or supplement this Indenture and the Notes (and any Note Guarantee) (and any documents related thereto) with the consent of the
Holders of a majority in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding voting
as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for, Notes),
and, subject to Section 6.04 and Section 6.07, any existing Default or Event of Default (other than a Default or Event of Default
in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of this Indenture and the Notes (and any Note Guarantees) may be waived
with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional
Notes, if any) voting as a single class (including consents obtained in connection with the purchase of, or tender offer or exchange
offer for, Notes). Section 2.08 and Section 2.09 shall determine which Notes are considered to be “outstanding” for
the purposes of this Section 9.02.

 

(b)               
Upon the request of the Issuer, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent
of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 and Section 12.03, the
Trustee shall join with the Issuer and any Subsidiary Guarantors in the execution of such amended or supplemental indenture unless
such amended or supplemental indenture directly and adversely affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may, but shall not be obligated to, enter into such amended or supplemental
indenture.

 

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(c)          
It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any
proposed amendment, supplement or waiver. It shall be sufficient if such consent approves the substance thereof.

 

(d)          
After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall send to the Holders
of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement
or waiver.

 

(e)          
Without the consent of each affected Holder, no amendment, supplement or waiver under this Section 9.02 may (with respect
to Notes held by a non-consenting Holder):

 

(1)               
reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)               
reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption
of the Notes (other than provisions relating to Section 3.09, 4.11 or Section 4.15 and other than provisions specifying the notice
periods for effecting a redemption);

 

(3)               
reduce the rate of or change the time for payment of interest, including default interest, on any Note;

 

(4)               
waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on, the Notes (except
a rescission of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the then outstanding Notes
and a waiver of the payment default that resulted from such acceleration);

 

(5)               
make any Note payable in money other than that stated in the Notes;

 

(6)               
make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes
to receive payments of principal of, or interest or premium, if any, on, the Notes;

 

(7)               
waive a redemption payment with respect to any Note (other than a payment required by Section 3.09, 4.11 or 4.15);

 

(8)               
release any Subsidiary Guarantor that is a Significant Subsidiary from any of its obligations under its Note Guarantee
or this Indenture, except in accordance with the terms of this Indenture;

 

(9)               
impair the contractual right of any Holder of the Notes to receive payment of principal of, or interest on, such Holder’s
Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes;

 

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(10)             
 expressly subordinate the ranking as to contractual right of payment of any such Note (or any related Note Guarantee); or

 

(11)             
make any change to this Article IX.

 

(f)           
A consent to any amendment, supplement or waiver of this Indenture, the Notes or any Note Guarantee by any Holder given
in connection with a tender of such Holder’s Notes shall not be rendered invalid by such tender.

 

Section 9.03          
Revocation and Effect of Consents.

 

(a)           
Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent
by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting
Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent
Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the
waiver, supplement or amendment becomes effective. An amendment, supplement or waiver that is effective in accordance with this
Indenture thereafter binds every Holder.

 

(b)          
The Issuer may, but shall not be obligated to, fix a record date pursuant to Section 1.04 for the purpose of determining
the Holders entitled to consent to any amendment, supplement or waiver.

 

Section 9.04          
Notation on or Exchange of Notes.

 

(a)          
The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new
Notes that reflect the amendment, supplement or waiver.

 

(b)          
Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment,
supplement or waiver.

 

Section 9.05          
Trustee to Sign Amendments, etc.

 

The Trustee
shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does
not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amendment, supplement or waiver,
the Trustee shall receive and shall be fully protected in conclusively relying upon, in addition to the documents required by
Section 12.03, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding
obligation of the Issuer and any Subsidiary Guarantor party thereto, enforceable against them in accordance with its terms, subject
to customary exceptions, and complies with the provisions hereof.

 

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Article
10

 

NOTE
GUARANTEES

 

Section 10.01        
Guarantee.

 

(a)          
 Subject to the other provisions of this Article 10, each Subsidiary Guarantor hereby, jointly and severally, irrevocably
and unconditionally guarantees, on a senior unsecured basis, to each Holder of a Note authenticated and delivered by the Trustee
and to the Trustee and Agents and their respective successors and assigns, irrespective of the validity and enforceability of
this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: (1) the principal of, premium,
if any, and interest on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal and interest on the Notes, if any, if lawful, and all other Obligations of the
Issuer to the Holders, the Trustee or any Agent hereunder or under the Notes shall be promptly paid in full or performed, all
in accordance with the terms hereof and thereof; and (2) in case of any extension of time of payment or renewal of any Notes
or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms
of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment by the Issuer when due
of any amount so guaranteed or any performance so guaranteed for whatever reason, each Subsidiary Guarantors shall be jointly
and severally obligated to pay the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and
not a guarantee of collection.

 

(b)          
Each Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.
Each Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event
of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all
demands whatsoever and covenants that any Note Guarantee shall not be discharged except by complete performance of the obligations
contained in the Notes and this Indenture, or pursuant to Section 10.06.

 

(c)          
Each Subsidiary Guarantor also agrees, jointly and severally, to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee (acting in any capacity hereunder) or any Holder in enforcing any
rights under this Section 10.01.

 

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

 

(e)          
Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all Obligations guaranteed hereby. Each Subsidiary Guarantor
further agrees that, as between the Subsidiary Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(1) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of each
Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6,
such obligations (whether or not due and payable) shall forthwith become due and payable by any Subsidiary Guarantors for the
purpose of any Note Guarantee.

 

(f)           
Each Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by
or against the Issuer for liquidation or reorganization, should the Issuer become insolvent or make an assignment for the benefit
of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment
and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or
returned by any obligee on the Notes or any Note Guarantees, whether as a “voidable preference,” “fraudulent
transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any
part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated
and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

(g)          
In case any provision of any Note Guarantee 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.

 

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(h)          
Each payment to be made by any Subsidiary Guarantor in respect of a Note Guarantee shall be made without set-off, counterclaim,
reduction or diminution of any kind or nature.

 

(i)           
The Subsidiary Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”),
in a fair and equitable manner, the economic consequences resulting from the performance of their respective obligations arising
under this Indenture. Accordingly, in the event any payment or distribution is made on any date by any Subsidiary Guarantor (a
 “Funding Guarantor”) under its Note Guarantee such that its Aggregate Payments exceed its Fair Share as of
such date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in an amount
sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date. “Fair
Share” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the
ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor, to (ii) the aggregate of
the Fair Share Contribution Amounts with respect to all Contributing Guarantors, multiplied by (b) the aggregate amount paid
or distributed on or before such date by all Funding Guarantors under their respective Note Guarantees in respect of the obligations
guaranteed. “Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date
of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under its Note Guarantee that
would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance or financial
assistance under Section 548 of the Bankruptcy Code or any comparable applicable provisions of state or foreign law; provided
that solely for purposes of calculating the Fair Share Contribution Amount with respect to any Contributing Guarantor for
purposes of this Section 10.01, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation,
reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or
liabilities of such Contributing Guarantor. “Aggregate Payments” means, with respect to a Contributing Guarantor
as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or
before such date by such Contributing Guarantor in respect of its Note Guarantee (including in respect of this Section 10.01),
minus (2) the aggregate amount of all payments received on or before such date by such Subsidiary Guarantor from the other
Contributing Guarantors as contributions under this Section 10.01. The amounts payable as contributions hereunder shall be determined
as of the date on which the related payment or distribution is made by the applicable Funding Guarantor. Each Contributing Guarantor
is a third party beneficiary to the contribution agreement set forth in this Section 10.01(i). For the avoidance of doubt, nothing
in this Section 10.01(i) shall limit or impair, by implication or otherwise, any Subsidiary Guarantor’s obligations under
its Note Guarantee.

 

Section 10.02       
Limitation on Subsidiary Guarantor Liability.

 

Each Subsidiary
Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that any
Note Guarantee of a Subsidiary Guarantor not constitute a fraudulent conveyance, a fraudulent transfer or preference for purposes
of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or
foreign law to the extent applicable to each Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and
each Subsidiary Guarantor hereby irrevocably agree that the obligations of each Subsidiary Guarantor shall be limited to the maximum
amount as shall, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Subsidiary
Guarantor that are relevant under such laws and after giving effect to any collections from, rights to receive contribution from
or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor
under this Article 10, result in the obligations of such Subsidiary Guarantor under its Note Guarantee not constituting a fraudulent
conveyance or fraudulent transfer under applicable law.

 

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Section 10.03       
Execution and Delivery.

 

(a)          
To evidence its Note Guarantee set forth in Section 10.01, each Initial Guarantor hereby agrees that this Indenture shall
be executed on behalf of such Initial Guarantor by an Officer of such Initial Guarantor.

 

(b)          
To evidence its Note Guarantee set forth in Section 10.01, if necessary, any future Subsidiary Guarantor shall agree that
an Officer, director, general manager or person holding an equivalent title will execute a supplemental indenture on behalf of
such subsidiary in accordance with Section 4.16, it being understood that the failure to execute such a supplemental indenture
shall not free such Subsidiary Guarantor from its obligations hereunder.

 

(c)          
Each Subsidiary Guarantor agrees that its Note Guarantee set forth in Section 10.01 shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes.

 

(d)          
If the person whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates any
Note, the Note Guarantees shall be valid nevertheless.

 

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

 

(f)           
If required by Section 4.16, the Issuer shall cause any Restricted Subsidiary to comply with the provisions of Section
4.16 and this Article 10, to the extent applicable.

 

Section 10.04       
Subrogation.

 

Each Subsidiary
Guarantor shall be subrogated to all rights of Holders against the Issuer in respect of any amounts paid by any Subsidiary Guarantor
pursuant to the provisions of Section 10.01; provided that, if an Event of Default has occurred and is continuing, no Subsidiary
Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until
all amounts then due and payable by the Issuer under this Indenture or the Notes shall have been paid in full.

 

Section 10.05       
Benefits Acknowledged.

 

Each Subsidiary
Guarantor acknowledges that it shall receive direct and indirect benefits from the financing arrangements contemplated by this
Indenture and that the guarantee and waivers made by it pursuant to a Note Guarantee are knowingly made in contemplation of such
benefits.

 

    95 

     

    

 

Section 10.06       
Release of Note Guarantees(a).

 

(a)          
The Note Guarantee of each Subsidiary Guarantor shall be automatically and unconditionally released and discharged:

 

(1)               
in connection with any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor
(including by way of merger or consolidation or amalgamation) to a Person that is not (either before or after giving effect to
such transaction) a Restricted Subsidiary of the Issuer, if the sale or other disposition does not violate Section 4.11 or Section
5.01; provided, however, that after giving effect to such transaction, such Subsidiary is no longer a guarantor
of, or obligor or borrower under, any Guarantor Obligation Debt;

 

(2)               
in connection with any sale or other disposition of the Capital Stock of that Subsidiary Guarantor after which such Subsidiary
Guarantor is no longer a Restricted Subsidiary of the Issuer, if the sale or other disposition does not violate Section 4.11 or
Section 5.01; provided, however, that after giving effect to such transaction, such Subsidiary is no longer a guarantor
of, or obligor or borrower under, any Guarantor Obligation Debt;

 

(3)               
if the Issuer designates any Restricted Subsidiary that is a Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance
with the applicable provisions of this Indenture;

 

(4)               
upon legal defeasance, covenant defeasance or satisfaction and discharge of this Indenture as provided in Article 8 and
Article 11;

 

(5)               
in connection with the dissolution of such Subsidiary Guarantor under applicable law; or

 

(6)               
in the case of a Subsidiary Guarantor that was required to provide a Guarantee because it Guaranteed obligations under,
or was a borrower or obligor under, Guarantor Obligation Debt, including the Initial Guarantors with respect to their Guarantees
of the Bridge Loan (as defined below), if such Subsidiary Guarantor is released and discharged in full from its Guarantee of or
obligations under such Guarantor Obligation Debt (including, in the case of the Initial Guarantors, with respect to the Bridge
Loan) and, in each case, is not then a guarantor of, or obligor or borrower under, other Guarantor Obligation Debt such that it
would be required to provide a Note Guarantee pursuant to Section 4.16(a).

 

(b)          
At the written request of the Issuer, the Trustee shall execute and deliver any documents reasonably required in order
to evidence such release, discharge and termination in respect of the applicable Note Guarantee. The Issuer shall provide prompt
notice to the Trustee of any release of a Note Guarantee.

 

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Article
11

 

SATISFACTION
AND DISCHARGE

 

Section 11.01       
Satisfaction and Discharge.

 

(a)          
This Indenture shall be discharged and shall cease to be of further effect as to all Notes and the Note Guarantees when
(1) either:

 

(a)               
all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for which payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for
cancellation; or

 

(b)               
all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivering
of a notice of redemption or otherwise or shall become due and payable within one year and the Issuer or any Subsidiary Guarantor
has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust solely for the benefit
of the Holders, cash in U.S. dollars or non-callable Government Securities, or a combination thereof, in amounts as shall
be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes
not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or
redemption (for the avoidance of doubt, in the case of a discharge that occurs in connection with a redemption that is to
occur on a redemption date pursuant to Section 3.07(b), the amount to be deposited shall be the amount that, as of the date of
such deposit, is reasonably deemed sufficient to make the redemption payment on the redemption date, in the good-faith determination
of the Board of Directors of the Issuer pursuant to a resolution of the Board of Directors of the Issuer and as evidenced by an
Officer’s Certificate, with any deficit in such redemption payment required to be deposited with the Trustee on or prior
to the redemption date);

 

(2)               
no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event
of Default resulting from the borrowing of funds to be applied to such deposit (or the deposit
for other Indebtedness that is concurrently being defeased or discharged) and the incurrence of any Lien in respect thereof)
and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the
Issuer or any Restricted Subsidiary is a party or by which the Issuer or any Restricted Subsidiary is bound;

 

(3)               
the Issuer has paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)               
the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity or on the redemption date, as the case may be.

 

(b)          
In addition, the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel
may be subject to customary assumptions and exclusions) to the Trustee, in each case stating that all conditions precedent to
satisfaction and discharge have been satisfied. Notwithstanding the satisfaction and discharge of this Indenture, if money and/or
Government Securities shall have been deposited with the Trustee pursuant to Section 11.01(a)(1)(b), Section 11.02 and Section
8.06 shall survive.

 

Section 11.02       
Application of Trust Money.

 

(a)          
Subject to Section 8.06, all money and Government Securities (including the proceeds thereof) (which the Trustee shall
not be obligated to reinvest) deposited with the Trustee pursuant to Section 8.04 in respect of the outstanding Notes shall be
held in trust and applied by the Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer or a Subsidiary Guarantor acting as Paying Agent) as the Trustee may
determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on
the Notes, but such money need not be segregated from other funds except to the extent required by law.

 

(b)          
If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 by
reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Issuer’s and any Subsidiary Guarantor’s obligations under this Indenture,
the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01;
provided that if the Issuer has made any payment of principal, premium, if any, or interest on any Notes because of the
reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment
from the cash held in U.S. dollars or U.S. dollar-denominated Government Securities held by the Trustee or Paying Agent, as the
case may be.

 

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Article
12

 

MISCELLANEOUS

 

Section 12.01       
Notices.

 

(a)          
Any notice or communication to the Issuer, any Subsidiary Guarantor or the Trustee is duly given if in writing and (1) delivered
in person, (2) mailed by first-class mail (certified or registered, return receipt requested), postage prepaid, or overnight
air courier guaranteeing next day delivery or (3) sent by electronic transmission in PDF format. In each case, the notice
or communication shall be addressed as follows:

 

if to the Issuer or any
Subsidiary Guarantor:

 

The Howard Hughes Corporation

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, TX 77380

Attention: General Counsel

 

with a copy to:

 

Cadwalader, Wickersham
 & Taft LLP

200 Liberty Street

New York, NY 10281

Fax: 212-504-6666

Email: richard.brand@cwt.com

Attention: Richard Brand, Esq.

 

if to the Trustee:

 

Wells Fargo Bank, National
Association

 

CTSO Mail Operations

600 South 4th
Street, 7th Floor

Minneapolis, MN 55415

MAC: N9300-070

 

Attention: Corporate
Trust Services - The Howard Hughes Corporation Administrator

 

The Issuer, any Subsidiary Guarantor
or the Trustee, by like notice, may designate additional or different addresses for subsequent notices or communications.

 

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(b)          
All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; when sent, if sent by facsimile or electronic transmission (in PDF format); or five
days after mailing, if mailed by first-class mail to the address above in Section 12.01(a) or by overnight courier service; provided
that any notice or communication delivered to the Trustee shall be deemed effective only upon receipt thereof by a Responsible
Officer of the Trustee.

 

(c)          
Any notice or communication to a Holder shall be mailed by first-class mail (certified or registered, return receipt requested)
or by overnight air courier guaranteeing next day delivery to its address shown on the Note Register or by electronic delivery
pursuant to applicable Depositary procedures as provided in Section 12.01(e) or by such other delivery system as either of the
Trustee deem acceptable and shall be deemed to be sufficiently given if so sent within the time prescribed. Failure to send a
notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

 

(d)          
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

(e)          
Where this Indenture provides for notice of any event (including any notice of redemption) to a Holder of a Global Note
(whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee),
pursuant to the applicable procedures of such Depositary, if any, prescribed for the giving of such notice.

 

(f)           
The Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured
facsimile or electronic transmission (in PDF format); provided, however, that (1) the party providing such
written notice, instructions or directions, subsequent to such transmission of written instructions, shall provide the originally
executed instructions or directions to the Trustee within two Business Days, (2) such originally executed notice, instructions
or directions shall be signed by an authorized representative of the party providing such notice, instructions or directions and
(3) receipt of such unsecured facsimile or electronic transmissions is confirmed by a Responsible Officer of the Trustee.
The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable
reliance upon and compliance with such notice, instructions or directions notwithstanding such notice, instructions or directions
conflict or are inconsistent with a subsequent notice, instructions or directions.

 

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(g)          
If the Issuer sends a notice or communication to Holders, it shall deliver a copy to each of the Trustee and the Agent
at the same time.

 

Section 12.02       
Communication by Holders with Other Holders.

 

Holders may
communicate with other Holders with respect to their rights under this Indenture or the Notes.

 

Section 12.03       
Certificate and Opinion as to Conditions Precedent.

 

Upon any
request or application by the Issuer or any Subsidiary Guarantor to the Trustee to take any action under this Indenture, the Issuer
or such Subsidiary Guarantor, as the case may be, shall furnish to the Trustee:

 

(1)               
an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements
set forth in Section 12.04) stating that, in the opinion of the signer(s), all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been complied with; and

 

(2)               
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements
set forth in Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been
complied with (except that in the case of the authenticating and delivering of the Initial Notes, an Opinion of Counsel pursuant
to this Section 12.03(2) is not required).

 

Section 12.04       
Statements Required in Certificate or Opinion.

 

Each certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to Section 4.04) shall include:

 

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

 

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

 

(3)               
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with (and,
in the case of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact); and

 

(4)               
a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with.

 

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Section 12.05       
Rules by Trustee and Agents.

 

The Trustee
and Agents may make reasonable rules and set reasonable requirements for their respective functions.

 

Section 12.06       
No Personal Liability of Directors, Officers, Employees, Members, Partners and Stockholders.

 

No director,
officer, employee, incorporator, stockholder, member or other holder of Equity Interests of the Issuer or any Subsidiary Guarantor,
in their capacity as such and without limiting the Note Guarantees, shall have any liability for any obligations of the Issuer
or any Subsidiary Guarantor, under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or
by reason of, such obligations or their creation.

 

Each Holder
by accepting a Note waives and releases all such liability that may arise other than pursuant to a Note Guarantee. The waiver
and release are part of the consideration for issuance of the Notes.

 

Section 12.07       
Governing Law.

 

THIS INDENTURE,
THE NOTES AND ANY NOTE GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 12.08       
Jurisdiction.

 

The Issuer
and the Subsidiary Guarantors agree that any suit, action or proceeding against the Issuer or any Subsidiary Guarantor brought
by any Holder or the Trustee arising out of or based upon this Indenture and the Notes (and any Note Guarantees) may be instituted
in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each
of them irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Issuer and
the Subsidiary Guarantors irrevocably waive, to the fullest extent permitted by law, any objection to any suit, action, or proceeding
that may be brought in connection with this Indenture and the Notes (and any Subsidiary Guarantees), including such actions, suits
or proceedings relating to securities laws of the United States of America or any state thereof, in such courts whether on the
grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient
forum. The Issuer and the Subsidiary Guarantors agree that final judgment in any such suit, action or proceeding brought in such
court shall be conclusive and binding upon the Issuer or the Subsidiary Guarantor, as the case may be, and may be enforced in
any court to the jurisdiction of which the Issuer or the Subsidiary Guarantors, as the case may be, are subject by a suit upon
such judgment.

 

Section 12.09       
Waiver of Jury Trial.

 

EACH OF
THE ISSUER, THE SUBSIDIARY GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE
GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

 

Section 12.10       
No Adverse Interpretation of Other Agreements.

 

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

 

    101

    

    

 

Section 12.11       
Successors.

 

All agreements
of the Issuer in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall
bind its successors and assigns. All agreements of each Subsidiary Guarantor in this Indenture shall bind its successors, except
as otherwise provided in Section 10.06.

 

Section 12.12       
Severability.

 

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

 

Section 12.13       
Counterpart Originals.

 

The parties
may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the
same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or .pdf transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or .PDF shall be deemed to be their original signatures
for all purposes. This Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by
an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures
in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic
signatures law, including relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”); (ii)
an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed,
scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence
as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with
respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no
duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual
signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the
character or intended character of the writings.

 

Section 12.14       
Table of Contents, Headings, etc.

 

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

 

Section 12.15       
U.S.A. PATRIOT Act.

 

The parties
hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree that they shall provide the Trustee with such information as it may request in order
for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act.

 

    102

    

    

 

Section 12.16       
Payments Due on Non-Business Days.

 

In any case
where any Interest Payment Date, redemption date or repurchase date or the Stated Maturity of the Notes shall not be a Business
Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal, premium, if any, or interest
on the Notes need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect
as if made on the Interest Payment Date, redemption date or repurchase date, or at the Stated Maturity of the Notes; provided
that no interest shall accrue for the period from and after such Interest Payment Date, redemption date, repurchase date or
Stated Maturity, as the case may be.

 

[Signatures
on following page]

 

    103

    

    

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

 

	 	Issuer:
	 	 
	 	THE HOWARD HUGHES CORPORATION
	 	 
	 	By:	/s/ David O'Reilly 
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and Interim Chief Financial Officer
	 	 	 
	 	Initial Guarantors:
	 	 
	 	API/
    HHC Lake Robbins Holding Company, LLC
	 	 
	 	By:	/s/ David O'Reilly 
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and Interim Chief Financial Officer
	 	 	 
	 	HHC WAREHOUSE HOLDING COMPANY, LLC
	 	 
	 	By:	/s/ David O'Reilly
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and Interim Chief Financial Officer
	 	 	 
	 	HH WAREHOUSE LAND HOLDINGS, LLC
	 	 
	 	By:	/s/ David O'Reilly 
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and Interim Chief Financial Officer
	 	 	 
	 	HH WOODLANDS TOWER HOLDINGS, LLC
	 	 
	 	By:	/s/ David O'Reilly 
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and Interim Chief Financial Officer

 

[Signature
Page to the Indenture]

 

     

     

    

 

	 	Trustee:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ Maddy Hughes 
	 	 	

        Name:
        Maddy Hughes

	 	 	Title: Vice President

 

[Signature
Page to the Indenture]

 

     

     

    

 

APPENDIX
A

 

PROVISIONS
RELATING TO

 

INITIAL NOTES
AND ADDITIONAL NOTES

 

Section 1.1 Definitions.

 

(a) Capitalized
Terms.

 

Capitalized
terms used but not defined in this Appendix A have the meanings given to them in the Indenture. The following capitalized terms
have the following meanings:

 

“Applicable
Procedures” means, with respect to any transfer or transaction involving a Global Note or beneficial interest therein,
the rules and procedures of the Depositary for such Global Note, Euroclear or Clearstream, in each case to the extent applicable
to such transaction and as in effect from time to time.

 

“Clearstream”
means Clearstream Banking, Société Anonyme, or any successor securities clearing agency.

 

“Euroclear”
means Euroclear Bank S.A./N.Y., as operator of Euroclear systems clearance system or any successor securities clearing agency.

 

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

 

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

 

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

 

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

 

“Unrestricted
Global Note” means any Note in global form that does not bear or is not required to bear the Restricted Notes Legend.

 

“U.S.
person” means a “U.S. person” as defined in Regulation S.

 

(b) Other
Definitions.

 

 

	Term:
	Defined
        in Section:

	“Agent Members”	2.1(c)
	“Automatic Exchange”	2.3(e)
	“Automatic Exchange Date”	2.3(e)
	“Automatic Exchange Notice”	2.3(e)
	“Automatic Exchange Notice Date”	2.3(e)
	“Definitive Notes Legend”	2.3(d)
	“Global Note”	2.1(b)

 

    1

     

    

 

	“Global Notes Legend”	2.3(d)
	“OID Legend”	2.3(d)
	“Regulation S Global Note”	2.1(b)
	“Regulation S Legend”	2.3(d)
	“Regulation S Notes”	2.1(a)
	“Restricted Global Note”	2.3(e)
	“Restricted Notes Legend”	2.3(d)
	“Rule 144A Global Note”	2.1(b)
	“Rule 144A Notes”	2.1(a)

 

Section 2.1 Form and
Dating

 

(a) The
Initial Notes issued on the date hereof shall be (i) offered and sold by the Issuer to the Initial Purchasers and (ii) resold,
initially only to (1) QIBs in reliance on Rule 144A (“Rule 144A Notes”) and (2) Persons other
than U.S. persons in reliance on Regulation S (“Regulation S Notes”).

 

(b) Global
Notes. Notes shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form,
numbered A-1 upward (collectively, the “Rule 144A Global Note”) and Regulation S Notes shall be issued
initially in the form of one or more global Notes, numbered S-1 upward (collectively, the “Regulation S Global Note”)
in the case of the Initial Notes, in each case without interest coupons and bearing the applicable Global Notes Legend and applicable
Restricted Notes Legend, which shall be duly executed by the Issuer, authenticated by the Trustee, and registered in the name
of the Depositary or a nominee of such Depositary, deposited on behalf of the purchasers of such Notes represented thereby with
the applicable Custodian or Depositary, in each case in accordance with the Indenture. The Rule 144A Global Note, the Regulation S
Global Note and any Unrestricted Global Note are each referred to herein as a “Global Note” and are collectively
referred to herein as “Global Notes.” Each Global Note shall represent such of the outstanding Notes as shall
be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide
that it shall represent the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges
and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal
amount of outstanding Notes represented thereby shall be made by the Trustee or the Depositary, in accordance with instructions
given by the Holder thereof as required by Section 2.06 of the Indenture and Section 2.3(c) of this Appendix A.

 

(c) Book-Entry
Provisions. This Section 2.1(c) shall apply only to Global Notes.

 

The Issuer
shall execute and the Trustee shall, in accordance with this Section 2.1(c) and Section 2.2 of this Appendix A, and
pursuant to an Authentication Order of the Issuer, authenticate and deliver initially one or more Global Notes that (i) shall
be registered in the name of the Depositary for such Global Note or Global Notes or the nominee of such Depositary and (ii) shall
be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Custodian.

 

    2

     

    

 

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

 

(d) Definitive
Notes. Except as provided in Section 2.3 or Section 2.4 of this Appendix A, owners of beneficial interests in Global
Notes shall not be entitled to receive physical delivery of Definitive Notes.

 

Section 2.2 Authentication
Order. The Trustee shall authenticate and make available for delivery upon receipt of an Authentication Order, Opinion of
Counsel and Officer’s Certificate from the Issuer (a) Initial Notes for original issue on the Issue Date in an aggregate
principal amount of $650,000,000, (b) subject to the terms of the Indenture, Additional Notes, and (c) any Unrestricted
Global Notes issued in exchange for any of the foregoing in accordance with the Indenture. Such Authentication Order shall specify
the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and whether
the Notes are to be Initial Notes, Additional Notes or Unrestricted Global Notes.

 

Section 2.3 Transfer
and Exchange.

 

(a) Transfer
and Exchange of Definitive Notes for Definitive Notes. When Notes in definitive form are presented to the Registrar with a
request:

 

(i) to
register the transfer of such Definitive Notes; or

 

(ii) to
exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized denominations,

 

the
Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are
met; provided, however, that the Definitive Notes surrendered for transfer or exchange:

 

(1) shall
be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar,
duly executed by the Holder thereof or his attorney duly authorized in writing; and

 

(2) in
the case of Transfer Restricted Notes, they are being transferred or exchanged pursuant to Section 2.3(b) of this Appendix
A or pursuant to clause (A), (B) or (C) of this Section 2.3(a)(2), and are accompanied by the following additional information
and documents, as applicable:

 

(A) if
such Definitive Notes are being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer,
a certification from such Holder to that effect (in the form set forth on the reverse side of the Initial Note); or

 

    3

     

    

 

(B) if
such Definitive Notes are being transferred to the Issuer, a certification to that effect (in the form set forth on the reverse
side of the Initial Note); or

 

(C) if
such Definitive Notes are being transferred pursuant to an exemption from registration in accordance with (i) Rule 144A,
(ii) Regulation S, (iii) Rule 144 under the Securities Act or (iv) in reliance upon another exemption from
the registration requirements of the Securities Act, (x) a certification to that effect (in the form set forth on the reverse
side of the Initial Note) and (y) if the Issuer or the Trustee so requests in connection with transfers described in the
immediately preceding clauses (ii), (iii) or (iv), an Opinion of Counsel or other evidence reasonably satisfactory to it
as to the compliance with the restrictions set forth in the applicable legend set forth in Section 2.3(d)(i) of this Appendix
A.

 

(b) Restrictions
on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a
beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee
of a Definitive Note, duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the
Issuer and the Registrar, together with:

 

(i) (A)
certification (in the form set forth on the reverse side of the Initial Note) that such Definitive Note is being transferred (1) to
a Person whom the transferor reasonably believes is a QIB and in accordance with Rule 144A or (2) outside the United
States of America in an offshore transaction within the meaning of Regulation S and in compliance with Rule 904 under the Securities
Act, or (B) such other certification and, in the case of transfers described in clause (A)(3) above, an Opinion of Counsel
as the Issuer or the Trustee shall require; and

 

(ii) written
instructions directing the Trustee to make, or to direct the Custodian to make, an adjustment on its books and records with respect
to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such
instructions to contain information regarding the Depositary account to be credited with such increase,

 

the Trustee
shall cancel such Definitive Note and cause, or direct the Custodian to cause, in accordance with the standing instructions and
procedures existing between the Depositary and the Custodian, the aggregate principal amount of Notes represented by the Global
Note to be increased by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause to be
credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal
amount of the Definitive Note so canceled. If no Global Notes are then outstanding, the Issuer may issue and the Trustee shall
authenticate, upon receipt of an Authentication Order of the Issuer in the form of an Officer’s Certificate, a new Global
Note in the appropriate principal amount.

 

(c) Transfer
and Exchange of Global Notes.

 

(i) The
transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depositary, in accordance
with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary
therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Registrar a written order given in accordance
with the Depositary’s procedures containing information regarding the participant account of such Depositary to be credited
with a beneficial interest in such Global Note or another Global Note, and such account shall be credited in accordance with such
order with a beneficial interest in the applicable Global Note, and the account of the Person making the transfer shall be debited
by an amount equal to the beneficial interest in the Global Note being transferred. Transfers by an owner of a beneficial interest
in a Rule 144A Global Note to a transferee who takes delivery of such interest through a Regulation S Global Note, shall be made
only upon receipt by the Trustee of a certification in the form provided on the reverse side of the Initial Notes from the transferor
to the effect that such transfer is being made in accordance with Regulation S, Rule 144 (if available), or another applicable
exemption from registration under the Securities Act.

 

    4

     

    

 

(ii) If
the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note,
the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which
such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Registrar
shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which
such interest is being transferred. If the Issuer or the Trustee so requests in connection with transfer of a beneficial interest
in one Global Note to a beneficial interest in another Global Note, other than a transfer to a beneficial interest in a Rule 144A
Global Note, such request for transfer shall be accompanied by an Opinion of Counsel or other evidence reasonably satisfactory
to it as to the compliance with the restrictions set forth in the applicable legend set forth in Section 2.3(d)(i) of this
Appendix A.

 

(iii) Notwithstanding
any other provisions of this Appendix A (other than the provisions set forth in Section 2.4 of this Appendix A), a Global
Note may not be transferred except as a whole and not in part by the Depositary to a nominee of such Depositary or by a nominee
of the Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor
of such Depositary or a nominee of such successor Depositary.

 

(d) Legends.

 

(i) Except
as permitted by this Section 2.3(d) of this Appendix A, each Note certificate evidencing the Global Notes and the Definitive
Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following
form (each defined term in the legend being defined as such for purposes of the legend only) (“Restricted Notes Legend”):

 

THIS SECURITY
(OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS
SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED THIS SECURITY:

 

    5

     

    

 

 

		1)	REPRESENTS THAT (A) IT IS A
                                         “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED UNDER RULE 144A UNDER THE SECURITIES
                                         ACT), OR (B) IT HAS ACQUIRED THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
                                         REGULATION S UNDER THE SECURITIES ACT;

 

		2)	REPRESENTS AND WARRANTS THAT
                                         EITHER (A) NO PORTION OF THE ASSETS USED BY THE HOLDER TO ACQUIRE OR HOLD THIS SECURITY
                                         OR AN INTEREST THEREIN CONSTITUTES ASSETS OF ANY (I) EMPLOYEE BENEFIT PLAN THAT IS SUBJECT
                                         TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
                                         (II) PLAN, INDIVIDUAL RETIREMENT ACCOUNT AND OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION
                                         4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (III)
                                         ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF
                                         ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT OR (B) THE ACQUISITION, HOLDING AND DISPOSITION
                                         OF THIS SECURITY BY THE HOLDER WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
                                         TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER
                                         ANY APPLICABLE SIMILAR LAWS;

 

		3)	AGREES THAT IT WILL NOT OFFER,
                                         RESELL OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT
                                         (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME OR BEEN DECLARED
                                         EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR
                                         RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON WHOM THE SELLER REASONABLY
                                         BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
                                         THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
                                         INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT
                                         TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION
                                         S UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED
                                         BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (F) PURSUANT TO ANOTHER AVAILABLE
                                         EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH OF CASES
                                         (A) THROUGH (F) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
                                         UNITED STATES OR ANY APPLICABLE JURISDICTION, SUBJECT TO THE ISSUER’S AND THE REGISTRAR’S
                                         RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO
                                         REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
                                         SATISFACTORY TO EACH OF THEM; AND

 

		4)	AGREES THAT IT WILL DELIVER
                                         TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY
                                         TO THE EFFECT OF THIS LEGEND. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
                                         AFTER THE DATE THAT IS ONE YEAR IN THE CASE OF RULE 144A NOTES, AND 40 DAYS IN THE CASE
                                         OF REGULATION S NOTES AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST
                                         DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY
                                         (OR ANY PREDECESSOR OF SUCH SECURITY).

 

    6 

     

    

 

Each Global Note and each Definitive
Note issued with more than a de minimis amount of original issue discount for U.S. federal income tax purposes shall bear the
following additional legend (“OID Legend”):

 

THIS NOTE HAS BEEN
ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED). UPON WRITTEN REQUEST, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION:
(1) THE ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY
OF THE NOTE. HOLDERS SHOULD CONTACT THE CHIEF FINANCIAL OFFICER OF THE ISSUER.

 

Each Regulation S Note shall
bear the following additional legend (“Regulation S Legend”):

 

THIS SECURITY (OR ITS
PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, DELIVERED OR TRANSFERRED IN THE UNITED STATES OR TO, OR
FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON, UNLESS SUCH SECURITY IS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE. THIS LEGEND WILL BE REMOVED AFTER THE EXPIRATION OF FORTY DAYS FROM THE LATER
OF (I) THE DATE ON WHICH THIS SECURITY WAS FIRST OFFERED AND (II) THE DATE OF ISSUE OF THIS SECURITY.

 

Each Definitive Note shall bear
the following additional legend (“Definitive Notes Legend”):

 

IN CONNECTION WITH
ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR
AND TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

Each Global Note shall bear the
following additional legend (“Global Notes Legend”):

 

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

 

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

 

    7 

     

    

 

(ii) Upon
any sale or transfer of a Transfer Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to
exchange such Transfer Restricted Note for a Definitive Note that does not bear the Restricted Notes Legend and the Definitive
Notes Legend and rescind any restriction on the transfer of such Transfer Restricted Note if the Holder certifies in writing to
the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set
forth on the reverse side of the Initial Notes).

 

Notwithstanding the foregoing,
the Restricted Notes Legend need not appear on any Additional Note issued under an effective registration statement under the
Securities Act.

 

(e) Automatic
Exchange from Global Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes Legend. Upon the Issuer’s
satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities
Act, beneficial interests in a Global Note bearing the Restricted Notes Legend (a “Restricted Global Note”)
may be automatically exchanged into beneficial interests in an Unrestricted Global Note without any action required by or on behalf
of the Holder (the “Automatic Exchange”) at any time on or after the date that is the 366th calendar day after
(1) with respect to Notes issued on the Issue Date, the Issue Date or (2) with respect to Additional Notes, if any, the issue
date of such Additional Notes, or, in each case, if such day is not a Business Day, on the next succeeding Business Day (the “Automatic
Exchange Date”). Upon the Issuer’s satisfaction that the Restricted Notes Legend shall no longer be required in
order to maintain compliance with the Securities Act, the Issuer shall (i) provide written notice to DTC and the Trustee at least
15 calendar days prior to the Automatic Exchange Date, instructing DTC to exchange all of the outstanding beneficial interests
in a particular Restricted Global Note to the Unrestricted Global Note, which the Issuer shall have previously otherwise made
eligible for exchange with DTC, (ii) provide prior written notice (the “Automatic Exchange Notice”) to each
Holder at such Holder’s address appearing in the register of Holders at least 15 calendar days prior to the Automatic Exchange
Date (the “Automatic Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x)
the section of the Indenture pursuant to which the Automatic Exchange shall occur, (y) the CUSIP or ISIN number of the Restricted
Global Note from which such Holder’s beneficial interests will be transferred and (z) the CUSIP or ISIN number of the Unrestricted
Global Note into which such Holder’s beneficial interests will be transferred, and (iii) on or prior to the Automatic Exchange
Date, deliver to the Trustee for authentication one or more Unrestricted Global Notes, duly executed by the Issuer, in an aggregate
principal amount equal to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global
Notes. At the Issuer’s written request on no less than 5 calendar days’ notice prior to the Automatic Exchange Notice
Date, the Trustee shall deliver, in the Issuer’s name and at its expense, the Automatic Exchange Notice to each Holder at
such Holder’s address appearing in the register of Holders; provided that the Issuer has delivered to the Trustee
the information required to be included in such Automatic Exchange Notice.

 

    8 

     

    

 

Notwithstanding
anything to the contrary in this Section 2.3(e), during the 15 calendar day period prior to the Automatic Exchange Date, no transfers
or exchanges other than pursuant to this Section 2.3(e) shall be permitted without the prior written consent of the Issuer. As
a condition to any Automatic Exchange, the Issuer shall provide, and the Trustee shall be entitled to conclusively rely upon,
an Officer’s Certificate and Opinion of Counsel to the effect that the Automatic Exchange shall be effected in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend shall no longer
be required in order to maintain compliance with the Securities Act and that the aggregate principal amount of the particular
Restricted Global Note is to be transferred to the particular Unrestricted Global Note by adjustment made on the records of the
Trustee, as custodian for the Depositary to reflect the Automatic Exchange. Upon such exchange of beneficial interests pursuant
to this Section 2.3(e), the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made
on the records of the Trustee, as custodian for the Depositary, to reflect the relevant increase or decrease in the principal
amount of such Global Note resulting from the applicable exchange. The Restricted Global Note from which beneficial interests
are transferred pursuant to an Automatic Exchange shall be cancelled following the Automatic Exchange.

 

(f) Cancellation
or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have either been exchanged for Definitive
Notes, transferred, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for
cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a
Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased
or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on
the books and records of the Trustee (if it is then the Custodian for such Global Note) with respect to such Global Note, by the
Trustee or Custodian, to reflect such reduction.

 

(g) Obligations
with Respect to Transfers and Exchanges of Notes.

 

(i) To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee, upon receipt of an Authentication Order,
shall authenticate, Definitive Notes and Global Notes at the Registrar’s request.

 

(ii)
No service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer
taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 2.10, 3.06, 3.09, 4.11, 4.15
and 9.04 of the Indenture).

 

(iii)
Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agents or the Registrars
may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving
payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue,
and none of the Issuer, the Trustee, the Paying Agents or the Registrars shall be affected by notice to the contrary.

 

(iv) All
Notes issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled
to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange.

 

(v)
The Registrars and the Trustee may request such evidence as may be reasonably requested by them to determine the identity and
signatures of the transferor and the transferee.

 

    9 

     

    

 

(h) No Obligation
of the Trustee.

 

(i) The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in
the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominees or of any participant
or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase)
or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and
all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary
or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through
the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected
in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners.

 

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

 

(i) Any purported
transfer of such note, or any interest therein to a purchaser or transferee that does not comply with the requirements specified
in this Section 2.3 shall be of no force and effect and shall be null and void ab initio.

 

Section 2.4 Definitive
Notes.

 

(a) A
Global Note deposited with the Depositary or Custodian pursuant to Section 2.1 of this Appendix A may be transferred to the
beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such
Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 of this Appendix A and (i) the
Depositary notifies the Issuer that it is unwilling or unable to continue as a Depositary for such Global Note or if at any time
the Depositary ceases to be a “clearing agency” registered under the Exchange Act or otherwise ceases to be eligible
as a depositary and, in each case, a successor depositary is not appointed by the Issuer within 90 days of such notice or
after the Issuer becomes aware of such cessation, or (ii) an Event of Default has occurred and is continuing and the Registrar
has received a request from the Depositary or (iii) the Issuer, in its sole discretion and subject to the procedures of the
Depositary, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes under the Indenture. In addition,
any Affiliate of the Issuer or any Subsidiary Guarantor that is a beneficial owner of all or part of a Global Note may have such
Affiliate’s beneficial interest transferred to such Affiliate in the form of a Definitive Note, by providing a written request
to the Issuer and the Trustee and such Opinions of Counsel, certificates or other information as may be required by the Indenture
or the Issuer or the Trustee.

 

    10 

     

    

 

(b) Any
Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall
authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive
Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed,
authenticated and delivered only in denominations of $2,000 and integral multiples of $1,000, registered in such names as the
Depositary shall direct. Any certificated Initial Note or Additional Note in the form of a Definitive Note delivered in exchange
for an interest in the Global Note shall, except as otherwise provided by Section 2.3(d) of this Appendix A, bear the Restricted
Notes Legend.

 

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

 

(d) In
the event of the occurrence of any of the events specified in Section 2.4(a)(i), (ii) or (iii) of this Appendix
A, the Issuer shall within a reasonable period make available to the Trustee a reasonable supply of Definitive Notes in fully
registered form without interest coupons.

 

    11 

     

    

 

EXHIBIT
A

 

[FORM OF
FACE OF NOTE]

 

[Insert the Restricted Notes
Legend, if applicable, pursuant to the provisions of the Indenture]

 

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

 

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

 

[Insert the Definitive Notes
Legend, if applicable, pursuant to the provisions of the Indenture]

 

[Insert the Regulation S Legend,
if applicable, pursuant to the provisions of the Indenture]

 

    A-1 

     

    

 

CUSIP [            ]

ISIN [            ]1

[RULE 144A][REGULATION
S][GLOBAL] NOTE

 

4.125% Senior
Notes due 2029 

 

	No. [A-__] [S-__]	[Up to]2 [$            ]

 

THE HOWARD
HUGHES CORPORATION

 

promises to pay to [CEDE &
CO.]3 [            ] or registered assigns the principal
sum [$            (            Dollars),
as revised by the Schedule of Exchanges of Interests in the Global Note attached hereto]4 [of $            (            Dollars)]5
on February 1, 2029.

 

Interest Payment Dates: February
1 and August 1, commencing August 1, 20211 

Record Dates: January 15 and
July 15

 

 

	1 	Rule
    144A Initial Note CUSIP/ISIN: 	44267D
    AE7 / US44267DAE76
		Regulation S Initial
    Note CUSIP/ISIN:	U44255
    AE4 / USU44255AE49 
	2 	Include
    in Global Notes. 	 
	3 	Include
    in Global Notes 	 
	4 	Include
    in Global Notes 	 
	5 	Include
    in Definitive Notes 	 

 

 

 

1 To be revised for
Additional Notes, as applicable.

 

    A-2 

     

    

 

IN WITNESS HEREOF, the Issuer
has caused this instrument to be duly executed.

 

	 	THE HOWARD HUGHES CORPORATION
	 	 
	 	By: 	
	 	 	Name:
	 	 	Title: 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the Notes referred
to in the within-mentioned Indenture:

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as
    Trustee
	 	 
	 	By:	                
	 	 	Authorized Signatory
	Dated: [            ]
    [__], [__]	 	 

 

    A-3 

     

    

 

 

[Reverse
Side of Note]

 

4.125% Senior
Notes due 2029

 

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

 

1. INTEREST.
The Howard Hughes Corporation, a Delaware corporation (the “Issuer”), promises to pay interest on the principal
amount of this Note at 4.125% per annum from and including February 2, 2021 to but excluding the maturity date. The Issuer shall
pay interest semi-annually in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on the
next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been paid, from and including the date of original issuance;
provided that the first Interest Payment Date shall be August 1, 2021.2
The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest shall be computed on the basis
of a 360-day year comprised of twelve 30-day months.

 

2. METHOD OF
PAYMENT. The Issuer shall pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business
on the January 15 or July 15 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment
Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall
be payable at the office or agency of the Issuer maintained for such purpose; provided that payment by wire transfer of
immediately available funds shall be required with respect to principal, premium, if any, and interest on all Global Notes and
all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent at least
five Business Days prior to the applicable payment date. Such payment shall be in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts.

 

3. PAYING AGENT
AND REGISTRAR. Initially, Wells Fargo Bank, National Association shall act as Paying Agent and Registrar under the Indenture.
The Issuer may change any Paying Agent or Registrar without notice to the Holders. The Issuer or any of its Restricted Subsidiaries
may act as Paying Agent (except for purposes of Article 8 of the Indenture) or Registrar.

 

4. INDENTURE.
The Issuer issued the Notes under an Indenture, dated as of February 2, 2021 (the “Indenture”), among the Issuer,
the Subsidiary Guarantors party thereto and the Trustee. This Note is one of a duly authorized issue of Notes of the Issuer designated
as its 4.125% Senior Notes due 2029. The Issuer shall be entitled to issue Additional Notes pursuant to Sections 2.01 and
4.10 of the Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities
under the Indenture. The Notes are guaranteed on a senior unsecured basis by the Initial Guarantors on the terms set forth in
the Indenture. The terms of the Notes include those stated in the Indenture (which for greater certainty includes the right of
exchange of the Notes provided in Appendix A to the Indenture, which is an express term of this Note). The Notes are subject to
all such terms, and Holders are referred to the Indenture for a statement of such terms. Any term used in this Note that is defined
in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

 

 

2        To
be revised for Additional Notes as applicable.

 

    A-4 

     

    

 

 

5. REDEMPTION
AND REPURCHASE. The Notes are subject to optional redemption, and may be the subject of an offer to purchase, as further described
in the Indenture. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

6. DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements, transfer documents and evidence
as to the signature and identity of a transferor and transferee of the Notes, and Holders shall be required to pay any taxes and
fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion
of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part.

 

7. PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.

 

8. AMENDMENT,
SUPPLEMENT AND WAIVER. The Indenture, any Note Guarantees or the Notes may be amended or supplemented as provided in the Indenture.

 

9. DEFAULTS
AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence
of an Event of Default, the rights and obligations of the Issuer, any Subsidiary Guarantors, the Trustee and the Holders shall
be as set forth in the applicable provisions of the Indenture.

 

10. AUTHENTICATION.
This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated
by the manual signature of the Trustee as set forth in the applicable provisions of the Indenture.

 

11. GOVERNING
LAW. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

12. CUSIP AND
ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer
has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption
as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and no reliance may be placed thereon.

 

The Issuer
shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuer
at the following address:

 

The Howard Hughes Corporation

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, TX 77380

Attention: General Counsel

 

    A-5 

     

    

 

ASSIGNMENT
FORM

 

To assign this
Note, fill in the form below:

 

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

 

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

 

	Date:________________

 

	 	Your Signature:

	 	 
	 	(Sign exactly as your name appears

    on the face of this Note)
	 
	Signature Guarantee*: ___________________________

 

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

 

    A-6 

     

    

 

CERTIFICATE
TO BE DELIVERED UPON EXCHANGE OR

 

REGISTRATION
OF TRANSFER FOR RESTRICTED NOTES

 

RE: The Howard
Hughes Corporation 4.125% Senior Notes due 2029

 

This certificate relates to $            
principal amount of Notes held in (check applicable space) ____________ book-entry or             
definitive form by the undersigned.

 

The undersigned (check one box
below):

 

	 ̈	has requested the
    Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depositary a Note
    or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial
    interest in such Global Note (or the portion thereof indicated above) in accordance with the Indenture; or
	 ̈	has requested the
    Trustee by written order to exchange or register the transfer of a Note or Notes.

In connection with any transfer
of any of the Notes evidenced by this certificate occurring prior to the expiration of the applicable holding period referred
to in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), the undersigned confirms
that such Notes are being transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

	(1)	 ̈	to the Issuer; or
	(2)	 ̈	to the Registrar
    for registration in the name of the Holder, without transfer; or
	(3)	 ̈	pursuant to an effective
    registration statement under the Securities Act; or
	(4)	 ̈	to a Person that
    the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the
    Securities Act (“Rule 144A”)) that purchases for its own account or for the account of a qualified institutional
    buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and
    in compliance with Rule 144A; or
	(5)	 ̈	outside the United
    States of America in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with
    Rule 904 under the Securities Act; or
	(6)	 ̈	pursuant to Rule 144
    under the Securities Act or another available exemption from registration under the Securities Act.

Unless one of the boxes is checked,
the Trustee shall refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered
Holder thereof; provided, however, that if box (5) or (6) is checked, the Issuer or the Trustee may require,
prior to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Issuer has
reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act.

 

    A-7 

     

    

 

	 	Your Signature

 

    A-8 

     

    

 

Signature Guarantee:

 

Date: _______________

 

	Signature must be guaranteed by	 
	a participant in a recognized

    signature guaranty medallion 

    program or other signature 

    guarantor acceptable to the 

    Trustee	Signature of Signature Guarantor

 

 

TO BE COMPLETED
BY PURCHASER IF (4) ABOVE IS CHECKED.

 

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

 

	Dated: ________________________________________	
	 	NOTICE: To be executed by an executive officer

 

    A-9 

     

    

 

OPTION OF
HOLDER TO ELECT PURCHASE

 

If you want
to elect to have this Note purchased by the Issuer pursuant to Section 4.11 or 4.15 of the Indenture, check the appropriate
box below:

 

	 ̈
    Section 4.11	 ̈
    Section 4.15
	(Asset Sale Offer)	(Change of Control Offer)

 

If you want
to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.11 or Section 4.15 of the Indenture,
state the amount you elect to have purchased:

 

	                             $                        	 	(integral multiples of $1,000, provided that the unpurchased
    

    portion must be in a minimum principal amount of $2,000)

 

Date: _______________

 

	Your Signature:
	 	 
	 	(Sign exactly as your name appears

    on the face of this Note)
	 
	       Tax Identification
    No.:__________________________________________________
	 
	Signature Guarantee*:_________________________________

 

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

 

    A-10 

     

    

 

SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

 

The
initial outstanding principal amount of this Global Note is $            .
The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges
of a part of another Global or Definitive Note for an interest in this Global Note, have been made:

 

 

	Date
        of

        Exchange

	Amount
        of decrease

        in Principal
        Amount

	Amount of increase

        in
        Principal

        Amount
        of this

        Global
        Note

	Principal Amount
        of

        this
        Global Note

        following
        such

        decrease
        or increase

	Signature of
        authorized

        signatory of

        Trustee
        or Custodian

	 

         

         
	 	 	 	 

 

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

 

    A-11 

     

    

 

EXHIBIT B

 

FORM OF SUPPLEMENTAL
INDENTURE

TO BE DELIVERED BY FUTURE GUARANTORS

 

Supplemental
Indenture (this “Supplemental Indenture”), dated as of [            ]
[__], 20[__], among              (the “Guaranteeing
Subsidiary”), a subsidiary of The Howard Hughes Corporation, a Delaware corporation (the “Issuer”),
and Wells Fargo Bank, National Association, as the Trustee (the “Trustee”).

 

W I T N E
S S E T H

 

WHEREAS, the
Issuer has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of February
2, 2021, providing for the issuance of an unlimited aggregate principal amount of 4.125% Senior Notes due 2029 (the “Notes”);

 

WHEREAS, Section
4.16 of the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee
a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Issuer’s
Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture; and

 

WHEREAS, pursuant
to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

1. Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2. Subsidiary
Guarantor. The Guaranteeing Subsidiary hereby agrees to be a Subsidiary Guarantor under the Indenture and to be bound by the
terms of the Indenture applicable to Subsidiary Guarantors, including Article 10 thereof.

 

3. Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4. Waiver
of Jury Trial. EACH OF THE GUARANTEEING SUBSIDIARY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL
INDENTURE, THE INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

 

5. Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile
or .PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or .pdf shall be deemed to be their original signatures for all purposes.

 

    B-1 

     

    

 

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

 

7. The Trustee.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary
and the Issuer.

 

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

 

	 	[NAME OF GUARANTEEING SUBSIDIARY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	THE HOWARD HUGHES CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    B-2Exhibit 4.2

 

 

INDENTURE

 

Dated as of February 2, 2021

 

Among

 

THE HOWARD HUGHES CORPORATION,

 

as Issuer,

 

THE SUBSIDIARY GUARANTORS PARTY HERETO,

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Trustee

 

4.375% SENIOR NOTES DUE 2031

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article 1 
	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	27
	Section 1.03	Rules of Construction	29
	Section 1.04	Acts of Holders	30
	 	 	 
	Article 2 
	 
	THE NOTES
	 
	Section 2.01	Form and Dating; Terms	32
	Section 2.02 	Execution and Authentication	33
	Section 2.03	Registrar and Paying Agent	34
	Section 2.04 	Paying Agent to Hold Money in Trust	34
	Section 2.05	Holder Lists	34
	Section 2.06	Transfer and Exchange	35
	Section 2.07	Replacement Notes	36
	Section 2.08 	Outstanding Notes	37
	Section 2.09	Treasury Notes	37
	Section 2.10	Temporary Notes	37
	Section 2.11	Cancellation	38
	Section 2.12 	Defaulted Interest	38
	Section 2.13	CUSIP and ISIN Numbers	38
	Section 2.14	Computation of Interest	38
	 	 	 
	Article 3 
	 
	REDEMPTION
	 
	Section 3.01	Notices to Trustee	39
	Section 3.02	Selection of Notes to Be Redeemed or Purchased	39
	Section 3.03	Notice of Redemption	40
	Section 3.04	Effect of Notice of Redemption	41
	Section 3.05	Deposit of Redemption or Purchase Price	41
	Section 3.06 	Notes Redeemed or Purchased in Part	42
	Section 3.07	Optional Redemption	42
	Section 3.08	Mandatory Redemption; Open Market Purchases	43
	Section 3.09 	Offers to Repurchase by Application of Excess Proceeds	43

 

     

     

    

 

	Article 4 
	 
	COVENANTS
	 
	Section 4.01	Payment of Notes	46
	Section 4.02	Maintenance of Office or Agency	46
	Section 4.03	Reports	46
	Section 4.04	Compliance Certificate	48
	Section 4.05	Corporate Existence	48
	Section 4.06	Payment of Taxes	49
	Section 4.07	Stay, Extension and Usury Laws	49
	Section 4.08	Restricted Payments	49
	Section 4.09	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	53
	Section 4.10	Incurrence of Indebtedness and Issuance of Preferred Stock	55
	Section 4.11	Asset Sales	60
	Section 4.12	Transactions with Affiliates	63
	Section 4.13	Liens	65
	Section 4.14	Permitted Business Activities	65
	Section 4.15	Offer to Repurchase upon Change of Control	65
	Section 4.16	Future Guarantors	68
	Section 4.17	Designation of Restricted and Unrestricted Subsidiaries	68
	Section 4.18	Effectiveness of Covenants	69
	 	 	 
	Article 5
	 
	 SUCCESSORS
	 
	Section 5.01	Merger, Consolidation or Sale of Assets	71
	Section 5.02	Successor Entity Substituted	73
	 	 	 
	Article 6 
	 
	DEFAULTS AND REMEDIES
	 
	Section 6.01	Events of Default	73
	Section 6.02	Acceleration	75
	Section 6.03	Other Remedies	75
	Section 6.04	Waiver of Past Defaults	76
	Section 6.05	Control by Majority	76
	Section 6.06	Limitation on Suits	76
	Section 6.07	Rights of Holders to Receive Payment	77
	Section 6.08	Collection Suit by Trustee	77
	Section 6.09	Restoration of Rights and Remedies	77
	Section 6.10	Rights and Remedies Cumulative	77
	Section 6.11	Delay or Omission Not Waiver	78
	Section 6.12	Trustee May File Proofs of Claim	78
	Section 6.13	Priorities	78
	Section 6.14	Undertaking for Costs	79

 

    ii

     

    

 

	Article 7 
	 
	TRUSTEE
	 
	Section 7.01	Duties of Trustee	79
	Section 7.02	Rights of Trustee	80
	Section 7.03	Individual Rights of the Trustee	83
	Section 7.04	Trustee’s Disclaimer	83
	Section 7.05	Notice of Defaults	83
	Section 7.06	Limitation on Trustee’s Liability	83
	Section 7.07	Compensation and Indemnity	83
	Section 7.08	Replacement of Trustee	84
	Section 7.09	Successor Trustee by Merger	85
	Section 7.10	Eligibility; Disqualification	85
	 	 	 
	Article 8 
	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	86
	Section 8.02	Legal Defeasance and Discharge	86
	Section 8.03	Covenant Defeasance	87
	Section 8.04	Conditions to Legal or Covenant Defeasance	87
	Section 8.05	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	88
	Section 8.06	Repayment to the Issuer	89
	Section 8.07	Reinstatement	89
	 	 	 
	Article 9 
	 
	AMENDMENT, SUPPLEMENT AND WAIVER
	 
	Section 9.01	Without Consent of Holders	89
	Section 9.02	With Consent of Holders	90
	Section 9.03	Revocation and Effect of Consents	92
	Section 9.04	Notation on or Exchange of Notes	92
	Section 9.05	Trustee to Sign Amendments, etc.	92
	 	 	 
	Article 10 
	 
	NOTE GUARANTEES
	 
	Section 10.01	Guarantee	93
	Section 10.02	Limitation on Subsidiary Guarantor Liability	95
	Section 10.03	Execution and Delivery	95
	Section 10.04	Subrogation	95
	Section 10.05	Benefits Acknowledged	96
	Section 10.06	Release of Note Guarantees	96

 

    iii

     

    

 

	Article 11 
	 
	SATISFACTION AND DISCHARGE
	 
	Section 11.01	Satisfaction and Discharge	97
	Section 11.02	Application of Trust Money	98
	 	 
	Article 12 
	 
	MISCELLANEOUS
	 
	Section 12.01	Notices	99
	Section 12.02	Communication by Holders with Other Holders	101
	Section 12.03	Certificate and Opinion as to Conditions Precedent	101
	Section 12.04	Statements Required in Certificate or Opinion	101
	Section 12.05	Rules by Trustee and Agents	101
	Section 12.06	No Personal Liability of Directors, Officers, Employees, Members, Partners and Stockholders	102
	Section 12.07	Governing Law	102
	Section 12.08	Jurisdiction	102
	Section 12.09	Waiver of Jury Trial	102
	Section 12.10	No Adverse Interpretation of Other Agreements	102
	Section 12.11	Successors	102
	Section 12.12	Severability	103
	Section 12.13	Counterpart Originals	103
	Section 12.14	Table of Contents, Headings, etc.	103
	Section 12.15	U.S.A. PATRIOT Act	103
	Section 12.16	Payments Due on Non-Business Days	103

 

	Appendix A	Provisions Relating to Initial Notes and Additional Notes
	Exhibit A	Form of Note
	Exhibit B	Form of Supplemental Indenture to Be Delivered by Future Guarantors

 

    iv

     

    

 

 

INDENTURE, dated as of February 2, 2021,
among The Howard Hughes Corporation, a Delaware corporation (the “Issuer”), the Subsidiary Guarantors (as defined
below) party hereto and Wells Fargo Bank, National Association, a national banking association, as the trustee (“Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuer has duly authorized
the creation and issuance of $650,000,000 aggregate principal amount of 4.375% Senior Notes due 2031 (the “Initial Notes”)
and each Initial Guarantor (as defined below) has duly authorized its Note Guarantee (as defined below) thereof; and

 

WHEREAS, the Issuer and each Initial Guarantor
has duly authorized the execution and delivery of this Indenture.

 

NOW, THEREFORE, the Issuer, the Initial
Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders.

 

Article
1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01           
Definitions.

 

“Acquired Debt” means,
with respect to any specified Person:

 

(1)               
Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary
of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person
merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and

 

(2)               
Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

 

“Additional Assets” means
any property or assets (other than Indebtedness and Capital Stock) to be used by the Issuer or any of its Restricted Subsidiaries
in a Permitted Business.

 

“Additional Notes” means
Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance with Section 2.01 and Section
4.10, as part of the same series as the Initial Notes whether or not they bear the same CUSIP number.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through
the ownership of voting securities, by agreement or otherwise.

 

“Agent” means any Registrar,
co-registrar, Custodian, Transfer Agent, Paying Agent or additional paying agent.

 

“Applicable Premium”
means, with respect to any Note on any Redemption Date, the greater of:

 

(1)               
1.0% of the principal amount of such Note, and

 

     

     

    

 

(2)               
 the excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price (such redemption
price being set forth in the table appearing in Section 3.07(d)) of such Note at February 1, 2026, plus (ii) all required
interest payments due on such Note (excluding accrued but unpaid interest to the Redemption Date) to, but excluding, February 1,
2026, computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the
principal amount of such Note.

 

“Asset Sale” means:

 

(1)               
the sale, lease (other than operating leases), conveyance or other disposition (including by merger, amalgamation, consolidation
or sale and leaseback transaction, and whether by operation of law or otherwise) of any assets or rights; provided that
the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries,
taken as a whole, shall be governed by Section 4.15 and/or Section 5.01 and not by Section 4.11; and

 

(2)               
the issuance of Equity Interests in any of the Issuer’s Restricted Subsidiaries or the sale of Equity Interests in
any such Restricted Subsidiary (other than directors’ qualifying Equity Interests or Equity Interests required by applicable
law to be held by a Person other than the Issuer or any of its Restricted Subsidiaries).

 

Notwithstanding the preceding, none of the
following items shall be deemed to be an Asset Sale:

 

(1)               
any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $25.0 million;

 

(2)               
a transfer of assets (including through a merger, amalgamation or consolidation) between or among the Issuer and its Restricted
Subsidiaries;

 

(3)               
an issuance of Equity Interests by a Restricted Subsidiary of the Issuer to any other Restricted Subsidiary of the Issuer
or to the Issuer;

 

(4)               
the disposition of inventory, commercial properties, development rights, units, homes, land, lots, or other assets, in each
case in the ordinary course of business, and any sale or other disposition of damaged, worn-out, negligible, surplus or obsolete
assets;

 

(5)               
the sale or other disposition of Cash Equivalents;

 

(6)               
a Restricted Payment or Permitted Investment that does not violate Section 4.08;

 

(7)               
the unwinding of any Hedging Obligations;

 

(8)               
the licensing of intellectual property in the ordinary course of business or in accordance with industry practice;

 

(9)               
the sale, lease, conveyance, disposition or other transfer of the securities of, or any Investment in, any Unrestricted
Subsidiary;

 

(10)             
surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind;

 

(11)             
a disposition of leasehold improvements or leased assets in connection with the termination of any operating lease;

 

    2

     

    

 

(12)             
 leases or subleases, or assignments of leased facilities, to third persons;

 

(13)             
in the ordinary course of business, any swap of assets, or lease, assignment or sublease of any real or personal property,
in exchange for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness
to the business of the Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by the Issuer;

 

(14)             
the creation or realization of a Lien to the extent that the granting of such Lien was not in violation of Section 4.13;

 

(15)             
the issuance of preferred stock of a Restricted Subsidiary of the Issuer pursuant to Section 4.10;

 

(16)             
the sale or disposition of any assets or property received as a result of a foreclosure by the Issuer or any of its Restricted
Subsidiaries;

 

(17)             
any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other
claims of any kind;

 

(18)             
solely for purposes of Section 4.11(a), the sale of interests in a joint venture pursuant to customary put-call or buy-sell
arrangements;

 

(19)             
to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding
any boot thereon); and

 

(20)             
foreclosures or governmental condemnations on assets.

 

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

 

“Beneficial Owner” has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is defined in Section 13(d)(3) of the Exchange
Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has
the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time or upon the occurrence of a subsequent condition. The term “Beneficially Own”
shall have a corresponding meaning.

 

“Board of Directors”
means:

 

(1)               
with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act
on behalf of such board;

 

(2)               
with respect to a partnership, the board of directors of the general partner of the partnership;

 

(3)               
with respect to a limited liability company, the managing member or members or any controlling committee of managing members
thereof; and

 

(4)               
with respect to any other Person, the board or committee of such Person serving a similar function.

 

    3

     

    

 

“Bridge Loan” means the
Term Loan Agreement, dated as of December 30, 2019 (as amended by the First Amendment thereto, dated as of May 20, 2020, and as
it may be further amended or modified from time to time), among the Issuer, as borrower, certain Subsidiaries of the Issuer from
time to time party thereto, as guarantors, Bank of America, N.A., as administrative agent, and the lenders party thereto.

 

“Business Day” means
each day that is not a Saturday, a Sunday or a day on which banking institutions are not required to be open in the State of New
York or at the place of payment in respect of the Notes. If a payment date is not a Business Day at such place, payment may be
made at such place on the next succeeding Business Day.

 

“Capital Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that
time be required to be capitalized on a balance sheet prepared in accordance with GAAP on the Issue Date, and the Stated Maturity
thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which
such lease may be prepaid by the lessee without payment of a penalty.

 

“Capital Stock” means:

 

(1)               
in the case of a corporation, corporate stock;

 

(2)               
in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents
(however designated) of corporate stock;

 

(3)               
in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership
interests; and

 

(4)               
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into
Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

 

“Cash Equivalents” means:

 

(1)               
U.S. dollars or any other currencies held from time to time in the ordinary course of business;

 

(2)               
securities issued or directly and fully and unconditionally guaranteed or insured by the United States government or any
agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation
of such government with maturities of 24 months or less from the date of acquisition;

 

(3)               
certificates of deposit, time deposits and Eurodollar time deposits with maturities of two years or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding two years and overnight bank deposits, in each case with
any U.S. commercial bank having capital and surplus of not less than $250.0 million;

 

(4)               
repurchase obligations for underlying securities of the types described in clauses (2), (3) and (7) of this definition
entered into with any financial institution meeting the qualifications specified in clause (3) of this definition;

 

    4

     

    

 

(5)               
 commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P (or, if at any time neither Moody’s
nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency
selected by the Issuer) and in each case maturing within 24 months after the date of creation thereof and Indebtedness or
preferred stock issued by Persons (other than Affiliates of the Issuer) with a rating of “A2” or higher from Moody’s
or “A” or higher from S&P with maturities of 24 months or less from the date of acquisition;

 

(6)               
marketable short-term money market and similar funds either having (A) assets in excess of $250.0 million or (B) a
rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor
S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected
by the Issuer);

 

(7)               
readily marketable direct obligations issued by any state of the United States or any political subdivision or taxing authority
thereof having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P
shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency selected by
the Issuer) with maturities of 24 months or less from the date of acquisition;

 

(8)               
readily marketable direct obligations issued by any foreign government or any political subdivision or public instrumentality
thereof, in each case having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s
nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency
selected by the Issuer) with maturities of 24 months or less from the date of acquisition; and

 

(9)               
investment funds investing at least 90% of their assets in securities of the types described in clauses (1) through
(8) of this definition.

 

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

 

(1)               
the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger, amalgamation or consolidation),
in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Restricted
Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d) of the Exchange Act) other
than Permitted Holders;

 

(2)               
the adoption of a plan relating to the liquidation or dissolution of the Issuer; or

 

(3)               
any “person” or “group” (within the meaning of Section 13(d) of the Exchange Act), other than
Permitted Holders, becomes the Beneficial Owner of Voting Stock of the Issuer representing more than 50% of the voting power of
the Voting Stock of the Issuer, whether as a result of issuance of securities of the Issuer, any merger, consolidation, amalgamation,
liquidation or dissolution of the Issuer or any direct or indirect transfer of securities. For purposes of this clause, the Permitted
Holders shall be deemed to Beneficially Own any Voting Stock of a Person held by any other Person (the “parent entity”)
so long as the Permitted Holders Beneficially Own directly or indirectly in the aggregate a majority of the voting power of the
Voting Stock of the parent entity.

 

Notwithstanding the foregoing:
(A) the transfer of assets between or among the Restricted Subsidiaries and the Issuer shall not itself constitute a
Change of Control; (B) the term “Change of Control” shall not include a merger, amalgamation or
consolidation of the Issuer with, or the sale, assignment, conveyance, transfer, lease or other disposition of all or
substantially all of the assets of the Issuer to, an Affiliate incorporated or organized solely for the purpose of
reincorporating or reorganizing the Issuer in another state of the United States and/or for the sole purpose of forming,
collapsing or dissolving a holding company structure; and (C) a “person” or “group” shall not be
deemed to have beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar
agreement (or voting or option agreement related thereto) until the consummation of the transactions contemplated by such
agreement.

 

    5

     

    

 

“Common Stock” means
with respect to any Person, any and all shares, interest or other participations in, and other equivalents (however designated
and whether voting or nonvoting) of such Person’s common stock, whether or not outstanding on the Issue Date, and includes,
without limitation, all series and classes of such common stock.

 

“Consolidated Cash Flow Available
for Fixed Charges” of the Issuer and its Restricted Subsidiaries means for any period, the sum of the amounts for such
period of:

 

(i)                
Consolidated Net Income, plus

 

(ii)               
Consolidated Income Tax Expense (without regard to income tax expense or credits attributable to extraordinary and nonrecurring
gains or losses on Asset Sales), plus

 

(iii)              
Consolidated Interest Incurred, plus

 

(iv)             
all depreciation, and, without duplication, amortization (including capitalized interest amortized to cost of sales), plus

 

(v)               
any non-cash impairment charge or asset write-off reducing Net Income and not added back to Consolidated Net Income pursuant
to clause (xii) of the definition thereof; plus

 

(vi)             
all other non-cash items reducing Consolidated Net Income during such period, plus

 

(vii)            
any expenses or charges related to any Equity Offering, Permitted Investment, merger, amalgamation, consolidation, arrangement,
acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Indenture (including
a refinancing thereof) (whether or not successful), including (x) fees, expenses or charges related to the offering of the
Notes and (y) any amendment or other modification of the Notes, in each case to the extent deducted (and not added back) in
computing Consolidated Net Income; minus

 

(viii)           
all other non-cash items increasing Consolidated Net Income during such period, other than the accrual of revenue in the
ordinary course of business;

 

all as determined on a consolidated basis for the Issuer and
its Restricted Subsidiaries in accordance with GAAP.

 

“Consolidated Income Tax Expense”
of the Issuer for any period means the income tax expense of the Issuer and its Restricted Subsidiaries for such period, determined
on a consolidated basis in accordance with the GAAP.

 

“Consolidated Interest
Incurred” of the Issuer for any period means, without duplication, the aggregate amount, determined on a
consolidated basis in accordance with GAAP, of (i) interest which, in conformity with GAAP, would be set opposite the
caption “interest expense” or any like caption on an income statement for the Issuer and its Restricted
Subsidiaries for such period (including imputed interest included on Capital Lease Obligations, all commissions, discounts
and other fees and charges owed with respect to letters of credit securing financial obligations and bankers’
acceptance financing, the net costs associated with Hedging Obligations, amortization of other financing fees and expenses,
the interest portion of any deferred payment obligation, amortization of discount or premium, if any, and all other non-cash
interest expense other than interest and other charges amortized to cost of sales and other than any non-cash expense
attributable to mark-to-market valuation of Hedging Obligations or other derivative instruments and the write-off of deferred
financing and issuance costs) and includes, with respect to the Issuer and its Restricted Subsidiaries, without duplication,
all interest capitalized for such period, all interest attributable to discontinued operations for such period to the extent
not set forth on the income statement under the caption “interest expense” or any like caption, and all interest
actually paid by the Issuer or a Restricted Subsidiary under any Guarantee of Indebtedness (including a Guarantee of
principal, interest or any combination thereof) of any other Person during such period and (ii) the amount of cash
dividends or distributions on Disqualified Stock of the Issuer or preferred stock of the Issuer’s Restricted
Subsidiaries (other than to the Issuer or another Restricted Subsidiary) whether or not declared during such period.

 

    6

     

    

 

“Consolidated Net Income”
of the Issuer for any period means the aggregate Net Income of the Issuer and its Restricted Subsidiaries for such period, determined
on a consolidated basis in accordance with GAAP; provided that there shall be excluded from such Net Income (to the extent
otherwise included therein), without duplication:

 

(i)                
the Net Income of any Person (other than a Restricted Subsidiary) in which any Person (including an Unrestricted Subsidiary)
other than the Issuer or any Restricted Subsidiary has an ownership interest, except to the extent that any such income has actually
been received by the Issuer or any Restricted Subsidiary in the form of cash dividends or similar cash distributions during such
period, or in any other form but converted to cash during such period;

 

(ii)               
except to the extent includable in Consolidated Net Income pursuant to clause (i) of this definition, the Net Income
of any Person that accrued prior to the date that (a) such Person becomes a Restricted Subsidiary or is merged or amalgamated
with or into or consolidated with the Issuer or any of its Restricted Subsidiaries or (b) the assets of such Person are acquired
by the Issuer or any of its Restricted Subsidiaries;

 

(iii)              
solely for the purpose of determining the Cumulative Buildup Basket, the Net Income of any Restricted Subsidiary only to
the extent that (but only so long as) the declaration or payment of dividends or similar distributions by such Restricted Subsidiary
of that income is not permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Restricted Subsidiary during such period;

 

(iv)              
in the case of a successor to the Issuer by consolidation, amalgamation, merger or transfer of its assets, any earnings
of the successor prior to such merger, consolidation, amalgamation or transfer of assets;

 

(v)               
the gains and losses realized during such period by the Issuer or any of its Restricted Subsidiaries resulting from (a) the
acquisition of securities issued by the Issuer or extinguishment of Indebtedness of the Issuer or any of its Restricted Subsidiaries,
(b) Asset Sales by the Issuer or any of its Restricted Subsidiaries and (c) other extraordinary, non-recurring or unusual
items realized by the Issuer or any of its Restricted Subsidiaries;

 

(vi)             
any income or loss from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments;

 

(vii)            
any unrealized net gain or loss resulting in such period from Hedging Obligations or other derivative instruments;

 

(viii)           
the cumulative effect of a change in accounting principles;

 

    7

     

    

 

(ix)              
 any non-cash compensation expense recorded from grants of stock appreciation or similar rights, stock options, restricted
stock or other rights to officers, directors or employees;

 

(x)               
any net unrealized gain or loss (after any offset) resulting in such period from currency translation gains or losses related
to currency remeasurements of Indebtedness (including any unrealized net loss or gain resulting from hedge agreements for currency
exchange risk);

 

(xi)              
any non-cash gain or loss related to any increase or decrease in the value of the Management Warrants; and

 

(xii)             
any non-cash impairment charge or asset write-off, in each case other than related to real estate assets.

 

“Consolidated Tangible Assets”
of the Issuer means, with respect to any determination date, (a) the total amount of assets of the Issuer and its Restricted
Subsidiaries (less applicable reserves) on a consolidated basis at the end of the fiscal quarter immediately preceding such date,
as determined in accordance with GAAP, less (b) minority or non-controlling interests and Intangible Assets, in each case
as reflected on the consolidated balance sheet of the Issuer and its Restricted Subsidiaries as of the end of the fiscal quarter
immediately preceding such date.

 

“Consolidated Tangible Net Worth”
of the Issuer means, with respect to any determination date, (a) the stockholders’ equity of the Issuer and its Restricted
Subsidiaries on a consolidated basis at the end of the fiscal quarter immediately preceding such date, as determined in accordance
with GAAP (exclusive of the liability associated with outstanding Management Warrants), less (b) the total book value of
Intangible Assets reflected on the consolidated balance sheet of the Issuer and its Restricted Subsidiaries as of the end of the
fiscal quarter immediately preceding such date.

 

“Corporate Trust Office”
means (a) with respect to the Trustee, the office of the Trustee at which the corporate trust business of the Trustee is administered,
which at the date of this Indenture is located, (i) for purposes of transfers, exchanges or surrender of the Notes or for
presentment of Notes for final payment thereon, at Wells Fargo Bank, National Association, as Trustee and Registrar – 600
S. 4th Street, 7th Floor, Minneapolis, MN 55415, MAC: N9300-070, Attention: Bondholder Communications, Telephone
No.: (800) 344-5128, Email: bondholdercommunications@wellsfargo.com and (ii) for all other purposes, at Wells Fargo Bank,
National Association, CTSO Mail Operations 600 South 4th Street, 7th Floor, MAC: N9300-070, Minneapolis, MN 55415, Attention: Corporate
Trust Services -- The Howard Hughes Corporation Administrator, or such other address as the Trustee shall designate.

 

“Credit Agreement” means
the Third Amended and Restated Master Credit Agreement dated as of August 8, 2013, by and among The Woodlands Commercial Properties
Company, L.P., The Woodlands Land Development Company, L.P., Keybank National Association, the other lenders that are a party to
the agreement, and the other lending institutions which may become parties to the agreement, as lenders, and Keybank National Association,
as administrative agent for the lenders.

 

“Credit Facilities”
means one or more debt facilities, commercial paper facilities or debt securities or other forms of debt financing, in each
case, with banks, institutional investors or other lenders or credit providers or a trustee providing for the revolving
credit loans, term loans, project loans, receivables financing (including through the sale of receivables to such lenders or
to special purpose entities formed to borrow from such lenders against such receivables), bankers acceptances, letters of
credit or issuances of debt securities, including any related notes, guarantees, collateral documents, instruments,
indentures, documents and agreements executed in connection therewith and in each case, as amended, restated, modified,
renewed, extended, supplemented, restructured, refunded, replaced in any manner (whether upon or after termination or
otherwise) or in part from time to time, in one or more instances and including any amendment increasing the amount of
Indebtedness incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder
or contemplated thereby or deleting, adding or substituting one or more parties thereto (whether or not such added or
substituted parties are banks or other institutional lenders), including one or more separate instruments or facilities, in
each case, whether any such amendment, restatement, modification, renewal, extension, supplement, restructuring, refunding,
replacement or refinancing occurs simultaneously or not with the termination or repayment of a prior Credit Facility.

 

    8

     

    

 

“Custodian” means, with
respect to the Notes in global form, Wells Fargo Bank, National Association, as custodian or any successor entity thereto.

 

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

 

“Definitive Note” means
a certificated Initial Note or Additional Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted
by applicable law) that does not include the Global Notes Legend.

 

“Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, a Person specified in Section 2.03 as the Depositary
with respect to the Notes and any and all successors thereto appointed as Depositary hereunder and having become such pursuant
to the applicable provision of this Indenture.

 

“Designated Non-Cash Consideration”
means the Fair Market Value of non-cash consideration received by the Issuer or any of its Restricted Subsidiaries in connection
with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate setting
forth the basis of such valuation, executed by a member of Senior Management, less the amount of cash or Cash Equivalents received
in connection with a subsequent sale of or collection on such Designated Non-Cash Consideration.

 

“Designated SPE Debt”
with respect to any SPE means Indebtedness for which the creditor thereof does not have recourse to assets for collection of principal
and interest on such Indebtedness other than the assets of such SPE and its Subsidiaries. Indebtedness which is otherwise Designated
SPE Debt shall not lose its character as Designated SPE Debt because there is recourse to the Issuer, a Restricted Subsidiary or
other Person for or in respect of (a) environmental warranties and indemnities, (b) indemnities for and liabilities arising
from fraud, misrepresentation, misapplication or non-payment of rents, profits, insurance and condemnation proceeds and other sums
actually received by the obligor from secured assets to be paid to the lender, waste and mechanics’ liens, (c) a voluntary
bankruptcy filing (or similar filing or action) or involuntary bankruptcy filings by such borrower, and other events, actions and
circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate indemnification
agreements or guarantees in non-recourse financings of real estate, (d) performance and completion guarantees or (e) financial
guarantees by the Issuer or any of its Restricted Subsidiaries incurred pursuant to Section 4.10(b)(1). In the event that any Indebtedness
which previously constituted Designated SPE Debt ceases to satisfy the requirements of this definition, then at such time such
Indebtedness shall be deemed, in each case, to constitute a new incurrence of such Indebtedness by the Issuer or such Restricted
Subsidiary, as the case may be, which new incurrence is not permitted by Section 4.10(b)(24).

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the
happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is
90 days after the date on which the Notes mature. Notwithstanding the preceding sentence, (x) any Capital Stock
that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Person
that issued such Capital Stock to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale
shall not constitute Disqualified Stock, (y) any Capital Stock that would constitute Disqualified Stock solely as a
result of any redemption feature that is conditioned upon, and subject to, compliance with Section 4.08 shall not constitute
Disqualified Stock and (z) any Capital Stock issued to any plan for the benefit of employees shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Person that issued such Capital Stock in order
to satisfy applicable statutory or regulatory obligations. The amount of Disqualified Stock deemed to be outstanding at any
time for purposes of this Indenture shall be the maximum amount that the Issuer and its Restricted Subsidiaries may become
obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock,
exclusive of accrued dividends.

 

    9

     

    

 

“DTC” means The Depository
Trust Company.

 

“Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock and, for the avoidance of doubt, phantom stock or deferred stock units issued as compensation).

 

“Equity Offering” means
a public or private offering after the Issue Date of Capital Stock (other than Disqualified Stock) of the Issuer.

 

“Exchange Act” means
the Securities Exchange Act of 1934.

 

“Excluded Contribution”
means cash or Cash Equivalents received by the Issuer as capital contributions to its common equity (other than through the issuance
of Disqualified Stock) or from the issuance or sale (other than to a Subsidiary) of Capital Stock of the Issuer (other than Disqualified
Stock), in each case, to the extent designated as an Excluded Contribution pursuant to an Officer’s Certificate of the Issuer.

 

“Existing Indebtedness”
means Indebtedness existing on the Issue Date (other than the Existing Project Loans), plus interest accruing thereon.

 

“Existing
Notes” means the Issuer’s 4.125% Senior Notes due 2025, 5.375% Senior Notes due 2028 and 4.125% Senior Notes due
2029.

 

“Existing Project Loans”
means the Credit Agreement and all other Project Loans and Designated SPE Debt (and Guarantees thereof), in each case, in existence
on the Issue Date.

 

“Fair Market Value” means
the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity
of either party, determined in good faith by the Board of Directors or Senior Management of the Issuer (unless otherwise provided
in this Indenture) and shall be evidenced by a board resolution or Officer’s Certificate of Senior Management, respectively.

 

“Fixed Charge Coverage
Ratio” of the Issuer means, with respect to any determination date, the ratio
of (i) Consolidated Cash Flow Available for Fixed Charges of the Issuer and its Restricted Subsidiaries for the
Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the determination date to (ii) the aggregate Consolidated Interest Incurred of the Issuer and its
Restricted Subsidiaries for the Issuer’s most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the determination date; provided that:

 

(i)                
with respect to any Indebtedness incurred since the beginning of such four fiscal quarter period, including on the date
of determination, such Indebtedness shall be assumed to have been incurred as of the first day of such four full fiscal quarter
period; provided, however, that the pro forma calculation of Consolidated Interest Incurred shall not give
effect to any Indebtedness incurred on the date of determination pursuant to Section 4.10(b); provided, further,
however, that for purposes of the calculation of the Fixed Charge Coverage Ratio in Section 4.10(b)(11), the Indebtedness
to be incurred under Section 4.10(b)(11) that is giving rise to the need to calculate the Fixed Charge Coverage Ratio shall be
given effect;

 

    10

     

    

 

(ii)               
with respect to Indebtedness discharged, defeased or repaid (other than a repayment of revolving credit obligations repaid
solely out of operating cash flows) since the beginning of such four full fiscal quarter period, including on the date of determination,
such Indebtedness shall be assumed to have been repaid on the first day of such four full fiscal quarter period; provided,
however, that the pro forma calculation of Consolidated Interest Incurred shall not give effect to such discharge,
defeasance or repayment on the date of determination of any Indebtedness to the extent such discharge, defeasance or repayment
results from the proceeds of Indebtedness incurred on the date of determination pursuant to Section 4.10(b);

 

(iii)              
with respect to the incurrence of any Acquired Debt since the beginning of such four full fiscal quarter period, such Indebtedness
and any proceeds therefrom shall be assumed to have been incurred and applied as of the first day of such four full fiscal quarter
period, and the results of operations of any Person and any Subsidiary of such Person that, in connection with or in contemplation
of such incurrence, becomes a Restricted Subsidiary of the Issuer or is merged with or into the Issuer or one of the Issuer’s
Restricted Subsidiaries or whose assets are acquired, shall be included, on a pro forma basis (including any acquisition
made by such Person during the four full fiscal quarter period), in the calculation of the Fixed Charge Coverage Ratio as if such
transaction had occurred on the first day of such four full fiscal quarters period (without giving effect to clause (ii) of
the definition of Consolidated Net Income);

 

(iv)              
with respect to any other transaction pursuant to which any Person becomes a Restricted Subsidiary of the Issuer (including
the designation of an Unrestricted Subsidiary as a Restricted Subsidiary of the Issuer) or is merged or amalgamated with or into
the Issuer or one of the Issuer’s Restricted Subsidiaries or pursuant to which any Person’s assets are acquired since
the beginning of such four full fiscal quarter period, such Fixed Charge Coverage Ratio shall be calculated on a pro forma
basis as if such transaction (including any acquisition made by such Person during the four full fiscal quarter period) had occurred
on the first day of such four full fiscal quarters period (without giving effect to clause (ii) of the definition of Consolidated
Net Income); and

 

(v)               
with respect to any discontinuation of any discontinued operations, pro forma effect shall be given, but, in the
case of Consolidated Interest Incurred, only to the extent that the obligations giving rise to the Consolidated Interest Incurred
shall not be obligations of such Person or any of its Restricted Subsidiaries following the transaction date.

 

For purposes of this definition,
whenever pro forma effect is to be given to any calculation under this definition, the pro forma calculations
shall be determined in good faith by a responsible financial or accounting officer of the Issuer. If any Indebtedness bears a
floating rate of interest and is being given pro forma effect, the interest expense on such Indebtedness shall be
calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period. If any
Indebtedness that is being given pro forma effect bears an interest rate at the option of the Issuer, the interest
rate shall be calculated by applying such optional rate chosen by the Issuer.

 

    11

     

    

 

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

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America (including any agency or instrumentality
thereof) and the payment for which the United States pledges its full faith and credit.

 

“Guarantee” means a guarantee
other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any
manner including by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all
or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase
assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise); provided,
however, that the term “Guarantee” shall not include Liens permitted by clause (n) of the definition of
Permitted Liens.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:

 

(1)               
interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements;

 

(2)               
other agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(3)               
other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity
prices.

 

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

 

“incur” (and derivatives
thereof) means to, directly or indirectly, create, incur, assume, issue, Guarantee, extend the maturity of, or otherwise become
liable with respect to any Indebtedness; provided, however, that neither the accrual of interest (whether such interest
is payable in cash or kind) nor the accretion of original issue discount shall be considered an incurrence of Indebtedness.

 

“Indebtedness” of any
Person at any date means, without duplication,

 

(i)                
all indebtedness of such Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets
of such Person or only to a portion thereof);

 

(ii)               
all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments (including a purchase
money obligation) given in connection with the acquisition of any businesses, properties or assets of any kind or with services
incurred in connection with capital expenditures (other than any obligation to pay a contingent purchase price which, as of the
date of incurrence thereof, is not required to be recorded as a liability in accordance with GAAP);

 

(iii)               all
fixed obligations of such Person in respect of letters of credit or other similar instruments or reimbursement obligations
with respect thereto (other than standby letters of credit or similar instruments issued in connection with trade payables
and for the benefit of, or surety, performance, completion or payment bonds, earnest money notes or similar purpose
undertakings or indemnifications issued by, such Person, in each case in the ordinary course of business);

 

    12

     

    

 

(iv)              
all obligations of such Person with respect to Hedging Obligations (other than those that fix or cap the interest rate on
variable rate Indebtedness otherwise permitted by this Indenture or that fix the exchange rate in connection with Indebtedness
denominated in a foreign currency and otherwise permitted by this Indenture);

 

(v)               
all Capital Lease Obligations of such Person;

 

(vi)              
all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by
such Person to the extent of the Fair Market Value of such asset (other than a Lien permitted by clause (n) of the definition
of Permitted Lien);

 

(vii)             
all Indebtedness of others Guaranteed by, or otherwise the liability of, such Person to the extent of such Guarantee or
liability; and

 

(viii)            
all Disqualified Stock issued by such Person and all preferred stock issued by Restricted Subsidiaries of such Person (the
amount of Indebtedness represented by any Disqualified Stock or preferred stock shall equal the greatest of the voluntary or involuntary
liquidation preference, or maximum mandatory redemption price, in each case plus accrued and unpaid dividends);

 

provided, that Indebtedness shall not include accrued
expenses, accounts payable, trade payables, liabilities related to inventory not owned, customer deposits or deferred income taxes
arising in the ordinary course of business.

 

The amount of Indebtedness of any Person
at any date shall be:

 

(a)               
the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(b)               
the outstanding balance at such date of all unconditional obligations as described above;

 

(c)               
the maximum liability of such Person for any contingent obligations under clause (vii) of this definition;

 

(d)               
the principal amount of the Indebtedness, in the case of any other Indebtedness;

 

(e)               
in the case of clause (vi) of this definition (if the Indebtedness referred to therein is not assumed by such Person),
the lesser of the (1) Fair Market Value of all assets subject to a Lien securing the Indebtedness of others on the date that
the Lien attaches and (2) amount of the Indebtedness secured; and

 

(f)                
calculated without giving effect to any increase or decrease as a result of any embedded derivative created by the terms
of such Indebtedness.

 

“Indebtedness to Consolidated Tangible
Net Worth Ratio” of the Issuer means, with respect to any determination date, the ratio of (i) Indebtedness of the Issuer
and its Restricted Subsidiaries (other than Indebtedness incurred under clauses (6), (7), (8), (9), (10), (12), (14), (15), (16),
(17), (18), (21), (22), (23) and (24) of Section 4.10(b)) to (ii) Consolidated Tangible Net Worth of the Issuer, in each case,
as of the determination date. The Indebtedness to Consolidated Tangible Net Worth Ratio shall be calculated on a pro forma basis
consistent with the pro forma adjustments set forth in the definition of Fixed Charge Coverage Ratio.

 

    13

     

    

 

“Indenture” means this
Indenture dated as of February 2, 2021, between the Issuer and Wells Fargo Bank, National Association, as the Trustee, as amended
or supplemented from time to time.

 

“Independent Qualified Party”
means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing in the United States that
is, in the good faith judgment of Senior Management, qualified to perform the task for which it has been engaged; provided,
however, that such firm or consultant is not an Affiliate of the Issuer.

 

“Initial Guarantors”
means, collectively, API/ HHC Lake Robbins Holding Company, LLC, HHC Warehouse Holding Company, LLC, a Delaware limited liability
company, HH Warehouse Land Holdings, LLC and HH Woodlands Tower Holdings, LLC, a Delaware limited liability company.

 

“Initial Notes” has the
meaning set forth in the recitals hereto.

 

“Initial Purchasers”
means BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, PNC Capital Markets LLC and U.S. Bancorp Investments,
Inc.

 

“interest” with respect
to the Notes means interest with respect thereto.

 

“Interest Payment Date”
means February 1 and August 1 of each year until the stated maturity of the Notes, commencing, with respect to the Initial Notes,
on August 1, 2021.

 

“Intangible Assets” of
the Issuer means the amount (to the extent reflected in determining consolidated stockholders’ equity) of:

 

(1)               
all write-ups (other than write-ups of tangible assets of a going concern business made within twelve months after the acquisition
of such business) in the book value of any asset owned by the Issuer or any Restricted Subsidiary; and

 

(2)               
all goodwill, trade names, trademarks, patents, service marks, copyrights and all other like intangibles;

 

provided, however, that intangible assets resulting
from the application of Statement of Financial Accounting Standards No. 141 to the leased portions of acquired real estate assets
shall not be considered Intangible Assets for purposes of this definition.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent), in the case of Moody’s, and BBB- (or the equivalent), in
the case of S&P, or an equivalent rating in the case of any other Rating Agency.

 

“Investments” means,
with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms
of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel, relocation
and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on
a balance sheet prepared in accordance with GAAP. The outstanding amount of any Investment shall be the original cost thereof,
reduced by all returns of such Investment (including returns of principal and proceeds of sale).

 

“Issue Date” means February
2, 2021.

 

“Issuer” has the meaning
set forth in the recitals hereto or any successor obligor to its obligations under this Indenture and the Notes pursuant to Article
5.

 

    14

     

    

 

“Lien” means, with respect
to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether
or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement
to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

 

“Limited Condition Acquisition”
means any acquisition or other Investment, including by way of merger, amalgamation or consolidation, by the Issuer or one or more
of its Restricted Subsidiaries, with respect to which the Issuer or such Restricted Subsidiaries have entered into an agreement
or are otherwise contractually committed to consummate and the consummation of which is not expressly conditioned upon the availability
of, or on obtaining, financing from a third party non-Affiliate.

 

“Management Warrants”
means the warrants to purchase 2,103,485 shares of the Issuer’s common stock (subject to adjustment pursuant to the applicable
warrant agreement) pursuant to the warrant agreements entered into by the Issuer with David R. Weinreb, David O’Reilly and
Grant Herlitz.

 

“Marketable Securities”
means (a) equity securities that are listed on the New York Stock Exchange, the NYSE MKT or The Nasdaq Stock Market and (b) debt
securities that are rated by a nationally recognized rating agency, listed on the New York Stock Exchange or the NYSE MKT or covered
by at least two reputable market makers.

 

“Moody’s” means
Moody’s Investors Service, Inc. or any successor to its debt rating business.

 

“Net Income” means, with
respect to any specified Person, such Person’s net income (loss) attributable to owners, determined in accordance with GAAP
and before any reduction in respect of preferred stock dividends.

 

“Net Indebtedness
to Book Capitalization Ratio” of the Issuer means, with respect to any determination date, the ratio of (i) (x)
Indebtedness of the Issuer and its Restricted Subsidiaries (other than Indebtedness incurred under clauses (6), (7), (8), (9),
(10), (12), (14), (15), (16), (17), (18), (21), (22), (23) and (24) of Section 4.10(b)), minus (y) the aggregate amount
of cash and Cash Equivalents of the Issuer and its Restricted Subsidiaries that would not appear as “restricted” on
a consolidated balance sheet of the Issuer and its Restricted Subsidiaries, in each case as of the determination date (this clause
(i), “Net Indebtedness”) to (ii) the sum of (x) Net Indebtedness and (y) the stockholders’ equity of the
Issuer and its Restricted Subsidiaries on a consolidated basis at the end of the fiscal quarter immediately preceding such determination
date (exclusive of the liability associated with outstanding Management Warrants), in each case as determined in accordance with
GAAP.  The Net Indebtedness to Book Capitalization Ratio shall be calculated on a pro forma basis consistent with the
pro forma adjustments set forth in the definition of Fixed Charge Coverage Ratio.

 

“Net Proceeds” means
the aggregate cash proceeds received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale (including
any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct
costs relating to such Asset Sale, including legal, accounting, investment banking and other professional fees, payments made in
order to obtain a necessary consent or required by applicable law, and sales commissions, and any relocation expenses incurred
as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, including taxes resulting from the transfer
of the proceeds of such Asset Sale to the Issuer, in each case, after taking into account:

 

(1)               
any available tax credits or deductions and any tax sharing arrangements;

 

(2)               
 amounts required to be applied to the repayment of Indebtedness secured by a Lien on the asset or assets that were the
subject of such Asset Sale;

 

    15

     

    

 

(3)               
any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP;

 

(4)               
any reserve for adjustment in respect of any liabilities associated with the asset disposed of in such transaction and retained
by the Issuer or any Restricted Subsidiary of the Issuer after such sale or other disposition thereof;

 

(5)               
any distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures
as a result of such Asset Sale; and

 

(6)               
in the event that a Restricted Subsidiary of the Issuer consummates an Asset Sale and makes a pro rata payment of dividends
to all of its stockholders from any cash proceeds of such Asset Sale, the amount of dividends paid to any stockholder other than
the Issuer or any Restricted Subsidiary of the Issuer.

 

“Non-Guarantor” means
any Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor.

 

“Non-Recourse Debt” means
Indebtedness:

 

(1)               
as to which neither the Issuer nor any Restricted Subsidiary of the Issuer (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable
as a guarantor or otherwise, or (c) constitutes the lender, other than in each case Indebtedness secured by Liens permitted
by clause (n) of the definition of Permitted Liens;

 

(2)               
no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness,
of the Issuer to declare a default on such other Indebtedness or cause the payment of such other Indebtedness to be accelerated
or payable prior to its Stated Maturity; and

 

(3)               
as to which the lenders have been notified in writing or have agreed in writing (in the agreement relating thereto or otherwise)
that they shall not have any recourse to the stock or assets of the Issuer or any Restricted Subsidiary of the Issuer, other than
the Equity Interests of an Unrestricted Subsidiary owned by the Issuer or its Restricted Subsidiaries.

 

“Note Guarantee” means
the Guarantee by each Subsidiary Guarantor of the Issuer’s obligations under this Indenture and the Notes pursuant to the
provisions of this Indenture.

 

“Notes” means the Initial
Notes and any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term “Notes”
shall also include any Additional Notes that may be issued under a supplemental indenture and Notes to be issued or authenticated
upon transfer, replacement or exchange of Notes.

 

“Obligations”
means, with respect to any Indebtedness, all obligations (whether in existence on the Issue Date or arising afterwards,
absolute or contingent, direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption,
upon mandatory repayment or repurchase pursuant to a mandatory offer to purchase, or otherwise), premium, interest,
penalties, fees, indemnification, reimbursement and other amounts payable and liabilities with respect to such Indebtedness,
including all interest accrued or accruing after the commencement of any bankruptcy, insolvency or reorganization or similar
case or proceeding at the contract rate (including any contract rate applicable upon default) specified in the relevant
documentation, whether or not the claim for such interest is allowed as a claim in such case or proceeding.

 

    16

     

    

 

“Offering Memorandum”
means the final offering memorandum, dated January 19, 2021, relating to the offer and sale of the Initial Notes.

 

“Officer” means the Chairman
of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer or the
Secretary of the Issuer or, in the event that the Issuer is a partnership or a limited liability company that has no such officers,
a person duly authorized under applicable law by the general partner, managers, members or a similar body to act on behalf of the
Issuer. Officer of any Subsidiary Guarantor has a correlative meaning.

 

“Officer’s Certificate”
means a certificate signed by an Officer of the Issuer or a Subsidiary Guarantor, as the case may be.

 

“Opinion of Counsel”
means a written opinion from legal counsel who may be an employee of, or counsel to, the Issuer or such other counsel acceptable
to the Trustee.

 

“Permitted Business”
means (i) any business engaged in by the Issuer or any of its Restricted Subsidiaries or joint ventures on the Issue Date, (ii)
any business or other activities that are reasonably similar, ancillary, complementary or related to, or a reasonable extension,
development or expansion of, the businesses described in clause (i) of this definition (including complementary leisure and entertainment
facilities and activities), (iii) any business in the real estate development or community planning industries, including for the
avoidance of doubt, property management, hotel and casino ownership, hotel management, commercial property development and/or fund
management related to commercial and/or residential real estate and (iv) solely for purposes of Section 4.14, licensing, sublicensing,
contributing to joint ventures or other forms of exploiting for value the trade names, trademarks, patents, service marks, copyrights
and all other like intangibles of the Issuer and its Subsidiaries.

 

“Permitted Business Investments”
means Investments and expenditures made in the ordinary course of a Permitted Business as a means of acquiring or developing land
or any other real property interests through agreements, transactions, interests or arrangements that, among other things, permit
a Person to share (or have the effect of sharing) risks or costs, to participate in (or have the effect of participating in) the
economics of land or real property or development projects or to comply with any regulatory agreements or requirements, including
(a) co-tenancies, co-ownerships and the holding of ownership interests through nominee companies to hold title to land or
other real property interests and (b) Investments in the form of or pursuant to joint development agreements, partnership
agreements, limited liability company agreements, trust agreements, joint venture agreements or other similar agreements with third
parties.

 

“Permitted Holders” means
(i) Pershing Square and its Affiliates (including any investment partnership or fund managed by any of them), and (ii) any
group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of
which any of the Persons in clause (i) are members; provided that in the case of such “group” and without
giving effect to the existence of such “group” or any other “group,” such foregoing Persons in clause (i),
collectively, have Beneficial Ownership, directly or indirectly, of more than 50% of the total voting power of the Voting Stock
of the Issuer or any of its direct or indirect parent entities held by such “group.”

 

    17

     

    

 

“Permitted Investments”
means:

 

(1)               
any Investment in Cash Equivalents;

 

(2)               
any Investment in (a) the Issuer or any Restricted Subsidiary or (b) any Person that becomes a Restricted Subsidiary
as a result of such Investment or that is consolidated, amalgamated or merged with or into, or transfers all or substantially all
of the assets of it or an operating unit or line of business to, the Issuer or a Restricted Subsidiary;

 

(3)               
any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and
in compliance with Section 4.11 or any other disposition not constituting an Asset Sale;

 

(4)               
any Investment solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Issuer;

 

(5)               
any Investments received in compromise, settlement or resolution of (A) obligations of trade creditors or customers
that were incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary of the Issuer, including pursuant
to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, (B) litigation,
arbitration or other disputes with Persons who are not Affiliates or (C) as a result of a foreclosure by the Issuer or any
Restricted Subsidiary of the Issuer with respect to any secured Investment or other transfer of title with respect to any secured
Investment in default;

 

(6)               
Investments represented by Hedging Obligations;

 

(7)               
any Investment in payroll, travel and similar advances to cover business-related travel expenses, moving expenses or other
similar expenses, in each case incurred in the ordinary course of business;

 

(8)               
Investments in receivables owing to the Issuer or any Restricted Subsidiary of the Issuer if created or acquired in the
ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however,
that such trade terms may include such concessionary trade terms as the Issuer or such Restricted Subsidiary deems reasonable under
the circumstances;

 

(9)               
Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation,
performance and similar deposits entered into as a result of the operations of the business in the ordinary course of business;

 

(10)             
loans or advances to and guarantees provided for the benefit of employees, agents or consultants made in the ordinary course
of business of the Issuer or any Restricted Subsidiary of the Issuer in an aggregate principal amount not to exceed $2.0 million
at any one time outstanding;

 

(11)             
(i) Investments existing as of the Start Date, (ii) Investments made pursuant to a binding commitment existing on the
Start Date or (iii) Investments consisting of any extension, modification or renewal of any Investment described in subclause
(i) or (ii) of this clause (11) (excluding any such extension, modification or renewal involving additional advances,
contributions or other investments of cash or property or other increases thereof unless it is a result of the accrual or accretion
of interest or original issue discount or payment-in-kind pursuant to the terms, as of the Start Date, of the original Investment
so extended, modified or renewed);

 

    18

     

    

 

(12)             
 Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the
joint venture parties set forth in the joint venture arrangements and similar binding arrangements in the ordinary course of business;

 

(13)             
extensions of trade credit and credit in connection with the sale of lots, asset purchases (including purchases of inventory,
supplies and materials) and the licensing or contribution of intellectual property pursuant to joint marketing arrangements with
other Persons, in each case in the ordinary course of business;

 

(14)             
any Investment in any entity or purchase of a business or assets in each case owned (or previously owned) by a customer
of the Issuer or any Restricted Subsidiary of the Issuer as a condition or in connection with such customer (or any member of such
customer’s group) contracting with the Issuer or any such Restricted Subsidiary, in each case in the ordinary course of business;

 

(15)             
guarantee obligations, including completion guarantee or indemnification obligations (other than for the payment of borrowed
money) entered into in the ordinary course of business and incurred for the benefit of any adjoining landowner, lender, seller
of real property or municipal government authority (or enterprises thereof) in connection with the acquisition, construction, subdivision,
entitlement and development of real property;

 

(16)             
Investments in any Restricted Subsidiary of the Issuer or joint venture engaged in a Permitted Business in connection with
intercompany cash management arrangements in the ordinary course of business;

 

(17)             
Investments resulting from the acquisition of a Person, otherwise permitted by this Indenture, which Investments at the
time of such acquisition were held by the acquired Person and were not acquired in contemplation of the acquisition of such Person;

 

(18)             
reclassification of any Investment initially made in (or reclassified as) one form into another (such as from equity to
loan or vice versa); provided in each case that the amount of such Investment is not increased thereby;

 

(19)             
Guarantees otherwise permitted by the terms of this Indenture;

 

(20)             
Investments consisting of purchases and acquisitions of supplies, material or equipment or the licenses or contribution
of intellectual property in the ordinary course of business pursuant to joint marketing, joint development or similar arrangements
with other Persons;

 

(21)             
advances, loans, rebates and extensions of credit (including the creation of receivables) to suppliers, customers and vendors,
and performance and completion guarantees, in each case in the ordinary course of business;

 

(22)             
Permitted Business Investments;

 

(23)             
Investments resulting from liens, pledges and deposits permitted under the definition
of “Permitted Liens”; and

 

(24)              other
Investments in Permitted Businesses having an aggregate Fair Market Value (measured on the date each such Investment was made
and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to
this clause (24) that are at the time outstanding, after giving effect to any return of any Investments previously made
pursuant to this clause (24) received by the Issuer or any of its Restricted Subsidiaries, not to exceed the greater of
$50.0 million and 1.0% of Consolidated Tangible Assets.

 

    19

     

    

 

“Permitted Liens” means:

 

		(a)	Liens in favor of the Issuer or its Restricted Subsidiaries;

 

		(b)	Liens (including deposits and pledges) to secure the performance of public or statutory obligations, progress payments, surety
or appeal bonds, performance bonds, completion bonds, completion guarantees or other obligations of a like nature incurred in the
ordinary course of business;

 

		(c)	Liens to secure purchase money Indebtedness and construction, improvement or development loans (including Capital Lease Obligations)
with respect to Obligations permitted by Section 4.10(b)(4) covering only the assets acquired, constructed, developed or improved
with or financed by such Indebtedness, and additions, accessions, improvements and replacements and customary deposits in connection
therewith and proceeds and products therefrom, or floating charges securing such Indebtedness; provided that individual
financings of assets provided by one lender may be cross collateralized to other financings of assets provided by such lender;
provided, further, that any such Liens are established within 365 days of such purchase, construction, development
or improvement;

 

		(d)	Liens existing on the Issue Date (other than Liens securing Indebtedness under the Existing Project Loans), plus renewals and
extensions of such Liens;

 

		(e)	Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good
faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor;

 

		(f)	Liens imposed by law, such as carriers’, warehousemen’s, landlord’s, materialmen’s, repairmen’s,
construction contractors’, laborers’, employees’, suppliers’ and mechanics’ Liens, in each case,
incurred in the ordinary course of business;

 

		(g)	survey exceptions, title defects, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way,
support, sewers, gas, electric lines, telecommunication and telephone lines and other similar purposes, or zoning or other restrictions
as to the use of real property that do not materially interfere with the ordinary conduct of the business of the Issuer and its
Subsidiaries, taken as a whole, whether registered or unregistered;

 

		(h)	Liens created for the benefit of (or to secure) the Notes (or any Note Guarantees);

 

		(i)	Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture if the Indebtedness to
be refinanced was secured by a Lien (other than pursuant to clauses (y), (bb) and (ee) of this definition); provided, however, that:

 

		(i)	the new Lien shall be limited to all or part of the same property and assets securing the original Indebtedness (and additions,
accessions, improvements and replacements and customary deposits in connection therewith and proceeds and products therefrom),
and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure
the original Indebtedness; and

 

    20

     

    

 

		(ii)	the Permitted Refinancing Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the
outstanding principal amount, or, if greater, the committed amount, of the original Indebtedness, plus accrued interest thereon
and (y) an amount necessary to pay any fees, commissions, discounts and expenses, including premiums, related to such renewal,
refunding, refinancing, replacement, defeasance or discharge;

 

		(j)	Liens incurred or pledges or deposits made in connection with workers’ compensation, unemployment insurance and other
types of social security or similar legislation, or to secure the performance of tenders, statutory or regulatory obligations (including
any warranty obligations), surety, stay, customs and appeal bonds, bids, leases, government contracts, trade contracts, performance
and return-of-money bonds, utility services, developer’s or others’ obligations to make on-site or off-site improvements
and other similar obligations (including those to secure health, safety and environmental obligations) incurred in the ordinary
course of business;

 

		(k)	leases, subleases, licenses or sublicenses to third parties entered into in the ordinary course of business;

 

		(l)	Liens securing Hedging Obligations incurred for non-speculative purposes or to implement cash pooling arrangements in the ordinary
course of business;

 

		(m)	Liens arising out of judgments, decrees, orders or awards in respect of which the Issuer shall in good faith be prosecuting
an appeal or proceedings for review which appeal or proceedings shall not have been finally terminated, or if the period within
which such appeal or proceedings may be initiated shall not have expired;

 

		(n)	Liens on Equity Interests of a joint venture that secure Indebtedness or other obligations of such joint venture;

 

		(o)	rights of purchasers and borrowers with respect to security deposits, escrow funds and other amounts held by the Issuer or
any Subsidiary of the Issuer;

 

		(p)	Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or
storage of such inventory or other goods;

 

		(q)	Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Issuer
and any Restricted Subsidiary of the Issuer in the ordinary course of business;

 

		(r)	deposits made in the ordinary course of business to secure liability to insurance carriers;

 

		(s)	judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related
to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

    21

     

    

 

		(t)	Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into
in the ordinary course of business;

 

		(u)	Liens arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar
rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution;

 

		(v)	pledges, deposits and other Liens existing under, or required to be made in connection with, (i) earnest money obligations,
escrows or similar purpose undertakings or indemnifications in connection with any purchase and sale agreement, (ii) development
agreements or other contracts entered into with governmental authorities (or an entity sponsored by a governmental authority)
in connection with the entitlement of real property or (iii) agreements for the funding of infrastructure, including in respect
of the issuance of community facility district bonds, metro district bonds, subdivision improvement bonds and similar bonding requirements
arising in the ordinary course of business of a homebuilder;

 

		(w)	Liens deemed to exist by reason of (i) any encumbrance or restriction (including put and call arrangements) with respect
to the Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement or (ii) any
encumbrance or restriction imposed under any contract for the sale by the Issuer or any Subsidiary of the Issuer of the Capital
Stock of any Subsidiary of the Issuer, or any business unit or division of the Issuer or any Subsidiary of the Issuer permitted
by this Indenture; provided that in each case such Liens shall extend only to the relevant Capital Stock;

 

		(x)	Liens securing obligations of the Issuer or any Restricted Subsidiary of the Issuer to any third party in connection with any
option, repurchase right or right of first refusal to purchase real property granted to the master developer or the seller of real
property that arises as a result of the non-use or non-development of such real property by the Issuer or any Restricted Subsidiary
of the Issuer and joint development agreements with third parties to perform and/or pay for or reimburse the costs of construction
and/or development related to or benefiting property (and additions, accessions, improvements and replacements and customary deposits
in connection therewith and proceeds and products therefrom) of the Issuer or any Restricted Subsidiary of the Issuer and property
belonging to such third parties, in each case entered into in the ordinary course of business; provided that such Liens
do not at any time encumber any property, other than the property (and additions, accessions, improvements and replacements and
customary deposits in connection therewith and proceeds and products therefrom) financed by such Indebtedness and the proceeds
and products thereof;

 

		(y)	Liens securing Indebtedness incurred pursuant to Section 4.10(b)(1);

 

		(z)	Liens on property or assets of a Person, plus renewals and extensions of such Liens, existing at the time such Person is merged
or amalgamated with or into, consolidated with or acquired by the Issuer or any Subsidiary the Issuer; provided that such
Liens were in existence prior to the contemplation of such merger, amalgamation, consolidation or acquisition and do not extend
to any assets other than those of the Person merged into, amalgamated into, consolidated with or acquired by the Issuer or such
Subsidiary, and other than pursuant to customary after-acquired property clauses;

 

    22

     

    

 

		(aa)	Liens on property at the time the Issuer or a Restricted Subsidiary of the Issuer acquired the property, including any acquisition
by means of a merger, amalgamation, arrangement or consolidation with or into the Issuer
or any of its Restricted Subsidiaries; provided, however, that such Liens are not created, incurred or assumed in
connection with, or in contemplation of, such acquisition; provided, further, however, that such Liens may
not extend to any other property owned by the Issuer or any of its Restricted Subsidiaries;

 

		(bb)	Liens securing Designated SPE Debt; provided that the Liens do not encumber any property of the Issuer and its Restricted
Subsidiaries other than the property of the SPE that incurs such Designated SPE Debt, its Subsidiaries and the direct parent of
such SPE;

 

		(cc)	Liens on cash collateral issued to assure payment of obligations under letters of credit securing obligations permitted to
be incurred pursuant Section 4.10(b)(7);

 

		(dd)	Liens for homeowners and similar association fees, assessments and other payments; and

 

		(ee)	other Liens securing Indebtedness in an aggregate principal amount not to exceed the
greater of $25.0 million and 1.0% of Consolidated Tangible Assets in the aggregate at any one time outstanding.

 

References to Section 4.10(b) in this definition
shall continue to apply after delivery of a Covenant Suspension Event Notice pursuant to a Covenant Suspension Event.

 

“Permitted Refinancing Indebtedness”
means any Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer issued in exchange for, or incurred to extend,
renew, refund, refinance, replace, defease or discharge other Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer
(other than intercompany Indebtedness); provided that:

 

(1)               
the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed
the sum of the principal amount (or accreted value, if applicable) of the Indebtedness extended, renewed, refunded, refinanced,
replaced, defeased or discharged plus all accrued interest on the Indebtedness and the amount of all fees, commissions, discounts
and expenses, including premiums, incurred in connection therewith;

 

(2)               
either (a) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of,
and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness
being extended, renewed, refunded, refinanced, replaced, defeased or discharged or (b) all scheduled payments on or in respect
of such Permitted Refinancing Indebtedness (other than interest payments) shall be at least 91 days following the final scheduled
maturity of the Notes; and if such Indebtedness is Pari Passu Indebtedness and has a final Stated Maturity later than the
final Stated Maturity of the Notes, such Permitted Refinancing Indebtedness has a final Stated Maturity later than the final Stated
Maturity of the Notes;

 

(3)               
if the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right
of payment to the Notes (or any Note Guarantee), such Permitted Refinancing Indebtedness is subordinated in right of payment to
the Notes (or such Note Guarantee) on terms at least as favorable to the Holders of Notes as those contained in the documentation
governing the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged; and

 

(4)               
Permitted Refinancing Indebtedness shall not include Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor
that refinances Indebtedness of the Issuer or a Restricted Subsidiary that is a Subsidiary Guarantor.

 

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“Pershing Square” means
any of Pershing Square Capital Management L.P., Pershing Square Holdings, Ltd., Pershing Square International, Ltd., Pershing Square,
L.P., or William A. Ackman.

 

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

 

“preferred stock” of
any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect
to dividends or redemptions or upon liquidation.

 

“Project Loans” means
project loans of the Issuer and its Restricted Subsidiaries, including any Credit Facilities or Designated SPE Debt, incurred for
the purpose of financing the development, construction and improvement of real estate projects of the Issuer and its Restricted
Subsidiaries.

 

“Qualified Proceeds”
means any of the following or any combination of the following:

 

(1)               
Cash Equivalents;

 

(2)               
the Fair Market Value of assets other than Cash Equivalents that are used or useful in the Permitted Business; and

 

(3)               
the Fair Market Value of the Capital Stock of any Person engaged primarily in a Permitted Business if, in connection with
the receipt of such Capital Stock, such Person becomes a Restricted Subsidiary of the Issuer or such Person is merged or consolidated
into the Issuer or any of its Restricted Subsidiaries.

 

“Rating Agencies” mean
Moody’s and S&P, or if Moody’s or S&P, or both, shall not make a rating on the Notes publicly available, a
nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer (as certified by a resolution
by their Board of Directors) which shall be substituted for Moody’s or S&P, or both, as the case may be.

 

“Record Date” for the
interest payable on any applicable Interest Payment Date means January 15 or July 15 (whether or not a Business Day) preceding
such Interest Payment Date.

 

“Redemption Date” has
the meaning set forth in Section 3.07(b).

 

“Responsible Officer”
means, when used with respect to the Trustee or Paying Agent, any officer within the corporate trust department of the Trustee
Paying Agent or Registrar, as the case may be, including any vice president, assistant vice president, trust officer or any other
officer of the Trustee, Paying Agent or Registrar, as the case may be, who customarily performs functions similar to those performed
by the Persons who at the time shall be such officers who shall have direct responsibility for the administration of this Indenture
, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with
the particular subject.

 

“Restricted Investment”
means an Investment other than a Permitted Investment.

 

“Restricted Payment”
means any of the following actions or payments:

 

(A) declare or pay (without
duplication) any dividend or make any other payment or distribution on account of the Issuer’s or any of its Restricted
Subsidiaries’ Equity Interests (including any payment in connection with any merger, amalgamation or consolidation
involving the Issuer or any of its Restricted Subsidiaries) (other than (1) dividends or distributions or similar
payments payable in Equity Interests (other than Disqualified Stock) of the Issuer and (2) in the case of Restricted
Subsidiaries of the Issuer, dividends or distributions or similar payments payable ratably to the Issuer or another
Restricted Subsidiary and each other Person entitled thereto);

 

    24

     

    

 

(B) purchase, redeem or otherwise acquire
or retire for value (including in connection with any merger, amalgamation or consolidation involving the Issuer) any Equity Interests
of the Issuer (other than a payment made to the Issuer or another Restricted Subsidiary);

 

(C) make any principal payment on or with
respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated Indebtedness of the Issuer or
any Restricted Subsidiary (excluding any intercompany Indebtedness between or among the Issuer and any of its Restricted Subsidiaries),
except (i) a payment of principal at the Stated Maturity thereof or (ii) the purchase, repurchase, repayment, prepayment,
defeasance or other acquisition or retirement for value of any such Subordinated Indebtedness purchased in anticipation of satisfying
a sinking fund obligation, principal installment or payment at final maturity, in each case due within one year of the date of
purchase, repurchase, repayment, prepayment, defeasance or other acquisition or retirement for value; or

 

(D) make any Restricted Investment.

 

“Restricted Subsidiary”
of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. Unless otherwise indicated in this
Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer.

 

“S&P” means Standard &
Poor’s, a division of the McGraw Hill Companies, Inc., a New York corporation, or any successor to its debt rating business.

 

“SEC” means the United
States Securities and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933.

 

“Senior Management” means
the chief executive officer or the chief financial officer of the Issuer.

 

“Significant Subsidiary”
means any Restricted Subsidiary of the Issuer that would constitute a “significant subsidiary” as defined in Rule 1-02(w)
of Regulation S-X under the Securities Act and the Exchange Act as in effect on the Issue Date.

 

“SPE” means (i) an
entity formed solely for the purpose of holding, acquiring, constructing, developing or improving assets whose acquisition, construction,
development or improvement shall be financed by Designated SPE Debt and equity Investments in such entity or (ii) an entity
acquired by the Issuer or any Restricted Subsidiary whose outstanding Indebtedness is all Designated SPE Debt.

 

“Start
Date” means October 2, 2013.

 

“Stated Maturity” means,
with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the documentation governing such Indebtedness, including pursuant to any mandatory redemption
or sinking fund provision, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

 

“Subordinated Indebtedness”
means

 

(a)               
with respect to the Issuer, any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the
Notes, and

 

    25

     

    

 

(b)               
 with respect to any Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor which is by its terms subordinated
in right of payment to the Note Guarantee of such Subsidiary Guarantor.

 

“Subsidiary” means, with
respect to any specified Person:

 

(1)               
any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’
agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation,
association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more
of the other Subsidiaries of that Person (or a combination thereof); and

 

(2)               
any partnership (a) the sole general partner or the sole managing general partner of which is such Person or a Subsidiary
of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any
combination thereof).

 

“Subsidiary Guarantor”
means (1) each Initial Guarantor and (2) any Restricted Subsidiary of the Issuer that executes a Note Guarantee in accordance with
the provisions of this Indenture, and their respective successors and assigns, in each case, until the Note Guarantee of such Person
has been released in accordance with the provisions of this Indenture.

 

“Transfer Restricted Notes”
means Definitive Notes and any other Notes that bear or are required to bear the Restricted Notes Legend.

 

“Treasury Rate” means
the weekly average for each Business Day during the most recent week that has ended at least two Business Days prior to the redemption
date of the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled
and published in the Federal Reserve Statistical Release H.15 (or, if such statistical release is not so published or available,
any publicly available source of similar market data selected by the Issuer in good faith)) most nearly equal to the period from
the redemption date to February 1, 2026; provided, however, that if the period from the redemption date to February
1, 2026 is not equal to the constant maturity of a United States Treasury security for which a yield is given, the Treasury Rate
shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields of United States Treasury
securities for which such yields are given, except that if the period from the redemption date to such applicable date is less
than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of
one year shall be used.

 

“Trustee” means Wells
Fargo Bank, National Association, as Trustee, until a successor replaces it in accordance with the applicable provisions of this
Indenture and thereafter means the successor serving hereunder.

 

“Unrestricted Subsidiary”
means any Subsidiary of a Restricted Subsidiary that is designated by the Board of Directors of the Issuer as an Unrestricted Subsidiary
pursuant to a resolution of such Board of Directors, but only to the extent that such Subsidiary:

 

(1)               
has no Indebtedness other than Non-Recourse Debt or Designated SPE Debt;

 

(2)                except
as permitted by Section 4.12 is not party to any agreement, contract, arrangement or understanding with the Issuer or any
Restricted Subsidiary of the Issuer unless the terms of any such agreement, contract, arrangement or understanding are no
less favorable, taken as a whole, to the Issuer or such Restricted Subsidiary than those that might be obtained at the time
from Persons who are not Affiliates of the Issuer;

 

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(3)               
is a Person with respect to which neither the Issuer nor any Restricted Subsidiary of the Issuer has any direct or indirect
obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating results; and

 

(4)               
has not Guaranteed any Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer, except in the case of clauses
(1) and (3), to the extent:

 

(A) that the Issuer or such Restricted
Subsidiary could otherwise provide such a Guarantee or incur such Indebtedness under Section 4.10, and

 

(B) the provision of such Guarantee
and the incurrence of such Indebtedness otherwise would be permitted under Section 4.08.

 

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

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(1)               
the sum of the products obtained by multiplying (a) the amount of each then-remaining installment, sinking fund, serial
maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the
number of years (calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment; by

 

(2)               
the then-outstanding principal amount of such Indebtedness.

 

Section 1.02           
Other Definitions.

 

	
        Term 
	 	
        Defined
in Section 

	“Acceptable Commitment”	 	4.11(b)
	“Agent Members”	 	2.1(c) of Appendix A
	“Affiliate Transaction”	 	4.12(a)
	“Applicable Procedures”	 	1.1(a) of Appendix A
	“Asset Sale Offer”	 	4.11(c)
	“Asset Sale Offer Amount”	 	3.09(b)
	“Asset Sale Offer Period”	 	3.09(b)
	“Asset Sale Purchase Date”	 	3.09(b)
	“Authentication Order”	 	2.02(c)
	“Automatic Exchange”	 	2.3(e) of Appendix A
	“Automatic Exchange Date”	 	2.3(e) of Appendix A
	“Automatic Exchange Notice”	 	2.3(e) of Appendix A

 

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	Term 
	 	
        Defined
in Section 

	“Automatic Exchange Notice Date”	 	2.3(e) of Appendix A
	“Change of Control Offer”	 	4.15(a)
	“Change of Control Payment”	 	4.15(a)
	“Change of Control Payment Date”	 	4.15(a)(2)
	“Clearstream”	 	1.1(a) of Appendix A
	“Covenant Defeasance”	 	8.03
	“Definitive Notes Legend”	 	2.3(d)(i) of Appendix A
	“Euroclear”	 	1.1(a) of Appendix A
	“Event of Default”	 	6.01(a)
	“Excess Proceeds”	 	4.11(c)
	“Expiration Date”	 	1.04(j)
	“Global Note”	 	2.1(b) of Appendix A
	“Global Notes Legend”	 	2.3(d)(i) of Appendix A
	“Initial Default”	 	6.04
	“Legal Defeasance”	 	8.02(a)
	“Net Indebtedness”	 	Definition of Net Indebtedness to Book Capitalization Ratio
	“Note Register”	 	2.03(a)
	“OID Legend”	 	2.3(d)(i) of Appendix A
	“Pari Passu Indebtedness”	 	4.11(b)
	“Paying Agent”	 	2.03(a)
	“Payment Default”	 	6.01(a)(5)
	“Permitted Debt”	 	4.10(b)
	“QIB”	 	1.1(a) of Appendix A
	“Registrar”	 	2.03(a)
	“Regulation S”	 	1.1(a) of Appendix A
	“Regulation S Global Note”	 	2.1(b) of Appendix A
	“Regulation S Legend”	 	2.3(d)(i) of Appendix A
	“Regulation S Notes”	 	2.1(a) of Appendix A
	“Restricted Global Note”	 	2.3(e) of Appendix A
	“Restricted Notes Legend”	 	2.3(d)(i) of Appendix A
	“Rule 144”	 	1.1(a) of Appendix A
	“Rule 144A”	 	1.1(a) of Appendix A

 

    28

     

    

 

	Term 
	 	
        Defined
in Section 

	“Rule 144A Global Note”	 	2.1(b) of Appendix A
	“Rule 144A Notes”	 	2.1(a) of Appendix A
	“Second Commitment”	 	4.11(b)
	“Suspended Covenants”	 	4.18(a)
	“Suspension Period”	 	4.18(b)
	“Unrestricted Global Note”	 	1.1(a) of Appendix A
	“U.S. person”	 	1.1(a) of Appendix A

 

Section 1.03           
Rules of Construction.

 

Unless the context otherwise requires:

 

(1)               
a term defined in Section 1.01 or 1.02 has the meaning assigned to it therein;

 

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

 

(3)               
“or” is not exclusive;

 

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

 

(5)               
provisions apply to successive events and transactions;

 

(6)               
unless the context otherwise requires, any reference to an “Appendix,” “Article,” “Section,”
 “clause,” “Schedule” or “Exhibit” refers to an Appendix, Article, Section, clause, Schedule
or Exhibit, as the case may be, of this Indenture;

 

(7)               
the words “herein,” “hereof” and other words of similar import refer to this Indenture as a whole
and not any particular Article, Section, clause or other subdivision;

 

(8)               
the words “including,” “includes” and other words of similar import shall be deemed to be followed
by “without limitation”;

 

(9)                
references to sections of, or rules or regulations under, the Securities Act or the Exchange Act shall be deemed to include
substitute, replacement or successor sections, rules or regulations adopted by the SEC from time to time;

 

(10)              
unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and
other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited
by the terms of this Indenture;

 

(11)              
“shall” shall be interpreted to express a command;

 

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(12)              
 in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions,
the Issuer may classify (and reclassify from time to time) such transaction as it, in its sole discretion, determines;

 

(13)              
Indebtedness shall not be considered subordinate in right of payment to any other Indebtedness solely by virtue of being
unsecured, secured with a subset of the collateral securing such other Indebtedness or with different collateral, secured to a
lesser extent or secured with lower priority, by virtue of structural subordination, by virtue of maturity date, or by virtue of
not being guaranteed by all guarantors of such other Indebtedness, and any subordination in right of payment must be pursuant to
a written agreement or instrument;

 

(14)              
any reference to the contents of an Opinion of Counsel required hereunder is deemed to include customary assumptions and
qualifications.

 

Section 1.04           
Acts of Holders.

 

(a)               
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Issuer. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by
any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of
the Trustee, the Issuer and the Subsidiary Guarantors, if made in the manner provided in this Section 1.04.

 

(b)               
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him or her the execution thereof. Where such
execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute
proof of the authority of the Person executing the same. The authority of the Person executing the same may also be proved in any
other manner deemed reasonably sufficient by the Trustee.

 

(c)               
The ownership of Notes shall be proved by the Note Register.

 

(d)               
Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind
every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Issuer or the Subsidiary Guarantors
in reliance thereon, whether or not notation of such action is made upon such Note.

 

(e)                The
Issuer may set a record date for purposes of determining the identity of Holders entitled to make, give or take any request,
demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, or to vote
on any action authorized or permitted to be taken by Holders; provided that the Issuer may not set a record date for,
and this Section 1.04(e) shall not apply with respect to, the giving or making of any notice, declaration, request or
direction referred to in Section 1.04(f). Unless otherwise specified, if not set by the Issuer prior to the first
solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such
vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or vote or, if
required under Section 2.05, the date of the most recent list of Holders furnished to the Trustee prior to such solicitation
or vote. If any record date is set pursuant to this Section 1.04(e), the Holders on such record date, and only such Holders,
shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other
action (including revocation of any action), whether or not such Holders remain Holders after such record date; provided
that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Notes, or each affected Holder, as applicable, on such record date. Promptly
after any record date is set pursuant to this paragraph, the Issuer, at its own expense, shall cause notice of such record
date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each
Holder in the manner set forth in Section 12.01.

 

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(f)                
The Trustee may set any day as a record date for the purpose of determining the Holders entitled to join in the giving or
making of (1) any notice of default under Section 6.01(a), (2) any declaration of acceleration referred to in Section
6.02, (3) any direction referred to in Section 6.05 or (4) any request to pursue a remedy referred to in Section 6.06(2).
If any record date is set pursuant to this paragraph, the Holders on such record date, and no other Holders, shall be entitled
to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided
that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders
of the requisite principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after any record
date is set pursuant to this paragraph, the Trustee, at the Issuer’s expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Expiration Date to be given to the Issuer and to each Holder in the manner set forth
in Section 12.01.

 

(g)               
Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do
so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may
do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by
a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect
as if given or taken by separate Holders of each such different part.

 

(h)               
Without limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note,
may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is the
Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through
such Depositary’s standing instructions and customary practices.

 

(i)                
The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any
Global Note held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or
proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided
in this Indenture to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial
owners of interests in such Global Note on such record date or their duly appointed proxy or proxies shall be entitled to make,
give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial
owners remain beneficial owners of interests in such Global Note after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the
applicable Expiration Date.

 

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(j)                 With
respect to any record date set pursuant to this Section 1.04, the party hereto that sets such record date may designate any
day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later
day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the
other party hereto in writing, and to each Holder of Notes in the manner set forth in Section 12.01, on or prior to both the
existing and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to
this Section 1.04, the party hereto which set such record date shall be deemed to have initially designated the 30th day
after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as
provided in this Section 1.04(j).

 

Article
2

THE NOTES

 

Section 2.01           
Form and Dating; Terms.

 

(a)               
The Notes and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A
hereto. The Notes may have notations, legends or endorsements required by law, rules or agreements with national securities exchanges
to which the Issuer or any Subsidiary Guarantor is subject, if any, or general usage (provided that any such notation, legend
or endorsement is in a form acceptable to the Issuer but which notation, legend or endorsement does not affect the rights, duties
or obligations of the Trustee). Each Note shall be dated the date of its authentication. The Initial Notes shall be in denominations
of $2,000 and integral multiples of $1,000 in excess thereof.

 

(b)               
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

 

The terms and provisions contained in the
Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Issuer and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and
be controlling.

 

The Notes shall be subject to repurchase
by the Issuer pursuant to an Asset Sale Offer as provided in Section 4.11 or a Change of Control Offer as provided in Section 4.15,
and otherwise as not prohibited by this Indenture. The Notes shall not be redeemable other than as provided in Article 3.

 

Additional Notes ranking pari passu
with the Initial Notes may be created and issued from time to time by the Issuer without notice to or consent of the Holders and
shall be consolidated with and form a single class with the Initial Notes and shall have substantially identical terms, including
as to status, waivers, amendments, offers to repurchase and redemption as the Initial Notes, but may have different issue prices,
issue dates and CUSIP numbers; provided that the Issuer’s ability to issue Additional Notes shall be subject to the
Issuer’s compliance with Section 4.10. Any Additional Notes shall be issued under an indenture supplemental to this Indenture.

 

In authenticating and delivering the Initial
Notes, Additional Notes and any other Notes issued pursuant to this Indenture, the Trustee shall receive and shall be fully protected
in conclusively relying upon, in addition to the Opinion of Counsel (which shall not be required in connection with the Initial
Notes) and Officer’s Certificate required by Section 12.03, an Opinion of Counsel (i) as to the due authorization, execution,
delivery, validity and enforceability of such Notes, and (ii) stating that all laws and requirements in respect of the execution
and delivery by the Issuer of such Notes have been complied with.

 

    32

     

    

 

(c)               
 Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including
any legends thereon but without the Definitive Notes Legend). Notes issued in definitive form shall be substantially in the form
of Exhibit A attached hereto (including any legends thereon but without the Global Note Legend thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent the aggregate principal
amount of outstanding Notes as shall be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, repurchases and redemptions. Any endorsement
of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby shall be made in accordance with instructions given by the Holder thereof as required by Section 2.06 and shall be made
on the records of the Registrar or the Depositary, as the case may be.

 

(d)               
The customary applicable terms, conditions and procedures of Euroclear and Clearstream shall be applicable to transfers
of beneficial interests in the Regulation S Global Note that are held by participants through Euroclear or Clearstream.

 

Section 2.02           
Execution and Authentication.

 

(a)               
At least one Officer shall execute the Notes on behalf of the Issuer by manual or facsimile signature. If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.

 

(b)               
A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form of Exhibit A attached hereto by the manual signature of an authorized signatory of the Trustee.
The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.

 

(c)               
On the Issue Date, the Trustee shall, upon receipt of a written order of the Issuer signed by an Officer (an “Authentication
Order”) and together with an Opinion of Counsel and Officer’s Certificate reasonably acceptable to the Trustee,
authenticate and deliver the Initial Notes. The Trustee shall be fully protected and shall incur no liability for failing to take
any action with respect to the delivery of any Notes unless and until it has received such Authentication Order, Opinion of Counsel
and Officer’s Certificate. In addition, at any time and from time to time, the Trustee shall, upon receipt of an Authentication
Order, Opinion of Counsel and Officer’s Certificate, authenticate and deliver any Definitive Notes to be issued in exchange
for interests in Global Notes, any Additional Notes, any replacement Notes to be issued pursuant to Section 2.07 or any Notes issuable
following a redemption or repurchase by the Issuer pursuant to the terms of this Indenture in an aggregate principal amount specified
in such Authentication Order for such Notes issued hereunder.

 

(d)               
The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. Unless limited by the terms
of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture
to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent
to deal with Holders or an Affiliate of the Issuer.

 

    33

     

    

 

Section 2.03           
Registrar and Paying Agent.

 

(a)                The
Issuer shall maintain at least one office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and at least one office or agency where Notes may be presented for payment (“Paying
Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange (“Note
Register”). The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term
 “Registrar” includes any co-registrar, and the term “Paying Agent” includes any additional paying
agent. The Issuer may change any Paying Agent or Registrar without prior notice to any Holder; provided, however,
that no such removal shall become effective until acceptance of an appointment by a successor as evidenced by an appropriate
agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the
Trustee and the passage of any waiting or notice periods required by the Depositary’s procedures. The Issuer shall
enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The
agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer shall notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such for the Notes and shall be entitled to appropriate
compensation therefor pursuant to Section 7.07. The Issuer or any of its Restricted Subsidiaries may act as Paying Agent
(except for purposes of Article 8) or Registrar.

 

(b)               
The Issuer initially appoints DTC to act as Depositary (the “Depositary”) with respect to the Global
Notes representing Initial Notes. The Issuer initially appoints the Trustee to act as Paying Agent, Custodian and Registrar for
the Notes.

 

Section 2.04           
Paying Agent to Hold Money in Trust.

 

The Issuer shall, by no later than 12:00
noon (New York City time) on each due date for the payment of principal, premium, if any, and interest on any of the Notes, deposit
with the Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders entitled to the same, and
the Issuer shall promptly notify the Trustee in writing (which notice may be sent electronically) of its action or failure so to
act. The Issuer shall require the Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in
trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal, premium, if any,
and interest on the Notes and shall notify the Trustee in writing (which notice may be sent electronically) of any default by the
Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account
for any funds disbursed by the Paying Agent. Upon payment over to the Trustee, and upon accounting for any funds disbursed, a Paying
Agent shall have no further liability for the money. If the Issuer or a Restricted Subsidiary acts as Paying Agent, it shall segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Issuer, the Trustee shall serve as Paying Agent.

 

Section 2.05           
Holder Lists.

 

The Registrar shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders of the Notes.
If the Trustee is not the Registrar in respect of the Notes, the Issuer shall furnish to the Trustee in writing at least five Business
Days before each Interest Payment Date and at such other times as the Trustee may reasonably request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders.

 

    34

     

    

 

Section 2.06           
Transfer and Exchange.

 

(a)               
 The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration
of transfer and in compliance with Appendix A.

 

(b)               
To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

 

(c)                
No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange (other than pursuant to Section 2.07), but the Holders shall be required to pay any
transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.11, 4.15 and 9.04). In addition, the Trustee,
Transfer Agent and Registrar may request such other evidence as may be reasonably requested by them documenting the identity and/or
signatures of the transferor and the transferees.

 

(d)               
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. Any holder of a beneficial
interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such
Global Note may be effected only through a book-entry system maintained by the Holder of such Global Note (or its agent) and
that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry.

 

(e)               
Neither the Issuer nor the Registrar shall be required (1) to issue, to register the transfer of or to exchange any
Note during a period beginning at the opening of business 15 days before the delivery of a notice of redemption pursuant to Section
3.03 and ending at the delivery of such notice of redemption, (2) to register the transfer of or to exchange any Note so selected
for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (3) to register the
transfer of or to exchange any Note between a Record Date and the next succeeding Interest Payment Date.

 

(f)                
Prior to due presentment for the registration of a transfer of any Note, each of the Trustee, any Agent or the Issuer may
deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving
payment of principal, premium, if any, and (subject to the Record Date provisions of the Notes) interest on such Notes and for
all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.

 

(g)               
Upon surrender for registration of transfer of any Note at the office or agency of the Issuer designated pursuant to Section
4.02, the Issuer shall execute, and the Trustee shall authenticate and deliver upon receipt of an Authentication Order, in the
name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations
of a like aggregate principal amount so long as the requirements of this Indenture are met.

 

(h)               
At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a
like aggregate principal amount upon surrender of the Notes to be exchanged at the office or agency of the Issuer designated pursuant
to Section 4.02 so long as the requirements of this Indenture are met. Whenever any Global Notes or Definitive Notes are so surrendered
for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the replacement Global Notes or Definitive
Notes, as applicable, to which the Holder making the exchange is entitled in accordance with the provisions of Appendix A so long
as the requirements of this Indenture are met.

 

    35

     

    

 

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

 

(j)                
In connection with any proposed exchange of Notes, the Company or DTC shall be required to provide or cause to be provided
to the Trustee all information available to them necessary to allow the Trustee to comply with any applicable tax reporting obligations,
including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely
on any such information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

For certain payments made pursuant to this
Indenture, the Paying Agent or Trustee may be required to make a “reportable payment” or “withholdable payment”
and in such cases the Paying Agent or Trustee shall have the duty to act as a payor or withholding agent, respectively, that is
responsible for any tax withholding and reporting required under Chapters 3, 4 and 61 of the United States Internal Revenue Code
of 1986, as amended (the “Code”). The Paying Agent and/or Trustee shall have the sole right to make the determination
as to which payments are “reportable payments” or “withholdable payments.” All parties to this Indenture
shall provide an executed IRS Form W-9 or appropriate IRS Form W-8 (or, in each case, any successor form) to the Paying Agent prior
to closing, and shall promptly update any such form to the extent such form becomes obsolete or inaccurate in any respect. The
Paying Agent and Trustee shall have the right to request from any party to this Indenture, or any other Person entitled to payment
hereunder, any additional forms, documentation or other information as may be reasonably necessary for the Paying Agent to satisfy
its reporting and withholding obligations under the Code. To the extent requested a reasonable time in advance and any such forms
to be delivered under this Section 2.06 are not provided prior to or by the time the related payment is required to be made or
are determined by the Paying Agent or Trustee to be incomplete and/or inaccurate in any respect, the Paying Agent or Trustee shall
be entitled to withhold on any such payments hereunder to the extent withholding is required under Chapters 3, 4 or 61 of the Code,
and shall have no obligation to gross up any such payment.

 

Section 2.07           
Replacement Notes.

 

(a)               
If a mutilated Note is surrendered to the Registrar or if a Holder claims that its Note has been lost, destroyed or wrongfully
taken and the Registrar receives evidence to its satisfaction of the ownership and loss, destruction or theft of such Note, the
Issuer shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s
reasonable requirements are otherwise met. An indemnity bond must be provided by the Holder that is sufficient in the judgment
of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any
of them may suffer if a Note is replaced. The Issuer may charge the Holder for the expenses of the Issuer and the Trustee (including
reasonable respective fees and expenses of counsel) in replacing a Note. Every replacement Note is a contractual obligation of
the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly
issued hereunder. Notwithstanding the foregoing provisions of this Section 2.07(a), in case any mutilated, lost, destroyed or wrongfully
taken Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay
such Note. Upon the issuance of any replacement Note under this Section 2.07, the Issuer may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the reasonable
fees and expenses of counsel and the Trustee) connected therewith.

 

    36

     

    

 

 

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

 

Section 2.08           
Outstanding Notes.

 

(a)               
The Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except for those canceled
by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected in accordance with the
provisions hereof, those paid pursuant to Section 2.07, those described in this Section 2.08 as not outstanding and, solely to
the extent provided for in Article 8, Notes that are subject to Legal Defeasance or Covenant Defeasance as provided in Article
8. Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer
holds the Note; provided that Notes held by the Issuer or a Subsidiary of the Issuer shall not be deemed to be outstanding
for purposes of Section 3.07(b).

 

(b)               
If a Note is replaced or paid pursuant to Section 2.07, it ceases to be outstanding.

 

(c)               
If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it
ceases to accrue from and after the date of such payment.

 

(d)               
If a Paying Agent (other than the Issuer, a Restricted Subsidiary of the Issuer or any Affiliate thereof) holds, on the
maturity date, any redemption date or any date of purchase pursuant to an offer to purchase, money, which is irrevocably deposited
and sufficient to pay Notes payable or to be redeemed or purchased on that date, then on and after that date such Notes shall be
deemed to be no longer outstanding and shall cease to accrue interest.

 

Section 2.09           
Treasury Notes.

 

In determining whether the Holders of the
requisite principal amount of Notes have concurred in any direction, waiver or consent (other than a waiver or consent contemplated
by Section 9.02(e) requiring the consent of each Holder or each affected Holder), Notes beneficially owned by the Issuer, or by
any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith shall not be disregarded
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or
consent with respect to the Notes and that the pledgee is not the Issuer or any obligor under the Notes or any Affiliate of the
Issuer or of such other obligor.

 

Section 2.10           
Temporary Notes.

 

Until definitive Notes are ready for delivery,
the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary
Notes shall be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for
temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and
the Trustee shall, upon receipt of an Authentication Order, authenticate definitive Notes in exchange for temporary Notes upon
surrender of such temporary Notes at the office or agency of the Issuer, without charge to the Holder. Until so exchanged, the
Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders,
or beneficial holders, respectively, of Notes under this Indenture.

 

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Section 2.11           
Cancellation.

 

The Issuer at any time may deliver Notes
to the Trustee for cancellation and the Trustee will cancel such Notes in accordance with its customary procedures. The Registrar
and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.
The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall dispose of canceled Notes in accordance with its customary procedures (subject to the record retention requirement
of the Exchange Act). The Trustee shall retain all canceled Notes in accordance with its standard procedures (subject to the record
retention requirements of the Exchange Act), and evidence of such cancellation shall be provided to the Issuer upon the Issuer’s
written request. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee
for cancellation. If the Issuer acquires any of the Notes, such acquisition shall not operate as a redemption or satisfaction of
Indebtedness represented by such Notes unless or until the same are delivered to the Trustee for cancellation. No Trustee
shall authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture.

 

Section 2.12           
Defaulted Interest.

 

(a)               
If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus,
to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record
date, in each case at the rate provided in the Notes and in Section 4.01. The Issuer shall notify the Trustee in writing (which
notice may be sent electronically) of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed
payment, and at the same time the Issuer 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 reasonably 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 provided in this Section 2.12. The Issuer shall fix or cause to be fixed each such special record
date and payment date; provided that no such special record date shall be less than 10 days prior to the related payment
date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of
the Issuer, the Trustee in the name and at the expense of the Issuer) shall send, or cause to be sent, to each Holder a notice
that states the special record date, the related payment date and the amount of such interest to be paid.

 

(b)               
Subject to Section 2.12(a) and for greater certainty, each Note delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue interest,
which were carried by such other Note.

 

Section 2.13           
CUSIP and ISIN Numbers.

 

The Issuer in issuing the Notes may use
CUSIP or ISIN numbers (if then generally in use) and if it does, the Trustee shall use CUSIP or ISIN numbers in notices of redemption
or exchange or in offers to purchase as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange
or in offers to purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any
such redemption or exchange or offer to purchase shall not be affected by any defect in or omission of such numbers. The Issuer
shall promptly notify the Trustee in writing (which notice may be electronic) of any change in the CUSIP or ISIN numbers.

 

Section 2.14           
Computation of Interest.

 

Interest shall be computed on the basis
of a 360-day year comprised of twelve 30-day months.

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Article
3

REDEMPTION

 

Section 3.01           
Notices to Trustee.

 

(a)               
If the Issuer elects to redeem Notes pursuant to Section 3.07, it shall furnish to the Trustee, at least 10 Business Days
before notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 3.03 (unless a shorter notice
shall be agreed to by the Trustee in writing) but not more than 65 days before a redemption date, an Officer’s Certificate
(which may be withdrawn prior to the date such notice of redemption is given) setting forth (1) the paragraph or subparagraph
of such Article or Section of this Indenture pursuant to which the redemption shall occur, (2) the redemption date, (3) the
principal amount of the Notes to be redeemed, as applicable, (4) the redemption price, if then ascertainable, and (5) the
CUSIP and ISIN number, if applicable, of the Notes to be redeemed.

 

(b)               
If the redemption price is not known at the time such notice is to be given, the actual redemption price, calculated as
described in the terms of the Notes to be redeemed, shall be set forth in an Officer’s Certificate of the Issuer delivered
to the Trustee no later than two Business Days prior to the redemption date.

 

Section 3.02           
Selection of Notes to Be Redeemed or Purchased.

 

(a)               
If less than all of the Notes are to be redeemed pursuant to Section 3.07 or purchased in an offer to purchase at any time,
the Trustee shall select the Notes to be redeemed or purchased (1) if the Notes are listed on any national securities exchange,
in compliance with the requirements of the principal national securities exchange on which the Notes are listed, (2) if the
Notes are not so listed but are in global form, then by lot or otherwise in accordance with the procedures of DTC or the Depositary
or (3) if the Notes are not so listed and are not in global form, then on a pro rata basis, by lot or by such other method
as the Trustee deems to be fair and appropriate, although no Note of $2,000 in principal amount or less will be redeemed in part.
In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless
otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the then outstanding
Notes not previously called for redemption or purchase.

 

(b)               
The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption or purchase. Notes and portions
of Notes selected shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof; except that if all of the Notes
of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or
a multiple of $1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions
of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or
purchase.

 

(c)               
After the redemption date, upon surrender of a Note to be redeemed in part only, a new Note or Notes in principal amount
equal to the unredeemed portion of the original Note, representing the same Indebtedness to the extent not redeemed, shall be issued
in the name of the Holder of the Notes (or transferred by book entry transfer) upon cancellation of the original Note (or appropriate
book entries shall be made to reflect such partial redemption); provided that each new Note shall be in a principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof.

 

    39

     

    

 

Section 3.03           
Notice of Redemption.

 

(a)               
Subject to Section 3.09 and, except in connection with Article 11, the Issuer shall give, or cause to be given electronically
or by first-class mail notices of redemption of Notes at least 15 days but not more than 60 days before the redemption date to
each Holder whose Notes are to be redeemed (with a copy to the Trustee) pursuant to this Article at such Holder’s registered
address, except that redemption notices may be given more than 60 days prior to a redemption date if the notice is issued in connection
with a defeasance of the Notes pursuant to Article 8 or a satisfaction and discharge of this Indenture pursuant to Article 11,
or otherwise in accordance with the procedures of the Depositary. Notwithstanding the above, when notice has to be given to a holder
of a global security (including any notice of redemption or repurchase) such notice shall be sufficiently given if given to DTC
(or its designee) pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with
applicable DTC procedures. Notices to the Trustee may be given by email in PDF format.

 

(b)               
The notice shall identify the Notes to be redeemed (including CUSIP and ISIN number, if applicable) and shall state:

 

(1)               
the redemption date;

 

(2)               
the redemption price, including the portion thereof representing any accrued and unpaid interest; provided that in
connection with a redemption under Section 3.07(a), the notice need not set forth the redemption price but only the manner of calculation
thereof;

 

(3)               
if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed;

 

(4)               
the name and address of the Paying Agent and the Trustee;

 

(5)               
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)               
that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue
on and after the redemption date;

 

(7)               
the paragraph or subparagraph of the Notes or Section of this Indenture pursuant to which the Notes called for redemption
are being redeemed;

 

(8)               
that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice
or printed on the Notes; and

 

(9)               
if applicable, any condition to such redemption.

 

(c)                At
the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the
Issuer’s expense; provided that the Issuer shall have given to the Trustee, at least 10 Business Days before
notice of redemption is required to be sent or caused to be sent to Holders pursuant to this Section 3.03 (unless a shorter
notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and
attaching a form of the notice which shall contain the information to be stated in such notice as provided in Section
3.03(b); provided that such Officer’s Certificate may be withdrawn by the Issuer upon written notice (which
notice may be electronic) to the Trustee prior to the date such notice of redemption is required to be sent to Holders. The
Trustee is permitted to accept the Issuer’s direction regarding redemptions, notwithstanding anything to the contrary
in this Indenture, and the Trustee shall have no liability for any action taken at the Issuer’s direction.

 

    40

     

    

 

Section 3.04           
Effect of Notice of Redemption.

 

(a)               
Once notice of redemption is sent to Holders in accordance with Section 3.03, Notes called for redemption become irrevocably
due and payable on the redemption date at the redemption price subject to the satisfaction of (or waiver by the Issuer in the Issuer’s
discretion) of any condition set forth in the notice of redemption. If such redemption is subject to satisfaction of one or more
conditions precedent, the redemption date may be delayed, in the Issuer’s discretion, until such time as any or all such
conditions shall be satisfied (or waived by the Issuer in the Issuer’s discretion), or such redemption may not occur and
the notice of redemption may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived
by the Issuer in the Issuer’s discretion) by the applicable redemption date (whether the original redemption date or the
redemption date so delayed). The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given,
whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder
of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of
any other Note. Subject to Section 3.05, on and after the applicable redemption date (whether the original redemption date or the
redemption date so delayed), interest ceases to accrue on Notes or portions of Notes called for redemption.

 

(b)               
The Issuer shall provide written notice to the Trustee prior to the close of business two Business Days prior to the redemption
date (unless a shorter notice shall be agreed to by the Trustee in writing) if any such redemption has been rescinded or delayed,
and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption
was given.

 

Section 3.05           
Deposit of Redemption or Purchase Price.

 

(a)               
By no later than 12:00 noon (New York City time) on the redemption or purchase date, the Issuer shall deposit with the Trustee,
or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Notes
to be redeemed or purchased on that date. The Trustee or Paying Agent shall promptly distribute to each Holder whose Notes are
to be redeemed or repurchased the applicable redemption or purchase price thereof, accrued and unpaid interest thereon and Applicable
Premium, if any. The Trustee or Paying Agent shall promptly return to the Issuer any money deposited with Trustee or Paying Agents
by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest and
Applicable Premium, if any, on, all Notes to be redeemed or purchased.

 

(b)                If
the Issuer complies with Section 3.05(a), on and after the redemption or purchase date, interest shall cease to accrue on the
Notes or the portions of Notes called for redemption or purchase whether or not such Notes are presented for payment, and the
Holders of such Notes shall have no further rights with respect to such Notes except the right to receive such payment of the
redemption price and accrued and unpaid interest, if any, on such Notes upon surrender of such Notes. If a Note is redeemed
or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid
interest to the redemption or purchase date shall be paid on the relevant Interest Payment Date to the Person in whose name
such Note was registered at the close of business on such Record Date, and no additional interest shall be payable to Holders
whose Notes shall be subject to redemption by the Issuer. If any Note called for redemption or purchase shall not be so paid
upon surrender for redemption or purchase because of the failure of the Issuer to comply with Section 3.05(a), interest shall
accrue and be paid on the unpaid principal, from the redemption or purchase date until such principal is paid.

 

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Section 3.06           
Notes Redeemed or Purchased in Part.

 

Upon surrender of a Note that is redeemed
or purchased in part, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee shall promptly authenticate
and mail to the Holder (or cause to be transferred by book entry) at the expense of the Issuer a new Note equal in principal amount
to the unredeemed or unpurchased portion of the Note surrendered representing the same Indebtedness to the extent not redeemed
or purchased; provided that each new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in
excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order
and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note.

 

Section 3.07           
Optional Redemption.

 

(a)               
At any time prior to February 1, 2026, the Issuer is entitled, on any one or more occasions, to redeem all or a part of
the Notes, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium, plus
accrued and unpaid interest, if any, to, but excluding, the applicable redemption date (subject to the right of Holders of record
on the relevant Record Date to receive interest due on the relevant Interest Payment Date as provided in Section 3.07(g) falling
on or prior to such redemption date). Promptly after the determination thereof, the Issuer shall give the Trustee notice of the
redemption price provided for in this Section 3.07(a), and the Trustee shall not be responsible for such calculation.

 

(b)               
At any time prior to February 1, 2024, the Issuer is entitled, on any one or more occasions, to redeem up to 40% of the
aggregate principal amount of the Notes issued under this Indenture (including issuance of Additional Notes, if any) at a redemption
price equal to 104.375% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to but excluding
the applicable redemption date (the “Redemption Date”) (subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date falling on or prior to such redemption date as provided
in Section 3.07(g)) using an amount equal to the net cash proceeds of one or more Equity Offerings; provided that (1) at
least 60% of the aggregate principal amount of the Notes (which includes Additional Notes, if any) remains outstanding immediately
after the occurrence of any such redemption (other than Notes held, directly or indirectly, by the Issuer or Affiliates of the
Issuer), unless all other outstanding Notes are repurchased or redeemed substantially concurrently with such redemption; and (2) such
redemption occurs prior to 180 days after the date of the closing of such Equity Offering.

 

(c)               
Except pursuant to Section 3.07(a) or (b), the Notes shall not be redeemable at the Issuer’s option prior to February
1, 2026.

 

(d)               
On and after February 1, 2026, the Issuer is entitled, on any one or more occasions, to redeem all or a part of the Notes,
at the redemption prices (expressed as a percentage of principal amount of the Notes to be redeemed) set forth below, plus accrued
and unpaid interest, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning
on February 1 of each of the years indicated below (subject to the rights of Holders of record of Notes on the relevant Record
Date to receive interest due on the relevant Interest Payment Date falling on or prior to such redemption date as provided in Section
3.07(g)):

 

    42

     

    

 

	Year	 	 	Notes
 Redemption
 Percentage	 
	 	2026	 	 	 	102.188	%
	 	2027	 	 	 	101.458	%
	 	2028	 	 	 	100.729	%
	 	2029 and thereafter	 	 	 	100.000	%

 

(e)               
Any redemption pursuant to this Section 3.07 shall be made pursuant to Sections 3.01 through 3.06.

 

(f)                
Any redemption notice in connection with this Section 3.07 may, at the Issuer’s discretion, be subject to the satisfaction
of one or more conditions precedent, including the occurrence of a Change of Control or completion of an Equity Offering.

 

(g)               
If the redemption date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and
unpaid interest to but excluding such redemption date shall be paid to the Person in whose name the Note is registered at the close
of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be subject to redemption
by the Issuer.

 

Section 3.08           
Mandatory Redemption; Open Market Purchases.

 

The Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes. The Issuer and its Subsidiaries may acquire Notes through
redemption, by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities
laws and regulations, so long as such acquisition does not otherwise violate the terms of this Indenture, upon such terms and at
such prices as the Issuer or its Subsidiaries may determine.

 

Section 3.09           
Offers to Repurchase by Application of Excess Proceeds.

 

(a)               
In the event that, pursuant to Section 4.11, the Issuer is required or opts to commence an Asset Sale Offer, the Issuer
shall follow the procedures specified below.

 

(b)               
The Asset Sale Offer shall be made to all Holders and if the Issuer elects (or is required by the terms of other Pari Passu
Indebtedness), all holders of other Pari Passu Indebtedness. The Asset Sale Offer shall remain open for a period of at least 20
Business Days following its commencement, except to the extent that a longer period is required by applicable law (the “Asset
Sale Offer Period”). No later than five Business Days after the termination of the Asset Sale Offer Period (the “Asset
Sale Purchase Date”), the Issuer shall apply all Excess Proceeds to the purchase of the aggregate principal amount of
Notes and, if applicable, Pari Passu Indebtedness (on a pro rata basis, if applicable) required to be purchased pursuant to Section
4.11 (the “Asset Sale Offer Amount”), or if less than the Asset Sale Offer Amount of Notes (and, if applicable,
Pari Passu Indebtedness) has been so validly tendered and not validly withdrawn, all Notes and Pari Passu Indebtedness validly
tendered and not validly withdrawn in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the
same manner as interest payments on the Notes are made.

 

(c)                If
the Asset Sale Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and
unpaid interest to but excluding the Asset Sale Purchase Date shall be paid to the Person in whose name a Note is registered
at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes shall be
tendered pursuant to such Asset Sale Offer.

 

    43

     

    

 

(d)               
Upon the commencement of an Asset Sale Offer, the Issuer shall deliver a notice (or, in the case of Global Notes, otherwise
communicate in accordance with the procedures of the Depositary) to each of the Holders, with a copy to the Trustee. The notice
shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer.
The Asset Sale Offer shall be made to all Holders and, to the extent required by the terms of the outstanding Pari Passu Indebtedness,
all holders of such Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state:

 

(1)               
that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.11 and the length of time the Asset
Sale Offer shall remain open;

 

(2)               
the Asset Sale Offer Amount, the purchase price, including the portion thereof representing any accrued and unpaid interest,
and the Asset Sale Purchase Date;

 

(3)               
that any Note not properly tendered or accepted for payment shall continue to accrue interest;

 

(4)               
that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
shall cease to accrue interest on and after the Asset Sale Purchase Date;

 

(5)               
that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral
multiples of $1,000 (with respect to the Notes) (although no Note of $2,000 in principal amount or less will be purchased in part);

 

(6)               
that Holders electing to have a Note purchased pursuant to an Asset Sale Offer shall be required to (i) surrender such
Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Note completed, or (ii) transfer
such Note by book-entry transfer, in either case, to the Issuer, the Depositary, if applicable, or the Paying Agent at the address
specified in the notice prior to the close of business on the third Business Day preceding the Asset Sale Purchase Date or comply
with applicable procedures of DTC for such tender;

 

(7)               
that Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such
Notes if the Issuer, the Depositary or the Paying Agent, as the case may be, receives at the address specified in the notice, not
later than the expiration of the Asset Sale Offer Period, a facsimile transmission or letter setting forth the name of the Holder,
the principal amount of the Notes the Holder tendered for purchase and a statement that such Holder is withdrawing its tendered
Notes and its election to have such Note purchased or the Holder complies with the applicable procedures of DTC for such withdrawal;

 

(8)                that,
if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds the Asset
Sale Offer Amount, then the Notes to be repurchased shall be selected in compliance with the requirements of the principal
national securities exchange, if any, on which the Notes are listed or, if the Notes are not listed but are in global form,
then by lot or otherwise in accordance with the procedures of DTC or, if the Notes are not listed and not in global form on a
pro rata basis, by lot or by such other method as the Trustee shall deem to be fair and appropriate, and the Issuer shall
select Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the aggregate accreted value or principal
amount of tendered Notes and Pari Passu Indebtedness, although no Note having a principal amount of $2,000 (with respect to
Notes) shall be purchased in part; and

 

    44

     

    

 

(9)               
that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer) representing the same Indebtedness to the extent not repurchased;
provided that if, following repurchase of a portion of a Note, the remaining principal amount of such Note outstanding immediately
after such repurchase would be less than $2,000, then the portion of such Note so repurchased shall be reduced so that the remaining
principal amount of such Note outstanding immediately after such repurchase is $2,000.

 

The notice, if sent in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice is sent
in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is defective,
such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase
of the Notes as to all other Holders that properly received such notice without defect.

 

(e)               
On or before the Asset Sale Purchase Date, the Issuer shall, to the extent lawful, accept for payment, by lot or on a pro
rata basis or by such other method as the Trustee shall deem to be fair and appropriate, as applicable, the Asset Sale Offer Amount
of Notes or portions thereof (and, if applicable, Pari Passu Indebtedness or portions thereof) validly tendered and not validly
withdrawn pursuant to the Asset Sale Offer, or if less than the Asset Sale Offer Amount of Notes (and Pari Passu Indebtedness,
as applicable) has been validly tendered and not validly withdrawn, all Notes so tendered and not validly withdrawn, in the case
of the Notes, in integral multiples of $1,000; provided that if, following repurchase of a portion of a Note, the remaining
principal amount of such Note outstanding immediately after such repurchase would be less than $2,000, then the portion of such
Note so repurchased shall be reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase
is $2,000. The Issuer shall deliver, or cause to be delivered, to the Trustee the Notes so accepted and an Officer’s Certificate
stating the aggregate principal amount of Notes or portions thereof so accepted and that such Notes or portions thereof were accepted
for payment by the Issuer in accordance with the terms of this Section 3.09 and, in the case of Pari Passu Indebtedness, shall
comply with the applicable procedures in the indenture or other agreement governing such Pari Passu Indebtedness.

 

(f)                
The Issuer shall promptly, but in no event later than five Business Days after termination of the Asset Sale Offer Period,
mail or deliver to the Paying Agent to remit to each tendering Holder or to the holder or lender of Pari Passu Indebtedness, as
the case may be, an amount equal to the purchase price of the Notes or Pari Passu Indebtedness so validly tendered and not properly
withdrawn by such Holder or such holder or lender, as the case may be, and accepted by the Issuer for purchase, and, if less than
all of the Notes tendered are purchased pursuant to the Asset Sale Offer, the Issuer shall promptly issue a new Note, and the Trustee,
upon delivery of an Authentication Order from the Issuer, shall authenticate and mail or deliver (or cause to be transferred by
book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary,
no Opinion of Counsel or Officer’s Certificate shall be required for the Trustee to authenticate and mail or deliver such
new Note) in a principal amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note
shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note not so accepted shall be
promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of the Asset Sale
Offer on the Asset Sale Purchase Date.

 

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(g)               
 Other than as specifically provided in this Section 3.09 or Section 4.11, any purchase pursuant to this Section 3.09 shall
be made pursuant to Sections 3.01 through 3.06, as applicable.

 

Article
4

COVENANTS

 

Section 4.01           
Payment of Notes.

 

(a)               
The Issuer shall pay or cause to be paid the principal, premium, if any, and interest on the Notes on the dates and in the
manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Trustee
or the Paying Agent, as applicable, if other than the Issuer or a Restricted Subsidiary, holds as of 12:00 noon (New York City
time) on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay the
principal, premium, if any, and interest then due.

 

(b)               
The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
and premium, if any, at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard
to any applicable grace period) at the same rate to the extent lawful.

 

Section 4.02           
Maintenance of Office or Agency.

 

The Issuer shall maintain an office or agency
(which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered
for principal payment, registration of transfer or for exchange. The Issuer shall give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may
be made at the Corporate Trust Office of the Trustee.

 

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

 

The Issuer hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03.

 

Section 4.03           
Reports.

 

(a)               
For so long as any Notes are outstanding, the Issuer shall furnish to the Trustee (and the Holders of the Notes and beneficial
owners of the Notes), which shall be deemed satisfied by public filing on EDGAR (or any successor system for public filing), the
following reports (collectively, the “Financial Reports”), within three Business Days following the time periods
specified by the SEC’s rules and regulations as if the Issuer were required to file such Financial Reports:

 

(1)               
annual reports of the Issuer on Form 10-K under the Exchange Act, including (A) “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and (B) audited financial statements prepared in accordance with
GAAP

 

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(2)               
 quarterly reports of the Issuer on Form 10-Q under the Exchange Act, including (A) “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and (B) unaudited quarterly financial statements prepared
in accordance with GAAP; and

 

(3)               
current reports on Form 8-K under the Exchange Act;

 

provided, however, that the foregoing
documents shall not be required to (A) if the Issuer is not otherwise subject to such requirements, comply with Section 302, Section
906 or Section 404 of the Sarbanes-Oxley Act of 2002, or Items 307, 308, and 402 of Regulation S-K promulgated by the SEC, or Item
10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein), (B) contain the separate financial
information (i) for Subsidiary Guarantors and Non-Guarantor Subsidiaries contemplated by Rule 3-10 of Regulation S-X promulgated
by the SEC or (ii) for Affiliates of the Issuer contemplated by Rule 3-16 of Regulation S-X promulgated by the SEC.

 

(b)               
At any time that there shall be one or more Unrestricted Subsidiaries that, in the aggregate, hold more than 15.0% of Consolidated
Tangible Assets, the quarterly and annual financial information required by the preceding paragraph shall include a reasonably
detailed presentation, either on the face of the financial statements or in the footnotes thereto of the financial condition and
results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations
of the Unrestricted Subsidiaries.

 

(c)               
In addition, the Issuer agrees that, for so long as any Notes are outstanding, if at any time it is not required to and
does not file with the SEC the reports required by the preceding paragraphs, it shall furnish to the Holders of the Notes and prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(d)               
Any subsequent restatement of financial statements shall have no retroactive effect for purposes of calculations previously
made pursuant to the covenants contained in this Indenture.

 

(e)               
For greater clarity, to the extent any information is not provided as specified in this Section 4.03 and such information
is subsequently provided, the Issuer shall be deemed to have satisfied its obligations with respect thereto at such time and any
Default with respect thereto shall be deemed to have been cured.

 

(f)                
In addition, the Issuer shall:

 

(1)               
issue regular quarterly earnings releases (including an annual earnings release with respect to annual financial statements)
not later than ten Business Days after the time the Issuer files with the SEC or furnishes to the Trustee the applicable Financial
Report; and

 

(2)               
at any time that the Issuer’s common stock is no longer listed on the New York Stock Exchange or any other national
exchange, or if the Issuer ceases to issue the quarterly earnings releases referred to in clause (1) above,

 

(a)               
hold a quarterly conference call to discuss the information contained in the Financial Reports not later than ten Business
Days from the time the Issuer files with the SEC or furnishes to the Trustee the applicable Financial Report; and

 

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(b)               
 no fewer than three Business Days prior to the date of the conference call required to be held in accordance with clause
(2)(a) above, issue a press release to the appropriate U.S. wire services announcing the time and date of such conference call
and directing the Holders or beneficial owners of, and prospective investors in, the Notes and securities analysts and market makers
to contact an individual at the Issuer (for whom contact information shall be provided in such press release) to obtain the Financial
Report and information on how to access such conference call.

 

(g)               
Delivery of reports, information and documents to the Trustee is for informational purposes only and its receipt of such
reports shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Issuer’s, any Subsidiary Guarantor’s or any other Person’s compliance with any of its
covenants under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).
The Trustee shall have no liability or responsibility for the filing, timelines or content of such reports.

 

(h)               
The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s, any Subsidiary
Guarantor’s or any other Person’s compliance with the covenants described herein or with respect to any reports or
other documents filed with EDGAR or required under this Indenture.

 

Section 4.04           
Compliance Certificate.

 

(a)               
The Issuer shall deliver to the Trustee, within 30 days after the date the annual financial information is required under
Section 4.03(a)(1), an Officer’s Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether
the Issuer and any Subsidiary Guarantor have kept, observed, performed and fulfilled their obligations under this Indenture, and
further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, based on such review, the
Issuer and any Subsidiary Guarantor have kept, observed, performed and fulfilled each and every condition and covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions
of this Indenture (or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and
what action the Issuer and any Subsidiary Guarantor are taking or propose to take with respect thereto).

 

(b)               
When any Default has occurred and is continuing under this Indenture, or if the Trustee or the Holder of any other evidence
of Indebtedness of the Issuer or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, the
Issuer shall promptly (which shall be no more than 10 Business Days following the date on which the Issuer becomes aware of such
Default, receives such notice or becomes aware of such action, as applicable) send to the Trustee an Officer’s Certificate
specifying such event, its status and what action the Issuer is taking or proposes to take with respect thereto.

 

Section 4.05            Corporate
Existence. Except as otherwise provided in this Article 4, Article 5 and Section 10.06, the Issuer and any Subsidiary
Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect their corporate,
partnership or limited liability company, as applicable, existence and the corporate, partnership, limited liability company
or other existence of each Restricted Subsidiary and the rights (charter and statutory), licenses and franchises of the
Issuer and each Restricted Subsidiary; provided, however, that the Issuer shall not be required to preserve any
such right, license or franchise or the corporate, partnership, limited liability company or other existence of any
Restricted Subsidiary if the respective Board of Directors or, with respect to a Restricted Subsidiary that is not a
Significant Subsidiary (or group of Restricted Subsidiaries that taken together would not be a Significant Subsidiary),
Senior Management of the Issuer determines that the preservation thereof is no longer desirable in the conduct of the
business of the Issuer and each of its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not, and will
not be, disadvantageous in any material respect to the Holders.

 

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Section 4.06           
Payment of Taxes. The Issuer shall pay or discharge or cause to be paid or discharged, before the same shall become
delinquent, all material taxes, assessments and governmental charges levied or imposed upon the Issuer or any Subsidiary; provided,
however, that the Issuer shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and
for which appropriate reserves, if necessary (in the good faith judgment of management of the Issuer), are being maintained in
accordance with GAAP or where the failure to effect such payment will not be disadvantageous in any material respect to the Holders.

 

Section 4.07           
Stay, Extension and Usury Laws.

 

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

 

Section 4.08           
Restricted Payments.

 

(a)               
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any Restricted
Payment, unless, at the time of and after giving effect to such Restricted Payment:

 

(i)       no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(ii)       the
Issuer would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment
had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to Section 4.10(a); and

 

(iii)       such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
since the Start Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (9), (10), (11), (12),
(13) and (14) of Section 4.08(b)), is less than the sum, without duplication, of:

 

(a)               
50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from and including October
1, 2013 to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available
at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit);
plus

 

    49

     

    

 

(b)               
 100% of the aggregate Qualified Proceeds received by the Issuer subsequent to the Start Date (i) as a contribution to its
common equity capital or (ii) from the issue or sale of Equity Interests of the Issuer (other than Disqualified Stock of the Issuer),
or (iii) from the issue or sale of Disqualified Stock or debt securities of the Issuer or any of its Restricted Subsidiaries that
have been converted into or exchanged for Equity Interests (other than Disqualified Stock) of the Issuer, other than in the case
of each of clauses (i), (ii) and (iii), (w) any net proceeds from an Equity Offering to the extent used to redeem Notes pursuant
to Section 3.07(b) (x) Equity Interests (or Disqualified Stock or debt securities) sold to a Restricted Subsidiary of the Issuer
or an employee stock ownership plan, option plan or similar trust established for the benefit of the employees of the Issuer or
any of its Subsidiaries to the extent funded by the Issuer or any Restricted Subsidiary, (y) net cash proceeds applied pursuant
to Section 4.08(b)(2) and Qualified Proceeds to the extent that any Restricted Payment has been made from such proceeds in reliance
on Section 4.08(b)(4) and (z) Excluded Contributions; plus

 

(c)               
to the extent not already included in Consolidated Net Income, 100% of the aggregate Qualified Proceeds from (A) the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary of the Issuer) of any Restricted Investment that
was made after the Start Date and (B) repurchases, redemptions and repayments of such Restricted Investments and the receipt
of any dividends or distributions from such Restricted Investments, in the case of each of clauses (A) and (B) not to exceed the
aggregate amount of such Restricted Investment that was previously treated as a Restricted Payment that reduced the Cumulative
Buildup Basket (as defined below); plus

 

(d)               
to the extent that any Unrestricted Subsidiary of the Issuer designated as such after the Start Date is redesignated as
a Restricted Subsidiary after the Start Date, the Fair Market Value of the Issuer’s Investment in such Subsidiary as of the
date of such redesignation (but only to the extent it was previously treated as a Restricted
Payment that reduced the Cumulative Buildup Basket); plus

 

(e)               
in the event that the Issuer and/or any Restricted Subsidiary of the Issuer makes any Investment in a Person that, as a
result of or in connection with such Investment, becomes a Restricted Subsidiary of the Issuer, an amount equal to the existing
Investment of the Issuer and/or any of its Restricted Subsidiaries in such Person to the extent it was previously treated as a
Restricted Payment that reduced the Cumulative Buildup Basket.

 

The sum of all amounts under Section 4.08(a)(iii) clauses (a)-(e)
is referred to as the “Cumulative Buildup Basket.”

 

(b)               
Section 4.08(a) shall not prohibit:

 

(1)               
the payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days
after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration
or notice, the dividend or redemption payment would have complied with the provisions of this Indenture;

 

(2)                the
making of any Restricted Payment in exchange for, or out of the net cash proceeds of the sale (other than to the Issuer or a
Restricted Subsidiary of the Issuer) of, Equity Interests of the Issuer (other than Disqualified Stock) or from the
contribution of common equity capital to the Issuer, which sale or contribution occurs within 60 days prior to such
Restricted Payment; provided that the amount of any such net cash proceeds that are utilized for any such Restricted
Payment shall be excluded from clause (iii)(b) of the Cumulative Buildup Basket;

 

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(3)               
the repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness with the
net cash proceeds from an incurrence of Permitted Refinancing Indebtedness, which incurrence occurs within 60 days prior to
such repurchase, redemption, defeasance or other acquisition or retirement for value;

 

(4)               
the repurchase, redemption or other acquisition or retirement for value of any Management Warrants or any other Equity Interests
of the Issuer held by any current or former officer, director, employee or consultant of the Issuer or any Restricted Subsidiary
of the Issuer, and the repurchase or other acquisition for value of Equity Interests of the Issuer by the Issuer or a Restricted
Subsidiary to fund an escrowed stock plan established for the benefit of a current officer, director, employee or consultant of
the Issuer (or Investments in an entity formed to create such an escrowed stock plan to permit such entity to purchase or otherwise
acquire for value Equity Interests of the Issuer in connection therewith), in each case, pursuant to any equity subscription agreement,
stock option agreement, shareholders’ agreement or similar agreement or benefit plan of any kind; provided that the
aggregate price paid for all such repurchased, redeemed, acquired or retired Management Warrants and other Equity Interests and
amount of such Investments may not exceed $5.0 million in any calendar year (with any unused amounts to be paid pursuant to this
proviso are available to be carried over to subsequent fiscal years), although such amount in any calendar year may be increased
by an amount not to exceed:

 

(a)               
the Qualified Proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Issuer, other than Excluded
Contributions, to any current or former officer, director, employee or consultant of the Issuer or any Restricted Subsidiaries
of the Issuer that occurs after the Start Date, to the extent the Qualified Proceeds from the sale of such Capital Stock have not
otherwise been applied to the payment of Restricted Payments (provided that the Qualified Proceeds from such sales or contributions
shall be excluded from clause (iii)(b) of the Cumulative Buildup Basket); plus

 

(b)               
the cash proceeds of key man life insurance policies received by the Issuer or its Restricted Subsidiaries after the Start
Date; less

 

(c)               
the amount of any Restricted Payments previously made with the Qualified Proceeds described in clauses (a) and (b) of
this clause (4);

 

(5)               
so long as no Default has occurred and is continuing or would be caused thereby, other Restricted Payments in an aggregate
amount not to exceed the greater of $50.0 million and 1.0% of Consolidated Tangible Assets;

 

(6)               
any repurchase, redemption, defeasance or other acquisition or retirement for value of Disqualified Stock of the Issuer
or any of its Restricted Subsidiaries at the Stated Maturity thereof or made by exchange for or out of the proceeds of the sale
of Disqualified Stock of the Issuer or such Restricted Subsidiary, as the case may be, so long as such refinancing Disqualified
Stock constitutes Permitted Refinancing Indebtedness and is issued within 60 days prior to such repurchase, redemption, defeasance
or other acquisition or retirement for value;

 

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(7)               
 the repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Indebtedness or
Disqualified Stock (a) at a purchase price not greater than 101% of the principal amount of such Subordinated Indebtedness
or liquidation preference of such Disqualified Stock in the event of a Change of Control in accordance with provisions similar
to those in Section 4.15 or (b) at a purchase price not greater than 100% of the principal amount (or accreted value, as applicable,
if such Subordinated Indebtedness is represented by securities sold at a discount) of such Subordinated Indebtedness or 100% of
the liquidation preference of such Disqualified Stock in accordance with provisions similar to those in Section 4.11; provided
that, prior to or simultaneously with such repurchase, redemption, defeasance or other acquisition or retirement, the Issuer has
made the Change of Control Offer or Asset Sale Offer, as applicable, as provided in Section 4.15 and Section 4.11, respectively,
with respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment (and not validly
withdrawn) in connection with such Change of Control Offer or Asset Sale Offer:

 

(8)               
the repurchase on one or more occasions, of Common Stock of the Issuer for aggregate consideration for all such repurchases
not to exceed $50.0 million;

 

(9)               
so long as no Default has occurred and is continuing or would be caused thereby, the declaration and payment of dividends
to holders of any class or series of Disqualified Stock of the Issuer or a Restricted Subsidiary of the Issuer or preferred stock
of a Restricted Subsidiary of the Issuer issued in accordance with the terms of this Indenture;

 

(10)           
repurchases of Equity Interests deemed to occur upon the exercise of stock options, warrants, other rights to purchase Equity
Interests or other convertible securities or similar securities if such Equity Interests represent a portion of the exercise price
thereof (or withholding of Equity Interests to pay related withholding taxes with regard to the exercise of such stock options
or the vesting of any such restricted stock, restricted stock units, deferred stock units or any similar securities);

 

(11)           
payments in lieu of the issuance of fractional shares of Capital Stock in connection with any transaction otherwise permitted
under this Section 4.08;

 

(12)           
payments or distributions to holders of the Capital Stock of the Issuer or any of its Restricted Subsidiaries pursuant to
appraisal or dissenter rights required under applicable law or pursuant to a court order in connection with any merger, amalgamation,
arrangement, consolidation or sale, assignment, conveyance, transfer, lease or other disposition of assets;

 

(13)           
Restricted Payments that are made with Excluded Contributions; and

 

(14)           
so long as no Default has occurred and is continuing or would be caused thereby, any Restricted Payment if after giving
effect to such Restricted Payment the Net Indebtedness to Book Capitalization Ratio on a pro forma basis as of the end of
the Issuer’s most recently ended fiscal quarter for which internal financial statements are available would have been less
than or equal to 0.30 to 1.0.

 

(c)               
The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted Payment
of the asset(s) or securities proposed to be transferred or issued by the Issuer or a Restricted Subsidiary of the Issuer, as the
case may be, pursuant to the Restricted Payment.

 

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(d)               
 For purposes of determining compliance with this Section 4.08, in the event that a Restricted Payment or Permitted Investment
meets the criteria of more than one of the types of Restricted Payments or Permitted Investments described in the above clauses
or the definitions thereof, the Issuer, in its sole discretion, may order and classify, and later reclassify, such Restricted Payment
or Permitted Investment if it would have been permitted at the time such Restricted Payment or Permitted Investment was made and
at the time of any such reclassification.

 

(e)               
For purposes of designating any Restricted Subsidiary of the Issuer as an Unrestricted Subsidiary, all outstanding Investments
by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to
be Investments in an amount determined as set forth in the definition of “Investment.” Such designation shall be permitted
only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to this Section 4.08 or pursuant
to the definition of “Permitted Investment” in Section 1.01, and if such Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in
this Indenture.

 

Section 4.09           
Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)               
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit
to exist or become effective any consensual encumbrance or restriction on the ability of any such Restricted Subsidiary to:

 

(1)               
pay dividends or make any other distributions on its Capital Stock to the Issuer or any other Restricted Subsidiary of the
Issuer, or with respect to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to
the Issuer or any Restricted Subsidiary of the Issuer (it being understood that the priority of any preferred stock in receiving
dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be
deemed a restriction on the ability to make distributions on Capital Stock and the subordination of loans or advances made to the
Issuer or any of its Restricted Subsidiaries to other Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries
shall not be deemed a restriction on the ability to pay any Indebtedness);

 

(2)               
make loans or advances to the Issuer or any other Restricted Subsidiary of the Issuer (it being understood that the subordination
of loans or advances made to the Issuer or any of its Restricted Subsidiaries to other Indebtedness incurred by the Issuer or any
of its Restricted Subsidiaries shall not be deemed a restriction on the ability to make loans or advances); or

 

(3)               
sell, lease or transfer any of its properties or assets to the Issuer or any other Restricted Subsidiary of the Issuer (it
being understood that such transfers shall not include any type of transfer described in clause (1) or (2) of this Section
4.09(a)).

 

(b)               
Section 4.09(a) shall not prohibit encumbrances or restrictions existing under or by reason of:

 

(1)                agreements
governing Existing Indebtedness and Existing Project Loans, in each case, as in effect on the Issue Date and any other
agreements in effect on the Issue Date, in each case, and any amendments,
modifications, restatements, extensions, renewals, replacements or refinancings of those agreements; provided that the
encumbrances and restrictions in the amendment, modification, restatement, extension, renewal, replacement or refinancing
are, taken as a whole, not materially less favorable to the Holders of Notes than the encumbrances or restrictions
being amended, modified, restated, extended, renewed, replaced or refinanced;

 

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(2)               
this Indenture and the Notes (and any Note Guarantee);

 

(3)               
applicable law, rule, regulation or order;

 

(4)               
any instrument governing Indebtedness or Capital Stock of a Restricted Subsidiary acquired by the Issuer or any Restricted
Subsidiary of the Issuer as in effect at the time of such acquisition or at the time an Unrestricted Subsidiary is redesignated
as a Restricted Subsidiary of the Issuer (except to the extent such Indebtedness or Capital Stock was incurred in connection with
or in contemplation of such acquisition or redesignation), which encumbrance or restriction is not applicable to any Person, or
the properties or assets of any Person, other than the Person or any of its Subsidiaries, or the property or assets of the Person
or any of its Subsidiaries, so acquired and any amendments, modifications, restatements,
extensions, renewals, replacements or refinancings of those agreements (provided that the encumbrances and restrictions in the
amendment, modification, restatement, extension, renewal, replacement or refinancing are, taken as a whole, not materially less
favorable to the Holders of Notes than the encumbrances or restrictions being amended, modified, restated, extended, renewed, replaced
or refinanced); provided that, in the case of Indebtedness, such Indebtedness was permitted to be incurred by the
terms of this Indenture;

 

(5)               
customary non-assignment provisions in contracts and licenses entered into in the ordinary course of business;

 

(6)               
customary restrictions in leases (including capital leases), security agreements or mortgages or other purchase money obligations
for property acquired in the ordinary course of business to the extent they impose restrictions on the property purchased or leased
of the nature described in Section 4.09(a)(3);

 

(7)               
any agreement for the sale or other disposition of all or substantially all the Capital Stock or the assets of a Restricted
Subsidiary of the Issuer to the extent it restricts distributions by that Restricted Subsidiary pending the sale or other disposition;

 

(8)               
Liens permitted to be incurred under Section 4.13 to the extent they limit the right of the debtor to dispose of the assets
subject to such Liens;

 

(9)               
provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements,
sale-leaseback agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets
that are the subject of such agreements;

 

(10)           
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course
of business;

 

(11)           
customary provisions imposed on the transfer of copyrighted or patented materials;

 

(12)           
customary provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements
of the Issuer or any Restricted Subsidiary of the Issuer;

 

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(13)           
 contracts entered into in the ordinary course of business, not relating to any Indebtedness, and that do not, individually
or in the aggregate, detract from the value of property or assets of the Issuer or any Restricted Subsidiary of the Issuer in any
manner material to the Issuer or any such Restricted Subsidiary;

 

(14)           
restrictions on the transfer of property or assets required by any regulatory authority having jurisdiction over the Issuer
or any Restricted Subsidiary of the Issuer or any of their businesses;

 

(15)           
any encumbrances or restrictions existing under (A) development agreements or other contracts entered into with municipal
entities, agencies or sponsors in connection with the entitlement or development of real property or (B) agreements for funding
of infrastructure, including in respect of the issuance of community facility district bonds, metro district bonds, mello-roos
bonds and subdivision improvement bonds, and similar bonding requirements arising in the ordinary course of business of a homebuilder;

 

(16)           
any encumbrances or restrictions that require “lockbox” or similar obligations with respect to Non-Recourse
Debt and Indebtedness secured by a Permitted Lien pursuant to clause (c) of the definition thereof

 

(17)           
any encumbrances or restrictions of the type referred to in Section 4.09(a) imposed by any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred
to in clauses (1) through (16) or clause (18) of this Section 4.09(b); provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings, in the good faith judgment of the Senior
Management or the Board of Directors, are not materially more restrictive, taken as a whole, with respect to such encumbrance and
other restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing; and

 

(18)           
(x) other Indebtedness incurred or preferred stock issued by any Restricted Subsidiary in accordance with Section 4.10 that,
in the good faith judgment of Senior Management or the Board of Directors, are not materially more restrictive, taken as a whole,
with respect to such encumbrance and other restrictions, than those applicable to the Issuer in this Indenture on the Issue Date
(which results in encumbrances or restrictions on Restricted Subsidiaries of the Issuer comparable to those applicable to the Issuer)
or (y) other Indebtedness permitted to be incurred subsequent to the Issue Date pursuant to Section 4.10; provided
that with respect to this clause (y) of this clause (18), such encumbrances or restrictions shall not materially adversely
affect the Issuer’s ability to make anticipated principal and interest payments on the Notes (in the good faith judgment
of Senior Management or the Board of Directors).

 

Section 4.10           
Incurrence of Indebtedness and Issuance of Preferred Stock.

 

(a)                The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, incur, with respect to
any Indebtedness (including Acquired Debt), and shall not permit any of its Restricted Subsidiaries to issue any shares of
preferred stock; provided, however, that the Issuer and its Restricted Subsidiaries may incur Indebtedness
(including Acquired Debt) and the Issuer’s Restricted Subsidiaries may issue shares of preferred stock, if, after
giving effect thereto and the application of the proceeds therefrom, either (i) the Fixed Charge Coverage Ratio for the
Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is incurred or such preferred stock is issued, as the
case may be, would have been at least 2.0 to 1.0, or (ii) the Indebtedness to Consolidated Tangible Net Worth Ratio as
of the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is incurred or such preferred stock is issued, as the
case may be, would have been less than or equal to 1.75 to 1.0.

 

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(b)               
Section 4.10(a) shall not prohibit the incurrence of any Indebtedness that meets the following criteria or the issuance
of any preferred stock that meets the following criteria, as applicable (collectively, “Permitted Debt”):

 

(1)               
the incurrence by the Issuer or any Restricted Subsidiary of Indebtedness pursuant to Credit Facilities or Project Loans,
including any Guarantee of such Indebtedness or any Guarantee of Designated SPE Debt by the Issuer or any Restricted Subsidiary,
in an aggregate principal amount at any one time outstanding not to exceed the greater of $1,500 million and 22.5% of Consolidated
Tangible Assets at the time of incurrence;

 

(2)               
the Existing Indebtedness;

 

(3)               
the incurrence by the Issuer of Indebtedness represented by the Initial Notes issued on the Issue Date and replacement Notes
in respect thereof, if any (and the incurrence by any Subsidiary Guarantor of any related Note Guarantee);

 

(4)               
the incurrence or issuance by the Issuer or any Restricted Subsidiary of the Issuer of Indebtedness (including Capital Lease
Obligations and Indebtedness incurred in connection with a sale/leaseback transaction), Disqualified Stock or preferred stock,
in each case, incurred or issued for the purpose of financing all or any part of the purchase price or cost of design, construction,
lease, installation, development or improvement of plant, equipment or other property used or useful in a Permitted Business which
occurs within 365 days of such purchase, design, construction, lease, installation, development or improvement, in an aggregate
principal amount at any time outstanding, together with any Permitted Refinancing Indebtedness in respect thereof, not to exceed
the greater of $25.0 million and 1.0% of Consolidated Tangible Assets at the time of incurrence;

 

(5)               
the incurrence by the Issuer or any Restricted Subsidiary of Permitted Refinancing Indebtedness in exchange for, or incurred
to extend, renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that
was permitted by this Indenture to be incurred under Section 4.10(a), this clause (5) or clause (2) (other
than the Existing Notes which are being repurchased or redeemed with the net proceeds of the Initial Notes issued on the Issue
Date), (3), (4) or (11) of this Section 4.10(b);

 

(6)               
the incurrence by the Issuer or any of its Restricted Subsidiaries of Hedging Obligations not for speculative purposes;

 

(7)               
the incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation
claims, self-insurance obligations, bankers’ acceptances, letters of credit, performance bonds, completion bonds, bid bonds,
surety bonds, appeal bonds, performance, completion and compliance guarantees or other similar obligations incurred in the ordinary
course of business; provided, however, that upon the drawing of letters of credit for reimbursement obligations,
or the incurrence of other reimbursement-type Indebtedness with respect to the foregoing, such obligations are reimbursed within
30 days following such drawing or incurrence;

 

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(8)             
 the incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank
or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts)
drawn against insufficient funds in the ordinary course of business, so long as such Indebtedness is extinguished within five Business Days;

 

(9)             
the incurrence of Indebtedness arising from agreements of the Issuer or a Restricted Subsidiary of the Issuer providing
for indemnification, adjustment of purchase price, holdback, contingency payment obligations or similar obligations, in each case,
incurred or assumed in connection with the disposition or acquisition of any business, assets or Equity Interests of the Issuer
or any such Restricted Subsidiary;

 

(10)           
the incurrence of Indebtedness resulting from endorsements of negotiable instruments for collection in the ordinary course
of business;

 

(11)           
Acquired Debt or Indebtedness or preferred stock of the Issuer or its Restricted Subsidiaries incurred to provide all or
a portion of the funds utilized to acquire Persons that are acquired by the Issuer or any Restricted Subsidiary of the Issuer (including
by way of merger, amalgamation or consolidation) in accordance with the terms of this Indenture; provided that immediately
after giving effect to such acquisition, any of the following is true:

 

(a)               
the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to Section 4.10(a);

 

(b)               
the Issuer’s Fixed Charge Coverage Ratio after giving pro forma effect to such acquisition would be greater
than or equal to the Issuer’s actual Fixed Charge Coverage Ratio immediately prior to such acquisition; or

 

(c)               
the Issuer’s Indebtedness to Consolidated Tangible Net Worth Ratio after giving pro forma effect to such acquisition
would be less than or equal to the Issuer’s actual Indebtedness to Consolidated Tangible Net Worth Ratio immediately prior
to such acquisition;

 

(12)           
 Indebtedness of the Issuer or a Restricted Subsidiary of the Issuer in respect of netting services, overdraft protection
and otherwise in connection with deposit accounts; provided that such Indebtedness remains outstanding for ten Business
Days or less;

 

(13)           
the incurrence or issuance by the Issuer or a Restricted Subsidiary of the Issuer of Indebtedness in an aggregate principal
amount (or accreted value, as applicable) at any time outstanding, not to exceed the greater of $150.0 million and 3.0%
of Consolidated Tangible Assets of the Issuer at the time of incurrence;

 

(14)           
the incurrence of guarantees by the Issuer or a Restricted Subsidiary of the Issuer in the ordinary course of business in
respect of obligations to suppliers, customers, franchisees, lessors and licensees of the Issuer or any Restricted Subsidiary of
the Issuer;

 

(15)            the
incurrence of Indebtedness by the Issuer or a Restricted Subsidiary of the Issuer in respect of obligations to pay the
deferred purchase price of goods or services or progress payments in connection with such goods and services; provided that
such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms (which require
that all such payments be made within 60 days after the incurrence of the related obligation) in the ordinary course of
business and not in connection with the borrowing of money or any Hedging Obligations;

 

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(16)           
Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer consisting of (a) the financing of insurance
premiums or (b) take-or-pay obligations contained in supply arrangements, in each case in the ordinary course of business;

 

(17)           
the incurrence of Indebtedness by the Issuer or a Restricted Subsidiary of the Issuer deemed to exist pursuant to the terms
of a joint venture agreement as a result of the failure of the Issuer or any Restricted Subsidiary of the Issuer to make a required
capital contribution therein;

 

(18)           
obligations of the Issuer or any Restricted Subsidiary of the Issuer under an agreement with any governmental authority
or adjoining (or common masterplan) landowner, in each case entered into in the ordinary course of business in connection
with the acquisition of real property, to entitle, develop or construct infrastructure thereupon;

 

(19)           
Indebtedness consisting of Indebtedness issued by the Issuer or any Restricted Subsidiary of the Issuer to any current or
former officer, director, employee or consultant of the Issuer or any Restricted Subsidiary of the Issuer, in each case to finance
the repurchase, redemption or other acquisition or retirement for value of any Management Warrants or other Equity Interests of
the Issuer to the extent described in Section 4.08(b)(4);

 

(20)           
Guarantees issued from time to time by the Issuer or Restricted Subsidiaries of the Issuer of Indebtedness (other than Designated
SPE Debt) incurred by any joint venture in which the Issuer or its Restricted Subsidiaries has an equity Investment (or incurred
by any Subsidiaries of such joint ventures), in an amount not to exceed at any time outstanding the greater of $100.0 million
and 2.5% of Consolidated Tangible Assets of the Issuer at the time of incurrence;

 

(21)           
the incurrence by the Issuer or any Restricted Subsidiary of intercompany Indebtedness between or among the Issuer and any
of its Restricted Subsidiaries; provided, however, that:

 

(a)               
if the Issuer or any Subsidiary Guarantor is the obligor on such Indebtedness and the obligee is not the Issuer or a Subsidiary
Guarantor, such Indebtedness must be unsecured and subordinated in right of payment to the prior payment in full in cash of all
Obligations then due with respect to the Notes, in the case of the Issuer, or the Note Guarantee, in the case of a Subsidiary Guarantor; and

 

(b)               
(i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person
other than the Issuer or a Restricted Subsidiary and (ii) any sale or other transfer of any such Indebtedness to a Person
that is not either the Issuer or a Restricted Subsidiary shall be deemed, in each case, to constitute a new incurrence of such
Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be, which new incurrence is not permitted by this clause (21);

 

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(22)           
the issuance by any Restricted Subsidiary to the Issuer or to any other Restricted Subsidiary of shares of preferred stock;
provided, however, that:

 

(a)               
 any subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person
other than the Issuer or a Restricted Subsidiary; and

 

(b)               
any sale or other transfer of any such preferred stock to a Person that is not either the Issuer or a Restricted Subsidiary
shall be deemed, in each case, to constitute a new issuance of such preferred stock by such Restricted Subsidiary, which new issuance
is not permitted by this clause (22);

 

(23)           
Guarantees (other than Guarantees of Designated SPE Debt) by (a) the Issuer or any Subsidiary Guarantor of Indebtedness
permitted to be incurred by the Issuer or any Restricted Subsidiary of the Issuer in accordance with the provisions of this Indenture;
provided that in the event such Indebtedness that is being Guaranteed is Subordinated Indebtedness, then the related Guarantee
shall be subordinated in right of payment to the Notes or the Note Guarantee, as the case may be, and (b) Non-Guarantors of
Indebtedness incurred by other Non-Guarantors in accordance with the provisions of this Indenture; and

 

(24)           
Designated SPE Debt.

 

(c)           
For purposes of determining compliance with this Section 4.10:

 

(1)               
In the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt
described in Section 4.10(b)(1) through (24) or can be incurred pursuant to Section 4.10(a), the Issuer, in its sole discretion,
will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify (based on circumstances
existing at the time of such reclassification), all or a portion of such item of Indebtedness, in any manner that complies with
Section 4.10(a) or Section 4.10(b);

 

(2)               
The Existing Project Loans that do not constitute Designated SPE Debt shall be deemed to have been incurred pursuant to
Section 4.10(b)(1) and, notwithstanding clause (1) of this Section 4.10(c), may not be reclassified.

 

(d)           
The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness
in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change
in accounting principles, and the payment of dividends on preferred stock in the form of additional shares of the same class of
preferred stock shall not be deemed to be an incurrence of Indebtedness or an issuance of preferred stock for purposes of this
Section 4.10; provided, in each such case, that the amount thereof is included in Consolidated Interest Incurred of the
Issuer as accrued (other than the reclassification of preferred stock as Indebtedness due to a change in accounting principles).
For purposes of Section 4.10(b)(21) and (22), the existence of a Permitted Lien on Equity Interests, Indebtedness or preferred
stock shall not be considered a transfer until the Equity Interests, Indebtedness or preferred stock securing such Permitted Lien
has been foreclosed upon.

 

(e)           
[Reserved]

 

(f)            For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the
relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness, or
first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to
refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S.
dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of
such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal
amount of such refinancing does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any
other provision of this Section 4.10, the maximum amount of Indebtedness that the Issuer and its Restricted Subsidiaries may
incur pursuant to this Section 4.10 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange
rate of currencies. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a
different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable
to the currencies in which such refinancing is denominated that is in effect on the date of such refinancing.

 

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Section 4.11          
Asset Sales.

 

(a)           
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(1)             
the Issuer or any such Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at
least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

(2)             
at least 75% of the consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary, as the case may
be, is in the form of cash or Marketable Securities. For the purposes of this Section 4.11(a)(2) only, each of the following shall
be deemed to be cash:

 

(a)               
Cash Equivalents;

 

(b)               
any Indebtedness (other than any Subordinated Indebtedness) of the Issuer or any of its Restricted Subsidiaries that is
actually assumed by the transferee in such Asset Sale (provided that the Issuer or such Restricted Subsidiary, as the case
may be, making the Asset Sale is released from its obligations with respect to such Indebtedness);

 

(c)               
any securities, notes or other obligations or assets received by the Issuer or any Restricted Subsidiary of the Issuer from
such transferee that within 180 days after the consummation of such Asset Sale are converted by the recipient into (or with respect
to which the recipient receives payments of) cash or Cash Equivalents, to the extent of the cash or Cash Equivalents received in
that conversion or payment;

 

(d)               
the Fair Market Value of any property or other assets (including Equity Interests of any Person that shall be a Restricted
Subsidiary following receipt thereof) received that are used or useful in a Permitted Business; and

 

(e)                any
Designated Non-Cash Consideration received by the Issuer or any such Restricted Subsidiary in such Asset Sale having an
aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause
(e) that is at the time outstanding, not to exceed the greater of $50.0 million and 1.0% of Consolidated Tangible Assets at
the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated
Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value.

 

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(b)           
Within 12 months after the receipt of any Net Proceeds from an Asset Sale, the Issuer or the applicable Restricted
Subsidiary, as the case may be, may apply an amount equal to such Net Proceeds at its option:

 

(1)             
to permanently repay or prepay

 

(a)               
Obligations under any Indebtedness of the Issuer or its Restricted Subsidiaries secured
by Permitted Liens (whose commitments, in the case of Indebtedness under any revolving credit facility, shall be correspondingly
reduced permanently in an amount equal to the principal amount so prepaid upon such repayment or prepayment);

 

(b)               
Obligations under the notes or any Indebtedness of the Issuer that ranks pari passu in right of payment with the Notes (“Pari
Passu Indebtedness”); provided that if the Issuer or any such Restricted Subsidiary shall so repay or prepay any
such other Pari Passu Indebtedness, the Issuer shall reduce (or offer to reduce) Obligations under the Notes on a pro rata basis
(based on the amount so applied to such repayments or prepayments) by, at their option, (A) redeeming Notes as described under
Section 3.07 (B) making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to
purchase their Notes for cash at a price of at least 100% of the principal amount thereof, plus the amount of accrued but unpaid
interest, if any, thereon to, but excluding, the applicable date of repurchase (and any such
Net Proceeds remaining following the consummation of such offer will not constitute Excess Proceeds) or (C) purchasing Notes
through privately negotiated transactions or open market purchases, in a manner that complies with this Indenture and applicable
securities laws, at a price in cash of not less than 100% of the principal amount thereof, plus the amount of accrued but unpaid
interest, if any, thereon to, but excluding, the applicable date of repurchase; or

 

(c)               
Indebtedness of a Restricted Subsidiary of the Issuer that is a Non-Guarantor, other than Indebtedness owed to the Issuer
or another Restricted Subsidiary of the Issuer;

 

(2)             
to acquire all or substantially all of the assets of, or any Capital Stock of a Person engaged in, a Permitted Business,
if, after giving effect to any such acquisition of Capital Stock, such Person (and the Permitted Business) is or becomes a Restricted
Subsidiary of the Issuer;

 

(3)             
to make a capital expenditure;

 

(4)             
to acquire Additional Assets or improve or develop existing assets to be used in a Permitted Business; or

 

(5)              in
any combination of applications described in clause (1), (2), (3) or (4) of this Section 4.11(b);
 
 provided
that in the case of clause (2), (3) or (4) (or clause (5) solely as it relates to
clause (2), (3) or (4)), of this Section 4.11(b), a binding commitment to acquire the assets of a Permitted
Business, or Capital Stock of a Person engaged in a Permitted Business, acquire Additional Assets (or improve or develop such
existing assets) or to make such capital expenditures shall be treated as a permitted application of an amount of Net
Proceeds as of the date of such commitment so long as the Issuer or such Restricted Subsidiary enters into such commitment
with the good faith expectation that such amount of Net Proceeds shall be applied to satisfy such commitment within
180 days after the date of such commitment (an “Acceptable Commitment”) and, in the event any
Acceptable Commitment is later cancelled or terminated for any reason before such amount of Net Proceeds is applied in
connection therewith, the Issuer or such Restricted Subsidiary enters into another Acceptable Commitment
(a “Second Commitment”) within 180 days after the date of such cancellation or termination, it
being understood that if a Second Commitment is later cancelled or terminated for any reason before such amount of Net
Proceeds is applied, then such amount of Net Proceeds shall constitute Excess Proceeds

 

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(c)           
Any amounts of Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.11(b) shall constitute
 “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, within ten Business
Days thereafter, the Issuer shall make an Asset Sale Offer to all Holders of Notes and if the Issuer elects (or is required
by the terms of such other Pari Passu Indebtedness), all holders of other Pari Passu Indebtedness (an “Asset
Sale Offer”) to purchase the maximum aggregate principal amount of Notes and such Pari Passu Indebtedness, in denominations
of $2,000 principal amount and multiples of $1,000 in excess thereof, that may be purchased with an amount equal to the Excess
Proceeds at an offer price in cash in an amount not less than 100% of the principal amount thereof, or, in the case of Pari Passu
Indebtedness represented by securities sold at a discount, not less than the amount of the accreted value thereof at such time,
plus accrued and unpaid interest to, but excluding, the purchase date, in accordance with the procedures set forth in this Indenture.
In the event that the Issuer or any Restricted Subsidiary of the Issuer prepays any Pari Passu Indebtedness that is outstanding
under a revolving credit or other committed loan facility pursuant to an Asset Sale Offer, the Issuer or such Restricted Subsidiary
shall cause the related loan commitment to be reduced in an amount equal to the principal amount so prepaid. After the completion
of an Asset Sale, the Issuer and its Restricted Subsidiaries may make an Asset Sale Offer prior to the time they are required to
do so by the second sentence of this paragraph. If the Issuer or any Restricted Subsidiary of the Issuer completes such an Asset
Sale Offer with respect to any Net Proceeds, the Issuer and its Restricted Subsidiaries shall be deemed to have complied with this
Section 4.11 with respect to the application of such Net Proceeds (regardless of how much principal amount of Notes is tendered
into such offer) and the amount of Excess Proceeds shall be reset to zero, and any
such Net Proceeds remaining after completion of such Asset Sale Offer may be used by the Issuer and its Restricted Subsidiaries
for any purpose not prohibited by this Indenture. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the
Issuer and its Restricted Subsidiaries may use those Excess Proceeds for any purpose not prohibited by this Indenture. If the aggregate
principal amount of Notes surrendered by Holders thereof and other Pari Passu Indebtedness surrendered by holders thereof
or lenders thereunder, collectively, exceeds the amount of Excess Proceeds, the Notes to be repurchased shall be selected in compliance
with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are
not listed but are in global form, then by lot or otherwise in accordance with the procedures of DTC, or, if the Notes are not
listed and not in global form on a pro rata basis, by lot or by such other method as the Trustee in
its sole discretion shall deem to be fair and appropriate, and the Issuer shall select Pari Passu Indebtedness to be
purchased on a pro rata basis on the basis of the aggregate accreted value or principal amount of tendered Notes and Pari Passu
Indebtedness. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

 

(d)           Pending
the final application of any Net Proceeds pursuant to this covenant, the Issuer and its Restricted Subsidiaries may apply
such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such
Net Proceeds in any manner not prohibited by this Indenture.

 

(e)           
The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset
Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.11 or Section
3.09, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their
obligations under this Section 4.11 or Section 3.09 by virtue of such compliance.

 

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Section 4.12           
Transactions with Affiliates.

 

(a)            
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer
or otherwise dispose of any of their properties or assets to, or purchase any property or assets from, or enter into or make or
amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate
of the Issuer (including Unrestricted Subsidiaries) involving aggregate consideration in excess of $5.0 million (each, an
 “Affiliate Transaction”), unless:

 

(1)             
the Affiliate Transaction is on terms that, taken as a whole, are not materially less favorable to the Issuer or its relevant
Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary
with an unrelated Person on an arm’s-length basis; and

 

(2)             
the Issuer delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of $7.5 million, a resolution of the Board of Directors (or a committee of disinterested
directors) of the Issuer set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with this
covenant and that such Affiliate Transaction has been approved by a majority of the members of the Board of Directors of the Issuer
(or a committee of disinterested directors) with respect to such Affiliate Transaction.

 

(b)          
The following items will not be deemed to be Affiliate Transactions and therefore shall not be subject to Section 4.12(a):

 

(1)             
any employment, consultancy, advisory or other compensatory agreement, employee benefit plan, officer or director indemnification
agreement or any similar arrangement entered into by the Issuer or any Restricted Subsidiary of the Issuer in the ordinary course
of business and payments pursuant thereto;

 

(2)             
transactions between or among the Issuer and/or its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary
as a result of such transaction;

 

(3)             
transactions with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Issuer solely because the
Issuer owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

(4)             
payment of reasonable directors’ fees;

 

(5)              any
transaction in which the only consideration paid by the Issuer or any of its Restricted Subsidiaries is in the form of Equity
Interests (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer or any equity capital contribution made
to the Issuer (other than in respect of Disqualified Stock) and any agreement that grants registration and other customary
rights in connection therewith or otherwise to the direct or indirect security holders of the Issuer;

 

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(6)             
Permitted Investments (other than Permitted Investments of the type described in clause 2(b) of the definition thereof)
or Restricted Payments that do not violate Section 4.08;

 

(7)             
any agreement as in effect as of the Issue Date, including any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements, or refinancings thereof; provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements, or refinancings are not materially less favorable to the Holders of
the Notes, in the good faith judgment of Senior Management or the Board of Directors, as compared to the applicable agreement as
in effect on the Issue Date;

 

(8)             
transactions with customers, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services,
in each case which are in the ordinary course of business (including pursuant to joint venture agreements) and otherwise in compliance
with the terms of this Indenture, and which are fair to the Issuer and its Restricted Subsidiaries, as applicable, in the reasonable
determination of the Board of Directors or Senior Management of the Issuer or any Restricted Subsidiary of the Issuer, as applicable,
or are on terms, taken as a whole, at least as favorable as might reasonably have been obtained at such time from an unaffiliated
party;

 

(9)             
intellectual property licenses in the ordinary course of business;

 

(10)           
any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by, merged
into or amalgamated, arranged or consolidated with the Issuer or any of its Restricted Subsidiaries; provided that such
agreement was not entered into in contemplation of such acquisition, merger, amalgamation, arrangement or consolidation and any
amendment thereto (so long as any such amendment is not materially less favorable to the Holders of the Notes, in the good faith
judgment of Senior Management or the Board of Directors, as compared to the applicable agreement as in effect on the date of such
acquisition, merger, amalgamation, arrangement or consolidation);

 

(11)           
any merger, amalgamation, arrangement, consolidation or other reorganization of the Issuer with an Affiliate solely for
the purpose and with the sole effect of forming, collapsing or dissolving a holding company structure or reincorporating or reorganizing
the Issuer in a new jurisdiction;

 

(12)           
pledges of Capital Stock or Indebtedness of Unrestricted Subsidiaries; and

 

(13)            transactions
in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an
Independent Qualified Party stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a
financial point of view or stating that the terms, taken as a whole, are not materially less favorable to the Issuer or its
relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such
Restricted Subsidiary with an unrelated Person on an arm’s-length basis.

 

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Section 4.13           
Liens.

 

(a)           
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to create, incur, assume or otherwise cause
or suffer to exist or become effective any Lien (a “Triggering Lien”) of any kind (other than Permitted
Liens) securing Indebtedness upon any of their property or assets, now owned or hereafter acquired, or any income or profits therefrom
unless all payments due under this Indenture and the Notes (and, in the case of Liens of a Subsidiary Guarantor, under the Note
Guarantee of such Subsidiary Guarantor) are secured on an equal and ratable basis with the obligations so secured until such time
as such obligations are no longer secured by a Triggering Lien.

 

(b)           
For purposes of determining compliance with this Section 4.13, a Lien securing an item of Indebtedness need not be permitted
solely by reference to the above paragraph or to one category (or portion thereof) of Permitted Liens described in clauses (a)
through (ee) of the definition of “Permitted Liens” but may be permitted in part under any combination thereof.

 

(c)           
With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence
of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased
Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual
of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form
of additional Indebtedness with the same terms or in the form of common equity of the Issuer, the payment of dividends on preferred
stock in the form of additional shares of preferred stock of the same class, accretion of original issue discount or liquidation
preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies
or increases in the value of property securing Indebtedness described in the definition of “Indebtedness.”

 

Section 4.14          
Permitted Business Activities.

 

The Issuer shall not, and shall not permit
any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such extent as would not
be material to the Issuer and its Restricted Subsidiaries, taken as a whole; it being understood that the Issuer and its Restricted
Subsidiaries shall be deemed to be in compliance with this Section 4.14 if the Issuer or its Restricted Subsidiaries acquire another
Person that is primarily engaged in Permitted Businesses or acquire business operations that primarily consist of Permitted Businesses
and continue to operate such acquired Person’s operations or such acquired business operations, as the case may be.

 

Section 4.15          
Offer to Repurchase upon Change of Control.

 

(a)           
If a Change of Control occurs after the Issue Date, except as described in Section 4.15(f), the Issuer shall make an offer
to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a
price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest to, but excluding, the date of purchase, subject to the right of Holders of record of Notes on
the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change
of Control, the Issuer shall give notice of such Change of Control Offer electronically or by first class mail, with a copy to
the Trustee, to each Holder of Notes to the address of such Holder appearing in the security register or otherwise in accordance
with the procedures of DTC, with the following information:

 

(1)             
 that a Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes properly tendered (and not
properly withdrawn) pursuant to such Change of Control Offer shall be accepted for payment by the Issuer;

 

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(2)             
the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 60 days from the
date such notice is delivered, subject to the last sentence of Section 4.15(e) in the event that the Change of Control Offer is
made in advance of a Change of Control, conditional upon such Change of Control (the date of payment and purchase for Notes pursuant
to the Change of Control Offer, the “Change of Control Payment Date”);

 

(3)             
that any Note not properly tendered (or tendered but properly withdrawn and not properly retendered) shall remain outstanding
and continue to accrue interest;

 

(4)             
that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer shall cease to accrue interest on the Change of Control Payment Date;

 

(5)             
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying
Agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding
the Change of Control Payment Date or comply with applicable procedures of DTC for such tender;

 

(6)             
that Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such
Notes; provided that the Paying Agent receives, not later than the expiration time of the Change of Control Offer, a facsimile
transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase,
and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased or the Holder
complies with the applicable procedures of DTC for such withdrawal;

 

(7)             
that if a Holder requests that only a portion of a note held by it be purchased, such Holder shall be issued (or receive
a book-entry interest in) a new note equal in principal amount to the unpurchased portion of the Note surrendered; provided
that the unpurchased portion of such Note must be equal to $2,000 or an integral multiple of $1,000 in excess thereof;

 

(8)             
if such notice is delivered prior to the occurrence of a Change of Control, a statement that the Change of Control Offer
is conditional on the occurrence of such Change of Control; and

 

(9)             
the other instructions, as determined by the Issuer, consistent with this Section 4.15, that a Holder must follow.

 

While the Notes are in global form and the
Issuer makes a Change of Control Offer, a Holder may exercise its option to elect for the purchase of the Notes (and any election
to withdraw its tendered Notes) through the facilities of DTC, subject to DTC’s rules, regulations and applicable procedures.

 

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(b)          
On the Change of Control Payment Date, the Issuer shall, to the extent lawful:

 

(1)             
 accept for payment all Notes or portions of Notes properly tendered (and not properly withdrawn) pursuant to the Change
of Control Offer;

 

(2)             
unless deposited before the Change of Control Payment Date (but in any case, prior to 12:00 noon, New York City time, on
the Change of Control Payment Date), deposit with the Paying Agent an amount equal to the Change of Control Payment in respect
of all Notes or portions of Notes accepted for payment; and

 

(3)             
deliver or cause to be delivered to the Trustee the Notes accepted for payment together with an Officer’s Certificate
stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer.

 

(c)           
The Paying Agent will promptly remit to each Holder of Notes properly tendered (and not properly withdrawn) in the Change
of Control Payment for such Notes, and the Trustee, upon receipt of an Authentication Order from the Issuer, will promptly authenticate
and deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple
of $1,000 in excess thereof. The Issuer shall publicly announce the results of the Change of Control Offer on or as soon as practicable
after the Change of Control Payment Date.

 

(d)           
If the Change of Control Payment Date is on or after the relevant Record Date and on or before the related Interest Payment
Date, the accrued and unpaid interest, if any, shall be paid on such Interest Payment Date to the Person in whose name the Note
is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders whose Notes
are tendered pursuant to the Change of Control Offer.

 

(e)           
Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control,
and conditioned upon the occurrence of such Change of Control, if a definitive agreement is in place for the Change of Control
at the time of making the Change of Control Offer. If such a conditional Change of Control Offer is made, the Change of Control
Payment Date may be delayed, in the Issuer’s discretion, until such time as such Change of Control shall have occurred, or
if such Change of Control shall not have occurred by the applicable Change of Control Payment Date (whether the original Change
of Control Payment Date or the Change of Control Payment Date so delayed), then such Change of Control Offer may be rescinded by
the Issuer.

 

(f)           
The Issuer shall not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes
the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered (and not properly withdrawn)
under the Change of Control Offer or (2) a notice of redemption that is or has become unconditional (other
than with respect to any conditions relating to the actual occurrence of such Change of Control)  has been given pursuant
to this Indenture as described in Section 3.07 unless and until there is a default in payment of the applicable redemption price.

 

(g)           
The Issuer shall comply with all applicable securities laws and regulations, including the requirements of Rule 14e-1
under the Exchange Act. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section
4.15, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 4.15 by virtue of such compliance.

 

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(h)           
 In the event that Holders of not less than 90% in aggregate principal amount of the then outstanding Notes accept a Change
of Control Offer and the Issuer (or any third party making such Change of Control Offer in lieu of the Issuer as described in Section
4.15(f)) purchases all of the Notes properly tendered (and not properly withdrawn) under the Change of Control Offer by such Holders,
the Issuer will have the right, upon not less than 15 nor more than 60 days’ prior notice, but given not more than 30 days
following the Change of Control Payment Date of the Change of Control Offer described above, to redeem all of the Notes that remain
outstanding following such purchase pursuant to such Change of Control Offer at a redemption price equal to the Change of Control
Payment (subject to the rights of Holders of the Notes on the relevant record date to receive interest due on the relevant Interest
Payment Date that is on or prior to the applicable redemption date).

 

(i)            
Other than as specifically provided in this Section 4.15, any purchase pursuant to this Section 4.15 shall be made pursuant
to Sections 3.02, 3.05 and 3.06.

 

Section 4.16           
Future Guarantors.

 

(a)           
The Issuer shall cause each Restricted Subsidiary which Guarantees obligations of the Issuer or another guarantor under,
or is a borrower or obligor under, any Credit Facility (other than Designated SPE Debt), syndicated loan facility, capital markets
debt or similar Indebtedness (collectively, “Guarantor Obligation Debt”) to execute and deliver to the Trustee
a supplemental indenture to this Indenture substantially in the form of Exhibit B attached hereto within 30 days after the giving
of such Guarantee of, or becoming a borrower or obligor under, such Guarantor Obligation Debt pursuant to which such Restricted
Subsidiary shall irrevocably and unconditionally (subject to the customary release provisions described below) Guarantee, on a
joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes
on a senior basis and all other obligations under this Indenture. Notwithstanding the foregoing, if a Subsidiary Guarantor is released
and discharged in full from its Guarantee of or obligations under such Guarantor Obligation Debt (and is not then a guarantor of,
or obligor or borrower under, other Guarantor Obligation Debt such that it would be required to provide a Note Guarantee under
this Section 4.16(a)), then the Note Guarantee of such Subsidiary Guarantor shall be automatically and unconditionally released
and discharged.

 

(b)           
The Note Guarantee of any Subsidiary Guarantor shall be released in accordance with the provisions of Section 10.06(a).

 

(c)           
The Issuer at any time at its sole option may cause any Non-Guarantor to become a Subsidiary Guarantor by executing a supplemental
indenture to this Indenture.

 

Section 4.17           
Designation of Restricted and Unrestricted Subsidiaries.

 

The Board of Directors of the Issuer
may designate any Restricted Subsidiary of the Issuer to be an Unrestricted Subsidiary if that designation would not cause a
Default. If a Restricted Subsidiary of the Issuer is designated as an Unrestricted Subsidiary, the aggregate Fair Market
Value of all outstanding Investments owned by the Issuer and its Restricted Subsidiaries in the Subsidiary designated as an
Unrestricted Subsidiary shall be deemed to be an Investment made as of the time of the designation and shall reduce the
Cumulative Buildup Basket or amounts available under one or more clauses of the definition of Permitted Investments or one or
more clauses of Section 4.08(b) as determined by the Issuer. That designation shall only be permitted if the Investment would
be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The
Board of Directors of the Issuer may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if (i) that
redesignation would not cause a Default and (ii) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding
immediately after such redesignation would, if incurred at such time, have been permitted to be incurred (and shall be deemed
to have been incurred) under this Indenture.

 

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Any designation of a Subsidiary of the Issuer
as an Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of
the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the preceding conditions and was permitted by Section 4.08.

 

Section 4.18           
Effectiveness of Covenants.

 

(a)           
At any time after the Notes have received Investment Grade Ratings from two Rating Agencies (a “Covenant Suspension
Event”), upon notice by the Issuer to the Trustee certifying that a Covenant Suspension Event has occurred and that at
the time of the giving of such notice no Default has occurred and is continuing under this Indenture (a “Covenant
Suspension Event Notice”), then, beginning on the day such notice is given and continuing until the Reversion Date (as defined
below), the Issuer and its Restricted Subsidiaries shall not be subject to the following Sections of this Indenture (collectively,
the “Suspended Covenants”):

 

(1)             
Section 4.08;

 

(2)             
Section 4.09;

 

(3)             
Section 4.10;

 

(4)             
Section 4.11;

 

(5)             
Section 4.12;

 

(6)             
Section 4.14;

 

(7)             
Section 4.16 (but only with respect to any Restricted Subsidiary that would otherwise be required to become a Subsidiary
Guarantor after the Suspension Date and prior to the Reversion Date); and

 

(8)             
Section 5.01(a)(4).

 

(b)          
If at any time the Notes cease to have Investment Grade Ratings from two Rating Agencies, then the Suspended Covenants shall
thereafter be reinstated as if such covenants had never been suspended (the “Reversion Date”) and be applicable
pursuant to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance
with the terms of this Indenture), unless and until a subsequent Covenant Suspension Event occurs and a Covenant Suspension Event
Notice is delivered to the Trustee (in which event the Suspended Covenants shall no longer be in effect unless and until the
Notes cease to have such Investment Grade Ratings from two Rating Agencies); provided, however, that no Default or
Event of Default or breach of any kind shall be deemed to exist under this Indenture or the Notes (or any Note Guarantee) with
respect to the Suspended Covenants based on, and none of the Issuer or any of its Subsidiaries shall bear any liability under the
Suspended Covenants for, any actions taken or events occurring during the Suspension Period (as defined below), or any actions
taken at any time pursuant to any contractual obligation arising prior to the Reversion Date, regardless of whether such actions
or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of
time between the date of suspension of the covenants and the Reversion Date is referred to as the “Suspension Period.”

 

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(c)           
 On the Reversion Date, all Indebtedness incurred during the Suspension Period shall be classified to have been incurred
pursuant to Section 4.10(a) or one of the clauses set forth in Section 4.10(b) (to the extent such Indebtedness would be permitted
to be incurred thereunder as of the Reversion Date and after giving effect to the Indebtedness incurred prior to the Suspension
Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be incurred pursuant
to Section 4.10(a) or Section 4.10(b) such Indebtedness shall be deemed to have been Existing Indebtedness, so that it is classified
as permitted Section 4.10(b)(2). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments
under Section 4.08 shall be made as though Section 4.08 had been in effect since the Issue Date and throughout the Suspension Period.
Accordingly, Restricted Payments made during the Suspension Period and not otherwise permitted under Section 4.08(b) shall reduce
the amount available to be made as Restricted Payments under Section 4.08(a). During the Suspension Period, any obligation to grant
Note Guarantees with respect to any Restricted Subsidiary that would otherwise be required to become a Subsidiary Guarantor after
the Suspension Date and prior to the Reversion Date shall be suspended. Such obligation to grant Note Guarantees shall be reinstated
upon the Reversion Date, if applicable.

 

(d)           
During the Suspension Period, the Board of Directors of the Issuer may not designate any of the Restricted Subsidiaries
as Unrestricted Subsidiaries pursuant to this Indenture.

 

(e)           
The Issuer shall provide each of the Trustee and the Holders with prompt written notice of any suspension of the Suspended
Covenants or the subsequent reinstatement of such Suspended Covenants, which may be given in a filing on EDGAR.

 

(f)            
The Issuer shall deliver an Officer’s Certificate to the Trustee, specifying (1) if a Covenant Suspension Event has
occurred or has ended and (2) the dates of the commencement or ending of any Suspension Period. The Trustee shall not have any
duty to monitor whether or not a Covenant Suspension Event has occurred or ended nor any duty to notify the Holders of any of the
foregoing.

 

Section 4.19           
Financial Calculations for Limited Condition Acquisitions.

 

When calculating the availability
under any threshold based on a dollar amount, percentage of Consolidated Tangible Assets or other financial measure (a
 “basket”) or ratio under this Indenture, in each case, in connection with a Limited Condition Acquisition,
the date of determination of such basket or ratio and of any Default or Event of Default may, at the option of the Issuer, be
the date the definitive agreement(s) for such Limited Condition Acquisition is entered into. Any such ratio or basket shall
be calculated on a pro forma basis, including with such adjustments as are appropriate and consistent with the pro
forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio, after giving effect to such
Limited Condition Acquisition and other transactions in connection therewith (including any incurrence or issuance of
Indebtedness or preferred stock and the use of proceeds thereof) as if they had been consummated at the beginning of the
applicable period for purposes of determining the ability to consummate any such Limited Condition Acquisition (and not for
purposes of any subsequent availability of any basket or ratio); provided that if the Issuer elects to make such
determination as of the date of such definitive agreement(s), then (a) if any of such ratios are no longer complied with or
baskets are exceeded as a result of fluctuations in such ratio or basket subsequent to such date of determination and at or
prior to the consummation of the relevant Limited Condition Acquisition, such ratios or baskets will not be deemed to have
been no longer complied with or exceeded as a result of such fluctuations solely for purposes of determining whether the
Limited Condition Acquisition is permitted under this Indenture and (b) such ratios or baskets shall not be tested at the
time of consummation of such Limited Condition Acquisition or related transactions; provided, further, that if
the Issuer elects to have such determinations occur at the time of entry into such definitive agreement(s), any such
transactions (including any incurrence or issuance of Indebtedness or preferred stock and the use of proceeds thereof, the
granting, creation, incurrence or suffering to exist of any Lien and the making of any Investment) shall be deemed to have
occurred on the date the definitive agreement(s) is entered into and shall be deemed outstanding thereafter for purposes of
calculating any ratios or baskets under this Indenture after the date of such definitive agreement(s) and before the
consummation of such Limited Condition Acquisition, unless such definitive agreement(s) is terminated or such Limited
Condition Acquisition or incurrence or issuance of Indebtedness or preferred stock or such other transaction to which pro
forma effect is being given is abandoned or with respect to which the Issuer has notified the Trustee in writing will not
occur.

 

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Article
5

SUCCESSORS

 

Section 5.01           
Merger, Consolidation or Sale of Assets.

 

(a)           
The Issuer shall not directly or indirectly: (1) consolidate, amalgamate or merge with or into another Person (whether
or not it is the surviving corporation); or (2) sell, assign, lease, transfer, convey or otherwise dispose of all or substantially
all of its properties or assets, taken as a whole, in one or more related transactions, to another Person, unless:

 

(1)             
either:

 

(a)               
the Issuer is the surviving corporation; or

 

(b)               
the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer) or to which
such sale, assignment, lease, transfer, conveyance or other disposition has been made (the “Surviving Person”)
is a Person organized or existing under the laws of the United States, any state of the United States or the District
of Columbia; provided that if such Surviving Person is not a corporation, a Restricted Subsidiary that is a corporation
shall become a co-obligor of the Notes pursuant to a supplemental indenture reasonably satisfactory to the Trustee;

 

(2)             
the Surviving Person (if other than the Issuer) assumes all the obligations of the Issuer under the Notes and this
Indenture pursuant to a supplemental indenture reasonably satisfactory to the Trustee;

 

(3)             
immediately after such transaction, no Default or Event of Default exists;

 

(4)             
any of the following is true:

 

(a)               
on the date of such transaction after giving pro forma effect thereto and any related financing transactions
as if the same had occurred at the beginning of the applicable four-quarter period, the Issuer, or the Surviving Person, would
be permitted to incur at least $1.00 of additional Indebtedness pursuant to Section 4.10(a);

 

(b)               
the Fixed Charge Coverage Ratio of the Issuer or the Surviving Person, after giving pro forma effect to such
transaction and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter
period, would be greater than or equal to the actual Fixed Charge Coverage Ratio of the Issuer immediately prior to such transaction; or

 

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(c)               
 the Indebtedness to Consolidated Tangible Net Worth Ratio of the Issuer or the Surviving Person, after giving pro forma
effect to such transaction and any related financing transactions as if the same had occurred at the end of the last full fiscal
quarter, would be less than or equal to the actual Indebtedness to Consolidated Tangible Net Worth Ratio of the Issuer immediately
prior to such transaction;

 

and

 

(5)             
the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation, merger or amalgamation, or sale, assignment, lease, transfer, conveyance or other disposition and such supplemental
indenture, if any, comply with this Indenture and constitutes the legal, valid and binding obligation of the Issuer enforceable
against it in accordance with its terms.

 

(b)           
Sections 5.01(a)(1) through (5) above and Section 5.01(d)(1) shall not apply to: (a) any Restricted Subsidiary
of the Issuer merging, amalgamating or consolidating with or into the Issuer or another Restricted Subsidiary; or (b) the
transfer of assets between or among the Issuer’s Restricted Subsidiaries, or from any of the Issuer’s Restricted Subsidiaries
to the Issuer. Sections 5.01(a)(3), (4) and (5) above shall not apply to the sale, assignment, conveyance, transfer, lease
or other disposition of all or substantially all of the assets of the Issuer to an Affiliate incorporated or organized solely for
the purpose of reincorporating or reorganizing the Issuer in another state in the United States and/or for the sole purpose of
forming or collapsing a holding company structure.

 

(c)           
The Surviving Person shall succeed to, and be substituted for, and may exercise every right and power of the Issuer under
this Indenture. In the case of a lease, however, the Issuer shall not be released from any of the obligations or covenants under
this Indenture.

 

(d)           
Unless the Note Guarantee of the applicable Subsidiary Guarantor is permitted to be released in connection with such transaction
as described in Section 4.16 or Section 10.06, such Subsidiary Guarantor may not sell or otherwise dispose of all or substantially
all of its assets to, or consolidate with or amalgamate or merge with or into (whether or not it is the surviving Person) another
Person, other than the Issuer or another Subsidiary Guarantor, unless:

 

(1)             
immediately after giving effect to that transaction, no Default or Event of Default exists; and

 

(2)             
either:

 

(a)               
the Person (if other than the Issuer or a Subsidiary Guarantor) acquiring the property in any such sale or disposition
or the Person (if other than the Issuer or a Subsidiary Guarantor) formed by or surviving any such consolidation or amalgamation
or merger assumes all the obligations of that Subsidiary Guarantor, as applicable, under this Indenture and its Note Guarantee
pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or

 

(b)               
such transfer does not violate Section 4.11.

 

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Section 5.02           
Successor Entity Substituted.

 

Upon any consolidation, merger, amalgamation,
or winding up, in each case including by way of an arrangement, or any sale, assignment, transfer, lease, conveyance or other disposition
of all or substantially all of the assets of the Issuer or any Subsidiary Guarantor in accordance with Section 5.01, the successor
Person formed by such consolidation or into or with which the Issuer or any Subsidiary Guarantor, as applicable, is merged with
or into, or amalgamated or consolidated with or wound up into, or undergoes an arrangement with, or to which such sale, assignment,
transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date
of such consolidation, merger, winding up, sale, assignment, lease, transfer, conveyance or other disposition, the provisions of
this Indenture referring to the Issuer or such Subsidiary Guarantor, as applicable, shall refer instead to the successor entity
and not to the Issuer or such Subsidiary Guarantor, as applicable), and may exercise every right and power of the Issuer or such
Subsidiary Guarantor, as applicable, under this Indenture and the Notes (and any Note Guarantees) with the same effect as if such
successor Person had been named as the Issuer or such Subsidiary Guarantor, as applicable, herein; provided that, in the
case of a lease of all or substantially all its assets, the Issuer shall not be released from the obligation to pay the principal
of and interest on the Notes, and such Subsidiary Guarantor shall not be released from its obligations under its Note Guarantee.

 

Article
6

DEFAULTS AND REMEDIES

 

Section 6.01           
Events of Default.

 

(a)            
Each of the following is an “Event of Default”:

 

(1)             
default for 30 days in the payment when due of interest on the Notes;

 

(2)             
default in the payment when due (at maturity, upon redemption, acceleration or otherwise) of the principal of, or premium,
if any, on, the Notes (including the failure to make payment on a Change of Control Payment Date);

 

(3)             
failure by the Issuer or any Restricted Subsidiary of the Issuer to comply with Section 5.01;

 

(4)             
failure by the Issuer or any Restricted Subsidiary of the Issuer for 60 days (or
90 days in the case of Section 4.03) after notice to the Issuer by the Trustee or the Holders (by notice to the Trustee
and the Issuer) of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of the other agreements
in this Indenture;

 

(5)             
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed (other than Designated SPE Debt, but including any Guarantee of Designated SPE Debt)
by the Issuer or any Restricted Subsidiary of the Issuer (or the payment of which is Guaranteed by the Issuer or any Restricted
Subsidiary of the Issuer), other than Indebtedness owed to the Issuer or its Restricted Subsidiaries, whether such Indebtedness
or Guarantee now exists, or is created after the Issue Date, if that default:

 

(a)               
is caused by a failure to pay principal at the final Stated Maturity of such Indebtedness (a “Payment Default”); or

 

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(b)               
 results in the acceleration of such Indebtedness prior to its express maturity;

 

and, in each case, the principal amount of such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity
of which has been so accelerated and remains unpaid, aggregates $30.0 million or more;

 

(6)             
with respect to any judgment or decree for the payment of money (net of any amount covered by insurance issued by a
reputable and creditworthy insurer that has not contested coverage) in excess of $30.0 million or its foreign currency equivalent
against the Issuer or any Restricted Subsidiary of the Issuer, the failure by the Issuer or such Restricted Subsidiary, as applicable,
to pay such judgment or decree, which judgment or decree has remained outstanding for a period of 60 days after such judgment
or decree became final and nonappealable without being paid, discharged, waived or stayed;

 

(7)             
except as permitted by this Indenture, any Note Guarantee of any Significant Subsidiary of the Issuer is declared to be
unenforceable or invalid by any judgment or decree or ceases for any reason to be in full force and effect, or the Issuer or any
Subsidiary Guarantor or any Person acting on behalf of the Issuer or any Subsidiary Guarantor that is a Significant Subsidiary
denies or disaffirms its obligations in writing under its Note Guarantee and any such Default continues for 10 days after
receipt of the notice specified in this Indenture;

 

(8)             
the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together, would
constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:

 

(i) commences proceedings to be
adjudicated bankrupt or insolvent;

 

(ii) consents to the institution
of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking an arrangement
of debt, reorganization, dissolution, winding up or relief under applicable Bankruptcy Law;

 

(iii) consents to the appointment
of a custodian, receiver, interim receiver, receiver and manager, liquidator, assignee, trustees, sequestrator or other similar
official of it or for all or substantially all of its property;

 

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

 

(v) generally is not paying its
debts as they become due; or

 

(9)            
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(a)               
is for relief against the Issuer, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, in a proceeding in which the Issuer, any such Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent;

 

(b)                appoints
a custodian, receiver, interim receiver, receiver and manager, liquidator, assignee, trustees, sequestrator or other similar
official of the Issuer, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer, any Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or

 

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(c)               
orders the liquidation, dissolution, readjustment of debt, reorganization or winding up of the Issuer, or any Significant
Subsidiary or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary;

 

and the order or decree remains unstayed and in effect for 60
consecutive days.

 

(b)           
In the event of a declaration of acceleration of the Notes because an Event of Default described in Section 6.01(a)(5) has
occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if:

 

(1)             
the default triggering such Event of Default pursuant to Section 6.01(a)(5) shall be remedied or cured by the Issuer or
any of its Restricted Subsidiaries or waived by the holders of the relevant Indebtedness within 30 days after the declaration
of acceleration with respect thereto, and

 

(2)             
(i) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent
jurisdiction and (ii) all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the
Notes that became due solely because of the acceleration of the Notes, have been cured or waived and all outstanding amounts owing
to the Trustee have been paid.

 

Section 6.02           
Acceleration.

 

(a)            
If an Event of Default (other than an Event of Default specified in Section 6.01(a)(8) or (9)) occurs and is continuing,
the Trustee (acting at the direction of the Holders of at least 25% in aggregate principal amount of the then outstanding Notes)
by written notice to the Issuer, specifying the Event of Default, or the Holders of at least 25% in aggregate principal amount
of the then outstanding Notes by notice to the Issuer and the Trustee, may, and Trustee at the written request of such Holders
shall, declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable
immediately. Upon the effectiveness of such a declaration, such principal, premium, if any, and accrued and unpaid interest, if
any, shall be due and payable immediately.

 

(b)           
If an Event of Default specified in Section 6.01(a)(8) or (9) occurs and is continuing, the principal of, premium, if any,
and accrued and unpaid interest, if any, on all the Notes shall become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holders.

 

Section 6.03           
Other Remedies.

 

If an Event of Default occurs and is continuing,
the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or
to enforce the performance of any provision of the Notes or this Indenture.

 

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

 

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Section 6.04           
Waiver of Past Defaults.

 

The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may on behalf of all Holders rescind an acceleration or waive
any existing Default or Event of Default and its consequences hereunder (including any related payment default that resulted from
such acceleration), except:

 

(1)             
a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes;
and

 

(2)             
a Default with respect to a provision that under Section 9.02(e) cannot be amended, supplemented or waived without the consent
of each Holder affected,

 

provided that, in the case of the rescission
of any acceleration with respect to the Notes, (1) the rescission would not conflict with any judgment or decree of a court
of competent jurisdiction and (2) all existing Events of Default (except nonpayment of the principal of, premium, if any,
and interest on the Notes that have become due solely by such declaration of acceleration) have been cured or waived.

 

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

 

If a Default is deemed to occur solely because
a Default (the “Initial Default”) already existed, and such Initial Default is subsequently cured and is not
continuing, the Default or Event of Default resulting solely because the Initial Default existed shall be deemed cured, and shall
be deemed annulled, waived and rescinded without any further action required.

 

Section 6.05           
Control by Majority.

 

The Holders of a majority in aggregate principal
amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available
to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture, the Notes or any Note Guarantee, or that the Trustee determines in good faith is unduly
prejudicial to the rights of any other Holder (it being understood that the Trustee shall not have an affirmative duty to ascertain
whether or not any such direction is unduly prejudicial to any other Holder) or that would involve the Trustee in personal liability
or expense.

 

Section 6.06           
Limitation on Suits.

 

Subject to Section 6.07, no Holder of a
Note may pursue any remedy with respect to this Indenture or the Notes or for the appointment of a receiver or the Trustee, or
for any other remedy hereunder, unless:

 

(1)             
such Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)             
the Holders of at least 25% in aggregate principal amount of the then outstanding Notes have requested the Trustee in writing
to pursue the remedy;

 

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(3)               
 such Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability
or expense;

 

(4)               
the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense; and

 

(5)               
the Holders of a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction
that, in the opinion of the Trustee, is inconsistent with such request within such 60-day period.

 

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

 

Section 6.07           
Rights of Holders to Receive Payment.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest on its Notes, on or after the
respective due dates expressed or provided for in such Note (including in connection with an Asset Sale Offer or a Change of Control
Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder.

 

Section 6.08           
Collection Suit by Trustee.

 

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

 

Section 6.09           
Restoration of Rights and Remedies.

 

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

 

Section 6.10           
Rights and Remedies Cumulative.

 

Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy is, to the extent permitted by law, cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy.

 

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Section 6.11           
Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of
any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be.

 

Section 6.12           
Trustee May File Proofs of Claim.

 

The Trustee may file proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of each of the Trustee, their respective agents and counsel)
and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes, including
any Subsidiary Guarantors), its creditors or its property and is entitled and empowered to participate as a member in any official
committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable
on any such claims. Any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to
the Trustee any amount due to each of them for the reasonable compensation, expenses, disbursements and advances of the Trustee
and their respective agents and counsel, and any other amounts due to the Trustee or Agent hereunder. To the extent that the payment
of any such compensation, expenses, disbursements and advances of the Trustee, their respective agents and counsel, and any other
amounts due the Trustee under or Agent hereunder out of the estate in any such proceeding, shall be denied for any reason, payment
of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and
other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the
rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section 6.13           
Priorities.

 

If the Trustee collects any money or property
pursuant to this Article 6, it shall pay out the money in the following order:

 

(1)               
to the Trustee or any Agent and their respective agents and attorneys for amounts due hereunder, including payment of all
reasonable compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection;

 

(2)               
to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and

 

(3)               
to the Issuer or to such party as a court of competent jurisdiction shall direct, including any Subsidiary Guarantor, if
applicable.

 

The Trustee may fix a record date and payment date for any payment
to Holders pursuant to this Section 6.13. Promptly after any record date is set pursuant to this Section 6.13, the Trustee shall
cause notice of such record date and payment date to be given to the Issuer and to each Holder in the manner set forth in Section
12.01.

 

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Section 6.14           
Undertaking for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as the Trustee,
a court in its discretion may require the filing by any party litigant in such suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.14 does not apply to a suit by the Trustee a suit by a Holder pursuant to Section 6.07, or a suit by Holders of
more than 10% in aggregate principal amount of the then outstanding Notes.

 

Article
7

TRUSTEE

 

Section 7.01           
Duties of Trustee.

 

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

 

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

 

(1)               
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the
Trustee shall not be liable except for the performance of such duties, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

 

(2)               
in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon resolutions, statements, instruments, notices, directions,
certificates and/or opinions furnished to the Trustee and conforming on their face to the requirements of this Indenture. However,
in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the
Trustee, the Trustee shall 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 stated therein).
The Trustee may (but shall in no way be obligated to) make further inquiry or investigation into such facts or materials as it
sees fit.

 

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

 

(1)               
this Section 7.01(c) shall not be construed to limit the effect of Section 7.01(b);

 

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

 

(3)               
the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance
with the direction of the Holders of at least a majority in aggregate principal amount of the outstanding Notes relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
upon the Trustee under this Indenture or believed by it to be authorized or permitted by this Indenture.

 

(d)               
Subject to this Article 7, if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of its rights or powers under this Indenture at the request or direction of any of the Holders unless the Holders
have offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, cost, liability or expense.

 

(e)               
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Issuer.

 

(f)                
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except
for money held in trust under Article 8.

 

(g)               
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to this Article 7.

 

Section 7.02           
Rights of Trustee.

 

(a)               
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both conforming to Section 12.03. The Trustee shall not be liable for any action it takes or omits to take in good faith
in conclusive reliance on the Officer’s Certificate or Opinion of Counsel.

 

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

 

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

 

(d)               
The Trustee may consult with counsel of its selection, and the written or verbal advice or opinion of counsel with respect
to legal matters relating to this Indenture and the Notes, including any Opinion of Counsel, shall be full and complete authorization
and protection from liability in respect to any action taken, suffered or omitted to be taken by it hereunder in good faith and
in accordance with the advice or opinion of such counsel, including any Opinion of Counsel.

 

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

 

(f)                 The
Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions or
agreements, or perform any calculation hereunder or in connection herewith, on the part of the Issuer (or Subsidiary
Guarantor, as applicable), but the Trustee may require of the Issuer full information and advice as to the performance of the
covenants, conditions and agreements contained herein.

 

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(g)               
The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty and, with
respect to such permissive rights, the Trustee shall not be answerable for anything other than its negligence or willful misconduct;

 

(h)               
Except for an Event of Default under Section 6.01(a)(1) or (2) hereof, the Trustee shall not be deemed to
have notice or be charged with knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer of
the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. In the absence
of any such notice or actual knowledge, and except for a Default under Section 6.01(a)(1) or (2) hereof, the Trustee
may conclusively assume that no Default or Event of Default exists.

 

(i)                
The rights, privileges, protections, immunities and benefits given to the Trustee hereunder, including their respective
right of reimbursement for fees and expenses (including attorney fees and expenses) and the right to be indemnified, are extended
to the Trustee in each of its capacities hereunder and shall be enforceable by, the Agents and to each other agent, custodian and
Person employed to act hereunder.

 

(j)                
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including 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, labor dispute, disease, epidemic or pandemics, quarantine, national emergency, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services,
communications system failure, malware or ransomware or unavailability of the Federal Reserve Bank wire or telex system or other
wire or other funds transfer systems or unavailability of any securities clearing system, it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

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

 

(l)                
Any request or direction of the Issuer or other Person mentioned herein shall be sufficiently evidenced by an Officer’s
Certificate or certificate of an Officer of such other Person and any resolution of the Board of Directors of the Issuer or of
such other Person may be sufficiently evidenced by a board resolution certified by the secretary or assistant secretary (or similar
officer) of such Person.

 

(m)             
The Trustee may request that the Issuer 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, which certificate may be updated and delivered to
the Trustee at any time by the Issuer in its discretion.

 

(n)                The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of the percentage of Holders specified herein unless such Holders shall have furnished to (or caused to be
furnished to) the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities,
including attorneys’ fees and expenses, that might be incurred by the Trustee therein or thereby.

 

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(o)               
Nothing in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers.

 

(p)               
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 their respective 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 them.

 

(q)               
The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the name of the individuals
and/or titles of officers authorized at such time to take specific actions pursuant to this Indenture, which Officer’s Certificate
may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized
in any such Officer’s Certificate previously delivered and not superseded.

 

(r)                
To help fight the funding of terrorism and money laundering activities, the Trustee shall obtain, verify, and record information
that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee shall ask
for and the parties hereby agree that they shall provide the Trustee with such information as it may request, including but not
limited to, each party’s the name, address, tax identification number and other information that shall allow the Trustee
to identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for
formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided.

 

(s)                
Notwithstanding anything to the contrary herein, any and all communications (both text and attachments) by or from the Trustee
that the Trustee deems to contain confidential, proprietary, and/or sensitive information and sent by electronic mail shall be
encrypted. The recipient of the email communication shall be required to complete a one-time registration process.

 

(t)                
Trustee shall have no liability or responsibility for the action or inaction of any Depositary.

 

(u)               
Under no circumstances will the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.

 

(v)               
The Trustee shall have no obligation to pursue any action that is not in accordance with applicable law.

 

(w)             
 If any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice
to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such
event occurred, unless such Responsible Officer of the Trustee had actual knowledge of such event.

 

(x)               
The Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any
other matters relating to payment) or notice effected by the Issuer or any Paying Agent or any records maintained by any co-Registrar
with respect to the Notes.

 

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Section 7.03           
Individual Rights of the Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights
it would have if it were not the Trustee. Any Agent or any other agent of the Trustee or any Agent may do the same with like rights.

 

Section 7.04           
Trustee’s Disclaimer.

 

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

 

Section 7.05           
Notice of Defaults.

 

If a Default occurs and is continuing and
is actually known to a Responsible Officer of the Trustee, the Trustee shall send to each Holder a notice of the Default within
90 days after it is actually known to a Responsible Officer or written notice of it is received by a Responsible Officer of
the Trustee, but if the Trustee obtains actual knowledge or receives written notice of the occurrence and continuance of a default
or an Event of Default from the Company or any Holder after 90 days following the occurrence and continuance of such default or
Event of Default, the Trustee shall send a notice of such default or Event of Default to the Holders within 30 days after it obtains
actual knowledge or receives written notice of such a default or Event of Default . Except in the case of a Default specified
in Section 6.01(a)(1) or (2), the Trustee may withhold from the Holders notice of any continuing Default if a Responsible
Officer of the Trustee determines in good faith that withholding the notice is in the interests of the Holders.

 

Section 7.06           
Limitation on Trustee’s Liability.

 

Except as provided in this Article, in accepting
the trusts hereby created, the Trustee is acting solely as Trustee hereunder and not in its individual capacity and, except as
provided in this Article, all Persons having any claim against the Trustee by reason of the transactions contemplated by this Indenture
or any Note shall look only to the Issuer for payment or satisfaction thereof.

 

Section 7.07           
Compensation and Indemnity.

 

(a)                The
Issuer and any Subsidiary Guarantors, jointly and severally, shall pay to the Trustee (acting in any capacity hereunder) from
time to time such compensation for its services as shall be agreed to in writing from time to time by the Issuer, any
Subsidiary Guarantors and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Issuer shall reimburse the Trustee (acting in any capacity hereunder) upon request
for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the
compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and
advances of the Trustee’s (or any Agent’s) agents, counsel, accountants and experts. The Issuer and any
Subsidiary Guarantors, jointly and severally, shall indemnify the Trustee (acting in any capacity hereunder and under any
other document or transaction entered into in connection herewith), their agents, representatives, officers, directors,
employees and attorneys against any and all loss, liability, damage, claim, costs (whether asserted by the Issuer, any
Subsidiary Guarantor, a Holder or any other person), fees or expenses (including reasonable compensation, fees, expenses and
court costs and disbursements of the Trustee’s counsel) arising out of or in connection with the administration of this
trust and the performance of its duties, or in connection with the enforcement of any rights hereunder (including reasonable
counsel fees and expenses and court costs in connection with the enforcement of this Section 7.07) and defending itself
against any claim (whether asserted by the Issuer, any Subsidiary Guarantor, any Holder or any other Person), or arising out
of or in connection with the exercise or performance of any of its rights or powers hereunder. The Trustee or Agent, as
the case maybe, shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by a Trustee or
Agent, as the case maybe, to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer
shall defend the claim and the Trustee shall provide reasonable cooperation in such defense. The Trustee or Agent, as
the case maybe, may have separate counsel of its selection and the Issuer shall pay the fees and expenses of such counsel
reasonably acceptable to the Issuer; Notwithstanding the foregoing, the Issuer need not reimburse any expense or
indemnify against any loss, liability, damage, claim or expense incurred by the Trustee through its own willful misconduct or
negligence as finally adjudicated by a court of competent jurisdiction.

 

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(b)               
To secure the payment obligations of the Issuer and any Subsidiary Guarantors hereunder, the Trustee shall have a Lien prior
to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, other than money or property
held in trust to pay principal of and interest, if any, on particular Notes.

 

(c)               
The Issuer’s obligations under this Article 7 shall survive the resignation or removal of the Trustee and the satisfaction
and discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(a)(8)
or (9) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy
Law.

 

Section 7.08           
Replacement of Trustee.

 

(a)               
The Trustee may resign at any time by giving 30 days’ prior notice of such resignation to the Issuer and be discharged
from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing at least 30 days prior to such removal. The
Issuer shall remove the Trustee if:

 

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

 

(2)               
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law;

 

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

 

(4)               
the Trustee otherwise becomes incapable of acting.

 

(b)               
If the Trustee resigns or has been removed by the Holders, Holders of a majority in aggregate principal amount of the outstanding
Notes may appoint a successor Trustee. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office
of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee. If no successor is so appointed, the Trustee,
at expense of the Issuer, may petition a court of competent jurisdiction to appoint a successor. Within one year after the successor
Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor
Trustee to replace it with another successor Trustee appointed by the Issuer.

 

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(c)               
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders,
and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. The retiring or
removed Trustee shall have no liability or responsibility for the action or inaction of any successor Trustee.

 

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

 

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

 

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

 

Section 7.09           
Successor Trustee by Merger.

 

(a)               
If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust
business or assets to, another Person, the resulting, surviving or transferee Person without any further act shall, if such resulting,
surviving or transferee Person is otherwise eligible under this Indenture, be the successor to the Trustee. Such successor Person
shall, at the Issuer’s expense, execute such supplement or other documentation reasonably requested by the Issuer to evidence
such successor role.

 

(b)               
In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to
the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of the predecessor Trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates
shall have the full force which the Notes provide or this Indenture provides that the certificate of the Trustee shall have.

 

Section 7.10           
Eligibility; Disqualification.

 

The Trustee shall at all times be a corporation
or national association organized and doing business under the laws of the United States or of any state thereof that is authorized
under such laws to exercise corporate trustee power and that is subject to supervision or examination by federal or state authorities.
The Trustee together with its affiliates shall at all times have a combined capital surplus of at least $50 million as set forth
in its most recent annual report of condition.

 

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Article
8

 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01           
Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Issuer may, at its option and at any
time, elect to have either Section 8.02 or Section 8.03 applied to all outstanding Notes (and any Note Guarantees) upon compliance
with the conditions set forth below in this Article 8.

 

Section 8.02           
Legal Defeasance and Discharge.

 

(a)               
Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer and any Subsidiary
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from
their obligations with respect to all outstanding Notes (and any Note Guarantees) on the date the conditions set forth below are
satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding”
only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in Section 8.02(a)(1) and (2),
and to have satisfied all of its other obligations under the Notes and this Indenture, including that of any Subsidiary Guarantors
(and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except
for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(1)               
the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or premium or interest, if
any, on, such Notes when such payments are due from the trust created pursuant to this Indenture referred to in Section 8.04;

 

(2)               
the Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;

 

(3)               
the rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s (and any Subsidiary Guarantor’s)
obligations in connection therewith; and

 

(4)               
this Section 8.02.

 

(b)               
Following the Issuer’s exercise of its Legal Defeasance option, payment of the Notes may not be accelerated because
of an Event of Default. If the Issuer exercises its Legal Defeasance option, the Note Guarantees in effect at such time shall terminate.

 

(c)               
Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the
prior exercise of its option under Section 8.03.

 

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Section 8.03           
Covenant Defeasance.

 

Upon the Issuer’s exercise under
Section 8.01 of the option applicable to this Section 8.03, the Issuer and any Subsidiary Guarantors shall, subject to the
satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in
Sections 3.09, 4.03, 4.04, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18 and Sections 5.01(a)(3) and
(4) and (d) with respect to the outstanding Notes, and any Subsidiary Guarantors shall be deemed to have been
discharged from their obligations with respect to all Note Guarantees, on and after the date the conditions set forth in
Section 8.04 are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not
 “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such enumerated Sections, but shall continue to be deemed
 “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed
outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to this Indenture and
the outstanding Notes, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such enumerated Section, whether directly or indirectly, by reason of any reference elsewhere
herein to any such enumerated Section or by reason of any reference in any such enumerated Section to any other provision
herein or in any other document, and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In
addition, upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3) (solely with respect to the failure of the
Issuer to comply with Sections 5.01(a)(3), (a)(4) and (d)), 6.01(a)(4) (solely with respect to enumerated Sections that are
released as a result of such Covenant Defeasance), 6.01(a)(5), 6.01(a)(6), 6.01(a)(7) and 6.01(a)(8) (solely with respect to
Significant Subsidiaries or a group of Restricted Subsidiaries of the Issuer that, taken together would constitute a
Significant Subsidiary) and 6.01(a)(9) (solely with respect to Significant Subsidiaries or a group of Restricted Subsidiaries
of the Issuer that, taken together would constitute a Significant Subsidiary), in each case, shall not constitute Events of
Default.

 

Section 8.04           
Conditions to Legal or Covenant Defeasance.

 

(a)               
The following shall be the conditions to the exercise of either the Legal Defeasance option under Section 8.02 or the Covenant
Defeasance option under Section 8.03 with respect to the Notes:

 

(1)               
the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, for the benefit of the Holders of Notes, non-callable Government Securities, or a combination of cash in U.S. dollars,
and non-callable Government Securities, in amounts as will be sufficient, in the opinion or based on the report of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants in the United States, to pay the principal
of, and interest and premium, if any, on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption
date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated date for payment or to
a particular redemption date (for the avoidance of doubt, in the case of a defeasance that occurs in connection with a redemption
that is to occur on a redemption date pursuant to Section 3.07(b), the amount to be deposited shall be the amount that, as of the
date of such deposit, is reasonably deemed sufficient to make the redemption payment on the redemption date, in the good-faith
determination of the Board of Directors of the Issuer pursuant to a resolution of the Board of Directors of the Issuer and as evidenced
by an Officer’s Certificate, with any deficit in such redemption payment required to be deposited with the Trustee on or
prior to the redemption date);

 

(2)                in
the case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that (a) the
Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue
Date, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and
based thereon such Opinion of Counsel shall confirm that, the Holders and beneficial owners of the outstanding Notes shall
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and shall
be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred;

 

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(3)               
in the case of Covenant Defeasance, the Issuer must deliver to the Trustee an opinion of counsel confirming that the Holders
of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;

 

(4)               
no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event
of Default resulting from the borrowing of funds to be applied to such deposit (or the deposit
for other Indebtedness that is concurrently being defeased or discharged) and the incurrence of any Lien in respect thereof)
and such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any
material agreement or instrument (other than this Indenture) to which the Issuer or any Subsidiary of the Issuer is a party or
by which the Issuer or any Restricted Subsidiary of the Issuer is bound;

 

(5)               
the Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer
with the intent of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering,
delaying or defrauding any creditors of the Issuer or others; and

 

(6)               
the Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05           
Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

 

(a)               
Subject to Section 8.06, all money and Government Securities (including the proceeds thereof) (which the Trustee shall not
be obligated to reinvest) deposited with the Trustee pursuant to Section 8.04 in respect of the outstanding Notes shall be held
in trust and applied by the Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer or a Subsidiary Guarantor acting as Paying Agent) as the Trustee may
determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on the
Notes, but such money need not be segregated from other funds except to the extent required by law.

 

(b)               
The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash
or Government Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders.

 

(c)                Anything
in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the
request of the Issuer any money or Government Securities held by it as provided in Section 8.04 which, in the opinion or
based on the report of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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Section 8.06           
Repayment to the Issuer.

 

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

 

Section 8.07           
Reinstatement.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 8.02 or Section 8.03, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then
the Issuer’s and any Subsidiary Guarantor’s obligations under this Indenture and the Notes (and any Note Guarantees)
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or Section 8.03, as the case may be;
provided that, if the Issuer makes any payment of principal, premium, if any, or interest on any Note following the reinstatement
of its obligations, the Issuer shall be subrogated to the rights of the Holders to receive such payment from the money held by
the Trustee or Paying Agent.

 

Article
9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01           
Without Consent of Holders.

 

(a)               
Notwithstanding Section 9.02, without the consent of any Holder, the Issuer, the Subsidiary Guarantors (if any) and the
Trustee may amend or supplement this Indenture and the Notes (and any Note Guarantee) (and any other documents relating thereto):

 

(1)               
to cure any ambiguity, omission, defect, mistake or inconsistency (as described in an Officer’s Certificate provided
to the Trustee);

 

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

 

(3)               
to provide for the assumption of the Issuer’s or any Subsidiary Guarantor’s obligations to Holders of Notes
and any Note Guarantees in the case of a merger, amalgamation or consolidation or sale of all or substantially all of the Issuer’s
or such Subsidiary Guarantor’s assets in accordance with Section 5.01;

 

(4)               
to make any change that would provide any additional rights or benefits (including the addition of collateral or Note Guarantees)
to the Holders of Notes or that does not adversely affect in any material respect the legal rights under this Indenture of any
such Holder;

 

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(5)               
 to conform the text of this Indenture, any Note Guarantees or the Notes to any provision of the “Description of Notes”
section of the Offering Memorandum;

 

(6)               
to provide for the issuance of additional Notes in accordance with the limitations set forth in this Indenture, including
in Section 4.10;

 

(7)               
to allow any Subsidiary Guarantor to execute a supplemental indenture (which supplemental indenture need not be executed
by the Issuer or any other Subsidiary Guarantor) and/or a Note Guarantee with respect to the Notes;

 

(8)               
to release any Subsidiary Guarantor from any of its obligations under its Note Guarantee or this Indenture (to the extent
permitted by this Indenture);

 

(9)               
to evidence and provide the acceptance of the appointment of a successor trustee under this Indenture; or

 

(10)             
to comply with the rules of any applicable securities depository.

 

(b)               
Upon the request of the Issuer, and upon receipt by the Trustee of the documents described in Section 12.03, the Trustee
shall join with the Issuer and, subject to Section 9.01(a)(7), any Subsidiary Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that
adversely affects its own rights, duties or immunities under this Indenture or otherwise.

 

(c)               
After an amendment, supplement or waiver under this Section 9.01 becomes effective, the Issuer shall send to the Holders
of Notes affected thereby a written notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to
send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement
or waiver.

 

Section 9.02           
With Consent of Holders.

 

(a)               
Except as provided in Section 9.01 and this Section 9.02, the Issuer, any Subsidiary Guarantors and the Trustee may amend
or supplement this Indenture and the Notes (and any Note Guarantee) (and any documents related thereto) with the consent of the
Holders of a majority in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding voting as
a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for, Notes), and,
subject to Section 6.04 and Section 6.07, any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of this Indenture and the Notes (and any Note Guarantees) may be waived
with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional
Notes, if any) voting as a single class (including consents obtained in connection with the purchase of, or tender offer or exchange
offer for, Notes). Section 2.08 and Section 2.09 shall determine which Notes are considered to be “outstanding” for
the purposes of this Section 9.02.

 

(b)                Upon
the request of the Issuer, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 and Section 12.03, the
Trustee shall join with the Issuer and any Subsidiary Guarantors in the execution of such amended or supplemental indenture
unless such amended or supplemental indenture directly and adversely affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may, but shall not be obligated to, enter into such
amended or supplemental indenture.

 

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(c)               
It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver. It shall be sufficient if such consent approves the substance thereof.

 

(d)               
After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall send to the Holders
of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or
waiver.

 

(e)               
Without the consent of each affected Holder, no amendment, supplement or waiver under this Section 9.02 may (with respect
to Notes held by a non-consenting Holder):

 

(1)               
reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)               
reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption
of the Notes (other than provisions relating to Section 3.09, 4.11 or Section 4.15 and other than provisions specifying the notice
periods for effecting a redemption);

 

(3)               
reduce the rate of or change the time for payment of interest, including default interest, on any Note;

 

(4)               
waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on, the Notes (except
a rescission of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the then outstanding Notes
and a waiver of the payment default that resulted from such acceleration);

 

(5)               
make any Note payable in money other than that stated in the Notes;

 

(6)               
make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes
to receive payments of principal of, or interest or premium, if any, on, the Notes;

 

(7)               
waive a redemption payment with respect to any Note (other than a payment required by Section 3.09, 4.11 or 4.15);

 

(8)               
release any Subsidiary Guarantor that is a Significant Subsidiary from any of its obligations under its Note Guarantee or
this Indenture, except in accordance with the terms of this Indenture;

 

(9)               
impair the contractual right of any Holder of the Notes to receive payment of principal of, or interest on, such Holder’s
Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes;

 

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(10)           
 expressly subordinate the ranking as to contractual right of payment of any such Note (or any related Note Guarantee); or

 

(11)           
make any change to this Article IX.

 

(f)                
A consent to any amendment, supplement or waiver of this Indenture, the Notes or any Note Guarantee by any Holder given
in connection with a tender of such Holder’s Notes shall not be rendered invalid by such tender.

 

Section 9.03           
Revocation and Effect of Consents.

 

(a)               
Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent
by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting
Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent
Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the
waiver, supplement or amendment becomes effective. An amendment, supplement or waiver that is effective in accordance with this
Indenture thereafter binds every Holder.

 

(b)               
The Issuer may, but shall not be obligated to, fix a record date pursuant to Section 1.04 for the purpose of determining
the Holders entitled to consent to any amendment, supplement or waiver.

 

Section 9.04           
Notation on or Exchange of Notes.

 

(a)               
The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new
Notes that reflect the amendment, supplement or waiver.

 

(b)               
Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment,
supplement or waiver.

 

Section 9.05           
Trustee to Sign Amendments, etc.

 

The Trustee shall sign any amendment, supplement
or waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. In executing any amendment, supplement or waiver, the Trustee shall receive and shall
be fully protected in conclusively relying upon, in addition to the documents required by Section 12.03, an Officer’s Certificate
and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this
Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and any Subsidiary
Guarantor party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with
the provisions hereof.

 

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Article
10

NOTE GUARANTEES

 

Section 10.01       
Guarantee.

 

(a)               
 Subject to the other provisions of this Article 10, each Subsidiary Guarantor hereby, jointly and severally, irrevocably
and unconditionally guarantees, on a senior unsecured basis, to each Holder of a Note authenticated and delivered by the Trustee
and to the Trustee and Agents and their respective successors and assigns, irrespective of the validity and enforceability of this
Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: (1) the principal of, premium, if any,
and interest on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise,
and interest on the overdue principal and interest on the Notes, if any, if lawful, and all other Obligations of the Issuer to
the Holders, the Trustee or any Agent hereunder or under the Notes shall be promptly paid in full or performed, all in accordance
with the terms hereof and thereof; and (2) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension
or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment by the Issuer when due of any amount so guaranteed
or any performance so guaranteed for whatever reason, each Subsidiary Guarantors shall be jointly and severally obligated to pay
the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)               
Each Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.
Each Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands
whatsoever and covenants that any Note Guarantee shall not be discharged except by complete performance of the obligations contained
in the Notes and this Indenture, or pursuant to Section 10.06.

 

(c)               
Each Subsidiary Guarantor also agrees, jointly and severally, to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee (acting in any capacity hereunder) or any Holder in enforcing any rights
under this Section 10.01.

 

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

 

(e)               
Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all Obligations guaranteed hereby. Each Subsidiary Guarantor
further agrees that, as between the Subsidiary Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(1) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of each
Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6, such
obligations (whether or not due and payable) shall forthwith become due and payable by any Subsidiary Guarantors for the purpose
of any Note Guarantee.

 

    93 

     

    

 

(f)                 Each
Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against
the Issuer for liquidation or reorganization, should the Issuer become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and
shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time
payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee on the Notes or any Note Guarantees, whether as a “voidable preference,”
 “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event
that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent
permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or
returned.

 

(g)               
In case any provision of any Note Guarantee 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.

 

(h)               
Each payment to be made by any Subsidiary Guarantor in respect of a Note Guarantee shall be made without set-off, counterclaim,
reduction or diminution of any kind or nature.

 

(i)                
The Subsidiary Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”),
in a fair and equitable manner, the economic consequences resulting from the performance of their respective obligations arising
under this Indenture. Accordingly, in the event any payment or distribution is made on any date by any Subsidiary Guarantor (a
 “Funding Guarantor”) under its Note Guarantee such that its Aggregate Payments exceed its Fair Share as of such
date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in an amount sufficient
to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date. “Fair Share”
means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the
Fair Share Contribution Amount with respect to such Contributing Guarantor, to (ii) the aggregate of the Fair Share Contribution
Amounts with respect to all Contributing Guarantors, multiplied by (b) the aggregate amount paid or distributed on or before
such date by all Funding Guarantors under their respective Note Guarantees in respect of the obligations guaranteed. “Fair
Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date of determination, the maximum
aggregate amount of the obligations of such Contributing Guarantor under its Note Guarantee that would not render its obligations
hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance or financial assistance under Section 548
of the Bankruptcy Code or any comparable applicable provisions of state or foreign law; provided that solely for purposes
of calculating the Fair Share Contribution Amount with respect to any Contributing Guarantor for purposes of this Section 10.01,
any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification
or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing
Guarantor. “Aggregate Payments” means, with respect to a Contributing Guarantor as of any date of determination,
an amount equal to (1) the aggregate amount of all payments and distributions made on or before such date by such Contributing
Guarantor in respect of its Note Guarantee (including in respect of this Section 10.01), minus (2) the aggregate amount of
all payments received on or before such date by such Subsidiary Guarantor from the other Contributing Guarantors as contributions
under this Section 10.01. The amounts payable as contributions hereunder shall be determined as of the date on which the related
payment or distribution is made by the applicable Funding Guarantor. Each Contributing Guarantor is a third party beneficiary to
the contribution agreement set forth in this Section 10.01(i). For the avoidance of doubt, nothing in this Section 10.01(i) shall
limit or impair, by implication or otherwise, any Subsidiary Guarantor’s obligations under its Note Guarantee.

 

    94 

     

    

 

Section 10.02       
Limitation on Subsidiary Guarantor Liability.

 

Each Subsidiary Guarantor, and by its acceptance
of Notes, each Holder, hereby confirms that it is the intention of all such parties that any Note Guarantee of a Subsidiary Guarantor
not constitute a fraudulent conveyance, a fraudulent transfer or preference for purposes of Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or foreign law to the extent applicable to each
Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and each Subsidiary Guarantor hereby irrevocably
agree that the obligations of each Subsidiary Guarantor shall be limited to the maximum amount as shall, after giving effect to
such maximum amount and all other contingent and fixed liabilities of such Subsidiary Guarantor that are relevant under such laws
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under this Article 10, result in the obligations
of such Subsidiary Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable
law.

 

Section 10.03       
Execution and Delivery.

 

(a)               
To evidence its Note Guarantee set forth in Section 10.01, each Initial Guarantor hereby agrees that this Indenture shall
be executed on behalf of such Initial Guarantor by an Officer of such Initial Guarantor.

 

(b)               
To evidence its Note Guarantee set forth in Section 10.01, if necessary, any future Subsidiary Guarantor shall agree that
an Officer, director, general manager or person holding an equivalent title will execute a supplemental indenture on behalf of
such subsidiary in accordance with Section 4.16, it being understood that the failure to execute such a supplemental indenture
shall not free such Subsidiary Guarantor from its obligations hereunder.

 

(c)               
Each Subsidiary Guarantor agrees that its Note Guarantee set forth in Section 10.01 shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes.

 

(d)               
If the person whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates any
Note, the Note Guarantees shall be valid nevertheless.

 

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

 

(f)                
If required by Section 4.16, the Issuer shall cause any Restricted Subsidiary to comply with the provisions of Section 4.16
and this Article 10, to the extent applicable.

 

Section 10.04       
Subrogation.

 

Each Subsidiary Guarantor shall be subrogated
to all rights of Holders against the Issuer in respect of any amounts paid by any Subsidiary Guarantor pursuant to the provisions
of Section 10.01; provided that, if an Event of Default has occurred and is continuing, no Subsidiary Guarantor shall be
entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due
and payable by the Issuer under this Indenture or the Notes shall have been paid in full.

 

    95 

     

    

 

Section 10.05       
Benefits Acknowledged.

 

Each Subsidiary Guarantor acknowledges that
it shall receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee
and waivers made by it pursuant to a Note Guarantee are knowingly made in contemplation of such benefits.

 

Section 10.06       
Release of Note Guarantees.

 

(a)               
The Note Guarantee of each Subsidiary Guarantor shall be automatically and unconditionally released and discharged:

 

(1)               
in connection with any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor
(including by way of merger or consolidation or amalgamation) to a Person that is not (either before or after giving effect to
such transaction) a Restricted Subsidiary of the Issuer, if the sale or other disposition does not violate Section 4.11 or Section
5.01; provided, however, that after giving effect to such transaction, such Subsidiary is no longer a guarantor of,
or obligor or borrower under, any Guarantor Obligation Debt;

 

(2)               
in connection with any sale or other disposition of the Capital Stock of that Subsidiary Guarantor after which such Subsidiary
Guarantor is no longer a Restricted Subsidiary of the Issuer, if the sale or other disposition does not violate Section 4.11 or
Section 5.01; provided, however, that after giving effect to such transaction, such Subsidiary is no longer a guarantor
of, or obligor or borrower under, any Guarantor Obligation Debt;

 

(3)               
if the Issuer designates any Restricted Subsidiary that is a Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance
with the applicable provisions of this Indenture;

 

(4)               
upon legal defeasance, covenant defeasance or satisfaction and discharge of this Indenture as provided in Article 8 and
Article 11;

 

(5)               
in connection with the dissolution of such Subsidiary Guarantor under applicable law; or

 

(6)               
in the case of a Subsidiary Guarantor that was required to provide a Guarantee because it Guaranteed obligations under,
or was a borrower or obligor under, Guarantor Obligation Debt, including the Initial Guarantors with respect to their Guarantees
of the Bridge Loan (as defined below), if such Subsidiary Guarantor is released and discharged in full from its Guarantee of or
obligations under such Guarantor Obligation Debt (including, in the case of the Initial Guarantors, with respect to the Bridge
Loan) and, in each case, is not then a guarantor of, or obligor or borrower under, other Guarantor Obligation Debt such that it
would be required to provide a Note Guarantee pursuant to Section 4.16(a).

 

(b)               
At the written request of the Issuer, the Trustee shall execute and deliver any documents reasonably required in order to
evidence such release, discharge and termination in respect of the applicable Note Guarantee. The Issuer shall provide prompt notice
to the Trustee of any release of a Note Guarantee.

 

    96

     

    

 

Article
11

 

SATISFACTION
AND DISCHARGE

 

Section 11.01       
Satisfaction and Discharge.

 

(a)          
This Indenture shall be discharged and shall cease to be of further effect as to all Notes and the Note Guarantees when
(1) either:

 

(a)               
all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for which payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for
cancellation; or

 

(b)               
all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivering
of a notice of redemption or otherwise or shall become due and payable within one year and the Issuer or any Subsidiary Guarantor
has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust solely for the benefit
of the Holders, cash in U.S. dollars or non-callable Government Securities, or a combination thereof, in amounts as shall
be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes
not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption
(for the avoidance of doubt, in the case of a discharge that occurs in connection with a redemption that is to occur on a
redemption date pursuant to Section 3.07(b), the amount to be deposited shall be the amount that, as of the date of such deposit,
is reasonably deemed sufficient to make the redemption payment on the redemption date, in the good-faith determination of the Board
of Directors of the Issuer pursuant to a resolution of the Board of Directors of the Issuer and as evidenced by an Officer’s
Certificate, with any deficit in such redemption payment required to be deposited with the Trustee on or prior to the redemption
date);

 

(2)               
no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event
of Default resulting from the borrowing of funds to be applied to such deposit (or the deposit
for other Indebtedness that is concurrently being defeased or discharged) and the incurrence of any Lien in respect thereof)
and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer
or any Restricted Subsidiary is a party or by which the Issuer or any Restricted Subsidiary is bound;

 

(3)               
the Issuer has paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)               
the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity or on the redemption date, as the case may be.

 

(b)           In
addition, the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be
subject to customary assumptions and exclusions) to the Trustee, in each case stating that all conditions precedent to
satisfaction and discharge have been satisfied. Notwithstanding the satisfaction and discharge of this Indenture, if money
and/or Government Securities shall have been deposited with the Trustee pursuant to Section 11.01(a)(1)(b), Section 11.02 and
Section 8.06 shall survive.

 

    97 

     

    

 

Section 11.02       
Application of Trust Money.

 

(a)          
Subject to Section 8.06, all money and Government Securities (including the proceeds thereof) (which the Trustee shall not
be obligated to reinvest) deposited with the Trustee pursuant to Section 8.04 in respect of the outstanding Notes shall be held
in trust and applied by the Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer or a Subsidiary Guarantor acting as Paying Agent) as the Trustee may
determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on the
Notes, but such money need not be segregated from other funds except to the extent required by law.

 

(b)          
If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 by
reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Issuer’s and any Subsidiary Guarantor’s obligations under this Indenture,
the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01;
provided that if the Issuer has made any payment of principal, premium, if any, or interest on any Notes because of the
reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment
from the cash held in U.S. dollars or U.S. dollar-denominated Government Securities held by the Trustee or Paying Agent, as the
case may be.

 

    98 

     

    

 

Article
12

 

MISCELLANEOUS

 

Section 12.01       
Notices.

 

(a)          
Any notice or communication to the Issuer, any Subsidiary Guarantor or the Trustee is duly given if in writing and (1) delivered
in person, (2) mailed by first-class mail (certified or registered, return receipt requested), postage prepaid, or overnight
air courier guaranteeing next day delivery or (3) sent by electronic transmission in PDF format. In each case, the notice
or communication shall be addressed as follows:

 

if to the Issuer or any Subsidiary Guarantor:

 

The Howard Hughes Corporation

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, TX 77380

Attention: General Counsel

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, NY 10281

Fax: 212-504-6666

Email: richard.brand@cwt.com

Attention: Richard Brand, Esq.

 

if to the Trustee:

 

Wells Fargo Bank, National Association

CTSO Mail Operations

600 South 4th Street, 7th Floor

Minneapolis, MN 55415

MAC: N9300-070

 

Attention: Corporate Trust Services - The Howard Hughes Corporation Administrator

 

The Issuer, any Subsidiary Guarantor or the Trustee, by like
notice, may designate additional or different addresses for subsequent notices or communications.

 

    99 

     

    

 

(b)          
All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; when sent, if sent by facsimile or electronic transmission (in PDF format); or five days after
mailing, if mailed by first-class mail to the address above in Section 12.01(a) or by overnight courier service; provided
that any notice or communication delivered to the Trustee shall be deemed effective only upon receipt thereof by a Responsible
Officer of the Trustee.

 

(c)          
Any notice or communication to a Holder shall be mailed by first-class mail (certified or registered, return receipt requested)
or by overnight air courier guaranteeing next day delivery to its address shown on the Note Register or by electronic delivery
pursuant to applicable Depositary procedures as provided in Section 12.01(e) or by such other delivery system as either of the
Trustee deem acceptable and shall be deemed to be sufficiently given if so sent within the time prescribed. Failure to send a notice
or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

 

(d)          
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

(e)          
Where this Indenture provides for notice of any event (including any notice of redemption) to a Holder of a Global Note
(whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee),
pursuant to the applicable procedures of such Depositary, if any, prescribed for the giving of such notice.

 

(f)            The
Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured
facsimile or electronic transmission (in PDF format); provided, however, that (1) the party providing such
written notice, instructions or directions, subsequent to such transmission of written instructions, shall provide the
originally executed instructions or directions to the Trustee within two Business Days, (2) such originally executed
notice, instructions or directions shall be signed by an authorized representative of the party providing such notice,
instructions or directions and (3) receipt of such unsecured facsimile or electronic transmissions is confirmed by a
Responsible Officer of the Trustee. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reasonable reliance upon and compliance with such notice, instructions or directions
notwithstanding such notice, instructions or directions conflict or are inconsistent with a subsequent notice, instructions
or directions.

 

(g)          
If the Issuer sends a notice or communication to Holders, it shall deliver a copy to each of the Trustee and the Agent at
the same time.

 

    100 

     

    

 

Section 12.02       
Communication by Holders with Other Holders.

 

Holders may communicate with other Holders
with respect to their rights under this Indenture or the Notes.

 

Section 12.03       
Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer
or any Subsidiary Guarantor to the Trustee to take any action under this Indenture, the Issuer or such Subsidiary Guarantor, as
the case may be, shall furnish to the Trustee:

 

(1)               
an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements
set forth in Section 12.04) stating that, in the opinion of the signer(s), all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been complied with; and

 

(2)               
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied
with (except that in the case of the authenticating and delivering of the Initial Notes, an Opinion of Counsel pursuant to this
Section 12.03(2) is not required).

 

Section 12.04       
Statements Required in Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section
4.04) shall include:

 

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

 

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

 

(3)               
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in
the case of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact); and

 

(4)               
a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with.

 

Section 12.05       
Rules by Trustee and Agents.

 

The Trustee and Agents may make reasonable
rules and set reasonable requirements for their respective functions.

 

    101 

     

    

 

Section 12.06       
No Personal Liability of Directors, Officers, Employees, Members, Partners and Stockholders.

 

No director, officer, employee, incorporator,
stockholder, member or other holder of Equity Interests of the Issuer or any Subsidiary Guarantor, in their capacity as such and
without limiting the Note Guarantees, shall have any liability for any obligations of the Issuer or any Subsidiary Guarantor, under
the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their
creation.

 

Each Holder by accepting a Note waives and
releases all such liability that may arise other than pursuant to a Note Guarantee. The waiver and release are part of the consideration
for issuance of the Notes.

 

Section 12.07       
Governing Law.

 

THIS INDENTURE, THE NOTES AND ANY NOTE GUARANTEE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 12.08       
Jurisdiction.

 

The Issuer and the Subsidiary Guarantors
agree that any suit, action or proceeding against the Issuer or any Subsidiary Guarantor brought by any Holder or the Trustee arising
out of or based upon this Indenture and the Notes (and any Note Guarantees) may be instituted in any state or Federal court in
the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each of them irrevocably submits to
the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Issuer and the Subsidiary Guarantors irrevocably
waive, to the fullest extent permitted by law, any objection to any suit, action, or proceeding that may be brought in connection
with this Indenture and the Notes (and any Subsidiary Guarantees), including such actions, suits or proceedings relating to securities
laws of the United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile
or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The Issuer and the Subsidiary
Guarantors agree that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding
upon the Issuer or the Subsidiary Guarantor, as the case may be, and may be enforced in any court to the jurisdiction of which
the Issuer or the Subsidiary Guarantors, as the case may be, are subject by a suit upon such judgment.

 

Section 12.09       
Waiver of Jury Trial.

 

EACH OF THE ISSUER, THE SUBSIDIARY GUARANTORS
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 

 

Section 12.10       
No Adverse Interpretation of Other Agreements.

 

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

 

Section 12.11       
Successors.

 

All agreements of the Issuer in this Indenture
and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors and assigns.
All agreements of each Subsidiary Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section
10.06.

 

    102 

     

    

 

Section 12.12       
Severability.

 

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

 

Section 12.13       
Counterpart Originals.

 

The parties may sign any number of copies
of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of
copies of this Indenture and of signature pages by facsimile or .pdf transmission shall constitute effective execution and delivery
of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or .PDF shall be deemed to be their original signatures for all purposes. This Indenture
shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf
of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce
Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including
relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”); (ii) an original manual signature;
or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual
signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.
Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned,
or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or
otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for execution
or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the
writings.

 

Section 12.14       
Table of Contents, Headings, etc.

 

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

 

Section 12.15       
U.S.A. PATRIOT Act.

 

The parties hereto acknowledge that in accordance
with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture
agree that they shall provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements
of the U.S.A. PATRIOT Act.

 

Section 12.16       
Payments Due on Non-Business Days.

 

In any case where any Interest Payment
Date, redemption date or repurchase date or the Stated Maturity of the Notes shall not be a Business Day, then (notwithstanding
any other provision of this Indenture or of the Notes) payment of principal, premium, if any, or interest on the Notes need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest
Payment Date, redemption date or repurchase date, or at the Stated Maturity of the Notes; provided that no interest shall
accrue for the period from and after such Interest Payment Date, redemption date, repurchase date or Stated Maturity, as the case
may be.

 

[Signatures on following page]

 

    103 

     

    

 

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

 

	 	Issuer:

 

	 	THE HOWARD HUGHES CORPORATION

 

	 	By:	/s/ David O'Reilly
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and Interim Chief Financial Officer

 

	 	Initial Guarantors:

 

	 	API/ HHC Lake Robbins Holding Company, LLC

 

	 	By:	/s/ David O'Reilly
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and  Interim Chief Financial Officer

 

	 	HHC WAREHOUSE HOLDING COMPANY, LLC

 

	 	By:	/s/ David O'Reilly
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and  Interim Chief Financial Officer

 

	 	HH WAREHOUSE LAND HOLDINGS, LLC

 

	 	By:	/s/ David O'Reilly
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and  Interim Chief Financial Officer

 

	 	HH WOODLANDS TOWER HOLDINGS, LLC

 

	 	By:	/s/ David O'Reilly
	 	 	Name: David O'Reilly
	 	 	Title: Chief Executive Officer and  Interim Chief Financial Officer

 

[Signature Page to the Indenture] 

 

     

     

    

 

	 	Trustee:

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

 

	 	By:	/s/ Maddy Hughes
	 	 	Name: Maddy Hughes
	 	 	Title: Vice President

 

[Signature Page to the Indenture]

 

     

     

    

 

APPENDIX A

 

PROVISIONS RELATING TO

 

INITIAL NOTES AND ADDITIONAL NOTES

 

Section 1.1 Definitions.

 

(a) Capitalized Terms.

 

Capitalized terms used but not defined in
this Appendix A have the meanings given to them in the Indenture. The following capitalized terms have the following meanings:

 

“Applicable Procedures”
means, with respect to any transfer or transaction involving a Global Note or beneficial interest therein, the rules and procedures
of the Depositary for such Global Note, Euroclear or Clearstream, in each case to the extent applicable to such transaction and
as in effect from time to time.

 

“Clearstream” means Clearstream
Banking, Société Anonyme, or any successor securities clearing agency.

 

“Euroclear” means Euroclear
Bank S.A./N.Y., as operator of Euroclear systems clearance system or any successor securities clearing agency.

 

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

 

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

 

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

 

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

 

“Unrestricted Global Note”
means any Note in global form that does not bear or is not required to bear the Restricted Notes Legend.

 

“U.S. person” means a “U.S.
person” as defined in Regulation S.

 

(b) Other Definitions.

 

	
        Term:

         
	
        Defined
        in Section:

         

	“Agent Members”	2.1(c)
	“Automatic Exchange”	2.3(e)
	“Automatic Exchange Date”	2.3(e)
	“Automatic Exchange Notice”	2.3(e)
	“Automatic Exchange Notice Date”	2.3(e)
	“Definitive Notes Legend”	2.3(d)
	“Global Note”	2.1(b)
	“Global Notes Legend”	2.3(d)
	“OID Legend”	2.3(d)
	“Regulation S Global Note”	2.1(b)
	“Regulation S Legend”	2.3(d)
	“Regulation S Notes”	2.1(a)
	“Restricted Global Note”	2.3(e)
	“Restricted Notes Legend”	2.3(d)
	“Rule 144A Global Note”	2.1(b)
	“Rule 144A Notes”	2.1(a)

 

    1

     

    

 

 

Section 2.1 Form and Dating

 

(a) The Initial Notes issued on the date
hereof shall be (i) offered and sold by the Issuer to the Initial Purchasers and (ii) resold, initially only to (1) QIBs
in reliance on Rule 144A (“Rule 144A Notes”) and (2) Persons other than U.S. persons in reliance on
Regulation S (“Regulation S Notes”).

 

(b) Global Notes. Notes shall
be issued initially in the form of one or more permanent global Notes in definitive, fully registered form, numbered A-1 upward
(collectively, the “Rule 144A Global Note”) and Regulation S Notes shall be issued initially in the
form of one or more global Notes, numbered S-1 upward (collectively, the “Regulation S Global Note”) in the
case of the Initial Notes, in each case without interest coupons and bearing the applicable Global Notes Legend and applicable
Restricted Notes Legend, which shall be duly executed by the Issuer, authenticated by the Trustee, and registered in the name of
the Depositary or a nominee of such Depositary, deposited on behalf of the purchasers of such Notes represented thereby with the
applicable Custodian or Depositary, in each case in accordance with the Indenture. The Rule 144A Global Note, the Regulation S
Global Note and any Unrestricted Global Note are each referred to herein as a “Global Note” and are collectively
referred to herein as “Global Notes.” Each Global Note shall represent such of the outstanding Notes as shall
be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide
that it shall represent the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges
and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal
amount of outstanding Notes represented thereby shall be made by the Trustee or the Depositary, in accordance with instructions
given by the Holder thereof as required by Section 2.06 of the Indenture and Section 2.3(c) of this Appendix A.

 

(c) Book-Entry Provisions. This Section 2.1(c)
shall apply only to Global Notes.

 

The Issuer shall execute and the Trustee shall,
in accordance with this Section 2.1(c) and Section 2.2 of this Appendix A, and pursuant to an Authentication Order of
the Issuer, authenticate and deliver initially one or more Global Notes that (i) shall be registered in the name of the Depositary
for such Global Note or Global Notes or the nominee of such Depositary and (ii) shall be delivered by the Trustee to such
Depositary or pursuant to such Depositary’s instructions or held by the Custodian.

 

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

 

(d) Definitive Notes. Except as provided
in Section 2.3 or Section 2.4 of this Appendix A, owners of beneficial interests in Global Notes shall not be entitled
to receive physical delivery of Definitive Notes.

 

    2

     

    

 

Section 2.2 Authentication Order. The Trustee shall
authenticate and make available for delivery upon receipt of an Authentication Order, Opinion of Counsel and Officer’s Certificate
from the Issuer (a) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $650,000,000, (b) subject
to the terms of the Indenture, Additional Notes, and (c) any Unrestricted Global Notes issued in exchange for any of the foregoing
in accordance with the Indenture. Such Authentication Order shall specify the amount of the Notes to be authenticated, the date
on which the original issue of Notes is to be authenticated and whether the Notes are to be Initial Notes, Additional Notes or
Unrestricted Global Notes.

 

Section 2.3 Transfer and Exchange.

 

(a) Transfer and Exchange of Definitive
Notes for Definitive Notes. When Notes in definitive form are presented to the Registrar with a request:

 

(i) to register the transfer
of such Definitive Notes; or

 

(ii) to exchange such Definitive
Notes for an equal principal amount of Definitive Notes of other authorized denominations,

 

the Registrar shall register the transfer or make the exchange
as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive
Notes surrendered for transfer or exchange:

 

(1) shall be duly endorsed
or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar, duly executed
by the Holder thereof or his attorney duly authorized in writing; and

 

(2) in the case of Transfer
Restricted Notes, they are being transferred or exchanged pursuant to Section 2.3(b) of this Appendix A or pursuant to clause
(A), (B) or (C) of this Section 2.3(a)(2), and are accompanied by the following additional information and documents,
as applicable:

 

(A) if such Definitive Notes
are being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification
from such Holder to that effect (in the form set forth on the reverse side of the Initial Note); or

 

(B) if such Definitive Notes
are being transferred to the Issuer, a certification to that effect (in the form set forth on the reverse side of the Initial Note);
or

 

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(C) if such Definitive Notes
are being transferred pursuant to an exemption from registration in accordance with (i) Rule 144A, (ii) Regulation S,
(iii) Rule 144 under the Securities Act or (iv) in reliance upon another exemption from the registration requirements
of the Securities Act, (x) a certification to that effect (in the form set forth on the reverse side of the Initial Note)
and (y) if the Issuer or the Trustee so requests in connection with transfers described in the immediately preceding clauses
(ii), (iii) or (iv), an Opinion of Counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions
set forth in the applicable legend set forth in Section 2.3(d)(i) of this Appendix A.

 

(b) Restrictions on Transfer of a
Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial interest
in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note,
duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar,
together with:

 

(i) (A) certification (in
the form set forth on the reverse side of the Initial Note) that such Definitive Note is being transferred (1) to a Person
whom the transferor reasonably believes is a QIB and in accordance with Rule 144A or (2) outside the United States of
America in an offshore transaction within the meaning of Regulation S and in compliance with Rule 904 under the Securities Act,
or (B) such other certification and, in the case of transfers described in clause (A)(3) above, an Opinion of Counsel as the
Issuer or the Trustee shall require; and

 

(ii) written instructions
directing the Trustee to make, or to direct the Custodian to make, an adjustment on its books and records with respect to such
Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions
to contain information regarding the Depositary account to be credited with such increase,

 

the Trustee shall cancel such Definitive Note and cause, or
direct the Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and
the Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal
amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in
such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled. If
no Global Notes are then outstanding, the Issuer may issue and the Trustee shall authenticate, upon receipt of an Authentication
Order of the Issuer in the form of an Officer’s Certificate, a new Global Note in the appropriate principal amount.

 

(c) Transfer and Exchange of Global
Notes.

 

(i) The transfer and
exchange of Global Notes or beneficial interests therein shall be effected through the Depositary, in accordance with the
Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary
therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Registrar a written order given in
accordance with the Depositary’s procedures containing information regarding the participant account of such Depositary
to be credited with a beneficial interest in such Global Note or another Global Note, and such account shall be credited in
accordance with such order with a beneficial interest in the applicable Global Note, and the account of the Person making the
transfer shall be debited by an amount equal to the beneficial interest in the Global Note being transferred. Transfers by an
owner of a beneficial interest in a Rule 144A Global Note to a transferee who takes delivery of such interest through a
Regulation S Global Note, shall be made only upon receipt by the Trustee of a certification in the form provided on the
reverse side of the Initial Notes from the transferor to the effect that such transfer is being made in accordance with
Regulation S, Rule 144 (if available), or another applicable exemption from registration under the Securities Act.

 

(ii) If the proposed transfer is a transfer
of a beneficial interest in one Global Note to a beneficial interest in another Global Note, the Registrar shall reflect on its
books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred
in an amount equal to the principal amount of the interest to be so transferred, and the Registrar shall reflect on its books
and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being
transferred. If the Issuer or the Trustee so requests in connection with transfer of a beneficial interest in one Global Note
to a beneficial interest in another Global Note, other than a transfer to a beneficial interest in a Rule 144A Global Note, such
request for transfer shall be accompanied by an Opinion of Counsel or other evidence reasonably satisfactory to it as to the compliance
with the restrictions set forth in the applicable legend set forth in Section 2.3(d)(i) of this Appendix A.

 

(iii) Notwithstanding any
other provisions of this Appendix A (other than the provisions set forth in Section 2.4 of this Appendix A), a Global Note
may not be transferred except as a whole and not in part by the Depositary to a nominee of such Depositary or by a nominee of the
Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor of
such Depositary or a nominee of such successor Depositary.

 

    4

     

    

 

(d) Legends.

 

(i) Except as permitted by
this Section 2.3(d) of this Appendix A, each Note certificate evidencing the Global Notes and the Definitive Notes (and all
Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined
term in the legend being defined as such for purposes of the legend only) (“Restricted Notes Legend”):

 

THIS SECURITY (OR ITS PREDECESSOR)
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, ON ITS OWN BEHALF AND ON BEHALF
OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED THIS SECURITY:

 

		1)	REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED UNDER RULE
144A UNDER THE SECURITIES ACT), OR (B) IT HAS ACQUIRED THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S
UNDER THE SECURITIES ACT;

 

		2)	REPRESENTS AND WARRANTS THAT EITHER (A) NO PORTION OF THE ASSETS USED BY THE HOLDER TO ACQUIRE
OR HOLD THIS SECURITY OR AN INTEREST THEREIN CONSTITUTES ASSETS OF ANY (I) EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF
THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (II) PLAN, INDIVIDUAL RETIREMENT ACCOUNT
AND OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR (III) ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT
OR (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY BY THE HOLDER WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS;

 

		3)	AGREES THAT IT WILL NOT OFFER, RESELL OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST
HEREIN, EXCEPT (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME OR BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES
ACT, (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (F) PURSUANT
TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH OF CASES (A) THROUGH (F) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY APPLICABLE JURISDICTION, SUBJECT TO THE
ISSUER’S AND THE REGISTRAR’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM; AND

 

		4)	AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED
A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. THIS LEGEND WILL BE REMOVED UPON THE REQUEST
OF THE HOLDER AFTER THE DATE THAT IS ONE YEAR IN THE CASE OF RULE 144A NOTES, AND 40 DAYS IN THE CASE OF REGULATION S NOTES AFTER
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER
OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY).

 

    5

     

    

 

Each Global Note and each Definitive Note issued with more than
a de minimis amount of original issue discount for U.S. federal income tax purposes shall bear the following additional legend
(“OID Legend”):

 

THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1272 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST, THE
ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE NOTE,
(2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. HOLDERS SHOULD CONTACT THE CHIEF
FINANCIAL OFFICER OF THE ISSUER.

 

Each Regulation S Note shall bear the following additional legend
(“Regulation S Legend”):

 

THIS SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION,
AND MAY NOT BE OFFERED, SOLD, DELIVERED OR TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON,
UNLESS SUCH SECURITY IS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE.
THIS LEGEND WILL BE REMOVED AFTER THE EXPIRATION OF FORTY DAYS FROM THE LATER OF (I) THE DATE ON WHICH THIS SECURITY WAS FIRST
OFFERED AND (II) THE DATE OF ISSUE OF THIS SECURITY.

 

Each Definitive Note shall bear the following additional legend
(“Definitive Notes Legend”):

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER
TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

Each Global Note shall bear the following additional legend
(“Global Notes Legend”):

 

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

 

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

 

    6

     

    

 

(ii) Upon any sale or transfer
of a Transfer Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Note for a Definitive Note that does not bear the Restricted Notes Legend and the Definitive Notes Legend and rescind
any restriction on the transfer of such Transfer Restricted Note if the Holder certifies in writing to the Registrar that its request
for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse side of
the Initial Notes).

 

Notwithstanding the foregoing, the Restricted Notes Legend need
not appear on any Additional Note issued under an effective registration statement under the Securities Act.

 

(e) Automatic Exchange from Global
Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes Legend. Upon the Issuer’s
satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities
Act, beneficial interests in a Global Note bearing the Restricted Notes Legend (a “Restricted Global
Note”) may be automatically exchanged into beneficial interests in an Unrestricted Global Note without any action
required by or on behalf of the Holder (the “Automatic Exchange”) at any time on or after the date that is
the 366th calendar day after (1) with respect to Notes issued on the Issue Date, the Issue Date or (2) with respect to
Additional Notes, if any, the issue date of such Additional Notes, or, in each case, if such day is not a Business Day, on
the next succeeding Business Day (the “Automatic Exchange Date”). Upon the Issuer’s satisfaction
that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act, the
Issuer shall (i) provide written notice to DTC and the Trustee at least 15 calendar days prior to the Automatic Exchange
Date, instructing DTC to exchange all of the outstanding beneficial interests in a particular Restricted Global Note to the
Unrestricted Global Note, which the Issuer shall have previously otherwise made eligible for exchange with DTC, (ii) provide
prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s address
appearing in the register of Holders at least 15 calendar days prior to the Automatic Exchange Date (the “Automatic
Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of the Indenture
pursuant to which the Automatic Exchange shall occur, (y) the CUSIP or ISIN number of the Restricted Global Note from which
such Holder’s beneficial interests will be transferred and (z) the CUSIP or ISIN number of the Unrestricted Global Note
into which such Holder’s beneficial interests will be transferred, and (iii) on or prior to the Automatic Exchange
Date, deliver to the Trustee for authentication one or more Unrestricted Global Notes, duly executed by the Issuer, in an
aggregate principal amount equal to the aggregate principal amount of Restricted Global Notes to be exchanged into such
Unrestricted Global Notes. At the Issuer’s written request on no less than 5 calendar days’ notice prior to the
Automatic Exchange Notice Date, the Trustee shall deliver, in the Issuer’s name and at its expense, the Automatic
Exchange Notice to each Holder at such Holder’s address appearing in the register of Holders; provided that the
Issuer has delivered to the Trustee the information required to be included in such Automatic Exchange Notice.

 

    7

     

    

 

Notwithstanding anything to the contrary
in this Section 2.3(e), during the 15 calendar day period prior to the Automatic Exchange Date, no transfers or exchanges other
than pursuant to this Section 2.3(e) shall be permitted without the prior written consent of the Issuer. As a condition to any
Automatic Exchange, the Issuer shall provide, and the Trustee shall be entitled to conclusively rely upon, an Officer’s Certificate
and Opinion of Counsel to the effect that the Automatic Exchange shall be effected in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Restricted Notes Legend shall no longer be required in order to maintain
compliance with the Securities Act and that the aggregate principal amount of the particular Restricted Global Note is to be transferred
to the particular Unrestricted Global Note by adjustment made on the records of the Trustee, as custodian for the Depositary to
reflect the Automatic Exchange. Upon such exchange of beneficial interests pursuant to this Section 2.3(e), the aggregate principal
amount of the Global Notes shall be increased or decreased by adjustments made on the records of the Trustee, as custodian for
the Depositary, to reflect the relevant increase or decrease in the principal amount of such Global Note resulting from the applicable
exchange. The Restricted Global Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be
cancelled following the Automatic Exchange.

 

(f) Cancellation or Adjustment of Global
Note. At such time as all beneficial interests in a Global Note have either been exchanged for Definitive Notes, transferred,
redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation or retained
and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for
Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal
amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the
Trustee (if it is then the Custodian for such Global Note) with respect to such Global Note, by the Trustee or Custodian, to reflect
such reduction.

 

(g) Obligations with Respect to Transfers
and Exchanges of Notes.

 

(i) To permit registrations
of transfers and exchanges, the Issuer shall execute and the Trustee, upon receipt of an Authentication Order, shall authenticate,
Definitive Notes and Global Notes at the Registrar’s request.

 

(ii) No service charge shall be
made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer
tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments
or similar governmental charge payable upon exchanges pursuant to Sections 2.10, 3.06, 3.09, 4.11, 4.15 and 9.04 of the Indenture).

 

(iii) Prior to the due presentation
for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agents or the Registrars may deem and treat the person
in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and
interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee,
the Paying Agents or the Registrars shall be affected by notice to the contrary.

 

(iv) All Notes issued upon
any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled to the same
benefits under the Indenture as the Notes surrendered upon such transfer or exchange.

 

(v) The Registrars and the Trustee
may request such evidence as may be reasonably requested by them to determine the identity and signatures of the transferor and
the transferee.

 

    8

     

    

 

(h) No Obligation of the Trustee.

 

(i) The Trustee shall have
no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depositary or any
other Person with respect to the accuracy of the records of the Depositary or its nominees or of any participant or member thereof,
with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner
or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of
any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to
be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its
nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary
subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying
upon information furnished by the Depositary with respect to its members, participants and any beneficial owners.

 

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

 

(i) Any purported transfer of such note, or
any interest therein to a purchaser or transferee that does not comply with the requirements specified in this Section 2.3
shall be of no force and effect and shall be null and void ab initio.

 

Section 2.4 Definitive Notes.

 

(a) A Global Note deposited with
the Depositary or Custodian pursuant to Section 2.1 of this Appendix A may be transferred to the beneficial owners
thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note,
in exchange for such Global Note, only if such transfer complies with Section 2.3 of this Appendix A and (i) the
Depositary notifies the Issuer that it is unwilling or unable to continue as a Depositary for such Global Note or if at any
time the Depositary ceases to be a “clearing agency” registered under the Exchange Act or otherwise ceases to be
eligible as a depositary and, in each case, a successor depositary is not appointed by the Issuer within 90 days of such
notice or after the Issuer becomes aware of such cessation, or (ii) an Event of Default has occurred and is continuing
and the Registrar has received a request from the Depositary or (iii) the Issuer, in its sole discretion and subject to
the procedures of the Depositary, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes
under the Indenture. In addition, any Affiliate of the Issuer or any Subsidiary Guarantor that is a beneficial owner of all
or part of a Global Note may have such Affiliate’s beneficial interest transferred to such Affiliate in the form of a
Definitive Note, by providing a written request to the Issuer and the Trustee and such Opinions of Counsel, certificates or
other information as may be required by the Indenture or the Issuer or the Trustee.

 

(b) Any Global Note that is transferable
to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the Depositary to the Trustee, to be
so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such
transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.
Any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only
in denominations of $2,000 and integral multiples of $1,000, registered in such names as the Depositary shall direct. Any certificated
Initial Note or Additional Note in the form of a Definitive Note delivered in exchange for an interest in the Global Note shall,
except as otherwise provided by Section 2.3(d) of this Appendix A, bear the Restricted Notes Legend.

 

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

 

(d) In the event of the occurrence of
any of the events specified in Section 2.4(a)(i), (ii) or (iii) of this Appendix A, the Issuer shall within a reasonable
period make available to the Trustee a reasonable supply of Definitive Notes in fully registered form without interest coupons.

 

    9

     

    

 

 

 

 

 

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[Insert the Restricted Notes Legend, if applicable, pursuant
to the provisions of the Indenture]

 

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

 

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

 

[Insert the Definitive Notes Legend, if applicable, pursuant
to the provisions of the Indenture]

 

[Insert the Regulation S Legend, if applicable, pursuant to
the provisions of the Indenture]

 

    A-1 

     

    

 

CUSIP [            ]

ISIN [            ]1

[RULE 144A][REGULATION S][GLOBAL] NOTE

 

4.375% Senior Notes due 2031

 

	No. [A-__] [S-__]	 	[Up to]2 [$            ]

 

THE HOWARD HUGHES CORPORATION

 

promises to pay to [CEDE & CO.]3 [            ]
or registered assigns the principal sum [$            (            Dollars),
as revised by the Schedule of Exchanges of Interests in the Global Note attached hereto]4 [of $            (            Dollars)]5
on February 1, 2031.

 

Interest Payment Dates: February 1 and August 1, commencing
August 1, 20211

 

Record Dates: January 15 and July 15

 

 

 

	 1	Rule 144A Initial Note CUSIP/ISIN: 

Regulation S Initial Note CUSIP/ISIN: 	44267D AF4 / US44267DAF42

U44255 AF1 / USU44255AF14
	2 	Include in Global Notes.	 
	3 	Include in Global Notes	 
	4 	Include in Global Notes	 
	5 	Include in Definitive Notes	 

 

 

1 To be revised for Additional Notes, as applicable.

 

    A-2 

     

    

 

IN WITNESS HEREOF, the Issuer has caused this instrument to
be duly executed.

 

	 	THE HOWARD HUGHES CORPORATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes referred to in the within-mentioned
Indenture:

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	By:	 
	 	  	  Authorized Signatory 
	Dated: [            ] [__], [__]	 

 

    A-3 

     

    

 

[Reverse Side of Note]

 

4.375% Senior Notes due 2031

 

Capitalized terms used herein shall have the
meanings assigned to them in the Indenture 

referred to below unless otherwise indicated.

 

1. INTEREST. The Howard Hughes Corporation,
a Delaware corporation (the “Issuer”), promises to pay interest on the principal amount of this Note at 4.375%
per annum from and including February 2, 2021 to but excluding the maturity date. The Issuer shall pay interest semi-annually
in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business
Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from and including the date of original issuance; provided that
the first Interest Payment Date shall be August 1, 2021.2
The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest shall be computed on the basis
of a 360-day year comprised of twelve 30-day months.

 

2. METHOD OF PAYMENT. The Issuer shall pay
interest on the Notes to the Persons who are registered Holders of Notes at the close of business on the January 15 or July 15
(whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes
are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall be payable at the office
or agency of the Issuer maintained for such purpose; provided that payment by wire transfer of immediately available funds
shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders
of which shall have provided wire transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to
the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.

 

3. PAYING AGENT AND REGISTRAR. Initially,
Wells Fargo Bank, National Association shall act as Paying Agent and Registrar under the Indenture. The Issuer may change any Paying
Agent or Registrar without notice to the Holders. The Issuer or any of its Restricted Subsidiaries may act as Paying Agent (except
for purposes of Article 8 of the Indenture) or Registrar.

 

4. INDENTURE. The Issuer issued the
Notes under an Indenture, dated as of February 2, 2021 (the “Indenture”), among the Issuer, the Subsidiary
Guarantors party thereto and the Trustee. This Note is one of a duly authorized issue of Notes of the Issuer designated as
its 4.375% Senior Notes due 2031. The Issuer shall be entitled to issue Additional Notes pursuant to Sections 2.01 and
4.10 of the Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of
securities under the Indenture. The Notes are guaranteed on a senior unsecured basis by the Initial Guarantors on the terms
set forth in the Indenture. The terms of the Notes include those stated in the Indenture (which for greater certainty
includes the right of exchange of the Notes provided in Appendix A to the Indenture, which is an express term of this Note).
The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. Any term
used in this Note that is defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any
provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling.

 

 

 2        To be revised for Additional Notes, as applicable.

 

    A-4 

     

    

 

5. REDEMPTION AND REPURCHASE. The Notes are
subject to optional redemption, and may be the subject of an offer to purchase, as further described in the Indenture. The Issuer
shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

6. DENOMINATIONS, TRANSFER, EXCHANGE. The
Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may
require a Holder, among other things, to furnish appropriate endorsements, transfer documents and evidence as to the signature
and identity of a transferor and transferee of the Notes, and Holders shall be required to pay any taxes and fees required by law
or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected
for redemption, except for the unredeemed portion of any Note being redeemed in part.

 

7. PERSONS DEEMED OWNERS. The registered Holder
of a Note may be treated as its owner for all purposes.

 

8. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture,
any Note Guarantees or the Notes may be amended or supplemented as provided in the Indenture.

 

9. DEFAULTS AND REMEDIES. The Events of Default
relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights
and obligations of the Issuer, any Subsidiary Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions
of the Indenture.

 

10. AUTHENTICATION. This Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature
of the Trustee as set forth in the applicable provisions of the Indenture.

 

11. GOVERNING LAW. THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

12. CUSIP AND ISIN NUMBERS. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN
numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice
of redemption and no reliance may be placed thereon.

 

The Issuer shall furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:

 

The Howard Hughes Corporation

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, TX 77380

Attention: General Counsel

 

    A-5 

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

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

 

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

 

	Date:	 	
	 	 
	 	Your Signature:
	 	 	 
	 	 	(Sign exactly as your name appears
 on the face of this Note)
	Signature Guarantee*:	 	 

 

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

 

    A-6 

     

    

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE
OR

 

REGISTRATION OF TRANSFER FOR RESTRICTED
NOTES

 

RE: The Howard Hughes Corporation 4.375%
Senior Notes due 2031

 

This certificate relates to $            
principal amount of Notes held in (check applicable space) ____________ book-entry or             
definitive form by the undersigned.

 

The undersigned (check one box below):

 

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above) in accordance with the Indenture; or
	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

 

In connection with any transfer of any of the Notes evidenced
by this certificate occurring prior to the expiration of the applicable holding period referred to in Rule 144 under the Securities Act
of 1933, as amended (the “Securities Act”), the undersigned confirms that such Notes are being transferred in accordance
with its terms:

 

CHECK ONE BOX BELOW

 

	(1)	 ̈	to the Issuer; or
	(2)	 ̈	to the Registrar for registration in the name of the Holder, without transfer; or
	(3)	 ̈	pursuant to an effective registration statement under the Securities Act; or
	(4)	 ̈	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for the account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or
	(5)	 ̈	outside the United States of America in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act; or
	(6)	 ̈	pursuant to Rule 144 under the Securities Act or another available exemption from registration under the Securities Act.

 

Unless one of the boxes is checked, the Trustee shall refuse
to register any of the Notes evidenced by this certificate in the name of any Person other than the registered Holder thereof;
provided, however, that if box (5) or (6) is checked, the Issuer or the Trustee may require, prior to registering
any such transfer of the Notes, such legal opinions, certifications and other information as the Issuer has reasonably requested
to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

 

    A-7 

     

    

 

	 	 
	 	Your Signature

 

    A-8 

     

    

 

	Signature Guarantee:	 	 
	 	 	 
	Date:	      	 	 
	 	 	 
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee	 	

Signature of Signature Guarantor

 

 

 

TO BE COMPLETED BY PURCHASER IF (4) ABOVE
IS CHECKED.

 

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

 

	Dated:	 	 	
	 	 	 	NOTICE: To be executed by an executive officer

 

    A-9 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Issuer pursuant to Section 4.11 or 4.15 of the Indenture, check the appropriate box below:

 

	o Section 4.11	o Section 4.15
	(Asset Sale Offer)	(Change of Control Offer)

 

If you want to elect to have only part of
this Note purchased by the Issuer pursuant to Section 4.11 or Section 4.15 of the Indenture, state the amount you elect
to have purchased:

 

	$                        	 	(integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $2,000)

 

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

 

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

 

    A-10 

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTE*

 

The initial outstanding principal amount
of this Global Note is $            . The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global or Definitive Note for an interest in this Global Note, have been made:

 

	

        Date of

        Exchange

	

        Amount of decrease

        in Principal Amount

	

        Amount of increase

        in Principal

        Amount of this

        Global Note

	

        Principal Amount of

        this Global Note

        following such

        decrease or increase

	

        Signature of authorized

        signatory of

        Trustee or Custodian

	
         

         

         
	 	 	 	 

 

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

 

    A-11 

     

    

 

EXHIBIT B

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY FUTURE GUARANTORS

 

Supplemental Indenture (this “Supplemental
Indenture”), dated as of [            ] [__], 20[__],
among              (the “Guaranteeing Subsidiary”),
a subsidiary of The Howard Hughes Corporation, a Delaware corporation (the “Issuer”), and Wells Fargo Bank,
National Association, as the Trustee (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuer has heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of February 2, 2021, providing for the
issuance of an unlimited aggregate principal amount of 4.375% Senior Notes due 2031 (the “Notes”);

 

WHEREAS, Section 4.16 of the Indenture provides
that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Issuer’s Obligations under the Notes
and the Indenture on the terms and conditions set forth herein and under the Indenture; and

 

WHEREAS, pursuant to Section 9.01 of the Indenture,
the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:

 

1. Capitalized Terms. Capitalized terms
used herein without definition shall have the meanings assigned to them in the Indenture.

 

2. Subsidiary Guarantor. The Guaranteeing
Subsidiary hereby agrees to be a Subsidiary Guarantor under the Indenture and to be bound by the terms of the Indenture applicable
to Subsidiary Guarantors, including Article 10 thereof.

 

3. Governing Law. THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4. Waiver of Jury Trial. EACH OF
THE GUARANTEEING SUBSIDIARY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE
NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

 

5. Counterparts. The parties may sign
any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or .PDF transmission
shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf shall be deemed to
be their original signatures for all purposes.

 

    B-1 

     

    

 

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

 

7. The Trustee. The Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuer.

 

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

 

	 	[NAME OF GUARANTEEING SUBSIDIARY]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	THE HOWARD HUGHES CORPORATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    B-2

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