Document:

Exhibit 4.1

 

EXECUTION VERSION

 

 

 

ALTERA INFRASTRUCTURE HOLDINGS L.L.C.

 

11.50% SENIOR SECURED PIK NOTES DUE 2026

 

________________________________________

 

INDENTURE

 

Dated as of August 27, 2021

 

________________________________________

 

U.S. Bank National Association

 

Trustee

 

________________________________________

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	42
	Section 1.03	No Incorporation by Reference of Trust Indenture Act	43
	Section 1.04	Rules of Construction	43
	Section 1.05	Limited Condition Transactions	44
	 	 	 
	
    Article
    II THE NOTES

    
	45
	 	 	 
	Section 2.01	Form and Dating	45
	Section 2.02	Execution and Authentication	45
	Section 2.03	Registrar and Paying Agent	46
	Section 2.04	Paying Agent to Hold Money and PIK Notes in Trust	46
	Section 2.05	Holder Lists	47
	Section 2.06	Transfer and Exchange	47
	Section 2.07	Replacement Notes	60
	Section 2.08	Outstanding Notes	60
	Section 2.09	Treasury Notes	61
	Section 2.10	Temporary Notes	61
	Section 2.11	Cancellation	61
	Section 2.12	Defaulted Interest	61
	Section 2.13	CUSIP Numbers	62
	Section 2.14	PIK Interest	62
	 	 	 
	
    Article
    III REDEMPTION AND PREPAYMENT

    
	62
	 	 	 
	Section 3.01	Notices to Trustee	62
	Section 3.02	Selection of Notes to Be Redeemed	63
	Section 3.03	Notice of Redemption	63
	Section 3.04	Effect of Notice of Redemption	65
	Section 3.05	Deposit of Redemption Price	65
	Section 3.06	Notes Redeemed in Part	66
	Section 3.07	Optional Redemption	66
	Section 3.08	Mandatory Redemption	67
	Section 3.09	Additional Amounts	67
	Section 3.10	Optional Redemption for Changes in Withholding Taxes	70
	 	 	 
	
    Article
    IV COVENANTS

    
	71
	 	 	 
	Section 4.01	Payment of Notes	71
	Section 4.02	Maintenance of Office or Agency	72
	Section 4.03	Reports	72
	Section 4.04	Compliance Certificate	74

 

    i 

     

    

 

	Section 4.05	Intentionally Omitted	74
	Section 4.06	Intentionally Omitted.	74
	Section 4.07	Restricted Payments.	74
	Section 4.08	Dividend and Other Payment Restrictions Affecting Non-Guarantor Subsidiaries	79
	Section 4.09	Incurrence of Indebtedness and Issuance of Preferred Equity	82
	Section 4.10	Asset Sales	89
	Section 4.11	Transactions with Affiliates	92
	Section 4.12	Liens	95
	Section 4.13	Intentionally Omitted	95
	Section 4.14	Offer to Repurchase Upon Change of Control	95
	Section 4.15	Future Subsidiary Guarantees	96
	Section 4.16	Designation of Restricted and Unrestricted Subsidiaries	97
	Section 4.17	Covenant Termination	97
	 	 	 
	
    Article
    V SUCCESSORS

    
	97
	 	 	 
	Section 5.01	Consolidation, Amalgamation, Merger, or Sale of Assets	97
	Section 5.02	Successor Substituted	99
	 	 	 
	
    Article
    VI DEFAULTS AND REMEDIES

    
	99
	 	 	 
	Section 6.01	Events of Default	99
	Section 6.02	Acceleration	101
	Section 6.03	Other Remedies	103
	Section 6.04	Waiver of Past Defaults	103
	Section 6.05	Control by Majority	103
	Section 6.06	Limitation on Suits	104
	Section 6.07	Rights of Holders to Receive Payment	104
	Section 6.08	Collection Suit by Trustee	104
	Section 6.09	Trustee May File Proofs of Claim	105
	Section 6.10	Priorities	105
	Section 6.11	Undertaking for Costs	105
	 	 	 
	
    Article
    VII TRUSTEE

    
	106
	 	 	 
	Section 7.01	Duties of Trustee	106
	Section 7.02	Rights of Trustee	107
	Section 7.03	Individual Rights of Trustee	108
	Section 7.04	Trustee’s Disclaimer	109
	Section 7.05	Notice of Defaults	109
	Section 7.06	Intentionally Omitted	109
	Section 7.07	Compensation and Indemnity	109
	Section 7.08	Replacement of Trustee	110
	Section 7.09	Successor Trustee by Merger, etc.	111
	Section 7.10	Eligibility; Disqualification	111
	Section 7.11	Preferential Collection of Claims Against the Company	111

 

    ii 

     

    

 

	
    Article
    VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE

    
	112
	 	 	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	112
	Section 8.02	Legal Defeasance and Discharge	112
	Section 8.03	Covenant Defeasance	113
	Section 8.04	Conditions to Legal or Covenant Defeasance	113
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	114
	Section 8.06	Repayment to the Company	115
	Section 8.07	Reinstatement	115
	 	 	 
	
    Article
    IX AMENDMENT, SUPPLEMENT AND WAIVER

    
	116
	 	 	 
	Section 9.01	Without Consent of Holders	116
	Section 9.02	With Consent of Holders	118
	Section 9.03	Revocation and Effect of Consents	120
	Section 9.04	Notation on or Exchange of Notes	120
	Section 9.05	Trustee to Sign Amendments, etc.	120
	 	 	 
	
    Article
    X NOTE GUARANTEES

    
	120
	 	 	 
	Section 10.01	Note Guarantees	120
	Section 10.02	Subsidiary Guarantors May Consolidate, etc., on Certain Terms	122
	Section 10.03	Limitation on Guarantor Liability	122
	Section 10.04	Releases of Guarantees	122
	 	 	 
	
    Article
    XI SATISFACTION AND DISCHARGE

    
	124
	 	 	 
	Section 11.01	Satisfaction and Discharge	124
	Section 11.02	Application of Trust Money	125
	 	 	 
	
    Article
    XII MISCELLANEOUS

    
	126
	 	 	 
	Section 12.01	Notices	126
	Section 12.02	Communication by Holders with Other Holders	127
	Section 12.03	Certificate and Opinion as to Conditions Precedent	127
	Section 12.04	Statements Required in Certificate or Opinion	128
	Section 12.05	Rules by Trustee and Agents	128
	Section 12.06	No Personal Liability of Directors, Officers, Employees, Stockholders and Members	128
	Section 12.07	Governing Law	129
	Section 12.08	Successors	129
	Section 12.09	Severability	129
	Section 12.10	Counterpart Originals	129
	Section 12.11	Table of Contents, Headings, etc.	129
	Section 12.12	PATRIOT Act	129
	Section 12.13	Waiver of Jury Trial	130
	Section 12.14	Payment Date Other Than a Business Day	130
	Section 12.15	Evidence of Action by Holders	130

 

 

    iii 

     

    

 

	
    Article
    XIII COLLATERAL AND SECURITY

    
	130
	 	 	 
	Section 13.01	Security Interest	130
	Section 13.02	Collateral Requirements	131
	Section 13.03	After-Acquired Property	132
	Section 13.04	Impairment of Security
Interest	133
	Section 13.05	Intentionally Omitted	133
	Section 13.06	Collateral Trust Agreement	133
	Section 13.07	Release of Liens on the
Collateral	134

 

    iv 

     

    

 

EXHIBITS

 

Exhibit A FORM OF NOTE

Exhibit B FORM OF CERTIFICATE OF TRANSFER

Exhibit C FORM OF CERTIFICATE OF EXCHANGE

Exhibit D FORM OF SUPPLEMENTAL INDENTURE

 

    v 

     

    

 

 

INDENTURE dated as of August
27, 2021 among Altera Infrastructure Holdings L.L.C., a limited liability company formed under the laws of the Republic of the Marshall
Islands, as issuer (the “Company”), Altera Infrastructure L.P., a limited partnership formed under the laws of the
Republic of the Marshall Islands, as parent guarantor (the “Parent Guarantor”), and U.S. Bank National Association,
as trustee (the “Trustee”).

 

The Company, the Parent Guarantor
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein)
of (a) the $699,341,000 aggregate principal amount of the Company’s 11.50% Senior Secured PIK Notes due 2026 (the “Initial
Notes”) and (b) any PIK Notes (as defined herein) and Additional Notes (as defined herein) that may be issued after the date
hereof (all such securities in clauses (a) and (b) being referred to collectively as the “Notes”):

 

Article
I 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01      
Definitions.

 

“144A Global Note”
means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be initially issued in a denomination
equal to (together with the denomination of any other 144A Global Note) the outstanding principal amount of the Notes sold in reliance
on Rule 144A.

 

“2023 Notes”
means the 8.50% Senior Notes due 2023 issued on July 2, 2018 by the Parent Guarantor and Altera Infrastructure Finance Corp., a corporation
incorporated under the laws of the Republic of the Marshall Islands.

 

“Account Control
Agreement” means a deposit account control agreement or securities account control agreement (or similar agreement), as applicable,
in form and substance reasonably satisfactory to the Collateral Trustee, executed by the Company, the Collateral Trustee and the relevant
financial institution party thereto, which establishes the Collateral Trustee’s control (within the meaning of Section 9-104 of
the Uniform Commercial Code) with respect to the applicable deposit account or securities account covered thereby.

 

“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.

 

     

     

    

 

“Act of Required
Secured Parties” has the meaning given to such term in the Collateral Trust Agreement.

 

“Additional Assets”
means:

 

(1)               any
properties or assets to be used by the Company or a Restricted Subsidiary in a Permitted Business; or

 

(2)               Capital
Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary;

 

provided, however, that, in the
case of clause (2), such Restricted Subsidiary is primarily engaged in a Permitted Business.

 

“Additional Notes”
means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02 and 4.09,
as part of the same series as the Initial Notes whether or not they bear the same “CUSIP” number.

 

“Additional Offshore
Unit” means an Offshore Unit that is used or useful in a Permitted Business.

 

“Additional Secured
Debt” means additional Secured Debt that the Company or any Subsidiary Guarantor intends to incur.

 

“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. For purposes of this definition, the terms “controlling,”
 “controlled by” and “under common control with” have correlative meanings.

 

“Affiliated Debt
Fund” means any Affiliate of an Investor that is a bona fide diversified debt fund primarily engaged in, or that advises funds
or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar
extensions of credit or securities in the ordinary course of business.

 

“Agent”
means any Registrar or Paying Agent.

 

“Applicable Premium”
means, with respect to any Note at any time, the greater of:

 

(1)              1.0% of the principal amount of the Note; and

 

(2)               the
excess of: (a) the present value at such time of (i) the redemption price of the Note at August 15, 2024 (such redemption price being
set forth in the table appearing in Section 3.07(b)), plus (ii) all required interest payments due on the Note through August
15, 2024 (excluding accrued but unpaid interest to the redemption date), 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 the Note.

 

    2 

     

    

 

The Company shall calculate the Applicable
Premium.

 

“Applicable Procedures”
means, with respect to any transfer or exchange or transaction involving beneficial interests in any Global Note, the rules and procedures
of the Depositary, Euroclear and Clearstream therefor to the extent applicable to such transaction and as in effect from time to time.

 

“Appraised Value”
means the fair market sale value as of a specified date of a specified Offshore Unit that would be obtained in an arm’s-length transaction
between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, taking
into account any charters or other contracts for employment with respect to such Offshore Unit at such time, as determined in writing
by an Independent Appraiser selected by the Company.

 

“Asset Acquisition”
means:

 

(1)               an
Investment by the Company or any Restricted Subsidiary of the Company in any other Person pursuant to which such Person shall become
a Restricted Subsidiary of the Company or any Restricted Subsidiary of the Company, or shall be merged with or into or consolidated with
the Company or any Restricted Subsidiary of the Company; or

 

(2)               the
acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person (other than a Restricted Subsidiary
of the Company) which constitute all or substantially all of the assets of such Person or comprise any division or line of business of
such Person or any other properties or assets of such Person other than in the ordinary course of business.

 

“Asset Sale”
means:

 

(1)               the
sale, lease, conveyance or other disposition of any assets or rights of the Company and its Restricted Subsidiaries; provided that
the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries
taken as a whole will be governed by Section 4.14 and/or Section 5.01 and not by Section 4.10; and

 

(2)               the
issuance or sale of Equity Interests in any of the Company’s Restricted Subsidiaries (other than preferred equity of Restricted
Subsidiaries issued in compliance with Section 4.09 and directors’ qualifying shares or shares required by applicable law
to be held by a Person other than the Company or a Restricted Subsidiary).

 

    3 

     

    

 

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

 

(1)              any single transaction or series of related transactions that involves assets or Equity Interests of any Restricted Subsidiary
having a Fair Market Value of less than $50.0 million;

 

(2)               a
transfer or other disposition of assets between or among the Company and any Restricted Subsidiary;

 

(3)               an issuance, sale or other disposition of Equity Interests by a Restricted Subsidiary of the Company to the Company or to another
Restricted Subsidiary of the Company;

 

(4)               the
sale or lease of inventory, products or services or the lease, assignment or sub-lease of any real or personal property;

 

(5)               the
sale or discounting of accounts receivable or any charter, pool agreement, operations or service contract or lease of an Offshore Unit
and any related assets in the ordinary course of business;

 

(6)               any
sale or other disposition of damaged, worn-out, obsolete or no longer useful assets or properties;

 

(7)               any
sale of assets received by the Company or any of its Restricted Subsidiaries upon the foreclosure on a Lien;

 

(8)               the
sale or other disposition of cash, Cash Equivalents or Marketable Securities;

 

(9)               a
Restricted Payment that does not violate Section 4.07 or a Permitted Investment;

 

(10)             any
sale or other disposition of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(11)             the
granting of Liens not otherwise prohibited by this Indenture;

 

(12)             the
surrender, or waiver of contract rights, leases, or settlement, release or surrender of contract, tort or other claims; and

 

(13)             any
Asset Swap.

 

“Asset Swap”
means any substantially contemporaneous (and in any event occurring within 180 days of each other) purchase and sale or exchange of any
assets or properties used or useful in a Permitted Business between the Company or any of its Restricted Subsidiaries and another Person;
provided, that the Fair Market Value of the properties or assets to be traded or exchanged by the Company or such Restricted Subsidiary
(together with any cash) is reasonably equivalent to the Fair Market Value of the properties or assets (together with any cash) to be
received by the Company or such Restricted Subsidiary, and provided further that any net cash received must be applied in accordance with
Section 4.10.

 

    4 

     

    

 

“Attributable Indebtedness”
means, in respect of a Sale and Leaseback Transaction, at the time any determination is to be made, the present value (discounted according
to IFRS at the cost of indebtedness implied in the lease; provided that if such discount rate cannot be determined in accordance
with IFRS, the present value shall be discounted at the interest rate borne by the Notes compounded annually) of the total obligations
of the lessee for rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction (including any
period for which such lease has been extended); provided, however, that if such Sale and Leaseback Transaction results in a Capital Lease
Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease
Obligation.”

 

“Bank Product Obligations”
means all obligations and liabilities of any kind, nature or character (whether direct or indirect, absolute or contingent, liquidated
or unliquidated, voluntary or involuntary, due or to become due in existence on the Issue Date or thereafter incurred) of the Company
or any Subsidiary Guarantor, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses
or otherwise, which may arise under, out of, or in connection with any treasury, investment, depository, clearing house, wire transfer,
commercial credit card, purchasing card, merchant card, cash management or automated clearing house transfers of funds services or any
related services, including all renewals, extensions and modifications thereof and all costs, attorneys’ fees and expenses incurred
by a holder of Bank Product Obligations in connection with the collection or enforcement thereof.

 

“Bankruptcy Law”
means Title 11, U.S. Code or any similar federal or 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 used in Section 13(d)(3) of the Exchange Act), such “person” will
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. The terms “Beneficially
Owns,” “Beneficial Ownership” and “Beneficially Owned” 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 or other governing body of the general partner of the partnership;

 

(3)               with
respect to a limited liability company, the board of directors or other governing body, and in the absence of same, the manager or board
of managers or the managing member or members or any controlling committee thereof; and

 

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

 

    5 

     

    

 

“Brookfield”
means Brookfield TK TOLP LP.

 

“Business Day”
means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law, regulation or
executive order to close in New York State, Aberdeen, Scotland or Oslo, Norway.

 

“Capital Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a lease that would at that time be required
to be capitalized on a balance sheet (excluding the footnotes thereto) prepared in accordance with IFRS. Notwithstanding the foregoing,
any lease (whether entered into before or after the Issue Date) that would have been classified as an operating lease pursuant to IFRS
as in effect prior to the effective date of International Financial Reporting Standards 16 will be deemed not to represent a Capital Lease
Obligation, and any ratio or basket availability under this Indenture will be calculated as if the changes in IFRS made as a result of
International Financial Reporting Standards 16 had not occurred.

 

“Capital Stock”
means:

 

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

 

(2)               in
the case of an association or business entity that is not a corporation, 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 other currencies held by the Company and any of its Restricted Subsidiaries from time to time in the ordinary course of business;

 

(2)               securities
issued or directly and fully guaranteed or insured by the government of the United States or any agency or instrumentality of such government
(provided that the full faith and credit of such government is pledged in support of those securities) having maturities of not
more than one year from the date of acquisition;

 

(3)               certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any financial institution that is
a member of the Federal Reserve System, in each case having combined capital and surplus and undivided profits of not less than $500.0
million, whose debt has a rating, at the time as of which any investment made therein is made of at least A-1 by S&P or at least
P-1 by Moody’s or having capital and surplus in excess of $500.0 million and a Thomson BankWatch Rating of “B” or better;

 

    6 

     

    

 

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

 

(5)               commercial
paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within one year after
the date of acquisition;

 

(6)               securities
issued or fully guaranteed by any state or commonwealth of the United States, or by any political subdivision or taxing authority thereof
having one of the two highest ratings obtainable from Moody’s or S&P, and, in each case, maturing within one year after the
date of acquisition;

 

(7)              money
market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (5)
of this definition;

 

(8)               Indebtedness
or preferred equity issued by Persons with a rating of “A” or higher from S&P or “A-2” from Moody’s
with maturities of 24 months or less from the date of acquisition; and

 

(9)               in
the case of the Company or a Subsidiary of the Company organized or having its place of business outside the United States, investments
denominated in the currency of the jurisdiction in which such Person is organized or has its principal place of business or conducts
business which are similar and of comparable credit quality to the items specified 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, lease (other than pursuant to any charterparty, pool agreement or operations or service contract in respect
of any Offshore Unit), transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of
related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to
any “person” (as that term is used in Section 13(d) of the Exchange Act), other than the Permitted Holders; or

 

(2)               the
consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any “person”
(as defined above), other than the Permitted Holders, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting
Stock of the Company measured by voting power rather than number of shares, and, in either case, a Rating Decline shall occur on any
date from the date of the public announcement of such transaction until the end of the 30-day period following public notice of the occurrence
thereof (which 30-day period will be extended so long as the rating of the Notes is under publicly-announced consideration for possible
downgrade by either of the Rating Agencies).

 

    7 

     

    

 

Notwithstanding the preceding, a conversion
of the Company or any of its Restricted Subsidiaries from a limited liability company, corporation, limited partnership or other form
of entity to a limited liability company, corporation, limited partnership or other form of entity or an exchange of all of the outstanding
Capital Stock in one form of entity for Capital Stock of another form of entity will not constitute a Change of Control, so long as following
such conversion or exchange the “persons” (as that term is used in Section 13(d)(3) of the Exchange Act) who Beneficially
Owned the Capital Stock of the Company immediately prior to such transactions continue to Beneficially Own in the aggregate more than
50% of the Voting Stock of such entity, or continue to Beneficially Own sufficient Equity Interests in such entity to elect a majority
of its directors, managers, trustees or other persons serving in a similar capacity for such entity, and, in either case no other “person”
Beneficially Owns more than 50% of the Voting Stock of such entity.

 

A Person or group will not be deemed
to have beneficial ownership of securities to be acquired under a subscription agreement, stock purchase agreement, merger agreement or
similar agreement until the consummation of the acquisition of such securities under the relevant agreement.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Collateral”
has the meaning assigned to such term in the Collateral Agreement.

 

“Collateral Agreement”
means the Collateral Agreement, dated as of the Issue Date, between the Company and the Subsidiaries that may join from time to time,
in favor of the Collateral Trustee, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance
with its terms and the terms of the Collateral Trust Agreement.

 

“Collateral Documents”
means the Collateral Agreement, the Security Agreement, the Pledge Agreements, the Account Control Agreements and any other instruments
or agreements evidencing or creating Liens on the assets of the Company or any Subsidiary Guarantor to secure the obligations under the
Notes and this Indenture, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in
accordance with its terms and the terms of the Collateral Trust Agreement.

 

“Collateral Trust
Agreement” means the Collateral Trust Agreement, dated as of the Issue Date, by and between the Company, the Guarantors party
thereto from time to time, the Trustee and U.S. Bank National Association, as Collateral Trustee.

 

“Collateral
Trust Joinder” means (i) with respect to the provisions of the Collateral Trust Agreement relating to any Additional
Secured Debt, an agreement substantially in the form of the applicable exhibit to the Collateral Trust Agreement, (ii) with respect
to the provisions of the Collateral Trust Agreement relating to the addition of additional Guarantors, an agreement substantially in
the form of the applicable exhibit to the Collateral Trust Agreement and (iii) with respect to the provisions of the Collateral
Trust Agreement relating to any Hedging Obligations, an agreement substantially in the form of the applicable exhibit to the
Collateral Trust Agreement.

 

    8 

     

    

 

“Collateral Trustee”
means U.S. Bank National Association acting in its capacity as collateral trustee under the Collateral Trust Agreement.

 

“Commodity Agreements”
means, in respect of any Person, any forward contract, commodity swap agreement, commodity option agreement or other similar agreement
or arrangement and designed to protect such Person against fluctuation in commodity prices.

 

“Consolidated Adjusted
EBITDA” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period
plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income:

 

(1)               the
provision for taxes based on income, profits or capital, including without limitation provincial, state, franchise, local, foreign and
similar taxes, of such Person and its Restricted Subsidiaries for such period; plus

 

(2)               the
Fixed Charges of such Person and its Restricted Subsidiaries for such period; plus

 

(3)               depreciation,
accretion, depletion, amortization (including amortization of goodwill and other intangibles, deferred financing fees, debt issuance
costs, commissions and expenses and any amortization included in pension, other post-employment benefits (“OPEB”) or other
employee benefit expenses, but excluding amortization of prepaid cash expenses (other than financing costs) that were paid in a prior
period) and other non-cash expenses (including without limitation write-downs and impairment of property, plant, equipment and intangibles
and other long-lived assets (including pursuant to IFRS 3 and IFRS 16) and the impact of purchase accounting, but excluding any such
non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of
a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period; plus

 

(4)               the
amount of any restructuring charges (which, for the avoidance of doubt, shall include retention, severance, integration, business optimization,
systems establishment cost or excess pension, OPEB, curtailment or other excess charges); plus

 

(5)               the
amount of management, consulting, monitoring and advisory fees and related expenses paid or accrued during such period; plus

 

(6)               accretion
of asset retirement obligations in accordance with IFRS 37 and any similar accounting in prior periods; plus

 

    9 

     

    

 

(7)               to the extent not otherwise included, the proceeds of any business interruption insurance received during such period; plus

 

(8)               to
the extent actually reimbursed (and not otherwise included in arriving at Consolidated Net Income), expenses covered by indemnification
provisions in any agreement in connection with any transaction involving the Company or any of its Subsidiaries; plus

 

(9)               to
the extent not otherwise included, the amount of any payments received on direct financing leases during such period.

 

“Consolidated Net
Income” means, with respect to any specified Person for any period, the aggregate of the net income of such Person and its Restricted
Subsidiaries for such period, on a consolidated basis, determined in accordance with IFRS and before any deduction for preferred equity
dividends or distributions; provided that:

 

(1)               any
net after-tax extraordinary, unusual or nonrecurring gains or losses or income or expense or charge (including, without limitation, income,
expenses and charges from litigation and arbitration settlements, severance, relocation, and other restructuring costs, any pre-operating
expenses that are expensed and not capitalized, and fees, expenses or charges related to any offering of securities of such Person or
other financing transaction, any Investment, acquisition, disposition or incurrence or repayment or early extinguishment of Indebtedness
or other obligations permitted to be incurred (in each case, whether or not successful)), including all fees, expenses and charges, and
any financing charges, including penalty interest and bank charges, related to any Indebtedness or other obligations, in each case, shall
be excluded;

 

(2)               any
net after-tax income or loss from disposed, abandoned, transferred, closed or discontinued operations and any net after-tax gain or loss
on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded;

 

(3)               any
net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset
dispositions other than in the ordinary course of business (as determined in good faith by the Company) shall be excluded;

 

(4)               any
net after-tax income or loss (less all fees and expenses or charges relating thereto) attributable to the early extinguishment of indebtedness
and Hedging Obligations or other derivative instruments shall be excluded;

 

(5)               (A)
the net income for such period of any Person that is not a Subsidiary, or that is an Unrestricted Subsidiary, or that is accounted for
by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments
in respect of equity that are actually paid in cash (or to the extent converted into cash) by such Person to the specified Person or
a Restricted Subsidiary thereof in respect of such period and (B) the net income for such period shall include any dividend, distribution
or other payments in respect of equity paid in cash by such Person to the specified Person or a Restricted Subsidiary thereof in excess
of the amount included in clause (A);

 

    10 

     

    

 

(6)               any
increase in depreciation, accretion, depletion or amortization or any one-time non-cash charges (such as purchased in-process research
and development or capitalized manufacturing profit in inventory) resulting from purchase accounting in connection with any acquisition
that is consummated prior to or after the Issue Date shall be excluded;

 

(7)               accruals
and reserves that are established within 12 months after an acquisition’s closing date and that are so required to be established
as a result of such transaction in accordance with IFRS or as a result of a modification of accounting policies shall be excluded;

 

(8)               any
impairment charges resulting from the application of IFRS 3 and IFRS 16 and the amortization of intangibles pursuant to IFRS 3 and all
asset write-downs and asset write-offs shall be excluded;

 

(9)               any
long-term incentive plan accruals and any compensation expense realized from grants of stock or unit appreciation or similar rights,
stock or unit options or other rights to officers, directors and employees of such Person or any of its Restricted Subsidiaries shall
be excluded;

 

(10)             (A)
any unrealized non-cash gains or losses or charges in respect of Hedging Obligations (including those resulting from the application
of IFRS 9), (B) any foreign exchange gains and losses and (C) any adjustments for financial instruments, derivatives or Hedging Obligations
required by IFRS shall be excluded except for any realized exchange gains or losses on derivative instruments which are included as offsets
to operating items as part of a designated hedging relationship;

 

(11)             the
cumulative effect of a change in accounting principles will be excluded; and

 

(12)             the amount by which any income or charge attributable to a post-employment benefit scheme differs from the current service costs
attributable to the scheme will be excluded.

 

“Consolidated Net
Tangible Assets” means, with respect to any Person at any date of determination, the aggregate amount of total assets included
in such Person’s most recent quarterly or annual consolidated balance sheet prepared in accordance with IFRS, with such pro forma
adjustments consistent with the definition of “Fixed Charge Coverage Ratio,” less applicable reserves reflected in such balance
sheet, after deducting the following amounts: (a) all current liabilities reflected in such balance sheet, and (b) all goodwill, trademarks,
patents, unamortized debt discounts and expenses and other like intangibles reflected in such balance sheet.

 

    11 

     

    

 

“Contingent Obligations”
means, with respect to any Person, any obligation (including, but not limited to, any obligations under or relating to surety bonds) of
such Person guaranteeing any performance, leases, liabilities, dividends, taxes or other obligations that do not constitute Indebtedness
(“primary obligations”) of any other Person in any manner, whether directly or indirectly, including, without limitation,
any obligation of such Person, whether or not contingent:

 

(1)               to
purchase any such primary obligation or any property constituting direct or indirect security thereof;

 

(2)               to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor;
or

 

(3)               to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability
of the primary obligor to make payment of such obligation against loss in respect thereof.

 

“continuing”
means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

 

“Controlled Investment
Affiliate” means, with respect to Brookfield, any investment fund, co-investment vehicle and/or similar investment vehicle or
managed account that (a) is organized by Brookfield or any Affiliate of Brookfield for the purposes of making equity or debt investments
in one or more companies and (b) is controlled by or is under common control with Brookfield.

 

“Corporate Trust
Office of the Trustee” means the office of the Trustee at which at any particular time its corporate trust business shall be
principally administered, which office as of the date of this instrument is specified in Section 12.01, or, in the case of any
of such offices or agency, such other address as the Trustee may designate from time to time by notice to the Holders and the Company.

 

“Credit Facilities”
means one or more debt facilities (excluding the Existing Credit Facilities), indentures or commercial paper facilities, in each case,
with banks or other institutional lenders or investors providing for revolving credit loans, term 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),
letters of credit, debt securities or other indebtedness, in each case, as amended, restated, modified, renewed, refunded, replaced (whether
upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole
or in part from time to time, including any agreement or indenture extending the maturity thereof or otherwise restructuring all or any
portion of the indebtedness thereunder or increasing the amount loaned or issued thereunder or altering the maturity thereof.

 

“Currency Agreement”
means, in respect of a Person, any foreign exchange contract, currency swap agreement, futures contract, option contract or other similar
agreement as to which such Person is a party or a beneficiary.

 

“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 

    12 

     

    

 

“Customary Recourse
Exceptions” means, with respect to any Non-Recourse Debt of an Unrestricted Subsidiary, exclusions from the exculpation provisions
with respect to such Non-

 

Recourse Debt for the voluntary
bankruptcy of such Unrestricted Subsidiary, fraud, misapplication of cash, environmental claims, waste, willful destruction and other
circumstances customarily excluded by lenders from exculpation provisions or included in separate indemnification agreements in non-recourse
financings.

 

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

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the 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 Company or one 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, less the amount of cash or Cash Equivalents received in connection with a subsequent
sale of such Designated Non-cash Consideration.

 

“Designated Preferred
Stock” means any preferred Capital Stock of the Company or any direct or indirect parent company of the Company (other than
Disqualified Stock) that is issued for cash (other than to any of the Company’s Subsidiaries or an employee stock ownership plan
or trust established by the Company or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s
Certificate, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in subclause (II)
of Section 4.07(a).

 

“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 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital
Stock will not constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to
repurchase such Capital Stock upon the occurrence of a change of control or an asset sale. The amount of Disqualified Stock deemed to
be outstanding at any time for purposes of this Indenture will be the maximum amount that the Company 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.

 

    13 

     

    

 

“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).

 

“Equity Offering”
means (i) an offer and sale of Capital Stock (other than Disqualified Stock and other than to a Subsidiary of the Company) of the Company
or (ii) an offer and sale of Capital Stock (other than Disqualified Stock and other than to the Company or a Subsidiary of the Company)
of a direct or indirect parent entity of the Company (to the extent the net proceeds therefrom are contributed to the equity capital of
the Company) pursuant to (x) a registration statement that has been declared effective by the SEC pursuant to the Securities Act (other
than a registration statement on Form S-8 or otherwise relating to equity securities issuable under any employee benefit plan of the Company
or such direct or indirect parent company), or (y) a private issuance exempt from registration under the Securities Act.

 

“Euroclear”
means Euroclear Bank SA/NV, as operator of the Euroclear system.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Excluded Account”
has the meaning assigned to such term in the Collateral Agreement.

 

“Excluded Equity”
has the meaning assigned to such term in the Collateral Agreement.

 

“Excluded Property”
has the meaning assigned to such term in the Collateral Agreement.

 

    14 

     

    

 

“Existing
Credit Facilities” means the (i) Amendment and Restatement Agreement No. 1, dated July 3, 2020, by and among Altera Grand
Banks Shipping AS, f/k/a Teekay Grand Banks Shipping AS, DNB Markets, Inc., DNB Bank ASA, New York Branch and the banks listed on
schedule 1 thereto; (ii) Amendment and Restatement Agreement No. 2, dated October 26, 2020, by and among Altera Grand Banks Shipping
AS, f/k/a Teekay Grand Banks Shipping AS, DNB Markets, Inc., DNB Bank ASA, New York Branch and the banks listed on schedule 1
thereto; (iii) Secured Loan Agreement, dated September 18, 2017, by and among Navion Gothenburg LLC, Nordic Rio LLC, DNB Capital
LLC, DNB Bank ASA, New York Branch, DNB Markets, Inc. and the banks listed on schedule 1 thereto; (iv) Secured Revolving Credit
Facility Agreement, dated April 29, 2019, by and among Varg L.L.C., Piranema L.L.C., Voyageur L.L.C., ING Capital LLC and the banks
listed in schedule 1 thereto; (v) Amendment and Restatement Agreement No. 2, dated June 29, 2020, by and among Knarr LLC, The
Export-Import Bank of Korea, Citibank N.A., London Branch, Credit Agricole Corporate and Investment Bank, Korea Exchange Bank, and
the banks listed on schedule 1 thereto; (vi) Loan Agreement, dated July 17, 2015, by and among ALP Sweeper B.V., Altera
Infrastructure L.P., f/k/a Teekay Offshore Partners L.P., Japan Bank for International Cooperation, Citibank Japan Ltd., Sumitomo
Mitsui Banking Corporation, Citibank, N.A., Citibank, N.A., London Branch, SMBC Nikko Capital Markets Limited, and Citicorp
International Limited; (vii) Loan Agreement, dated July 17, 2015, by and among ALP Defender B.V., Altera Infrastructure L.P., f/k/a
Teekay Offshore Partners L.P., Japan Bank for International Cooperation, Citibank Japan Ltd., Sumitomo Mitsui Banking Corporation,
Citibank, N.A., Citibank, N.A., London Branch, SMBC Nikko Capital Markets Limited, and Citicorp International Limited; (viii) Loan
Agreement, dated July 17, 2015, by and among ALP Keeper B.V., Altera Infrastructure L.P., f/k/a  Teekay Offshore Partners L.P.,
Japan Bank for International Cooperation, Citibank Japan Ltd., Sumitomo Mitsui Banking Corporation, Citibank, N.A., Citibank, N.A.,
London Branch, SMBC Nikko Capital Markets Limited, and Citicorp International Limited; (ix) Loan Agreement, dated July 17, 2015, by
and among ALP Striker B.V., Altera Infrastructure L.P., f/k/a Teekay Offshore Partners L.P., Japan Bank for International
Cooperation, Citibank Japan Ltd., Sumitomo Mitsui Banking Corporation, Citibank, N.A., Citibank, N.A., London Branch, SMBC Nikko
Capital Markets Limited, and Citicorp International Limited; (x) Secured Term Loan Facility, dated  February 25, 2021, by and
among Petrojarl I L.L.C., DNB Capital LLC, DNB Bank ASA New York Bank, DNB Markets, Inc., CitiBank N.A., London Branch and the banks
listed on schedule 1 thereto; (xi) Secured Credit Facility Agreement, dated February 6, 2015, by and among ALP Guard B.V., ALP 
Winger B.V., ALP Centre B.V., ALP Ippon B.V., ALP Ace B.V., ALP Forward B.V., Credit Suisse AG and the banks listed in schedule 1
thereto; (xii) Secured Term Loan Facility Agreement, dated September 15, 2017, by and among Arendal Spirit LLC, Citibank, N.A.,
London Branch, Citibank Europe PLC, UK Branch, and the banks listed on schedule 1 thereto; (xiii) Secured Loan Agreement, dated
August 28, 2019, by and among Clipper LLC, DNB Capital LLC, DNB Bank ASA, New York Branch, DNB Markets Inc., NIBC Bank N.V. and the
banks listed in schedule 1 thereto; (xiv) Secured Term Loan Facility Agreement, dated November 24, 2015, by and among Gina Krog
Offshore Pte. Ltd., ING Bank N.V., Singapore Branch, ING Capital LLC, BNP Paribas, Singapore Branch, ING Capital Markets LLC and the
banks and financial instructions listed in schedule 1 thereto; (xv) Secured Revolving Credit Facility Agreement, dated May 23, 2019,
by and among Altera Shuttle Tankers LLC, f/k/a Teekay Shuttle Tankers LLC, Nordea Bank Abp, filial i Norge, and the banks, financial
institutions and other institutional lenders listed in schedule 1 thereto; (xvi) Note Purchase Agreement, dated September 4. 2019,
by and between Altera Libra Netherlands B.V., f/k/a Teekay Libra Netherlands B.V., Altera Wilmington Trust, National Association;
(xvii) Amended and Restated Credit Agreement, dated August 7, 2020, by and among Altera Infrastructure L.P., Brookfield TK Loan LP,
Brookfield TK Block Acquisition LP and Brookfield TK Buyback LP; (xviii) Note Purchase Agreement, dated September 10, 2013, by and
among Altera Shuttle Tankers Finance L.L.C., f/k/a Teekay Shuttle Tanker Finance L.L.C. Wells Fargo Bank Northwest, N.A. and the
parties signatories thereto; (xix) Bond Terms for 7.125% senior unsecured USD 250,000,000 bonds due 2022, dated August 9, 2017, by
and between Altera Shuttle Tankers L.L.C., f/k/a Teekay Shuttle Tankers L.L.C. and Nordic Trustee ASA; (xx) Loan Agreement, dated
April 2, 2019, by and among Altera Shuttle Tankers L.L.C., f/k/a Teekay Shuttle Tankers L.L.C., ABN Amro Capital USA LLC, Macquarie
Bank Limited, London Branch, and the banks listed on schedule 1 thereto; (xxi) Memorandum of Agreement, dated September 23, 2019, by
and between, Altera Wind AS, f/k/a Teekay SHI Hull No 2287 AS and Hai Juo Shipping 1960T Limited; (xxii) Memorandum of Agreement,
dated September 23, 2019, by and between, Altera Wave AS, f/k/a Teekay SHI Hull No 2286 AS and Hai Juo Shipping 1959T Limited;
(xxiii) Bond Terms FRN for senior unsecured green USD 200,000,000 bonds due 2024 , dated October 16, 2019, by and between Altera
Shuttle Tankers L.L.C., f/k/a Teekay Shuttle Tankers L.L.C. and Nordic Trustee ASA; (xxiv) Amendment and Restatement Agreement,
dated December 16, 2015, by and among OOGTK Libra GMBH & Co KG, HSBC Bank USA, National Association and the banks signatories
thereto; (xxv) Amended and Restated Credit Agreement, dated November 6, 2020, by and among, OOG-TKP FPSO GmbH & Co KG, The Bank
of New York Mellon, London Branch, TMF Trustee Limited, TMF Trustee Services GmbH, TMF Brasil Administracao e Gestao de Ativos Ltda,
TMF Group New York, LLC and the banks signatory thereto; (xxvi) Credit Agreement, dated February 23, 2021, by and among Altera
Infrastructure L.P., Brookfield TK Loan LP and Brookfield TK Loan 2 LP; (xxvii) Credit Agreement, dated February 23, 2021, by and
among Altera Shuttle Tankers L.L.C. and Brookfield TK Loan 2 LP; (xxviii) Credit Agreement, dated July 26, 2021, by and among,
Altera Infrastructure Holdings L.L.C., Altera Infrastructure L.P., Brookfield TK Bond LP and Brookfield TK TOLP LP,  in each
case including any instruments and agreements executed in connection therewith, and any amendments, supplements, modifications,
extensions, renewals, restatements, replacements, refundings or refinancings thereof and any indentures or credit facilities or
commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the
loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility
or indenture that increases the amount borrowable thereunder or alters the maturity thereof; provided that such increase in
borrowings is permitted under Section 4.09).

 

    15 

     

    

 

“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 (i) the principal financial officer of the Company for transactions less than $35.0 million
and (ii) the Board of Directors of the Company (unless otherwise provided in this Indenture) for transactions valued at, or in excess
of, $35.0 million.

 

“Fixed Charge Coverage
Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Adjusted EBITDA of such Person
for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries
incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than (i) ordinary
working capital borrowings and (ii) in the case of revolving credit borrowings, in which case interest expense will be computed based
upon the average daily balance of such Indebtedness during the applicable period) or issues, repurchases or redeems preferred equity subsequent
to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the
event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed
Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption,
defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred equity, and the use of the proceeds
therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period.

 

    16 

     

    

 

 

In addition, for
purposes of calculating the Fixed Charge Coverage Ratio, Asset Acquisitions (including acquisitions of Additional Offshore Units),
dispositions, mergers, consolidations and discontinued operations (as determined in accordance with IFRS), and any related financing
transactions, that the specified Person or any of its Restricted Subsidiaries has both determined to make and made after the Issue
Date and during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with
the Calculation Date shall be calculated on a pro forma basis assuming that all such Asset Acquisitions, dispositions, mergers,
consolidations and discontinued operations (and the change of any associated Fixed Charges and the change in Consolidated Adjusted
EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period, including any pro forma expense and
cost reductions and other operating improvements that have occurred or are reasonably expected to occur, in the reasonable judgment
of the chief financial officer of the specified Person (regardless of whether these cost savings or operating improvements could
then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated under the Securities Act or any
other regulation or policy of the SEC related thereto). Any Person that is a Restricted Subsidiary on the Calculation Date will be
deemed to have been a Restricted Subsidiary at all times during such four-quarter period, and if, since the beginning of the
four-quarter reference period, any Person that subsequently became a Restricted Subsidiary or was merged with or into the specified
Person or any of its other Restricted Subsidiaries since the beginning of such period shall have made any acquisition, Investment,
disposition, merger, consolidation or discontinued operation, in each case with respect to an operating unit of a business, that
would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be adjusted giving pro forma
effect thereto for such period as if such Asset Acquisition, disposition, discontinued operation, merger or consolidation had
occurred at the beginning of the applicable four-quarter reference period. Any Person that is not a Restricted Subsidiary on the
Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter period. If the Company
or any Restricted Subsidiary shall have entered into an agreement to build or acquire an Additional Offshore Unit that, at the time
of calculation is being constructed on behalf of the Company or such Restricted Subsidiary, is scheduled for delivery no later than
one year from the time of calculation and is, or is reasonably expected to be upon delivery (as determined by the Board of Directors
of the Company), subject to a Qualified Services Contract, then the Fixed Charge Coverage Ratio for such period may, at the
Company’s election, be calculated after giving pro forma effect thereto as if the Additional Offshore Unit subject to such
committed construction contract had been acquired by the Company or such Restricted Subsidiary on the first day of the four-quarter
reference period.

 

For purposes of this definition,
whenever pro forma effect is to be given to (i) any transaction (other than the acquisition of an Additional Offshore Unit or a committed
construction contract with respect to an Additional Offshore Unit that is subject to a Qualified Services Contract), the pro forma calculations
shall be made in good faith by a responsible financial or accounting officer of the specified Person, and (ii) the acquisition of an Additional
Offshore Unit or to a committed construction contract with respect to an Additional Offshore Unit that is subject to a Qualified Services
Contract, shall be made as follows:

 

(a)              
the amount of Consolidated Adjusted EBITDA attributable to such Additional Offshore Unit shall be calculated in good faith by a
responsible financial or accounting officer of the Company;

 

(b)              
in the case of earned revenues under a Qualified Services Contract, the Consolidated Adjusted EBITDA shall be based on revenues
actually earned pursuant to the Qualified Services Contract relating to such Additional Offshore Unit or Additional Offshore Units, taking
into account, where applicable, only actual expenses incurred without duplication in any measurement period;

 

(c)              
the amount of Consolidated Adjusted EBITDA shall be the lesser of the Consolidated Adjusted EBITDA derived on a pro forma basis
from revenues that are guaranteed to be earned, without condition or contingency, for (i) the first full year of the Qualified Services
Contract and (ii) the average of the Consolidated Adjusted EBITDA of each year of such Qualified Services Contract for the term of the
Qualified Services Contract;

 

    17 

     

    

 

(d)              
 in determining the estimated expenses attributable to such Additional Offshore Unit, the calculation shall give effect to the
interest expense attributable to the incurrence, assumption or guarantee of any Indebtedness (including Indebtedness that is anticipated
to be incurred following the time of calculation in order to consummate the construction, acquisition and/or delivery of the Additional
Offshore Unit) relating to the construction, delivery and/or acquisition of such Additional Offshore Unit; and

 

(e)              
with respect to any expenses attributable to an Additional Offshore Unit, if the actual expenses differ from the estimate, the
actual amount shall be used in such calculation.

 

If any Indebtedness bears
a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate
in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable
to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capital Lease Obligation shall
be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the specified Person
to be the rate of interest implicit in such Capital Lease Obligation. For purposes of making the computation referred to above, interest
on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance
of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon
the rate actually chosen, or, if none, then based upon such optional rate chosen as the specified Person may designate. Any such pro forma
calculation may include adjustments appropriate, in the reasonable determination of the specified Person as set forth in an Officer’s
Certificate, to reflect operating expense reductions reasonably expected to result from any acquisition or merger.

 

“Fixed Charges”
means, with respect to any specified Person for any period, the sum, without duplication, of:

 

(1)              
the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, excluding
amortization of deferred financing fees, debt issuance costs and commissions, fees and expenses and the expensing of any bridge, commitment
or other financing fees, commissions, discounts, yield and other fees and charges (including any interest expense) related to any receivables
facility but including original issue discount, non-cash interest payments, the interest component of any deferred payment obligations
(classified as Indebtedness under this Indenture), the interest component of all payments associated with Capital Lease Obligations and
net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates; plus

 

(2)              
the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

 

(3)               all
dividend payments or other distributions on the Disqualified Stock of such Person or the preferred equity of any of its Restricted
Subsidiaries, other than dividends or other distributions payable solely in Equity Interests of such Person (other than Disqualified
Stock) or to such Person or a Restricted Subsidiary of such Person; less

 

    18 

     

    

 

(4)              
interest income; less

 

(5)            
non-cash interest expense attributable to movement in mark to market valuation of Hedging Obligations or other derivatives under
IFRS; less

 

(6)              
accretion or accrual of discounted liabilities not constituting Indebtedness; and less

 

(7)              
any expense resulting from the discounting of Indebtedness in connection with the application of purchase accounting in connection
with any acquisition.

 

“Funded Debt”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether
or not contingent:

 

		(1)	in respect of borrowed money or advances; or

 

		(2)	evidenced by loan agreements, bonds, notes, debentures or similar instruments or letters of credit (or reimbursement
agreements in respect thereof), whether or not then available or drawn.

 

For the avoidance of doubt,
 “Funded Debt” shall not include Hedging Obligations.

 

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

 

“Global Notes”
means, individually and collectively, each Note issued in global, registered form deposited with or on behalf of and registered in the
name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has
the “Schedule of Increases and Decreases in the Global Note” attached thereto.

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, 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, without limitation, 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).

 

“Guarantor”
means any Subsidiary Guarantor and the Parent Guarantor.

 

    19 

     

    

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under Interest Rate Agreements, Currency Agreements or Commodity
Agreements.

 

“Holder”
means a Person in whose name a Note is registered.

 

“IFRS”
means the International Financial Reporting Standards, including International Accounting Standards and Interpretations together with
their accompanying documents which are set by the IFRS Foundation and the IFRS Interpretations Committee, the interpretive body of the
IFRS Foundation.

 

“Immediate Family
Member” means with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant,
parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law
and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only
beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing
individuals or any donor-advised fund of which any such individual is the donor.

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:

 

(1)              
in respect of borrowed money;

 

(2)              evidenced
by (A) bonds, notes, debentures or similar instruments or (B) letters of credit (or reimbursement agreements in respect thereof); provided
that the underlying obligation in respect of which the letter of credit was issued would, under one or more of clause (1)
above or clauses (3) to (6) below, be treated as being Indebtedness;

 

(3)              
in respect of banker’s acceptances;

 

(4)              
representing Capital Lease Obligations;

 

(5)              
representing Attributable Indebtedness of such Person in respect of Sale and Leaseback Transactions;

 

(6)              
representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after (i)
such property is acquired or such services are completed or (ii) with respect to any such balance that is disputed in good faith, the
final resolution of such dispute; provided that “Indebtedness” shall not include contingent obligations in respect
of earn-outs or purchase price adjustments, except to the extent that the contingency relating thereto is resolved and such obligation
is not paid within 30 days thereafter; or

 

(7)               to
the extent not otherwise included in this definition, Hedging Obligations of such Person (the amount of any such obligations to be
equal at any time to the termination value of such agreement or arrangement giving rise to such obligation that would be payable by
such Person at such time), if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations)
would appear as a liability upon a balance sheet of the specified Person prepared in accordance with IFRS. In addition, the term
 “Indebtedness” includes (i) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether
or not such Indebtedness is assumed by the specified Person); provided, however, that the amount of such Indebtedness
shall be the lesser of (x) the Fair Market Value of such asset as such date of determination and (y) the amount of such Indebtedness
of such other Person; and (ii) to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of
any other Person. The term “Indebtedness,” however, excludes any repayment or reimbursement obligation of such Person or
any of its Restricted Subsidiaries with respect to Customary Recourse Exceptions, unless and until an event or circumstance occurs
that triggers the Person’s or such Restricted Subsidiary’s direct repayment or reimbursement obligation (as opposed to
contingent or performance obligations) to the lender or other Person to whom such obligation is actually owed, in which case the
amount of such direct payment or reimbursement obligation shall constitute Indebtedness.

 

    20 

     

    

 

Notwithstanding the foregoing,
 “Indebtedness” shall not include (a) accrued expenses, royalties and trade payables; (b) Contingent Obligations incurred in
the ordinary course of business; (c) asset retirement obligations and obligations in respect of reclamation and workers’ compensation
(including pensions and retiree medical care) that are not overdue by more than 90 days; or (d) any obligations under Currency Agreements,
Commodity Agreements and Interest Rate Agreements (collectively, the “Agreements”); provided that such Agreements are
entered into for bona fide hedging purposes of the Company or its Restricted Subsidiaries (as determined in good faith by the Board of
Directors or senior management of the Company, whether or not accounted for as a hedge in accordance with IFRS).

 

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

 

“Independent Appraiser”
means a Person:

 

(1)              
that is (a) engaged in the business of appraising Offshore Units and qualified to appraise the applicable Offshore Unit, in each
case, as determined in good faith by the Company or (b) if no Person described in clause (1)(a) is at such time generally providing
appraisals of vessels (as determined in good faith by the Company) then, an independent investment banking firm of international standing
qualified to perform such valuation (as determined in good faith by the Company); and

 

(2)              
that (a) is independent of the parties to the transaction in question and their Affiliates and (b) is not connected with the Company,
any of the Restricted Subsidiaries or any of such Affiliates as an officer, director, employee, partner or person performing similar functions.

 

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

 

“Initial Notes”
has the meaning assigned to it in the preamble to this Indenture.

 

“Interest Rate Agreement”
means with respect to any Person any interest rate protection agreement, interest rate future agreement, interest rate option agreement,
interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar
agreement or arrangement as to which such Person is party or a beneficiary.

 

“Investment Grade
Rating” means a Moody’s rating of Baa3 (or the equivalent) or higher and an S&P rating of BBB- (or the equivalent)
or higher, or, if either such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent
investment grade credit rating from any other Rating Agency.

 

    21 

     

    

 

“Investment Grade
Securities” means:

 

(1)              
securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other
than Cash Equivalents) and in each case with maturities not exceeding two years from the date of acquisition;

 

(2)              
investments in any fund that invests exclusively in investments of the type described in clause (1) which fund may also
hold immaterial amounts of cash pending investment and/or distribution; and

 

(3)              
corresponding instruments in countries other than the United States customarily utilized for high quality investments and in each
case with maturities not exceeding two years from the date of acquisition.

 

“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 accounts receivable, trade credit and
advances to customers and commission, travel and similar advances to officers, employees and consultants of such Person (or its Controlled
Investment Affiliates), in each case, 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 IFRS.

 

“Investor”
means Brookfield and its Affiliates, and any funds, partnerships or other investment vehicles managed or directly or indirectly controlled
by them, but not including, however, any portfolio companies of the foregoing.

 

“Issue Date”
means August 27, 2021.

 

“Junior Lien Debt”
has the meaning given to such term in the Collateral Trust Agreement.

 

“Junior Lien Documents”
means, collectively, any indenture, credit agreement or other agreement pursuant to which any Junior Lien Debt is incurred and the Junior
Lien Security Documents.

 

“Junior Lien Obligations”
has the meaning given to such term in the Collateral Trust Agreement.

 

“Junior Lien Representative”
means, in the case of any Series of Junior Lien Debt, the trustee, agent or representative of the holders of such Series of Junior Lien
Debt who maintains the transfer register for such Series of Junior Lien Debt and (A) is appointed as a representative for such Junior
Lien Debt (for purposes related to the administration of the security documents) pursuant to the indenture, credit agreement or other
agreement governing such Series of Junior Lien Debt and (B) who has executed a Collateral Trust Joinder, together with its successors
and assigns in such capacity.

 

“Junior Lien Secured
Parties” has the meaning given to such term in the Collateral Trust Agreement.

 

    22 

     

    

 

“Junior Lien Security
Documents” means all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency
agreements, control agreements or other grants or transfers for security executed and delivered by the Company or any other Guarantor
creating or perfecting (or purporting to create or perfect) a Lien upon Collateral in favor of the Collateral Trustee, for the benefit
of any of the Junior Lien Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from
time to time, in accordance with its terms and the Collateral Trust Agreement.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien (statutory or other), hypothecation, assignment, pledge, encumbrance,
charge or security interest in or on such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital
lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities (other than securities representing an interest in a joint venture that is not a Subsidiary
or the Company), any purchase option, call or similar right of a third party with respect to such securities.

 

“Limited Condition
Transaction” means any acquisition (including by way of merger), Investment, Restricted Payment or other transaction by the
Company or any Restricted Subsidiary permitted pursuant to this Indenture whose consummation is not conditioned upon the availability
of, or on obtaining, third party financing (or, if such a condition does exist, the Company or any Restricted Subsidiary would be required
to pay any fee, liquidated damages or other amount or be subject to any indemnity, claim or other liability as a result of such third
party financing not having been available or obtained).

 

“Local Law Creation
and Perfection Steps” has the meaning assigned to such term in the Collateral Agreement.

 

“Marketable
Securities” means, with respect to any Asset Sale, any readily marketable equity securities that are (i) traded on the New
York Stock Exchange or the Nasdaq National Market and (ii) issued by a corporation or other entity having a total equity market
capitalization of not less than $250.0 million; provided that the excess of (A) the aggregate amount of securities of any one
such corporation or other entity held by the Company and any Restricted Subsidiary over (B) ten times the average daily trading
volume of such securities during the 20 immediately preceding trading days shall be deemed not to be Marketable Securities, as
determined on the date of the contract relating to such Asset Sale.

 

“Material First-Tier
Restricted Subsidiary” means a first-tier Restricted Subsidiary of the Company (other
than Arendal Spirit L.L.C.) and any Subsidiary Guarantor that directly (or indirectly through its Subsidiaries) owns assets, the
fair market value of which (as determined by the Company in good faith), exceeds $10,000,000 in the aggregate; provided that the
aggregate fair market value of assets attributable to Restricted Subsidiaries that are not Material First-Tier Restricted Subsidiaries
(directly or indirectly through its respective Subsidiaries), taken together shall not exceed $20,000,000 in the aggregate.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors and assigns.

 

    23 

     

    

 

“Net Proceeds”
means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including,
without limitation, any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset
Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise,
but only as and when received, but excluding the assumption by the acquiring Person of Indebtedness relating to the disposed assets or
other consideration received in any non-cash form), net of the direct costs relating to such Asset Sale and the sale of such Designated
Non-cash Consideration, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation
expenses incurred as a result of the Asset Sale, and taxes paid or payable as a result of the Asset Sale, in each case, after taking into
account any available tax credits or deductions and any tax sharing arrangements, and 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, all distributions and other payments
required to be made to minority interest holders in Subsidiaries or joint ventures or to holders of royalty or similar interests as a
result of such Asset Sale and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance
with IFRS, including without limitation, pension and post-employment benefit liabilities and liabilities related to environmental matters
or against any indemnification obligations associated with such transaction, until such time as such reserve is reversed.

 

“Non-Recourse Debt”
means Indebtedness:

 

(1)              
as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness) other than a pledge of the Equity Interests of any Unrestricted Subsidiaries
or joint ventures, (b) is directly or indirectly liable (as a guarantor or otherwise) other than by virtue of a pledge of the Equity Interests
of any Unrestricted Subsidiaries or joint ventures, except for Customary Recourse Exceptions, or (c) constitutes the lender; and

 

(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 (other than the
Notes offered hereby) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause
the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity.

 

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

 

“Note Documents”
means the Notes, this Indenture, the Collateral Trust Agreement and the Priority Lien Security Documents securing the Obligations in respect
thereof.

 

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

 

“Note
Obligations” means the Indebtedness incurred and Obligations (including any Applicable Premium) under this Indenture, the Notes,
and the other Note Documents.

 

    24 

     

    

 

“Notes”
has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and any Additional Notes shall be treated as a single
class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the
Initial Notes and any Additional Notes and any PIK Notes (or any increase in the principal amount of a Global Notes), and any references
to “principal amount” of the Notes include any increase in the principal amount of the outstanding Notes as a result of a
PIK Payment.

 

“Obligations”
means any principal (including reimbursement obligations with respect to letters of credit whether or not drawn), interest, premium (if
any), fees, indemnifications, reimbursements, expenses and other liabilities payable under the documentation governing any Indebtedness.

 

“Officer”
means, with respect to any Person, the chairman of the Board of Directors, the principal executive officer, the president, the principal
operating officer, the principal financial officer, the treasurer, any assistant treasurer, the controller, the secretary or any vice-president
of such Person (or, if such Person is a limited partnership, the general partner of such Person).

 

“Officer’s
Certificate” means, with respect to any Person, a certificate signed by any Officer of such Person; provided, however,
that with respect to any Officer’s Certificate deliverable by or on behalf of the Company, “Officer’s Certificate”
shall mean a certificate signed by the chief financial officer of Altera Infrastructure Group Ltd. or any Officer of the Company.

 

“Offshore Unit”
means any shuttle tanker, floating production, storage and offloading unit, floating, storage and offtake unit, unit for maintenance and
safety, towing and offshore installation vessel, conventional tanker, other vessel and any other infrastructure- or sustainability-linked
unit or vessel, whose primary purpose is the storage, transportation, utilization, processing, development or exploration and/or production
(or services and/or support to the same) of crude oil, hydrocarbons, advanced fuels, renewable energy, ammonia, hydrogen, carbon mitigation,
fuel cells, other infrastructure or sustainability-linked products and similar products or technologies, in each case together with all
related spares, equipment and any additions or improvements thereto.

 

“Offshore Unit
Value” means, with respect to each Offshore Unit or group of Offshore Units, (i) with respect to the acquisition or
construction of any such Offshore Unit or group of Offshore Units, the greater of (x) the aggregate contract price for the
acquisition or construction of such Offshore Unit or group of Offshore Units (or the acquisition of the Capital Stock of any Person
the assets of which primarily consist of such Offshore Unit or group of Offshore Units), as applicable, plus any Ready for Sea Costs
with respect to such Offshore Unit or group of Offshore Units and (y) the Appraised Value of such Offshore Unit or group of Offshore
Units immediately after such acquisition or construction; and (ii) with respect to the refurbishment, redeployment, recontracting,
contracting or extending of a contract of any such Offshore Unit or group of Offshore Units, the greater of (a) the Appraised Value
of such Offshore Unit or group of Offshore Units and (b) the fully built-up cost (actual or forecast) of such Offshore Unit or group
of Offshore Units; in each case immediately after completion of such refurbishment, redeployment, recontracting, contracting or
extension.

 

“Opinion of Counsel”
means an opinion from legal counsel, who is reasonably acceptable to the Trustee, that meets the requirements of Section 12.04,
who may be an employee of or counsel to the Company or any Subsidiary of the Company.

 

“Parent Guarantee”
means the guarantee of the obligations of the Company under this Indenture and the Notes by the Parent Guarantor in accordance with the
provisions of this Indenture.

 

    25 

     

    

 

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

 

“Permitted Business”
means the businesses of the Company and its Subsidiaries engaged in or proposed to be engaged in on the Issue Date and any other activities
that are similar, complementary, synergistic, ancillary, incidental or reasonably related to, or a reasonable growth, extension, expansion,
evolution or development of, such businesses or ancillary thereto, in each case, as determined in good faith by the Company.

 

“Permitted Business
Investments” means Investments by the Company or any of its Restricted Subsidiaries in any Unrestricted Subsidiary or in any
joint venture; provided that:

 

(1)              
(a) the Company would, at the time of such Investment and after giving pro forma effect thereto as if such Investment 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 the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) or (b) such Investment does not exceed the aggregate amount
of Cumulative Credit not previously expended pursuant to Section 4.07 at the time of such Investment; provided that the
amount of any such Investment will be excluded from subclauses (I) – (V) of Section 4.07(a) or any portion
of Cumulative Credit resulting from such subclauses (I) – (V) of Section 4.07(a);

 

(2)               if
such Unrestricted Subsidiary or joint venture has outstanding Indebtedness at the time of such Investment, either (a) all such
Indebtedness is Non-Recourse Debt or (b) any such Indebtedness that is recourse to the Company or any of its Restricted Subsidiaries
(which shall include, without limitation, all Indebtedness for which the Company or any of its Restricted Subsidiaries may be
directly or indirectly, contingently or otherwise, obligated to pay, whether pursuant to the terms of such Indebtedness, by law or
pursuant to any guarantee, including, without limitation, any “claw-back,” “make-well” or
 “keep-well” arrangement) would, at the time of such Investment and after giving pro forma effect thereto as if such
Investment had been made at the beginning of the applicable four-quarter period, have been permitted to be incurred by the Company
and its Restricted Subsidiaries pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a); and

 

(3)              
such Unrestricted Subsidiary’s or joint venture’s activities are not outside the scope of the Permitted Business.

 

“Permitted Holders”
means (i) the Parent Guarantor and (ii) Brookfield and any of its Controlled Investment Affiliates (but not including any portfolio
companies of any of the foregoing). Any person or group whose acquisition of Beneficial Ownership constitutes a Change of Control in respect
of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates,
constitute an additional Permitted Holder.

 

    26 

     

    

 

“Permitted Investments”
means:

 

(1)          
any Investment in the Company or in a Restricted Subsidiary of the Company;

 

(2)          
any Investment in cash, Cash Equivalents or Investment Grade Securities;

 

(3)          
any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:

 

(a)       such
Person becomes a Restricted Subsidiary of the Company; or

 

(b)       such
Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys
substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company;

 

and, in each case, any Investment held
by any such Person;

 

(4)          
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 4.10;

 

(5)          
any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock)
of the Company or a direct or indirect parent company of the Company;

 

(6)           any
Investments received (i) in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in the ordinary
course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or other disputes; or
(ii) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other
transfer of title with respect to any secured Investment in default;

 

(7)          
Investments represented by Hedging Obligations;

 

(8)          
loans or advances to officers, directors and employees made in the ordinary course of business or consistent with the past practice
of the Company or any Restricted Subsidiary of the Company;

 

(9)           repurchases of the Notes;

 

(10)         Permitted Business Investments;

 

(11)        any Affiliate Transaction to the extent it constitutes an Investment, that is permitted by and made in accordance with the provisions
of Section 4.11(b) (except for transactions described in clauses (3)(a), (6), (7), (8) and (10)
of Section 4.11(b));

 

    27 

     

    

 

(12)        (A) guarantees issued in accordance with Section 4.09 and Section 4.15 and (B) guarantees of performance or other
obligations (other than Indebtedness) arising in the ordinary course of business or consistent with past practice;

 

(13)        
any Investment existing on the Issue Date and any Investment that replaces, refinances or refunds an existing Investment; provided
that the new Investment is in an amount that does not exceed the amount replaced, refinanced or refunded, and is made in the same
Person as the Investment replaced, refinanced or refunded;

 

(14)       
Investments consisting of purchases and acquisitions of parts, buildings, inventory, supplies, materials and equipment or purchases
of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business;

 

(15)         Investments by an Unrestricted Subsidiary outstanding at the time it is redesignated as a Restricted Subsidiary; and

 

(16)        additional
Investments by the Company or any Restricted Subsidiary having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value), taken together with all other Investments made
pursuant to this clause (16) that are at the time outstanding not to exceed the greater of (A) $200.0 million and (B) 5.0% of
the Company’s Consolidated Net Tangible Assets; provided, however, that if any Investment pursuant to this clause
(16) is made in a Person that is not a Restricted Subsidiary of the Company at the date of the making of such Investment and
such Person becomes a Restricted Subsidiary of the Company after such date, such Investment shall thereafter be deemed to have been
made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (16) for so long as such
Person continues to be a Restricted Subsidiary;

 

provided, however, that with respect
to any Investment, the Company may, in its sole discretion, allocate all or any portion of any Investment to one or more of the above
clauses (1) through (15) so that the entire Investment would be a Permitted Investment.

 

“Permitted Jurisdiction”
means Canada, the United Kingdom, Norway, the Cayman Islands, Bermuda, Singapore, Austria, Luxembourg, the Netherlands, Australia,
Ireland, the Marshall Islands, in each case to the extent the obligations under the Notes and Note Guarantees, as applicable, would be
valid and binding obligations of any Successor Company organized in such jurisdiction, or the United States, any state of the United States
or the District of Columbia.

 

“Permitted Liens”
means:

 

(1)              
Liens with respect to Indebtedness incurred under any Credit Facility pursuant to clauses (1) or (2) of Section
4.09(b); provided that the aggregate amount of such Indebtedness does not exceed the aggregate amount that would be allowed
under clauses (1) and (2) of Section 4.09(b).

 

(2)              
Liens in favor of the Company or any of its Restricted Subsidiaries;

 

(3)              
Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any Restricted
Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such merger or consolidation
and do not extend to any assets other than those of the Person merged into or consolidated with the Company or the Restricted Subsidiary;

 

    28 

     

    

 

(4)             Liens on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Subsidiary
of the Company; provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such
acquisition;

 

(5)             Liens or deposits to secure the performance of statutory or regulatory obligations, or surety, appeal, indemnity or performance
bonds, warranty and contractual requirements or other obligations of a like nature incurred in the ordinary course of business and Liens
over cash deposits in connection with an acquisition, lease, disposition or investment;

 

(6)              Liens
securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other assets relating
to such letters of credit and products and proceeds thereof and any cash cover relating to a letter of credit or bank guarantee;

 

(7)             
Liens to secure Indebtedness (including Capital Lease Obligations) permitted to be incurred pursuant to Section 4.09(b)(5)
covering only the assets acquired with or financed by such Indebtedness;

 

(8)             
Liens existing on the Issue Date;

 

(9)              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 IFRS has been made therefor;

 

(10)            Liens incurred or deposits made in the ordinary course of business to secure payment of workers’ compensation or to participate
in any fund in connection with workmen’s compensation, unemployment insurance, old-age pensions or other social security programs;

 

(11)            Liens imposed by law, such as carriers’, warehousemen’s, landlord’s, lessor’s, suppliers, banks, repairmen’s
and mechanics’ Liens, and Liens of landlords securing obligations to pay lease payments that are not yet due and payable or in default,
in each case, incurred in the ordinary course of business;

 

(12)             leases or subleases granted to others that do not materially interfere with the ordinary conduct of business of the Company or
any of its Restricted Subsidiaries;

 

(13)            easements, rights of way, zoning and similar restrictions, reservations or encumbrances in respect of real property or title defects
that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said
properties (as such properties are used by the Company or its Subsidiaries) or materially impair their use in the operation of the business
of the Company and its Subsidiaries;

 

    29 

     

    

 

(14)          
Liens created for the benefit of (or to secure) the Notes, including any PIK Notes, or the Subsidiary Guarantees;

 

(15)          
Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided, however,
that:

 

(a)       the
new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which
the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions
thereof); and

 

(b)       the
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, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including
premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;

 

(16)          
Liens arising from precautionary Uniform Commercial Code financing statement filings regarding operating leases entered into by
the Company or any of its Restricted Subsidiaries in the ordinary course of business;

 

(17)          
Liens arising out of judgments constituting an Event of Default so long as any appropriate legal proceedings that may have been
duly initiated for the review of such judgment shall not have been finally terminated or the period within which such legal proceedings
may be initiated shall not have expired;

 

(18)          
licenses of intellectual property in the ordinary course of business;

 

(19)          
Liens on Equity Interests of an Unrestricted Subsidiary or joint venture that secure Indebtedness of such Unrestricted Subsidiary
or joint venture;

 

(20)          
leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Company
and its Restricted Subsidiaries;

 

(21)          
Liens to secure a defeasance trust;

 

(22)          
Liens securing insurance premium financing arrangements; provided that such Lien is limited to the applicable insurance
contracts;

 

(23)          
Liens arising under retention of title, hire purchase or conditional sale arrangements arising under provisions in a supplier’s
standard conditions of supply in respect of goods or services supplied to the Company or any Restricted Subsidiary in the ordinary course
of business and on arm’s length terms;

 

(24)          
Liens arising by way of set-off or pledge (in favor of the account holding bank) arising by operation of law or pursuant to standard
banking terms or conditions; provided that the relevant bank account has not been set up nor has the relevant credit balance arisen
in order to implement a secured financing;

 

(25)          
Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(26)          
Liens securing Hedging Obligations;

 

    30 

     

    

 

 

(27)          
 any (a) interest or title of a lessor or sublessor under any lease, (b) restriction or encumbrance that the interest or title
of such lessor or sublessor may be subject to (including, without limitation, ground leases or other prior leases of the demised premises,
mortgages, mechanics’ liens, tax liens, and easements); (c) subordination of the interest of the lessee or sublessee under such
lease to any restrictions or encumbrance referred to in the preceding clause (b) or (d) Liens over rental deposits with a lessor pursuant
to a property lease entered into in the ordinary course of business;

 

(28)          
Liens incurred under or in connection with lease and sale and leaseback transactions and novations and any refinancings thereof
(and Liens securing obligations under lease transaction documents relating thereto), including, without limitation, Liens over the assets
which are the subject of such lease, sale and leaseback, novations, refinancings, assets and contract rights related thereto (including,
without limitation, the right to receive rental rebates or deferred sale payments), sublease rights, insurances relating thereto and rental
deposits;

 

(29)          
Liens incurred in the ordinary course of business of the Company or any Restricted Subsidiary arising from Offshore Unit chartering,
drydocking, maintenance, repair, refurbishment, the furnishing of supplies and bunkers to Offshore Units or masters’, officers’
or crews’ wages and maritime Liens, in the case of each of the foregoing, which were not incurred or created to secure the payment
of Indebtedness;

 

(30)         
Liens securing Indebtedness or other obligations of the Company or any Subsidiary of the Company with respect to obligations that
do not exceed $100.0 million at any one time outstanding;

 

(31)          
Liens securing Indebtedness or other obligations incurred and then outstanding pursuant to clause (4) of the definition
of “Permitted Debt”;

 

(32)          
on or after July 16, 2023, Liens securing Indebtedness or other obligations of the Company or any Restricted Subsidiary of the
Company incurred and then outstanding pursuant to clause (17) of the definition of “Permitted Debt”; and

 

(33)          
Liens securing Indebtedness incurred and then outstanding pursuant to clause (18) of the definition of “Permitted
Debt”.

 

If any Liens securing obligations
are incurred to refinance Liens securing obligations initially incurred in reliance on a basket measured by reference to a percentage
of Consolidated Net Tangible Assets, and such refinancing would cause the percentage of Consolidated Net Tangible Assets to be exceeded
if calculated based on the Consolidated Net Tangible Assets on the date of such refinancing, such percentage of Consolidated Net Tangible
Assets will not be deemed to be exceeded to the extent the principal amount of such obligations secured by such newly incurred Lien does
not exceed the principal amount of such obligations secured by such Liens being refinanced, plus any accrued and unpaid interest on the
Indebtedness plus the amount of any tender premium or penalty or premium required to be paid under the terms of the instrument or documents
governing such refinanced Indebtedness, and any defeasance costs and any fees and expenses (including original issue discount, upfront
fees or similar fees) incurred in connection with the issuance of such new Indebtedness, or the extension, replacement, refunding, refinancing,
renewal or defeasance of such refinanced Indebtedness.

 

    31 

     

    

 

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 otherwise permitted under the provisions of Section 4.09 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, 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.

 

For purposes of this definition,
the term “Indebtedness” will be deemed to include interest and other obligations payable on and with respect to such Indebtedness.

 

“Permitted Payments
to Parent” means, without duplication as to amounts:

 

		(1)	in amounts required for any direct or indirect parent of the Company to pay fees, costs and expenses (including
franchise or similar taxes) required to maintain its corporate or other existence, customary salary, bonus and other benefits payable
to, and indemnities provided on behalf of, officers and employees of any direct or indirect parent of the Company and general corporate
operating and overhead fees, costs and expenses of any direct or indirect parent of the Company (including without limitation, any fees,
costs and expenses to pay or that are otherwise related to the settlement of any claims or disputes), in each case to the extent such
fees, costs and expenses are directly or indirectly attributable to the ownership or operation of the Company and its Subsidiaries;

 

		(2)	so long as no Payment Default or Event of Default has occurred and is continuing, in amounts required for
any direct or indirect parent of the Company to pay interest and/or principal on Indebtedness, the proceeds of which have been contributed
to the Company or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered Indebtedness of, the Company incurred
in accordance with Section 4.09;

 

		(3)	in amounts required for any direct or indirect parent of the Company to pay fees and expenses related to
any successful or unsuccessful equity or debt offering of such parent, as the case may be, the proceeds of which have been (or, if unsuccessful,
would have been) contributed to the Company or any Restricted Subsidiary;

 

    32 

     

    

 

		(4)	in amounts required for any direct or indirect parent of the Company to pay any regularly scheduled interest
payments or any default interest when due on the 2023 Notes;

 

		(5)	in amounts required for any direct or indirect parent of the Company to pay any amounts due upon the termination
or unwinding of any Hedging Obligation of such parent of the Company outstanding as of the Issue Date or any Hedging Obligation of such
parent of the Company incurred in the ordinary course of business; and

 

		(6)	in amounts required for any direct or indirect parent of the Company to finance Investments or other acquisitions
or investments otherwise permitted to be made pursuant to Section 4.07 if made by the Company; provided that (A) such Restricted
Payment must be made within 120 days of the closing of such Investment, acquisition or investment, (B) such parent must, promptly following
the closing thereof, cause (1) all property acquired (whether assets or, in the case of Equity Interests, either the Equity Interests
or all of the assets of the entity for which the Equity Interests were acquired) to be contributed to the capital of the Company or one
of its Restricted Subsidiaries or (2) the merger, amalgamation, consolidation, or sale of the Person formed or acquired into the Company
or one of its Restricted Subsidiaries (to the extent not prohibited by Section 5.01) in order to consummate such Investment, acquisition
or investment, (C) such parent and its Affiliates (other than the Company or a Restricted Subsidiary) receives no consideration or other
payment in connection with such transaction except to the extent the Company or a Restricted Subsidiary could have given such consideration
or made such payment in compliance with this Indenture, (D) any property received by the Company may not increase amounts available for
Restricted Payments pursuant to the definition of “Incremental Amounts” and (E) to the extent constituting an Investment,
such Investment will be deemed to be made by the Company or such Restricted Subsidiary pursuant to any provision of Section 4.07
or pursuant to the definition of “Permitted Investments.”

 

“Permitted Refinancing
Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the Company or any of the
Company’s Restricted Subsidiaries (other than intercompany Indebtedness); provided, that:

 

(1)              
the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus any
premium required to be paid on the Indebtedness being so renewed, refunded, replaced, defeased or discharged, plus the amount of all fees,
expenses and accrued interest incurred in connection therewith);

 

(2)               such
Permitted Refinancing Indebtedness has a final maturity date equal to or later than the final maturity date of, and has a Weighted
Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of, the Indebtedness being
renewed, refunded, refinanced, replaced, defeased or discharged; provided that this clause (2) shall not apply to debt
under Credit Facilities;

 

    33 

     

    

 

(3)              
if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to
the Notes, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated
in right of payment to, the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged;

 

(4)               
such Permitted Refinancing Indebtedness shall not include Indebtedness of the Company or a Restricted Subsidiary that refinances
Indebtedness of an Unrestricted Subsidiary; and

 

(5)              
if such Permitted Refinancing Indebtedness is issued in exchange for, or the net proceeds are used to renew, refund, refinance,
replace, defease or discharge, the Notes, or any subsequent Refinancings thereof, such Permitted Refinancing Indebtedness shall not be
(x) issued or guaranteed by any Restricted Subsidiary of the Company unless such Subsidiary is a Subsidiary Guarantor or (y) secured by
any asset other than the Collateral.

 

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

 

“PIK Interest”
means interest payable by increasing the outstanding principal amount of the Notes or issuing PIK Notes under this Indenture having the
same terms as the Notes.

 

“PIK Payment”
means any payment of interest on the Notes by adding the interest payable on any interest payment date for the period ended on such date
to the aggregate principal amount of Notes outstanding.

 

“Pledge Agreements”
mean those certain pledge agreements entered into by and between the Company or any applicable Subsidiary Guarantor and the Collateral
Trustee granting a pledge of the Capital Stock (other than Excluded Equity) in each Material First-Tier Restricted Subsidiary (or any
other Subsidiary as elected by the Company).

 

“Premium
Event” means any of the following: (a) any redemption of the Notes or other payment of all, or any part, of the
principal balance of any Notes whether before or after (i) the occurrence of a default or an Event of Default or (ii) the
commencement of any proceeding under any debtor relief law, and notwithstanding any acceleration (for any reason) of the Notes;
(b) the acceleration of all of the Notes for any reason, including, but not limited to, acceleration following or pursuant to
an Event of Default, including as a result of the commencement of a proceeding under any debtor relief law; (c) the
satisfaction, release, payment, restructuring, reorganization, replacement, reinstatement, defeasance or compromise of any of the
Notes in any proceeding under any debtor relief law, foreclosure (whether by power of judicial proceeding or otherwise) or deed in
lieu of foreclosure or the making of a distribution of any kind in any proceeding under any debtor relief law to the holders
(whether directly or indirectly, including through the Trustee or Collateral Trustee or any other distribution agent), in full or
partial satisfaction of the Notes; and (d) the termination of this Indenture for any reason (other than as a result of the
payment in full in cash of the Note Obligations at stated maturity of the Notes).

 

    34 

     

    

 

“Priority Lien”
means a Lien granted, or purported to be granted, by a security document to the Collateral Trustee, at any time, upon any property of
the Company or any other Guarantor to secure Priority Lien Obligations (as defined in the Collateral Trust Agreement).

 

“Priority Lien Debt”
has the meaning given to such term in the Collateral Trust Agreement.

 

“Priority Lien Documents”
means the Notes, this Indenture and any other indenture, credit agreement or other agreement pursuant to which any Priority Lien Debt
is incurred and the Priority Lien Security Documents.

 

“Priority Lien Obligations”
has the meaning given to such term in the Collateral Trust Agreement.

 

“Priority Lien Representative”
means:

 

(1)       in
the case of the Notes, the Trustee; and

 

(2)       in
the case of any other Series of Priority Lien Debt, the trustee, agent or representative of the holders of such Series of Priority Lien
Debt who maintains the transfer register for such Series of Priority Lien Debt and (A) is appointed as a representative of such Priority
Lien Debt (for purposes related to the administration of the security documents) pursuant to the credit agreement, indenture or other
agreement governing such Series of Priority Lien Debt, and (B) who has executed a Collateral Trust Joinder, together with its successors
and assigns in such capacity.

 

“Priority Lien Secured
Parties” has the meaning given to such term in the Collateral Trust Agreement.

 

“Priority Lien Security
Documents” means the Collateral Agreement, the Pledge Agreements, all other security agreements, pledge agreements, collateral
assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security executed
and delivered by the Company or any other Guarantor creating or perfecting (or purporting to create or perfect) a Lien upon Collateral
in favor of the Collateral Trustee, for the benefit of any of the Priority Lien Secured Parties, in each case, as amended, modified, renewed,
restated or replaced, in whole or in part, from time to time, in accordance with its terms and the Collateral Trust Agreement.

 

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

 

    35 

     

    

 

“Qualified Services
Contract” means, with respect to any Additional Offshore Units acquired by, or committed to be delivered to, the Company or
any of its Restricted Subsidiaries, a bona fide contract or series of contracts, together with any amendments, supplements or modifications
thereto, that the Board of Directors of the Company, acting in good faith, designates as a “Qualified Services Contract” pursuant
to a resolution of the Board of Directors of the Company, which contract or contracts:

 

(1)             
are between the Company or one of its Restricted Subsidiaries, on the one hand, and a Person that is not an Affiliate of the Company
and (a) such Person (or a parent of such Person) (i) has a rating of either BBB- or higher from S&P or Baa3 or higher from Moody’s,
or if such ratings are not available, then a similar investment grade rating from another nationally recognized statistical rating agency,
(ii) is a state-owned, majority state-owned or other state-backed entity, or (iii) is an existing customer of the Company or any of its
Restricted Subsidiaries and has not previously defaulted on any of its obligations owed to the Company or any such Restricted Subsidiary;
(b) such contract is supported by letters of credit, performance bonds or guarantees from a Person or its parent that satisfies the requirements
described in the preceding subclause (a) of this clause (1), or (c) such contract provides for a lockbox or similar arrangements
or direct payment to the Company or its Restricted Subsidiary, as the case may be, by a Person satisfying (or a Person whose parent satisfies)
such requirements, for the full amount of the contracted payments due over the four-quarter reference period considered in calculating
Consolidated Adjusted EBITDA;

 

(2)              
provide for services to be performed by the Company or one or more of its Restricted Subsidiaries involving the use of such Additional
Offshore Unit by the Company or one or more of its Restricted Subsidiaries, in either case for a minimum aggregate period of at least
one year;

 

(3)             
provide for a fixed or minimum day rate or fixed rate for such Additional Offshore Unit covering all the period in clause (2)
above; and

 

(4)             
for purposes of Section 4.09, provide that revenues from such Qualified Services Contract are to be received by the Company
or any of the Restricted Subsidiaries within 1 year of (a) delivery of the related Additional Offshore Unit and (b) the incurrence of
any Indebtedness pursuant to such clause.

 

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

 

“Rating Agency”
means each of S&P and Moody’s, or if S&P or Moody’s or both shall not make a rating on the Notes publicly available,
a nationally recognized statistical rating organization or organizations, within the meaning of Section 3(a)(62) of the Exchange Act,
selected by the Company as a replacement agency or agencies for S&P or Moody’s, or both, as the case may be.

 

    36 

     

    

 

“Rating Category”
means:

 

(1)              
 with respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories);
and

 

(2)              
with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent successor
categories).

 

“Rating Decline”
means a decrease in the rating of the Notes by either Moody’s or S&P by one or more gradations (including gradations within
Rating Categories as well as between Rating Categories); provided that such Rating Decline results from a Change of Control. In
determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories, namely + or
 – for S&P, and 1, 2 and 3 for Moody’s, will be taken into account. For example, in the case of S&P, a rating decline
either from BB+ to BB or BB- to B+ will constitute a decrease by one gradation.

 

“Ready for Sea Cost”
means with respect to an Offshore Unit to be acquired by the Company or any Restricted Subsidiary, the aggregate amount of all expenditures
incurred to acquire or construct and bring such Offshore Unit to the condition and location necessary for its intended use, including
any and all inspections, appraisals, repairs, modifications, additions, permits and licenses in connection with such acquisition or lease.

 

“Refinance”
means, in respect of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund,
replace or repay, or to incur other indebtedness or enter alternative financing arrangements, in exchange or replacement for, such indebtedness
(in whole or in part), including by adding or replacing lenders, creditors, holders, agents, borrowers, issuers, and/or guarantors, and
including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including,
in each case, through any credit agreement, loan agreement, note purchase agreement, indenture or other agreement. “Refinanced”
and “Refinancing” have correlative meanings.

 

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

 

“Regulation S Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, initially issued in a denomination
(together with the denomination of any other Regulation S Global Note) equal to the outstanding principal amount of the Notes sold in
reliance on Rule 903 of Regulation S.

 

“Reporting Failure”
means the failure of the Company to comply with the provisions specified in Section 4.03 (after giving effect to any grace period
specified under Rule 12b-25 under the Exchange Act).

 

“Responsible Officer”
when used with respect to the Trustee, means any officer assigned to the Corporate Trust Division – Corporate Finance Unit of the
Trustee (or any successor division or unit of the Trustee) located at the Corporate Trust Office of the Trustee who shall have direct
responsibility for the administration of this Indenture, and shall also include any other officer of the Trustee to whom any corporate
trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

    37 

     

    

 

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

 

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

 

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

 

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

 

“Restricted Subsidiary”
of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary and including, with respect to the Company,
Nordic Rio L.L.C., Partrederiet Stena Ugland Shuttle Tankers I DA, Partrederiet Stena Ugland Shuttle Tankers II DA, Partrederiet Stena
Ugland Shuttle Tankers III DA and Stena Spirit L.L.C.

 

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

 

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

 

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

 

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

 

“S&P”
means S&P Global Ratings and its successors and assigns.

 

“Sale and Leaseback
Transactions” means an arrangement relating to property now owned or hereafter acquired whereby the Company or a Restricted
Subsidiary transfers such property to a Person and thereafter leases it from such Person.

 

“SEC” means
the Securities and Exchange Commission.

 

“Secured Debt”
means Junior Lien Debt and Priority Lien Debt.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Security Agreement”
means the Collateral Trust Agreement, each Collateral Trust Joinder, each Priority Lien Security Document and each Junior Lien Security
Document (as defined in the Collateral Trust Agreement), in each case, as amended, modified, renewed or restated, in whole or in part,
from time to time, in accordance with its terms and the Collateral Trust Agreement.

 

“security
documents” means the Collateral Trust Agreement, the Security Agreement, the Collateral Agreement, the Pledge Agreements,
and all other security agreements, pledge agreements, collateral assignments, collateral agency agreements, debentures, control
agreements or other grants or transfers for security executed and delivered by the Company or any Subsidiary Guarantor (including,
without limitation, financing statements under the Uniform Commercial Code of the relevant state) creating (or purporting to create)
a Lien upon Collateral in favor of the Collateral Trustee or notice of such pledge, grant or assignment is given, in each case, as
amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the terms
of the Collateral Trust Agreement.

 

    38 

     

    

 

“Series of Junior
Lien Debt” means, severally, any issue or series of Junior Lien Debt for which a single transfer register is maintained. For
the avoidance of doubt, all reimbursement obligations in respect of letters of credit issued pursuant to a Junior Lien Document shall
be part of the same Series of Junior Lien Debt as all other Junior Lien Debt incurred pursuant to such Junior Lien Document.

 

“Series of Priority
Lien Debt” means, severally, Funded Debt under each of the Notes and each other issue or series of Priority Lien Debt for which
a single transfer register is maintained. For the avoidance of doubt, all reimbursement obligations in respect of letters of credit issued
pursuant to a Priority Lien Document shall be part of the same Series of Priority Lien Debt as all other Priority Lien Debt incurred pursuant
to such Priority Lien Document.

 

“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act, as such Regulation is in effect on the Issue Date.

 

“Specified Transaction”
means:

 

(1)             
solely for the purposes of determining the applicable cash balance, any contribution of capital (other than in respect of Disqualified
Stock) to the Company;

 

(2)              
any Investment that results in a Person becoming a Restricted Subsidiary;

 

(3)             any
designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary in compliance with this Indenture;

 

(4)              
any Asset Acquisition; or

 

(5)              
any Asset Sale:

 

(a)       that
results in a Restricted Subsidiary ceasing to be a Subsidiary of the Company, or

 

(b)      of
a business, business unit, line of business or division of the Company or a Restricted Subsidiary, in each case whether by merger, amalgamation,
consolidation, spin-off or otherwise.

 

“Stated Maturity”
means, with respect to any installment of principal on any series of Indebtedness, the date on which the payment of principal was scheduled
to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any Contingent Obligations to repay,
redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof.

 

    39 

     

    

 

“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 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 or limited liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity
and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by
such Person or one or more of the other Subsidiaries of such Person or a combination thereof, whether in the form of membership, general,
special or limited partnership interest or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general partner
or otherwise controls such entity.

 

“Subsidiary Guarantee”
means the guarantee of the obligations of the Company under this Indenture and the Notes by any Subsidiary Guarantor in accordance with
the provisions of this Indenture.

 

“Subsidiary Guarantor”
means any Subsidiary of the Company that guarantees the Notes in accordance with the provisions of this Indenture and their respective
successors and assigns, in each case, until the Subsidiary Guarantee of such Person has been released in accordance with the provisions
of this Indenture.

 

“TIA” means
the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Treasury Rate”
means, in respect of any redemption date, the yield to maturity as of the time of computation of United States Treasury securities with
a constant maturity (as compiled and published in the most recent statistical release designated “Selected Interest Rates (Daily)—H.15”
that has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to August 15,
2024; provided, however, that if the period from the redemption date to August 15, 2024, is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. The Company (a) will
calculate the Treasury Rate no later than the second (and no earlier than the fourth) Business Day preceding the applicable redemption
date (or in the case of any redemption in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture,
on the Business Day preceding such event) and (b) will file with the Trustee, promptly after completing such calculation and in any event
prior to the redemption date, a statement setting forth the Applicable Premium and the Treasury Rate and showing the calculation of each
in reasonable detail.

 

    40 

     

    

 

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

 

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

 

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

 

“Unrestricted Subsidiary”
means (a) any Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant
to a resolution of the Board of Directors of the Company, and (b) any Subsidiary of an Unrestricted Subsidiary, but only to the extent
that, in each case, such Subsidiary:

 

(1)              
except to the extent permitted by subclause (2)(b) of the definition of Permitted Business Investments, has no Indebtedness
other than Non-Recourse Debt (other than guarantees of performance of the Unrestricted Subsidiary made in the ordinary course of business,
excluding guarantees of Indebtedness for borrowed money);

 

(2)              
is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries 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

 

(3)              
has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its
Restricted Subsidiaries, except to the extent such guarantee would be released upon such designation.

 

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

 

“U.S. Dollar Equivalent”
means with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of
U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase
of U.S. dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates”
column under the heading “Currency Trading” on the date two Business Days prior to such determination.

 

“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.

 

    41 

     

    

 

“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 will elapse between such date and the making of such payment; by the then outstanding principal
amount of such Indebtedness.

 

Section 1.02      
Other Definitions.

 

	Term	Defined in Section
	“Additional Amounts”	3.09(a)
	“Affiliate Transaction”	4.11(a)
	“Agreed Security Principles”	13.02(b)
	“Alternate Offer”	4.14(d)
	“Applicable Premium Deficit”	8.04
	“Asset Sale Offer”	4.10(c)
	“Authentication Order”	2.02
	“Calculation Date”	1.01
	“Change of Control Offer”	4.14(a)
	“Change of Control Payment”	4.14(a)
	“Change of Control Payment Date” 	4.14(a)
	“Code”	3.09(a)(7)
	“Company”	Preamble
	“Covenant Defeasance”	8.03
	“Cumulative Credit”	4.07(a)
	“DTC”	2.03
	“Event of Default”	6.01
	“Excess Proceeds”	4.10(c)
	“incur”	4.09(a)
	“Joint Venture”	4.09(b)(14)
	“LCT Election”	1.05
	“LCT Test Date”	1.05
	“Legal Defeasance”	8.02
	“MD&A”	4.03(a)(1)
	“Note Issuance Tax”	3.09(f)
	“Offering Memorandum”	4.07(b)(13)
	“Patriot Act”	12.11
	“Paying Agent”	2.03
	“Payment Default”	6.01
	“Permitted Debt”	4.09(b)
	“PIK Note”	2.14
	“Redemption Premium”	6.02
	“Registrar”	2.03
	“Restricted Payments”	4.07(a)
	“Specified Tax Jurisdiction”	3.09(a)
	“Successor Company”	5.01
	“Taxes”	3.09(a)

 

    42 

     

    

 

Section 1.03      
No Incorporation by Reference of Trust Indenture Act.

 

This Indenture is not qualified
under the TIA, and except as expressly provided herein, the TIA shall not apply to or in any way govern the terms of this Indenture. As
a result, no provisions of the TIA are incorporated into this Indenture unless expressly incorporated pursuant to this Indenture.

 

Section 1.04      
Rules of Construction.

 

Unless the context otherwise
requires:

 

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

 

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

 

(iii)           
“or” is not exclusive;

 

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

 

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

 

(vi)           
provisions apply to successive events and transactions;

 

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

 

(viii)      
references to Sections, Articles, Exhibits, subsections or other subdivisions are references to Sections, Articles, Exhibits, subsections
or other subdivisions of this Indenture unless otherwise specified;

 

(ix)           
the words “hereof,” “herein,” “hereunder” and words of similar import are references to this
Indenture as a whole and not to any particular provisions of this Indenture; and

 

(x)               unless
otherwise provided in this Indenture or in any Note, the words “execute,” “execution,” “signed,”
and “signature” and words of similar import used in or related to any document to be signed in connection with this
Indenture, any Note or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications)
shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system,
as applicable, to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based
on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein to the contrary, neither the Trustee nor
the Collateral Trustee is under any obligation to agree to accept electronic signatures in any form or in any format unless
expressly agreed to by the Trustee or the Collateral Trustee pursuant to procedures approved by the Trustee or the Collateral
Trustee, as applicable.

 

    43 

     

    

 

Section 1.05      
Limited Condition Transactions.

 

Notwithstanding anything to
the contrary in this Indenture, in connection with any action being taken solely in connection with a Limited Condition Transaction, for
purposes of (a) determining compliance with any provision of this Indenture that requires the calculation of the Fixed Charge Coverage
Ratio, (b) determining whether a Default or Event of Default shall have occurred and be continuing or (c) testing availability under exceptions
or baskets set forth in this Indenture, in each case at the option of the Company (any such option, an “LCT Election”),
with such option to be exercised on or prior to the date of execution of the definitive agreements with respect to such Limited Condition
Transaction, the date of determination of whether any such action shall be permitted under this Indenture shall be deemed to be the date
the definitive agreements for such Limited Condition Transaction are entered into (each, an “LCT Test Date”) and if,
after such ratio and other provisions are measured on a pro forma basis after giving effect to such Limited Condition Transaction and
the other Specified Transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds
thereof) as if they occurred at the beginning of the applicable four-quarter reference period ending prior to the applicable LCT Test
Date, the Company or the applicable Restricted Subsidiary could have taken such action on the relevant LCT Test Date in compliance with
such ratio and provisions, such ratio and provisions shall be deemed to have been complied with. For the avoidance of doubt, (x) if any
of such ratio or baskets are exceeded (or, with respect to the Fixed Charge Coverage Ratio, not reached) as a result of fluctuations in
such ratio or basket (including due to fluctuations in Consolidated Adjusted EBITDA of the Company or fluctuations in Consolidated Adjusted
EBITDA of the target of any Limited Condition Transaction) at or prior to the consummation of the relevant Limited Condition Transaction,
such ratio and other provisions will not be deemed to have been exceeded (or, with respect to the Fixed Charge Coverage Ratio, not reached)
as a result of such fluctuations solely for purposes of determining whether the Limited Condition Transaction is permitted hereunder and
(y) such ratio and other provisions shall not be tested at the time of consummation of such Limited Condition Transaction or related Specified
Transactions. If the Company has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation
of any ratio or basket availability with respect to any other Specified Transaction on or following the relevant LCT Test Date and prior
to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreements for such
Limited Condition Transaction are terminated or expire without consummation of such Limited Condition Transaction, any such ratio or basket
shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other Specified Transactions in connection therewith
(including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated until such time as the applicable Limited
Condition Transaction has actually closed or the definitive agreements with respect thereto have been terminated or expire. Notwithstanding
the foregoing, the Company may at any time withdraw any LCT Election, in which case any Indebtedness and Liens incurred in reliance on
such LCT Election in accordance with the foregoing outstanding at such time, if any, shall be deemed to be incurred on the date of such
withdrawal.

 

    44 

     

    

 

Article
II 

THE NOTES

 

Section 2.01      
Form and Dating.

 

(a)              
General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A
hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the
date of its authentication. The Notes shall be in denominations of $1,000 and integral multiples of $1,000 in excess of $1,000 (or if
a PIK Payment has been made, minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof).

 

The terms and provisions contained
in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company 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.

 

(b)              
Global Notes. Notes issued in global form will be substantially in the form of Exhibit A (including the Global Note Legend
thereon and the “Schedule of Increases and Decreases in the Global Note” attached thereto). Notes issued in definitive form
will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Increases
and Decreases in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will 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 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 will be made by the Trustee or the Custodian, at the direction of the Trustee,
in accordance with instructions given by the Holder thereof as required by Section 2.06.

 

(c)              
Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System”
and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking”
and “Customer Handbook” of Clearstream will 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.

 

At least one Officer must
sign the Notes for the Company by manual, facsimile or electronic image scan or other electronic signature.

 

If an Officer whose facsimile
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be valid until
authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under
this Indenture.

 

    45 

     

    

 

 

The Trustee will, upon receipt
of a written order of the Company signed by an Officer of the Company (an “Authentication Order”), authenticate Notes
for original or other issue that may be validly issued under this Indenture, including any Additional Notes or PIK Notes. The aggregate
principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for original issuance
by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07.

 

The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Notes. 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 Company.

 

Notwithstanding anything to
the contrary herein, no Officer’s Certificate or Opinion of Counsel shall be required to be delivered in connection with a payment
of PIK Interest (whether by an issuance of PIK Notes or by an increase in Global Notes reflecting a PIK Payment).

 

Section 2.03      
Registrar and Paying Agent.

 

The Company will maintain
an office or agency in the United States where Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency in the City and State of New York where Notes may be presented for payment (“Paying Agent”).
The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars
and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent”
includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will
notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of the Company’s Subsidiaries may
act as Paying Agent or Registrar.

 

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

 

The Company initially appoints
the Trustee at its Corporate Trust Office to act as the Registrar with respect to the Global Notes. The Company initially appoints the
Trustee at its Corporate Trust Office to act as Paying Agent, which office is located on the date hereof at 60 Livingston Ave., St. Paul,
MN 55017.

 

Section 2.04      
Paying Agent to Hold Money and PIK Notes in Trust.

 

The Company will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or
the Trustee all money or PIK Notes, as the case may be, held by the Paying Agent for the payment of principal, premium or Additional
Amounts, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay all money, or deliver all PIK Notes, held by it to
the Trustee. The Company at any time may require a Paying Agent to pay all money, or deliver all PIK Notes, held by it to the
Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) will have no
further liability for the money or PIK Notes, as the case may be. If the Company or a Subsidiary of the Company acts as Paying
Agent, it will 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 Company, the Trustee will serve as Paying Agent for the Notes.

 

    46 

     

    

 

Section 2.05      
Holder Lists.

 

The Trustee will 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. If the
Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each interest payment date and
at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require
of the names and addresses of the Holders.

 

Section 2.06      
Transfer and Exchange.

 

(a)              
Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company for
Definitive Notes if:

 

(1)              
the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary
or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed
by the Company within 120 days after the date of such notice from the Depositary;

 

(2)              
the Company, at its option and subject to the procedures of the Depositary, determines that the Global Notes (in whole but not
in part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee; or

 

(3)              
there has occurred and is continuing an Event of Default with respect to the Notes and the Depositary notifies the Trustee of its
decision to exchange the Global Notes for Definitive Notes.

 

Upon the occurrence of any
of the preceding events in clauses (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary
shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.07 and
Section 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant
to this Section 2.06 or Section 2.07 or Section 2.10, shall be authenticated and delivered in the form of, and shall
be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however,
beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c).

 

(b)              
 Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in
the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.
Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to
the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either
subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

    47 

     

    

 

(1)              
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted
Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit
of a U.S. Person. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this Section 2.06(b)(1).

 

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

 

(A)            
both:

 

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

 

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

 

(B)             
both:

 

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

 

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

 

Upon satisfaction of all of
the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise
applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section
2.06(g).

 

    48 

     

    

 

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

 

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

 

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

 

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

 

(A)            
the Registrar receives the following:

 

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

 

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

 

    49 

     

    

 

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

 

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

 

Notwithstanding the provisions
of the first sentence of this subparagraph (4), at the option of the Company, beneficial interests in a Restricted Global Note shall automatically
be exchanged for beneficial interests in an Unrestricted Global Note upon the Company’s compliance in full with the Depositary’s
 “Procedures for the Mandatory Exchange of Rule 144A Securities for Unrestricted Securities” or “Procedures for the Mandatory
Exchange of Regulation S Securities for Unrestricted Securities,” as applicable (or such replacement procedures as the Depositary
shall put in place). Upon such exchange of beneficial interests pursuant to this Section 2.06(b)(4), the Registrar shall reflect
on its books and records the date of such transfer and a decrease and increase in the principal amount of the applicable Restricted Global
Note and the Unrestricted Global Note, respectively, equal to the principal amount of beneficial interests transferred. Following any
such transfer pursuant to this Section 2.06(b)(4) of all of the beneficial interests in a Restricted Global Note to an Unrestricted
Global Note, such Restricted Global Note shall be cancelled.

 

Beneficial interests in an
Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest
in a Restricted Global Note.

 

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

 

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

 

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

 

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

 

    50 

     

    

 

(C)             
 if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or
Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)            
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a)
thereof;

 

(E)             
if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(F)             
if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g), and the Company shall execute and the
Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount.
Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall
be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall
instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver
such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject
to all restrictions on transfer contained therein.

 

(2)              
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest
to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if:

 

(A)            
the Registrar receives the following:

 

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

 

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

 

    51 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    52 

     

    

 

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

 

(D)            
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a)
thereof;

 

(E)             
if such Restricted Definitive Note is being transferred to the Company or any of the Company’s Subsidiaries, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(F)             
if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

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

 

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

 

(A)            
the Registrar receives the following:

 

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

 

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

 

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

 

    53 

     

    

 

Upon satisfaction of the conditions
of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note.

 

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

 

If any such exchange or transfer
from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(A) or (3) above at a time when an Unrestricted
Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section
2.02, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal
amount of Definitive Notes so transferred.

 

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

 

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

 

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

 

(B)             
if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof; and

 

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

 

    54 

     

    

 

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

 

(A)            
the Registrar receives the following:

 

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

 

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

 

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

 

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

 

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

 

(1)              
Private Placement Legend.

 

(A)            
Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor
or substitution thereof) shall bear the legend in substantially the following form:

 

    55 

     

    

 

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

 

THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER”
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)), OR (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING
THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, PURSUANT TO RULE 903 AND RULE 904
OF REGULATION S, AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE
ONLY (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT, PURSUANT TO RULE 903 AND RULE 904 OF REGULATION S, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND, IN EACH CASE, THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING ANY STATE OF THE UNITED STATES, SUBJECT
TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL SATISFACTORY TO EACH OF THEM AND/OR A CERTIFICATE OF TRANSFER OR EXCHANGE IN THE FORM PRESCRIBED IN THE INDENTURE. THIS LEGEND
WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

    56 

     

    

 

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

 

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

 

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

 

“THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.01 AND SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES
IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

    57 

     

    

 

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

 

(h)              
General Provisions Relating to Transfers and Exchanges.

 

(1)              
To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

 

(2)              
No service charge will 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, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.10, 3.06, 4.10, 4.14 and 9.04).

 

(3)              
The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

 

(4)               All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be
the valid obligations of the Company, 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.

 

    58 

     

    

 

(5)              
Neither the Registrar nor the Company will be required:

 

(A)            
to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before
the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection;

 

(B)             
to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part; or

 

(C)             
to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

 

(6)              
Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company 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 any payment on such Notes
and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary.

 

(7)              
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02.

 

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

 

(9)              
The Trustee and the Agents shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any Note or any beneficial interest therein
(including any transfers between or among 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 this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

(10)          
None of the Trustee, any Agent or any of their respective agents shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of Beneficial Ownership interests of a Global Note or maintaining, supervising or reviewing
any records relating to such beneficial ownership interests. Neither the Trustee nor any Agent shall have any responsibility or liability
for any actions taken or not taken by the Depositary.

 

    59 

     

    

 

None of the Trustee or any
Agent shall have any responsibility or obligation to any Beneficial Owner of an interest in a Global Note, a member of, or a Participant
in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee 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 the payment of any amount or delivery
of any Notes (or other security or property) 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 in respect of the Notes shall be given or made only to or upon the order of 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 and each Agent
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.

 

Section 2.07      
Replacement Notes.

 

If any mutilated Note is surrendered
to the Trustee or the Company, or if the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note,
the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s
requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in
the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss
that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note.

 

Every replacement Note is
an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with
all other Notes duly issued hereunder.

 

Section 2.08      
Outstanding Notes.

 

The Notes outstanding at any
time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interests in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section
2.08 as not outstanding. Except as set forth in Section 2.09 hereof with respect to Notes owned by the Company or a Subsidiary,
a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the
Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(a).

 

For the avoidance of doubt,
the aggregate principal amount outstanding under any Note shall include any increase in the outstanding principal amount in Global Notes
as the result of payment of PIK Interest.

 

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

 

    60 

     

    

 

 

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.

 

If the Paying Agent (other
than the Company, a Subsidiary of the Company or an Affiliate of any thereof) holds, by 10:00 a.m. Eastern Time on a redemption date or
other maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no
longer outstanding and will cease to accrue interest.

 

Section 2.09      
Treasury Notes.

 

In determining whether the Holders
of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company and its Subsidiaries
will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will 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 will be so
disregarded.

 

Section 2.10      
Temporary Notes.

 

Until certificates representing
Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary
Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate
for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee
will authenticate definitive Notes in exchange for temporary Notes. Holders of temporary Notes will be entitled to all of the benefits
of this Indenture.

 

Section 2.11      
Cancellation.

 

The Company at any time may
deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them
for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and will dispose of such canceled Notes in its customary manner (subject to the record
retention requirement of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company. The
Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

 

Section 2.12      
Defaulted Interest.

 

If the Company defaults
in a payment of interest on the Notes, they will 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 Company will notify the Trustee in writing of the amount of defaulted
interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such
special record date and payment date; provided that no such special record date may 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 Company (or, upon the written request
of the Company, the Trustee in the name and at the expense of the Company) will give Holders a notice that states the special record
date, the related payment date and the amount of such interest to be paid.

 

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Section 2.13      
CUSIP Numbers.

 

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

 

Section 2.14      
PIK Interest.

 

On any interest payment date,
with respect to a Global Note, the Trustee, or the Depositary at the direction of the Trustee, will increase the principal amount of such
Global Note by an amount equal to the PIK Interest payable, rounded down to the nearest whole dollar, for the relevant interest period
on the principal amount of such Global Note, to the credit of the Holders on the relevant record date and an adjustment will be made on
the register maintained with the Registrar with respect to such Global Note to reflect such increase and thereafter shall constitute the
outstanding principal amount of the Notes for all purposes of this Indenture and the other Note Documents. On any interest payment date
on which the Company makes a payment of PIK Interest by issuing Definitive Notes (a “PIK Note”) under this Indenture
having the same terms as the Notes, the principal amount of any such PIK Note issued to any Holder, for the relevant interest period as
of the relevant record date for such interest payment date, will be rounded down to the nearest whole dollar. In connection with any PIK
Payment, the Company is entitled, without the consent of the Holders (and without regard to any restrictions or limitations set forth
under Sections 4.09 and 4.12), to increase the outstanding principal amount of the Notes or to issue the PIK Notes under
this Indenture on the same terms and conditions as the Notes. For the avoidance of doubt, following the increase in the principal amount
of any Global Note as a result of a PIK Payment, such Global Note will bear interest on such increased principal amount from and after
the date of such PIK Payment at the rate applicable to the Notes. Any PIK Notes issued in certificated form will be dated as of the applicable
interest payment date and will bear interest from and after such date at the rate applicable to the Notes.

 

Article
III 

REDEMPTION AND PREPAYMENT

 

Section 3.01      
Notices to Trustee.

 

If the Company elects to redeem
Notes pursuant to the optional redemption provisions of Section 3.07 or Section 3.10, it must furnish to the Trustee, at
least two Business Days prior to the giving of a notice of redemption, an Officer’s Certificate setting forth:

 

    62 

     

    

 

(1)              
 the clause of this Indenture pursuant to which the redemption shall occur;

 

(2)              
the redemption date;

 

(3)              
the principal amount of Notes to be redeemed;

 

(4)              
the redemption price (if then determined and otherwise the method of determination); and

 

(5)              
applicable CUSIP Numbers.

 

Section 3.02      
Selection of Notes to Be Redeemed.

 

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

 

(1)              
if the Notes are listed on any national securities exchange (and the Company shall notify the Trustee of any such listing), in
compliance with the requirements of the principal national securities exchange on which the Notes are listed; or

 

(2)              
if the Notes are not listed on any national securities exchange, on a pro rata basis;

 

provided, however, that Notes held in the
form of Global Notes shall be selected in accordance with the Applicable Procedures of DTC.

 

In the event of partial redemption,
the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 15 nor more than 60
days prior to the redemption date from the outstanding Notes not previously called for redemption.

 

The Trustee will promptly
notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption or purchase,
the principal amount thereof to be redeemed. Notes and portions of Notes selected will be in amounts of $1,000 or whole multiples of $1,000
in excess of $1,000 (or if a PIK Payment has been made, minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof);
provided, that no Notes of $1,000 (or if a PIK Payment has been made, $1.00) or less shall be redeemed in part. Except as provided
in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called
for redemption.

 

Section 3.03      
Notice of Redemption.

 

(a)               Notices
of redemption (other than a notice of redemption given pursuant to Section 3.10) will be given at least 15 but not more than
60 days before the redemption date to each Holder of Notes to be redeemed in accordance with Section 12.01, 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 or a satisfaction and discharge of this Indenture pursuant to Article VIII or Article XI.

 

    63 

     

    

 

The notice will identify the
Notes (including CUSIP Numbers) to be redeemed and will state:

 

(1)              
the redemption date;

 

(2)              
the redemption price (if then determined and otherwise the method of determination);

 

(3)              
if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption
date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation
of the original Note;

 

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

 

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

 

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

 

(7)              
the paragraph of the Notes and/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 number, if any, listed in such notice or printed
on the Notes; and

 

(9)              
if in connection with any conditional notice of redemption pursuant to Section 3.07(f), any condition to the related redemption.

 

At the Company’s request,
the Trustee will give the notice of redemption in the Company’s names and at its expense; provided, however, that
the Company has delivered to the Trustee, at least two Business Days prior to the date a notice of redemption is to be given, a written
request signed by an Officer of the Company that the Trustee give such notice and setting forth the information to be stated in such notice
as provided in the preceding paragraph.

 

Subject to the terms of the
applicable notice of redemption (including any conditions contained therein), Notes called for redemption become due on the date fixed
for redemption.

 

Any notice of
redemption, Asset Sale Offer or Change of Control Offer made in connection with a related transaction or event (including an Equity
Offering, contribution, Change of Control, Asset Sale or other transaction but excluding any notice of redemption given pursuant to Section
3.10) may, at the Company’s discretion, be given prior to the completion or the occurrence thereof, and any such
redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not
limited to, the completion or occurrence of the related transaction or event, as the case may be. The Company may redeem Notes
pursuant to one or more of the relevant provisions in this Indenture, and a single notice of redemption may be delivered with
respect to redemptions made pursuant to different provisions. Any such notice may provide that redemptions made pursuant to
different provisions will have different redemption dates. In addition, if such redemption is subject to satisfaction of one or more
conditions precedent, such notice will describe each such condition, and if applicable, will state that, in the Company’s
discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption
was given, including by electronic transmission) as any or all such conditions are satisfied (or waived by the Company in its sole
discretion), or that such redemption may not occur and such notice may be rescinded in the event that any or all such conditions are
not satisfied (or waived by the Company in its sole discretion) by the redemption date, or by the redemption date as so delayed, or
that such notice may be rescinded at any time in the Company’s discretion if in the good faith judgment of the Company any or
all of such conditions will not be satisfied. In addition, the Company may provide in such notice that payment of the redemption
price and performance of the Company’s obligations with respect to such redemption may be performed by another Person.

 

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Section 3.04      
Effect of Notice of Redemption.

 

Once notice of redemption
is given in accordance with Section 3.03, Notes called for redemption become irrevocably due and payable on the redemption date
at the redemption price, except as provided for in Section 3.07(f). The notice, if given in accordance with Section 3.03,
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 designated for redemption in whole or in part shall not affect the validity of the proceedings
for the redemption of any other Note.

 

Section 3.05      
Deposit of Redemption Price.

 

No later than 10:00 a.m. Eastern
Time on the redemption date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption
price of and accrued interest and Additional Amounts, if any, on all Notes to be redeemed on that date. The Trustee or the Paying Agent
will promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary
to pay the redemption price of, and accrued interest and Additional Amounts, if any, on, all Notes to be redeemed upon written request
of the Company.

 

If the Company complies with
the provisions of the preceding paragraph, on and after the redemption date, interest will cease to accrue on the Notes or the portions
of Notes called for redemption. If a Note is redeemed after an interest record date but on or prior to the related interest payment date,
then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such
record date. If any Note called for redemption is not so paid upon surrender for redemption because of the failure of the Company to comply
with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and
to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section
4.01.

 

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Section 3.06      
Notes Redeemed in Part.

 

Upon surrender of a Note that
is redeemed in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder
at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered, provided
that each new Note will be in a principal amount of $1,000 or an integral multiple of $1,000 in excess of $1,000 (or if a PIK Payment
has been made, in a principal amount of $1.00 or an integral multiple of $1.00 in excess of $1.00). 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)              
On any one or more occasions prior to August 15, 2024, the Company may redeem up to 35% of the aggregate principal amount of Notes
issued under this Indenture (including any Additional Notes or PIK Notes issued after the Issue Date), upon giving notice as provided
in Section 3.03, at a redemption price equal to 111.50% of the principal amount, plus accrued and unpaid interest and Additional
Amounts, if any, on the Notes redeemed to, but not including, the redemption date (subject to the right of Holders on the relevant record
date to receive interest due on the relevant interest payment date), but in an aggregate principal amount not greater than the net cash
proceeds of one or more Equity Offerings; provided that:

 

(1)              
at least 65% of the aggregate principal amount of Notes originally issued under this Indenture (including any Additional Notes
or PIK Notes issued after the Issue Date but excluding Notes held by the Company and the Company’s Subsidiaries) remains outstanding
immediately after the occurrence of such redemption (unless all of such Notes are redeemed); and

 

(2)              
the redemption occurs within 180 days of the date of the closing of such Equity Offering.

 

(b)              
On any one or more occasions on or after August 15, 2024, the Company may redeem all or a part of the Notes upon prior notice as
provided in Section 3.03, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued
and unpaid interest and Additional Amounts, if any, on the Notes redeemed, to, but not including, the applicable redemption date, if redeemed
during the 12-month period beginning on August 15 of the years indicated below (subject to the rights of Holders of Notes on the relevant
record date to receive interest due on the relevant interest payment date):

 

	Year	 	 	Percentage	 
	2024	 	 	 	105.750	%
	2025 and thereafter	 	 	 	100.000	%

 

Unless the Company defaults
in the payment of the redemption price as herein provided, interest will cease to accrue on the Notes or portions thereof called for redemption
on the applicable redemption date.

 

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(c)              
 On any one or more occasions prior to August 15, 2024, the Company may also redeem all or a part of the Notes, upon prior notice
as provided in Section 3.03, at a redemption price equal to 100% of the aggregate principal amount thereof plus the Applicable
Premium, and accrued and unpaid interest and Additional Amounts, if any, on the Notes to be redeemed to, but not including, the redemption
date (subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date).

 

(d)              
If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such
Notes in a Change of Control Offer, Alternate Offer or other tender offer to purchase all of the Notes and the Company (or any third party
making such Change of Control Offer, Alternate Offer or other tender offer to purchase all of the Notes in lieu of the Company as described
below) purchase all of the Notes validly tendered and not withdrawn by such holders, the Company will have the right, upon not less than
30 nor more than 60 days’ prior written notice, given not more than 30 days following such purchase pursuant to the Change of Control
Offer, Alternate Offer or other tender offer to purchase all of the Notes described above, to redeem all Notes that remain outstanding
following such purchase at a redemption price in cash equal to the price offered to each other Holder in the Change of Control Offer,
Alternate Offer or other tender offer, plus, to the extent not included in the Change of Control Offer, Alternate Offer or tender offer
payment, accrued and unpaid interest and Additional Amounts, if any, to the date of redemption (subject to the rights of Holders of record
on the relevant record date to receive interest due on the relevant interest payment date).

 

(e)              
Except pursuant to this Section 3.07 or Section 3.10, the Notes will not be redeemable at the Company’s option
prior to August 15, 2024. The Company may, however, at any time and from time to time purchase Notes in privately negotiated or open market
transactions, by tender offer or otherwise.

 

(f)               
Any notice of any redemption pursuant to this Section 3.07 may be given prior to the redemption thereof, and any such redemption
or notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion
of an Equity Offering or other corporate transaction.

 

(g)              
Any redemption pursuant to this Section 3.07 or Section 3.10 shall be made pursuant to the provisions of Section
3.01 through Section 3.06.

 

Section 3.08      
Mandatory Redemption.

 

The Company will not be required
to make mandatory redemption or sinking fund payments with respect to the Notes.

 

Section 3.09      
Additional Amounts.

 

(a)               All
payments made by or on behalf of the Company or any Guarantor under or with respect to the Notes or the Note Guarantees will be made
free and clear of and without withholding or deduction for, or on account of, any present or future tax, duty, levy, impost,
assessment or other governmental charge of a similar nature (including penalties, additions to tax, interest and other liabilities
related thereto) (“Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any
deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of the government of the Republic of the
Marshall Islands or any political subdivision or any authority or agency therein or thereof having power to tax, or any other
jurisdiction in which the Company or applicable Guarantor (including any successor entity) is organized, incorporated, engaged in
business or is otherwise resident or treated as resident for tax purposes, or any jurisdiction from or through which payment is made
(including, without limitation, the jurisdiction of each Paying Agent) (each a “Specified Tax Jurisdiction”),
will at any time be required to be made from any payments made under or with respect to the Notes or the Note Guarantees, the
Company or applicable Guarantor will pay such additional amounts (or the “Additional Amounts”) as may be
necessary so that the net amount received in respect of such payments (including Additional Amounts) after such withholding or
deduction will not be less than the amount that would have been received in respect of such payments if such Taxes had not been
withheld or deducted; provided, however, that the foregoing obligation to pay Additional Amounts does not apply to:

 

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(1)              
any Taxes that would not have been so imposed but for the Holder or Beneficial Owner of the Notes having any present or former
connection with the Specified Tax Jurisdiction (other than the mere acquisition, ownership, holding, enforcement or receipt of payment
in respect of the Notes or the Note Guarantees);

 

(2)              
any estate, inheritance, gift, sales, excise, transfer, capital gains, personal property or similar Tax;

 

(3)              
any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or the Note Guarantees;

 

(4)              
any Taxes imposed as a result of the failure of the Holder or Beneficial Owner of the Notes, to the extent it is legally entitled
to do so, to complete, execute and deliver to the Company any form or document to the extent applicable to such Holder or Beneficial Owner
that may be required by law (including any applicable tax treaty) or by reason of administration of such law and which is reasonably requested
in writing by the Company or the applicable Guarantor at least 90 days before such withholding or deduction will be payable to be delivered
to the Company in order to enable the Company or the applicable Guarantor to make payments on the Notes or the Note Guarantees without
deduction or withholding for Taxes, or with deduction or withholding of a lesser amount, which form or document will be delivered within
60 days of a written request therefor by the Company;

 

(5)              
any Taxes that would not have been so imposed but for the beneficiary of the payment having presented a Note for payment (in cases
in which presentation is required) more than 30 days after the date on which such payment or such Note became due and payable or the date
on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been entitled to Additional
Amounts had the Note been presented on the last day of such 30-day period);

 

    68 

     

    

 

(6)              
 any Taxes imposed on or with respect to any payment by the Company or any Guarantor to the Holder if such Holder is a fiduciary,
partnership or person other than the sole Beneficial Owner of such payment, to the extent that a beneficiary or settlor with respect to
such fiduciary, a member of such partnership or the Beneficial Owner of such payment would not have been entitled to Additional Amounts
had such beneficiary, settlor, member or Beneficial Owner been the actual Holder of such Note;

 

(7)              
any Taxes imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”),
as of the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply
with) or any current or future Treasury Regulations or other official administrative guidance promulgated thereunder or any similar law
or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to
the foregoing (and including, for the avoidance of doubt, pursuant to any agreement entered into pursuant to Section 1471(b)(1) of the
Code as of the date hereof (or any amended or successor version described above)); or

 

(8)              
any combination of clauses (1) through (7) above.

 

(b)              
If the Company or any Guarantor becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under
or with respect to the Notes or the Note Guarantees, the Company will deliver to the Trustee and Paying Agent at least 30 days prior to
the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which
case the Company will notify the Trustee and Paying Agent promptly thereafter but in no event later than two Business Days prior to the
date of payment) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount so payable. The
Officer’s Certificate must also set forth any other information necessary to enable the Paying Agent to pay Additional Amounts to
Holders on the relevant payment date. The Trustee and Paying Agent will be entitled to rely solely on such Officer’s Certificate
as conclusive proof that such payments are necessary. The Company will provide the Trustee and Paying Agent with documentation reasonably
satisfactory to the Trustee and Paying Agent evidencing the payment of Additional Amounts.

 

(c)              
The Company or applicable Guarantor will make all withholdings and deductions required by law and will remit the full amount deducted
or withheld to the relevant governmental authority on a timely basis in accordance with applicable law. As soon as practicable, the Company
will make commercially reasonable efforts to provide the Trustee and Paying Agent with an official receipt or, if official receipts are
not obtainable, other documentation reasonably satisfactory to the Trustee and Paying Agent evidencing the payment of the Taxes so withheld
or deducted. Upon written request, copies of those receipts or other documentation, as the case may be, will be made available by the
Trustee and Paying Agent to the Holders of the Notes.

 

(d)               Whenever
in this Indenture there is referenced, in any context, the payment of amounts based upon the principal amount of the Notes or of
principal, interest or any other amount payable under, or with respect to, the Notes, such reference will be deemed to include
payment of Additional Amounts as described under this heading to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof.

 

    69 

     

    

 

(e)              
The Company or applicable Guarantor will indemnify a Holder or Beneficial Owner, within 10 Business Days after written demand therefor,
for the full amount of any Taxes paid by such Holder or Beneficial Owner to a governmental authority of a Specified Tax Jurisdiction,
on or with respect to any payment by on or account of any obligation of the Company or Guarantor to withhold or deduct an amount on account
of Taxes for which the Company or Guarantor would have been obliged to pay Additional Amounts hereunder and any penalties, additions to
tax, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant governmental authority. A certificate as to the amount of such payment or liability delivered to the Company
by a Holder will be conclusive absent manifest error.

 

(f)               
The Company or applicable Guarantor will pay any present or future stamp, court, issue, registration, value added, court or documentary
taxes or any other excise or property taxes, charges or similar levies (including penalties, additions to tax, interest and any other
liabilities and reasonable expenses related thereto) that arise in any Specified Tax Jurisdiction from the execution, delivery, enforcement
or registration of the Notes, the Note Guarantees, this Indenture or any other document or instrument in relation thereof, or the receipt
of any payments with respect to the Notes or the Note Guarantees (each such tax, a “Note Issuance Tax”), and the Company
or such Guarantor will indemnify the Holders or Beneficial Owners for any such Note Issuance Taxes paid by such Holders or Beneficial
Owners.

 

(g)              
The obligations described in this Section 3.09 will survive any termination, defeasance or discharge of this Indenture and
will apply mutatis mutandis to any jurisdiction in which any successor Person to the Company or any Guarantor is organized or any political
subdivision or authority or agency thereof or therein.

 

Section 3.10      
Optional Redemption for Changes in Withholding Taxes.

 

(a)              
The Company may redeem the Notes, at its option, at any time in whole but not in part, upon not less than 30 nor more than 60 days’
prior written notice (which notice will be irrevocable) by the Company, at a redemption price equal to 100% of the outstanding principal
amount of Notes, plus accrued and unpaid interest (if any) to, but not including, the applicable redemption date and all Additional Amounts
(if any) then due and which will become due on 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 and Additional Amounts (if any) in respect thereof), in the
event that the Company determines in good faith that the Company or the applicable Guarantor has become or would become obligated to pay,
on the next date on which any amount would be payable with respect to the Notes or Note Guarantees, Additional Amounts and such obligation
cannot be avoided by taking reasonable measures available to the Company or such Guarantor (including making payment through a paying
agent located in another jurisdiction), as a result of:

 

(1)              
a change in or an amendment to the laws (including any regulations or rulings promulgated thereunder) of any Specified Tax Jurisdiction
affecting taxation, which change or amendment is announced or becomes effective on or after the date of this Indenture; or

 

    70 

     

    

 

(2)              
any change in or amendment to any official position of a taxing authority in any Specified Tax Jurisdiction regarding the application,
administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent
jurisdiction), which change or amendment is announced or becomes effective on or after the date of this Indenture.

 

(b)              
Notwithstanding the foregoing, no such notice of redemption may be given earlier than 60 days prior to the earliest date on which
the Company or such Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Notes or the Note Guarantees
were then due. Before the Company gives the notice of redemption of the Notes as described above, the Company will deliver to the Trustee
and Paying Agent (a) an Officer’s Certificate stating that the Company is entitled to effect such redemption and setting forth a
statement of facts showing that the conditions precedent to the right of the Company to so redeem have occurred and (b) an opinion of
independent legal counsel of recognized standing satisfactory to the Trustee and Paying Agent that the Company or the applicable Guarantor
has or will become obligated to pay Additional Amounts as a result of the circumstances referred to in clauses (1) or (2)
of Section 3.10(a).

 

(c)              
The Trustee and Paying Agent will accept and will be entitled to conclusively rely upon the Officer’s Certificate and opinion
as sufficient evidence of the satisfaction of the conditions precedent described above, in which case they will be conclusive and binding
on the Holders.

 

Article
IV 

COVENANTS

 

Section 4.01      
Payment of Notes.

 

The Company will pay or cause
to be paid the principal of, premium, if any, and cash interest, if any, and Additional Amounts, if any, on, the Notes on the dates and
in the manner provided in the Notes. Except as otherwise provided for in this Indenture, interest shall be payable as PIK Interest. Principal,
premium, if any, and cash interest, if any, and Additional Amounts, if any, will be considered paid on the date due if the Paying Agent,
if other than the Company or a Subsidiary of the Company, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company
in immediately available funds and designated for and sufficient to pay all principal of, premium, if any, and interest and Additional
Amounts, if any, then due. PIK Interest will be considered paid on the date due if on such date the Trustee has received (i) a written
order, pursuant to Section 2.02, to increase the balance of any Global Note to reflect such PIK Interest or (ii) PIK Notes duly
executed by the Company together with a written order, pursuant to Section 2.02, of the Company signed by an Officer of the Company
requesting the authentication of such PIK Notes by the Trustee. In connection with the payment of PIK Interest in respect of the Notes,
the Company will, without the consent of Holders (and without regard to any restrictions or limitations set forth under Sections 4.09
and 4.12), either increase the outstanding principal amount of the Notes or issue PIK Notes under this Indenture.

 

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Notwithstanding anything to
the contrary, the payment of accrued interest in connection with any redemption of the Notes in accordance with Article III of
this Indenture, repurchase of the Notes in accordance with Section 4.10 or 4.14 of this Indenture or repayment of the Notes
(including at Stated Maturity) shall be made solely in the form of cash interest.

 

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

 

Section 4.02      
Maintenance of Office or Agency.

 

The Company will maintain
in the City and State of New York, an office or agency (which may be an office of the Trustee or the Paying Agent or an Affiliate of the
Trustee or the Paying Agent) where Notes may be surrendered for payment, and the Company will maintain in the United States an office
or agency (which may be an office of the Trustee or the Registrar or an Affiliate of the Trustee or the Registrar) where Notes may be
surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes
and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the
Trustee; provided that the Trustee shall not serve as an agent or office for the purpose of service of process on behalf of the
Company.

 

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

 

Section 4.03      
Reports.

 

(a)              
Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or
otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations
promulgated by the SEC, the Company will provide the Trustee and Holders with copies of, without cost to each Holder:

 

(1)               within
75 days after the end of each of the first three fiscal quarters in each fiscal year, reports substantially in the form that would
be required to be contained in a filing with the SEC on Form 6-K (or any successor form) containing, whether or not required, the
Company’s unaudited quarterly consolidated financial statements (including a balance sheet and statement of income, changes in
stockholders’ equity and cash flow) and a Management’s Discussion and Analysis of Financial Condition and Results of
Operations (an “MD&A”) (or equivalent disclosure) for and as of the end of such fiscal quarter (with
comparable financial statements for the corresponding fiscal quarter of the immediately preceding fiscal year);

 

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(2)              
within the time period required under the rules of the SEC for the filing of Form 20-F (or any successor form) for each fiscal
year, an annual report substantially in the form that would be required to be contained in a filing with the SEC on Form 20-F (or any
successor form) containing the information required to be contained therein (including the Company’s audited consolidated financial
statements, a report thereon by the Company’s certified independent accountants and an MD&A) for such fiscal year; and

 

(3)              
at or prior to such times as would be required to be filed or furnished to the SEC if the Company was then a “foreign private
issuer” subject to Section 13(a) or 15(d) of the Exchange Act (whether or not the Company is then subject to such requirements),
all such other reports and information that the Company would have been required to file or furnish pursuant thereto.

 

Delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

(b)              
In the event that any direct or indirect parent company of the Company, including the Parent Guarantor, provides a Note Guarantee,
the Company may satisfy its obligations under this Section 4.03 with respect to financial information relating to the Company by
furnishing financial information relating to such parent company.

 

(c)              
Any and all Defaults or Events of Default arising from a failure to furnish in a timely manner any report required by this Section
4.03 shall be deemed cured (and the Company shall be deemed to be in compliance with this Section 4.03) upon filing or posting
such report as contemplated by this Section 4.03 (but without regard to the date on which such report is so filed or posted); provided
that such cure shall not otherwise affect the rights of the Holders under Article VI if the principal of, premium, if any,
on, and interest on, the Notes have been accelerated in accordance with the terms of this Indenture and such acceleration has not been
rescinded or cancelled prior to such cure.

 

(d)              
To the extent not satisfied by the preceding provisions of this Section 4.03, for so long as any Notes are outstanding,
the Company will furnish to Holders and to securities analysts and prospective investors, upon their request, the information required
to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

(e)               Notwithstanding
the foregoing, the Company will be deemed to have furnished each of the reports referred to above to the Trustee and the Holders on
the date that the Company or any direct or indirect parent of the Company has filed such reports with the SEC via the EDGAR (or any
successor) filing system and such reports are publicly available or has posted such reports to a website or on IntraLinks or any
comparable data system or website, it being understood that the Trustee shall have no responsibility for determining whether such
filings or postings have been made.

 

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Section 4.04      
Compliance Certificate.

 

(a)              
The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal
year ending December 31, 2021) an Officer’s Certificate stating that in the course of the performance by the signers of their duties
as Officers of the Company they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred
during such period. If they do, the certificate shall describe the Default, its status and what action the Company is taking or propose
to take with respect thereto.

 

(b)              
So long as any of the Notes are outstanding, the Company will deliver to the Trustee, forthwith upon any Officer becoming aware
of any Default or Event of Default, a written statement specifying such Default or Event of Default and what action the Company is taking
or propose to take with respect thereto.

 

Section 4.05      
Intentionally Omitted.

 

Section 4.06      
Intentionally Omitted.

 

Section 4.07      
Restricted Payments.

 

(a)              
 

 

(1)              
The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(A)            
declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving
the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other
than Disqualified Stock) of the Company and other than dividends or distributions payable to the Company or a Restricted Subsidiary of
the Company);

 

(B)             
purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation
involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company;

 

(C)              make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any Indebtedness of the
Company or any Subsidiary Guarantor that is contractually subordinated to the Notes or to any Subsidiary Guarantee (excluding (x)
any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries or (y) the purchase, repurchase or
other acquisition of Indebtedness that is contractually subordinated to the Notes or to any Subsidiary Guarantee, as the case may
be, purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due
within one year of the date of purchase, repurchase or acquisition), except a payment of interest or principal at the Stated
Maturity thereof; or

 

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(D)            
make any Restricted Investment;

 

(all such payments and other actions not otherwise
permitted as set forth in these clauses (a)(1)(A) through (D) above being collectively referred to as “Restricted
Payments”), unless, at the time of and after giving effect to such Restricted Payment, (i) no Default (except a Reporting Failure)
or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment, (ii) the Fixed Charge Coverage
Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available at the
time of such Restricted Payment is not less than 2.0 to 1.0; and (iii) such Restricted Payment, together with the aggregate amount of
all other Restricted Payments made by the Company and its Restricted Subsidiaries since the Issue Date (excluding Restricted Payments
permitted by clauses (2) through (13) of Section 4.07(b)), is less than the sum, without duplication, of:

 

(I)       50%
of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the Issue Date to the end of the Company’s
most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if
such Consolidated Net Income for such period is a deficit, less 100% of such deficit, provided that no such deficit shall reduce
Cumulative Credit for such period to an amount less than $0.00); plus

 

(II)       100%
of the aggregate net proceeds, including cash and the Fair Market Value of property other than cash (including the Fair Market Value of
any Indebtedness contributed to the Company or its Restricted Subsidiaries for cancellation), received by the Company since the Issue
Date as a contribution to its common equity capital or that becomes a part of the capital of the Company through consolidation, merger
or amalgamation following the Issue Date in each case involving consideration consisting solely of Equity Interests (other than Disqualified
Stock) of the Company in connection with any such transaction, or received by the Company from the issue or sale of Equity Interests of
the Company or any direct or indirect parent company of the Company (other than Disqualified Stock or Designated Preferred Stock) or from
the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities that have been converted
into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary
of the Company); plus

 

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(III)       to
the extent not already included in Consolidated Net Income, if any Restricted Investment that was made after the Issue Date is sold for
cash or otherwise liquidated or repaid for cash, 100% of the aggregate amount received in cash and the Fair Market Value of property other
than cash received; plus

 

(IV)       the
net reduction in Restricted Investments resulting from distributions, repayments of loans or advances, or other transfers of assets in
each case to the Company or any of its Restricted Subsidiaries from any Person (including, without limitation, Unrestricted Subsidiaries)
or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries, or from mergers or consolidations with or into, or transfers
of assets to, the Company or a Restricted Subsidiary of the Company, in an amount not to exceed 100% of the Fair Market Value of the Company’s
Investment in such Subsidiary as of the date of such redesignation, combination or transfer, to the extent such amounts have not been
included in Consolidated Net Income for any period commencing on or after the Issue Date; plus

 

(V)       any
dividends or distributions received in cash by the Company or a Restricted Subsidiary of the Company after the Issue Date from an Unrestricted
Subsidiary of the Company, to the extent that such dividends or distributions were not otherwise included in the Consolidated Net Income
of the Company for such period (subclauses (I), (II), (III), (IV) and (V) above being referred to as
 “Cumulative Credit”).

 

(b)          
The provisions of Section 4.07(a) will not prohibit:

 

(1)              
the payment of any dividend or distribution or the consummation of any redemption within 60 days after the date of declaration
of the dividend or distribution or giving of the redemption notice, as the case may be, if, at the date of declaration or notice, the
dividend, distribution 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 substantially concurrent sale (other
than to a Subsidiary of the Company) of, Equity Interests of the Company or any direct or indirect parent company of the Company (other
than Disqualified Stock) or from the substantially concurrent contribution of common equity capital to the Company; provided, that
the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from subclause (II)
of Section 4.07(a) or any portion of Cumulative Credit resulting from subclause (II) of Section 4.07(a) ;

 

(3)              
the purchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company or any Restricted
Subsidiary of the Company that is contractually subordinated to the Notes or to any Subsidiary Guarantee with the net cash proceeds from
a substantially concurrent incurrence of Permitted Refinancing Indebtedness;

 

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(4)              
 the payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted
Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis;

 

(5)              
the purchase, redemption or other acquisition or retirement (or dividends or distributions to any direct or indirect parent company
of the Company to finance any such purchase, redemption or other acquisition or retirement) for value of any Equity Interests of the Company
or any Restricted Subsidiary of the Company or any direct or indirect parent company of the Company held by any current or former officer,
director, consultant or employee (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Company or
any of its Restricted Subsidiaries or any direct or indirect parent company of the Company pursuant to any equity subscription agreement,
shareholders’ or members’ agreement or equity option agreement or other employee benefit plan or to satisfy obligations under
any Equity Interest appreciation rights or option plan or similar arrangement; provided, however, that the aggregate price
paid for all such purchased, redeemed, acquired or retired Equity Interests may not exceed $5.0 million in any calendar year (with unused
amounts in any calendar year being permitted to be carried over to any succeeding calendar year without limitation); provided further,
that the amount in any calendar year may be increased by an amount not to exceed:

 

(A)            
the cash proceeds received by the Company or any of its Restricted Subsidiaries from the sale of Equity Interests (other than Disqualified
Stock and Designated Preferred Stock) of the Company or any direct or indirect parent company of the Company (to the extent contributed
to the Company) to members of management, directors or consultants (or their respective Controlled Investment Affiliates or Immediate
Family Members) of the Company and its Restricted Subsidiaries or any direct or indirect parent company of the Company that occurs after
the Issue Date; provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition,
or dividend or distribution will not increase the amount available for Restricted Payments under Section 4.07(a) or any portion
of Cumulative Credit resulting from Section 4.07(a) or Section 4.07(b)(2); plus

 

(B)             
the cash proceeds of key man life insurance policies received by the Company or any direct or indirect parent company of the Company
(to the extent contributed to the Company) and its Restricted Subsidiaries after the Issue Date;

 

provided, that the Company may
elect to apply all or any portion of the aggregate increase contemplated by clauses (A) and (B) above in any single calendar
year;

 

(6)               the
purchase, repurchase, redemption or other acquisition or retirement for value of Equity Interests deemed to occur upon the exercise
of options, warrants, incentives, rights to acquire Equity Interests or other convertible securities if such Equity Interests
represent a portion of the exercise or exchange price thereof, and any purchase, repurchase, redemption or other acquisition or
retirement for value of Equity Interests made in lieu of withholding taxes in connection with any exercise or exchange of options,
warrants, incentives or rights to acquire Equity Interests;

 

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(7)              
the declaration and payment of regularly scheduled or accrued dividends or distributions to holders of any class or series of Disqualified
Stock of the Company or any Restricted Subsidiary of the Company issued on or after the Issue Date in accordance with the Fixed Charge
Coverage Ratio test described under Section 4.09(a);

 

(8)              
the declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other
than Disqualified Stock) issued after the Issue Date; provided, however, that (A) the Company would, at the time of such
issuance of Designated Preferred Stock and after giving pro forma effect to such issuance (and the payment of dividends or distributions
thereunder) 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 the Fixed Charge Coverage Ratio test set forth in Section 4.09(a),
and (B) the aggregate amount of dividends declared and paid pursuant to this clause (8) does not exceed the net cash proceeds actually
received by the Company from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date;

 

(9)              
the repurchase, redemption or other acquisition or retirement for value of any subordinated Indebtedness pursuant to provisions
similar to those described under Section 4.14 and Section 4.10; provided that, prior to such repurchase, redemption
or other acquisition, the Company (or a third party to the extent permitted under this Indenture) shall have made a Change of Control
Offer, Alternate Offer or Asset Sale Offer, as the case may be, with respect to the Notes and shall have repurchased all Notes validly
tendered and not withdrawn in connection with such Change of Control Offer, Alternate Offer or Asset Sale Offer;

 

(10)          
cash payments or loans, advances, dividends or distributions to any direct or indirect parent the Company to permit a direct or
indirect parent to make cash payments, in lieu of issuing fractional Equity Interests in connection with any dividend, split or combination
thereof or the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Company,
any of its Restricted Subsidiaries or any direct or indirect parent company of the Company, or any dividend, split or combination of such
equity interests;

 

(11)          
Permitted Payments to Parent;

 

(12)          
other Restricted Payments in an aggregate amount since the Issue Date not to exceed $175.0 million; and

 

(13)          
 the dividend, distribution or any other transfer to the Parent Guarantor of any 2023 Notes received on or prior to the Issue Date
by the Company and any other Restricted Payments related to the cancellation of such 2023 Notes.

 

provided, however, that at the time
of, and after giving effect to, any Restricted Payment permitted under clauses (7) or (8) of this Section 4.07(b),
no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof.

 

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(c)          
The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment (or,
in the case of a non-cash dividend or distribution, on the date of declaration) of the asset(s) or securities proposed to be transferred
or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. For purposes of determining
compliance with this Section 4.07, in the event that a Restricted Payment meets the criteria of more than one of the categories
of Restricted Payments described in clauses (1) through (12) of Section 4.07(b), or is permitted pursuant to Section
4.07(a), the Company will be entitled to classify such Restricted Payment (or portion thereof) on the date made or later reclassify
such Restricted Payment (or portion thereof) in any manner that complies with this Section 4.07. For the avoidance of doubt, in
no event will limited partner interests of the Company issued in kind as a distribution pursuant to the Partnership Agreement be considered
to be a Restricted Payment.

 

(d)         
For the purposes of this Section 4.07, a contribution, sale or incurrence will be deemed to be “substantially concurrent”
if the related “Restricted Payment” or purchase, repurchase, redemption, defeasance or other acquisition or retirement for
value or payment of principal or acquisition of assets or Capital Stock or other Investment occurs within 120 days before or after such
contribution, sale or incurrence.

 

Section 4.08      
Dividend and Other Payment Restrictions Affecting Non-Guarantor Subsidiaries.

 

(a)          
The Company will not, and will not permit any of its Restricted Subsidiaries that is not a Subsidiary Guarantor to, directly or
indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary
that is not a Subsidiary Guarantor to:

 

(1)              
pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, provided
that the priority that any series of preferred equity of a Restricted Subsidiary has in receiving dividends, distributions or liquidating
distributions before dividends, distributions or liquidating distributions are paid in respect of any common equity of such Restricted
Subsidiary shall not constitute a restriction on the ability to make dividends or other distributions on Capital Stock for purposes of
this Section 4.08 so long as the terms of such preferred equity do not expressly restrict the ability of such Restricted Subsidiary
to pay dividends or make distributions on its Capital Stock, or pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries;

 

(2)              
 make loans or advances to the Company or any of its Restricted Subsidiaries; or

 

(3)              
sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.

 

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(b)          
However, the restrictions in Section 4.08(a) will not apply to encumbrances or restrictions existing under or by reason
of:

 

(1)              
agreements governing Indebtedness outstanding on the Issue Date, the Existing Credit Facilities and other Credit Facilities in
effect on the Issue Date and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings
of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements
or refinancings are not, in the good faith judgment of the chief financial officer of the Company, materially more restrictive, taken
as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the Issue Date;

 

(2)              
this Indenture, the Notes and the Subsidiary Guarantees (and any Additional Notes and PIK Notes and related guarantees under this
Indenture);

 

(3)              
applicable law, rule, regulation, order, approval, license, permit or similar restriction;

 

(4)              
any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries
as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with
or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets
of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness,
such Indebtedness was permitted by the terms of this Indenture to be incurred;

 

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

 

(6)              
purchase money obligations for property (including Capital Stock) acquired in the ordinary course of business and Capital Lease
Obligations that impose restrictions on the property purchased or leased of the nature described in Section 4.08(a)(3);

 

(7)              
any agreement for the sale or other disposition of the Capital Stock or assets of a Restricted Subsidiary of the Company that restricts
distributions by that Restricted Subsidiary pending closing of the sale or other disposition;

 

(8)               Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not, in the good faith judgment of the chief financial officer of the Company, materially more restrictive, taken
as a whole, than those contained in the agreements governing the Indebtedness being refinanced;

 

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(9)              
Liens permitted to be incurred under Section 4.12 that limit the right of the debtor to dispose of the assets subject to
such Liens;

 

(10)          
provisions limiting the disposition or distribution of assets or property or transfer of Capital Stock in joint venture agreements,
asset sale agreements, sale-leaseback agreements, stock sale agreements, limited liability company organizational documents, and other
similar agreements entered into in the ordinary course of business, consistent with past practice or with the approval of the Company’s
Board of Directors, which limitation is applicable only to the assets, property or Capital Stock that are the subject of such agreements;

 

(11)          
restrictions on cash, Cash Equivalents, Marketable Securities or other deposits or net worth imposed by customers or lessors under
contracts or leases entered into in the ordinary course of business;

 

(12)          
other Indebtedness of Restricted Subsidiaries that are non-Guarantors that is incurred subsequent to the Issue Date and any amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings of the agreements governing such Indebtedness
pursuant to Section 4.09;

 

(13)          
encumbrances on any property or asset that exist at the time the property or asset was acquired by the Company or a Restricted
Subsidiary of the Company;

 

(14)          
contractual encumbrances or restrictions in effect on the Issue Date and any amendments, restatements, modifications, renewals,
supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings are not, in the good faith judgment of the chief financial officer of
the Company, materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained
in those agreements on the Issue Date;

 

(15)          
customary provisions contained in leases, sub-leases, licenses, sub-licenses or similar agreements, including with respect to intellectual
property and other agreements;

 

(16)           any
encumbrance or restriction with respect to an Unrestricted Subsidiary pursuant to or by reason of an agreement that the Unrestricted
Subsidiary is a party to or entered into before the date on which such Unrestricted Subsidiary became a Restricted Subsidiary; provided that
such agreement was not entered into in anticipation of the Unrestricted Subsidiary becoming a Restricted Subsidiary and any such
encumbrance or restriction does not extend to any assets or property of the Company or any other Restricted Subsidiary other than
the assets and property of such Unrestricted Subsidiary;

 

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(17)           any encumbrance or restriction contained in the terms of any Indebtedness or any agreement pursuant to which such Indebtedness
was incurred, in each case permitted to be incurred by Section 4.09, if either (x) the encumbrance or restriction applies only
in the event of a payment default or a default with respect to a financial covenant in such Indebtedness or agreement or (y) the Company
determines that any such encumbrance or restriction will not materially affect the Company’s ability to make principal or interest
payments on the Notes, as determined in good faith by the Board of Directors of the Company, whose determination shall be conclusive;

 

(18)           any encumbrances or restrictions imposed by any amendments or refinancings of the contracts, instruments or obligations referred
to above in clauses (1) through (17); provided that such amendments or refinancings are not, in the good faith judgment
of the chief financial officer of the Company, materially more restrictive, taken as a whole, than such encumbrances and restrictions
prior to such amendment or refinancing; and

 

(19)           provisions with respect to the receipt of a rebate on an operating lease until all obligations due to a lessor on other operating
leases are satisfied or other customary restrictions in respect of assets or contract rights acquired by a Restricted Subsidiary of the
Company in connection with a sale and leaseback transaction.

 

Section 4.09      
Incurrence of Indebtedness and Issuance of Preferred Equity.

 

(a)          
The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”)
any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its Restricted
Subsidiaries that are not Subsidiary Guarantors to issue any preferred equity; provided, however, that on or after July
16, 2023, the Company may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and any Restricted Subsidiary may
incur Indebtedness (including Acquired Debt) or issue preferred equity, if on the date thereof the Fixed Charge Coverage Ratio for the
Company’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 Disqualified Stock or such preferred equity is issued, as the case
may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom),
as if the additional Indebtedness had been incurred or the Disqualified Stock or the preferred equity had been issued, as the case may
be, at the beginning of such four-quarter period.

 

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(b)          
The provisions of Section 4.09(a) will not prohibit the incurrence of any of the following items of Indebtedness, Disqualified
Stock or preferred equity (collectively, “Permitted Debt”):

 

(1)              
 (A) on or after July 16, 2023, the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness and letters
of credit and bankers’ acceptances under Credit Facilities in an aggregate principal amount at any one time outstanding under this
clause (1)(A) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company
and its Restricted Subsidiaries thereunder) not to exceed the greater of (i) $500.0 million and (ii) the sum of (a) $100.0 million and
(b) 10.0% of the Company’s Consolidated Net Tangible Assets; and (B) the incurrence by the Company or any Subsidiary Guarantor of
any Indebtedness under Credit Facilities that is unsecured or secured by a Priority Lien or a Junior Lien on the Collateral;

 

(2)              
the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness and letters of credit and bankers’ acceptances
under Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (2) (with letters of credit
being deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder)
not to exceed, for each Offshore Unit or group of Offshore Units for which the Company or a Restricted Subsidiary has entered into a contract
for the construction, acquisition, refurbishment redeployment or recontracting of such Offshore Unit or group of Offshore Units or has
entered into a new contract or an extension of a contract for such Offshore Unit or group of Offshore Units (including, for the avoidance
of doubt, with respect to any construction, acquisition, refurbishment, redeployment, recontracting, contracting or extension that has
occurred within the immediately preceding 12-month period), an amount equal to the difference of (i) 80% of the Offshore Unit Value for
such Offshore Unit or group of Offshore Units at the time any such Indebtedness is incurred minus (ii) the amount of any Indebtedness
secured by such Offshore Unit or group of Offshore Units other than Indebtedness incurred under this clause (2) (including all
Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any such Indebtedness) minus (iii)
the amount of any Permitted Refinancing Indebtedness outstanding pursuant to clause (6) of this Section 4.09(b) incurred
to renew, refund, refinance, replace, defease or discharge any Indebtedness previously incurred in respect of such Offshore Unit or group
of Offshore Units pursuant to this clause (2); provided, however, that in no case shall such difference be less than $0.00;

 

(3)              
the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness to the extent outstanding on the Issue Date,
including the Existing Credit Facilities;

 

(4)              
the incurrence by the Company or any of its Restricted Subsidiaries (including any future Subsidiary Guarantor) of Indebtedness
represented by the Notes to be issued on the Issue Date, any PIK Notes and the related Subsidiary Guarantees;

 

(5)               the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage
financings, industrial revenue bonds, purchase money obligations or other Indebtedness or preferred equity, or synthetic lease
obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design,
development, construction, installation or improvement of property (real or personal and including Capital Stock and Offshore
Units), plant or equipment used in the business of the Company or any of its Restricted Subsidiaries (in each case, whether through
the direct purchase of such assets or the Equity Interests of any Person owning such assets), in an aggregate principal amount,
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any
Indebtedness incurred pursuant to this clause (5), not to exceed the greater of $100.0 million and 2.5% of the
Company’s Consolidated Net Tangible Assets at any time outstanding;

 

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(6)              
the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the
net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness)
that was permitted by this Indenture to be incurred under Section 4.09(a) or clauses (2), (3), (4), (6)
or (17) of this Section 4.09(b);

 

(7)              
the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and
any of its Restricted Subsidiaries; provided, however, that:

 

(A)            
if the Company or any Subsidiary Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Subsidiary
Guarantor, such Indebtedness must be unsecured and expressly subordinated to the prior payment in full in cash of all Obligations then
due with respect to the Notes, in the case of the Company, or the Subsidiary 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 Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that
is not either the Company or a Restricted Subsidiary of the Company, will be deemed, in each case, to constitute an incurrence of such
Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (7);

 

(8)              
the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of preferred
equity; provided, however, that:

 

(A)            
any subsequent issuance or transfer of Equity Interests that results in any such preferred equity being held by a Person other
than the Company or a Restricted Subsidiary of the Company, and

 

(B)             
 any sale or other transfer of any such preferred equity to a Person that is not either the Company or a Restricted Subsidiary
of the Company, will be deemed, in each case, to constitute an issuance of such preferred equity by such Restricted Subsidiary that was
not permitted by this clause (8);

 

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(9)              
the incurrence by the Company or any of its Restricted Subsidiaries of Bank Product Obligations other than for speculative purposes;

 

(10)            
the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness and cash management pooling obligations and
arrangements of the Company or a Restricted Subsidiary of the Company; provided that if the Indebtedness being guaranteed is subordinated
to or pari passu with the Notes, then the guarantee shall be subordinated or pari passu, as applicable, to the same extent
as the Indebtedness guaranteed;

 

(11)            
the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation claims,
payment obligations in connection with health or other types of social security benefits, unemployment or other insurance or self-insurance
obligations, reclamation, statutory obligations, bankers’ acceptances, bid, performance, surety or similar bonds and letters of
credit or completion or performance guarantees (including without limitation, performance guarantees pursuant to supply agreements or
equipment leases), or other similar obligations in the ordinary course of business or consistent with past practice;

 

(12)             
the incurrence by the Company 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 drawn against insufficient funds;

 

(13)            
the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness, Disqualified Stock or preferred equity of
the Company or any Restricted Subsidiary of the Company incurred or issued to finance an acquisition or of Persons that are acquired by
the Company or any of its Restricted Subsidiaries or merged into a Restricted Subsidiary of the Company in accordance with the terms of
this Indenture; provided, however, that for any such Indebtedness, Disqualified Stock or preferred equity outstanding under
this clause (13) in excess of the greater of (A) $150.0 million and (B) 5% of the Company’s Consolidated Net Tangible Assets,
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness,
Disqualified Stock or preferred equity incurred pursuant to this clause (13), after giving effect to such acquisition and the incurrence
of such Indebtedness, Disqualified Stock and preferred equity either:

 

(A)            
 the Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio
test set forth in Section 4.09(a); or

 

(B)             
the Fixed Charge Coverage Ratio would not be less than immediately prior to such acquisition;

 

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(14)            
the incurrence by the Company or any of its Restricted Subsidiaries of liability in respect of Indebtedness of any Unrestricted
Subsidiary or any joint venture that is not a Restricted Subsidiary (a “Joint Venture”), but only to the extent that
such liability is the result of (a) the Company’s or any such Restricted Subsidiary’s being a general partner or member of,
or owner of an Equity Interest in, such Unrestricted Subsidiary or Joint Venture and not as guarantor of such Indebtedness or (b) the
pledge of (or a Guarantee limited in recourse solely to) Equity Interests in such Unrestricted Subsidiary or Joint Venture held by the
Company or such Restricted Subsidiary to secure such Indebtedness and, in the case of clauses (a) and (b), solely to the
extent such Indebtedness constitutes Non-Recourse Debt;

 

(15)            
the incurrence of Indebtedness arising from agreements of the Company or a Restricted Subsidiary of the Company providing for indemnification,
adjustment of purchase price, earn outs, or similar obligations, in each case, incurred or assumed in connection with the disposition
or acquisition of any business, assets or a Subsidiary in accordance with the terms of this Indenture, other than guarantees of Indebtedness
incurred or assumed by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such
acquisition;

 

(16)            
the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness or the issuance of Disqualified
Stock or preferred equity in an aggregate principal amount (or accreted value, as applicable) or having an aggregate liquidation preference,
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness
incurred pursuant to this clause (16), not to exceed $100.0 million at any time outstanding (it being understood that any Indebtedness,
Disqualified Stock or preferred equity incurred pursuant to this clause (16) shall cease to be deemed incurred or outstanding for
purposes of this Section 4.09 from and after the date on which the Company could have incurred such Indebtedness or Disqualified
Stock or preferred equity under Section 4.09(a) without reliance upon this clause (16));

 

(17)             on
or after July 16, 2023, the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness or the
issuance of Disqualified Stock or preferred equity the proceeds of which are used, directly or indirectly, to fund Investments in
(including in equity or other ownership interests in entities engaged in) the development, licensing, construction, lease or
acquisition of technology or infrastructure relating to renewable energy generation, energy storage, advanced fuels, carbon
mitigation, hydrogen or ammonia production or technologies, fuel cells, other infrastructure- or sustainability-linked products and
similar technologies or infrastructure;

 

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(18)            
without duplication of capacity under clause (2), the incurrence by the Company or any of its Restricted Subsidiaries of
additional Indebtedness secured only by a Lien on FPSO Cidade De Itajai or the Capital Stock of the Person that owns such Offshore Unit
or the revenue streams or dividends derived therefrom or from contracts relating to such Offshore Unit together with related customary
security for such Indebtedness not to exceed at any time outstanding an amount equal to the difference of (i) 80% of the Offshore Unit
Value of FPSO Cidade De Itajai at the time any such Indebtedness is incurred minus (ii) the amount of any Indebtedness secured
by FPSO Cidade De Itajai other than Indebtedness incurred under this clause (18); and

 

(19)            
all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest
on obligations described in clauses (1) through (18) above.

 

provided, however, that
no Restricted Subsidiary of the Company that is not a Subsidiary Guarantor may incur any Indebtedness under clauses (1)(A), (2),
(16) or (18) of this Section 4.09(b) or pursuant to the Fixed Charge Coverage Ratio test set forth in Section
4.09(a), or any Permitted Refinancing Indebtedness in respect of such Indebtedness, if such Indebtedness is issued in exchange for,
or the net proceeds are used to, directly or indirectly, renew, refund, refinance, replace, defease or discharge, the Notes, the 2023
Notes or any subsequent Refinancings thereof.

 

The Company will not incur,
and the Company will not permit any Subsidiary Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated
in right of payment to any other Indebtedness of the Company or such Subsidiary Guarantor unless such Indebtedness is also contractually
subordinated in right of payment to the Notes and the applicable Subsidiary Guarantee on substantially identical terms; provided,
however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness solely
by virtue of being unsecured or by virtue of being secured on a first or junior priority basis.

 

For purposes of
determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness, Disqualified Stock or
preferred equity meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (19)
above, or is entitled to be incurred pursuant to Section 4.09(a), the Company will be permitted to classify such item of
Indebtedness, Disqualified Stock or preferred equity on the date of its incurrence and will only be required to include the amount
and type of such Indebtedness, Disqualified Stock or preferred equity in one of the above clauses, although the Company may divide
and classify an item of Indebtedness, Disqualified Stock or preferred equity in one or more of the types of Indebtedness,
Disqualified Stock or preferred equity and may later reclassify all or a portion of such item of Indebtedness, Disqualified Stock or
preferred equity, in any manner that complies with this Section 4.09. The accrual of interest or dividends, 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 equity as Indebtedness due to a change in accounting principles, the payment of
dividends on Disqualified Stock or preferred equity in the form of additional shares or units of the same class of Disqualified
Stock or preferred equity and unrealized losses or charges in respect of Hedging Obligations (including those resulting from the
application of IFRS 9) will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock or preferred
equity for purposes of this Section 4.09. Notwithstanding any other provision of this Section 4.09, the maximum amount
of Indebtedness that the Company or any Restricted Subsidiary of the Company may incur pursuant to this Section 4.09 will not
be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.

 

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For purposes of determining
compliance with any U.S. dollar denominated restriction on the incurrence of Indebtedness where the Indebtedness incurred is denominated
in a different currency, the amount of such Indebtedness will be the U.S. Dollar Equivalent determined on the date of the establishment
of the facility or instrument under which such Indebtedness was incurred; provided, however, that if such Indebtedness denominated
in a different currency is subject to a Currency Agreement with respect to U.S. dollars, covering all principal, premium, if any, and
interest payable on such Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be as provided in such Currency
Agreement. The principal amount of any refinancing Indebtedness incurred in the same currency as the Indebtedness being refinanced will
be the U.S. Dollar Equivalent of the Indebtedness refinanced, except to the extent that (i) such U.S. Dollar Equivalent was determined
based on a Currency Agreement, in which case the refinancing Indebtedness will be determined in accordance with the preceding sentence,
and (ii) the principal amount of the refinancing Indebtedness exceeds the principal amount of the Indebtedness being refinanced, in which
case the U.S. Dollar Equivalent of such excess, as appropriate, will be determined on the date such refinancing Indebtedness is incurred.

 

The amount of any Indebtedness
outstanding as of any date will be:

 

(1)              
the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(2)              
the principal amount of the Indebtedness, in the case of any other Indebtedness; and

 

(3)              
in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(A)            
the Fair Market Value of such assets at the date of determination; and

 

(B)             
the amount of the Indebtedness of the other Person.

 

If any Indebtedness is
incurred, or Disqualified Stock or preferred equity is issued, in reliance on a basket measured by reference to a percentage of
Consolidated Net Tangible Assets, and any refinancing thereof would cause the percentage of Consolidated Net Tangible Assets to be
exceeded if calculated based on the Consolidated Net Tangible Assets on the date of such refinancing, such percentage of
Consolidated Net Tangible Assets will not be deemed to be exceeded to the extent the principal amount of such newly incurred
Indebtedness, the liquidation preference of such newly-issued Disqualified Stock or the amount of such newly-issued preferred equity
does not exceed the sum of (i) the principal amount of such Indebtedness, the liquidation preference of such Disqualified Stock or
the amount of such preferred equity being refinanced, extended, replaced, refunded, renewed or defeased, plus (ii) any
accrued and unpaid interest on the Indebtedness, any accrued and unpaid dividends on the preferred equity and any accrued and unpaid
dividends on the Disqualified Stock being so refinanced, extended, replaced, refunded, renewed or defeased, plus (iii) the
amount of any tender premium or penalty or premium required to be paid under the terms of the instrument or documents governing such
refinanced Indebtedness, preferred equity or Disqualified Stock and any defeasance costs and any fees and expenses (including
original issue discount, upfront fees or similar fees) incurred in connection with the issuance of such new Indebtedness, preferred
equity or Disqualified Stock or the extension, replacement, refunding, refinancing, renewal or defeasance of such refinanced
Indebtedness, preferred equity or Disqualified Stock.

 

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Section 4.10      
Asset Sales.

 

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

 

(1)              
the Company or a Restricted Subsidiary receives consideration at the time of the Asset Sale at least equal to the Fair Market Value
(such Fair Market Value to be determined on the date of contractual agreement to such Asset Sale by the parties thereto) of the assets
or Equity Interests issued or sold or otherwise disposed of; and

 

(2)              
at least 75% of the aggregate consideration received from such Asset Sale and all other Asset Sales since the Issue Date, on a
cumulative basis, by the Company or any Restricted Subsidiary is in the form of cash, Cash Equivalents or Additional Assets, or any combination
thereof. For purposes of this provision, each of the following will be deemed to be cash:

 

(A)            
any liabilities of the Company or any Restricted Subsidiary of the Company (other than contingent liabilities and liabilities that
are by their terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets and as
a result of which the Company or such Restricted Subsidiary is released from further liability;

 

(B)             
any securities, notes or other obligations received by the Company or any Restricted Subsidiary from such transferee that are converted
by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 180 days of the receipt thereof, to the extent of the
cash or Cash Equivalents received in that conversion;

 

(C)              any
Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale; provided that
the aggregate Fair Market Value of such Designated Non-cash Consideration, taken together with the Fair Market Value at the time of
receipt of all other Designated Non-cash Consideration received pursuant to this clause (C) less the amount of Net Proceeds
previously realized in cash from prior Designated Non-cash Consideration, is less than the greater of (x) 3.0% of the
Company’s Consolidated Net 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) and (y) $120.0 million; and

 

(D)            
any Capital Stock or assets of the kind referred to in clause (C), (E) or (F) of Section 4.10(b)(1).

 

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(b)          
Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or any Restricted Subsidiary may:

 

(1)              
apply such Net Proceeds, at its option:

 

(A)            
in the case of any Net Proceeds received from Asset Sales of Collateral, to repay, redeem, retire, defease, replace, refinance
or repurchase any Priority Lien Debt, provided that if the Company or any of its Restricted Subsidiaries repays, redeems or repurchases
any such Priority Lien Debt pursuant to this clause (1) other than the Notes, the Company or such Restricted Subsidiary must equally
and ratably redeem or repurchase (or offer to repurchase) the Notes, at the Company’s option, as provided for under Section 3.07,
through open market purchases or by making an offer to all holders to purchase their Notes at 100% of the principal amount thereof, plus
accrued and unpaid interest (and such offer shall be deemed for purposes of this covenant to be a use of proceeds from an Asset Sale equal
to the aggregate amount of Net Proceeds offered to the holders, whether or not the offer is accepted by any or all holders);

 

(B)              in
the case of any Net Proceeds received from Asset Sales (other than Asset Sales of Collateral), to repay (w) Indebtedness and other
Obligations of the Company or any of its Restricted Subsidiaries under a Credit Facility secured by a Permitted Lien, (x) any
Indebtedness that was secured by the assets sold in such Asset Sale, (y) the Notes or other Indebtedness that is pari passu with
the Notes, or (z) Indebtedness of a Restricted Subsidiary of the Company that is not a Subsidiary Guarantor, in each case other than
Indebtedness and other Obligations (i) incurred in violation of this Indenture or (ii) subordinate in right of payment to the Notes
or a Subsidiary Guarantee; provided that, if the Company or any Subsidiary Guarantor repays, redeems or repurchases any
Priority Lien Debt, Junior Lien Debt or unsecured Indebtedness held by an Affiliate of the Company pursuant to this clause
(2), the Company or such Subsidiary Guarantor must equally and ratably redeem or repurchase (or offer to repurchase) the Notes,
at the Company’s option, as provided for under Section 3.07, through open market purchases or by making an offer to all
holders to purchase their Notes at 100% of the principal amount thereof, plus accrued and unpaid interest (and such offer shall be
deemed for purposes of this covenant to be a use of proceeds from an Asset Sale equal to the aggregate amount of Net Proceeds
offered to the holders, whether or not the offer is accepted by any or all holders);

 

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(C)             
to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business; provided, that
in the case of any such acquisition of Capital Stock, such Person is or becomes a Restricted Subsidiary of the Company;

 

(D)            
to make capital expenditures in respect of a Permitted Business;

 

(E)             
to acquire other long-term assets that are used or useful in a Permitted Business (including, without limitation, Offshore Units,
related assets and any related Ready for Sea Costs) or make any deposit, installment or progress payment in respect of such assets or
payment of any related Ready for Sea Costs; or

 

(F)             
to invest in Additional Assets.

 

(2)              
enter into a binding commitment to apply the Net Proceeds pursuant to clause (C), (D), (E) or (F) of
Section 4.10(b)(1); provided, that such binding commitment shall be treated as a permitted application of the Net Proceeds
from the date of such commitment until (i) with respect to any binding commitment to purchase, acquire or construct Additional Offshore
Units and any related Ready for Sea Costs with such Net Proceeds, the later of (x) the 365th day from the receipt thereof from the Asset
Sale and (y) two years from the date any such binding commitment is made and (ii) with respect to any other binding commitment to apply
Net Proceeds pursuant to such clauses, the earlier of (x) the date on which such acquisition or expenditure is consummated and (y) the
180th day following the expiration of the aforementioned 365-day period.

 

Pending the final application of any Net Proceeds,
the Company or any of its Restricted Subsidiaries may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds
in any manner that is not prohibited by this Indenture.

 

(c)               Any
Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10(b) will constitute
 “Excess Proceeds.” If at any time the aggregate amount of Excess Proceeds exceeds $25.0 million, or on any
earlier date if the Company so elects, the Company will make an offer to all Holders of Notes (an “Asset Sale
Offer”) and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets to
purchase, prepay or redeem the maximum principal amount of Notes and such other pari passu Indebtedness (plus all accrued
interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith) that may
be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount
thereof plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the date of purchase, prepayment or
redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest
payment date, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company or
any Restricted Subsidiary of the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture.
If the aggregate principal amount of Notes and such other pari passu Indebtedness tendered into (or required to be purchased,
prepaid or redeemed in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the
Notes and the Company will select such other pari passu Indebtedness to be purchased on a pro rata basis, based on the
amounts tendered or required to be purchased, prepaid or redeemed. Upon completion of each Asset Sale Offer, the amount of Excess
Proceeds will be reset at zero.

 

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(d)              
The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.10,
the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
the provisions of this Section 4.10 by virtue of such compliance.

 

(e)              
Upon the expiration of the period for which the Asset Sale Offer remains open, the Company shall deliver to the Trustee for cancellation
the Notes or portions thereof that have been purchased in the Asset Sale Offer by the Company. The Trustee (or a Paying Agent, if not
the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering Holder in the amount of the purchase price for
all Notes of such Holder that were so purchased.

 

(f)               
Holders electing to have a Note purchased shall be required to surrender the Note, with the form entitled “Option of Holder
to Elect Purchase” attached to the Note duly completed, or transfer by book-entry transfer, to the Company at the address specified
in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Company
receives not later than one Business Day prior to the purchase date, a notice of withdrawal setting forth the name of the Holder, the
principal amount of the Note which was delivered by the Holder for purchase and a statement that such Holder is withdrawing his election
to have such Note purchased.

 

(g)              
Notices of an Asset Sale Offer shall be given at least 30 but not more than 60 days before the purchase date to each Holder in
accordance with Section 12.01. If any Note is to be purchased in part only, any notice of purchase that relates to such Note shall
state the portion of the principal amount thereof that is to be purchased.

 

(h)              
A new Note in principal amount equal to the unpurchased portion of any Note purchased in part shall be issued in the name of the
Holder thereof upon cancellation of the original Note. On and after the purchase date, unless the Company defaults in payment of the purchase
price, interest shall cease to accrue on Notes or portions thereof purchased.

 

Section 4.11      
  Transactions with Affiliates.

 

(a)              
The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer
or otherwise dispose of any of its 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 Company
(each, an “Affiliate Transaction”), involving aggregate consideration in excess of $10.0 million, unless:

 

(1)              
the Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person
or such Affiliate Transaction is otherwise fair to the Company or such Restricted Subsidiary from a financial point of view; and

 

(2)              
the Company delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $35.0 million, a resolution adopted by all members of the Board of Directors of the Company approving
such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with this
Section 4.11.

 

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(b)              
The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section
4.11(a):

 

(1)             any
employment agreement, employee benefit plan, officer or director indemnification agreement or any similar arrangement entered into by
the Company or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice and payments pursuant
thereto;

 

(2)              
transactions (including a merger) between or among the Company and/or any of its Restricted Subsidiaries;

 

(3)             (a)
transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because
the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person and (b) agreements with
respect to cash management pooling obligations in the ordinary course of business with Unrestricted Subsidiaries;

 

(4)              
payment of reasonable fees to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Company
or any of its Restricted Subsidiaries or any direct or indirect parent company of the Company (or their respective Controlled Investment
Affiliates);

 

(5)               any
issuance of Equity Interests (other than Disqualified Stock) of the Company to Affiliates of the Company or to any director,
officer, employee or consultant of the Company or any direct or indirect parent company of the Company (or their respective
Controlled Investment Affiliates), and the granting and performance of registration rights in connection therewith;

 

(6)              
Restricted Payments and Investments that do not violate Section 4.07 or Permitted Payments to Parent;

 

(7)              
loans or advances to employees or consultants in the ordinary course of business or consistent with past practice;

 

(8)              
any transaction in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter
from an accounting, appraisal or investment banking firm of national standing stating that such transaction is fair to the Company or
such Restricted Subsidiary from a financial point of view or that such transaction meets the requirements of clause (1) of Section
4.11(a);

 

(9)              
the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under the terms of,
any acquisition agreements or members’ or stockholders’ agreement or related subscription agreement, charter, bylaw or similar
provision, registration rights agreement or similar agreement related to Equity Interests of the Company to which it is a party as of
the Issue Date and any amendment thereto or similar agreements which it may enter into thereafter; provided, however, that
the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under, any future amendment
to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause
(9) to the extent that the terms of any such existing agreement, together with all amendments thereto, taken as a whole, or such new
agreement are not otherwise materially more disadvantageous to the Holders of the Notes taken as a whole than the original agreement as
in effect on the Issue Date;

 

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(10)          
transactions with Unrestricted Subsidiaries, customers, clients, suppliers, joint venture partners or purchasers or sellers of
goods or services, or lessors or lessees of property, in each case in the ordinary course of business and otherwise in compliance with
the terms of this Indenture which are, in the aggregate (taking into account all the costs and benefits associated with such transactions),
fair to the Company or its Restricted Subsidiaries from a financial point of view or materially no less favorable to the Company or its
Restricted Subsidiaries than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary
with an unrelated Person, in the reasonable determination of the Board of Directors of the Company or senior management of the Company,
or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party;

 

(11)           (x)
guarantees of performance by the Company and its Restricted Subsidiaries of Unrestricted Subsidiaries in the ordinary course of
business, except for guarantees of Indebtedness in respect of borrowed money and (y) pledges of Equity Interests of Unrestricted
Subsidiaries for the benefit of lenders of Unrestricted Subsidiaries;

 

(12)          
if such Affiliate Transaction is with a Person in its capacity as a holder of Indebtedness or Capital Stock of the Company or any
Restricted Subsidiary of the Company where such Person is treated no more favorably than the other holders of Indebtedness or Capital
Stock of the Company or any Restricted Subsidiary of the Company;

 

(13)          
transactions effected pursuant to agreements in effect on the Issue Date and any amendment, modification or replacement of such
agreement (so long as such amendment or replacement is not, in the good faith judgment of the Board of Directors of the Company, materially
more disadvantageous to the Holders of the Notes, taken as a whole);

 

(14)          
payments of fees and expenses in connection with any financial advisory, financing or other investment banking activities, including
without limitation, in connection with acquisitions or divestitures, which payments are approved by a majority of the disinterested members
of the Board of Directors of the Company;

 

(15)          
(a)investments by Permitted Holders in securities of the Company or any of its Restricted Subsidiaries (and payment of reasonable
out of pocket expenses incurred by such Permitted Holders in connection therewith), provided, in the case of investments in publicly
traded securities for less than Fair Market Value, that such investment:

 

(i)                
is being offered by the Company or such Restricted Subsidiary generally to other investors on the same or more favorable terms,
and

 

(ii)             
constitutes less than 10.0% of the proposed or outstanding issue amount of such class of securities (provided that any investments
in debt securities by any Affiliated Debt Fund shall not be subject to the limitation in this clause (ii)), and

 

(b)       payments
to Permitted Holders in respect of securities of the Company or any of its Restricted Subsidiaries contemplated in subclause (a)
above or that were acquired from Persons other than the Company and its Restricted Subsidiaries, in each case, in accordance with the
terms of such securities or any bona fide transaction with the holders of such securities generally;

 

(16)          
transactions permitted by, and complying with, the provisions of Section 5.01 solely for the purpose of (a) reorganizing
to facilitate any initial public offering of securities of the Company or any direct or indirect parent company, (b) forming a holding
company, (c) reincorporating the Company in a new jurisdiction or (d) modifying the Company’s form of entity; and

 

(17)          
 any transactions related to the delivery to the Parent Guarantor and cancellation of any 2023 Notes received on or prior to the
Issue Date by the Company.

 

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Section 4.12       
Liens.

 

The Company will not, and
will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or otherwise suffer to exist any
Lien of any kind (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired, securing Indebtedness
of the Company or the Subsidiary Guarantors.

 

Section 4.13      
Intentionally Omitted.

 

Section 4.14      
Offer to Repurchase Upon Change of Control.

 

(a)              
If a Change of Control occurs, each Holder of Notes will have the right to require the Company to make an offer (a “Change
of Control Offer”) to each Holder to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess
of $1,000 (or if a PIK Payment has been made, equal to $1.00 or an integral multiple of $1.00 in excess thereof)) of that Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest
and Additional Amounts, if any, on the Notes repurchased to, but not including, the date of repurchase (subject to the rights of Holders
of Notes on the relevant record date to receive interest due on the relevant interest payment date) (the “Change of Control Payment”).
Within 30 days following any Change of Control, except as otherwise provided in Section 4.14(d), the Company will deliver a notice
to each Holder (with a copy to the Trustee) describing the transaction or transactions that constitute the Change of Control and stating:

 

(1)              
that the Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes properly tendered pursuant
to such Change of Control Offer will be accepted for payment;

 

(2)              
the purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice
is delivered (the “Change of Control Payment Date”);

 

(3)              
that any Note not tendered will continue to accrue interest;

 

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

 

(5)              
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes,
with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Paying Agent 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;

 

(6)              
 that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on
the second Business Day preceding the Change of Control Payment Date, a notice of withdrawal setting forth the name of the Holder, the
principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased;
and

 

(7)              
that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered, which unpurchased portion must be equal to $1,000 in principal amount or an integral multiple of $1,000
in excess of $1,000 (or if a PIK Payment has been made, in a principal amount of $1.00 or an integral multiple of $1.00 in excess thereof);

 

provided, that a Change of Control Offer
may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive agreement is in place for
the Change of Control at the time of making the Change of Control Offer.

 

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The Company will comply with
the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws
and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the
provisions of any securities laws or regulations conflict with the provisions of this Section 4.14, the Company will comply with
the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.14
by virtue of such compliance.

 

(b)              
On the Change of Control Payment Date, the Company will, to the extent lawful:

 

(1)              
accept for payment all Notes or portions of Notes (in a minimum principal amount of $1,000 and integral multiples of $1,000 in
excess of $1,000 (or if a PIK Payment has been made, in a minimum principal amount of $1.00 and integral multiples of $1.00 in excess
thereof)) properly tendered pursuant to the Change of Control Offer and not properly withdrawn;

 

(2)              
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating
the aggregate principal amount of Notes or portions of Notes being repurchased by the Company; and

 

(3)              
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.

 

The Paying Agent will promptly deliver to each
Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee 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 $1,000 or an integral multiple of $1,000 in excess
of $1,000 (or if a PIK Payment has been made, in a minimum principal amount of $1.00 and integral multiples of $1.00 in excess thereof).

 

(c)              
 The provisions described above in this Section 4.14 that require the Company to make a Change of Control Offer following
a Change of Control are applicable whether or not any other provisions of this Indenture are applicable. The Company will publicly announce
the results of the Change of Control Offer on or as soon as reasonably practicable after the Change of Control Payment Date.

 

(d)              
The Company will 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 Section 4.14 and
purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, (2) notice of redemption of all outstanding
Notes has been given pursuant to Section 3.07, unless and until there is a default in payment of the applicable redemption price,
or (3) in connection with or in contemplation of any Change of Control, the Company has made an offer to purchase (an “Alternate
Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Payment and has purchased
all Notes properly tendered in accordance with the terms of the Alternate Offer.

 

(e)              
The Company’s obligation to make a Change of Control Offer pursuant to this Section 4.14 may be waived or modified
or terminated with the consent of the Holders of a majority in principal amount of the Notes then outstanding (including consents obtained
in connection with a tender offer or exchange offer for the Notes) prior to the occurrence of such Change of Control.

 

Section 4.15      
Future Subsidiary Guarantees.

 

If, after the Issue Date,
any Restricted Subsidiary of the Company other than a Subsidiary Guarantor guarantees any Indebtedness of the Company under a Credit Facility,
then such Restricted Subsidiary will become a Subsidiary Guarantor and execute a supplemental indenture and deliver an Officer’s
Certificate and an Opinion of Counsel within 30 days of the date on which it guaranteed such Indebtedness. The form of such supplemental
indenture is attached as Exhibit D hereto.

 

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Section 4.16      
Designation of Restricted and Unrestricted Subsidiaries.

 

The Board of Directors of
the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default. If
a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned
by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be either
(i) an Investment made as of the time of the designation that will reduce the amount available for Restricted Payments under Section
4.07 or (ii) a Permitted Investment, as determined by the Company. A designation of a Restricted Subsidiary as an Unrestricted Subsidiary
will 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 Company may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary
if that redesignation would not cause a Default.

 

Any designation of a
Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy
of a resolution of the Board of Directors of the Company giving effect to such designation and an Officer’s Certificate
certifying that such designation complied with the preceding conditions and was permitted by Section 4.07. If, at any time,
any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to
be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred
by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date
under Section 4.09, the Company will be in default of such covenant.

 

The Board of Directors of
the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such
designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness
of such Unrestricted Subsidiary, and such designation will only be permitted if (1) (x) the Company could incur such Indebtedness pursuant
to the Fixed Charge Coverage Ratio test described under Section 4.09(a), or (y) the Fixed Charge Coverage Ratio for the Company
and its Restricted Subsidiaries would be greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to
such designation, in each case on a pro forma basis taking into account such designation and (2) no Default or Event of Default would
be in existence following such designation.

 

Section 4.17      
Covenant Termination.

 

If at any time (a) the Notes
are assigned an Investment Grade Rating, (b) no Default has occurred and is continuing under this Indenture and (c) the Company has delivered
to the Trustee an Officer’s Certificate certifying to the foregoing provisions of this sentence, the Company and its Restricted
Subsidiaries will no longer be subject to the provisions of Sections 4.07, 4.08, 4.09, 4.10, 4.11,
4.16 and clause (4) of Section 5.01. However, the Company and its Restricted Subsidiaries will remain subject to
all other provisions hereof.

 

Article
V 

SUCCESSORS

 

Section 5.01      
Consolidation, Amalgamation, Merger, or Sale of Assets.

 

The Company will not, directly
or indirectly: (i) consolidate, amalgamate or merge with or into another Person (whether or not the Company is the surviving entity) or
(ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the Company’s properties or assets (determined
on a consolidated basis for the Company and its Restricted Subsidiaries) in one or more related transactions to another Person, unless:

 

(1)              
either:

 

(A)            
the Company is the surviving entity; or

 

(B)           the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or to which such sale, assignment,
transfer, conveyance or other disposition has been made is a corporation, partnership or limited liability company organized or existing
under the laws of a Permitted Jurisdiction;

 

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(2)              
 the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or the Person to
which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company 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)              
the Company or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company), or
to which such sale, assignment, transfer, conveyance or other disposition has been made would, 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 (A) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth
in Section 4.09(a) or (B) have had a Fixed Charge Coverage Ratio for the successor entity and its Restricted Subsidiaries not less
than the actual Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction; and

 

(5)              
the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to such consolidation, amalgamation, merger or sale, and the execution of the supplemental indenture (if any) have
been complied with.

 

In addition, the Company will
not, directly or indirectly, lease all or substantially all of the properties or assets of it and its Restricted Subsidiaries taken as
a whole, in one or more related transactions, to any other Person.

 

For purposes of the foregoing,
entry by the Company or any Subsidiary of the Company into one or more leases, charters, pool agreements or operations or service contracts
with respect to any Offshore Units will be deemed not to constitute a sale, assignment, transfer, conveyance or other disposition subject
to this covenant.

 

This Section 5.01 will
not apply to any consolidation, amalgamation, merger, or any sale, assignment, transfer, conveyance, lease or other disposition of properties
or assets between or among the Company and any of its Restricted Subsidiaries. Clauses (3) and (4) of this Section 5.01
will not apply to any consolidation, amalgamation or merger of the Company (1) with or into one of its Restricted Subsidiaries for any
purpose or (2) with or into an Affiliate of the Company solely for the purpose of reorganizing the Company under the laws of the United
States, any state of the United States or the District of Columbia.

 

Notwithstanding the preceding
provisions, the Company may reorganize as any other form of entity provided that:

 

(1)              
the reorganization involves the conversion (by merger, sale, contribution or exchange of assets or otherwise) of the Company into
a form of entity other than a limited liability company formed under the laws of the Marshall Islands;

 

(2)              
the entity so formed by or resulting from such reorganization (the “Successor Company”) is an entity organized
or existing under the laws of a Permitted Jurisdiction;

 

(3)              
the entity so formed by or resulting from such reorganization assumes all the obligations of the Company under the Notes and this
Indenture pursuant to agreements reasonably satisfactory to the Trustee;

 

(4)              
immediately after such reorganization no Default (other than a Reporting Default) or Event of Default exists; and

 

(5)              
such reorganization is not materially adverse to the Holders or Beneficial Owners of the Notes (for purposes of this clause
(5) a reorganization will not be considered materially adverse to the holders or Beneficial Owners of the Notes solely because the
successor or survivor of such reorganization (a) is subject to federal or state income taxation as an entity or (b) is considered to be
an “includible corporation” of an affiliated group of corporations within the meaning of Section 1504(b) of the Code or any
similar national, state or local law).

 

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Section 5.02      
Successor Substituted.

 

Upon any consolidation, amalgamation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or
assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01, the successor
Person formed by such consolidation or into or with which the Company is merged 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, amalgamation,
merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company”
shall refer instead to the successor Person and not to the Company), and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein; provided, however, that
the predecessor shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a disposition
of all or substantially all of the Company’s properties or assets in a transaction that is subject to, and that complies with the
provisions of, Section 5.01.

 

Article
VI 

DEFAULTS AND REMEDIES

 

Section 6.01      
Events of Default.

 

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

 

(1)              
default for 30 days in the payment when due of interest, or Additional Amounts, if any, with respect to, the Notes;

 

(2)              
 default in the payment when due (at Stated Maturity, upon redemption or otherwise) of the principal of, or premium, if any, on,
the Notes;

 

(3)              
failure by the Company or any of the Company’s Restricted Subsidiaries for 60 days (or 180 days in the case of a Reporting
Failure) after notice to the Company by the Trustee or to the Company by the Holders of at least 25% in aggregate principal amount of
the Notes then outstanding voting as a single class (with a copy to the Trustee) to comply with any of its other agreements in this Indenture;

 

(4)              
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any Indebtedness for money borrowed by the Company or any Restricted Subsidiary of the Company that is a Significant Subsidiary of the
Company, or any group of the Company’s Restricted Subsidiaries that taken as a whole (as of the latest consolidated financial statements
of the Company made available to the Holders) would constitute a Significant Subsidiary of the Company (or the payment of which is guaranteed
by the Company or any of the Company’s Restricted Subsidiaries), whether such Indebtedness or guarantee now exists, or is created
after the Issue Date (but excluding Indebtedness owing to the Company or a Restricted Subsidiary of the Company), if that default:

 

(A)            
is caused by a failure to pay principal on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness
following the Stated Maturity of such Indebtedness (a “Payment Default”); or

 

(B)             
results in the acceleration of such Indebtedness prior to its Stated Maturity,

 

and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default
or the maturity of which has been so accelerated, aggregates $100.0 million or more;

 

(5)              
failure by the Company or any Restricted Subsidiary of the Company that is a Significant Subsidiary of the Company, or any group
of the Company’s Restricted Subsidiaries that taken as a whole (as of the latest consolidated financial statements of the Company
made available to the Holders) would constitute a Significant Subsidiary of the Company, to pay final and nonappealable judgments entered
by a court or courts of competent jurisdiction aggregating in excess of $100.0 million (net of any amounts which are covered by insurance
or bonded), which judgments are not paid, waived, satisfied, discharged or stayed for a period of 60 days;

 

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(6)               except
as permitted by this Indenture, any Subsidiary Guarantee of any Restricted Subsidiary of the Company that is a Significant
Subsidiary of the Company, or any group of the Company’s Restricted Subsidiaries that taken as a whole (as of the latest
consolidated financial statements of the Company made available to the Holders) would constitute a Significant Subsidiary of the
Company, is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect
(other than in accordance with the terms of such Subsidiary Guarantee and this Indenture), or any Subsidiary Guarantor, or any
Person acting on behalf of any such Subsidiary Guarantor, denies or disaffirms its obligations under its Subsidiary Guarantee and
such Default continues for ten days;

 

(7)              
the Company or any Restricted Subsidiary of the Company that is a Significant Subsidiary of the Company, or any group of the Company’s
Restricted Subsidiaries that taken as a whole (as of the latest consolidated financial statements of the Company made available to the
Holders) would constitute a Significant Subsidiary of the Company pursuant to or within the meaning of Bankruptcy Law:

 

(A)            
commences a voluntary case,

 

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

 

(C)             
consents to the appointment of a custodian of it or for all or substantially all of its property, or

 

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

 

(8)              
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)            
is for relief against the Company or any Restricted Subsidiary of the Company that is a Significant Subsidiary of the Company or
any group of the Company’s Restricted Subsidiaries that taken as a whole (as of the latest consolidated financial statements of
the Company made available to the Holders) would constitute a Significant Subsidiary of the Company in an involuntary case;

 

(B)             
appoints a custodian of the Company or any Restricted Subsidiary of the Company that is a Significant Subsidiary of the Company
or any group of the Company’s Restricted Subsidiaries that taken as a whole (as of the latest consolidated financial statements
of the Company made available to the Holders) would constitute a Significant Subsidiary of the Company or for all or substantially all
of the property of the Company or any Restricted Subsidiary of the Company that is a Significant Subsidiary of the Company or any group
of the Company’s Restricted Subsidiaries that taken as a whole would constitute a Significant Subsidiary; or

 

(C)              orders
the liquidation of the Company or any Restricted Subsidiary of the Company that is a Significant Subsidiary of the Company or any
group of the Company’s Restricted Subsidiaries that taken as a whole (as of the latest consolidated financial statements of
the Company made available to the Holders) would constitute a Significant Subsidiary;

 

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

 

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(9)              
the occurrence of any of the following:

 

(A)            
except as permitted by this Indenture or the relevant security documents, any security document ceases for any reason to be fully
enforceable in any material respect; provided, that it will not be an Event of Default under this clause (9)(a) if the sole
result of the failure of one or more security documents to be fully enforceable in any material respect is that any Priority Lien purported
to be granted under such security documents on Collateral, individually or in the aggregate, having a Fair Market Value of not more than
$25.0 million ceases to be an enforceable and perfected first-priority Lien, subject only to Permitted Liens; provided further,
that it will not be an Event of Default under this clause if such condition results from the action or inaction of the Trustee, the Collateral
Trustee or any other third party which is not an affiliate of the Company; provided further, that if such failure is susceptible
to cure, no Event of Default shall arise with respect thereto until 30 days after any officer of the Company or any Restricted Subsidiary
becomes aware of such failure, which failure has not been cured during such time period; or

 

(B)             
except as permitted by this Indenture or the relevant security documents, any Priority Lien for the benefit of the Holders of the
Notes purported to be granted under any security document on Collateral, individually
or in the aggregate, having a Fair Market Value in excess of $25.0 million ceases to be an enforceable and perfected first-priority Lien
in any material respect, subject to Permitted Liens, and such condition
continues for 60 days after written notice by the Trustee or the Collateral Trustee (after the Trustee or Collateral Trustee has received
written notice of such cessation from the holders of 25% or more of the aggregate principal amount of the Notes outstanding) of failure
to comply with such requirement; provided, that it will not be an Event of Default under this clause if such condition results
from the action or inaction of the Trustee, the Collateral Trustee or any other third party which is not an affiliate of the Company;
provided further, that if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 30 days
after any officer of the Company or any Restricted Subsidiary becomes aware of such failure, which failure has not been cured during such
time period.

 

Section 6.02      
Acceleration.

 

In the case of an Event
of Default specified in clause (7) or (8) of Section 6.01, with respect to the Company or any Restricted
Subsidiary of the Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken
together (as of the latest consolidated financial statements of the Company made available to the Holders), would constitute a
Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any other
Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then
outstanding Notes may declare all the Notes to be due and payable immediately by giving written notice thereof to the Company (with
a copy to the Trustee if such notice is given by the Holders).

 

Upon any such declaration,
the Notes shall become due and payable immediately.

 

In the event of any Event
of Default specified in clause (4) of Section 6.01, such Event of Default and all consequences thereof (excluding, however,
any resulting Payment Default on the Notes) will be annulled, waived and rescinded, automatically and without any action by the Trustee
or the Holders of Notes, if within 20 days after such Event of Default arose the Company delivers an Officer’s Certificate to the
Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders
thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the
default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the
principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events.

 

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If
the Notes are accelerated or otherwise become due prior to their maturity date as a result of an Event of Default or by operation of
law or a Premium Event occurs, the principal of, accrued and unpaid interest and premium on the Notes subject to such Premium Event
shall be due and payable. If the Notes are accelerated or otherwise become due prior to their maturity date, in each case, as a
result of an Event of Default or by operation of law or any Premium Event occurs prior to August 15, 2025, the amount of principal
of, accrued and unpaid interest and premium on the Notes that becomes due and payable shall equal the redemption price applicable
with respect to an optional redemption of the Notes, in effect on the date of such acceleration, Premium Event or the date on which
the Notes otherwise become due as if such acceleration or other circumstance causing the Notes to become due were an optional
redemption of the Notes accelerated or becoming due (the “Redemption Premium”). In any such case, the Redemption
Premium shall constitute part of the Note Obligations, and constitutes liquidated damages, not unmatured interest or a penalty, as
the actual amount of damages to the holders as a result of the relevant Premium Event would be impracticable and extremely difficult
to ascertain. Accordingly, the Redemption Premium is provided by mutual agreement of the Company and the Guarantors and the holders
of the Notes as a reasonable estimation and calculation of such actual lost profits and other actual damages of such holders.
Without limiting the generality of the foregoing, it is understood and agreed that upon the occurrence of any Premium Event, the
Redemption Premium shall be automatically and immediately due and payable as though any Notes subject to a Premium Event were
voluntarily prepaid as of such date and shall constitute part of the Note Obligations secured by the Collateral. The Redemption
Premium shall also be automatically and immediately due and payable if the Notes are satisfied or released by foreclosure (whether
by power of judicial proceeding or otherwise), deed in lieu of foreclosure or by any other means. THE COMPANY AND THE GUARANTORS
HEREBY EXPRESSLY WAIVE (TO THE FULLEST EXTENT THEY MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR OTHER LAW
THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING REDEMPTION PREMIUM IN CONNECTION WITH ANY SUCH EVENTS, ANY
RESCISSION OF SUCH ACCELERATION OR THE COMMENCEMENT OF ANY BANKRUPTCY OR INSOLVENCY EVENT. The Company and the Guarantors expressly
agree (to the fullest extent it and they may lawfully do so) that with respect to the Redemption Premium payable under the terms of
the Notes: (i) the Redemption Premium is reasonable and is the product of an arm’s length transaction between
sophisticated business parties, ably represented by counsel; (ii) the Redemption Premium shall be payable notwithstanding the
then-prevailing market rates at the time payment is made; (iii) there has been a course of conduct between the holders of the
Notes and the Company and the Guarantors giving specific consideration in this transaction for such agreement to pay the Redemption
Premium; and (iv) the Company and the Guarantors shall be estopped hereafter from claiming differently than as agreed to in
this paragraph. The Company and the Guarantors expressly acknowledge that their agreement to pay the Redemption Premium as described
in this Indenture is a material inducement to the holders of the Notes to purchase the Notes.

 

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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, interest or Additional
Amounts, if any on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

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

 

Section 6.04      
Waiver of Past Defaults.

 

Holders of a majority in aggregate
principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind
an acceleration or waive any existing Default or Event of Default and its consequences hereunder except a continuing Default or Event
of Default in the payment of principal of, premium on, if any, interest or Additional Amounts, if any, on, the Notes (except with respect
to amounts that have become due and payable solely as a result of an acceleration that has been rescinded). Upon any such rescission or
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.

 

Section 6.05      
Control by Majority.

 

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

 

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Section 6.06      
Limitation on Suits.

 

Except to enforce the right
to receive payment of principal, premium, if any, interest or Additional Amounts, if any, when due, no Holder of a Note may pursue any
remedy with respect to this Indenture or the Notes unless:

 

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

 

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

 

(3)             
such Holders have offered the Trustee security or indemnity 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 of the request and the offer of security or indemnity;
and

 

(5)              
Holders of a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a written direction
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.

 

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, interest or Additional Amounts,
if any, on the Notes, on or after the respective due dates expressed in the Notes (including in connection with an offer to purchase),
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(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of principal of, premium and Additional Amounts, if any, and interest
remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall
be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel.

 

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Section 6.09      
Trustee May File Proofs of Claim.

 

The Trustee is
authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its
creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable
or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due to it for the reasonable and documented compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of
any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same
shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties 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 6.10      
Priorities.

 

Subject in all respects to
the Collateral Trust Agreement, if the Trustee collects any money pursuant to this Article VI, or, after an Event of Default, any
money or other property distributable in respect of the Company’s obligations under this Indenture, it shall pay out the money in
the following order:

 

First: to
the Trustee and the Collateral Trustee (including any predecessor trustee), acting in any capacity hereunder, their respective agents
and attorneys for amounts due hereunder and under any security documents, including payment of all compensation, expenses and liabilities
incurred, and all advances made, by the Trustee or the Collateral Trustee and the costs and expenses of collection;

 

Second: to
Holders for amounts due and unpaid on the Notes for principal, premium and Additional Amounts, 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 and Additional Amounts,
if any and interest, respectively; and

 

Third: to
the Company or to such party as a court of competent jurisdiction shall direct in writing.

 

The Trustee may fix a record
date and payment date for any payment to Holders pursuant to this Section 6.10.

 

Section 6.11      
Undertaking for Costs.

 

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

 

    105 

     

    

 

Article
VII 

TRUSTEE

 

Section 7.01      
Duties of Trustee.

 

(a)              
If an Event of Default occurs and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture,
and use the same degree of care and skill in its exercise, that 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 duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

 

(2)              
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.
However, with respect to certificates or opinions specifically required by any provision hereof to be furnished to it, the Trustee will
examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm
or investigate the mathematical calculations or other facts, statements, opinions or conclusions stated therein).

 

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

 

(1)              
this subsection (c) does not limit the effect of subsection (b) of this Section 7.01;

 

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

 

(3)              
the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.04 and Section 6.05.

 

    106 

     

    

 

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

 

(e)              
No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability.

 

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

 

Section 7.02      
Rights of Trustee.

 

(a)              
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)              
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both.
The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel. The Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon.

 

(c)              
The Trustee may act through its attorneys and agents and will not be responsible for the misconduct, negligence or failure to act
of any agent appointed with due care.

 

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

 

(e)              
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient
if signed by an Officer of the Company and such Officer’s name appears on the certificate described in Section 7.02(m).

 

(f)               
The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request of
any Holder of Notes, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability
or expense.

 

(g)              
Other than the covenants set forth in Section 4.01, the Trustee shall have no duty to monitor, inquire as to or ascertain
compliance with the performance of the Company’s covenants in this Indenture.

 

(h)              
The permissive right of the Trustee to act hereunder shall not be construed as a duty.

 

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

 

    107 

     

    

 

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

 

(k)              
The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has
knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice references the Notes and this Indenture.

 

(l)                
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent, Custodian
and other Person employed to act hereunder, including the Collateral Trustee.

 

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

 

(n)              
The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts
of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; pandemics; riots; interruptions;
loss or malfunction of utilities, computer (hardware or software) or communication services or the unavailability of the Federal Reserve
Bank wire or telex or other wire or communication facility accidents; labor disputes; acts of civil or military authority and governmental
action; it being understood that the Trustee shall use commercially reasonable efforts which are consistent with accepted practices in
the banking industry to resume performance as soon as reasonably practicable under the circumstances.

 

(o)              
The Trustee shall not be liable or responsible for any action or inaction of the Depositary, Euroclear, Clearstream or any other
clearinghouse or depositary.

 

(p)              
The Trustee shall have no obligation to undertake any calculation hereunder or have any liability for any calculation performed
in connection herewith or the transactions contemplated hereunder.

 

Section 7.03      
Individual Rights of Trustee.

 

The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Guarantor or any Affiliate
of the Company or any Guarantor with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires
any conflicting interest (as defined in the TIA), after a Default has occurred and is continuing, it must (i) eliminate such conflict
within 90 days or (ii) resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.10
and Section 7.11.

 

    108 

     

    

 

Section 7.04      
Trustee’s Disclaimer.

 

The Trustee will not be responsible
for and makes no representation as to the validity or adequacy of this Indenture, the Notes or any Note Guarantee. The Trustee shall not
be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s
direction under any provision of this Indenture. The Trustee will not be responsible for the use or application of any money received
by any Paying Agent other than the Trustee. The Trustee will not be responsible for any statement or recital herein or any statement in
the Notes, the Offering Memorandum or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication.

 

Section 7.05      
Notice of Defaults.

 

If a Default or Event of Default
occurs and is continuing of which the Trustee is deemed to have knowledge in accordance with Section 7.02(k), the Trustee will
give Holders a notice of the Default or Event of Default within 90 days after it is deemed to have such knowledge. Except in the case
of a Default or Event of Default in payment of principal of, premium or Additional Amounts, if any, or interest on, any Note, the Trustee
may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice
is in the interests of the Holders.

 

Section 7.06      
Intentionally Omitted.

 

Section 7.07      
Compensation and Indemnity.

 

(a)              
The Company will pay to the Trustee (acting in any capacity hereunder) from time to time reasonable compensation for its acceptance
of this Indenture and services hereunder as the Company and the Trustee shall from time to time agree in writing. The Trustee’s
compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly
upon request for all reasonable and documented disbursements, advances and expenses incurred or made by it in addition to the compensation
for its services. Such expenses will include the reasonable and documented compensation, disbursements and expenses of the Trustee’s
agents and counsel.

 

(b)               The
Company and each Guarantor, jointly and severally, will indemnify the Trustee (acting in any capacity hereunder) against any and all
losses, liabilities, claims, damages or expenses incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture and/or the exercise or enforcement of its rights hereunder, including the
reasonable and documented costs and expenses of enforcing this Indenture against the Company and the Guarantors (including this Section
7.07) and defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder or any other Person)
or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such
loss, liability or expense may be attributable to its own gross negligence or willful misconduct as determined by a final,
non-appealable decision of a court of competent jurisdiction. The Trustee will notify the Company promptly of any claim of which a
Responsible Officer has received written notice for which it may seek indemnity. Failure by the Trustee to so notify the Company
will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will defend the
claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company and the Guarantors, as
applicable, will pay the reasonable and documented fees and expenses of such counsel. Neither the Company nor any Guarantor need pay
for any settlement made without its consent, which consent will not be unreasonably withheld.

 

    109 

     

    

 

(c)              
The obligations of the Company and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of
this Indenture, the termination for any reason of this Indenture, and the resignation or removal of the Trustee.

 

(d)              
To secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have
a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest
on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture.

 

(e)              
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8)
occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law.

 

Section 7.08      
Replacement of Trustee.

 

(a)              
A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.

 

(b)              
The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The
Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and
the Company in writing. The Company may remove the Trustee 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 custodian or public officer takes charge of the Trustee or its property; or

 

(4)              
the Trustee becomes incapable of acting.

 

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

 

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

 

    110 

     

    

 

(e)              
If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section
7.10, such Holder may petition at the expense of the Company any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.

 

(f)               
A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon,
the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and
duties of the Trustee under this Indenture. The successor Trustee will give notice of its succession to Holders. The retiring Trustee
will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder
have been paid and subject to the Lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Company’s and the Guarantors’ obligations under Section 7.07 will continue for the benefit
of the retiring Trustee.

 

Section 7.09      
Successor Trustee by Merger, etc.

 

If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business (including its obligations hereunder) to,
another Person, the successor Person without any further act will be the successor Trustee. In case any Notes shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated
such Notes.

 

Section 7.10      
Eligibility; Disqualification.

 

There will at all times be
a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state
thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal
or state authorities and that has a combined capital and surplus of at least $50.0 million as set forth in its most recent published annual
report of condition.

 

This Indenture will always
have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

 

Section 7.11      
Preferential Collection of Claims Against the Company.

 

The Trustee is subject to
TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be
subject to TIA § 311(a) to the extent indicated therein.

 

    111 

     

    

 

Article
VIII 

LEGAL
DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01      
Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may at any time,
at the option of the Company’s Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, elect to
have either Section 8.02 or Section 8.03 be applied to all outstanding Notes and Note Guarantees upon compliance with the
conditions set forth below in this Article VIII.

 

Section 8.02      
Legal Defeasance and Discharge.

 

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

 

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

 

(2)              
the Company’s obligations with respect to such Notes under Sections 2.02, 2.03, 2.04, 2.05, 2.06,
2.07, 2.08, 2.10 and 4.02;

 

(3)              
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations
in connection therewith; and

 

(4)              
this Article VIII.

 

Subject to compliance with
this Article VIII, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its
option under Section 8.03.

 

    112 

     

    

 

Section 8.03      
Covenant Defeasance.

 

Upon the Company’s
exercise under Section 8.01 of the option applicable to this Section 8.03, the Company and each of the Subsidiary
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04, be released from each of their
respective obligations under the covenants contained in Sections 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15
and 4.16 and clauses (3) and (4) of Section 5.01 with respect to the outstanding Notes on and after the
date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the
Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or
act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed
 “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for
accounting purposes to the extent permitted by IFRS). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect
of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply with such covenants will 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 and Note Guarantees will be unaffected
thereby. In addition, upon the Company’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, Section 6.01(3) through Section
6.01(5) will not constitute Events of Default.

 

Section 8.04      
Conditions to Legal or Covenant Defeasance.

 

In order to exercise either
Legal Defeasance or Covenant Defeasance under either Section 8.02 or Section 8.03:

 

(1)              
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars,
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 of a U.S. nationally recognized investment bank, appraisal firm or firm of independent public accountants,
to pay the principal of, premium on, if any, interest and Additional Amounts, 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 Company must specify whether the Notes are being defeased
to such stated date for payment or to a particular redemption date; provided, that upon any redemption that requires the payment
of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited
with the Trustee equal to the Applicable Premium calculated as of the date of deposit, with any deficit as of the date of redemption (any
such amount, the “Applicable Premium Deficit”) required to be deposited with the Trustee on or prior to the date of
redemption;

 

(2)              
in the case of an election under Section 8.02, the Company must deliver to the Trustee an Opinion of Counsel (subject to
customary exceptions and exclusions) confirming that:

 

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

 

    113 

     

    

 

(B)             
 since the Issue Date, there has been a change in the applicable federal income tax law,

 

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

 

(3)              
in the case of an election under Section 8.03, the Company must deliver to the Trustee an Opinion of Counsel (subject to
customary exceptions and exclusions) confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)              
no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness)
and the granting of any Lien securing such borrowings);

 

(5)              
such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced)
to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;

 

(6)              
the Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with
the intent of preferring the Holders of the Notes over the other creditors of the Company with the intent of defeating, hindering, delaying
or defrauding any creditors of the Company or others; and

 

(7)              
the Company 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.

 

Subject to Section
8.06, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section
8.04 in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of
such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying
Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal,
premium and Additional Amounts, if any, and interest, but such money need not be segregated from other funds except to the extent
required by law.

 

    114 

     

    

 

The Company will pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable 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 of the outstanding Notes.

 

Notwithstanding anything in
this Article VIII to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 8.04(1)), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06      
Repayment to the Company.

 

Any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium or Additional Amounts,
if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or Additional Amounts, if any, or
interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from
such trust; and such Holder will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided,
however, that, if any Definitive Note is then outstanding, the Trustee or such Paying Agent, before being required to make any
such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal,
notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of
such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

Section 8.07      
Reinstatement.

 

If the Trustee or Paying Agent
is unable to apply any U.S. dollars or non-callable 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 Company’s and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees
will 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, however, that, if the Company makes any payment of principal of, premium or Additional Amounts,
if any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders
of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

 

    115 

     

    

 

Article
IX 

AMENDMENT,
SUPPLEMENT AND WAIVER

 

Section 9.01      
Without Consent of Holders.

 

Notwithstanding Section
9.02 of this Indenture, without the consent of any Holder of Notes, the Company, the Guarantors, the Trustee and the Collateral Trustee
may amend or supplement this Indenture, the Notes, the Note Guarantees, the security documents (subject, in the case of the security documents,
to any further requirements in the Collateral Trust Agreement) or the Collateral Trust Agreement:

 

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

 

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

 

(3)              
to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of Notes and Note Guarantees
in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Subsidiary Guarantor’s
properties or assets, as applicable, in accordance with the terms of this Indenture;

 

(4)              
to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect
the legal rights hereunder of any such Holder, including to comply with the requirements of the SEC or DTC in order to maintain the transferability
of the Notes pursuant to Rule 144A under the Securities Act or Regulation S under the Securities Act;

 

(5)              
to conform the text of this Indenture, the Note Guarantees, the Notes or any security document to any provision of the “Description
of the New PIK Notes” section of the Offering Memorandum, to the extent that such provision in that “Description of the New
PIK Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Note Guarantees, the Notes or the security
documents;

 

(6)              
[reserved];

 

(7)              
to provide for the issuance of Additional Notes and PIK Notes in accordance with the limitations set forth in this Indenture as
of the date hereof;

 

(8)              
to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes and to evidence the
release of any Guarantor from a Note Guarantee in accordance with the terms of this Indenture;

 

(9)              
to add covenants of the Company and its Restricted Subsidiaries or Events of Default for the benefit of holders, or to surrender
any right or power conferred upon the Company or any Guarantor;

 

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(10)          
 to evidence or provide for the acceptance of appointment under this Indenture of a successor trustee and provide for a successor
or replacement Collateral Trustee under the security documents;

 

(11)          
to make, complete or confirm any grant of Collateral permitted or required by this Indenture or any of the security documents or
any release of Collateral or discharge or termination of any Lien on Collateral that becomes effective as set forth in this Indenture,
any of the security documents or the Collateral Trust Agreement;

 

(12)          
to add additional secured parties to the extent Liens securing obligations held by such parties are permitted under this Indenture
or any of the security documents;

 

(13)          
to mortgage, pledge, hypothecate or grant a security interest for the benefit of the Trustee or Collateral Trustee and the Holders
of the Notes (and any other Priority Lien Secured Party and Junior Lien Secured Party) as additional security for the payment and performance
of the Company’s and any Subsidiary Guarantor’s obligations under this Indenture, in any property, or assets, including any
of which are required to be mortgaged, pledged or hypothecated, or in which a security interest is required to be granted to the Trustee
or the Collateral Trustee in accordance with the terms of this Indenture or otherwise;

 

(14)          
to provide for the succession of any parties to the security documents (and other amendments that are administrative or ministerial
in nature) in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or
other modification from time to time of any agreement in accordance with the terms of this Indenture and the relevant security document;

 

(15)          
with respect to the security documents, as provided in the Collateral Trust Agreement (including to add or replace Priority Lien
Secured Parties or Junior Lien Secured Parties or to add or replace Priority Lien Obligations or Junior Lien Obligations thereunder);

 

(16)          
to make any change not adverse to the Holders of the Notes in order to facilitate entry into other Priority Lien Documents or Junior
Lien Documents;

 

(17)          
in the case of any security document, to include therein any legend required to be set forth therein pursuant to the Collateral
Trust Agreement or to modify any such legend as required by the Collateral Trust Agreement;

 

(18)          
to release Collateral from the Lien securing the Notes when permitted or required by the security documents, this Indenture or
the Collateral Trust Agreement;

 

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(19)            to enter into any intercreditor agreement having substantially similar terms with respect to the holders as those set forth in
the Collateral Trust Agreement, or any joinder thereto; or

 

(20)            in the event of PIK Notes, to make appropriate amendments to reflect the minimum denomination of PIK Notes, and establish minimum
redemption amounts for PIK Notes.

 

Upon the request of the Company,
and upon receipt by the Trustee of the documents described in Section 9.05, the Trustee will join with the Company and the 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 will not be obligated to enter into such amended
or supplemental indenture that affects its own rights, duties, benefits, privileges, protections, indemnities or immunities under this
Indenture or otherwise.

 

Section 9.02      
With Consent of Holders.

 

Except as provided below in
this Section 9.02, the Company, the Guarantors, the Trustee and the Collateral Trustee may amend or supplement this Indenture (including,
without limitation, Sections 4.10 and 4.14), the Notes, the Note Guarantees and the security documents with the consent
of the Holders of a majority in aggregate principal amount of the Notes then outstanding (including, without limitation, Additional Notes
and PIK Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, the Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of
Default or compliance with any provision of this Indenture, the Notes or the Note Guarantees or the security documents may be waived with
the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional
Notes and PIK Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, the Notes). Section 2.08 shall determine which Notes are considered to be “outstanding”
for purposes of this Section 9.02. However, without the consent of each Holder affected thereby, an amendment, supplement or waiver
under this Section 9.02 may not (with respect to any 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 extend the fixed maturity of any Note; provided that any amendment to the minimum or maximum notice period
required or permitted to be provided under this Indenture may be made with the consent of the Holders of a majority in aggregate principal
amount of then outstanding Notes;

 

(3)              reduce the rate of or extend the time for payment of interest, including Additional Amounts, or premium on any Note;

 

(4)              waive
a Default or Event of Default in the payment of principal of, premium on, if any, interest or Additional Amounts, 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);

 

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(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 impair the rights of Holders of Notes to receive

 

payments of principal of, premium on, if
any, interest or Additional Amounts, if any, on, the Notes (other than as permitted by clause (7) below);

 

(7)              waive
a redemption payment with respect to any Note (for the avoidance of doubt, a payment required by Sections 4.10 or 4.14
is not a redemption payment);

 

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

 

(9)              make any change in the preceding amendment, supplement and waiver provisions or the provision of this clause (9).

 

In addition, any amendment
to, or waiver of, the provisions of this Indenture or any security document that has the effect of releasing all or substantially all
of the Collateral from the Liens securing the Notes (other than in accordance with any Note Document) will require the consent of the
Holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding.

 

Upon the request of the Company
accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, 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 9.05, the Trustee will join with the Company and the Guarantors in the execution
of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights,
duties, benefits, privileges, protections, indemnities or immunities under this Indenture or otherwise, in which case the Trustee may
in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.

 

It is not necessary for the
consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver,
but it is sufficient if such consent approves the substance thereof.

 

After an amendment, supplement
or waiver under this Section 9.02 becomes effective, the Company will give the Holders a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to give such notice, or any defect therein, will not, however, in any way impair or affect
the validity of any such amendment, supplement or waiver.

 

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Section 9.03      
Revocation and Effect of Consents.

 

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

 

Section 9.04      
Notation on or Exchange of Notes.

 

The Trustee may place an appropriate
notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company 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.

 

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

 

Section 9.05      
Trustee to Sign Amendments, etc.

 

The Trustee will sign any
amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect
the rights, duties, benefits, privileges, protections, indemnities or immunities of the Trustee. In executing any amended or supplemental
indenture, the Trustee will be provided with and (subject to Section 7.01) will be fully protected in 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.

 

Article
X 

NOTE GUARANTEES

 

Section 10.01  
Note Guarantees.

 

(a)            Subject to this Article X, the Parent Guarantor and each Person that becomes a Subsidiary Guarantor, by execution of a supplemental
indenture to this Indenture in accordance with Section 4.15, jointly and severally, unconditionally guarantees to each Holder of
a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

 

(1)              the principal of, premium on, if any, interest and Additional Amounts, if any, on the Notes will be promptly paid in full when
due, whether at stated maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the
Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly
paid in full or performed, all in accordance with the terms hereof and thereof; and

 

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(2)              in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

Failing payment when due of
any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated
to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)            The
Guarantors hereby agree that their obligations hereunder are 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 or the Trustee with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Guarantee
will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture.

 

(c)            If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee
or such Holder, each Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

(d)            Each Guarantor agrees that it will 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 Guarantor further agrees that, as between the 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 VI for the purposes of this 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 VI, such obligations (whether or not due and payable) will forthwith become due and payable by each of the
Guarantors for the purpose of its Guarantee. The Guarantors will have the right to seek contribution from any nonpaying Guarantor so long
as the exercise of such right does not impair the rights of the Holders under the Guarantees.

 

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Section 10.02  
Subsidiary Guarantors May Consolidate, etc., on Certain Terms.

 

(a)            A
Subsidiary Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with
or into (whether or not such Subsidiary Guarantor is the surviving Person), another Person, other than the Company or another Subsidiary
Guarantor, unless:

 

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

 

(2)              either:

 

(A)            such
Subsidiary Guarantor is the surviving Person or the Person acquiring the assets in any such sale or disposition or the Person formed
by or surviving any such consolidation or merger (if not the Subsidiary Guarantor) assumes all the obligations of that Subsidiary Guarantor
under this Indenture and its Subsidiary Guarantee on the terms set forth herein or therein, pursuant to a supplemental indenture in form
reasonably satisfactory to the Trustee; or

 

(B)             the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture;
and

 

(3)            the
Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such transaction complies
with this Indenture.

 

(b)            In case of any such consolidation, merger, sale or other disposition that is subject to clause (2)(A) above and upon the
assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form
to the Trustee, of the obligations of the Subsidiary Guarantor under this Indenture and its Subsidiary Guarantee, such successor Person
will succeed to and be substituted for the Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary Guarantor.

 

Section 10.03  
Limitation on Guarantor Liability.

 

Each Guarantor confirms, and
by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such
Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the
foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor under
its Note Guarantee will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such 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 Guarantor in respect of the obligations of such other Guarantor
under this Article X, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer
or conveyance.

 

Section 10.04  
Releases of Guarantees.

 

(a)            The
Subsidiary Guarantee of a Subsidiary Guarantor and its other obligations hereunder will be automatically released:

 

(1)              in
connection with any sale, transfer or other disposition of all or substantially all of the properties or assets of that Subsidiary Guarantor
(including by way of merger, amalgamation or consolidation) to a Person that is not (either before or after giving effect to such transaction)
the Company or a Restricted Subsidiary of the Company, if the sale, transfer or other disposition does not violate Section 4.10;

 

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(2)              upon
the release or discharge of the obligations of such Subsidiary Guarantor under the Credit Facility that gave rise to the requirement
to provide such a Subsidiary Guarantee pursuant to Section 4.15;

 

(3)              in
connection with any sale, transfer or other disposition of Capital Stock of that Subsidiary Guarantor after which such Subsidiary Guarantor
is no longer a Restricted Subsidiary of the Company, if the sale, transfer or other disposition does not violate Section 4.10;

 

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

 

(5)              upon
the liquidation or dissolution of such Subsidiary Guarantor in a transaction or series of transactions that does not violate the terms
of this Indenture;

 

(6)               upon
Legal Defeasance in accordance with Article VIII or satisfaction and discharge of this Indenture in accordance with Article
XI;

 

(7)              upon
the release or discharge of such Subsidiary Guarantor’s guarantee of all other Indebtedness of the Company for borrowed money (other
than intercompany debt); or

 

(8)               as
described under Article IX.

 

(b)            The
Parent Guarantee will be automatically released upon any of the following:

 

(1)               the
Company ceasing to be a Subsidiary of the Parent Guarantor in a transaction not prohibited by the Indenture;

 

(2)               the
Company’s transfer of all or substantially all of its assets to, or merger, consolidation or amalgamation with, an entity that
is not a wholly owned Subsidiary of the Parent Guarantor in accordance with Section 5.01 and such transferee entity assumes the
Company’s obligations under this Indenture;

 

(3)              the
Company’s exercise of its Legal Defeasance option or Covenant Defeasance option as described under Article VIII or if the
Company’s obligations under this Indenture are discharged in accordance with Article XI;

 

(4)              (i)
upon the merger, amalgamation or consolidation of the Parent Guarantor with and into the Company, (ii) upon the transfer of all or substantially
all of its assets to the Company or (iii) upon the liquidation or dissolution of the Company, in each case, in a manner not in violation
of this Indenture; or

 

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(5)              as
described under Article IX.

 

(c)            Any
Guarantor not released from its obligations as provided in this Section 10.04 will remain liable for the full amount of principal
of, premium on, if any, interest and Additional Amounts, if any, on the Notes and for the other obligations of such Guarantor under this
Indenture as provided in this Article X.

 

Article
XI 

SATISFACTION AND DISCHARGE

 

Section 11.01  
Satisfaction and Discharge.

 

This Indenture will be discharged
and will cease to be of further effect as to all Notes issued hereunder (except as to surviving rights of registration of transfer or
exchange of the Notes and as otherwise specified in this Article XI), 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 whose
payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company, 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 delivery of a notice
of redemption or otherwise or will become due and payable within one year or may be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name of and at the expense of the Company or
any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of
the Holders, cash in U.S. dollars, 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 of a U.S. nationally recognized investment bank, appraisal firm or firm
of public accountants, 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 of, premium on, if any, interest and Additional Amounts, if any, on the Notes
to the date of Stated Maturity or redemption; provided, that upon any redemption that requires the payment of the Applicable Premium,
the amount deposited therefor shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee
equal to the Applicable Premium calculated as of the date of the notice of redemption, with any Applicable Premium Deficit required to
be deposited with the Trustee on or prior to the date of redemption;

 

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(2)              the
Company or any Guarantor has paid or caused to be paid all other sums payable by it under this Indenture; and

 

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

 

In addition, the Company must deliver an Officer’s
Certificate and Opinion of Counsel to the Trustee, each stating that all conditions precedent to satisfaction and discharge have been
complied with.

 

Notwithstanding the satisfaction
and discharge of this Indenture, if money has been deposited with the Trustee pursuant to clause (1)(B) of this Section 11.01,
the provisions of Sections 8.06 and 11.02 will survive such satisfaction and discharge. In addition, nothing in this Section
11.01 will be deemed to discharge those provisions of Section 7.07, that, by their terms, survive the satisfaction and discharge
of this Indenture.

 

Section 11.02  
Application of Trust Money.

 

Subject to the provisions
of Section 8.06, all money deposited with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it,
in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium
and Additional Amounts, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not
be segregated from other funds except to the extent required by law.

 

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 Company’s and any 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 Company has made any payment
of principal of, premium or Additional Amounts, if any, or interest on, any Notes because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

 

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Article
XII 

MISCELLANEOUS

 

Section 12.01  
Notices.

 

Any notice or
communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing in the English language and
delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile or electronic transmission
or overnight air courier guaranteeing next day delivery, to the others’ address:

 

If to the Company and/or any
Guarantor:

 

Altera Infrastructure Holdings L.L.C.

Altera House, Unit 3

Prospect Park

Arnhall Business Park

Westhill, Aberdeenshire, AB32 6FJ

United Kingdom

Phone: +44 1224 568 200

Attention: Corporate Secretary

 

With a copy to:

 

Kirkland & Ellis LLP

609 Main Street, Suite 4700

Houston, Texas 77002

Facsimile No.: 713-836-3601

Attention: Matthew R. Pacey, P.C.

                  Bryan D. Flannery

 

If to the Trustee:

 

West Side Flats St. Paul

EP-MN-WS3C

60 Livingston Ave.

St. Paul, Minnesota 55107

Facsimile No.: 651-466-7430

Attention: Altera Infrastructure Notes Administrator

 

The Company, any Guarantor
or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

Any notice or communication
to a Holder that is required herein to be mailed will be mailed by first class mail, certified or registered, return receipt requested,
or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail
a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 

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

 

If the Company gives a notice
or communication to Holders, it will give a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any other
provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption
or repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary
(or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance
with accepted practices or procedures of the Depositary.

 

The Trustee agrees to accept
and act upon instructions or directions from the Company pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or
other similar unsecured electronic methods; provided, however, that (a) the party providing such electronic instructions
or directions, subsequent to the transmission thereof, shall provide the originally executed instructions or directions to the Trustee
in a timely manner and (b) such originally executed instructions or directions shall be signed by an authorized representative of the
party providing such instructions or directions. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such instructions or directions notwithstanding such instructions
or directions conflict or are inconsistent with a subsequent written instruction or direction or if the subsequent written instruction
or direction is never received. The party providing instructions or directions by unsecured e-mail, facsimile transmission or other similar
unsecured electronic methods, as aforesaid, agrees to assume all risks arising out of the use of such electronic methods to submit instructions
and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk
of interception and misuse by third parties.

 

Section 12.02  
Communication by Holders with Other Holders.

 

(a)            Holders
may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The
Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

 

Section 12.03  
Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application
by the Company to the Trustee to take any action under this Indenture (other than in connection with an Authentication Order given pursuant
to Sections 2.06, 2.07, 2.10, 3.06 or 9.04), the Company shall furnish to the Trustee:

 

(1)              an
Officer’s Certificate in form reasonably satisfactory to the Trustee (which must include the statements set forth in Section
12.04) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and

 

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(2)              an Opinion of Counsel in form reasonably satisfactory to the Trustee (which must 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 satisfied.

 

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 must include:

 

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

 

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

 

(3)              a
statement that, in the opinion of such person, he 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 satisfied; and

 

(4)              a
statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied.

 

Section 12.05  
Rules by Trustee and Agents.

 

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

 

Section 12.06  
No Personal Liability of Directors, Officers, Employees, Stockholders and Members.

 

To the extent permitted by
law no director, manager, officer, employee, incorporator, stockholder, partner or member of the Company, the Parent Guarantor, any parent
entity of the Company, the Parent Guarantor or any Subsidiary of the Company, as such, will have any liability for any obligations of
the Company, the Parent Guarantor or the Subsidiary Guarantors under the Notes, this Indenture or the Note Guarantees or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

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Section 12.07  
Governing Law.

 

THIS INDENTURE, THE
NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. ANY
DISPUTE, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE RIGHTS OF ANY PARTY UNDER THIS INDENTURE SHALL BE
EXCLUSIVELY MAINTAINED IN THE U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW
YORK. EACH OF THE PARTIES HERETO: (I) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW, AND (II) IRREVOCABLY SUBMITS TO THE
JURISDICTION OF SUCH COURTS IN ANY SUIT, ACTION OR PROCEEDING.

 

Section 12.08  
Successors.

 

All agreements of the Company
in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All
agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Sections 10.02 and 10.04.

 

Section 12.09  
Severability.

 

In case any provision in this
Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
will not in any way be affected or impaired thereby.

 

Section 12.10  
Counterpart Originals.

 

The parties may sign any number
of copies of this Indenture. Each signed copy will 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.

 

Section 12.11  
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 will in no way modify or restrict any of the terms or provisions hereof.

 

Section 12.12  
PATRIOT Act.

 

The parties hereto acknowledge
that in accordance with Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (the “Patriot Act”), the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree
that they shall provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the
Patriot Act.

 

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Section 12.13  
Waiver of Jury Trial.

 

EACH OF THE COMPANY, THE 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 12.14  
Payment Date Other Than a Business Day.

 

If any payment with respect
to any principal of, premium on, if any, or interest or Additional Amounts, if any, on, any Note (including any payment to be made on
any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made
on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no interest will accrue
for the intervening period.

 

Section 12.15  
Evidence of Action by Holders.

 

Whenever in this Indenture
it is provided that the Holders of a specified percentage in aggregate principal amount of the Notes may take action (including the making
of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action) the fact that at the
time of taking any such action the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or
any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, (b) by the record
of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with procedures approved by the Trustee,
(c) by a combination of such instrument or instruments and any such record of such a meeting of Holders or (d) in the case of Notes evidenced
by a Global Note, by any electronic transmission or other message, whether or not in written format, that complies with the Depositary’s
Applicable Procedures.

 

Article
XIII 

COLLATERAL AND SECURITY

 

Section 13.01  
Security Interest.

 

(a)            The
due and punctual payment of the Obligations on the Notes and the Obligations of the Subsidiary Guarantors under the Note Guarantees,
when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption
or otherwise, and interest on the overdue principal of, premium on, if any, and interest, if any (to the extent permitted by law), on
the Notes, the Note Guarantees and performance of all other obligations of the Company and the Subsidiary Guarantors to the Holders,
the Collateral Trustee or the Trustee under the Note Documents, according to the terms hereunder or thereunder, are secured, as provided
in the Collateral Documents. The Company and each of the Subsidiary Guarantors consent and agree to be bound by the terms of the Collateral
Documents to which they are parties, as the same may be in effect from time to time, and agree to perform their obligations thereunder
in accordance therewith. The Company and each of the Subsidiary Guarantors hereby agree that the Collateral Trustee shall hold the Collateral
(directly or through co-trustees or agents) on behalf of and for the benefit of all of the Holders and the other holders of Priority
Lien Obligations.

 

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(b)            Each
Holder, by its acceptance of the Notes and of the Note Guarantees, consents and agrees to the terms of the Collateral Trust Agreement
and the Collateral Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral and amendments
to the Collateral Documents) as the same may be in effect or may be amended from time to time in accordance with their terms and authorizes
and appoints U.S. Bank National Association as the Trustee and the Collateral Trustee. Each Holder authorizes and directs the Collateral
Trustee to enter into the Note Documents (including any amendments thereto contemplated by Section [8.1] of the Collateral Trust Agreement
and any Collateral Documents to secure additional Priority Lien Debt in accordance with Section [4.8] of the Collateral Trust Agreement)
and to perform its obligations and exercise its rights thereunder in accordance therewith, subject to the terms and conditions thereof,
including, without limitation, the limitations on duties of the Collateral Trustee provided in Section [6.12] of the Collateral Trust
Agreement. The Trustee, the Collateral Trustee and each Holder, by accepting the Notes and the Note Guarantees of the Subsidiary Guarantors,
acknowledges that, as more fully set forth in the Collateral Documents, the Collateral as now or hereafter constituted shall be held
for the benefit of all the holders of Priority Lien Obligations, subject to the Collateral Trust Agreement, the Collateral Trustee and
the Trustee, and the Lien of this Indenture and the Collateral Documents is subject to and qualified and limited in all respects by the
Collateral Trust Agreement and the Collateral Documents and actions that may be taken thereunder.

 

Section 13.02  
Collateral Requirements.

 

(a)            The
obligations of Company with respect to the Notes, the obligations of the Subsidiary Guarantors under the Note Guarantees and all other
Priority Lien Obligations which become subject to the Collateral Trust Agreement now or in the future will be secured by Liens on the
Collateral granted to the Collateral Trustee for the benefit of the Priority Lien Secured Parties and Junior Lien Secured Parties with
the priority as among them described in the Collateral Trust Agreement.

 

(b)            Subject to the Collateral Trust Agreement, the Notes shall be secured on a pari passu basis with any future Priority Lien Obligations
by first-priority security interests (subject to Permitted Liens) in the Collateral, now owned or hereafter acquired (in each case, other
than Excluded Property).

 

Notwithstanding anything contained
to the contrary herein, neither the Company nor any Subsidiary Guarantor shall be required to take any actions under the Collateral Documents
with respect to the granting, creation or perfection of security interests in the Collateral other than actions relating to or arising
in connection with (collectively, the “Agreed Security Principles”):

 

(1)       the
filing of UCC-1 financing statements and UCC-3 continuation statements;

 

(2)       the
Local Law Creation and Perfection Steps;

 

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(3)       the
granting to the Collateral Trustee of possession over debt instruments with a value in excess of $2,500,000 individually or $10,000,000
in the aggregate; and

 

(4)       the
execution and delivery of account control agreements, securities account control agreements, and commodities account control agreements
in respect of deposit accounts, securities accounts and commodities accounts,

 

provided, however, other
than as set forth above in respect of the Local Law Creation and Perfection Steps and any actions with respect to the creation and perfection
of security interests in Collateral described in clause (4) above, neither the Company nor any Subsidiary Guarantor shall be required
to take any actions with respect to the creation or perfection of security interests on any Collateral that are within or subject to the
laws of any jurisdiction outside of the United States.

 

If the Company or any Subsidiary
Guarantor is unable (after use of commercially reasonable efforts) to complete on or prior to the Issue Date any actions required in connection
with the grant and perfection of such security interests in the Collateral that are required to be undertaken under this Indenture, the
Collateral Trust Agreement or the Collateral Documents, the Company or Subsidiary Guarantor, as applicable, will use commercially reasonable
efforts to complete such actions within sixty (60) days after the Issue Date, and thereafter continue to use commercially reasonable efforts
to complete such actions unless such efforts would be futile; provided, that, in all cases, the Company will be afforded a sixty (60)
day period after the Issue Date to use commercially reasonable efforts to grant and perfect the security interests in the Capital Stock
of Navion Offshore Loading AS and Logitel Offshore Norway A.S. pursuant to the Local Law Creation and Perfection Steps, and after such
sixty (60) day period, continue to use commercially reasonable efforts to grant and perfect such security interest unless such efforts
would be futile (it being agreed that Local Law Creation and Perfection Steps shall cease to be required if Navion Offshore Loading AS
or Logitel Offshore Norway A.S., as applicable, ceases to be a Material First-Tier Restricted Subsidiary).

 

The Company will use commercially
reasonable efforts to cause to be delivered to the Trustee an executed intercompany subordination agreement within sixty (60) days after
the Issue Date and, if the Company fails to do so, thereafter continue to use commercially reasonable efforts to complete such actions
unless efforts would be futile.

 

Section 13.03  
After-Acquired Property.

 

Subject to the
provisions of the Collateral Trust Agreement and the Agreed Security Principles, upon the acquisition by the Company or any
Subsidiary Guarantor after the Issue Date of any assets (other than Excluded Property), that are of a type that are required to
constitute part of the Collateral, or any such asset no longer constitutes Excluded Property or any first-tier Restricted Subsidiary
becomes a Material First-Tier Restricted Subsidiary, and such assets are not automatically subject to a first-priority perfected
Lien in favor of the Collateral Trustee (or, in the case of a Material First-Tier Restricted Subsidiary, the pledge in the Capital
Stock of such Person is not granted and perfected pursuant to the Local Law Creation and Perfection Steps), the Company or
Subsidiary Guarantor shall use its commercially reasonable efforts within sixty (60) days of the date of acquisition of any such
Collateral (or of the date on which such asset ceases to constitute Excluded Property) to execute and deliver the necessary
Collateral Documents in order to grant to the Collateral Trustee a first-priority lien (subject to Permitted Liens) on such assets,
and after such sixty (60) day period continue to use commercially reasonable efforts to execute and deliver such Collateral
Documents unless such efforts would be futile. With regard to any asset constituting Collateral, the Company or Guarantor shall
execute and deliver such security document on substantially the same terms as the Collateral Documents covering Collateral owned by
the Company and Subsidiary Guarantors on the Issue Date reasonably required to create a perfected security interest in such
Collateral.

 

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Section 13.04  
Impairment of Security Interest.

 

(a)              
The Company will not (i) take or omit to take any action which would materially and adversely affect or impair the Liens in favor
of the Collateral Trustee for the benefit of the Holders of the Notes and any future Priority Lien Debt with respect to the Collateral
(which shall be without prejudice to the Company’s or any Subsidiary Guarantor’s right to dispose of, or grant Liens on, the
Collateral as otherwise permitted hereunder), (ii) grant to any Person, or permit any Person to retain (other than the Collateral Trustee),
any Liens in the Collateral, other than Permitted Liens or (iii) enter into any agreement that requires the proceeds received from any
sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person in a manner that
conflicts with this Indenture, the Notes or the Note Guarantees. Each of the Company and Subsidiary Guarantors will, at its sole cost
and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the Collateral Trustee reasonably
requests, to more fully or accurately describe the assets and property intended to be Collateral or the Obligations intended to be secured
by the Collateral Documents.

 

Section 13.05  
Intentionally Omitted.

 

Section 13.06  
Collateral Trust Agreement.

 

This Indenture,
including this Article XIII, and the provisions of each other Collateral Document are subject to the terms, conditions and benefits
set forth in the Collateral Trust Agreement. The Company and each Subsidiary Guarantor consents to, and agrees to be bound by, the terms
of the Collateral Trust Agreement, as the same may be in effect from time to time, and to perform its obligations thereunder in accordance
with the terms therewith. Each Holder, by its acceptance of the Notes (a) agrees that it will be bound by, and will take no actions contrary
to, the provisions of the Collateral Trust Agreement and (b) authorizes and instructs the Collateral Trustee on behalf of the Holders
of the Notes and each other holder of Priority Lien Obligations to enter into the Collateral Trust Agreement as Collateral Trustee on
behalf of such holders of Priority Lien Obligations and to take such actions in accordance with the terms of the Collateral Trust Agreement
as may be required pursuant to the terms of the Collateral Trust Agreement. In addition, each Holder authorizes and instructs the Collateral
Trustee to enter into any amendments or joinders to the Collateral Trust Agreement, without the consent of any Holder or the Trustee,
to add additional Indebtedness as Priority Lien Obligations and add other parties (or any authorized agent or trustee therefor) holding
such Indebtedness thereto.

 

    133 

     

    

 

Section 13.07  
Release of Liens on the Collateral.

 

(a)              
 The Collateral Trustee’s Liens upon the Collateral will no longer secure the Notes or other Obligations outstanding under
this Indenture (but not necessarily any other Priority Lien Debt), and the right of the Holders to the benefits and proceeds of the Collateral
Trustee’s Liens on the Collateral will automatically and without the need for any further action by any Person (other than notice
of such release to the Collateral Trustee, but the failure to deliver such notice shall not affect such release) terminate and be discharged:

 

(1)       in
whole or in part, as applicable, as to all or any portion of property subject to such Liens which has been taken by eminent domain, condemnation
or other similar circumstances or which has become (and only to the extent it continues to constitute) Excluded Property;

 

(2)       in
whole upon:

 

           (i) satisfaction
and discharge of this Indenture as set forth in Article XI; or

 

           (ii) a Legal Defeasance
or Covenant Defeasance set forth in Article VIII;

 

(3)       in
part, as to any property constituting Collateral that (a) is sold, transferred or otherwise disposed of by the Company or a Subsidiary
Guarantor (other than to the Company or a Subsidiary Guarantor) in a transaction not prohibited by this Indenture or the Collateral Documents
at the time of such sale, transfer or disposition or (b) is owned or at any time acquired by a Subsidiary Guarantor that has been released
from its Subsidiary Guarantee in accordance with this Indenture, concurrently with the release of such Subsidiary Guarantee or (c) solely
with respect to the release of a Subsidiary Guarantee under Section 10.02, 10.03 or 10.04, the Capital Stock of the
released Subsidiary Guarantor, concurrently with the release of such Subsidiary Guarantee;

 

(4)       in
whole or in part, as applicable, with the consent of Holders of (i) 66-2/3% or more in aggregate principal amount of then outstanding
Notes if releasing all or substantially all Collateral and (ii) 50% or more in aggregate principal amount of then outstanding Notes if
releasing less than all or substantially all Collateral (in each case, including without limitation, consents obtained in connection with
a tender offer or exchange offer for, or purchase of, Notes);

 

(5)       in
whole or in part, in accordance with the applicable provisions of the Collateral Document or the Collateral Trust Agreement;

 

(6)       to
the extent any lease is Collateral, upon termination of such lease;

 

(7)       with
respect to Collateral that is Capital Stock, upon the dissolution or liquidation of the issuer of such Capital Stock that is not prohibited
by this Indenture; or

 

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(8)       as
described in Section 9.02.

 

(b)       Each
of the releases described in clauses (1) through (7) of this Section 13.07 (other than clauses (4) and (5)
(but only, in the case of clause (5), to the extent that such consent of the Holders is required by the applicable provisions of the security
document or the Collateral Trust Agreement)) shall be effected by the Collateral Trustee without the consent of the Holders or any action
on the part of the Trustee. The Company will furnish to the Collateral Trustee, prior to each proposed release of such Collateral pursuant
to the security document and this Indenture, an Officer’s Certificate to the effect that such transaction and the disposition of
the proceeds thereof will comply with the terms of the Collateral Documents and this Indenture, as applicable.

 

(c)       Upon
compliance by the Company or any Subsidiary Guarantor, as the case may be, with the conditions precedent set forth above, the Trustee
or the Collateral Trustee, at the written request and sole expense of the Company, shall promptly cause to be released and reconveyed
to the Company or the Subsidiary Guarantors, as the case may be, the released Collateral.

 

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SIGNATURES

 

	Dated as of August 27, 2021	ALTERA INFRASTRUCTURE HOLDINGS L.L.C.
	 	 
	 	By:	/s/ Mark Mitchell
	 	Name:	Mark Mitchell
	 	Title: 	President
	 	 
	 	ALTERA INFRASTRUCTURE L.P.
	 	 
	 	By:	Altera Infrastructure GP L.L.C.,
	 	 	its general partner
	 	 
	 	By 	/s/ Mark Mitchell
	 	Name: 	Mark Mitchell
	 	Title: 	Vice President and Company Secretary

 

[Signature page to the Indenture]

 

     

     

    

 

	 	US BANK NATIONAL ASSOCIATION,
	 	as Trustee

 

	 	By:	/s/ Joshua A Hahn
	 	 	Name:	Joshua A Hahn
	 	 	Title: 	Vice President

 

[Signature page to the Indenture]

 

     

     

    

 

[Face of Note]

 

CUSIP/ISIN __________

 

11.50% Senior Secured PIK Notes due 2026

 

	No. ________	$______________

 

ALTERA INFRASTRUCTURE HOLDINGS L.L.C.

 

promise to pay to _______________________________
or registered assigns

 

the principal sum of ____________________ DOLLARS
[or such greater or lesser amount as may be indicated on the attached Schedule of Increases and Decreases in the Global Note] on August
15, 2026.

 

Interest Payment Dates: February 15 and August
15

 

Record Dates: February 1 and August 1

 

	Dated:	ALTERA INFRASTRUCTURE HOLDINGS L.L.C.
	 	 
	 	By:	             
	 	Name:
	 	Title:

 

	This is one of the Notes referred to	 
	in the within-mentioned Indenture.	 
	 	 
	U.S. BANK NATIONAL ASSOCIATION, as Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    A - 1

     

    

 

[Back of Note]

11.50% Senior Secured PIK Notes due 2026

 

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

 

(1)       INTEREST.
Altera Infrastructure Holdings L.L.C., a limited liability company formed under the Laws of the Republic of the Marshall Islands (the
 “Company”) promises to pay interest on the principal amount of this Note at 11.50% per annum from August 27, 2021 until
maturity. The Company will pay interest semi-annually in arrears on February 15 and August 15 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 will
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from August 27, 2021 until the principal
hereof is due. The first Interest Payment Date shall be February 15, 2022. The Company will pay interest on overdue principal at the rate
borne by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. Interest will
be computed on the basis of a 360-day year of twelve 30-day months.

 

Interest will be payable by
increasing the principal amount of the outstanding Note or by issuing PIK Notes (“PIK Interest”). Notwithstanding anything
to the contrary, the payment of accrued interest in connection with any redemption of the Notes in accordance with Article III of the
Indenture, repurchase of the Notes in accordance with Section 4.10 or 4.14 of the Indenture or repayment of the Notes (including at Stated
Maturity) shall be made solely in the form of cash interest.

 

(2)       METHOD
OF PAYMENT. The Company will pay cash interest, if any, on the Notes (except defaulted interest) and Additional Amounts, if any,
to the Persons who are registered Holders at the close of business on the February 1 or August 1 next preceding the Interest Payment
Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. Payments in respect of Notes represented by Global Notes
(including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts
specified by The Depository Trust Company or any successor Depositary. The Company will make all payments in respect of a Definitive
Note (including principal, premium, if any, and interest), upon the presentation and, if the final presentation, surrender thereof
at the office or agency of the Paying Agent in the City and State of New York, except that, at the option of the Company, payment of
interest may be made by mailing a check to the registered address of each Holder thereof; provided, however, that
payments on the Notes may also be made in the case of a Holder of at least $5,000,000 aggregate principal amount of Definitive
Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or a Paying Agent to such effect designating such account no later
than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its
discretion). Such payment will 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. PIK Interest will be considered paid on the date due if on such date the Trustee has
received (a) a written order, pursuant to Section 2.02 of the Indenture, from the Company signed by an Officer of the Company to
increase the balance of any Global Note to reflect such PIK Interest or (b) PIK Notes duly executed by the Company together with a
written order, pursuant to Section 2.02 of the Indenture, of the Company signed by an Officer of the Company requesting the
authentication of such PIK Notes by the Trustee. In connection with the payment of PIK Interest in respect of the Notes, the Company
will, without the consent of Holders (and without regard to any restrictions or limitations set forth under Sections 4.09 or 4.12 of
the Indenture), either increase the outstanding principal amount of the Global Notes or issue PIK Notes under the Indenture.

 

    A - 1

     

    

 

(3)       PAYING
AGENT AND REGISTRAR. Initially, U.S. Bank National Association the Trustee under the Indenture, will act as Paying Agent and Registrar.
The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of the Company’s Subsidiaries
may act in any such capacity.

 

(4)       INDENTURE.
The Company issued the Notes under an Indenture dated as of August 27, 2021 (the “Indenture”) among the Company, Altera
Infrastructure L.P., as Parent Guarantor, any other Guarantor from time to time party thereto and the Trustee. The terms of the Notes
include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all the terms and provisions of the Indenture, and Holders are referred to the Indenture for a statement
of such terms. 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.

 

The Notes are senior secured
obligations of the Company. This Note is one of the Initial Notes referred to in the Indenture. The Notes include the Initial Notes and
any Additional Notes. The Initial Notes and any Additional Notes are treated as a single class of securities under the Indenture. The
Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, make certain
Investments and other Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions
upon the payment of certain dividends and distributions by non-Guarantor Restricted Subsidiaries, issue or sell Capital Stock of the Company’s
Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture
also imposes limitations on the ability of the Company and each Guarantor to consolidate or merge with or into any other Person or sell
or otherwise dispose of all or substantially all of its properties or assets.

 

To guarantee the due and punctual
payment of the principal and interest on the Notes and all other amounts payable by the Company under the Indenture and the Notes when
and as the same shall be due and payable, whether at stated maturity, by acceleration or otherwise, according to the terms of the Notes
and the Indenture, the Parent Guarantor and the Subsidiary Guarantors, if any, shall, jointly and severally, unconditionally guarantee
the Obligations of the Company under the Notes on a senior secured (or, in the case of the Parent Guarantor, unsecured) basis pursuant
to the terms of the Indenture.

 

    A - 2

     

    

 

(5)       OPTIONAL
REDEMPTION.

 

(A)       On
any one or more occasions prior to August 15, 2024, the Company may redeem up to 35% of the aggregate principal amount of Notes issued
under the Indenture (including any Additional Notes or PIK Notes issued after the Issue Date), upon prior notice as provided in the Indenture,
at a redemption price equal to 111.50% of the principal amount, plus accrued and unpaid interest and Additional Amounts, if any, on the
Notes redeemed to, but not including, the redemption date (subject to the right of Holders on the relevant record date to receive interest
due on the relevant interest payment date), but in an aggregate principal amount not greater than the net cash proceeds of one or more
Equity Offerings; provided that:

 

(i)       at
least 65% of the aggregate principal amount of Notes originally issued under the Indenture (including any Additional Notes or PIK Notes
issued after the Issue Date but excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence
of such redemption (unless all of such Notes are redeemed); and

 

(ii)       the
redemption occurs within 180 days of the date of the closing of such Equity Offering.

 

(B)       On
any one or more occasions on or after August 15, 2024, the Company may redeem all or a part of the Notes upon prior notice as provided
in the Indenture, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest
and Additional Amounts, if any, on the Notes redeemed to, but not including, the applicable redemption date, if redeemed during the 12-month
period beginning on August 15 of the years indicated below (subject to the rights of Holders of Notes on the relevant record date to receive
interest due on the relevant interest payment date):

 

	Year	 	 	Percentage	 
	2024	 	 	 	105.750	%
	2025 and thereafter	 	 	 	100.000	%

 

Unless the Company defaults in the payment
of the redemption price as provided in the Indenture, interest will cease to accrue on the Notes or portions thereof called for redemption
on the applicable redemption date.

 

(C)       On
any one of more occasions prior to August 15, 2024, the Company may also redeem all or a part of the Notes, upon prior notice as provided
in the Indenture, at a redemption price equal to 100% of the aggregate principal amount thereof plus the Applicable Premium, and accrued
and unpaid interest and Additional Amounts, if any, on the Notes to be redeemed to, but not including, the redemption date (subject to
the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date).

 

    A - 3

     

    

 

(D)       The
Company may redeem all (but not a portion of) the Notes when permitted by, and pursuant to the conditions in, Sections 3.07(d) and 3.10(a)
of the Indenture.

 

(E)       Except
pursuant to Section 3.07 or Section 3.10 of the Indenture, the Notes will not be redeemable at the Company’s option prior to August
15, 2024. The Company may, however, at any time and from time to time purchase Notes in privately negotiated or open market transactions,
by tender offer or otherwise.

 

(6)       MANDATORY
REDEMPTION. The Company will not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

(7)       NOTICE
OF REDEMPTION. Notices of redemption (other than a notice of redemption given pursuant to Section 3.10 of the Indenture) will be given
at least 15 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its 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 or a satisfaction or discharge of the Indenture. Notes in denominations larger than $1,000 may be redeemed in part but only
in whole multiples of $1,000 in excess of $1,000 (or if a PIK Payment has been made, in a principal amount of $1.00 or whole multiples
of $1.00 in excess of $1.00).

 

(8)       REPURCHASE
AT THE OPTION OF HOLDER.

 

(A)       Upon
the occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) to each Holder
to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess of $1,000 (or if a PIK Payment has been made,
equal to $1.00 or an integral multiple of $1.00 in excess thereof)) of that Holder’s Notes at a purchase price in cash equal to
101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Amounts, if any, on the Notes
repurchased to, but not including, the date of purchase (subject to the rights of Holders 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 Company will deliver a notice
to each Holder (with a copy to the Trustee) setting forth the procedures governing the Change of Control Offer as required by the Indenture.

 

(B)       In
accordance with Section 4.10 of the Indenture, the Company will be required to offer to purchase the Notes upon certain Asset Sales.

 

(9)       DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form in denominations of $1,000 and integral multiples of $1,000 in excess of
$1,000 (or if a PIK Payment has been made, denominations of $1.00 and integral multiples of $1.00 in excess thereof). The transfer
of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay
any transfer taxes or similar governmental charges permitted by the Indenture. The Company 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. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes
to be redeemed or during the period between a record date and the corresponding Interest Payment Date.

 

    A - 4

     

    

 

(10)       PERSONS
DEEMED OWNERS. The registered Holder may be treated as its owner for all purposes.

 

(11)       AMENDMENT,
SUPPLEMENT AND WAIVER. The provisions governing amendment, supplement and waiver of any provision of the Indenture, the Notes or the
Note Guarantees are set forth in Article IX of the Indenture.

 

(12)       DEFAULTS
AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture.

 

(13)       DISCHARGE
AND DEFEASANCE. Subject to certain conditions, the Company at any time may terminate some or all of their obligations under the Notes,
the Note Guarantees and the Indenture if the Company deposits with the Trustee money or Government Securities for the payment of principal
of, premium on, if any, and interest or Additional Amounts, if any, on the Notes to redemption or stated maturity, as the case may be.

 

(14)       TRUSTEE
DEALINGS WITH ISSUER. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

 

(15)       COLLATERAL
DOCUMENTS. Each Holder, by accepting a Note, shall be deemed to have consented and agreed to the terms of the Collateral Documents
and the performance by the Collateral Trustee of its obligations and the exercise of its rights thereunder and in connection therewith.

 

(16)       NO
RECOURSE AGAINST OTHERS. To the extent permitted by law no director, manager, officer, employee, incorporator, member, stockholder
or partner of either of the Company, any parent entity of the Company or any Subsidiary of the Company, as such, will have any liability
for any obligations of the Company or the Guarantors under the Notes, the Note Guarantees or the Indenture or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes.

 

(17)       AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

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

 

    A - 5

     

    

 

(19)       CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

(20)       GOVERNING
LAW. THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

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

 

Altera Infrastructure Holdings L.L.C.

Altera House, Unit 3

Prospect Park

Arnhall Business Park

Westhill, Aberdeenshire, AB32 6FJ

United Kingdom

Phone: +44 1224 568 200

Attention: Corporate Secretary

 

    A - 6

     

    

 

EXHIBIT A

 

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 Company.
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 - 7

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have
this Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, check the appropriate box below:

 

 ̈    Section
4.10          ̈     Section 4.14

 

If you want to elect to have
only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to
have purchased:

 

$_______________________________

 

	Date:	 	 

 

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

 

	Signature Guarantee*:	 	 

 

 

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

 

 

    A - 8

     

    

 

SCHEDULE OF INCREASES AND DECREASES IN THE
GLOBAL NOTE*

 

The following increases and decreases in this Global
Note have been made:

 

	
    Date of

 Increase/Decrease
	
    Amount of Decrease
    in Principal Amount

    of this Global Note
	
    Amount of Increase
    in Principal Amount

    of this Global Note
	
    Principal Amount
    of

    this Global Note following such decrease

 (or increase)
	
    Signature of
    authorized officer of Trustee or Custodian

 

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

 

    A - 9

     

    

 

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Altera Infrastructure Holdings L.L.C.

Altera House, Unit 3

Prospect Park

Arnhall Business Park

Westhill, Aberdeenshire, AB32 6FJ

United Kingdom

Phone: +44 1224 568 200

Attention: Corporate Secretary

 

U.S. Bank National Association

West Side Flats St. Paul

EP-MN-WS3C

60 Livingston Ave.

St. Paul, Minnesota 55107

Facsimile No.: 651-466-7430

Attention: Altera Infrastructure Notes Administrator

 

Re:     11.50% Senior
Secured PIK Notes due 2026

 

Reference is hereby made to
the Indenture, dated as of August 27, 2021 (the “Indenture”), among Altera Infrastructure Holdings L.L.C., a limited
liability company formed under the laws of the Republic of the Marshall Islands (the “Company”), Altera Infrastructure
L.P., a limited partnership formed under the laws of the Republic of the Marshall Islands, as Parent Guarantor, and U.S. Bank National
Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

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

 

[CHECK ALL THAT APPLY]

 

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

 

    B - 1

     

    

 

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

 

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

 

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

 

or

 

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

 

or

 

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

 

    B - 2 

     

    

 

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

 

		(a)	 ̈ Check if Transfer is pursuant to Rule 144. (i)
The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities
Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

 

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

 

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

 

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

 

	 	 
	 	[Insert Name of Transferor]

 

    B - 3 

     

    

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

    B - 4 

     

    

 

EXHIBIT C

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

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

 

[CHECK ONE OF (A) OR (B)]

 

(A)          ̈    a
beneficial interest in the:

 

(i)        ☐
144A Global Note (CUSIP 02156W AC1), or

 

(ii)       ☐
Regulation S Global Note (CUSIP Y10008 AC7),

 

or

 

(B)          a
Restricted Definitive Note.

 

2.       After
the Transfer the Transferee will hold: [CHECK ONE]

 

(A)          ̈    a
beneficial interest in the:

 

(i)        ̈
144A Global Note (CUSIP 02156W AC1), or

 

(ii)       ̈
Regulation S Global Note (CUSIP Y10008 AC7),

 

or

 

(iii)      ̈ Unrestricted Global
Note (CUSIP); or

 

(B)           ̈    a Restricted Definitive
Note; or

 

(C)           ̈    an Unrestricted Definitive
Note,

 

in accordance with the terms of
the Indenture.

 

    C - 1

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Altera Infrastructure Holdings L.L.C.

Altera House, Unit 3

Prospect Park

Arnhall Business Park

Westhill, Aberdeenshire, AB32 6FJ

United Kingdom

Phone: +44 1224 568 200

Attention: Corporate Secretary

 

U.S. Bank National Association

West Side Flats St. Paul

EP-MN-WS3C

60 Livingston Ave.

St. Paul, Minnesota 55107

Facsimile No.: 651-466-7430

Attention: Altera Infrastructure Notes Administrator

 

	 	Re:	11.50% Senior Secured PIK Notes due 2026

 

	 	(CUSIP ______________)

 

Reference is hereby made to
the Indenture, dated as of August 27, 2021 (the “Indenture”), among Altera Infrastructure Holdings L.L.C., a limited
liability company formed under the laws of the Republic of the Marshall Islands (the “Company”), Altera Infrastructure
L.P., a limited partnership formed under the laws of the Republic of the Marshall Islands, as Parent Guarantor, and U.S. Bank National
Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

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

 

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

 

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

 

    C - 2

     

    

 

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

 

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

 

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

 

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

 

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

 

    C - 3

     

    

 

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

 

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

 

	 	 
	 	[Insert Name of Transferor]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

    C - 4

     

    

 

EXHIBIT D

 

FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED
BY SUBSEQUENT

GUARANTORS

 

SUPPLEMENTAL INDENTURE (this
 “Supplemental Indenture”), dated as of __________, 20__, among __________________ (the “New Guarantor”),
a _____________ and a Subsidiary of Altera Infrastructure Holdings L.L.C., a limited liability company formed under the laws of the Republic
of the Marshall Islands (the “Company”), Altera Infrastructure L.P., a limited partnership formed under the laws of
the Republic of the Marshall Islands, as Parent Guarantor, and U.S. Bank National Association, as trustee under the Indenture referred
to below (the “Trustee”).

 

WITNESSETH

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee an indenture (as amended or supplemented, the “Indenture”), dated as of August
27, 2021, providing for the issuance of the Company’s 11.50% Senior Secured PIK Notes due 2026 (the “Notes”);

 

WHEREAS, Section 4.15
of the Indenture provides that under the circumstances set forth therein, the New Guarantor shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Company’s Obligations under
the Indenture and the Notes on the terms and conditions set forth herein and therein (the “Note Guarantee”); and

 

WHEREAS, pursuant to Section
9.01 of the Indenture, the Trustee and the Company and the Guarantors, if any, are 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 New Guarantor, the Company,
the other Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

1.       DEFINED
TERMS. Defined terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.       AGREEMENT
TO GUARANTEE. The New Guarantor hereby unconditionally Guarantees, jointly and severally with all existing Guarantors (if any), on the
terms and subject to the conditions set forth in Article X of the Indenture and agrees to be bound by all other applicable provisions
of the Indenture and the Notes and to perform all of the obligations and agreements of a Guarantor under the Indenture.

 

3.       NO
RECOURSE AGAINST OTHERS. No past, present or future director, manager, officer, employee, incorporator, stockholder, member or partner
of either of the Company, any parent entity of the Company or any Subsidiary of the Company, as such, will have any liability for any
obligations of the Company or the Guarantors 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. The waiver
and release are part of the consideration for issuance of the Notes.

 

    D - 1

     

    

 

4.       NOTICES.
All notices or other communications to the New Guarantor shall be given to the Company as provided in Section 12.01 of the Indenture.

 

5.       RATIFICATION
OF INDENTURE; SUPPLEMENTAL INDENTURES PART OF INDENTURE. Except as expressly amended hereby, the Indenture is in all respects ratified
and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall
be bound hereby.

 

6.       GOVERNING
LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

7.       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 Supplemental 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.

 

8.       EFFECT
OF HEADINGS. The Section headings of this Supplemental Indenture have been inserted for convenience of reference only and are not to be
considered part of this Supplemental Indenture or the Indenture and will in no way modify or restrict any of the terms or provisions hereof
or thereof.

 

9.       SEVERABILITY.
In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions will not in any way be affected or impaired thereby.

 

10.       TRUSTEE
MAKES NO REPRESENTATION. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture or the Note
Guarantee of the New Guarantor. The recitals and statements herein are deemed to be those of the Company and the New Guarantors, and not
those of the Trustee, and the Trustee assumes no responsibility for their correctness.

 

    D - 2

     

    

 

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

 

Dated: ______________, 20__

 

	 	[NEW GUARANTOR]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	ALTERA INFRASTRUCTURE HOLDINGS L.L.C.
	 	 
	 	By:	 
	 	Name:    
	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

as Trustee
	 	 
	 	By:	 
	 	Authorized Signature

 

    D - 3Exhibit 4.1

 

Execution Version

 

 

 

 

LEXINGTON REALTY TRUST,

as Issuer,

and

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

Supplemental Indenture No. 3

Dated as of August 30, 2021

 

$400,000,000

of

2.375% Senior Notes due 2031

 

 

 

 

 

    	 	 	 

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE ONE RELATION TO BASE INDENTURE; DEFINITIONS SECTION	1
	Section 1.1	Relation to Base Indenture	1
	Section 1.2	Definitions	1
	ARTICLE TWO THE NOTES SECTION	5
	Section 2.1	Title of the Securities	5
	Section 2.2	Forms Generally	5
	Section 2.3	Limitation on Initial Aggregate Principal Amount; Further Issuances	5
	Section 2.4	Interest and Interest Rates; Maturity Date of Notes	5
	Section 2.5	Issuance of Additional Notes	6
	Section 2.6	Limitations on Incurrence of Debt	6
	Section 2.7	Insurance	8
	Section 2.8	Maintenance of Properties	8
	Section 2.9	Payment of Taxes and Other Claims	8
	Section 2.10	Optional Redemption	9
	Section 2.11	Guarantees	9
	Section 2.12	No Sinking Fund	10
	Section 2.13	Conflict with Trust Indenture Act	10
	Section 2.14	Covenant Defeasance	10
	ARTICLE THREE MISCELLANEOUS PROVISIONS SECTION	10
	Section 3.1	Ratification of Base Indenture	10
	Section 3.2	Governing Law	10
	Section 3.3	Counterparts	10
	Section 3.4	Trustee	10
	Section 3.5	Corporate Trust Office	11
	Section 3.6	Failure or Delay in Performance	11
	Section 3.7	Effect of Third Supplemental Indenture	11
	Section 3.8	Effect of Headings	11
	Section 3.9	Successors and Assigns	11
	Section 3.10	Severability Clause	11
	Section 3.11	Benefits of Third Supplemental Indenture	12
	Section 3.12	WAIVER OF JURY TRIAL	12
	Section 3.13	Electronic Notices	12
	 	 	 
	 	 	 
	EXHIBIT A	Form of Note	A-1
	EXHIBIT B	Form of Notation of Guarantee	B-1

 

    	 	 i	 

     

    

 

THIS SUPPLEMENTAL INDENTURE NO. 3, dated
as of August 30, 2021 (the “Third Supplemental Indenture”), between LEXINGTON REALTY TRUST, a Maryland real
estate investment trust, (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
as trustee (herein called the “Trustee”).

WITNESSETH:

WHEREAS, the Issuer has heretofore delivered
to the Trustee an Indenture dated as of May 9, 2014 (the “Base Indenture”), providing for the issuance by the Issuer
from time to time of its senior debt securities evidencing its unsecured and unsubordinated indebtedness (the “Securities”).

WHEREAS, Section 2.01 of the Base Indenture
provides for various matters with respect to any series of Securities issued under the Base Indenture to be established in an indenture
supplemental to the Base Indenture.

WHEREAS, Section 9.01(i) of the Base
Indenture provides for the Issuer and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the form
or terms of Securities of any series as provided by Sections 2.01 and 2.02 of the Base Indenture.

WHEREAS, the Board of Trustees of the
Issuer, has duly adopted resolutions authorizing the Issuer to execute and deliver this Third Supplemental Indenture and issue the Notes;
and

WHEREAS, all of the conditions and requirements
necessary to make this Third Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with
its terms and for the purposes herein expressed, have been performed and fulfilled.

NOW, THEREFORE, THIS THIRD SUPPLEMENTAL
INDENTURE WITNESSETH:

For and in consideration of the premises and
the purchase of the series of Securities provided for herein by the Holders thereof, it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of Securities of such series, as follows:

ARTICLE
One

RELATION TO BASE INDENTURE; DEFINITIONS SECTION

Section 1.1           
Relation to Base Indenture.

This Third Supplemental Indenture constitutes
an integral part of the Base Indenture.

Section 1.2           
Definitions.

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

    	 	1	 

     

    

(1)       Capitalized
terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture; provided that, where
a term is defined both in this Third Supplemental Indenture and in the Base Indenture, the meaning given to such term in this Third Supplemental
Indenture shall control for purposes of this Third Supplemental Indenture and (in respect of the Notes but not any other series of Securities)
the Base Indenture; and

(2)       All
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Third
Supplemental Indenture.

“Acquired Debt” means Debt
of a Person (1) existing at the time such Person is merged or consolidated with or into the Issuer or any of its Subsidiaries or becomes
a Subsidiary of the Issuer; or (2) assumed by the Issuer or any of its Subsidiaries in connection with the acquisition of assets from
such Person. Acquired Debt shall be deemed to be incurred on the date the acquired Person is merged or consolidated with or into the Issuer
or any of its Subsidiaries or becomes a Subsidiary of the Issuer or the date of the related acquisition, as the case may be.

“Additional Notes” means
additional Notes (other than the Initial Notes) issued under this Third Supplemental Indenture in accordance with Section 2.5 hereof,
as part of the same series as the Initial Notes.

“Adjusted Treasury Rate”
means, with respect to any Redemption Date, the rate per year equal to the arithmetic mean of the weekly average yield to maturity (representing
the average of the daily rates for the immediately preceding week) available through the most recent Statistical Release for the maturity
(rounded to the nearest month) corresponding to the remaining life to the Par Call Date of the Notes as of the Redemption Date. If no
maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall
be calculated pursuant to the immediately preceding sentence and the Adjusted Treasury Rate shall be interpolated or extrapolated from
such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purposes of calculating
the Adjusted Treasury Rate, the most recent Statistical Release published at least two Business Days prior to the Redemption Date (or
in the case of satisfaction and discharge or defeasance, two Business Days prior to the date funds are deposited with the Trustee to pay
and discharge the entire indebtedness of the Notes) shall be used.

“Annual Debt Service Charge”
means, for any period, the interest expense of the Issuer and its Subsidiaries for such period, determined on a consolidated basis in
accordance with United States generally accepted accounting principles.

“Consolidated Income Available for
Debt Service” means, for any period, Consolidated Net Income of the Issuer and its Subsidiaries for such period, plus amounts
which have been deducted and minus amounts which have been added for, without duplication: (1) interest expense on Debt, (2) provision
for taxes based on income, (3) amortization of debt discount, premium and deferred financing costs, (4) impairment losses and gains on
sales or other dispositions of properties and other investments, (5) real estate related depreciation and amortization, (6) the effect
of any non-recurring non-cash items, (7) amortization of deferred charges, (8) gains or losses on early extinguishment of debt, and (9)
acquisition expenses, all

    	 	2	 

     

    

determined on a consolidated basis in accordance with United States
generally accepted accounting principles.

“Consolidated Net Income”
means, for any period, the amount of net income (or loss) of the Issuer and its Subsidiaries for such period, excluding, without duplication:
(1) extraordinary items, and (2) the portion of net income (but not losses) of the Issuer and its Subsidiaries allocable to minority interests
in unconsolidated persons to the extent that cash dividends or distributions have not actually been received by the Issuer or one of its
Subsidiaries, all determined on a consolidated basis in accordance with United States generally accepted accounting principles.

“Debt” means, with respect
to any Person, any indebtedness of such Person in respect of, without duplication, (1) such Person’s borrowed money or such Person’s
indebtedness evidenced by bonds, notes, debentures or similar instruments, in each case, whether or not such Debt is secured by any Lien
existing on any property or assets owned by such Person; (2) any other indebtedness secured by any Lien on any property or asset owned
by such Person, but only to the extent of the lesser of (a) the amount of indebtedness so secured and (b) the fair market value (determined
in good faith by the board of trustees of such Person or, in the case of a Guarantor, by the Issuer’s Board of Trustees or a duly
authorized committee thereof) of the property subject to such Lien; (3) reimbursement obligations, contingent or otherwise, in connection
with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property
except any such balance that constitutes an accrued expense or trade payable; or (4) any lease of property by such Person as lessee which
is required to be reflected on such Person’s balance sheet as a finance lease in accordance with United States generally accepted
accounting principles. The term “Debt” also includes, to the extent not otherwise included, any non-contingent obligation
of such Person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary
course of business), Debt of the types referred to above of another Person (it being understood that Debt shall be deemed to be incurred
by such Person whenever such Person shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect
thereof).

“Holders” has the meaning
specified in Section 2.4 hereof.

“Indenture” means the Base
Indenture together with the Third Supplemental Indenture.

“Initial Notes” means the
first $400,000,000 aggregate principal amount of Notes issued under this Third Supplemental Indenture on the date hereof.

“Interest Payment Date” has
the meaning specified in Section 2.4 hereof.

“Lien” means any mortgage,
deed of trust, lien, charge, pledge, security interest, security agreement, or other encumbrance of any kind.

“Maturity Date” has the meaning
specified in Section 2.4 hereof.

“Notes” has the meaning specified
in Section 2.1 hereof and includes the Initial Notes and any Additional Notes.

    	 	3	 

     

    

“Par Call Date” has the meaning
provided in Section 2.10 hereof.

“Principal Credit Agreement”
means the Amended and Restated Credit Agreement, dated as of February 6, 2019, among the Issuer, as borrower, each of the lenders party
thereto, and KeyBank National Association, as agent, as the same may be amended, supplemented or otherwise modified from time to time,
and any successor credit agreement thereto (whether by renewal, replacement, refinancing or otherwise) that the Issuer in good faith designates
to be the Issuer’s principal credit agreement (taking into account the maximum principal amount of the credit facility provided
thereunder, the recourse nature of the agreement and such other factors as the Issuer deems reasonable in light of the circumstances),
such designation (or the designation that at a given time there is no principal credit agreement) to be made by an Officers’ Certificate
delivered to the Trustee.

“Quotation Agent” means an
independent investment banking institution of national standing appointed by the Issuer from time to time.

“Record Date” has the meaning
specified in Section 2.4 hereof.

“Redemption Price” has the
meaning provided in Section 2.10 hereof.

”Statistical Release” means
the statistical release designated “H.15” or any successor publication which is published by the Federal Reserve System (or
companion online data resource published by the Federal Reserve System) and which establishes yields on actively traded United States
government securities adjusted to constant maturities, or, if such statistical release is not published at the time of any determination
under the Indenture, then such other reasonably comparable index designated by the Issuer.

“Total Assets” means the
sum of, without duplication (1) Undepreciated Real Estate Assets and (2) all other assets (excluding accounts receivable, right-of use
assets associated with an operating lease, and non-real estate intangibles) of the Issuer and its Subsidiaries, all determined on a consolidated
basis in accordance with United States generally accepted accounting principles.

“Total Unencumbered Assets”
means, as of any date, the Total Assets of the Issuer and its Subsidiaries, which are not subject to a Lien securing Debt, all determined
on a consolidated basis in accordance with United States generally accepted accounting principles; provided, however, that,
in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of the covenant set forth in Section
2.6(d) hereof, all investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated
entities shall be excluded from Total Unencumbered Assets.

“Undepreciated Real Estate Assets”
means, as of any date, the cost (original cost plus capital improvements) of real estate assets, any right-of-use assets associated with
a financing lease, and related intangibles of the Issuer and its Subsidiaries on such date, before depreciation and amortization, all
determined on a consolidated basis in accordance with United States generally accepted accounting principles.

    	 	4	 

     

    

“Unsecured Debt” means Debt
of the Issuer or any of its Subsidiaries which is not secured by a Lien on any property or assets of the Issuer or any of its Subsidiaries.

ARTICLE
Two

THE NOTES SECTION

Section 2.1           
Title of the Securities.

There shall be a series of Securities designated
the “2.375% Senior Notes due 2031” (the “Notes”).

Section 2.2           
Forms Generally.

The Notes shall be issued in the form of a Global
Security and DTC shall be the initial Depositary for the Notes. The Notes and the Trustee’s certificate of authentication shall
be in the forms set forth in Exhibit A attached hereto, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be
determined by the Officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may
be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

The Notes shall be printed, lithographed or
engraved or produced by any combination of these methods or may be produced in any other manner, as determined by the Officers of the
Issuer executing such Notes, as evidenced by their manual or facsimile execution of such Notes.

In accordance with Section 2.04 of the Base
Indenture, upon the execution of this Third Supplemental Indenture, and from time to time thereafter, Notes may be executed by the Issuer
and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver Notes upon a written order of
the Issuer conforming to the signatory requirements of an Officers’ Certificate under Section 1.01 of the Base Indenture (an “Authentication
Order”), without any further action by the Issuer hereunder.

Section 2.3           
Limitation on Initial Aggregate Principal Amount; Further Issuances.

The aggregate principal amount of the Initial
Notes shall be limited to $400,000,000, except as provided in Sections 2.06 and 2.07 of the Base Indenture. The Issuer may, from time
to time, subject to Section 2.6 hereof and applicable law, create and issue Additional Notes under the Indenture.

Section 2.4           
Interest and Interest Rates; Maturity Date of Notes.

The Notes shall bear interest at 2.375% per
annum from August 30, 2021 or from the immediately preceding Interest Payment Date (as defined below) to which interest has been paid,
payable semi-annually in arrears on April 1 and October 1 of each year, commencing April 1, 2022 (each, an “Interest Payment
Date”), to the persons (the “Holders”) in whose name the applicable Notes are registered in the Security
Register at the close of business on the March 15

    	 	5	 

     

    

or September 15 immediately preceding such Interest Payment Date
(regardless of whether such day is a Business Day), as the case may be (each, a “Record Date”). Interest on the Notes
shall be computed on the basis of a 360-day year of twelve 30-day months. Defaulted Interest, if any, shall forthwith cease to be payable
to the Holder on the applicable Record Date and may either be paid to the person in whose name such Note is registered at the close of
business on a special record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given
to the Holder of such Note not less than ten days prior to such special record date, or may be paid at any time in any other lawful manner,
as more particularly described in the Base Indenture. The Notes shall mature on October 1, 2031 (the “Maturity Date”).

Section 2.5           
Issuance of Additional Notes.

The Issuer will be entitled, upon delivery to
the Trustee of an Officers’ Certificate, Opinion of Counsel and Authentication Order, subject to its compliance with Section
2.6 hereof, to issue Additional Notes under the Indenture that will have identical terms to and the same CUSIP number as the Initial
Notes issued on the date of this Third Supplemental Indenture other than with respect to the date of issuance, issue price, the date from
which interest initially accrues on such Additional Notes, and if applicable, the first Interest Payment Date. The Initial Notes and any
such Additional Notes will constitute a single series of debt securities, and in circumstances in which the Indenture provides for the
Holders of Notes to vote or take any action, the Holders of Initial Notes and the Holders of any such Additional Notes will vote or take
the action as a single class.

With respect to any Additional Notes, the Issuer
will set forth in a resolution of its Board of Trustees and an Officers’ Certificate, a copy of each of which will be delivered
to the Trustee, the following information:

(1)              
the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture; and

(2)              
the issue price, the issue date and the CUSIP number of such Additional Notes.

Section 2.6           
Limitations on Incurrence of Debt.

(a)               
Limitation on Total Outstanding Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt
(including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application
of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the Issuer’s and its Subsidiaries’
outstanding Debt (determined on a consolidated basis in accordance with United States generally accepted accounting principles) is greater
than 60% of the sum of the following (without duplication): (1) the Issuer’s and its Subsidiaries’ Total Assets as of the
last day of the then most recently ended fiscal quarter and (2) the aggregate purchase price of any real estate assets or mortgages receivable
acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire
real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any Subsidiary of the Issuer

    	 	6	 

     

    

since the end of such fiscal quarter, including the proceeds obtained
from the incurrence of such additional Debt.

(b)              
Limitation on Secured Debt. The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt (including,
without limitation, Acquired Debt) secured by any Lien on any of the Issuer’s or any of its Subsidiaries’ property or assets,
whether owned on the date of this Third Supplemental Indenture or subsequently acquired, if, immediately after giving effect to the incurrence
of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the Issuer’s
and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with United States generally accepted accounting
principles) which is secured by a Lien on any of the Issuer’s or its Subsidiaries’ property or assets is greater than 40%
of the sum of (without duplication): (1) the Issuer’s and its Subsidiaries’ Total Assets as of the last day of the then most
recently ended fiscal quarter; and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the
aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets
or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including
the proceeds obtained from the incurrence of such additional Debt.

(c)               
Debt Service Test.

(1)              
The Issuer will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt)
if the ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge for the period consisting of the four consecutive
fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred shall have been less than 1.5:1
on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt (determined
on a consolidated basis in accordance with United States generally accepted accounting principles), and calculated on the following assumptions:

(A)            
such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Issuer or any of its Subsidiaries since
the first day of such four- quarter period had been incurred, and the application of the proceeds from such Debt (including to repay or
retire other Debt) had occurred, on the first day of such period;

(B)             
the repayment or retirement of any other Debt of the Issuer or any of its Subsidiaries since the first day of such four-quarter
period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any revolving credit
facility, line of credit or similar facility will be computed based upon the average daily balance of such Debt during such period); and

(C)             
in the case of any acquisition or disposition by the Issuer or any of its Subsidiaries of any asset or group of assets with a fair
market value in excess of $1.0 million since the first day of such four-quarter period, whether by merger, stock purchase or sale or asset
purchase or sale or otherwise, such acquisition or disposition

    	 	7	 

     

    

had occurred as of the first day of such period with the appropriate
adjustments with respect to such acquisition or disposition being included in such pro forma calculation.

(2)              
If the Debt giving rise to the need to make the calculation described in Section 2.6(c)(1) hereof or any other Debt incurred
after the first day of the relevant four-quarter period bears interest at a floating rate, then, for purposes of calculating the Annual
Debt Service Charge, the interest rate on such Debt will be computed on a pro forma basis by applying the average daily rate which would
have been in effect during the entire four-quarter period to the greater of the amount of such Debt outstanding at the end of such period
or the average amount of such Debt outstanding during such period. For purposes of this Section 2.6(c) hereof, Debt will be deemed
to be incurred by the Issuer or any of its Subsidiaries whenever the Issuer or any of its Subsidiaries shall create, assume, guarantee
(on a non-contingent basis) or otherwise become liable in respect thereof.

(d)              
Maintenance of Total Unencumbered Assets. The Issuer and its Subsidiaries will not have at any time Total Unencumbered Assets
of less than 150% of the aggregate principal amount of all of the Issuer’s and its Subsidiaries’ outstanding Unsecured Debt
determined on a consolidated basis in accordance with United States generally accepted accounting principles.

Section 2.7           
Insurance.

The Issuer will, and will cause of each of its
Subsidiaries to, keep in force upon all of the Issuer’s and each of its Subsidiaries’ properties and operations insurance
policies carried with responsible insurance companies in such amounts and covering all such risks as is customary in the industry in which
the Issuer and its Subsidiaries do business in accordance with prevailing market conditions and availability.

Section 2.8           
Maintenance of Properties.

The Issuer will cause all of its and its Subsidiaries’
properties used or useful in the conduct of the business of the Issuer or any of its Subsidiaries to be maintained and kept in good condition,
repair and working order and supplied with all necessary equipment and the Issuer will cause all necessary repairs, renewals, replacements,
betterments and improvements to be made, all as in the Issuer’s judgment may be necessary in order for the Issuer to at all times
properly and advantageously conduct its business carried on in connection with such properties.

Section 2.9           
Payment of Taxes and Other Claims.

The Issuer will pay or discharge or cause to
be paid or discharged before it becomes delinquent: (i) all taxes, assessments and governmental charges levied or imposed on the Issuer
or any of its Subsidiaries or on its or any such Subsidiary’s income, profits or property; and (ii) all lawful claims for labor,
materials and supplies that, if unpaid, might by law become a Lien upon its property or the property of any of its Subsidiaries; provided,
however, that the Issuer will not be required to pay or discharge or cause to be paid or discharged any tax, assessment, charge
or claim the amount, applicability or validity of which is being contested in good faith.

    	 	8	 

     

    

Section 2.10         
Optional Redemption. The provisions of this Section 2.10 apply solely with respect to the Notes and all references
to Holders in this Section 2.10 shall be solely to Holders of the Notes. The Notes shall be redeemable at the Company’s
option prior to the Maturity Date in accordance with this Section 2.10 and Sections 3.01, 3.02 and 3.03 of the Base Indenture
(as amended by this Section 2.10).

(a)               
The Issuer shall have the right to redeem the Notes at its option and in its sole discretion at any time or from time to time prior
to the Maturity Date, in whole or in part. The redemption price (“Redemption Price”) will equal the greater of (i)
100% of the principal amount of the Notes to be redeemed or (ii) as determined by the Quotation Agent, the sum of the present values of
the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as
of the Redemption Date) that would be due if such Notes matured 90 days prior to the Maturity Date (the “Par Call Date”)
but for the redemption thereof discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Adjusted Treasury Rate plus 20 basis points (0.200% or twenty one-hundredths of one percent), plus, in the case
of both clauses (i) and (ii), accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, the applicable
Redemption Date; provided, however, that if the Redemption Date falls after a Record Date and on or prior to the corresponding
Interest Payment Date, the Issuer will pay the full amount of accrued and unpaid interest, if any, on such Interest Payment Date to the
Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Notes for redemption).
Notwithstanding the foregoing, if the Notes are redeemed on or after July 1, 2031, the Redemption Price will be equal to 100% of the principal
amount of the Notes being redeemed plus unpaid interest, if any, accrued thereon to, but excluding, the Redemption Date.

(b)              
The Issuer shall not redeem the Notes pursuant to Section 2.10(a) hereof on any date if the principal amount of the Notes
has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date (except in the case of an acceleration
resulting from a default by the Issuer in the payment of the Redemption Price with respect to the Notes to be redeemed).

(c)               
Section 3.02 of the Base Indenture is hereby amended with respect to the Notes only by changing, in the first sentence thereof,
the number “30” to the number “15”.

Section 2.11         
Guarantees.

(a)       In
accordance with Section 15.04 of the Base Indenture, the Issuer will cause each Subsidiary of the Issuer that is a domestic Subsidiary
of the Issuer that becomes a Principal Credit Agreement Obligor on or after the date hereof, to, within 60 days of becoming a Principal
Credit Agreement Obligor, execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary will unconditionally
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 unsecured basis and all other obligations under the Indenture.

    	 	9	 

     

    

(b)       In
accordance with Section 15.02 of the Base Indenture, each Guarantor shall also execute a notation of Guarantee substantially in the form
of Exhibit B supplemental hereto, which shall be endorsed on each Note authenticated and delivered by the Trustee.

Section 2.12         
No Sinking Fund.

The provisions of Sections 3.04, 3.05 and 3.06
of the Base Indenture shall not be applicable to the Notes.

Section 2.13         
Conflict with Trust Indenture Act.

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

Section 2.14         
Covenant Defeasance. Section 12.03 of the Base Indenture is hereby amended with respect to the Notes only by changing, in
the first sentence thereof, the reference to “Section 4.05 and 4.08 and Article X hereof” to “Section 4.05, Section
5.04 and Article X of the Base Indenture and Sections 2.6, 2.7, 2.8 and 2.9 of the Third Supplemental Indenture.”

ARTICLE
Three

MISCELLANEOUS PROVISIONS SECTION

Section 3.1           
Ratification of Base Indenture.

Except as expressly modified or amended hereby,
the Base Indenture continues in full force and effect and is in all respects confirmed, ratified and preserved.

Section 3.2           
Governing Law.

This Third Supplemental Indenture and each Note
shall be governed by and construed in accordance with the laws of the State of New York. This Third Supplemental Indenture is subject
to the provisions of the Trust Indenture Act and shall, to the extent applicable, be governed by such provisions.

Section 3.3           
Counterparts.

This Third Supplemental Indenture may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile, PDF
transmission or other electronic transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as
to the parties hereto and may be used in lieu of the original Third Supplemental Indenture and signature pages for all purposes.

Section 3.4           
Trustee.

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The Trustee makes no representations as to the
validity or sufficiency of this Third Supplemental Indenture, the Notes or any Guarantee. The statements and recitals herein are deemed
to be those of the Issuer and not of the Trustee. All of the provisions contained in the Base Indenture in respect of the rights, privileges,
immunities, powers and duties of the Trustee shall be applicable in respect of the Notes, any Guarantee and of this Third Supplemental
Indenture as fully and with like effect as if set forth herein in full.

Section 3.5           
Corporate Trust Office.

The Trustee hereby notifies the Issuer that
its corporate trust business is principally administered at its office located at 100 Wall Street, Suite 600, New York, New York 10005
and, therefore, pursuant to the Indenture, the Corporate Trust Office is such office.

Section 3.6           
Failure or Delay in Performance.

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

Section 3.7           
Effect of Third Supplemental Indenture.

This Third Supplemental Indenture is a supplemental
indenture within the meaning of Section 9.01 of the Base Indenture, and the Base Indenture shall be read together with this Third Supplemental
Indenture and shall have the same effect over the Notes, in the same manner as if the provisions of the Base Indenture and this Third
Supplemental Indenture were contained in the same instrument. In all other respects, the Base Indenture is confirmed by the parties hereto
as supplemented by the terms of this Third Supplemental Indenture; provided that the provisions of this Third Supplemental Indenture
apply solely with respect to the Notes.

Section 3.8           
Effect of Headings.

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

Section 3.9           
Successors and Assigns.

All covenants and agreements in the Indenture
by the Issuer, the Trustee and the Holders shall bind their successors and assigns, whether so expressed or not.

Section 3.10         
Severability Clause.

    	 	11	 

     

    

In case any provision in the 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 3.11         
Benefits of Third Supplemental Indenture.

Nothing in the Indenture or in the Notes, express
or implied, shall give to any Person, other than the parties thereto, any benefit or any legal or equitable right, remedy or claim under
the Indenture or the Notes.

Section 3.12         
WAIVER OF JURY TRIAL.

EACH OF THE ISSUER 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 THIRD SUPPLEMENTAL INDENTURE, THE BASE INDENTURE (TO THE EXTENT IT RELATES TO THE NOTES), THE NOTES, ANY GUARANTEE OR
THE TRANSACTION CONTEMPLATED HEREBY.

Section 3.13         
Electronic Notices.

In addition to the foregoing, the Trustee agrees
to accept and act upon notice, instructions or directions pursuant to the Indenture sent by unsecured e-mail, facsimile transmission or
other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions
by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding
of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or
are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising
out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

 

    	 	12	 

     

    

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

 

	 	ISSUER:
	 	 
	 	LEXINGTON REALTY TRUST, a Maryland real estate investment trust, as Issuer of the Notes
	 	 
	 	By: 	/s/ Joseph S. Bonventre
	 	 	Name:  Joseph S. Bonventre
	 	 	Title:  Executive Vice President

 

 

[Signature Page to Third Supplemental Indenture]

 

 

    	 	 	 

     

    

 

	 	TRUSTEE:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee
	 	 
	 	By: 	/s/ Hazrat R. Haniff
	 	 	Name:  Hazrat R. Haniff
	 	 	Title:  Assistant Vice President

 

 

[Signature Page to Third Supplemental Indenture]

 

 

    	 	 	 

     

    

EXHIBIT A

THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.02 OF THE BASE INDENTURE, (2) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.05(a)
OF THE BASE INDENTURE, (3) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.08 OF THE BASE
INDENTURE AND (4) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

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

 

    	 	A-1	 

     

    

[Form of Face of Note]

LEXINGTON
REALTY TRUST

2.375% Senior Notes due 2031

No. 1

	CUSIP No.:	529537AA0
	 	 
	ISIN:	US529537AA08

 

$400,000,000

Lexington Realty Trust, a Maryland real estate
investment trust (herein called the “the Issuer,” which term includes any successor entity under the Indenture referred
to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
FOUR HUNDRED MILLION DOLLARS ($400,000,000), or such lesser amount as is set forth in the Schedule of Increases or Decreases In Global
Security on the other side of this Note, on October 1, 2031 at the office or agency of the Issuer maintained for that purpose in accordance
with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts, and to pay interest, semi-annually on April 1 and October 1 of each year, commencing April
1, 2022, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 2.375%, from the April 1 or
October 1, as the case may be, next preceding the date to which interest has been paid or duly provided for, unless no interest has been
paid or duly provided for on the Notes, in which case from August 30, 2021 until payment of said principal sum has been made or duly provided
for. The Issuer shall pay interest on any Notes in certificated form by check mailed to the address of the Person entitled thereto as
it appears in the Security Register, or on any Global Security by wire transfer of immediately available funds to the account of the Depositary
or its nominee. The Issuer shall pay interest to Holders of record as of the March 15 or September 15 preceding the applicable Interest
Payment Date, in accordance with the terms of the Indenture.

The Issuer promises to pay interest on overdue
principal, premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) interest at the rate
of 1.0% per annum above the rate borne by the Notes.

Reference is made to the further provisions
of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place.

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating
agent under the Indenture.

 

    	 	A-2	 

     

    

IN WITNESS WHEREOF, the Issuer has caused
this Note to be duly executed.

Dated: August 30, 2021

	 	LEXINGTON REALTY TRUST
	 	 
	 	By: 	 
	 	 	Name:  Joseph S. Bonventre
	 	 	Title:  Executive Vice President

 

 

 

    	 	A-3	 

     

    

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

This is one of the Notes described in the within-named
Indenture.

Dated: August 30, 2021

	 	
    U.S. BANK NATIONAL ASSOCIATION,

    as Trustee

	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

 

    	 	A-4	 

     

    

[FORM
OF REVERSE SIDE OF NOTE]

Lexington
Realty Trust

2.375% Senior Notes due 2031

This Note is one of a duly authorized issue
of a series of Securities of the Issuer, designated as its 2.375% Senior Notes due 2031 (herein called the “Notes”),
issued under and pursuant to an Indenture, dated as of May 9, 2014 (the “Base Indenture”), by and between the Issuer
and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the Third Supplemental Indenture
dated as of August 30, 2021 (the “Third Supplemental Indenture”), between the Issuer and the Trustee (the Base Indenture,
as amended and supplemented by the Third Supplemental Indenture, and as may otherwise be amended and/or modified from time to time, the
“Indenture”), to which Indenture and any indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer, any Guarantor and the
Holders of the Notes. Defined terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in
the Indenture.

If an Event of Default (other than an Event
of Default specified in Section 6.01(f), 6.01(g) or 6.01(h) of the Base Indenture with respect to the Issuer) occurs and is continuing,
the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee
or the Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding, and, upon said declaration
the same shall be immediately due and payable. If an Event of Default specified in Section 6.01(f), 6.01(g) or 6.01(h) of the Base Indenture
occurs with respect to the Issuer, the principal of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately
and automatically due and payable without necessity of further action.

The Indenture contains provisions permitting
the Issuer and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at
the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Notes, subject
to exceptions set forth in Section 9.02 of the Base Indenture. Subject to the provisions of the Indenture, the Holders of not less than
a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive
any past Default or Event of Default, subject to exceptions set forth in the Indenture.

No reference herein to the Indenture and no
provision of this Note or of the Indenture shall impair, as among the Issuer and the Holder of the Notes, the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of, premium, if any, on and interest on this Note at the place, at the respective
times, at the rate and in the coin or currency herein and in the Indenture prescribed.

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

    	 	A-5	 

     

    

The Notes are issuable in fully registered form,
without coupons, in denominations of $2,000 principal amount and any multiple of $1,000. At the office or agency of the Issuer referred
to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge
but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with
any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations.

The Issuer shall have the right to redeem the
Notes under certain circumstances as set forth in Section 2.10 of the Third Supplemental Indenture.

The Notes are not subject to redemption through
the operation of any sinking fund.

Except as expressly provided in Article XV of
the Base Indenture, no recourse for the payment of the principal of or any premium or interest on this Note, or for any claim based hereon
or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture or
any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, partner, member, manager, employee, agent, officer, trustee, director or subsidiary, as such, past, present
or future, of any Guarantor, the Issuer or any of the Issuer’s Subsidiaries or of any successor thereto, either directly or through
any Guarantor, the Issuer or any of the Issuer’s subsidiaries or of any successor thereto, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability
is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this
Note.

 

    	 	A-6	 

     

    

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-7	 

     

    

Schedule
of Increases or Decreases In Global Security *

The following increases and decreases in this
Global Security, have been made:

	
    Date of Increase
    or Decrease
	
    Amount of decrease
    in Principal Amount at maturity of this Global Security
	
    Amount of increase
    in Principal Amount at maturity of this Global Security
	
    Principal Amount
    at maturity of this Global Security 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-8	 

     

    

EXHIBIT B

FORM OF NOTATION OF GUARANTEE

The guarantor listed below (hereinafter referred
to as the “Guarantor,” which term includes any successors or assigns under the Indenture, dated May 9, 2014, (the “Base
Indenture”), by and between the Issuer (as defined below) and U.S. Bank National Association, as trustee (the “Trustee”),
as supplemented by the Third Supplemental Indenture dated as of August 30, 2021 (the “Third Supplemental Indenture”),
between the Issuer and the Trustee and [REFERENCE APPLICABLE SUPPLEMENTAL INDENTURE GUARANTOR MUST EXECUTE] (the Base Indenture, as so
amended and supplemented, the “Indenture”), has irrevocably and unconditionally, jointly and severally, guaranteed
on a senior unsecured basis the Guarantee Obligations (as defined in Section 15.01 of the Base Indenture), which include (i) the due and
punctual payment of the principal of, premium, if any, and interest, if any, on the 2.375% Senior Notes due 2031 (the “Notes”)
of Lexington Realty Trust, a Maryland real estate investment trust (the “Issuer”), whether at maturity, by acceleration,
call for redemption or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent
permitted by law) interest on any interest on the Notes, and the due and punctual performance of all other obligations of the Issuer,
to the Holders of the Notes or the Trustee all in accordance with the terms set forth in Article XV of the Base Indenture, and (ii) in
case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same shall be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at maturity, by acceleration, call for redemption
or otherwise.

The obligations of the Guarantor to the Holders
of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article XV of the Base Indenture
and reference is hereby made to such Indenture for the precise terms of this Guarantee.

No past, present or future director, trustee,
officer, employee, incorporator, partner, member or stockholder (direct or indirect) of the Guarantor (or any such successor entity),
as such, shall have any liability for any obligations of the Guarantor under this Guarantee or the Indenture or for any claim based on,
in respect of, or by reason of, such obligations or their creation.

The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, the benefit of discussion, protest or notice with respect to the Notes and all demands whatsoever.

This is a continuing Guarantee and shall remain
in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final payment of all of
the Issuer’s obligations under the Notes and Indenture or until legally discharged in accordance with the Indenture and shall inure
to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and, in the event of any transfer or assignment
of rights by any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall

    	 	B-1	 

     

    

automatically extend to and be vested in such transferee or assignee,
all subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not of collectability.

This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been signed, in the
name and on behalf of the Trustee under the Indenture, manually by one of the authorized officers of the Trustee under the Indenture or
as otherwise permitted under the Indenture.

The obligations of the Guarantor under this
Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law.

THE TERMS OF ARTICLE XV OF THE INDENTURE ARE
INCORPORATED HEREIN BY REFERENCE.

Capitalized terms used herein have the same
meanings given in the Indenture unless otherwise indicated.

 

    	 	B-2	 

     

    

IN WITNESS WHEREOF, the Guarantor has
caused this notation of Guarantee to be duly executed as of the day and year first above written.

	 	SUBSIDIARY GUARANTOR:
	 	 
	 	[_____]., a [_____] [_____], as a Subsidiary Guarantor
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

    	 	B-3

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