Document:

Exhibit 4.3

 

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

by and among

 

NGL Energy Partners LP,

 

NGL Energy Finance Corp.,

 

the Guarantors listed on Schedule A hereto,

 

RBC Capital Markets, LLC and

 

Mizuho Securities USA LLC

 

Dated as of April 9, 2019

 

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of April 9, 2019, by and among (i) NGL ENERGY PARTNERS LP, a Delaware limited partnership (the “Partnership”), (ii) NGL ENERGY FINANCE CORP., a Delaware corporation (“Finance Co.” and, together with the Partnership, the “Issuers”), (iii) the subsidiaries of the Partnership listed on Schedule A hereto (the “Guarantors” and, together with the Issuers, the “Obligors”), and (iv) RBC CAPITAL MARKETS, LLC and MIZUHO SECURITIES USA LLC, as representatives of the several initial purchasers listed on Schedule 1 of the Purchase Agreement (as defined below) (the “Initial Purchasers”), each of whom has agreed to purchase the Issuers’ 7.500% Senior Notes due 2026 (together with the related guarantees of such notes by the Guarantors pursuant to the Indenture (as defined herein), the “Initial Notes”) pursuant to the Purchase Agreement (as defined below).

 

This Agreement is made pursuant to the Purchase Agreement, dated as of April 4, 2019 (the “Purchase Agreement”), by and among the Obligors and the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Notes, the Obligors have agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers under the Purchase Agreement as set forth in Section 5(n) of the Purchase Agreement.

 

The parties hereby agree as follows:

 

SECTION 1.                            Definitions.

 

Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Indenture (as defined below), and the following terms shall have the following meanings:

 

Advice: As defined in Section 6(d) hereof.

 

Agreement: As defined in the preamble hereto.

 

Broker-Dealer: Any broker or dealer registered under the Exchange Act.

 

Business Day: Any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed.

 

Commission: The United States Securities and Exchange Commission.

 

Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (ii) the maintenance of such Exchange Offer Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Issuers to the Registrar under the Indenture of Exchange Notes in the same aggregate principal amount as the

 

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aggregate principal amount of Initial Notes that were validly tendered by Holders thereof pursuant to the Exchange Offer.

 

controlling person: As defined in Section 8(b) hereof.

 

DTC: The Depository Trust Company or its nominee.

 

Effectiveness Target Date: As defined in Section 5(a) hereof.

 

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

 

Exchange Notes: The 7.500% Senior Notes due 2026, including the related guarantees of such notes by the Guarantors pursuant to the Indenture, to be issued pursuant to the Indenture in the Exchange Offer.

 

Exchange Offer: The exchange and issuance by the Issuers of a principal amount of Exchange Notes (which shall be registered pursuant to the Exchange Offer Registration Statement) equal to the aggregate principal amount of Initial Notes that are validly tendered by such Holders in connection with such exchange and issuance.

 

Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer.

 

Finance Co.: As defined in the preamble hereto.

 

FINRA: The Financial Industry Regulatory Authority.

 

General Partner: NGL Energy Holdings LLC, a Delaware limited liability company and the sole general partner of the Partnership.

 

Guarantors: As defined in the preamble hereto.

 

Holder: As defined in Section 2(b) hereof.

 

Indemnified Holder: As defined in Section 8(b) hereof.

 

Indenture: The indenture, dated as of April 9, 2019, by and among the Obligors and the Trustee.

 

Initial Notes: As defined in the preamble hereto.

 

Initial Placement: The issuance and sale by the Issuers of the Initial Notes to the Initial Purchasers pursuant to the Purchase Agreement.

 

Initial Purchasers: As defined in the preamble hereto.

 

Issue Date: April 9, 2019.

 

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Issuers: As defined in the preamble hereto.

 

Liquidated Damages: As defined in Section 5(a) hereof.

 

Obligors: As defined in the preamble hereto.

 

Partnership: As defined in the preamble hereto.

 

Person: An individual, partnership, limited liability company, corporation, trust, unincorporated organization or other legal entity, or a government or agency or political subdivision thereof.

 

Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such prospectus.

 

Purchase Agreement: As defined in the preamble hereto.

 

Registration Default: As defined in Section 5(a) hereof.

 

Registration Statement: Any registration statement of the Obligors relating to (a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein.

 

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

 

Shelf Filing Deadline: As defined in Section 4(a) hereof.

 

Shelf Registration Statement: As defined in Section 4(a) hereof.

 

Transfer Restricted Securities: Each Initial Note until the earliest to occur of (a) the date on which such Initial Note has been exchanged in the Exchange Offer by a Person other than a Broker-Dealer for an Exchange Note entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) following the exchange by a Broker-Dealer in the Exchange Offer of an Initial Note for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such Broker-Dealer on or prior to the date of such sale a copy of the Prospectus contained in the Exchange Offer Registration Statement, (c) the date on which the resale of such Initial Note has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement or (d) the date on which such Initial Note is distributed to the public pursuant to Rule 144 under the Securities Act.

 

Trustee: U.S. Bank National Association.

 

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Trust Indenture Act: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa 77bbbb), as amended, including the rules and regulations promulgated thereunder, in each case as in effect on the date of the Indenture.

 

Underwritten Registration or Underwritten Offering: A registration under a Shelf Registration Statement, pursuant to which securities of the Obligors are sold to an underwriter or underwriters for reoffering to the public.

 

SECTION 2.                            Securities Subject to this Agreement.

 

(a)                                 Transfer Restricted Securities. The securities entitled to the benefits of this Agreement are the Transfer Restricted Securities.

 

(b)                                 Holders of Transfer Restricted Securities. A Person is deemed to be a holder of Transfer Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities.

 

SECTION 3.                            Registered Exchange Offer.

 

(a)                                 Unless the Exchange Offer shall not be permissible under applicable law or Commission policy, the Obligors shall (i) use their commercially reasonable efforts to cause to be filed with the Commission after the Issue Date, a Registration Statement under the Securities Act relating to the Exchange Notes and the Exchange Offer, (ii) use their commercially reasonable efforts to cause such Registration Statement to become effective under the Securities Act not later than 365 days after the Issue Date, (iii) in connection with the foregoing, file (A) all pre-effective amendments to such Registration Statement as may be necessary in order to cause such Registration Statement to become effective, (B) if applicable, a post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) any necessary filings in connection with the registration and qualification of the Exchange Notes to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) promptly after such Registration Statement is declared effective by the Commission, commence the Exchange Offer. The Exchange Offer Registration Statement shall be on the appropriate form permitting (i) registration of the offer and issuance of the Exchange Notes to be offered in exchange for the Initial Notes that are Transfer Restricted Securities and (ii) resales of the Exchange Notes by Broker-Dealers who currently hold Transfer Restricted Securities that were acquired for their own account as a result of market-making activities or other trading activities (other than Initial Notes acquired directly from the Issuers or any of their Affiliates) as contemplated by Section 3(c) below.

 

(b)                                 The Obligors shall use their commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable United States federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days after the date on which notice of the Exchange Offer is mailed to the Holders. The Obligors shall cause the Exchange Offer to comply with all applicable United States federal and state securities laws. No securities other

 

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than the Exchange Notes shall be included in the Exchange Offer Registration Statement. The Obligors shall use their commercially reasonable efforts to cause the Exchange Offer to be Consummated no later than 30 Business Days after the date on which the Exchange Offer Registration Statement has become effective, or such later date as may be required by United States federal securities laws.

 

(c)                                  The Issuers shall indicate in a “Plan of Distribution” section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Initial Notes that are Transfer Restricted Securities that were acquired for its own account as a result of market-making activities or other trading activities (other than Transfer Restricted Securities acquired directly from the Issuers or any of their Affiliates), may exchange such Initial Notes pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Notes received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Initial Notes held by any such Broker-Dealer except to the extent requested or required by the Commission as a result of a change in policy after the date of this Agreement.

 

The Obligors shall use their commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Initial Notes acquired by any Broker-Dealer for its own account as a result of market-making activities or other trading activities, and to ensure that the Exchange Offer Registration Statement conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective by the Commission and (ii) the date on which Broker-Dealers are no longer required to deliver a prospectus in connection with market-making or other trading activities.

 

The Issuers shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day period (or a shorter period as provided in the foregoing sentence) in order to facilitate such resales.

 

SECTION 4.                            Shelf Registration.

 

(a)                                 Shelf Registration Deadlines. If (i) the Obligors are not required to file an Exchange Offer Registration Statement or to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy, (ii) for any reason the Exchange Offer is not Consummated within 30 Business Days after the Effectiveness Target Date with respect to the Exchange Offer Registration Statement, or (iii) with respect to any Holder of Transfer Restricted Securities, such Holder notifies the Issuers prior to the 20th Business Day following the consummation of the Exchange Offer that (A) such Holder is

 

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prohibited by applicable law or Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Notes acquired directly from the Issuers or one of their Affiliates, then, upon such Holder’s request, the Obligors shall

 

(x)                                 use their commercially reasonable efforts to cause to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”), on or prior to 30 days after the occurrence of (i), (ii) or (iii) of the first sentence of Section 4(a) (such date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of all Transfer Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and

 

(y)                                 use their commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission on or prior to 90 days after the Shelf Filing Deadline.

 

The Obligors shall use their commercially reasonable efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and 6(c) hereof to the extent necessary to ensure that it is available for resales of Initial Notes by the Holders of Transfer Restricted Securities entitled to the benefit of this Section 4(a), and to ensure that the Shelf Registration Statement conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, until the earlier of (i) one year following the effective date of such Shelf Registration Statement and (ii) the date on which all the Initial Notes covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement.

 

(b)                                 Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Issuers in writing, within 20 days after receipt of a request therefor, such information as the Issuers may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. No Holder of Transfer Restricted Securities shall be entitled to Liquidated Damages pursuant to Section 5 hereof unless such Holder shall have timely provided all such information. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished to the Issuers by such Holder not misleading.

 

SECTION 5.                            Liquidated Damages.

 

(a)                                 If (i) a Shelf Registration Statement is required to be filed by this Agreement and is not filed with the Commission on or prior to the date specified for such filing in this

 

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Agreement, (ii) any of the Registration Statements required by this Agreement has not been declared effective by the Commission on or prior to the date specified for such effectiveness in this Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated within 30 Business Days after the Effectiveness Target Date with respect to the Exchange Offer Registration Statement set forth in Section 3(a)(ii) hereof or (iv) any Registration Statement required by this Agreement is filed and declared effective by the Commission but shall thereafter cease to be effective or fail to be usable for its intended purpose (each such event referred to in clauses (i) through (iv), a “Registration Default”), the Obligors hereby agree to pay damages (“Liquidated Damages”) to each Holder of the Transfer Restricted Securities in an amount equal to 0.25% per annum on the principal amount of Transfer Restricted Securities held by such Holder during the 90-day period immediately following the occurrence of any Registration Default and such amount shall increase by 0.25% per annum at the end of such 90-day period; provided that in no event shall the Liquidated Damages under this Agreement exceed 0.50% per annum. Following the cure of all Registration Defaults, Liquidated Damages shall cease to accrue; provided, however, that, if after Liquidated Damages have ceased to accrue, a different Registration Default occurs, Liquidated Damages shall again accrue pursuant to the foregoing provisions. All accrued Liquidated Damages shall be paid in the manner provided for the payment of interest on the Initial Notes as set forth in the Indenture. Notwithstanding the foregoing, the amount of Liquidated Damages shall not increase as a result of more than one Registration Default having occurred (and being pending at the same time).

 

(b)                                 A Registration Default referred to in Section 5(a)(iv) hereof shall be deemed not to have occurred and be continuing in relation to a Shelf Registration Statement required by this Agreement or the related Prospectus if (i) such Registration Default has occurred solely as a result of material events with respect to the Obligors that would need to be described in such Shelf Registration Statement or the related Prospectus and such event is not so described therein and (ii) the Obligors are proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and related Prospectus to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 30 days in any 12-month period, Liquidated Damages shall be payable in accordance with the above paragraph from the 31st day after such Registration Default occurs until such Registration Default is cured, or if earlier, the date on which the Notes or Exchange Notes otherwise cease to be Transfer Restricted Securities.

 

All obligations of the Obligors set forth in the preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive (subject to the proviso of the immediately preceding sentence) until such time as all such obligations with respect to such security shall have been satisfied in full.

 

SECTION 6.                            Registration Procedures.

 

(a)                                 Exchange Offer Registration Statement. In connection with the Exchange Offer, the Obligors shall comply with all of the provisions of Section 6(c) hereof, shall use their commercially reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and shall comply with all of the following provisions:

 

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(i)                                     If in the reasonable opinion of counsel to the Issuers there is a question as to whether the Exchange Offer is permitted by applicable law, the Obligors each hereby agree to seek a no-action letter or other favorable decision from the Commission allowing the Obligors to Consummate an Exchange Offer for such Initial Notes. The Obligors each hereby agree to pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. The Obligors each hereby agree, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Issuers setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such submission.

 

(ii)                                  As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Issuers, prior to the Consummation thereof, a written representation to the Issuers (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Issuers, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution (within the meaning of the Securities Act) of the Exchange Notes to be issued in the Exchange Offer and (C) it is acquiring the Exchange Notes in its ordinary course of business. In addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Issuers’ preparations for the Exchange Offer. Each Holder, including any Holder that is a Broker-Dealer, shall acknowledge and agree that any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley & Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Notes obtained by such Holder in exchange for Initial Notes acquired by such Holder directly from the Issuers or any of their Affiliates.

 

(b)                                 Shelf Registration Statement. In connection with the Shelf Registration Statement, if any, the Obligors shall comply with all the provisions of Section 6(c) hereof and shall use their commercially reasonable efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto the Obligors will as promptly as practicable prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof.

 

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(c)                                  General Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Notes by Broker-Dealers), the Obligors shall:

 

(i)                                     use their commercially reasonable efforts to keep such Registration Statement continuously effective and provide all requisite financial statements, including, if required by the Securities Act or any regulation thereunder, financial statements of the Guarantors, for the period specified in Section 3 or Section 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Obligors shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use their commercially reasonable efforts to cause such amendment to be declared effective by the Commission and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter;

 

(ii)                                  prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or Section 4 hereof; cause the Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus;

 

(iii)                               advise the managing underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, confirm such advice in writing, (A) when the Prospectus or any prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, and (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the

 

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Prospectus in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws, the Obligors shall use their commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible time;

 

(iv)                              furnish without charge to each Initial Purchaser, each selling Holder named in any Shelf Registration Statement, and each of the managing underwriter(s), if any, before filing with the Commission, copies of any Shelf Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Shelf Registration Statement), which documents will be subject to the review and comment of the managing underwriter(s), if any, in connection with such sale for a period of at least two Business Days, and the Issuers will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus to which the Initial Purchasers or the underwriter(s), if any, shall reasonably object in writing within two Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of a managing underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein not misleading;

 

(v)                                 promptly prior to the filing of any document that is to be incorporated by reference into a Shelf Registration Statement or Prospectus, provide copies of such document to the Initial Purchasers, each selling Holder named in any Shelf Registration Statement, and to the underwriter(s), if any, make the representatives of the applicable Obligors available for discussion of such document and other customary due diligence matters, and include such information in such document prior to the filing thereof as such selling Holders or managing underwriter(s), if any, reasonably may request;

 

(vi)                              in connection with any Underwritten Offering, make available at reasonable times for inspection by any managing underwriter participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by any of the managing underwriter(s), all material financial and other records, pertinent corporate documents and properties of the Obligors and cause the Obligors’ officers, directors and employees to supply all information reasonably requested by any such managing underwriter, attorney or accountant in connection with such Registration Statement of any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing underwriter(s), if any; provided, however, that such Persons first agree in writing with the Issuers that any information that is reasonably and in good faith designated by the Issuers in writing as confidential at the time of delivery of such information will be kept confidential by such Persons, unless (A) disclosure of such

 

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information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities, (B) disclosure of such information is required by law (including any disclosure requirements pursuant to United States federal securities laws in connection with the filing of such Shelf Registration Statement or the use of any Prospectus), (C) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard such information by such Person or (D) such information becomes available to such Person from a source other than the Issuers and its subsidiaries and such source is not known, after reasonable inquiry, by such Person to be bound by a confidentiality agreement; provided further that, to the extent the foregoing investigation is being made contemporaneously by more than two Holders, there shall be one law firm and one accounting firm retained by all Holders to make such investigation;

 

(vii)                           in connection with any Underwritten Offering, if requested by any selling Holders or the managing underwriter(s), promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and managing underwriter(s), if any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities, information with respect to the principal amount of Transfer Restricted Securities being sold to such managing underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after the Issuers are notified of the matters to be incorporated in such prospectus supplement or post-effective amendment;

 

(viii)                        furnish to each selling Holder, who so reasonably requests, and each of the managing underwriter(s), if any, without charge, at least one copy of the Shelf Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules;

 

(ix)                              deliver to each selling Holder and each of the managing underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Obligors each hereby consent to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the managing underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto after such time as such Prospectus has been publicly filed with the Commission;

 

(x)                                 in the case of a Shelf Registration Statement involving an Underwritten Offering, enter into, and cause the Guarantors to enter into, such agreements (including an underwriting agreement), and make, and cause the Guarantors to make, such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to such Underwritten Offering, all to such extent as may be reasonably and

 

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customarily requested by any Holder of Transfer Restricted Securities or managing underwriter in connection with any sale or resale pursuant to such Underwritten Offering; and the Obligors shall:

 

(A)                               furnish to each managing underwriter, in such substance and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings:

 

(1)                                 a certificate, dated the date of the closing of such Underwritten Offering, signed on behalf of (i) the Partnership by (A) the Chief Executive Officer of the General Partner and (B) the Chief Financial Officer of the General Partner, (ii) Finance Co. by (A) the President of Finance Co. and (B) the Chief Financial Officer of Finance Co., and (iii) any Guarantor by (A) the Chief Executive Officer or President of such Guarantor or of a parent, acting on behalf of such Guarantor, and (B) the Chief Financial Officer or any other executive officer of such Guarantor or of a parent, acting on behalf of such Guarantor, confirming, as of the date thereof, such matters set forth in the underwriting agreement as such parties may reasonably request;

 

(2)                                 an opinion, dated the date of the closing of such Underwritten Offering, of counsel for the Obligors, covering such customary matters as such parties may reasonably request; and

 

(3)                                 a customary comfort letter, dated the date of the pricing of such Underwritten Offering, from (i) the Partnership’s independent accountants and (ii) the independent accountants of any other Person for which financial statements are included in or incorporated by reference into such Shelf Registration Statement, in the customary form and covering matters of the type customarily requested to be covered in comfort letters to underwriters in connection with primary underwritten offerings;

 

(B)                               deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with Section 6(c)(x)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by any of the Obligors pursuant to this Section 6(c)(x), if any; and

 

(C)                               cooperate with the selling Holders, the managing underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s) may reasonably request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Shelf Registration Statement; provided, however, that none of the Obligors shall be required to register or qualify as a foreign corporation,

 

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partnership or limited liability company, as applicable, where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation in excess of a nominal dollar amount, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject;

 

If at any time the representations and warranties of the Obligors contemplated in Section 6(c)(x) hereof cease to be true and correct, the Obligors shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing;

 

(xi)                              issue, upon the request of any Holder of Initial Notes covered by the Shelf Registration Statement, Exchange Notes having an aggregate principal amount equal to the aggregate principal amount of Initial Notes being sold by such Holder; such Exchange Notes to be registered in the name of the purchaser(s) of such Initial Notes; in return, the Initial Notes held by such Holder shall be surrendered to the Issuers for cancellation;

 

(xii)                           cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the selling Holders or the underwriter(s), if any, may request at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or managing underwriter(s);

 

(xiii)                        use its commercially reasonable efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained in Section 6(c)(x)(C) hereof;

 

(xiv)                       if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading;

 

(xv)                          provide a CUSIP number for all Exchange Notes not later than the effective date of a Registration Statement covering such Exchange Notes and provide the Trustee under the Indenture with printed certificates for the Exchange Notes or global certificates representing the Exchange Notes, which are in a form eligible for deposit with DTC;

 

13

 

(xvi)                       cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any managing underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of FINRA;

 

(xvii)                    otherwise use their commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make generally available to securityholders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 of the Securities Act (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Partnership’s first fiscal quarter commencing after the effective date of the Registration Statement; and

 

(xviii)                 cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with, and cause the Guarantors to cooperate with, the Trustee and the Holders to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute, and cause the Guarantors to execute, and use their commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner.

 

(d)                                 Restrictions on Holders. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of any notice from the Issuers of the existence of any fact or the happening of any event of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xiv) hereof, or until it is advised in writing (the “Advice”) by the Issuers that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Issuers, each Holder will deliver to the Issuers (at the Issuers’ expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice.

 

In the event the Issuers shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xiv) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether Liquidated Damages shall accrue pursuant to Section 5 hereof or the amount of such Liquidated Damages, it being agreed that the Issuers’ option to suspend use of a Registration Statement

 

14

 

pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5 hereof.

 

SECTION 7.                            Registration Expenses.

 

(a)                                 All expenses incident to the Obligors’ performance of or compliance with this Agreement will be borne by the Obligors, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Initial Purchaser or Holder with FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of compliance with United States federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Obligors and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities; and (v) all fees and disbursements of independent certified public accountants of the Obligors (including the expenses of any special audit and comfort letters required by or incident to such performance).

 

The Obligors will, in any event, bear their internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by any of the Obligors.

 

(b)                                 In connection with any Shelf Registration Statement required by this Agreement, the Obligors will reimburse the Holders of Transfer Restricted Securities being resold pursuant to the Shelf Registration Statement for the reasonable fees and disbursements of not more than one counsel, who shall be Vinson & Elkins L.L.P. or such other counsel as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Shelf Registration Statement is being prepared.

 

(c)                                  Each Holder will pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Transfer Restricted Securities pursuant to the Shelf Registration Statement.

 

SECTION 8.                            Indemnification. (a) Each of the Obligors, jointly and severally, agrees to indemnify and hold harmless (i) each Holder, (ii) each Person, if any, who controls any Holder within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act (a “controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii), an “Indemnified Holder”), to the fullest extent lawful, from and against any loss, claim, damage, liability or expense, as incurred, to which an Indemnified Holder may become subject, under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of any of the Obligors), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon any untrue statement or alleged untrue statement of a material fact

 

15

 

contained in any Registration Statement or Prospectus (or any amendment or supplement thereto) or any free writing prospectus or preliminary prospectus used in any transaction contemplated hereby, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and to reimburse each Indemnified Holder for any and all expenses (including the fees and disbursements of counsel chosen by such Indemnified Holder) as such expenses are reasonably incurred by such Indemnified Holder in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability or expense (including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any such Indemnified Holder) to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to any Obligor by any of the Holders expressly for use in any Registration Statement or Prospectus (or any amendment or supplement thereto) or any free writing prospectus or preliminary prospectus used in any transaction contemplated hereby or arising out of or based upon any omission or alleged omission therefrom of a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading in conformity with written information furnished to any Obligor by such Holder expressly for use therein or due to the failure of any Holder to respond to any request for information by an Obligor. The indemnity agreement set forth in this Section 8(b) shall be in addition to any liabilities that any of the Obligors may otherwise have.

 

(b)                                 Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Obligors and each of their respective directors, officers and employees, and each controlling person, against any loss, claim, damage, liability or expense, as incurred, to which any of the Obligors or any such director, officer, employee or controlling person may become subject, under the Securities Act, the Exchange Act, or other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of such Holder or such controlling person), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) (i) arises out of or is based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto) or any free writing prospectus or preliminary prospectus used in connection with any transaction contemplated hereby, or (ii) arises out of or is based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in any Registration Statement or Prospectus (or any amendment or supplement thereto) or any free writing prospectus or preliminary prospectus used in connection with any transaction contemplated hereby, in reliance upon and in conformity with written information furnished to any Obligor by such Holder expressly for use therein or due to the failure of any Holder to respond to any request for information by an Obligor; and to reimburse the Obligors or any such director, officer, employee or controlling person for any legal and other expenses reasonably incurred by the Obligors or any such director, officer, employee or controlling person in

 

16

 

connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. The indemnity agreement set forth in this Section 8(c) shall be in addition to any liabilities that such Holder may otherwise have. In no event shall the liability of any selling Holder hereunder be greater than the dollar amount of the proceeds received by such Holder upon the sale of the Transfer Restricted Securities giving rise to such indemnification obligation.

 

(c)                                  Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof, but the omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party for contribution or otherwise than under the indemnity agreement contained in this Section 8 or to the extent it is not prejudiced as a proximate result of such failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in and, to the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume, the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party’s election so to assume the defense of such action and approval by the indemnified party of counsel, which such approval shall not be unreasonably withheld, the indemnifying party will not be liable to such indemnified party under this Section 8 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (together with local counsel), approved by the indemnifying party, representing the indemnified parties who are parties to such action) or (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases the reasonable fees and expenses of counsel shall be at the expense of the indemnifying party.

 

The indemnifying party under this Section 8 shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened

 

17

 

action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement, compromise or consent includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding.

 

(d)                                 If the indemnification provided for in this Section 8 is for any reason held to be unavailable to or otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect the relative benefits received by the Obligors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Obligors shall be deemed to be equal to the total gross proceeds to the Obligors from the Initial Placement and the Registration Statement) or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Obligors, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions or inaccuracies in the representations and warranties herein which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Obligors, on the one hand, and the Holders, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact or any such inaccurate or alleged inaccurate representation or warranty relates to information supplied by any of the Obligors, on the one hand, or the Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in this Section 8, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in Section 8(d) with respect to notice of commencement of any action shall apply if a claim for contribution is to be made hereunder; provided, however, that no additional notice shall be required with respect to any action for which notice has been given under Section 8(d) for purposes of indemnification.

 

The Obligors and each Holder of Transfer Restricted Securities agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 8.

 

Notwithstanding the provisions of this Section 8, none of the Holders (or any Person who controls such Holder within the meaning of the Securities Act and the Exchange Act) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds received by such Holder from the sale of the Transfer Restricted Securities pursuant to a Registration Statement exceeds the amount of any damages which such Holder has otherwise

 

18

 

been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11 of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(d) are several, and not joint, in proportion to the respective principal amount of Initial Notes held by each of the Holders hereunder and not joint. For purposes of this Section 8(d), each director, officer and employee of each Holder and each Person, if any, who controls any Holder within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as such Holder, and each director, officer and employee of an Obligor, and each Person, if any, who controls an Obligor within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as such Obligor.

 

SECTION 9.                            Rule 144A.

 

The Obligors each hereby agree with each Holder, for so long as any Transfer Restricted Securities remain outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act.

 

SECTION 10.                     Participation in Underwritten Registrations.

 

No Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements.

 

SECTION 11.                     Selection of Underwriters.

 

The Holders of Transfer Restricted Securities covered by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however, that such investment bankers and managers must be reasonably satisfactory to the Partnership.

 

SECTION 12.                     Miscellaneous.

 

(a)                                 Remedies. Each of the Obligors hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

 

19

 

(b)                                 No Inconsistent Agreements. Each of the Obligors will not, on or after the date of this Agreement, enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. None of the Obligors has previously entered into any agreement granting any registration rights with respect to its securities to any Person pursuant to which any such Person would have the right to include any securities in any Registration Statement to be filed with the Commission as required under this Agreement. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Obligors’ securities under any agreement in effect on the date hereof.

 

(c)                                  Adjustments Affecting the Notes. The Obligors will not take any action, or permit any change to occur, with respect to the Initial Notes and/or the Exchange Notes that would materially and adversely affect their ability to Consummate the Exchange Offer.

 

(d)                                 Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuers have obtained the written consent of Holders of a majority of the then-outstanding aggregate principal amount of Transfer Restricted Securities or a confirmation from DTC that the Holders of a majority of the then-outstanding aggregate principal amount of Transfer Restricted Securities has consented. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Transfer Restricted Securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders whose securities are not being sold pursuant to such Registration Statement may be given by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities being sold by such Holders pursuant to such Registration Statement; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence; provided further that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Obligors shall obtain the written consent of each such Initial Purchaser (which consent shall not be unreasonably withheld) with respect to which such amendment, supplement, waiver or consent is to be effective. Notwithstanding the preceding two sentences, Sections 5 and 8 hereof shall not be amended, modified or supplemented, and waivers or consents to depart from this sentence may not be given, unless the Issuers have obtained the written consent of each Holder affected thereby.

 

(e)                                  Additional Guarantors. The Partnership shall cause any of its Restricted Subsidiaries (as defined in the Indenture) that becomes, prior to the consummation of the Exchange Offer, a Guarantor in accordance with the terms and provisions of the Indenture to become a party to this Agreement as a Guarantor. It is understood and agreed that if, prior to the Exchange Offer, a Guarantor that has executed this Agreement is no longer a Guarantor under the Indenture pursuant to and in accordance with the provisions of the Indenture, such Guarantor shall no longer be a Guarantor or an Obligor for purposes of this Agreement.

 

(f)                                   Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery:

 

20

 

(i)                                     if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture;

 

(ii)                                  if to the Obligors:

 

NGL Energy Partners LP
 6120 South Yale Avenue, Suite 805
 Tulsa, Oklahoma 74136
 Facsimile: (918) 481-5896
 Attention: H. Michael Krimbill
 Chief Executive Officer

 

With a copy (which shall not constitute notice) to:

 

Hunton Andrews Kurth LLP
 600 Travis, Suite 4200
 Houston, Texas 77002
 Facsimile: (713) 220-4285
 Attention: Henry Havre

 

(iii)                               if to the Initial Purchasers:

 

Attention: High Yield Capital Markets
 RBC Capital Markets, LLC
 Brookfield Place
 200 Vesey Street, 8th Floor

New York, New York 10281
 Fax: (212) 858-8337

 

Attention: Leveraged Capital Markets
 Mizuho Securities USA LLC

320 Park Avenue, 12th Floor

New York, New York 10022

Fax: (212) 797-4877

 

With a copy (which shall not constitute notice) to:

 

Vinson & Elkins L.L.P.
 1001 Fannin Street, Suite 2500
 Houston, Texas 77002
 Facsimile: (713) 615-5651
 Attention: Michael Telle

 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if

 

21

 

telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery.

 

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

 

(g)                                  Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder.

 

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

 

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

 

(j)                                    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(k)                                 Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

 

(l)                                     Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Obligors with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

(Signature Page Follows)

 

22

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
NGL ENERGY PARTNERS   LP
    
	
 
    	
 
    
	
 
    	
By:
    	
NGL   Energy Holdings LLC, its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert W. Karlovich III
    
	
 
    	
Name:
    	
Robert W.   Karlovich III
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
NGL ENERGY FINANCE   CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert W. Karlovich III
    
	
 
    	
Name:
    	
Robert W.   Karlovich III
    
	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    

 

[Signature Page to Registration Rights Agreement]

 

	
 
    
	
 
    	
GUARANTORS:
    
	
 
    	
 
    
	
 
    	
NGL ENERGY OPERATING LLC
    
	
 
    	
NGL CRUDE LOGISTICS, LLC
    
	
 
    	
NGL LIQUIDS, LLC
    
	
 
    	
NGL WATER SOLUTIONS, LLC
    
	
 
    	
NGL CRUDE TRANSPORTATION, LLC
    
	
 
    	
NGL CRUDE CUSHING, LLC
    
	
 
    	
NGL ENERGY LOGISTICS, LLC
    
	
 
    	
NGL ENERGY HOLDINGS II, LLC
    
	
 
    	
NGL CRUDE TERMINALS, LLC
    
	
 
    	
NGL MARINE, LLC
    
	
 
    	
CENTENNIAL ENERGY, LLC
    
	
 
    	
NGL SUPPLY WHOLESALE, LLC
    
	
 
    	
CENTENNIAL GAS LIQUIDS ULC
    
	
 
    	
ANTICLINE DISPOSAL, LLC
    
	
 
    	
NGL WATER SOLUTIONS DJ, LLC
    
	
 
    	
NGL WATER SOLUTIONS EAGLE FORD, LLC
    
	
 
    	
NGL WATER SOLUTIONS PERMIAN, LLC
    
	
 
    	
GRAND MESA PIPELINE, LLC
    
	
 
    	
NGL MILAN INVESTMENTS, LLC
    
	
 
    	
NGL SUPPLY TERMINAL COMPANY, LLC
    
	
 
    	
NGL ENERGY EQUIPMENT LLC
    
	
 
    	
CHOYA OPERATING, LLC
    
	
 
    	
NGL SOUTH RANCH, INC.
    
	
 
    	
NGL WATER PIPELINES, LLC
    
	
 
    	
NGL WATER SOLUTIONS - ORLA SWD, LLC
    
	
 
    	
TRANSMONTAIGNE LLC
    
	
 
    	
TRANSMONTAIGNE PRODUCT SERVICES LLC
    
	
 
    	
TRANSMONTAIGNE SERVICES LLC
    

 

	
 
    	
 
    	
 
    	
By:
    	
/s/   Robert W. Karlovich III
    
	
 
    	
 
    	
 
    	
Name:
    	
Robert W.   Karlovich III
    
	
 
    	
 
    	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    
	
 
    	
 
    	
 
    
						

[Signature Page to Registration Rights Agreement]

 

 

The forgoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written:

 

RBC CAPITAL MARKETS, LLC

 

	
By:
    	
/s/ James   S. Wolfe
    	
 
    
	
Name:
    	
James S.   Wolfe
    	
 
    
	
Title:
    	
Managing   Director Head of Global Leveraged Finance
    	
 
    

 

MIZUHO SECURITIES USA LLC

 

	
By:
    	
/s/   Andrew Rothstein
    	
 
    
	
Name:
    	
Andrew   Rothstein
    	
 
    
	
Title:
    	
Managing   Director
    	
 
    

 

For themselves and on behalf of the

several Initial Purchasers listed in

Schedule 1 to the Purchase Agreement.

 

[Signature Page to Registration Rights Agreement]

 

 

SCHEDULE A

 

Guarantors

 

NGL Energy Operating LLC

NGL Crude Logistics, LLC

NGL Liquids, LLC

NGL Crude Transportation, LLC

NGL Crude Cushing, LLC

NGL Energy Logistics, LLC

NGL Energy Holdings II, LLC

NGL Crude Terminals, LLC

NGL Marine, LLC

Centennial Energy, LLC

Centennial Gas Liquids ULC

NGL Supply Terminal Company, LLC

NGL Water Solutions, LLC

AntiCline Disposal, LLC

NGL Water Solutions DJ, LLC

NGL Water Solutions Eagle Ford, LLC

NGL Water Solutions Permian, LLC

TransMontaigne LLC

TransMontaigne Product Services LLC

TransMontaigne Services LLC

NGL Milan Investments, LLC

Grand Mesa Pipeline, LLC

NGL Energy Equipment LLC

Choya Operating, LLC

NGL South Ranch, Inc.

NGL Water Pipelines, LLC

NGL Water Solutions - ORLA SWD, LLC

NGL Supply Wholesale, LLCEX-4.1

 Exhibit 4.1 

QUÉBEC 
 2.500% GLOBAL
NOTES SERIES QW 
 DUE April 9, 2024 
  

 
  

FISCAL AGENCY AGREEMENT 
  

 

 FISCAL AGENCY AGREEMENT 

THIS AGREEMENT, dated as of April 9, 2019, 
  

	BETWEEN:	 QUÉBEC, as issuer 

(the “Issuer”), 
  

	AND:	 DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as fiscal agent, registrar, principal
paying agent and transfer agent 

 (in all such capacities, the “Fiscal Agent”), 

WHEREAS pursuant to a terms agreement (the “Terms Agreement”), dated April 2, 2019, among the Issuer, on the
one hand, and CIBC World Markets Corp., J.P. Morgan Securities plc., National Bank of Canada Financial Inc. and RBC Capital Markets, LLC, each acting jointly on behalf of themselves and the several Underwriters named therein, on the other hand,
which incorporates by reference all of the provisions of the Québec Underwriting Agreement Standard Provisions (Debt Securities), dated April 2, 2019, the Issuer has agreed to create, issue and sell U.S.$1,000,000,000 aggregate principal
amount of 2.500% Global Notes Series QW due April 9, 2024 (herein collectively called the “Notes” or, individually, a “Note”); 

WHEREAS the sale of the Notes pursuant to the Terms Agreement has taken place as described in a Prospectus Supplement, dated
April 2, 2019, which contains a description of the Notes and the clearing and settlement procedures related thereto; 

WHEREAS the Notes are issuable in the form of one or more fully registered global certificates (the “Global Notes”)
registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York (“DTC”), and held by Deutsche Bank Trust Company Americas, as custodian for DTC (the “Custodian”), with beneficial interests in
the Notes represented, with limited exceptions, through book-entry accounts of financial institutions acting on behalf of owners of such beneficial interests as direct and indirect participants in DTC; 

WHEREAS owners of beneficial interests in the Notes are not, except in limited circumstances described in Section 5
(Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), entitled to receive Notes represented by physical certificates or to have Notes registered in their names; and 

WHEREAS all Notes are recorded in a register held by the Fiscal Agent (the “Register”), and are registered in the name
of Cede & Co., for the benefit of holders of Notes through DTC via its direct and indirect participants, including CDS Clearing and Depository Services Inc. (“CDS”), Euroclear S.A./N.V. (“Euroclear”) and Clearstream
Banking société anonyme (“Clearstream, Luxembourg”) (together, the “Clearing Systems”); 

 NOW THEREFORE it is hereby agreed as follows: 

 

	1.	 Definitions 

(1) Terms and expressions defined in the terms and conditions of the Notes attached as Schedule B shall have the same meaning when used in this
Agreement unless otherwise defined herein or unless the context otherwise requires. “Noteholders” or “holders of Notes” or “holders” or “registered holders” refers to persons
entered in the Register as registered holders of Notes. 
 (2) “Corporate Trust Office of the Fiscal Agent” will be at the address of
the Fiscal Agent specified in Section 21 (General) hereof or such other address as to which the Fiscal Agent may give notice to the Issuer. 

(3) “Responsible Officer” means any officer within the Corporate Trust Office of the Fiscal Agent, including any director, vice
president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Fiscal Agent customarily performing functions similar to those performed by any of the above designated officers and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and in each case who shall have direct responsibility for the
administration of this Agreement. 
  

	2.	 Appointment 

The Issuer hereby appoints Deutsche Bank Trust Company Americas as its registrar, fiscal agent, transfer agent and principal paying agent in respect of
the Notes upon and subject to the terms and conditions herein and therein contained and Deutsche Bank Trust Company Americas hereby accepts such appointments. 
  

	3.	 Issue of the Notes 

(1) The Notes shall be issued in the form of one or more fully registered Global Notes registered in the name of Cede & Co., as nominee of DTC,
and shall be executed by the Issuer. The Global Notes will be substantially in the form attached as Schedule A, with such changes as may be agreed between the Issuer and the Fiscal Agent. The aggregate principal amount of Notes to be issued and
outstanding at any time in the form of the Global Notes or physical certificates (the “Certificated Notes”) issued in accordance with Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated
Notes) shall not exceed U.S.$1,000,000,000 except to the extent that Notes are further issued in accordance with Section 19 (Further Issues). Forthwith after such execution, the Global Notes shall be delivered to the Fiscal Agent and
shall be authenticated by the Fiscal Agent (or by such other person as the Fiscal Agent may appoint for such purpose with the consent of the Issuer), and delivered to or to the order of the Issuer pursuant to a written direction of the Issuer. 

  
 -2- 

 (2) Owners of beneficial interests in the Global Notes will not, except in the limited circumstances
described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), be entitled to receive Notes represented by Certificated Notes or to have Notes registered in their names and will not be
considered holders thereof under this Agreement or the Notes. The Certificated Notes, if any, will be substantially in the form of the Global Notes attached as Schedule A with the appropriate changes thereto (and including a summary of terms and
condition of the Notes), consistent with the provisions of this Agreement, as may be agreed between the Issuer and the Fiscal Agent. 
 (3) The Global
Notes shall be issued and delivered only to or to the order of Cede & Co., as nominee for DTC or its successor appointed by the Issuer in accordance with Section 5 (Replacements, Exchange and Transfer of the Global Notes and the
Certificated Notes). The Global Notes shall be in the principal amount from time to time endorsed thereon. The Fiscal Agent shall cause DTC to establish on its book-entry Clearing System an account in the name of the Fiscal Agent, as registrar
and transfer agent for the Notes (the “Fiscal Agent Segregated Account”), for the purpose of facilitating the initial distribution of Notes in accordance with procedures previously agreed to by the Issuer, the Fiscal Agent and DTC. The
Fiscal Agent Segregated Account is maintained exclusively for book-keeping purposes and for purposes of facilitating timely transfers of Notes, and the Fiscal Agent shall not be deemed the owner or holder of the Notes recorded therein for any
purpose under this Agreement or under the terms of the Notes. The Issuer acknowledges and agrees that the Fiscal Agent Segregated Account will be subject to the agreements, rules and procedures from time to time governing DTC participant accounts.

 (4) So long as Cede & Co., as nominee of DTC, is the registered owner of the Global Notes and subject to applicable law, DTC or its
nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by the Global Notes for all purposes under this Fiscal Agency Agreement and the Notes, notwithstanding any notice to the contrary, and neither the
Issuer nor the Fiscal Agent will have any responsibility or liability for any aspect of the records of the Clearing Systems relating to or payments made by the Clearing Systems on account of beneficial ownership interests in the Global Notes or for
maintaining, supervising or reviewing any records of the Clearing Systems relating to such beneficial ownership interests. 
 (5) The Global Notes and
the Certificated Notes shall be signed (either manually or by facsimile signature) by the Minister of Finance or the Deputy Minister of Finance or any other authorized representative of the Issuer, and shall be authenticated by the Fiscal Agent upon
written authorization of the Issuer (or by such other person as the Fiscal Agent may appoint for such purpose with the consent of the Issuer). 

  
 -3- 

	4.	 The Register and Transfers 

(1) The Fiscal Agent, as registrar and transfer agent of the Issuer, shall maintain at its principal office in New York, a Register for
(i) registering and maintaining a record of the holdings of Notes, (ii) registering transfers between holders of Notes, (iii) registering and maintaining a record of holders of Certificated Notes in the event any are issued in the
limited circumstances described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), (iv) registering transfers of Certificated Notes in the event any are issued in the limited circumstances
described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes) and (v) registering and maintaining a record of any further issues of Notes pursuant to Section 19 (Further
Issues) and any subsequent transfers thereof and shall be responsible for transmitting to the Issuer any notices from holders of Notes. 
 (2) In
the event Certificated Notes are issued in exchange for the Global Notes under the limited circumstances described in Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes), the Fiscal Agent shall
(i) register and maintain a record of holders of Certificated Notes and (ii) register transfers of Notes among holders of Certificated Notes and between holders of Certificated Notes and participants in DTC, in accordance with such
procedures as the Fiscal Agent shall deem reasonable upon consultation with the Issuer. 
 (3) The Fiscal Agent shall not be required to inquire into,
or take any action in respect of, transfers of beneficial ownership interests in the Global Notes (i) within CDS, Euroclear or Clearstream, Luxembourg or between CDS, Euroclear and Clearstream, Luxembourg participants, or (ii) between DTC
participants. 
 (4) No service charge shall be payable by the presenter for any registration, registration of transfer or exchange of the Notes
provided that the Fiscal Agent may require payment by the transferee of a sum sufficient to cover any stamp or other tax or governmental charge in connection therewith. 

(5) The Register shall at all reasonable times during regular business hours be open for inspection by the Issuer and any agent of the Issuer. In the
event of any discrepancy between the principal amount of the Global Notes and the aggregate principal amount of Notes held by Cede & Co. as shown on the Register, the aggregate principal amount of Notes as shown on the Register shall
prevail. 
 (6) Neither the Issuer nor the Fiscal Agent shall be required (i) to register the transfer or exchange of any Notes on any Interest
Payment Date (as such term is defined in the Note) or during a period commencing at the close of business of the New York office of the Fiscal Agent on the 14th calendar day immediately preceding any such Interest Payment Date and ending on
such Interest Payment Date; (ii) to register the transfer or exchange of any Notes during the period commencing at the close of business of the New York office of the Fiscal Agent on the record date of any notice by the Issuer of any Notes to
be redeemed or purchased through the date the notice of redemption or purchase is given; or (iii) to register the transfer or exchange of any Notes called for redemption unless upon due presentation thereof such Notes called for redemption
shall not be redeemed. 

  
 -4- 

 (7) Subject to applicable law, the Issuer, the Fiscal Agent or any other agents of the Issuer or the
Fiscal Agent shall not be charged with notice of or be bound to see to the execution of any trust, whether express, implied or constructive, in respect of any Notes and may register the transfer of any Notes on the direction of the holder thereof,
whether named as trustee or otherwise, as though that person were the beneficial owner thereof. 
 (8) The parties hereto acknowledge that in order to
help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) requires all financial institutions
to obtain, verify, record and update information that identifies each person establishing a relationship or opening an account. The parties to this Agreement agree that they will provide to the Fiscal Agent such information as it may request, from
time to time, in order for the Fiscal Agent to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity
who is establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided. 

(9) The Fiscal Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason
of any occurrence of a superior force beyond the control of the Fiscal Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or
national disturbance or disaster, any act of terrorism, or the loss or malfunction of utilities, computer (hardware or software) or communications services, or unavailability of the Federal Reserve Bank wire or facsimile or other wire or
communication facility or any other event that is unforeseeable or irresistible). 
 (10)      The duties,
responsibilities and obligations of Fiscal Agent shall be limited to those expressly set forth in this Agreement and no duties, responsibilities or obligations arising out of the Terms Agreement and the Underwriting Agreement Standard Provisions (or
any other agreements relating to the Notes) shall be inferred or implied against the Fiscal Agent. The Fiscal Agent shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the
performance of any of its duties hereunder. 
 (11)      The Fiscal Agent may consult with legal counsel of its own
choosing, at the expense of the Issuer, as to any matter relating to this Agreement, and the Fiscal Agent shall not incur any liability in acting in good faith in accordance with any advice from such counsel. 

(12)      The Fiscal Agent may employ, with the prior written authorization of the Issuer, a custodian, agent, nominee or
delegate to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Fiscal Agent (including the receipt and payment of money) and shall not be responsible for the misconduct or negligence of
any such agent appointed with due care. 

  
 -5- 

	5.	 Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes 

(1) The Fiscal Agent, or an agent duly authorized by the Fiscal Agent, is hereby authorized from time to time in accordance with the provisions of the
Notes and of this Section 5 to authenticate and deliver: 
 (a)            the Global
Notes or the Certificated Notes, as the case may be, in exchange for or in lieu of the Global Notes or the Certificated Notes, as the case may be, outstanding on the Register with the same maturity and of like form which have become mutilated,
defaced, destroyed, stolen or lost, provided that the applicant therefor shall have (i) paid such costs as may have been incurred in connection therewith; (ii) surrendered to the Fiscal Agent any mutilated or defaced Global Notes or
Certificated Notes, as the case may be, to be replaced; and (iii) in the case of lost, stolen or destroyed Global Notes or Certificated Notes, as the case may be, furnished the Fiscal Agent with such evidence (including evidence as to the
serial number of the Global Notes or the Certificated Notes in question) and indemnity in respect thereof as the Issuer and the Fiscal Agent may require; 

(b)            Certificated Notes in an authorized form and denomination in exchange for a
like aggregate principal amount of Certificated Notes; and 
 (c)            upon any
registration of a transfer, a new Global Note or, as the case may be, a new Certificated Note which shall be issued to the new holder in replacement of the existing Global Note or Certificated Note thus transferred. Such new Global Note or, as the
case may be, new Certificated Note, shall be duly authenticated by the Fiscal Agent. Each new Global Note or Certificated Note authenticated and delivered upon any registration of transfer or exchange for or in lieu of the whole or any part of any
Global Note or Certificated Note shall carry all the rights to interest, if any, accrued and unpaid and to accrue which were carried by the whole or such part of such latter Global Note or Certificated Note, and notwithstanding anything to the
contrary herein contained, such new Global Note or Certificated Note shall be dated the date of the authentication of such Global Note or Certificated Note. 

(2) The Issuer will issue or cause to be issued Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by the
Global Notes (i) if DTC notifies the Issuer that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the United States Securities Exchange Act of 1934,
as amended, at a time when it is required to be so registered and a successor depository is not appointed by the Issuer within 90 days after receiving such notice or becoming aware that DTC is no longer so registered; (ii) if the Issuer,
in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon request by DTC to the Fiscal Agent, acting on direct or indirect instructions of the registered holder of the Global Note
or any owner of beneficial interests in the Global Note, but only after an event of default entitling the registered holders to give the Issuer written notice that such holders elect to declare the principal amount of the Notes held by them and
represented by the Global Note to be due and payable has occurred and is continuing, or, if DTC is unwilling or does not promptly make that request to the Issuer, then any beneficial owner of an interest in such Global Note shall be entitled to make
such request with respect to such interest. The Issuer shall bear the costs and expenses of printing or preparing any Certificated Notes. 

  
 -6- 

 (3) Upon any such issuance pursuant to Section 5(2) of the Certificated Notes in exchange for all
the Notes represented by the Global Notes, (i) the Issuer shall promptly make available to the Fiscal Agent a reasonable supply of Certificated Notes in blank form to proceed with such issuance, (ii) DTC shall cause the Global Notes to be
delivered to the Fiscal Agent and provide the Fiscal Agent with the necessary registration information for such Certificated Notes, (iii) the Fiscal Agent shall authenticate and deliver such Certificated Notes in an aggregate principal amount
equal to the principal amount of the Global Notes to be exchanged for such Certificated Notes, (iv) the Fiscal Agent shall cancel the Global Notes and, in the case of a partial exchange, issue and deliver to or to the order of DTC new Global
Notes equal to the unexchanged portion of any such Global Notes partially exchanged for Certificated Notes and (v) the Fiscal Agent shall reduce accordingly the holdings of Cede & Co. on the Register. The Fiscal Agent shall have at
least 30 days from the date of its receipt of Certificated Notes and registration information to authenticate and deliver such Certificated Notes. Such Certificated Notes shall be registered in such names and in such denominations as DTC,
pursuant to instructions from direct or indirect participants, shall direct and shall be delivered as directed by the persons in whose names such Certificated Notes are to be registered. All Notes represented by Certificated Notes issued upon any
such issuance in exchange for the Notes represented by the Global Notes shall be a valid obligation of the Issuer, shall be entitled to the same benefits under this Agreement as the Global Notes and shall be so exchanged without charge to the Fiscal
Agent, DTC or the transferee. On or after any such exchange, the Fiscal Agent shall direct all payments in respect of such Certificated Notes to the registered holders thereof, including when such exchange occurred after the record date for any
payment due and prior to the date of such payment. 
 (4) The Issuer expressly acknowledges that if Certificated Notes are not promptly issued to the
owners of beneficial interests in a Global Note in accordance with this Section 5, then an owner of a beneficial interest will be entitled to pursue any remedy under this Agreement, the Global Notes or applicable law with respect to the portion
of the Global Note representing that owner’s interest in the Global Note as if Certificated Notes had been issued. 
 (5) Unless the Global Notes
are presented by an authorized representative of DTC to the Issuer, the Fiscal Agent or their respective agents for registration of transfer, exchange or payment, and any replacement Global Notes are registered in the name of a nominee of DTC and
any payment is made to such nominee, any transfer, pledge or other use of the Global Notes for value or otherwise shall be wrongful since the registered holders of the Global Notes have an interest in the Notes evidenced by the Global Notes. 

  
 -7- 

	6.	 Paying Agents and Transfer Agents 

The Fiscal Agent shall act as the principal paying agent and transfer agent for the Issuer in connection with the Notes. The Issuer may
appoint any additional paying agents or transfer agents or terminate the appointment of any paying agents or transfer agents, except that if Certificated Notes are issued and for so long as the Notes are listed on the Euro MTF Market of the
Luxembourg Stock Exchange and if the rules of such stock exchange so require, the Issuer will appoint and maintain a paying agent and transfer agent in Luxembourg (the “Luxembourg Paying Agent”) to act on its behalf. 

 

	7.	 Payments by the Issuer to the Fiscal Agent 

(1) The Issuer agrees to provide to the Fiscal Agent by 10:00 a.m., New York time, on each date on which a payment of principal or interest (and any
Additional Amounts) in respect of the Notes is due (each a “Payment Date”) pursuant to the terms and conditions of the Notes such amount as is required to be paid on such date in immediately available funds in U.S. dollars to an account in
New York designated by the Fiscal Agent. 
 (2) All monies paid to the Fiscal Agent pursuant to and for the payment of the amounts referred to in this
Section 7 shall be received and held by the Fiscal Agent as agent for the Issuer and shall be applied to the payment of the appropriate U.S. dollar amounts at the time and in the manner provided in this Agreement and the Notes. 

(3) All monies paid to the Fiscal Agent pursuant to this Agreement shall be held by the Fiscal Agent in a separate account under arrangements agreed
upon separately by the Issuer and the Fiscal Agent from the moment when such monies are received until the time of actual payment for the benefit of the holders of the Notes and the Fiscal Agent shall apply such amount for payment of principal and
interest (and any Additional Amounts) due in respect of the Notes. If for any reason, the amounts paid to the Fiscal Agent pursuant to this paragraph are insufficient to satisfy all such claims for interest payable in respect of all Notes, the
Fiscal Agent shall not be obliged to pay any such claims until the Fiscal Agent has received the full amount of the monies that are due and payable. Subject to any relevant unclaimed property laws, the Fiscal Agent shall, to the extent permitted by
law, return to the Issuer any funds transferred to it for payments with respect to the Notes that are not so paid by the Fiscal Agent at the expiration of three years after the due date for payment thereof; thereafter, the holders of Notes shall
look only to the Issuer for any payment of such funds. 
 (4) The Fiscal Agent is authorized by the Issuer to open an account for the purposes contemplated in this
Section 7. Such account will not bear any interest or investment income on funds deposited unless otherwise agreed to in writing by the Fiscal Agent and the Issuer. The Fiscal Agent shall provide to the Issuer monthly statements identifying
transactions, transfers or holdings of the account and each such statement shall be deemed to be correct and final upon receipt thereof by the Issuer unless the Fiscal Agent is notified in writing by the Issuer to the contrary within thirty
(30) business days of the date of such statement. The requirements of this Section 7(4) shall be performed by the Fiscal Agent by granting the Issuer online read-only access to the account. 

  
 -8- 

	8.	 Payment of Notes 

(1) All payments in respect of the Notes represented by Global Notes or Certificated Notes will be made by the Fiscal Agent, as paying agent of the
Issuer, to the registered holders of such Global Notes or Certificated Notes after receipt of such payments from the Issuer as provided in Section 7 (Payments by the Issuer to the Fiscal Agent) and as set forth in the terms and
conditions of the Notes. 
 (2) The Fiscal Agent, as paying agent and registrar of the Issuer, shall maintain at its principal office in New York, a
Register for ensuring that payments of principal and interest in respect of the Notes received by the Fiscal Agent from the Issuer are duly credited to Cede & Co. 

(3) The Issuer shall have the right to require a holder of a Note, as a condition of payment of the principal of, or interest (and any Additional
Amounts) on a Note, to deliver to the Fiscal Agent a certificate in such form as the Issuer may from time to time prescribe in order to enable the Issuer to determine its duties and liabilities with respect to (i) any taxes, assessments or
governmental charges which the Issuer, the Fiscal Agent or the paying agent may be required to deduct or withhold from payments in respect of such Note under any present or future law of Canada or any regulation thereunder and (ii) any
reporting or other requirements under such law or regulation. The Issuer shall be entitled to determine its duties and liabilities with respect to such deduction, withholding, reporting or other requirements on the basis of information contained in
such certificate or, if no certificate shall be presented, on the basis of any presumption created by any such law or regulation and shall be entitled to act in accordance with such determination. 

(4) Subject to applicable law and the terms hereof, the Issuer, the Fiscal Agent and any other agent of the Issuer or the Fiscal Agent shall deem and
treat the person whose name appears in the Register as the registered holder of a Note as the absolute owner thereof for all purposes whatsoever notwithstanding any notice to the contrary, and any payment in U.S. dollars of or on account of the
principal of, and interest, and any Additional Amounts on such Note shall be made only to or to the order in writing of such holder, and such payment shall be valid and shall discharge the liability of the Issuer or the Fiscal Agent and any other
agent of the Issuer or the Fiscal Agent on such Note to the extent of the sum or sums so paid. 
 (5) The registered holder of any Note shall be
entitled to the payments of principal of, and interest, and any Additional Amounts on such Note, free from all rights of set-off or counterclaim between the Issuer and the original or any intermediate holder
thereof and all persons may act accordingly and a transferee of a Note shall, after the appropriate form of transfer is lodged with the Fiscal Agent or other agent of the Issuer or the Fiscal Agent for the purpose and upon compliance with all other
conditions relating thereto required by this Agreement or by any conditions contained in such Note or by law, be entitled to be entered on the Register as the owner of such Note free from all rights of set-off
or 

  
 -9- 

 
counterclaim between the Issuer and his transferor or any previous holder thereof, save in respect to rights of which the Issuer is required to take notice by statute or by order of a court of
competent jurisdiction. Delivery to the Issuer or the Fiscal Agent by a Noteholder of a Note or the receipt by such holder of the principal, interest and any Additional Amounts in respect of such Note shall be a valid discharge to the Issuer and the
Fiscal Agent, which shall not be bound to inquire into the title of such holder, save as ordered by a court of competent jurisdiction or as required by statute. 

(6) Where a Note is registered in more than one name, the principal and interest and any Additional Amounts from time to time payable in respect thereof
shall be paid to or to the order of all the joint holders thereof, failing written instructions to the contrary from all such joint holders, and such payment shall be a valid discharge to the Issuer, the Fiscal Agent and any other agent of the
Issuer or the Fiscal Agent. 
 (7) In the case of the death of one or more joint holders, the principal of, and interest, and any Additional Amounts
on any Notes registered in their names may, notwithstanding sub-Section (4) of this Section 8, be paid to the survivor or survivors of such holders whose receipt therefor shall constitute a valid
discharge to the Issuer, the Fiscal Agent and any other agent of the Issuer or the Fiscal Agent. 
  

	9.	 Cancellation of Notes 

All Certificated Notes that are presented for transfer pursuant to Section 4(1), all Notes that are presented for replacement,
exchange or registration of transfer pursuant to Section 5 (Replacements, Exchange and Transfer of the Global Notes and the Certificated Notes) or repaid on maturity or redeemed or purchased shall, upon such registration of transfer,
replacement or exchange or upon payment being made, be cancelled by the Fiscal Agent. The Fiscal Agent shall, as soon as reasonably possible after the date of any such registration of transfer, replacement, exchange, redemption, purchase or payment,
furnish the Issuer with a certificate or certificates stating: (i) the serial numbers and total number of Notes so transferred, replaced, exchanged, redeemed, purchased or repaid; and (ii) the amount, if any, paid in respect of such Notes.
Unless otherwise instructed by the Issuer, the Fiscal Agent shall destroy the cancelled Notes in its possession in accordance with its customary procedure and provide the Issuer with a destruction certificate duly signed by a representative of the
Fiscal Agent. 
  

	10.	 Maturity, Redemption and Purchase 

(1) Unless previously redeemed for tax reasons as provided in the terms and conditions of the Notes, or purchased, the principal amount of the Notes
shall be due and payable on April 9, 2024. 

  
 -10- 

 (2) In accordance with the terms and conditions of the Notes, upon receipt of a notice of intention to
redeem as contemplated in the provisions under “Maturity, Redemption and Purchases” in the terms and conditions of the Notes, not less than 30 days nor more than 60 days prior to the date fixed for redemption, the Issuer shall cause
to be given to the Holders (with a copy to the Fiscal Agent), in accordance with the provisions under “Notices” in the terms and conditions of the Notes, a notice of redemption stating: (i) the date fixed for redemption,(ii) the CUSIP
Number; (iii) the redemption price and (iv) if applicable, the place or places of surrender of the Notes to be redeemed. The Issuer may request the Fiscal Agent to deliver such notice of redemption to Holders on its behalf provided that
the Issuer has given such request to the Fiscal Agent at least five (5) Business Days prior to the last day on which notice of redemption may be given to the Holders. 

(3) The Issuer may, if not in default under the Notes, purchase Notes at any time in any manner and at any price. If the purchases are made by tender,
tenders must be available to all holders of the Notes alike. 
  

	11.	 Availability of Documents 

The Fiscal Agent shall make copies of the Fiscal Agency Agreement and the Form of Notes available for inspection, free of charge, by
Noteholders during regular business hours at the principal office of the Fiscal Agent. 
  

	12.	 Fees 

The Issuer shall pay to the Fiscal Agent such fees and expenses (including but not limited to fees, expenses and disbursements of
counsel and agents) for its services hereunder as are agreed separately by the Issuer and the Fiscal Agent, including any applicable value added or equivalent tax. 
  

	13.	 Further Reports 

The Fiscal Agent shall provide the Issuer upon written request such information regarding the administration of the Notes expressed in
such form as the Issuer may reasonably require. The Fiscal Agent shall transmit to the Issuer promptly any notices or other communications addressed to the Issuer that a Responsible Officer may receive in connection with the Notes, including any
notice of any legal action or proceeding which may be brought against the Issuer. 
  

	14.	 Meetings of Holders of Notes 

(1) The Fiscal Agent shall, on receipt of a written request of the Issuer or a written request signed in one or more counterparts by the beneficial
holders of not less than 10% of the principal amount of the Notes then outstanding and upon being indemnified to its satisfaction by the Issuer or the beneficial holders of Notes signing such request against the costs which may be incurred in
connection with the calling and holding of such meeting, convene a meeting of the holders of Notes for any lawful purpose affecting their interests. If the Fiscal Agent fails to give notice convening such meeting within 30 days after receipt of such
request and indemnity satisfactory to it, the Issuer or such beneficial holders of Notes, as the case may be, may convene such meeting. Every such meeting shall be held in New York or such other place as may be approved or determined by the Fiscal
Agent. 

  
 -11- 

 (2) At least 21 days’ notice of any meeting shall be given to the holders of the Global Notes or
Certificated Notes, as the case may be, in the manner provided pursuant to the provisions under “Notices” in the terms and conditions of the Notes, and a copy thereof shall be sent by post to the Fiscal Agent unless the meeting has been
called by it, and to the Issuer, unless the meeting has been called by the Issuer. Such notice shall state the day, time, place and purpose of the meeting and the general nature of the business to be transacted thereat, and shall include a statement
to the effect that, prior to 48 hours prior to the time fixed for the meeting, (i) in the limited circumstances in which Certificated Notes have been issued, those holders of Certificated Notes who deposit such Notes with the Fiscal Agent, or
any other person authorized for such purpose by the Fiscal Agent or the Issuer or (ii) in the case of Notes being represented by the Global Notes, those persons recorded in the Register, shall be entitled to obtain voting certificates for
appointing proxies, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed at such meeting or any other provisions. 

(3) A holder of Notes may appoint any person by instrument in writing as the holder’s proxy in respect of a meeting of the holders of Notes or any
adjournment of such meeting, and such proxy shall have all rights of the holder of Notes in respect of such meeting. All notices of meetings to the holder of a Global Note shall contain a requirement that the Clearing Systems must notify Clearing
Systems participants and, if known, owners of beneficial interests in the Global Notes of the meeting in accordance with procedures established from time to time by the Clearing Systems. The registered holders of Notes shall seek voting instructions
on the matters to be raised at such meeting from the Clearing Systems participants or, if known, from the owners of beneficial interests in the Global Notes in accordance with the applicable procedure of the Clearing Systems. For greater certainty,
it is acknowledged that none of the Issuer, the Fiscal Agent, any clearing agency or any intermediary or participant shall be required to comply with the time limits set out in the applicable procedure of the Clearing Systems but shall use all
reasonable efforts to otherwise comply with such procedure and attempt to provide non-registered holders of the Notes with meeting materials and voting rights as if such
non-registered holders of Notes were registered holders thereof. 
 (4) Some person, who need not be a holder
of Notes, nominated in writing by the Fiscal Agent shall be chairman of the meeting and if no person is so nominated or if the person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, the holders of
the Notes present in person or by proxy shall choose some person present to be chairman, and, failing such choice, the Issuer may appoint a chairman. 

(5) At a meeting of holders of Notes, a quorum shall consist of two or more holders of Notes present in person or by proxy who represent at least a
majority in aggregate principal amount of the Notes at the time outstanding. If a quorum of the holders of Notes shall not be present within one-half hour after the time fixed for holding any meeting, the
meeting, if convened by or at the request of holders of Notes, shall be dissolved, but if otherwise convened, the meeting shall stand adjourned without notice to the same day in the next week (unless such day is not a business day in the place where
the meeting is to take place in which case it shall stand adjourned until the next such business day following 

  
 -12- 

 
thereafter) at the same time and place unless the chairman shall appoint some other place, day or time of which not less than seven days’ notice shall be given in the manner provided above.
At any adjourned meeting called by the Issuer or the Fiscal Agent, two or more holders of Notes present in person or by proxy shall constitute a quorum and may transact the business for which the meeting was originally convened notwithstanding that
they may not represent at least a majority in aggregate principal amount of the Notes then outstanding. 
 (6) The chairman of any meeting at which a
quorum of the holders of Notes is present may, with the consent of the holder(s) of a majority in aggregate principal amount of the Notes represented thereat, adjourn any such meeting and no notice of such adjournment need be given except such
notice, if any, as the meeting may prescribe. 
 (7) Every motion or question submitted to a meeting shall be decided by Extraordinary Resolution (as
hereinafter defined) and in the first place by the votes given on a show of hands. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by
a particular majority or lost or not carried by a particular majority shall be conclusive of the fact. On any question submitted to a meeting when ordered by the chairman or demanded by a show of hands by one or more holders of Notes acting in
person or by proxy and holding at least 2% in aggregate principal amount of the Notes then outstanding, a poll shall be taken in such manner as the chairman shall direct. 

(8) In a poll, each holder of Notes present in person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote
in respect of each U.S.$1,000 principal amount of Notes then held by such holder. A proxy need not be a holder of Notes. In the case of Notes held jointly, any one of the joint holders present in person or by proxy may vote in the absence of the
other or others; but in case more than one of them is present in person or by proxy, only one of them may vote in respect of each U.S.$1,000 principal amount of Notes of which they are joint holders. 

(9) The Issuer and the Fiscal Agent by their respective officers, directors and representatives, and the legal advisors of the Issuer and the Fiscal
Agent may attend any meeting of the holders of Notes, but shall have no vote as such. 
 (10)    Subject to Section 16
(Amendments), in addition to all other powers conferred upon them by any other provision of this Agreement or by law, holders of Notes at a meeting shall have the following powers, any one or combination of which may be exercised from time to
time by Extraordinary Resolution: 
 (a)            power to confirm any modification or
amendment of this Agreement or the terms and conditions of the Notes proposed by the Issuer; provided that, to the extent that such modification or amendment may affect the rights, duties, protections, indemnities and immunities of the Fiscal Agent,
the Issuer shall not propose such modification or amendment and such power shall not be exercised, without the prior written consent of the Fiscal Agent; 

  
 -13- 

 (b)            power to exercise any
power, right, remedy or authority given to it by this Agreement or the Notes in any manner specified in such Extraordinary Resolution or to refrain from exercising any such power, right, remedy or authority; 

(c)            power to waive any default on the part of the Issuer in complying with any
provisions of this Agreement or the Notes or to waive future compliance with any provision or provisions of this Agreement or the Notes; and 

(d)            power to repeal, modify or amend any Extraordinary Resolution previously
passed by the holders of Notes; 
 provided, however, that no such modification nor amendment to this Agreement or to the terms and conditions of the
Notes or any other action taken may, (a) without the consent of the holder of each such Note affected thereby: (i) change the stated maturity or interest payment date(s) of any such Note; (ii) reduce the principal amount of or rate of
interest on any such Note; (iii) change the currency of payment of any such Note; (iv) impair the right to institute suit for the enforcement of any payment on or with respect to such Note; (v) reduce the percentage of the holders of
Notes necessary to modify or amend this Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum required at any meeting of holders of Notes; or (vi) reduce the
percentage of outstanding Notes necessary to waive any future compliance or past default; or (b) without the consent of the Fiscal Agent, alter the rights, duties, protections, indemnities or immunities of the Fiscal Agent. 

(11)    All actions that may be taken and all powers that may be exercised by the holders of Notes at a meeting held as hereinbefore
provided may also be taken and exercised by the holders of not less than 66 2/3% of the aggregate principal amount of the Notes at the time outstanding by an instrument in writing signed in one or more counterparts, and the expression
“Extraordinary Resolution” when used in this Agreement shall include an instrument so signed. 
 (12)    The term
“Extraordinary Resolution” means a resolution proposed to be passed at a meeting of holders of the Notes duly convened for the purpose and held in accordance with the provisions of this Agreement and passed by the affirmative vote of the
holders of not less than 66 2/3% of the aggregate principal amount of the Notes represented at the meeting in person or by proxy or as an instrument in writing signed by the holders of not less than 66 2/3% in principal amount of the outstanding
Notes. 
 (13)    Minutes of all resolutions and proceedings at every meeting of holders of Notes held in accordance with the
provisions of this Agreement shall be made and entered in books to be from time to time provided for that purpose by the Fiscal Agent at the expense of the Issuer and any such minutes, if signed by the chairman of the meeting at which such
resolutions were passed or proceedings taken, or by the chairman of the next succeeding meeting of the holders of Notes, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in
respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed and proceedings taken thereat to have been duly passed and taken. 

  
 -14- 

 (14)    Every Extraordinary Resolution passed in accordance with the provisions of
this Agreement at a meeting of holders of Notes shall be binding upon all the holders of Notes, whether present at or absent from such meeting, and every instrument in writing signed by holders of Notes in accordance with Section 14(11) shall
be binding upon all the holders of Notes (whether or not a signatory). Subject to the provisions for its satisfactory indemnity herein contained, the Fiscal Agent shall be bound to give effect accordingly to every such Extraordinary Resolution. 

(15)    The Fiscal Agent, or the Issuer with the approval of the Fiscal Agent, may from time to time make and from time to time vary
such regulations as it shall from time to time deem fit: 
 (a)            for the deposit
of instruments appointing proxies at such place as the Fiscal Agent, the Issuer or the holders of Notes convening a meeting, as the case may be, may in the notice convening such meeting direct; 

(b)            for the deposit of instruments appointing proxies at some approved place or
places other than the place at which the meeting is to be held and enabling particulars of such instruments appointing proxies to be mailed or sent by any other means of recorded communication before the meeting to the Issuer or to the Fiscal Agent
at the place where the same is to be held and for the voting of proxies so deposited as though the instruments themselves were produced at the meeting; and 

(c)            any regulation so made shall be binding and effective and votes given in
accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be entitled to vote at a meeting of holders of Notes shall be the holders thereof or their duly appointed proxies. 

(16)    The powers and any combination of the powers in this Agreement stated to be exercisable by the holders of Notes by
Extraordinary Resolution may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the holders of Notes to exercise such power or
powers or combination of powers then or any power or powers or combination of powers thereafter from time to time. 
  

	15.	 Indemnities 

(1) The Issuer agrees to indemnify and hold harmless the Fiscal Agent against all claims, actions, demands, damages, costs, liabilities, expenses and
losses arising out of or relating to the Fiscal Agent’s duties as fiscal agent, registrar, transfer agent and principal paying agent hereunder for the Issuer, except such as may result from the Fiscal Agent’s gross negligence or willful
misconduct (i.e., intentional or gross fault) or that of its directors, officers, employees or representatives. 

  
 -15- 

 (2) This Section 15 shall survive the termination of this agreement, payment in full of all
obligations of the Notes and under this Agreement, whether by redemption, repayment or otherwise and the resignation or removal of the Fiscal Agent. 
  

	16.	 Amendments 

(1) This Agreement and the Notes may be amended by the Issuer and the Fiscal Agent without notice to or the consent of the holders of Notes, for the
purposes of: (i) curing any ambiguity; (ii) curing, correcting or supplementing any defective provisions contained herein or therein; (iii) effecting the issue of further Notes of the Issuer pursuant to Section 19 (Further
Issues); or (iv) in any other manner in which the Issuer, on the one hand, and the Fiscal Agent, on the other hand, acting on the advice of counsel, may deem necessary or desirable and which will not be inconsistent with this Agreement or
the Notes and which in the reasonable opinion of the Issuer, on the one hand, and the Fiscal Agent, on the other hand, will not adversely affect the interests of the holders of Notes. 

(2) This Agreement may also be amended by Extraordinary Resolution of the holders of the Notes as specified in Section 14 (Meetings of Holders
of Notes) of this Agreement and in the terms and conditions of the Notes. 
  

	17.	 The Fiscal Agent 

(1) In acting under this Agreement and in connection with the Notes, the Fiscal Agent is acting solely as agent of the Issuer and does not assume any
obligation or relationship of agency or trust with any of the holders of Notes, except that all amounts received and held by the Fiscal Agent for payment in respect of the Notes shall be held in trust (i.e., as mandatary) for the holders of the
Notes in a separate account or accounts for payment to the holders of Notes. The Fiscal Agent shall not be liable to pay interest or investment income to the Issuer on any moneys received from the Issuer for the purposes of payment pursuant to
Section 7 (Payments by the Issuer to the Fiscal Agent). 
 (2) The Fiscal Agent shall be protected and shall incur no liability for action
taken or not taken, or suffered to be taken or not taken, with respect to all legal matters upon which it has received advice from counsel in good faith and in accordance with the opinions and advice of such counsel. 

(3) The Fiscal Agent and its officers, directors and employees may become the owners of, or acquire an interest in, any Notes, with the same rights that
they would have if the Fiscal Agent was not acting as agent hereunder, and may engage or be interested in any financial or other transaction with the Issuer, and may act on behalf of, or as a depository, trustee or agent for, any committee or body
of holders of Notes or holders of other obligations of the Issuer as freely as if the Fiscal Agent was not acting as agent hereunder. 
 (4) The
Fiscal Agent may rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, telecopier or other paper or document believed by it to be genuine
and to have been signed, sent or presented by or on behalf of the proper party or parties and, in particular, may rely and shall be protected in acting on the basis of any such notice which is given in accordance with the provisions hereof. 

  
 -16- 

	18.	 Resignation or Replacement of Fiscal Agent 

(1) The Issuer agrees that there shall at all times be a registrar, fiscal agent, transfer agent, and principal paying agent hereunder until the earlier
of (i) there being no Notes outstanding, or (ii) the Issuer having established to the satisfaction of the Fiscal Agent that the Issuer may avail itself of defenses under all relevant laws for the prescription of actions in respect of any
outstanding Notes. 
 (2) The Fiscal Agent may resign at any time by sending at least ninety days’ written notice by registered mail to the
Issuer. Upon receipt of such notice, the Issuer shall appoint another financial institution or institutions as successor registrar, fiscal agent, transfer agent and principal paying agent under this Agreement. Subject to the provisions hereof, the
Issuer may terminate the appointment of the Fiscal Agent as registrar, fiscal agent, transfer agent and principal paying agent and appoint another financial institution or institutions as successor registrar, fiscal agent, transfer agent and
principal paying agent under this Agreement provided that it gives the Fiscal Agent not less than ninety days’ written notice of termination. Neither the resignation nor the termination of the appointment of the Fiscal Agent as registrar,
fiscal agent, transfer agent and principal paying agent shall take effect until the appointment of the successor registrar, fiscal agent, transfer agent and principal paying agent becomes effective. On the effective date of the resignation of the
Fiscal Agent or of the termination of its appointment as registrar, fiscal agent, transfer agent and principal paying agent, the Fiscal Agent shall deliver to the successor registrar, fiscal agent, transfer agent and principal paying agent all funds
of the Issuer then held by it and the Issuer shall pay to the Fiscal Agent all amounts owed by the Issuer to the Fiscal Agent, pursuant to this Agreement up to the said effective date. If within 30 days of receipt of the notice of such resignation
by the Fiscal Agent, no successor registrar, fiscal agent, transfer agent and principal paying agent shall have been appointed by the Issuer, then the Fiscal Agent may petition any court of competent jurisdiction for the appointment of a successor
registrar, fiscal agent, transfer agent and principal paying agent at the expense of the Issuer. 
 (3) If the Fiscal Agent shall be adjudged a
bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver or custodian of all or any substantial part of its property, or shall admit
in writing of its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed or if any public officer shall have taken charge or control of it or of its
property or affairs, for the purposes of rehabilitation, conservation or liquidation, a successor registrar, fiscal agent, transfer agent and principal paying agent shall be appointed by the Issuer. Upon such an appointment of a successor registrar,
fiscal agent, transfer agent and principal paying agent, the Fiscal Agent shall cease to be a registrar, fiscal agent, transfer agent and principal paying agent, hereunder whether or not notice of such termination shall have been given. If no
successor registrar, fiscal agent, transfer agent and principal paying agent shall have been appointed by the Issuer, any holder of a Note, on behalf of itself and all other holders of Notes, or the Fiscal Agent, may petition any court of competent
jurisdiction for the appointment of a successor registrar, fiscal agent, transfer agent and principal paying agent. 

  
 -17- 

 (4) Any appointment by the Issuer of a paying agent or transfer agent under this Section 18 shall
be subject to Section 6 hereof. 
  

	19.	 Further Issues 

The Issuer may from time to time, without the consent of the holders of the Notes, create and issue further notes having the same terms
and conditions as the Notes (or in all respects except for the payment of interest accruing prior to the issue date of such further notes or except for the first payment of interest thereon), and such further notes shall be consolidated and form a
single series with the Notes. Any further notes forming a single series with the outstanding Notes shall be issued with the benefit of and subject to an agreement supplemental to this Agreement. 

 

	20.	 Rights and Limitations of Liability of Fiscal Agent 

(1) In no event shall the Fiscal Agent be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Fiscal Agent has been advised of the likelihood of such loss or damage and regardless of the form of action (i.e., for greater certainty, any liability shall be limited to
direct and immediate damages). 
 (2) The Fiscal Agent may not be relieved from liabilities for its own gross negligence or willful misconduct (i.e.,
intentional or gross fault), except that: 
 (a)            the Fiscal Agent will not be
liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Fiscal Agent was negligent in ascertaining the pertinent facts; and 

(b)            the Fiscal Agent 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 at the direction of the Issuer or the requisite number of Noteholders, as the case may be. 

(3) The Fiscal Agent may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper person.

 (4) The Fiscal Agent shall not be charged with knowledge of documents to which it is not a party and delivery of any reports or information to the
Fiscal Agent do not constitute actual knowledge of the Fiscal Agent of the information contained in such reports or information. 

  
 -18- 

	21.	 General 

(1) Any notice pursuant to this Agreement shall be in writing in English. Any notice pursuant to this Agreement shall be deemed to have been duly given
upon the dispatch of such notice by registered mail, “pdf” attachment to an e-mail or telecopier (receipt confirmation requested), addressed to the Issuer or to the Fiscal Agent as follows: 

 

					
	Issuer	 	Address:	 	Ministère des Finances
		 		 	8, rue Cook, 2e étage
		 		 	Québec, Québec G1R 0A4
		 		 	Canada
		 	Attention:	 	Direction générale des opérations bancaires et financières
		 	Fax No:	 	(418) 528-1240
		 	Telephone No:	 	(418) 528-1479
			
		 	With a copy to:	 	
			
		 	Address:	 	Ministère des Finances
		 		 	12 rue St-Louis, bureau 2.33
		 		 	Québec, Québec G1R 5L3
		 	Attention:	 	Documentation financière et conformité
		 	Fax No:	 	(418) 528-0984
		 	Telephone No:	 	(418) 643-8141
			
	Fiscal Agent	 	Address:	 	Deutsche Bank Trust Company Americas
		 		 	Trust and Agency Services
		 		 	60 Wall Street, 16th Floor
		 		 	Mail Stop: NYC60-1630
		 		 	New York, New York 10005
		 	Attention:	 	Corporates Team, Quebec global issue
		 	Fax No:	 	(732) 578-4635
			
		 	With a copy to:	 	
			
		 	Address:	 	Deutsche Bank Trust Company Americas
		 		 	c/o Deutsche Bank National Trust Company
		 		 	Trust and Agency Services
		 		 	100 Plaza One – 8th Floor
		 		 	MS: JCY03-0801
		 		 	Jersey City, New Jersey 07311-3901
		 	Attention:	 	Corporates Team, Quebec global issue
		 	Fax No:	 	(732) 578-4635

 or to any other address or number of which either of the parties shall have notified the other in writing in accordance
with this provision. 

  
 -19- 

 (2) All notices to the holders will be valid (i) in the case of Certificated Notes, if sent by
first class mail (or equivalent) or, if posted to an overseas address, by airmail, or if delivered, to each holder (or the first named of joint holders) at each such holder’s address as it appears in the Register held by the Fiscal Agent;
(ii) in the case of Notes represented by a Global Note, if delivered to DTC for communication by it to the persons shown in its records as having interests therein and (iii) in either case, if and so long as the Notes are admitted to
trading on, and listed on any stock exchange or are admitted to trading by another relevant authority, if in accordance with the rules and regulations of the relevant stock exchange or other relevant authority. As long as the Notes are listed on the
Luxembourg Stock Exchange, and the rules of the Luxembourg Stock Exchange so require, notices will be published in a leading newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the
Luxembourg Stock Exchange website at www.bourse.lu. Any such notice shall be deemed to have been given on the date of such delivery (or, if delivered more than once or on different dates, on the first date on which delivery is made) or, in the case
of mailing, on the fourth weekday following such mailing and, in the case of publication, on the date of such publication or, if published more than once or on different dates, on the first date on which publication is made. 

(3) The Fiscal Agent shall be entitled to treat a facsimile, pdf or e-mail communication or communication by
other similar electronic means in a form satisfactory to the Fiscal Agent (“Electronic Methods”) from a person purporting to be (and whom the Fiscal Agent, acting reasonably, believes in good faith to be) an authorized signatory of
the Issuer as sufficient instructions and authority of the Issuer to act and shall have no duty to verify or confirm that person is so authorized. The Fiscal Agent shall have no liability for any losses, liabilities, costs or expenses incurred by it
as a result of such reliance upon or compliance with such instructions or directions. 
 (4) The Issuer acknowledges and agrees that it is fully
informed of the risks associated with Electronic Methods of transmitting instructions to the Fiscal Agent and that there may be more secure methods of transmitting instructions than the method(s) selected by it, but that it is assuming all risks
arising out of the use of Electronic Methods or other methods selected by it to submit instructions and directions to the Fiscal Agent, including without limitation the risk of the Fiscal Agent acting on unauthorized instructions, and the risk of
interception and misuse by third parties. The Issuer shall use all reasonable endeavors to ensure that instructions transmitted to the Fiscal Agent pursuant to this Agreement are complete and correct. 

(5) This Agreement shall be governed by and interpreted in accordance with the laws of Québec and the laws of Canada applicable therein. 

  
 -20- 

 (6) This Agreement shall extend to and inure to the benefit of and be binding upon the Issuer, the
Fiscal Agent and their respective successors and assigns. 
 (7) This Agreement may be executed in separate counterparts, and each such counterpart,
when so executed and delivered, shall be deemed to be an original. Such counterparts shall together constitute one and the same agreement. 
  

	22.	 Jurisdiction of Courts 

The Issuer hereby appoints the person from time to time who holds the position of Delegate General of Québec in New York, One
Rockefeller Plaza, 26th Floor, New York, New York 10020-2102, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any action arising from this Agreement which may be instituted in any State or Federal court
in The City of New York, and expressly accepts the non-exclusive jurisdiction of any such court in respect of such action. The Issuer hereby irrevocably waives any immunity to service of process in respect of
any such action to which the Authorized Agent might otherwise be entitled. Such appointment shall be irrevocable as long as any of the Notes remain outstanding, except that, if for any reason the Authorized Agent ceases to be able to act as agent or
no longer has an address in The City of New York, the Issuer will appoint another person or persons in The City of New York, selected in its discretion, as Authorized Agent(s) and will notify the Fiscal Agent in writing of such successor Authorized
Agent. The Issuer will take any and all action, including the filing of any and all documents and instruments that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Service of process upon the
Authorized Agent, together with written notice of such service mailed or delivered to the Issuer at its address set forth in Section 21, shall be deemed in every respect effective service of process upon the Issuer. Notwithstanding the
foregoing, any action arising from this Agreement may be instituted in any competent court in Québec. The Issuer hereby waives, to the fullest extent permitted by applicable law, any immunity to jurisdiction to which it might otherwise be
entitled in any action based on this Agreement which may be instituted as provided in this Section in any State or Federal court in The City of New York or in any competent court in Québec. 

 

	23.	 Waiver of Jury Trial 

Each of the Issuer and the Fiscal Agent 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 Agreement, the Notes or the transaction contemplated hereby. 

  
 -21- 

 
			
	QUÉBEC
		
	By:	 	/s/ Nada
Jarjour                                        
  
		 	Name: Nada Jarjour
		 	Title: Director – Communications – Public Affairs and Administration
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
	By: Deutsche Bank National Trust Company
		
	By:	 	/s/ Bridgette Casasnovas                          
		 	Name: Bridgette Casasnovas
		 	Title: Vice President
		
	By:	 	/s/ Jacqueline Bartnick                              
		 	Name: Jacqueline Bartnick
		 	Title: Director

 SCHEDULE A 

FORM OF GLOBAL NOTE 
 Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Québec or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as 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. 

Note No. [  ] 
 CUSIP
748149 AQ4 
 QUÉBEC 
 2.500%
Global Notes Series QW due April 9, 2024 
 This global note, registered in the name of Cede & Co., as nominee of DTC (the
“Global Note”), is a permanent global note in respect of the duly authorized issue of securities referred to above (the “Notes”) of Québec, and which is issued pursuant to a Fiscal Agency Agreement, dated as of
April 9, 2019, between Québec and Deutsche Bank Trust Company Americas as registrar, fiscal agent, transfer agent and principal paying agent (the “Fiscal Agent”, which term includes any successor registrar, fiscal agent,
transfer agent and principal paying agent under the Fiscal Agency Agreement), as such agreement may be supplemented or amended, as the case may be (the “Fiscal Agency Agreement”). This Global Note also represents any further notes which
Québec may issue, from time to time, pursuant to Section 19 (Further Issues) of the Fiscal Agency Agreement. In the event such further notes are issued, the word “Note” as defined above shall be deemed to also refer to
such further notes. 
 This Global Note and all the rights of the Holder hereof are expressly subject to the Fiscal Agency Agreement, and this Global
Note and the Fiscal Agency Agreement constitute a contract to all of the terms and conditions of which the holder by acceptance hereof assents, is bound by and is deemed to have notice. All defined terms unless defined herein have the meanings
ascribed to them in the Fiscal Agency Agreement. Copies of the Fiscal Agency Agreement are available for inspection during regular business hours and may be obtained free of charge at the principal office of the Fiscal Agent. This is a fully
registered Global Note without coupons attached. In certain limited circumstances, as described in Section 5 of the Fiscal Agency Agreement, it is exchangeable in whole or in part, at the office of the Fiscal Agent, for Certificated Notes. 

 FOR VALUE RECEIVED, Québec hereby promises to pay to Cede & Co. or its
registered assigns in the manner hereinafter mentioned on April 9, 2024 (or on such earlier date as the Principal Amount (as hereinafter defined) may become payable in accordance with the terms hereof) the principal sum set forth in Schedule I
hereto from time to time (the “Principal Amount”) in lawful money of the United States of America, on presentation and surrender of this Global Note, and to pay interest in arrears on the said Principal Amount at the rate of 2.500% per
annum, from April 9, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, in two equal semi-annual installments on April 9 and October 9 in each year (each an “Interest Payment
Date”), commencing on October 9, 2019, until the Principal Amount is paid in full or duly made available for payment, in each case together with such further sum, if any, as may be payable by way of Additional Amounts in accordance with
the provisions set forth herein, and should Québec at any time default in the payment of any of the Principal Amount or interest on this Global Note or any Additional Amounts, to pay interest on the amount in default (before as well as after
judgment) at the same rate, in like money, on the same dates. References herein to principal and interest in respect of this Global Note or the Notes shall be deemed also to refer to any Additional Amounts which may be payable concurrently
therewith, unless the context otherwise requires. Interest will cease to accrue on this Global Note on April 9, 2024 (or on such earlier date as the Principal Amount may become payable in accordance with the terms hereof) unless, upon due
presentation of this Global Note, payment of the Principal Amount or Additional Amounts, if any, is improperly withheld or refused. 
 This Global
Note shall not become valid and obligatory for any purpose unless and until this Global Note has been authenticated by the Fiscal Agent or its authorized representative. 

SUMMARY OF TERMS AND CONDITIONS 
 The
following constitutes a summary of the terms and conditions of this Global Note and the Notes and is qualified in its entirety by the more detailed terms and conditions contained in Schedule B to the Fiscal Agency Agreement 

Form, Denomination and Registration 
 The Notes will be
issued in the form of one or more fully registered global notes and all Notes will be recorded in a Register held by a Fiscal Agent all as more fully set forth in the Fiscal Agency Agreement which also contains detailed provisions concerning
transfers of Notes. 
 This Global Note is registered in the name of a nominee of DTC. This Global Note is exchangeable for Notes registered in the
name of a person other than DTC or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for Certificated Notes, this Global Note may not be transferred except as a whole by DTC to
a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor. 

  
 -2- 

 Québec will issue or cause to be issued Certificated Notes upon registration of transfer of, or
in exchange for, Notes represented by the Global Notes (i) if DTC notifies Québec that it is unwilling or unable to continue as depository in connection with the Global Notes or ceases to be a clearing agency registered under the
United States Securities Exchange Act of 1934, as amended, at a time when it is required to be so registered and a successor depository is not appointed by Québec within 90 days after receiving such notice or becoming aware that DTC is
no longer so registered; (ii) if Québec, in its sole discretion at any time, determines not to have any of the Notes represented by the Global Notes; or (iii) upon request by DTC to the Fiscal Agent, acting on direct or indirect
instructions of any owner of a beneficial interest in a Global Note, after an event of default entitling the holder to accelerate the stated maturity of the Global Note has occurred and is continuing, or, if DTC does not promptly make that request,
then any owner of a beneficial interest in such Global Note shall be entitled to make such request with respect to such interest. 
 Québec
expressly acknowledges that if Certificated Notes are not promptly issued to the owners of beneficial interests in a Global Note as described above, then an owner of a beneficial interest will be entitled to pursue any remedy under the Fiscal Agency
Agreement, the Global Note or applicable law with respect to the portion of the Global Note representing that owner’s interest in the Global Note as if Certificated Notes had been issued. 

Interest 
 Whenever it is necessary to compute any amount of
interest in respect of the Notes, other than with respect to regular semi-annual payments, such interest shall be calculated on the basis of a 360-day year consisting of twelve
30-day months. The rate of interest specified in the Notes is a nominal rate and all interest payments and computations are to be made without allowances or deductions for deemed reinvestment. 

For purposes of disclosure pursuant to the Interest Act (Canada), the rate of interest determined on the basis of a year of 360 days, when expressed as
an annual rate, is equivalent to the applicable rate based on such period multiplied by a fraction the numerator of which is the actual number of days in the calendar year in which the period for which such interest is payable ends and the
denominator of which is 360. 
 Payments 
 Principal of,
and interest on the Notes and Additional Amounts, if any, are payable by Québec in lawful money of the United States of America (“U.S.$”) to the person registered at the close of business on the relevant record date in the register
held by the Fiscal Agent. With respect to Notes held by Cede & Co. for DTC participants, CDS, Euroclear and Clearstream, Luxembourg, payment will be made to beneficial owners of the Notes in accordance with customary procedures established
from time to time by DTC, CDS, Euroclear and Clearstream, Luxembourg. 

  
 -3- 

 If any date for payment to the registered holder hereof is not a Business Day in the applicable place
of payment, such registered holder shall not be entitled to payment until the next following Business Day, and no further interest shall be paid in respect of the delay in such payment. In this paragraph, “Business Day” means a day on
which banking institutions in The City of New York and in any other applicable place of payment are not authorized or obligated by law or executive order to be closed. 

If Certificated Notes are issued and for so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of such stock exchange so
require, Québec will appoint and maintain a paying and transfer agent in Luxembourg. 
 Payment of Additional Amounts 

All payments of principal and interest by Québec will be made without withholding or deduction for, or on account of, any present or future
taxes, duties, assessments or charges of whatever nature imposed or levied by or on behalf of the Government of Canada or any province, territory or political division thereof or any authority or agency therein or thereof having power to tax, unless
the withholding or deduction of such taxes, duties, assessments or charges is required by law or by the interpretation or administration thereof. In that event, Québec will, subject to its redemption rights pursuant to the Fiscal Agency
Agreement and the Notes, pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts receivable by the beneficial holder after such withholding or deduction shall equal the respective amounts of
principal or interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction; except that no such Additional Amount shall be payable with respect to any Note: (i) to, or to a third party on
behalf of, a beneficial holder who is liable to such taxes, duties, assessments or charges in respect of such Note by reason of that person having some connection with Canada other than the mere holding or use outside Canada, or ownership as a non-resident of Canada, of such Note; or (ii) presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that the beneficial holder thereof would have been entitled
to such Additional Amounts on presenting the same for payment on or before such thirtieth day. As used herein, “Relevant Date” means: (A) the date on which such payment first becomes due; or (B) if the full amount of the moneys
payable has not been received by the Fiscal Agent on or prior to such date, the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the holders of the Notes in accordance with the notice
procedures described under “Notices” below. 
 Redemption and Purchases 

If as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations of any taxing authority
therein or thereof (other than Québec) or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or amendment shall have become
effective after April 2, 2019, it is determined by Québec that it would be required at, or at any time prior to, maturity of the Notes to pay Additional Amounts as hereinabove described, the Notes may be redeemed in whole but not in part
at the option of Québec on not less than 30 days’ nor more than 60 days’ published notice in accordance with the provisions set forth below under “Notices”, at the Principal Amount thereof together with accrued interest.

  
 -4- 

 Québec may, if not in default under the Notes, purchase Notes at any time in any manner and at
any price. If purchases are made by tender, tenders must be available to all Noteholders alike. 
 Status of the Notes 

The Notes will be direct, unsecured and unconditional obligations of Québec for the payment and performance of which the full faith and credit of
Québec will be pledged and will not be secured. The Notes will rank equally among themselves and with all notes, debentures or other similar debt securities issued by Québec and outstanding at the date of the issue of the Notes or
issued in the future. 
 Events of Default 
 In the event
that (a) Québec shall default in the payment of the principal of, interest or Additional Amounts, if any, on the Notes, as the same shall become due and payable, and such default shall continue for a period of 45 days or (b) default
shall be made in the due performance or observance by Québec of any covenant or agreement contained in the Notes, other than the payment of principal, interest or Additional Amounts, or the Fiscal Agency Agreement and such default shall
continue for a period of 60 days or (c) Québec shall default in the payment of any principal of, or premium or interest, or additional amounts, if any, on any indebtedness (direct or under a guarantee) for borrowed money, other than the
Notes, as the same shall become due and payable, and such default shall continue for a period of 45 days, provided that the foregoing shall not be taken into account so long as the aggregate principal amount of all such indebtedness (direct or under
a guarantee) for borrowed money with respect to which the foregoing has occurred does not exceed U.S.$50,000,000 (or its equivalent in other currencies), then at any time thereafter and during continuance of such default, the registered holder of
any Note (or its proxy) may deliver or cause to be delivered to Québec a written notice that such registered holder elects to declare the principal amount of the Notes held by him (the serial number or numbers of the note or notes
representing such Notes and the principal amount of the Notes owned by him and the subject of such declaration being set forth in such notice) to be due and payable and, in the cases falling within either (a) or (c) above, on the 15th day after
delivery of such notice, or, in the cases falling within (b) above, on the 30th day after delivery of such notice, the principal of the Notes referred to in such notice plus accrued interest thereon shall become due and payable, unless prior to
that time all such defaults theretofore existing shall have been cured. 

  
 -5- 

 Notices 

All notices to the holders will be valid (i) in the case of Certificated Notes, if sent by first class mail (or equivalent) or (if posted to an
overseas address) by airmail, or if delivered, to each holder (or the first named of joint holders) at each such holder’s address as it appears in the Register held by the Fiscal Agent; (ii) in the case of Notes represented by a Global
Note, if delivered to DTC for communication by it to the persons shown in its records as having interests therein and (iii) in either case, if and so long as the Notes are admitted to trading on, and listed on any stock exchange or are admitted
to trading by another relevant authority, if in accordance with the rules and regulations of the relevant stock exchange or other relevant authority. Any such notice shall be deemed to have been given on the date of such delivery or, in the case of
mailing, on the fourth weekday following such mailing. 
 Prescription 

Under current Québec law, an action to enforce a right to payment under the Notes may be prescribed if it is not exercised within three years of
the date the payment is due. 
 Modification 
 The Fiscal
Agency Agreement contains provisions with respect to modifying or amending said Agreement and the Notes either without notice to or the consent of the holder of any Note or by Extraordinary Resolution (as defined in the Fiscal Agency Agreement) of
the holders of Notes and with respect to convening meetings of registered holders of Notes for such purposes. 
 Governing Law 

The Fiscal Agency Agreement and the Notes shall be construed in accordance with and governed by the laws of Québec and the laws of Canada
applicable therein. 
 Québec irrevocably consents to the fullest extent permitted by law to the giving of any relief (including, without
limitation, the making, enforcement or execution against any property of any order or judgment) made or given in connection with any proceedings arising out of or in connection with the Fiscal Agency Agreement and the Notes. 

  
 -6- 

 Executed in New York on behalf of Québec as of April 9, 2019. 

 

											
		 		 		 		 	QUÉBEC
						
		 		 		 		 	 By:
	 	 
		 		 		 		 		 	 Name:

	 Authenticated by:
	 		 		 		 	 Title:

	DEUTSCHE BANK TRUST COMPANY	 		 		 		 	
	AMERICAS	 		 		 		 		 	
	 (as Fiscal Agent)
	 		 		 		 	
	 Authentication Date:    April 9, 2019
	 		 		 		 	
						
	 By:
	 	 	 		 		 		 	
		 	 Name:
	 		 		 		 	
		 	 Title:
	 		 		 		 	

  

  
 -7- 

 SCHEDULE TO THE GLOBAL NOTE 

NO. [  ] 
 QUÉBEC 

2.500% Global Notes Series QW due April 9, 2024 
  

							
	 Initial Principal

Amount
	  	 Additional

Principal Amount
	  	 Aggregate

Principal Amount
	  	Authorization
				
		  	U.S.$                          	  	U.S.$                          	  	
				
		  	U.S.$                          	  	U.S.$                          	  	
				
		  	U.S.$                          	  	U.S.$                          	  	

 SCHEDULE B 

TERMS AND CONDITIONS OF THE NOTES 
 Status of the Notes

 The Notes will be direct and unconditional obligations of Québec for the payment and performance of which the full faith and credit of
Québec will be pledged and will not be secured. The Notes will rank equally among themselves and with all notes, debentures or other similar securities issued by Québec and outstanding at the date hereof or in the future. 

Form, Denomination and Registration 
 The Notes will be
issued in the form of one or more fully registered global notes (the “Global Notes”) registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), and held by Deutsche Bank Trust Company
Americas, as custodian for DTC. Beneficial interests in the Notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect
participants of DTC, CDS Clearing and Depository Services Inc. (“CDS”), Euroclear S.A./N.V. (“Euroclear”) or Clearstream Banking, société anonyme (“Clearstream, Luxembourg” and, collectively, the
“Clearing Systems”). The Clearing Systems will be responsible for establishing and maintaining book-entry accounts for their participants having interests in the Notes. Beneficial owners of Notes will not, except in limited circumstances
described herein, be entitled to receive Notes represented by physical certificates or to have Notes registered in their names, and will not be considered holders thereof under the Fiscal Agency Agreement. See “Certificated Notes”. Subject
to applicable law and the terms of the Fiscal Agency Agreement, Québec and the Fiscal Agent shall deem and treat the persons in whose name the Notes are registered, initially Cede & Co., as the absolute owners thereof for all
purposes whatsoever notwithstanding any notice to the contrary; and all payments to, or on the order of, the registered holders shall be valid and effectual to discharge the liability of Québec and the Fiscal Agent on the Notes to the extent
of the sum or sums so paid. 
 The Notes will only be sold in denominations of U.S.$5,000 and in multiples of U.S.$1,000 in excess thereof. 

The Fiscal Agent will be responsible for (i) maintaining a record of the aggregate holdings of Notes, (ii) ensuring that payments of principal
and interest in respect of the Notes received by the Fiscal Agent from Québec are duly credited to DTC; and (iii) transmitting to Québec any notices from owners of beneficial interests in the Notes. The Fiscal Agent will not
impose any fees in respect of the Notes, other than reasonable fees for the replacement of lost, stolen, mutilated or destroyed Notes. However, owners of beneficial interests in the Notes may incur fees payable in respect of the maintenance and
operation of the book-entry accounts in which such Notes are held with the Clearing Systems. 

 Interest 

The Notes will bear interest from April 9, 2019 at a rate of 2.500% per annum, payable in two equal semi-annual installments, in arrears on
April 9 and October 9, commencing on October 9, 2019. Interest on the Notes will cease to accrue on the maturity date (or the date fixed for redemption or repayment) unless, upon due presentation of the Notes, payment of principal is
improperly withheld or refused. 
 Whenever it is necessary to compute any amount of interest in respect of the Notes, other than with respect to
regular semi-annual payments, such interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The rate of interest specified in the
Notes is a nominal rate and all interest payments and computations are to be made without allowances or deductions for deemed reinvestment. 
 Payments 

Principal of, and interest and Additional Amounts (as defined below under “Payment of Additional Amounts”), if any, on, the Notes are payable
by Québec in U.S. dollars to the person registered at the close of business on the relevant record date in the register held by the Fiscal Agent. With respect to Notes held by Cede & Co. for DTC participants, CDS, Euroclear and
Clearstream, Luxembourg, payment will be made to owners of beneficial interests in the Notes in accordance with customary procedures established from time to time by DTC and its direct and indirect participants, including CDS, Euroclear and
Clearstream, Luxembourg. The Fiscal Agent will act as Québec’s principal paying agent for the Notes pursuant to the Fiscal Agency Agreement. 

If any date for payment in respect of any Note is not a Business Day in the applicable place of payment, the holder thereof shall not be entitled to
payment until the next following Business Day, and no further interest shall be paid in respect of the delay in such payment. In this paragraph, “Business Day” means a day on which banking institutions in The City of New York and in any
other applicable place of payment are not authorized or obligated by law or executive order to be closed. 
 Record Date 

The record date for purposes of payments of principal and interest and Additional Amounts, if any, on the Notes will be as of 5:00 p.m., New York
City time, on the fourteenth calendar day preceding the maturity date or any interest payment date, as applicable. Ownership positions within each Clearing System will be determined in accordance with the normal conventions observed by such system.

 Payment of Additional Amounts 
 All payments of
principal and interest by Québec will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or charges of whatever nature imposed or levied by or on behalf of the Government of
Canada, or any province, territory or political division thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such taxes, 

  
 -2- 

 
duties, assessments or charges is required by law or by the interpretation or administration thereof. In that event, Québec will, subject to its redemption rights pursuant to the Fiscal
Agency Agreement and the Notes, pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts receivable by the beneficial holder after such withholding or deduction shall equal the respective
amounts of principal or interest which would have been receivable in respect of the Notes in the absence of such withholding or deduction; except that no such Additional Amount shall be payable with respect to any Note: (i) to, or to a third
party on behalf of, a beneficial holder who is liable to such taxes, duties, assessments or charges in respect of such Note by reason of that person having some connection with Canada other than the mere holding or use outside Canada, or ownership
as a non-resident of Canada, of such Note; or (ii) presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that the beneficial holder thereof would have
been entitled to such Additional Amounts on presenting the same for payment on or before such thirtieth day; or (iii) presented for payment by or on behalf of a beneficial holder who would have been able to avoid such withholding or deduction
by presenting the relevant Note to another paying agent in a Member State of the European Union. As used herein, “Relevant Date” means: (A) the date on which such payment first becomes due; or (B) if the full amount of the moneys
payable has not been received by the Fiscal Agent on or prior to such date, the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the holders of the Notes in accordance with the notice
procedures described under “Notices” below. 
 Maturity, Redemption and Purchases 

Unless previously redeemed for tax reasons as provided below, or purchased, the principal amount of the Notes shall be due and payable on April 9,
2024. 
 If, as a result of any change in, or amendment to, or in the official application of, the laws of Canada or the regulations of any taxing
authority therein or thereof (other than Québec) or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or amendment shall have
become effective after April 2, 2019, it is determined by Québec that it would be required at, or at any time prior to, maturity of the Notes to pay Additional Amounts as described under “Payment of Additional Amounts”, the
Notes may be redeemed in whole but not in part at the option of Québec on not less than 30 days’ nor more than 60 days’ published notice in accordance with “Notices” below, at the principal amount thereof together with
accrued interest. 
 Québec may, if not in default under the Notes, purchase Notes at any time, in any manner and at any price. If purchases
are made by tender, tenders must be available to all holders of Notes alike. 
 Transfers 

Transfers between participants within CDS, Euroclear and Clearstream, Luxembourg, and between CDS, Euroclear and Clearstream, Luxembourg participants,
will be effected in accordance with procedures established for this purpose from time to time by CDS, Euroclear and Clearstream, Luxembourg. Notes may be transferred between DTC participants in accordance with procedures established for this purpose
from time to time by DTC. 

  
 -3- 

 Certificated Notes 

Québec will issue or cause to be issued Notes represented by fully registered physical certificates (“Certificated Notes”) upon
registration of transfer of, or in exchange for, Notes represented by the Global Notes in denominations of U.S.$5,000 and in multiples of U.S.$1,000 in excess thereof (i) if DTC notifies Québec that it is unwilling or unable to continue
as depository in connection with the Global Notes or ceases to be a clearing agency registered under the United States Securities Exchange Act of 1934, as amended, at a time when it is required to be so registered and a successor depository is not
appointed by Québec within 90 days after receiving such notice or becoming aware that DTC is no longer so registered; (ii) if Québec, in its sole discretion at any time, determines not to have any of the Notes represented by the
Global Notes; or (iii) upon request by DTC to the Fiscal Agent, acting on direct or indirect instructions of the registered holder of a Global Note or any owner of beneficial interests in the Global Note, but only after an event of default
entitling the registered holders to give the Issuer written notice that such holders elect to declare the principal amount of the Notes held by them and represented by the Global Note to be due and payable has occurred and is continuing, or, if DTC
is unwilling or does not promptly make that request, then any beneficial owner of an interest in such Global Note shall be entitled to make such request with respect to such interest. The Issuer shall bear the costs and expenses of printing or
preparing any Certificated Notes. 
 Upon any such issuance pursuant to the preceding paragraph of Certificated Notes in exchange for all the Notes
represented by the Global Notes, (i) Québec shall promptly make available to the Fiscal Agent a reasonable supply of Certificated Notes in blank form to proceed with such issuance, (ii) DTC shall cause the Global Notes to be
delivered to the Fiscal Agent and provide the Fiscal Agent with the necessary registration information for such Certificated Notes, (iii) the Fiscal Agent shall authenticate and deliver such Certificated Notes in an aggregate principal amount
equal to the principal amount of the Global Notes to be exchanged for such Certificated Notes, (iv) the Fiscal Agent shall cancel the Global Notes and, in the case of a partial exchange, issue and deliver to or to the order of DTC new Global
Notes equal to the unexchanged portion of any such Global Notes partially exchanged for Certificated Notes and (v) the Fiscal Agent shall reduce accordingly the holdings of Cede & Co. on the register held by the Fiscal Agent. The
Fiscal Agent shall have at least 30 days from the date of its receipt of Certificated Notes and registration information to authenticate and deliver such Certificated Notes. Such Certificated Notes shall be registered in such names and in such
denominations as DTC, pursuant to instructions from direct or indirect participants, shall direct and shall be delivered as directed by the persons in whose names such Certificated Notes are to be registered. All Notes represented by Certificated
Notes issued upon any such issuance in exchange for the Notes represented by the Global Notes shall be a valid obligation of the Issuer, shall be entitled to the same benefits under this Agreement as the Global Notes and shall be so exchanged
without charge to the Fiscal Agent, DTC or the transferee. On or after any such exchange, the Fiscal Agent shall direct all payments in respect of such Certificated Notes to the registered holders thereof, including when such exchange occurred after
the record dates for any payment and prior to the date of such payment. 

  
 -4- 

 Québec expressly acknowledges that if Certificated Notes are not promptly issued to the owners
of beneficial interests in a Global Note as described above, then an owner of a beneficial interest will be entitled to pursue any remedy under the Fiscal Agency Agreement, the Global Note or applicable law with respect to the portion of the Global
Note representing that owner’s beneficial interest in the Global Note as if Certificated Notes had been issued. 
 If Certificated Notes are
issued and for so long as the Notes are listed on the Euro MTF Market of the Luxembourg Stock Exchange and if the rules of such stock exchange so require, Québec will appoint and maintain a paying agent and transfer agent in Luxembourg (the
“Luxembourg Paying Agent”) to act on its behalf. Certificated Notes may be surrendered at the office of the Luxembourg Paying Agent for payment of principal at maturity or on the date fixed for redemption. 

Modification 
 The Fiscal Agency Agreement and the Notes may
be amended by Québec and the Fiscal Agent without notice to, or the consent of, the holder of any Note, for the purpose of (i) curing any ambiguity, (ii) curing, correcting or supplementing any defective provisions contained
therein, (iii) effecting the issue of further notes as described below under “Further Issue”, or (iv) in any other manner which Québec and the Fiscal Agent, acting on the advice of independent counsel, may deem necessary
or desirable and which will not be inconsistent with the Fiscal Agency Agreement or the Notes and which, in the reasonable opinion of Québec and the Fiscal Agent, will not adversely affect the interests of the holders of Notes. No amendment
may be made to the Fiscal Agency Agreement or the Notes which would in any way alter, amend or change the duties, responsibilities, obligations of or the protections afforded to the Luxembourg Paying Agent from those set out in the Fiscal Agency
Agreement without the prior written consent of the Luxembourg Paying Agent. 
 The Fiscal Agency Agreement contains provisions for convening meetings
of registered holders of Notes to modify or amend by Extraordinary Resolution (as defined below), the Fiscal Agency Agreement (except as provided in the immediately preceding paragraph) and the Notes (including the terms and conditions thereof) or
waive future compliance therewith or past default thereon by Québec. An Extraordinary Resolution duly passed at any such meeting shall be binding on all holders of Notes, whether present or not; provided, however, that no such modification or
amendment to the Fiscal Agency Agreement or to the terms and conditions of the Notes or any other action taken may, without the consent of the holder of each such Note affected thereby: (i) change the stated maturity or interest payment date(s)
of any such Note; (ii) reduce the principal amount of or rate of interest on any such Note; (iii) change the currency of payment of any such Note; (iv) impair the right to institute suit for the enforcement of any payment on or with
respect to such Note; (v) reduce the percentage of the holders of Notes necessary to modify or amend the Fiscal Agency Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the
quorum required at any meeting of holders of Notes; or (vi) reduce the percentage of outstanding Notes necessary to waive any future compliance or past default; and provided, further, that to the extent that such modification or amendment may
affect the rights, duties, protections, indemnities and immunities of the Fiscal Agent, the Issuer shall not propose such modification or amendment and such power shall not be exercised, without the prior written consent of the Fiscal Agent. 

  
 -5- 

 The term “Extraordinary Resolution” is defined in the Fiscal Agency Agreement as a
resolution passed at a meeting of holders of Notes by the affirmative vote of the holders of not less than 66 2/3% of the principal amount of Notes represented at the meeting in person or by proxy or as an instrument in writing signed by the
holders of not less than 66 2/3% in principal amount of the outstanding Notes. The quorum at any such meeting for passing an Extraordinary Resolution will be two or more persons holding or representing at least a majority in principal amount of
the Notes at the time outstanding, or at any adjourned meeting called by Québec or the Fiscal Agent, two or more persons being or representing holders of Notes whatever the principal amount of the Notes so held or represented. 

Governing Law 
 The Fiscal Agency Agreement and the Notes
shall be construed in accordance with, and governed by, the laws of Québec and the laws of Canada applicable therein. 
 Québec will
irrevocably consent to the fullest extent permitted by law to the giving of any relief (including, without limitation, the making, enforcement or execution against any property of any order or judgment) made or given in connection with any
proceedings arising out of, or in connection with, the Fiscal Agency Agreement and the Notes. 
 Events of Default 

In the event that (a) Québec shall default in the payment of the principal of, interest or Additional Amounts, if any, on the Notes, as the
same shall become due and payable, and such default shall continue for a period of 45 days or (b) default shall be made in the due performance or observance by Québec of any covenant or agreement contained in the Notes, other than
the payment of principal, interest or Additional Amounts, or in the Fiscal Agency Agreement, and such default shall continue for a period of 60 days or (c) Québec shall default in the payment of any principal of, or premium or interest,
or Additional Amounts, if any, on, any indebtedness (direct or under a guarantee) for borrowed money, other than the Notes, as the same shall become due and payable, and such default shall continue for a period of 45 days, provided that the
foregoing shall not be taken into account so long as the aggregate principal amount of all such indebtedness (direct or under a guarantee) for borrowed money with respect to which the foregoing has occurred does not exceed U.S.$50,000,000 (or its
equivalent in other currencies), then at any time thereafter and during continuance of such default the registered holder of any Note (or its proxy) may deliver or cause to be delivered to Québec at Ministère des Finances, c/o
Direction générale des opérations bancaires et financières, 8, rue Cook, 2e étage, Québec, Québec, Canada G1R 0A4, a written notice that such registered holder elects to declare the
principal amount of the Notes held by him (the serial number or numbers of the note or notes representing such Notes and the principal amount of the Notes owned by him and the subject of such declaration being set forth in such notice) to be due and
payable and, in the cases falling within either (a) or (c) above, on the 15th day after delivery of such notice, or, in the cases falling within (b) above, on the 30th day after delivery of such notice, the principal of the Notes referred
to in such notice plus accrued interest thereon shall become due and payable, unless prior to that time all such defaults theretofore existing shall have been cured. 

  
 -6- 

 Notices 

All notices to the holders will be valid (i) in the case of Certificated Notes, if sent by first class mail (or equivalent) or, if posted to an
overseas address, by airmail, or if delivered, to each holder (or the first named of joint holders) at each such holder’s address as it appears in the Register held by the Fiscal Agent; (ii) in the case of Notes represented by a Global
Note, if delivered to DTC for communication by it to the persons shown in its records as having interests therein and (iii) in either case, if and so long as the Notes are admitted to trading on, and listed on any stock exchange or are admitted
to trading by another relevant authority, if in accordance with the rules and regulations of the relevant stock exchange or other relevant authority. As long as the Notes are listed on the Luxembourg Stock Exchange, and the rules of the Luxembourg
Stock Exchange so require, notices will be published in a leading newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the Luxembourg Stock Exchange website at www.bourse.lu. Any such notice
shall be deemed to have been given on the date of such delivery (or, if delivered more than once or on different dates, on the first date on which delivery is made) or, in the case of mailing, on the fourth weekday following such mailing and, in the
case of publication, on the date of such publication or, if published more than once or on different dates, on the first date on which publication is made. 

Further Issue 
 Québec may from time to time, without
notice to or the consent of the holders of the Notes, create and issue further notes having the same terms and conditions as the Notes (or in all respects except for the payment of interest accruing prior to the issue date of such further notes or
except for the first payment of interest thereon), and, provided that such further notes are fungible with the outstanding Notes for United States federal income tax, such further notes shall be consolidated and form a single series with the
outstanding Notes. Any further notes forming a single series with the outstanding Notes shall be issued with the benefit of, and subject to, an agreement supplemental to, the Fiscal Agency Agreement. 

Prescription 
 Under current Québec law, an action to
enforce a right to payment under the Notes may be prescribed if it is not exercised within three years of the date the payment is due. 

  
 -7-

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