Document:

EX-10.1

 Exhibit 10.1 

SETTLEMENT AGREEMENT 
 This Settlement
Agreement (the “Agreement”), dated as of February 3, 2021 (the “Agreement Date”), is made between and among Michael A. Cawley, Julie H. Edwards, Gordon T. Hall, Jon A. Marshall, James A. MacLennan, Mary P.
Ricciardello, Julie J. Robertson, and David Williams (collectively, the “D&O Defendants”), Noble Corporation plc (“Noble”), and the Paragon Litigation Trust (the “Trust”). These entities
will be referred to collectively as the “Parties,” and individually as a “Party.” 
 WHEREAS, on August 1, 2014,
Noble completed the spin-off of certain of its standard specification drilling rigs and related historical liabilities to Paragon Offshore plc (the
“Spin-Off”); 
 WHEREAS, the Trust brought claims in the United States Bankruptcy Court for the
District of Delaware (the “Delaware Bankruptcy Court”) in an action styled Paragon Litigation Trust v. Noble Corporation plc, et al., Adv. Proc. No. 17-51882 (the
“Action”), asserting (i) claims against Noble and certain of its affiliates for actual and constructive fraudulent transfer, debt recharacterization, and unjust enrichment; and (ii) claims against the D&O Defendants
for breach of fiduciary duty and aiding and abetting breach of fiduciary duty, all of which are subject to indemnification agreements with Noble; 

WHEREAS, the D&O Defendants deny the allegations asserted against them in the Action; 

WHEREAS, on July 31, 2020, Noble and certain of its affiliates (the “Debtors”) filed voluntary petitions under chapter 11 of title 11 of
the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Texas Bankruptcy Court”); 

WHEREAS, this Agreement is the result of the Parties’ good faith efforts to mediate their disputes, which were led by former bankruptcy judge Kevin Gross
serving as mediator; 
 WHEREAS, the Trust and the Debtors have fully and finally settled the disputes among them in the Action on the terms set forth in
the settlement agreement between them dated September 23, 2020 (the “Corporate Defendants’ Settlement Agreement”); 
 WHEREAS,
the Debtors received approval from the Texas Bankruptcy Court of their entry into the Corporate Defendants’ Settlement Agreement on October 9, 2020; 

WHEREAS, the Trust and the D&O Defendants desire to fully and finally settle the disputes among them in the Action on the terms set forth in this
Agreement; 
 WHEREAS, the Parties have reached a global settlement of all claims asserted by the Trust in the Action and wish to reflect in this Agreement
the terms of that global settlement, including the total consideration paid to the Trust for the dismissal of all claims in the Action; 
 WHEREAS, the
Trust will seek approval by the Delaware Bankruptcy Court of its entry into this Agreement (the “Settlement Approval Motion”); 

 WHEREAS, Noble will seek from the Texas Bankruptcy Court a modification of the automatic stay to allow for
the payment of insurance proceeds as contemplated hereunder (the “Motion for Relief”); 
 NOW THEREFORE, in exchange for certain
consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
  

	1.	 Definitions. 

  

	 	1.1.	 “Approval Order” shall mean the order issued by the Delaware Bankruptcy Court granting the
Settlement Approval Motion in form and substance acceptable to the Trust, Noble and the D&O Defendants. 

  

	 	1.2.	 “Claims” shall mean any and all claims, cross-claims, causes of action, counterclaims,
actions, demands, damages, losses, attorneys’ fees, costs, expenses, and liabilities, of whatever nature, whether known or unknown, accrued or unaccrued, direct or indirect, at law or in equity, now existing or that might arise hereafter,
including, without limitation, any “claim” as defined in section 101 of the Bankruptcy Code. 

  

	 	1.3.	 “Delaware Dismissal Order” shall mean a final judgment in substantially the form attached as
Exhibit A. 

  

	 	1.4.	 “Dollar” shall mean United States Dollar. 

 

	 	1.5.	 “Effective Date” shall mean the later of: (a) the date that the Delaware Bankruptcy Court
enters the Approval Order (as defined above) and such order becomes a final non-appealable order; and (b) the date that the Texas Bankruptcy Court enters the Modification Order (as defined below) and such
order becomes a final non-appealable order. 

  

	 	1.6.	 “Insurers” shall mean the insurers who issued the Insurance Policies. 

 

	 	1.7.	 “Insurance Policies” shall mean all of the D&O liability insurance policies issued by
various Insurers to Noble, as the named insured, for the policy period August 1, 2014 to August 1, 2024, which are listed on Exhibit B. 

  

	 	1.8.	 “Insurance Settlement Agreement Date” shall mean the date pursuant to which all of the
Conditions Precedent have been satisfied in the separate settlement agreements between the Insurers, Noble, and the D&O Defendants. 

  

	 	1.9.	 “Modification Order” shall mean the order issued by the Texas Bankruptcy Court granting the
Motion for Relief. 

  

	 	1.10.	 “Noble Bankruptcy Proceedings” shall refer to the jointly administered Chapter 11 cases
associated with the lead case styled In re: Noble Corporation PLC, et al., Bankruptcy Case No. 20-33826 (DRJ), in the Texas Bankruptcy Court. 

 

	 	1.11.	 “Payments” shall mean the payments made pursuant to Section 2 of
this Agreement. 

  
 2 

	2.	 Bankruptcy Court Approval / Payments / Timing of Payments. 

 

	 	2.1.	 As soon as reasonably practicable, and no later than five (5) days after the Agreement Date, the Trust
shall seek approval of its entry into this Agreement by filing the Settlement Approval Motion with the Delaware Bankruptcy Court. 

  

	 	2.2.	 As soon as reasonably practicable, and no later than five (5) days after the Agreement Date, Noble shall
seek from the Texas Bankruptcy Court an order modifying the automatic stay concerning the Noble Bankruptcy, to the extent applicable, to allow for the payment of insurance proceeds from the Insurance Policies as set forth herein by filing the Motion
for Relief with the Texas Bankruptcy Court. 

  

	 	2.3.	 As soon as reasonably practicable, and within seventeen (17) business days of the later of the Insurance
Settlement Agreement Date or the Effective Date, Noble and the D&O Defendants shall cause the Insurers to pay to the Paragon Litigation Trust $82,675,000. 

 

	 	2.4.	 As soon as reasonably practicable after the Insurers pay the $82,675,000 to the Trust, and in any event within
48 hours of such payment, Noble shall pay to the Trust $7,700,000. Neither Noble nor the D&O Defendants are personally liable to fund the $82,675,000 that is being paid by the Insurers. Upon the payment of such amounts by the Insurers and Noble,
Noble shall be deemed to have satisfied all of its financial obligations to the Trust under the Corporate Defendants’ Settlement Agreement, including any obligation to pursue claims against the Insurers. 

 

	 	2.5.	 Within five (5) business days of the Trust receiving all of the payments required to be made in this
Section 2, it shall file the Delaware Dismissal Order and take reasonable steps to obtain entry of such order as soon as reasonably practicable thereafter. 

 

	3.	 Taxes. All taxes imposed as a result of this Agreement or the performance hereunder shall be paid by the
Party required to do so under applicable law. 

  

	4.	 Mutual Releases. 

 

	 	4.1.	 The Trust, on behalf of itself and its current and former beneficiaries, representatives, litigation trust
management, advisors, attorneys, agents, partners, employees, trustees, representatives, predecessors, successors, and assigns, forever unconditionally and irrevocably releases, discharges, and holds harmless the D&O Defendants and their
respective representatives, advisors, attorneys, agents, predecessors, successors, and assigns – past, present, and future – from any and all Claims arising out of or based on any act or omission occurring from the beginning of time up to
and including the Effective Date, provided, that, any release herein granted on behalf of any person other than the Trust shall be limited 

  
 3 

	 	
to those Claims that are in whole or in part, directly or indirectly, causally-connected to, arising out of, in connection with or related to the Action, including any of the allegations asserted
or that could have been asserted therein or with respect to the Spin-Off. For the avoidance of doubt, nothing herein shall limit the scope of the release provided or findings made in the Approval Order.

  

	 	4.2.	 The D&O Defendants forever unconditionally and irrevocably release, discharge, and hold harmless the Trust,
its current and former beneficiaries, representatives, litigation trust management, advisors, attorneys, agents, partners, employees, trustees, representatives, predecessors, successors, and assigns – past, present, and future – from any
and all Claims arising out of or based on any act or omission occurring from the beginning of time up to and including the Effective Date. 

  

	 	4.3.	 The Trust, on behalf of itself and its current and former beneficiaries, representatives, litigation trust
management, advisors, attorneys, agents, partners, employees, trustees, representatives, predecessors, successors, and assigns, forever unconditionally and irrevocably releases, discharges, and holds harmless, the Insurers and their representatives,
attorneys, agents, partners, employees, predecessors, successors, and assigns from any and all Claims arising out of or based on any act or omission related to any obligations the Insurers might have under the Insurance Policies regarding the
Action. 

  

	 	4.4.	 The Trust, the D&O Defendants, and Noble acknowledge and agree that they intend to release and discharge
the Claims set forth above, irrespective of whether such Claims are known or unknown to any or all Parties, and irrespective of whether such Claims, if actually unknown to a Party, could or could not have been discovered by that Party through the
exercise of reasonable diligence. The Trust, the D&O Defendants, and Noble knowingly, voluntarily, intentionally, and expressly waive any and all rights and benefits under any and all laws (including but not limited to statutes, ordinances,
administrative regulations, and principles of common law) of any federal, state, province, territory, county, city, municipality, or any other political subdivision of the United States or any foreign country, that would restrict in any fashion the
full scope of enforceability of the releases set forth in this Section 4. 

  

	 	4.5.	 All rights under Section 1542 of the California Civil Code, or any analogous state or federal law, are
hereby expressly WAIVED by the Parties, if applicable, with respect to any of the claims, injuries, or damages described in the releases set forth in Section 4. Section 1542 of the California Civil Code reads as
follows: 

 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT
TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” 

  
 4 

	5.	 Condition Precedent. The occurrence of the Effective Date shall be a condition precedent to the
effectiveness of this Agreement. 

  

	6.	 No Admission of Liability. Each Party acknowledges and agrees that this Agreement is a compromise
settlement that is not in any respect, for any purpose, to be deemed or construed to be an express or implied admission of any liability or wrongdoing in the Action or otherwise. Neither this Agreement nor the Parties’ compromise negotiations
are admissible as evidence in any future proceedings brought by any third parties against any of the Parties. 

  

	7.	 Representations and Warranties. The Parties represent and warrant that they have the full right and
power to grant the releases set forth in this Agreement and have not sold, assigned, transferred, hypothecated, pledged, or encumbered, or otherwise disposed of, in whole or in part, voluntarily or involuntarily, any Claim released pursuant to this
Agreement. 

  

	8.	 Further Assurances. The Parties agree to cooperate as reasonably necessary and to take all reasonable
steps to effectuate this Agreement and the dismissal of the Action in accordance with this Agreement. 

  

	9.	 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties,
their successors-in-interest, heirs and permitted assigns. For the avoidance of doubt, upon the effective date of the Plan, all of Noble’s rights and obligations
under this Agreement shall be assumed by Reorganized Parent (as defined in the Plan). 

  

	10.	 Integrated Agreement. This Agreement constitutes the entire understanding and contract between the
Parties with respect to the subject matter referred to herein. Any and all other representations, understandings, covenants, or agreements, whether oral, written, or implied, are merged into and superseded by the terms of this Agreement.

  

	11.	 No Oral Modifications. No provision of this Agreement can be waived, modified, amended, or supplemented
except in a writing that expressly references this Agreement and is signed by an authorized representative of each Party to be bound. 

  

	12.	 Notice. All notices that are required or that may be permitted to be given pursuant to the terms of this
Agreement shall be in writing and shall be sufficient in all respects if given in writing and delivered by courier, by facsimile, by email, by registered mail, and/or by certified mail, return receipt requested, as follows: 

If to the Paragon Litigation Trust: 

Tim Daileader 
 Chief Operating
Officer 
 Drivetrain, LLC 
 410
Park Avenue 
 Suite 900 
 New
York, NY 10022 
 E-mail: tdaileader@drivetrainllc.com 

  
 5 

 With copy to: 

Kirkland & Ellis LLP 

300 North LaSalle 
 Chicago, IL
60654 
 Attention: Jeffrey J. Zeiger 

Facsimile: (312) 862-2200 

E-mail: jzeiger@kirkland.com 

If to Noble: 
 Noble Corporation
plc 
 13135 Dairy Ashford, Suite 800 

Sugar Land, TX 77478 
 Attention:
William Turcotte, General Counsel 
 With copies to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

155 N. Wacker Drive 
 Chicago, IL
60606 
 Attention: George Panagakis 

Facsimile: (312) 407-8586 

E-mail: george.panagakis@skadden.com 

and 
 Skadden, Arps, Slate,
Meagher & Flom LLP 
 One Manhattan West 

New York, NY 10001 
 Attention:
George Zimmerman 
 Facsimile: (917) 777-2047 

E-mail: george.zimmerman@skadden.com 

If to the D&O Defendants: 

Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 
 New York, NY
10001 
 Attention: George Zimmerman 

Facsimile: (917) 777-2047 

E-mail: george.zimmerman@skadden.com 

  
 6 

 Any such notices shall be effective upon receipt by the listed addressees. The Parties may
change their addresses for notice purposes by sending a notice of such changes to the other Parties in accordance with the terms of this Section. 
  

	13.	 Independent Advice. Each Party warrants and represents that it has received independent legal advice
from such Party’s attorney with respect to the rights and obligations arising from, and the advisability of executing, this Agreement. 

  

	14.	 Construction of Ambiguities. Because all Parties have participated in drafting, reviewing, and editing
the language of this Agreement, no presumption for or against any Party arising out of drafting all or any part of this contract shall be applied in any action whatsoever. 

 

	15.	 Headings. The subject headings used in this Agreement are included for purposes of convenience only and
shall not affect the construction or interpretation of any provisions of this document. 

  

	16.	 Execution. This Agreement may be executed and delivered in any number of counterparts. When each Party
has signed and delivered at least one counterpart to all other Parties, each counterpart shall be deemed an original and all counterparts, taken together, shall constitute one and the same agreement, which shall be binding and effective on the
Parties hereto in accordance with the terms of this Agreement as of the date the counterparts are delivered; electronic delivery is acceptable to all Parties. This Agreement may be executed using electronic signatures and exchanged via electronic
means, with the same force and effect as original signatures for all purposes. 

  

	17.	 Enforceability. When effective under the conditions and other terms of this Agreement, this Agreement
shall be valid and binding upon the Parties, and shall be fully enforceable against each of them, in accordance with its terms. Any person executing this Agreement on behalf of any Party hereto does hereby personally represent and warrant to the
other Party or Parties that he/she has the authority to execute this Agreement on behalf of, and fully bind, such Party. 

  

	18.	 Governing Law. This Agreement shall be governed by, and interpreted, construed, and enforced in
accordance with, the laws of the State of New York. 

  

	19.	 Third-Party Beneficiaries. Noble Corporation Holdings Ltd, Noble Corporation, Noble FDR Holdings
Limited, Noble Holding International Limited, Noble Holding (U.S.) LLC, Noble International Finance Company, Noble Holding International (Luxembourg) S.à r.l., Noble Holding International (Luxembourg NHIL) S.à r.l., the Insurers and
the Trust beneficiaries are third-party beneficiaries of this Agreement. Other than the persons and entities referred to in the immediately preceding sentence, there are no third-party beneficiaries of this Agreement. 

 

	20.	 Retention of Jurisdiction and Choice of Venue. Any dispute arising from or related to this Agreement
shall be decided solely and exclusively by the Texas Bankruptcy Court, which shall retain exclusive jurisdiction to hear and determine such dispute. To the extent the Texas Bankruptcy Court determines that it is unable or unwilling to exercise
jurisdiction over any such dispute, such dispute shall be decided by the United States District Court for the Southern District of Texas, or if such court determines that it is unable or unwilling to exercise jurisdiction over any such dispute, such
dispute shall be brought to a state court located in the 

  
 7 

	 	
Borough of Manhattan, New York and the Parties shall endeavor to have this matter heard by and/or transferred to the Supreme Court, Commercial Division. The Parties consent to the entry of a
final judgment by the Texas Bankruptcy Court in any dispute with respect to the interpretation or enforcement of this Agreement and waive any objections thereto under Article III of the United States Constitution and section 157 of title 28 of the
United State Code. The Parties waive their right to a jury trial in connection with any dispute related to or arising out of this Agreement. 

  

	21.	 Severability. If any provision of this Agreement is unenforceable, such provision will be changed and
interpreted to accomplish the objectives of such provision to the greatest extent possible under applicable law and the remaining provisions will continue in full force and effect. To the extent that any provision of this Agreement is held
unenforceable and is not so reformed, the Parties agree to negotiate in good faith an enforceable substitute provision for any invalid or unenforceable provision that most nearly achieves the intent of such provision. 

[Remainder of Page Intentionally Left Blank] 

  
 8 

 Each of the Parties hereby agrees to this Agreement on the date set forth below: 

 

									
	Paragon Litigation Trust	 		 	James A. MacLennan	 	
				
	 /s/ Tim Daileder
	 		 		 	                                
	By:	  	Tim Daileder	 		 	 /s/ James A. MacLennan
	 	
	Title:	  	Authorized Signatory for Drivetrain, LLC as Litigation Trust Management	 	                                	 	Date: February 3, 2021	 	
	Date:	  	February 2, 2021	 		 		 	
				
	Noble Corporation plc	 		 	Mary P. Ricciardello	 	
				
	 /s/ Richard Barker
	 		 	 /s/ Mary P. Ricciardello
	 	
	By:	  	Richard Barker	 		 	Date: February 3, 2021	 	
	Title:	  	Senior Vice President and Chief Financial Officer	 		 		 	
	Date:	  	February 3, 2021	 		 		 	
				
	Michael A. Cawley	 		 	Julie J. Robertson	 	
				
	 /s/ Michael A. Cawley
	 		 	 /s/ Julie J. Robertson
	 	
	Date:	  	February 3, 2021	 		 	Date: February 3, 2021	 	
				
	Julie H. Edwards	 		 	David W. Williams	 	
				
	 /s/ Julie H. Edwards
	 		 	 /s/ David W. Williams
	 	
	Date:	  	February 3, 2021	 		 	Date: February 3, 2021	 	
				
	Gordon T. Hall	 		 		 	
				
	 /s/ Gordon T. Hall
	 		 		 	
	Date:	  	February 3, 2021	 		 		 	
				
	Jon A. Marshall	 		 		 	
				
	 /s/ Jon A. Marshall
	 		 		 	
	Date:	  	February 3, 2021	 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	
		  		 		 		 	

  
 9 

 Exhibit A 

IN THE UNITED STATES BANKRUPTCY COURT 

FOR THE DISTRICT OF DELAWARE 
  

			
	 In re

 
 PARAGON OFFSHORE PLC,

 
 Debtor.

 
	    	 Chapter 11
  

Bankr. Case No. 16-10386 (CSS)

	  
 PARAGON
LITIGATION TRUST,
  
 Plaintiff,

 
 v.

 
	    	
	 NOBLE CORPORATION PLC, NOBLE CORPORATION HOLDINGS
LTD, NOBLE CORPORATION, NOBLE HOLDING INTERNATIONAL (LUXEMBOURG) S.à r.l., NOBLE HOLDING INTERNATIONAL (LUXEMBOURG NHIL) S.à r.l., NOBLE FDR HOLDINGS LIMITED, NOBLE HOLDING INTERNATIONAL LIMITED, NOBLE HOLDING (U.S.) LLC, NOBLE
INTERNATIONAL FINANCE COMPANY, MICHAEL A. CAWLEY, JULIE H. EDWARDS, GORDON T. HALL, JON A. MARSHALL, JAMES A. MACLENNAN, MARY P. RICCIARDELLO, JULIE J. ROBERTSON, and DAVID WILLIAMS,

 
 Defendants.

 
	    	Adv. Proc. No. 17-51882 (CSS)

 FINAL JUDGMENT 

Upon consideration of the parties’ settlement of the claims of the Paragon Litigation Trust (the “Trust”) in this lawsuit, it
is ORDERED that Counts I – VIII of the First Amended Complaint are dismissed with prejudice. The Trust and the Defendants shall bear their own attorneys’ fees and costs. 

 Exhibit B 

Insurance Policies 
  

			
	 Insurer(s)
	  	 Policy Number

	Chubb Underwriting Agencies Limited for and on behalf of Syndicate 2488 as successor of Syndicate 1882	  	 13DO000474RA

(RKH No.
 D130046)

		
	Certain Underwriters at Lloyds, London	  	 D130047

(RKH No.
 D130047)

		
	Zurich Insurance Plc / Zurich Insurance Company Ltd.	  	 D130047

(RKH No.
 D130047)

		
	Great Lakes Insurance SE	  	 097597/01/13

(RKH No.
 D130049)

		
	HCC International Insurance Company Plc	  	 13G112030104

(RKH No.
 D130050)

		
	Allianz Risk Transfer AG, Schaan, Zurich Branch (formerly Allianz Risk Transfer AG before the redomiciliation in 2016 of Allianz Risk Transfer AG to Liechtenstein)	  	 CHF000286134

(RKH No.
 D130051)

		
	Certain Underwriters at Lloyds, London (Navigators)	  	 D130052

(RKH No.
 D130052)

		
	American International Group UK Limited	  	 B0180D130053

(RKH No.
 D130053)

		
	Certain Underwriters at Lloyds, London (Starr)	  	 AC6894A13FAA

(RKH No.
 D130383)

		
	Certain Underwriters at Lloyds, London (Barbican/Navigators)	  	 D130384

(RKH No.
 D130384)Exhibit 4.1

 

NABORS INDUSTRIES, INC.

as Issuer

and

NABORS INDUSTRIES LTD.,

as Guarantor

and

[_____________]

as Trustee

INDENTURE

Dated as of [_____________]

SENIOR DEBT SECURITIES

 

     

     

    

 

Reconciliation and tie between certain Sections

of this Indenture, dated as of [_____________] and

Sections 310 through 318, inclusive, of

the Trust Indenture Act of 1939:

 

	
        Trust Indenture Act Section
	 	
        Indenture
        Section

	310	(a)(1)	 	6.10
	 	(a)(2)	 	6.10
	 	(a)(3)	 	N/A
	 	(a)(4)	 	N/A
	 	(a)(5)	 	6.10
	 	(b)	 	6.10
	 	(c)	 	N/A
	311	(a)	 	6.11
	 	(b)	 	6.11
	 	(c)	 	N/A
	312	(a)	 	2.06
	 	(b)	 	15.03
	 	(c)	 	15.03
	313	(a)	 	6.06
	 	(b)	 	6.06
	 	(c)	 	6.06
	 	(d)	 	6.06
	314	(a)	 	3.03
	 	(a)(4)	 	3.04
	 	(b)	 	N/A
	 	(c)(1)	 	15.04
	 	(c)(2)	 	15.04
	 	(c)(3)	 	N/A
	 	(d)	 	N/A
	 	(e)	 	15.05
	315	(a)	 	6.01
	 	(b)	 	6.05
	 	(c)	 	6.01
	 	(d)	 	6.01
	 	(e)	 	5.11
	316	(a)(last sentence)	 	2.09
	 	(a)(1)(A)	 	5.05
	 	(a)(1)(B)	 	5.04
	 	(a)(2)	 	N/A
	 	(b)	 	5.07
	 	(c)	 	N/A
	317	(a)(1)	 	5.08
	 	(a)(2)	 	5.09
	 	(b)	 	2.05
	318	(a)	 	15.01

 

NOTE: This reconciliation and tie shall not, for any purpose,
be deemed to be a part of the Indenture.

 

     

     

    

 

TABLE OF CONTENTS

 

	Article One
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitions	5
	Section 1.03.	Incorporation by Reference of Trust Indenture Act	5
	Section 1.04.	Rules of Construction	5
	 	 	 
	Article Two
	THE SECURITIES
	 
	Section 2.01.	Form and Dating	6
	Section 2.02.	Amount Unlimited; Issuable in Series	6
	Section 2.03.	Execution and Authentication	8
	Section 2.04.	Registrar and Paying Agent	9
	Section 2.05.	Paying Agent to Hold Money in Trust	10
	Section 2.06.	Holder Lists	10
	Section 2.07.	Transfer and Exchange	10
	Section 2.08.	Replacement Securities	13
	Section 2.09.	Outstanding Securities	14
	Section 2.10.	Temporary Securities	14
	Section 2.11.	Cancellation	14
	Section 2.12.	Defaulted Interest	14
	Section 2.13.	Persons Deemed Owners	14
	Section 2.14.	CUSIP Numbers	15
	 	 	 
	Article Three
	COVENANTS
	 
	Section 3.01.	Payment of Securities	15
	Section 3.02.	Maintenance of Office or Agency	15
	Section 3.03.	SEC Reports; Financial Statements	15
	Section 3.04.	Compliance Certificate	16
	Section 3.05.	Corporate Existence	16
	Section 3.06.	Waiver of Stay, Extension or Usury Laws	16
	Section 3.07.	Payment of Additional Amounts	16
	 	 	 
	 	Article Four	 
	 	CONSOLIDATION, MERGER AND SALE	 
	 	 	 
	Section 4.01.	Limitation on Mergers and Consolidations of the Company	18
	Section 4.02.	Limitation on Mergers and Consolidations of any Guarantor	18
	Section 4.03.	Successors Substituted	18
	 	 	 
	 	Article Five	 
	 	DEFAULTS AND REMEDIES	 
	 	 	 
	Section 5.01.	Events of Default	19
	Section 5.02.	Acceleration	20
	Section 5.03.	Other Remedies	20
	Section 5.04.	Waiver of Existing Defaults	21
	Section 5.05.	Control by Majority	21
	Section 5.06.	Limitations on Suits	21

 

    i

     

    

 

	Section 5.07.	Rights of Holders to Receive Payment	22
	Section 5.08.	Collection Suit by Trustee	22
	Section 5.09.	Trustee May File Proofs of Claim	22
	Section 5.10.	Priorities	22
	Section 5.11.	Undertaking for Costs	22
	 	 	 
	Article Six
	TRUSTEE
	 
	Section 6.01.	Duties of Trustee	23
	Section 6.02.	Rights of Trustee	24
	Section 6.03.	Individual Rights of Trustee	24
	Section 6.04.	Trustee’s Disclaimer	25
	Section 6.05.	Notice of Defaults	25
	Section 6.06.	Reports by Trustee to Holders	25
	Section 6.07.	Compensation and Indemnity	25
	Section 6.08.	Replacement of Trustee	26
	Section 6.09.	Successor Trustee by Merger, etc.	26
	Section 6.10.	Eligibility; Disqualification	27
	Section 6.11.	Preferential Collection of Claims Against Company	27
	 	 	 
	Article Seven
	DISCHARGE OF INDENTURE, DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section 7.01.	Satisfaction and Discharge of Indenture	27
	Section 7.02.	Legal Defeasance	28
	Section 7.03.	Covenant Defeasance	29
	Section 7.04.	U.S. Government Obligations	30
	Section 7.05.	Application of Trust Money	30
	Section 7.06.	Repayment to Company	30
	Section 7.07.	Reinstatement	30
	 	 	 
	Article Eight
	SUPPLEMENTAL INDENTURES
	 
	Section 8.01.	Without Consent of Holders	30
	Section 8.02.	With Consent of Holders	32
	Section 8.03.	Compliance with Trust Indenture Act	33
	Section 8.04.	Revocation and Effect of Consents	33
	Section 8.05.	Notation on or Exchange of Securities	33
	Section 8.06.	Trustee to Sign Amendments, etc.	34
	 	 	 
	Article Nine
	GUARANTEES OF SECURITIES
	 
	Section 9.01.	Applicability of Article	34
	Section 9.02.	Jointly and Severally	34
	Section 9.03.	Unconditional Guarantees	34
	Section 9.04.	Execution and Delivery of Notation of Guarantees	36
	 	 	 
	Article Ten
	REDEMPTION
	 
	Section 10.01.	Applicability of Article	36
	Section 10.02.	Notices to Trustee	36
	Section 10.03.	Selection of Securities to be Redeemed	36
	Section 10.04.	Notices to Holders	36
	Section 10.05.	Effect of Notices of Redemption	37
	Section 10.06.	Deposit of Redemption Price	37
	Section 10.07.	Securities Redeemed in Part	37
	Section 10.08.	Optional Redemption	38

 

    ii

     

    

 

	Article Eleven
	CONVERSION OF SECURITIES
	 
	Section 11.01.	Conversion of Securities	38
	 	 	 
	Article Twelve
	SINKING FUNDS
	 
	Section 12.01.	Sinking Funds	38
	 	 	 
	Article Thirteen
	REPAYMENT AT OPTION OF HOLDERS
	 
	Section 13.01.	Repayment at Option of Holders	38
	 	 	 
	Article Fourteen
	SECURITY
	 
	Section 14.01.	Security	38
	 	 	 
	Article Fifteen
	MISCELLANEOUS
	 
	Section 15.01.	Trust Indenture Act Controls	38
	Section 15.02.	Notices	39
	Section 15.03.	Communication by Holders with Other Holders	39
	Section 15.04.	Certificate and Opinion as to Conditions Precedent	39
	Section 15.05.	Statements Required in Certificate or Opinion	40
	Section 15.06.	Rules by Trustee and Agents	40
	Section 15.07.	Legal Holidays	40
	Section 15.08.	No Recourse Against Others	40
	Section 15.09.	Governing Law; Jury Trial Waiver	40
	Section 15.10.	Consent to Jurisdiction and Service of Process	40
	Section 15.11.	Waiver of Immunity	41
	Section 15.12.	Judgment Currency	41
	Section 15.13.	No Adverse Interpretation of Other Agreements	41
	Section 15.14.	Successors	41
	Section 15.15.	Severability	41
	Section 15.16.	Counterpart Originals	41
	Section 15.17.	U.S.A. Patriot Act	41
	Section 15.18.	Force Majeure	42
	Section 15.19.	Table of Contents, Headings, etc.	42
	EXHIBIT A	 	 
	Face of Security		A-1

 

 

    iii

     

    

 

THIS INDENTURE dated as of [_____________],
is among Nabors Industries, Inc., a Delaware corporation (the “Company”), each Guarantor, if any, and [_____________],
as trustee (the “Trustee”).

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness
(herein called the “Securities”), to be issued in one or more series as provided in this Indenture.

 

This Indenture is subject to the provisions
of the Trust Indenture Act that are required to be a part of this Indenture and shall, to the extent applicable, be governed by
such provisions.

 

All things necessary to make this Indenture
a valid agreement of the Company and of each Guarantor, if any, in accordance with its terms, have been done.

 

For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:

 

Article
One

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section
1.01.   Definitions 

 

“Additional Securities” means
any Securities issued under this Indenture in accordance with Section 2.03, as part of the same series as an existing series to
the extent outstanding.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with,
such specified Person. For purposes of this definition, “control” of a Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise,
and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. The Trustee
may request and may conclusively rely upon an Officers’ Certificate to determine whether any Person is an Affiliate of any
specified Person.

 

“Agent” means any Registrar
or Paying Agent.

 

“Applicable Procedures” means,
with respect to any transfer or exchange of or for beneficial interests in any Global Security, the rules and procedures of the
Depositary, Euroclear or Clearstream that apply to such transfer or exchange.

 

“Authenticating Agent” has the
meaning set forth under Section 2.03 hereof.

 

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

 

“Board of Directors” of any
Person means the board of directors, board of managers (or other comparable governing body) of such Person or any committee thereof
or committee of officers duly authorized, with respect to any particular matter, to act by or on behalf of the board of directors
of such Person.

 

“Business Day” means any day
that is not a Legal Holiday.

 

“Capital Stock” means (i) in
the case of a corporation or a company, corporate stock or shares; (ii) in the case of an association or business entity, any and
all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in the case of
a partnership or limited liability company, partnership or membership interests (whether general or limited); and (iv) any other
interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

    1

     

    

 

“Clearstream” means Clearstream
Banking, société anonyme or any successor securities clearing agency.

 

“Code” means the Internal Revenue
Code of 1986, as amended, and any successor statute.

 

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

 

“Corporate Trust Office” means
with respect to the Trustee, the office at which this Indenture shall be principally administered, which office shall initially
be located at the address of the Trustee specified in Section 15.02 and may be located at such other address as the Trustee may
give notice to the Company and the Holders or such other address as a successor Trustee may designate from time to time by notice
to the Company in accordance with Section 15.02 and the Holders.

 

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

 

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

 

“Definitive Security” means
a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.07, substantially
in the form of Exhibit A hereto, except that such Security shall not bear the Global Security Legend and shall not have
the “Schedule of Exchanges of Securities” attached thereto.

 

“Depositary” means The Depository
Trust Company and its successors.

 

“Discount at Issue Security”
means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof.

 

“Euroclear” means Euroclear
Bank N.V./S.A. or any successor securities clearance agency.

 

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

 

“Floating or Adjustable Rate Provision”
means a formula or provision, specified in or pursuant to a resolution of the Board of Directors of the Company, provided for in
an Officers’ Certificate or Issuer Order or a supplemental Indenture, providing for the determination, whether pursuant to
objective factors or pursuant to the sole discretion of any Person (including the Company or one or more officer designees thereof),
and periodic adjustment of the interest rate borne by a Floating or Adjustable Rate Security.

 

“Floating or Adjustable Rate Security”
means any Security which provides for interest thereon at a periodic rate that may vary from time to time over the term thereof
in accordance with a Floating or Adjustable Rate Provision.

 

“Foreign Currency” means a currency
used by the government of a country other than the United States of America.

 

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

 

“Global Security” means a permanent
global security substantially in the form of Exhibit A attached hereto that bears the Global Security Legend and that has
the “Schedule of Exchanges of Securities” attached thereto and that is deposited with or on behalf of and registered
in the name of the Depositary or its nominee.

 

“Global Security Legend” means
the legend set forth in Section 2.07(f) which is required to be placed on all global securities issued under this Indenture.

 

    2

     

    

 

“Guarantor” means NIL and/or
any other Person to the extent that any of such Persons have guaranteed any of the Securities pursuant to Article Nine until a
successor Person shall have assumed the obligations of NIL and/or such other person pursuant to the applicable provisions of the
Indenture, and thereafter “Guarantor” shall mean such successor Person(s).

 

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

 

“Indenture” means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more supplemental indentures entered
into pursuant to the applicable provisions of this instrument, including, for all purposes of this instrument, and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established
as contemplated by Section 2.02.

 

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

 

“Interest Payment Date” has
the meaning assigned to such term in the applicable Securities.

 

“Issue Date” means the first
date on which the Securities are issued under this Indenture.

 

“Issuer Order” means a written
request or order signed in the name of the Company by (i) any single Officer of the Company, or (ii) any Person designated in an
Issuer Order of the Company previously delivered to the Trustee for Securities of any series by any Officer of the Company and
delivered to the Trustee for Securities of any series.

 

“Legal Holiday” means a Saturday,
a Sunday or a day on which banking institutions in any of New York, New York, Houston, Texas or a place of payment are authorized
or obligated by law, regulation or executive order to remain closed.

 

“Maturity,” when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable
as therein or herein provided, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise.

 

“NIL” means Nabors Industries
Ltd., a Bermuda exempted company.

 

“Officer” means the Chairman
of the Board of Directors, the Chief Executive Officer, the President, any Vice Chairman of the Board of Directors, any Vice President
(including any Vice President, whether or not designated by a number or a word or words added before or after the title “Vice
President”), the Chief Financial Officer, the Chief Accounting Officer, the General Counsel, the Treasurer, any Assistant
Treasurer, the Controller, the Secretary or any Assistant Secretary of a Person.

 

“Officers’ Certificate”
means a certificate signed by two Officers of a Person, one of who must be the principal executive officer, the principal financial
officer, or the principal accounting officer of the Person and that complies with Section 15.04 and Section 15.05 of this Indenture
and is delivered to the Trustee.

 

“Opinion of Counsel” means a
written opinion from legal counsel which is acceptable to the Trustee and that complies with Section 15.04 and Section 15.05 of
this Indenture. Such counsel may be an employee of or counsel to the Company or the Guarantor.

 

“Participant” means, with respect
to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively
(and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream).

 

“Paying Agent” has the meaning
set forth under Section 2.04 hereof.

 

    3

     

    

 

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

 

“PIK Securities” means any series
of Securities where interest is payable, whether or not at the election of the Company or a Holder of such Security, in additional
Securities.

 

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

 

“Redemption Price” means the
price at which the Securities may be redeemed, as set forth in the form of Securities.

 

“Registrar” has the meaning
set forth under Section 2.04 hereof.

 

“Responsible Officer” means,
when used with respect to the Trustee, any officer assigned by the Trustee to administer corporate trust matters or to whom any
corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Indenture.

 

“SEC” means the Securities and
Exchange Commission.

 

“Securities” means debentures,
notes or other evidences of indebtedness issued from time to time, in one or more series under this Indenture and includes Additional
Securities.

 

“Securities Act” means the Securities
Act of 1933, as amended, and any successor statute.

 

“Stated Maturity” means, with
respect to any Security, the date specified in such Security as the fixed date on which the principal of such Security is due and
payable.

 

“Subsidiary” means, with respect
to any Person, (i) any corporation, association or other business entity (other than a partnership, joint venture or limited liability
company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or
controlled, directly or indirectly, by such first Person or one or more of the other Subsidiaries of such first Person or a combination
thereof and (ii) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts,
distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such first Person or one or more of the other Subsidiaries of such first Person or a combination
thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, (y) such first Person
or any of the Subsidiaries of such first Person is a controlling general partner or otherwise controls such entity and (z) such
entity is consolidated in the consolidated financial statements of such first Person in accordance with GAAP.

 

“Taxes” means any tax, duty,
levy, impost, assessment or other governmental charge of whatever nature imposed or levied by or on behalf of the Government of
Bermuda or by an authority or agency therein or thereof having the power to tax, including any interest, penalties or other charges
in respect thereof.

 

“TIA” or “Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. Sections 77aaa-77bbbb), as in effect on the Issue Date,
except as provided in Section 8.03.

 

“Trustee” means the Person named
as the “Trustee” in the first paragraph of this instrument until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean the successor serving hereunder.

 

    4

     

    

 

“Uniform Commercial Code” means
the Uniform Commercial Code as in effect in the State of New York from time to time.

 

“U.S. Government Obligations”
means nonredeemable direct obligations (or certificates representing an ownership interest in such obligations) of the United States
of America for the payment of which the full faith and credit of the United States of America is pledged.

 

Section
1.02.   Other Definitions.

 

	
        Term
	 	
        Defined in Section

	“Additional Amounts”	 	Section 3.07
	“Authorized Agent”	 	Section 15.10
	“Covenant Defeasance”	 	Section 7.03
	“Event of Default”	 	Section 5.01
	“Guaranteed Securities”	 	Section 9.03(a)
	“Guarantees”	 	Section 9.03(a)
	“Indenture Obligations”	 	Section 9.03(a)
	“Judgment Currency”	 	Section 15.12
	“Notice of Default”	 	Section 5.01(iii)
	“Paying Agent”	 	Section 2.04
	“Registrar”	 	Section 2.04
	“Territory”	 	Section 3.07

 

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

 

“commission” means the SEC;

 

“indenture securities” means
the Securities;

 

“indenture security holder”
means a Holder;

 

“indenture to be qualified”
means this Indenture;

 

“indenture trustee” or “institutional
trustee” means the Trustee; and

 

“obligor” on the indenture securities
means the Company and any Guarantor (if applicable).

 

All other terms used in this Indenture,
and not otherwise defined herein, that are defined by the TIA, defined by a TIA reference to another statute or defined by an SEC
rule under the TIA have the meanings so assigned to them. All references in this Indenture to “Sections” or “Articles”
are to Sections or Articles, as applicable, of this Indenture, unless otherwise expressly indicated.

 

Section
1.04.   Rules of Construction.
Unless the context otherwise requires: (1) a term has the meaning assigned to it; (2) an accounting term not otherwise defined
has the meaning assigned to it in accordance with GAAP; (3) “or” is not exclusive; (4) words in the singular include
the plural, and in the plural include the singular; (5) words implying any gender shall apply to all genders; (6) the term “merger”
includes a statutory compulsory share exchange and a conversion of a corporation into a limited liability company, a partnership
or other entity and vice versa and (7) provisions apply to successive events and transactions.

 

    5

     

    

 

Article
Two

THE SECURITIES

 

Section
2.01.   Form and Dating.

 

(a)              General. The Securities, any notations thereon relating to the Guarantees and the Trustee’s or the Authenticating
Agent’s certificate of authentication shall be substantially in the form of Exhibit A to this Indenture, the terms
of which are hereby incorporated into this Indenture, or in such other form or forms as shall be established by or pursuant to
one or more resolutions of the Board of Directors of the Company, provided for in an Officers’ Certificate or Issuer Order
or in one or more indentures supplemental to this Indenture, in each case with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture, and may have such notations, legends or endorsements required
by law, securities exchange rule, the Depositary, any Agent, authenticating agent, conversion agent or any other agent with respect
to the Securities of the series, the Company’s certificate of incorporation, bylaws, agreements to which the Company is
subject, if any, or usage, as may be determined by the officers executing such Securities and the Guarantee (if applicable), as
evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a resolution
of the Board of Directors of the Company, a copy of an appropriate record of such action shall be certified by the Corporate Secretary
or an Assistant Corporate Secretary of the Company and delivered to the Trustee at or prior to the authentication and delivery
of such Securities.

 

(b)              Global
Securities. Securities issued in global form shall include the Global Security Legend contained in Exhibit A and the
Schedule of Exchanges of Interests in the Global Security attached thereto. Securities issued in definitive form shall not include
the Global Security Legend contained in Exhibit A or the Schedule of Exchanges of Interests in the Global Security attached
thereto. Each Global Security shall represent such of the outstanding Securities as shall be specified therein, and each shall
provide that it shall represent the aggregate principal amount of outstanding Securities from time to time endorsed thereon and
that the aggregate principal amount of outstanding Securities represented thereby may from time to time be reduced or increased,
as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount of any increase
or decrease in the aggregate principal amount of outstanding Securities represented thereby shall be made by the Trustee, in accordance
with instructions given by the Holder thereof as required by Section 2.07.

 

(c)              Definitive
Securities. Notwithstanding any other provision of this Article Two, any issuance of Definitive Securities shall be at the
Company’s discretion, except in the specific circumstances set forth in Section 2.07(a).

 

Section
2.02.   Amount Unlimited;
Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture
is unlimited. The Securities may be issued in one or more series. Prior to the issuance of Securities of any series, there shall
be established in or pursuant to one or more resolutions of the Board of Directors of the Company, provided for in an Officers’
Certificate or Issuer Order or established in one or more indentures supplemental hereto:

 

(a)              the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other
series);

 

(b)              any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the series and except for any Securities which are deemed never to have been authenticated and delivered
hereunder);

 

(c)              the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that
Security is registered at the close of business on the record date for such interest;

 

(d)              the date or dates, or the method or methods (and related procedures) by which such date or dates will be determined or extended,
on which the principal of the Securities of the series is payable;

 

(e)              whether
the series of Securities will be issued in combination with other securities registered under the registration statement relating
to the series of Securities;

 

    6

     

    

 

(f)               whether
the Securities of the series will be subject to optional redemption or purchase at the option of the holders thereof or the Company
or required to be redeemed or purchased upon the occurrence of certain events, including without limitation a change of control,
and the terms of any such redemption or purchase;

 

(g)              the
rate or rates at which the Securities of the series shall bear interest, if any, or the Floating or Adjustable Rate Provision
pursuant to which such rates shall be determined, the date or dates from which such interest shall accrue, the Interest Payment
Dates on which any such interest shall be payable and the record date for any interest payable on any Interest Payment Date;

 

(h)              whether
the Securities of the series are to be secured and the extent of such security, if applicable;

 

(i)               the
place or places where the principal of (and premium, if any) and interest, if any, on Securities of the series shall be payable;

 

(j)               if
applicable, the period or periods within which, the price or prices at which (including premium, if any) and the terms and conditions
upon which Securities of the series shall be redeemed, in whole or in part, at the option of the Company pursuant to a sinking
fund or otherwise;

 

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

 

(l)               if applicable, the terms of any right to convert or exchange Securities of the series into any securities or property of
the Company or other issuers;

 

(m)             if
other than minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof (or the equivalent thereof in
one or more Foreign Currencies, currency units or composite currencies), the denominations in which Securities of the series shall
be issuable;

 

(n)              if
the amount of payments of principal of (or premium, if any) or interest, if any, on any Securities of the series may be determined
with reference to one or more indices, the manner in which such amounts shall be determined;

 

(o)              if other than currency of the United States, one or more Foreign Currencies, currency units or composite currencies in which
the Securities of the series are to be denominated;

 

(p)              if
other than the coin or currency in which the Securities of the series are denominated, the coin or currency in which payment of
the principal of (and premium, if any) and interest, if any, on the Securities of the series shall be payable;

 

(q)              the
price or prices (expressed as a percentage of the principal amount thereof) at which the Securities will be issued and, if other
than the entire principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or provable under any applicable federal or
state bankruptcy or similar law pursuant to Section 5.03;

 

(r)               the Depositary or Depositaries for the Global Security or Global Securities and any circumstance other than those set forth
in Section 2.07 in which any such Global Security may be transferred to, and registered and exchanged for Securities registered
in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer
may be registered or, if the Securities of the series are not to be issued in the form of one or more Global Securities, the terms
of any Securities to be issued in the form of Definitive Securities;

 

(s)              whether
the Securities are to be issued as Discount at Issue Securities;

 

    7

     

    

 

(t)               whether the interest, if any, on the Securities is to be payable, at the election of the Company or a holder thereof, in
cash or in PIK Securities and the period or periods within which, and the terms and conditions upon which, such election may be
made;

 

(u)              any other event or events of default applicable with respect to the Securities of the series in addition to those provided
in Section 5.01;

 

(v)              any
other covenant or warranty included for the benefit of Securities of the series in addition to (and not inconsistent with) those
included in this Indenture for the benefit of Securities of all series, or any other covenant or warranty included for the benefit
of Securities of the series in lieu of any covenant or warranty included in this Indenture for the benefit of Securities of all
series, or any provision that any covenant or warranty included in this Indenture for the benefit of Securities of all series
shall not be for the benefit of Securities of the series, or any combination of such covenants, warranties or provisions;

 

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

 

(x)              any
Agent, authenticating agent, conversion agent or any other agents with respect to the Securities of the series;

 

(y)              whether
the Securities of the series shall have the benefits of any Guarantee and, if so, whether such Guarantee will be by NIL only or
by one or more of NIL and/or any other Guarantor jointly and severally; and

 

(z)              any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture).

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to one or more resolutions
of the Board of Directors of the Company, any Officers’ Certificate or Issuer Order referred to above or in any such indenture
supplemental hereto.

 

If any of the terms of the series are established
by action taken pursuant to one or more resolutions of the Board of Directors of the Company, an Officers’ Certificate or
Issuer Order, a copy of such action shall be delivered to the Trustee.

 

Section
2.03.   Execution and
Authentication. One Officer of the Company shall sign the Securities on behalf of the Company by manual or facsimile signature.
The Company’s seal may be (but shall not be required to be) impressed, affixed, imprinted or reproduced on the Securities
and may be in facsimile form.

 

If an Officer of the Company whose signature
is on this Indenture or a Security no longer holds that office at the time the Trustee authenticates such Security or at any time
thereafter, the Security shall be valid nevertheless.

 

A Security shall not be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of an authorized
signatory of the Trustee, or, as the case may be, an Authenticating Agent, which signature shall be conclusive evidence that the
Security has been authenticated under this Indenture.

 

The Trustee or, as the case may be, an Authenticating
Agent, shall authenticate and deliver Securities of any series executed by the Company and delivered to the Trustee or Authenticating
Agent for authentication along with an Issuer Order. Such Issuer Order shall specify the amount of the Securities to be authenticated
and the date on which the issue of Securities is to be authenticated and either detail or attach the information from Section 2.02.
The Company may issue Additional Securities under this Indenture. In authenticating such Securities, the shall receive, and shall
be entitled to conclusively rely upon, an Opinion of Counsel substantially to the effect that:

 

(a)              if
the form of such Securities has been established by or pursuant to one or more resolutions of the Board of Directors of the
Company, provided for in an Officers’ Certificate or Issuer Order or in one or more indentures supplemental to this
Indenture, that such form has been established in conformity with the provisions of this Indenture; and

 

    8

     

    

 

(b)              such Securities, when authenticated and delivered by the Trustee or, as the case may be, an Authenticating Agent, and issued
by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally
binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general
equity principles.

 

The aggregate principal amount of Securities
outstanding at any time for any series of Securities may not exceed the aggregate principal amount of Securities authorized for
issuance by the Company pursuant to the Issuer Order for that series, except for the issuance of additional Securities with respect
to PIK Securities and as provided in Section 2.09. Subject to the foregoing, the aggregate principal amount of Securities that
may be issued under this Indenture shall not be limited.

 

The Trustee may appoint an authenticating
agent (the “Authenticating Agent”) acceptable to the Company to authenticate Securities. Unless limited by the terms
of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
an Agent to deal with the Company, the Guarantor or any of their respective Affiliates.

 

The Trustee initially appoints [_____________]
as the authenticating agent and the Company hereby accepts such appointment.

 

Section
2.04.   Registrar and
Paying Agent. The Company shall maintain in the continental United States an office or agency where Securities may be presented
for registration of transfer or exchange (“Registrar”) and an office or agency where Securities may be presented for
payment (“Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange.
The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes
any co-registrar and the term “Paying Agent” includes any additional paying agent.

 

The Company shall enter into an appropriate
agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions
of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any Agent not a party
to this Indenture. The Company may change any Paying Agent or Registrar without notice to any Holder. If the Company fails to appoint
or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Guarantor, if any, or any of its Subsidiaries
may act as Paying Agent or Registrar.

 

The Company initially appoints [_____________]
as Registrar and Paying Agent for the Securities at its corporate trust office. The place of payment with respect to the Securities,
in addition to the Corporate Trust Office of the Trustee, shall be The City of New York, and the Company hereby appoints [_____________]
as its Paying Agent in The City of New York, at its corporate trust office in such city, the intention of the Company being that
the Securities shall at all times be payable in The City of New York.

 

The immunities, protections and exculpations
available to the Trustee under this Indenture shall also be available to each Agent and authenticating agent, and the Company’s
obligations under Section 6.07 to compensate and indemnify the Trustee shall extend likewise to each Agent and authenticating agent.

 

The Company initially appoints The Depository
Trust Company to act as Depositary with respect to each Global Security.

 

    9

     

    

 

Section
2.05.   Paying Agent
to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment
of principal of or premium, if any, Additional Amounts, if any, or interest, if any, on the Securities, whether such money
shall have been paid to it by the Company or any Guarantor, and will notify the Trustee in writing of any default by the
Company or any Guarantor in making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee and to account for any funds disbursed. The Company at any time may require a
Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon payment over to the
Trustee and upon accounting for any funds disbursed, the Paying Agent (if other than the Company) shall have no further
liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as Paying Agent.

 

Section
2.06.   Holder Lists.
The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names
and addresses of Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least seven Business Days before each Interest Payment Date, and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of
Holders, and the Company shall otherwise comply with TIA Section 312(a).

 

Section
2.07.   Transfer and Exchange.

 

(a)              Transfer
and Exchange of Global Securities. A Global Security may not be transferred as a whole except by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary. Global Securities also may be exchanged
or replaced, in whole, as provided in Section 2.08. Owners of beneficial interests in Global Securities shall not be entitled
to receive Definitive Securities unless:

 

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

 

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

 

Upon the occurrence of any of the events in clause (i) or (ii)
above, Definitive Securities shall be issued in such names and authorized denominations as the Depositary shall instruct the Trustee
and the Registrar in accordance with the Applicable Procedures. Neither the Company, any Guarantor, nor the Trustee or the Registrar
will be liable for any delay by the Depositary in identifying the owners of beneficial interests in a Global Security, and each
of the Company, the Guarantor, the Trustee and the Registrar may conclusively rely on, and will be protected in relying on, instructions
from the Depositary for all purposes of this Indenture.

 

(b)              Transfer
and Exchange of Beneficial Interests in the Global Securities. The transfer and exchange of beneficial interests in the Global
Securities shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.
Transfers of beneficial interests in the Global Securities also shall require compliance with either subparagraph (i) or (ii)
below, as applicable, as well as one or more of the other following provisions of this Section 2.07, as applicable:

 

   (i)                Transfer
of Beneficial Interests in the Same Global Security. Beneficial interests in any Global Security may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in such Global Security. No written orders or instructions shall
be required to be delivered to the Registrar to effect such transfers.

 

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

 

    10

     

    

 

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

 

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

 

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

 

     (ii) instructions given by the Depositary
to the Registrar containing information regarding the Person in whose name such Definitive Security shall be registered to effect
the transfer or exchange referred to in Section 2.07(b)(ii)(B)(i) above.

 

Upon satisfaction of all of the requirements for transfer or
exchange of beneficial interests in Global Securities contained in this Indenture, or the Securities or otherwise applicable under
the Securities Act, the principal amount of each relevant Global Security shall be adjusted pursuant to Section 2.07(g).

 

(c)              If any holder of a beneficial interest in Global Security proposes to exchange such beneficial interest for a Definitive
Security or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Security, then,
upon satisfaction of the conditions set forth in Section 2.07(b)(ii)(B), the Registrar shall cause the aggregate principal amount
of the applicable Global Security to be reduced accordingly pursuant to Section 2.07(g), and the Company shall execute and, upon
receipt of an Issuer Order, the Trustee or, as the case may be, an Authenticating Agent, shall authenticate and deliver to the
Person designated in the instructions a Definitive Security in the appropriate principal amount. Any Definitive Security issued
in exchange for a beneficial interest pursuant to this Section 2.07(c) shall be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from
the Depositary and the Participant or Indirect Participant. The Trustee or, as the case may be, an Authenticating Agent, shall
deliver such Definitive Securities to the Persons in whose names such Securities are so registered.

 

(d)              A
Holder of a Definitive Security may exchange such Security for a beneficial interest in a Global Security or transfer such Definitive
Security to a Person who takes delivery thereof in the form of a beneficial interest in a Global Security at any time, in each
case in accordance with the Applicable Procedures. Upon receipt of a request for such an exchange or transfer, the Registrar shall
cancel the applicable Definitive Security and the Registrar shall increase or cause to be increased the aggregate principal amount
of one of the Global Securities.

 

(e)              A
Holder of Definitive Securities may transfer such Securities to a Person who takes delivery thereof in the form of a Definitive
Security. Upon receipt by the Registrar of a request by a Holder of Definitive Securities to register a transfer or exchange of
Definitive Securities and the presentation or surrender to the Registrar of such Definitive Securities duly endorsed or accompanied
by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney duly
authorized in writing, the Registrar shall register the Definitive Security pursuant to the instructions from the Holder thereof.

 

(f)               Global
Security Legend. A substantially similar form of the following legend shall appear on the face of all Global Securities issued
under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture:

 

    11

     

    

 

THIS GLOBAL SECURITY IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT
IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE REGISTRAR FOR CANCELLATION
PURSUANT TO SECTION 2.11 OF THE INDENTURE.

 

UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”)
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

 

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

 

(h)              General
Provisions Relating to Transfers and Exchanges.

 

(i)                 To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee or, as the case may be, an Authenticating
Agent, shall authenticate Global Securities and Definitive Securities upon the Company’s order or at the Registrar’s
request.

 

(ii)                No
service charge shall be made to a holder of a beneficial interest in a Global Security or to a Holder of a Definitive Security
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax
or similar governmental charge or other fee required by law and payable in connection therewith (other than any such transfer
taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 2.10, Section 8.05 and Section 10.07).

 

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

 

(iv)               None
of the Company, the Trustee or the Registrar shall be required (A) to issue, to register the transfer of or to exchange any
Securities during a period beginning at the opening of business 15 days before the day of sending of a notice of redemption
under Section 10.04 and ending at the close of business on such day or (B) to register the transfer of or to exchange any
Securities so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in
part.

 

    12

     

    

 

(v)               
Prior to the due presentation for registration of transfer of any Security, the Company, the Guarantor, if any, the Trustee,
the Paying Agent or the Registrar may deem and treat the Person in whose name a Security is registered as the absolute owner of
such Security for the purpose of receiving any payment on such Security and for all other purposes whatsoever, whether or not such
Security is overdue, and none of the Company, the Guarantor, if any, the Trustee, the Paying Agent or the Registrar shall be affected
by notice to the contrary.

 

(vi)              
The Trustee or, as the case may be, an Authenticating Agent, shall authenticate Global Securities and Definitive Securities
upon receipt of an Issuer Order and in accordance with the other provisions of Section 2.03 to the extent applicable.

 

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

 

(viii)          
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Global Security
and Definitive Security other than to require delivery of such certificates and other documentation or evidence as are expressly
required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to conform with the express requirements hereof.

 

(ix)              
Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.

 

Section
2.08.   Replacement Securities.
If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the Security has been lost,
destroyed or wrongfully taken, the Company shall issue, upon receipt of an Issuer Order, and the Trustee or, as the case may be,
an Authenticating Agent, shall authenticate a replacement Security if the requirements of Section 8-405 of the Uniform Commercial
Code are met, such that the Holder (a) satisfies the Company or the Trustee within a reasonable time after such Holder has notice
of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification,
(b) makes such request to the Company or Trustee prior to the Security being acquired by a protected purchaser as defined in Section
8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements
of the Trustee. If required by the Trustee or the Company, such Holder must furnish an indemnity bond that is sufficient in the
judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent or any authenticating agent from any loss
which any of them may suffer if a Security is replaced. The Company and the Trustee may charge for their expenses in replacing
a Security. If, after the delivery of such replacement Security, a protected purchaser of the original Security in lieu of which
such replacement Security was issued presents for payment or registration such original Security, the Trustee shall be entitled
to recover such replacement Security from the Person to whom it was delivered or any Person taking therefrom, except a protected
purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage,
cost or expense incurred by the Trustee or the Company in connection therewith. Every replacement Security is a contractual obligation
of the Company.

 

In case any such mutilated, destroyed, lost
or wrongfully taken Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security.

 

The provisions of this Section 2.08 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of
mutilated, destroyed, lost or wrongfully taken Securities.

 

    13

     

    

 

Section
2.09.   Outstanding Securities.
The Securities outstanding at any time are all the Securities authenticated
by the Trustee or, as the case may be, an Authenticating Agent, except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Security effected by the Registrar hereunder and those described in this Section
2.09 as not outstanding; provided, however, that in determining whether the Holders of the requisite principal amount
of outstanding Securities are present at a meeting of Holders of Securities for quorum purposes or have consented to or voted
in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder, Securities
held for the account of the Company or any of its Affiliates shall be disregarded and deemed not to be outstanding, except that
in determining whether the Trustee shall be protected in making such a determination or relying upon any such quorum, consent
or vote, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded.

 

The principal amount of a Discount at Issue
Security that shall be deemed to be outstanding shall be the amount of the principal thereof that would be due and payable as of
the date of such determination upon acceleration of the Maturity thereof pursuant to Section 5.02.

 

If a Security is replaced pursuant to Section
2.08, it ceases to be outstanding unless a Responsible Officer of the Trustee receives proof satisfactory to it that the replaced
Security is held by a protected purchaser.

 

If the principal amount of any Security
is considered paid under Section 3.01, it ceases to be outstanding and interest on it, if any, ceases to accrue.

 

Section
2.10.   Temporary Securities.
Until Definitive Securities are ready for delivery, the Company may prepare and, upon receipt of an Issuer Order, the Trustee or,
as the case may be, an Authenticating Agent, shall authenticate temporary Securities. Temporary Securities shall be substantially
in the form of Definitive Securities, but may have variations that the Company considers appropriate for temporary Securities.
Without unreasonable delay, the Company shall prepare and, upon receipt of an Issuer Order, the Trustee or, as the case may be,
an Authenticating Agent shall authenticate Definitive Securities in exchange for temporary Securities. Until so exchanged, temporary
Securities shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities.

 

Section
2.11.   Cancellation.
The Company or the Guarantor, if any, at any time may deliver Securities to the Trustee for cancellation. The Registrar and the
Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment.
The Trustee shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation.
All canceled Securities held by the Trustee shall be disposed of in accordance with the usual disposal procedures of the Trustee.
The Company may not issue new Securities to replace Securities that have been paid or that have been delivered to the Trustee for
cancellation.

 

Section
2.12.   Defaulted Interest.
If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted interest in any lawful manner plus,
to the extent lawful, interest on the defaulted interest, in each case at the rate provided in the Securities and in the manner
provided in Section 3.01. The Company may pay the defaulted interest to the Persons who are Holders on a subsequent special record
date. At least 15 days before any special record date, the Company (or the Paying Agent, in the name of and at the expense of the
Company) shall send to Holders a notice that states the special record date, the related payment date and the amount of such interest
to be paid.

 

Section
2.13.   Persons Deemed
Owners. The Company, the Guarantor, if any, the Trustee, any Agent and any authenticating agent may treat the Person in whose
name any Security is registered as the owner of such Security for the purpose of receiving payments of principal of or premium,
if any, Additional Amounts, if any, or interest, if any, on such Security and for all other purposes. None of the Company, the
Guarantor, the Trustee, any Agent or any authenticating agent shall be affected by any notice to the contrary.

 

No holder of any beneficial interest
in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such
Global Security, and such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee
as the owner of such Global Security for all purposes whatsoever. None of the Company, the Guarantor, the Trustee, any Agent
or any authenticating agent will have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

 

    14

     

    

 

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

 

Article
Three

COVENANTS

 

Section
3.01.   Payment of Securities.
The Company shall pay the principal of and premium, if any, Additional Amounts, if any, and interest, if any, on the Securities
on the dates and in the manner provided in the Securities and this Indenture. Principal, premium, if any, Additional Amounts, if
any, and interest, if any, shall be considered paid on the date due if the Paying Agent, other than the Company or a Subsidiary
of the Company, holds by 11:00 a.m., Eastern time, on that date money deposited by or on behalf of the Company designated for and
sufficient to pay all principal, premium, if any, Additional Amounts, if any, and interest, if any, then due.

 

Further, to the extent lawful, the Company
shall pay interest on overdue principal, premium, if any, Additional Amounts, if any, and interest (without regard to any applicable
grace period), if any, from time to time on demand at the rate then in effect on the Securities.

 

Section
3.02.   Maintenance of
Office or Agency. So long as any of the Securities shall remain outstanding, the Company will, in accordance with Section 2.04,
maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, or the Registrar) in the continental
United States where the Securities may be surrendered for exchange or registration of transfer as provided in this Indenture, where
notices and demands to or upon the Company in respect to the Securities may be served, and where the Securities may be presented
or surrendered for payment. The Company may also from time to time designate one or more other offices or agencies in the continental
United States where Securities may be presented or surrendered for any and all such purposes and may from time to time rescind
such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company
of its obligation under Section 2.04 to maintain an office or agency in The City of New York where any Securities may be presented
or surrendered for payment. The Company will give to the Trustee prompt written notice of the location of any such office or agency
and of any change of location thereof. In case the Company shall fail to maintain any such office or agency or shall fail to give
such notice of the location or of any change in the location thereof, such surrenders, presentations and demands may be made and
notices may be served at the designated Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee its
agent to receive at the aforesaid office all such surrenders, presentations, notices and demands.

 

Section
3.03.   SEC Reports;
Financial Statements. The Company and each Guarantor, if any, covenant and agree, so long as any Securities are
outstanding, to file with the Trustee copies relating to one of either the Company or any Guarantor, within 15 days after the
Company or any Guarantor, as appropriate, files the same with the SEC, of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and
regulations prescribe) which the Company or any Guarantor, as appropriate, is required to file with the SEC pursuant to
Section 13 or Section 15(d) of the Exchange Act; or, if the Company or any Guarantor, as appropriate, is not required to file
information, documents or reports pursuant to either of such sections, then to file with the Trustee and the SEC, in
accordance with rules and regulations prescribed from time to time by the SEC (after giving effect to any grace period under
SEC rules), such of the supplementary and periodic information, documents and reports, if any, which may be required pursuant
to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as may be
prescribed from time to time in such rules and regulations. Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).

 

    15

     

    

 

Section
3.04.   Compliance Certificate.
The Company and any Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, a
statement signed by two Officers of the Company (one of whom shall be the Chief Executive Officer, Chief Financial Officer or Chief
Accounting Officer of the Company) and two Officers of each Guarantor, if any (one of whom shall be the Chief Executive Officer,
Chief Financial Officer or Chief Accounting Officer of such Guarantor), which statement need not constitute an Officers’
Certificate, complying with TIA Section 314(a)(4) and stating that in the course of performance by the signing Officers of the
Company and Officers of such Guarantor of their duties as such Officers, they would normally obtain knowledge of the keeping, observing,
performing and fulfilling by the Company and such Guarantor, respectively, of their obligations under this Indenture, and further
stating, as to each such Officer signing such statement, that to the best of his knowledge, each of the Company and such Guarantor
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which such Officer may have knowledge and what action the Company or such
Guarantor, as the case may be, are taking or proposes to take with respect thereto).

 

Section
3.05.   Corporate Existence.
Subject to Article Four, each of the Company and any Guarantor will do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence, under the laws of its jurisdiction of incorporation or formation.

 

Section
3.06.   Waiver of Stay,
Extension or Usury Laws. Each of the Company and any Guarantor covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law or any usury law or other law, which would prohibit or forgive the Company or any Guarantor from paying all or any
portion of the principal of or premium, if any, Additional Amounts, if any, or interest, if any, on the Securities as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture;
and (to the extent that they may lawfully do so) each of the Company and any Guarantor hereby expressly waives all benefit or advantage
of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted.

 

Section
3.07.   Payment of
Additional Amounts. Unless otherwise required by Bermuda law, neither the Company nor any Guarantor will deduct or
withhold from payments made with respect to the Securities and the Guarantees, if any, on account of any present or future
Taxes. In the event that either the Company or any Guarantor is required to withhold or deduct on account of any Taxes due
from any payment made under or with respect to the Securities or any Guarantees, as the case may be, the Company or such
Guarantor, as the case may be, will pay such additional amounts (“Additional Amounts”) as may be necessary so
that the net amount received by each Holder of Securities will equal the amount that the Holder would have received if the
Taxes had not been required to be withheld or deducted; provided that no Additional Amounts will be payable with
respect to a payment made to a Holder to the extent: (a) that any Taxes would not have been so imposed but for the existence
of any present or former connection between the Holder and Bermuda, other than the mere receipt of the payment, acquisition,
ownership or disposition of such Securities or the exercise or enforcement of rights under the Securities, the Guarantees, if
any, or this Indenture; (b) of any estate, inheritance, gift, sales, transfer or personal property Taxes imposed with respect
to the Securities or any other Taxes payable other than by withholding or deduction, except as described below or as
otherwise provided in this Indenture; (c) that any such Taxes would not have been imposed but for the presentation of the
Securities, where presentation is required, for payment on a date more than 30 days after the date on which the payment
became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to the extent
that the beneficiary or Holder thereof would have been entitled to Additional Amounts had the Securities been presented for
payment on any date during such 30-day period; (d) that the Holder would not be liable or subject to such withholding or
deduction of Taxes but for the failure to make a valid declaration of non-residence or other similar claim for exemption, if:
(i) the making of the declaration or claim is required or imposed by statute, treaty, regulation, ruling or administrative
practice of the relevant taxing authority as a precondition to an exemption from, or reduction in, the relevant Taxes; and
(ii) at least 60 days prior to the first payment with respect to which the Company or such Guarantor shall apply this clause
(d), the Company or such Guarantor shall have notified all Holders of the Securities in writing that they shall be required
to provide this declaration or claim; (e) any Taxes imposed under Sections 1471 through 1474 of the Code, any successor law
or regulation implementing or complying with, or introduced in order to conform to, such sections or any intergovernmental
agreement or any agreement entered into pursuant to section 1471(b)(1) of the Code; (f) any Taxes imposed on overall net
income or any branch profits Taxes; (g) that a beneficiary or settlor with respect to a fiduciary, a member of a partnership
or the beneficial owner of the payment would not have been entitled to the Additional Amounts had the beneficiary, settlor,
member or beneficial owner been the holder of a Note in the case of a Holder that is a fiduciary or partnership or a person
other than the sole beneficial owner of any such payment; or (h) any combination of the foregoing. The Company and such
Guarantor shall also (w) withhold or deduct such Taxes as required; (x) remit the full amount of Taxes deducted or withheld
to the relevant taxing authority in accordance with all applicable laws; (y) use reasonable efforts to obtain from each
relevant taxing authority imposing the Taxes certified copies of tax receipts evidencing the payment of any Taxes deducted or
withheld; and (z) upon request, make available to the Holders of the Securities, within 60 days after the date the payment of
any Taxes deducted or withheld is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by
the Company or such Guarantor and, notwithstanding the Company’s or such Guarantor’s efforts to obtain the
receipts, if the same are not obtainable, other evidence of such payments.

 

    16

     

    

 

In addition, the Company or any Guarantor
will pay any stamp, issue, registration, documentary or other similar taxes and duties, including interest, penalties and additional
amounts with respect thereto, payable in Bermuda or the United States, or any political subdivision or taxing authority of or in
the foregoing with respect to the creation, issue, offering, enforcement, redemption or retirement of the Securities or Guarantees.

 

At least 30 days prior to each date on which
any payment under or with respect to the Securities is due and payable, if the Company or any Guarantor becomes obligated to pay
Additional Amounts with respect to such payment, the Company (or in respect of the Guarantees, such Guarantor) shall deliver to
the Trustee an Officers’ Certificate stating the fact that such Additional Amounts will be payable, and the amounts so payable
and will set forth such other information as is necessary to enable the Trustee or the Paying Agent to pay such Additional Amounts
to the Holders on the payment date. Whenever in this Indenture there is mentioned, in any context, the payment of principal of
and premium, if any, Additional Amounts, if any, or interest (including defaulted interest), if any, or any other amount payable
on or with respect to any of the Securities, such mention shall be deemed to include mention of the payment of Additional Amounts
provided for in this Section 3.07 to the extent that, in such context, Additional Amounts are, were or would be payable in respect
thereof pursuant to the provisions of this Section 3.07 and express mention of the payment of Additional Amounts in those provisions
hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made
(if applicable).

 

If payments with respect of the Securities
or any Guarantees become subject generally to the taxing jurisdiction of any Territory or any political subdivision or taxing authority
thereof or therein having power to tax, other than or in addition to Bermuda or the United States or any political subdivision
or taxing authority therein or thereof having power to tax, immediately upon becoming aware thereof the Company shall notify the
Trustee in writing of such event, and thereupon the Company or such Guarantor, as the case may be, shall be obligated to pay Additional
Amounts in respect thereof on terms corresponding to the terms of the foregoing provisions of this Section 3.07 with the substitution
for (or, as the case may be, in addition to) the references herein to Bermuda or any political subdivision or authority therein
or thereof having power to tax of references to that other or additional Territory or any political subdivision or authority therein
or thereof having power to tax to whose taxing jurisdiction such payments shall have become subject as aforesaid. The term “Territory”
means for this purpose any jurisdiction in which the Company or any Guarantor, as the case may be, is incorporated or in which
it has its place of central management or central control.

 

The obligations of the Company and any Guarantor
under this Section 3.07 shall survive the termination of this Indenture and the payment of all amounts under or with respect to
this Indenture and the Securities.

 

    17

     

    

 

Article
Four

CONSOLIDATION, MERGER AND SALE

 

Section
4.01.   Limitation on
Mergers and Consolidations of the Company. The Company shall not consolidate or amalgamate with or merge into any other Person
or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless:

 

(i)                
the Person formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a Person
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, the European
Union and Bermuda, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
reasonably satisfactory to the Trustee, the due and punctual payment of the principal of and interest, if any, on all the Securities
and the performance of every covenant of this Indenture on the part of the Company to be performed;

 

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

 

(iii)             
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, amalgamation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article Four
and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

Section
4.02.   Limitation on
Mergers and Consolidations of any Guarantor. The Guarantor, if any, shall not consolidate or amalgamate with or merge into
any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless:

 

(i)                
the Person formed by such consolidation or amalgamation or into which such Guarantor is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of such Guarantor substantially as an entirety shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due
and punctual payment of all obligations in respect of the Guarantees and the performance of every covenant of this Indenture on
the part of the Guarantor to be performed;

 

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

 

(iii)             
such Guarantor has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, amalgamation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article
Four and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

Section
4.03.   Successors Substituted.
Upon any consolidation or amalgamation of the Company or any Guarantor with, or merger of the Company or any Guarantor into, any
other Person, or any conveyance, transfer or lease of the properties and assets of the Company or any Guarantor substantially as
an entirety in accordance with Section 4.01 or Section 4.02, the successor Person formed by such consolidation or amalgamation
or into which the Company or such Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company or such Guarantor, as the case may be, under this
Indenture with the same effect as if such successor Person had been named as the Company or such Guarantor, as the case may be,
herein, and thereafter, except in the case of a lease to another Person, the predecessor Person shall be relieved of all obligations
and covenants under this Indenture and the Securities.

 

    18

     

    

 

Article
Five

DEFAULTS
AND REMEDIES

 

Section
5.01.   Events of Default.
For any series of Securities, “Event of Default” means any one of the following events with respect to that series
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body):

 

(i)                 
default in the payment of the principal of or premium, if any, on any Security of that series at its Maturity, and continuance
of such default for a period of 10 days; or

 

(ii)               
default in the payment of interest, if any, or Additional Amounts, if any, upon any Security of that series when they become
due and payable, and continuance of such default for a period of 30 days; or

 

(iii)             
default in the observance or performance, or breach, of any covenant of the Company or any Guarantor in any Security of
that series or this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this Section
5.01 specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by
registered or certified mail, to the Company and any Guarantor by the Trustee or to the Company, any Guarantor and the Trustee
by the Holders of at least 25% in aggregate principal amount of the applicable series of outstanding Securities a written notice
specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or

 

(iv)              
the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or
any Guarantor in an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or order adjudging the Company
or any Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment
or composition of or in respect of the Company or any Guarantor under any applicable Bankruptcy Law, or appointing a custodian,
receiver, receiver and manager, interim receiver, administrator, monitor, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or any Guarantor or of any substantial part of the property of the Company or any Guarantor, or
ordering the winding up or liquidation of the affairs of the Company or any Guarantor, and the continuance of any such decree or
order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(v)               
the commencement by the Company or any Guarantor of a voluntary case or proceeding under any applicable Bankruptcy Law or
of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by either of them to the entry of a decree
or order for relief in respect of the Company or any Guarantor in an involuntary case or proceeding under any applicable Bankruptcy
Law or to the commencement of any bankruptcy or insolvency case or proceeding against any of them, or the filing by any of them
of a petition or answer or consent seeking reorganization or relief under any applicable Bankruptcy Law, or the consent by any
of them to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, receiver and manager,
interim receiver, administrator, monitor, liquidator, assignee, trustee, sequestrator or similar official of the Company or any
Guarantor or of any substantial part of the property of the Company or any Guarantor, or the making by either of them of an assignment
for the benefit of creditors, or the admission by either of them in writing of its inability to pay its debts generally as they
become due, or the taking of corporate action by the Company or any Guarantor in furtherance of any such action; or

 

(vi)              
the Guarantees applicable to that series, if any, cease to be in full force and effect or become unenforceable or invalid
or are declared null and void (other than in accordance with the terms of such Guarantees) or any Guarantor denies or disaffirms
its obligations under such Guarantees.

 

    19

     

    

 

The Trustee shall not be deemed to
know of a Default or Event of Default unless a Responsible Officer at the Corporate Trust Office of the Trustee has actual
knowledge of such Default or Event of Default or the Trustee receives written notice at the Corporate Trust Office of the
Trustee of such Default or Event of Default with specific reference to such Default, the Securities and this Indenture.

 

When a Default is cured, or when an Event
of Default is deemed cured pursuant to Section 5.04, such Default, or Event of Default, as the case may be, ceases.

 

Section
5.02.   Acceleration.
If an Event of Default with respect to a series of Securities (other than an Event of Default specified in Section 5.01(iv) or
Section 5.01(v)) occurs and is continuing, the Trustee by notice to the Company and any Guarantor, or by the Holders of at least
25% in aggregate principal amount of the applicable series of then outstanding Securities by written notice to the Company, any
Guarantor and the Trustee, may declare the principal of (or, if any of the Securities of that series are Discount at Issue Securities,
such portion of the principal amount of such Securities as may be specified in the terms thereof), premium, if any, Additional
Amounts, if any, and accrued and unpaid interest, if any, on all then outstanding such Securities to be due and payable immediately.
Upon any such declaration the amounts due and payable on the applicable Securities, as determined in accordance with the next succeeding
paragraph, shall be due and payable immediately. If an Event of Default specified in Section 5.01(iv) or Section 5.01(v) occurs,
the principal of, premium, if any, Additional Amounts, if any, and interest, if any, on all Securities then outstanding shall ipso
facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee or
any Holder.

 

At any time after such an acceleration has
occurred and before a judgment for payment of the money due has been obtained by the Trustee as provided hereinafter in this Article
Five, the Holders of a majority in aggregate principal amount of the applicable series of outstanding Securities, by written notice
to the Company, any Guarantor and the Trustee, may rescind and annul such acceleration and its consequences in relation to the
applicable series if:

 

(a)             
the Company or any Guarantor has paid or deposited with the Trustee a sum sufficient to pay:

 

(i)                
the principal of and premium, if any, on the applicable series of Securities which have become due otherwise than by such
declaration of acceleration and Additional Amounts, if any, and interest, if any, thereon at the rate or rates prescribed therefor
in such Securities or in this Indenture,

 

(ii)               
all overdue interest, if any, and Additional Amounts, if any, on the applicable series of Securities,

 

(iii)             
to the extent that payment of such interest is lawful, interest upon overdue interest, if any, and overdue Additional Amounts,
if any, at the rate or rates prescribed therefor in such Securities or in this Indenture, and

 

(iv)              
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and

 

(b)              
all Events of Default with respect to that series, other than the non-payment of the principal of the applicable series
of Securities which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section
5.04.

 

No such rescission shall affect any subsequent
Event of Default or impair any right consequent thereon.

 

If the Maturity of Securities is accelerated
pursuant to this Section 5.02, 100% of the principal amount thereof and premium, if any, shall become due and payable plus Additional
Amounts in respect thereof, if any, and accrued and unpaid interest in respect thereof, if any, to the date of payment.

 

Section
5.03.   Other Remedies.
If an Event of Default with respect to a series of Securities occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal of, premium, if any, Additional Amounts, if any, or interest, if any, on the applicable series
of Securities or to enforce the performance of any provision of such Securities, the related Guarantees, if any, or this Indenture.

 

    20

     

    

 

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

 

Section
5.04.   Waiver of Existing
Defaults. Subject to Section 5.07 and Section 8.02, the Holders of a majority in aggregate principal amount of the applicable
series of Securities then outstanding may waive an existing Default or Event of Default and its consequences as it relates to that
series of Securities by notice to the Trustee (including waivers obtained in connection with a tender offer for such series of
Securities or a solicitation of consents in respect of such series of Securities, provided that in each case such offer
or solicitation is made to all Holders of such series of Securities on equal terms), except (1) a continuing Default or Event of
Default in the payment of the principal of or premium, if any, Additional Amounts, if any, or interest, if any, on the applicable
series of Securities or (2) a continuing Default in respect of a provision that under Section 8.02 cannot be amended without the
consent of each Holder of the series of Securities affected. Upon any such waiver, such Default shall cease to exist with respect
to the applicable series of Securities, and any Event of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture with respect to that series of Securities; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereon. For the avoidance of doubt, Holders of each separate series of Securities will
vote separately with respect to all matters related to such series.

 

Section
5.05.   Control by Majority.
The Holders of a majority in aggregate principal amount of the applicable series of Securities then outstanding may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on it hereunder with respect to such series of Securities. The Trustee, however, may refuse to follow any direction that conflicts
with applicable law, this Indenture or the applicable supplemental indenture that the Trustee determines may be unduly prejudicial
to the rights of other Holders of such series of Securities, or that may involve the Trustee in personal liability; provided,
however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.
Prior to taking any action hereunder, the Trustee shall receive indemnification from such Holders satisfactory to it against all
losses and expenses caused by taking or not taking such action subject to the Trustee’s duty to act with the required standard
of care during a default. For the avoidance of doubt, Holders of each separate series of Securities will vote separately with respect
to all matters related to such series.

 

Section
5.06.   Limitations on
Suits. Subject to Section 5.07, a Holder may pursue a remedy with respect to this Indenture (including the Guarantees, if any)
or the Securities only if:

 

(i)               
such Holder gives to the Trustee written notice of a continuing Event of Default;

 

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

 

(iii)             
such Holder or Holders furnish to the Trustee reasonable indemnity satisfactory to the Trustee against any loss, liability
or expense;

 

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

 

(v)              
during such 60-day period the Holders of a majority in aggregate principal amount of the applicable series of Securities
then outstanding do not give the Trustee a direction inconsistent with the request.

 

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

 

    21

     

    

 

Section
5.07.   Rights of Holders
to Receive Payment. Notwithstanding any other provision of this Indenture,
the right of any Holder of a Security to receive payment of principal of and premium, if any, Additional Amounts, if any, and
interest, if any, on the Security, on or after any respective due dates expressed in the Security, or to bring suit against the
Company or any Guarantor for the enforcement of any such payment on or after such respective dates, is absolute and unconditional
and shall not be impaired or affected without the consent of such Holder.

 

Section
5.08.   Collection Suit
by Trustee. If an Event of Default specified in Section 5.01(i) or Section 5.01(ii) occurs and is continuing, the Trustee is
authorized to recover judgment in its own name and as trustee of an express trust against the Company and the Guarantor for (i)
the amount of principal of and premium, if any, Additional Amounts, if any, and interest, if any, remaining unpaid on the applicable
series of Securities and (ii) interest on overdue principal, if any, premium, if any, Additional Amounts, if any, and, to the extent
lawful, interest on overdue interest, if any, and such further amount as shall be sufficient to cover the reasonable and documented
costs and expenses of collection, including the reasonable and documented compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, all of which as it relates to such Securities.

 

Section
5.09.   Trustee May File
Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents and to take such actions,
including participating as a member, voting or otherwise, of any committee of creditors, as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company and any Guarantor
or their respective creditors or properties and shall be entitled and empowered to collect, receive and distribute any money or
other property payable or deliverable on any such claims and any Custodian in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 6.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same
shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties
which the Holders of the Securities may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or
the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section
5.10.   Priorities.
If the Trustee collects any money or property pursuant to this Article Five, it shall pay out the money in the following order:

 

First: to the Trustee for amounts due under
the Indenture;

 

Second: to Holders for amounts due and unpaid
on the applicable series of Securities for principal, premium, if any, Additional Amounts, if any, and interest, if any, ratably
and without preference or priority of any kind amongst Holders of the same series of Securities, according to the amounts due and
payable on such Securities for principal, premium, if any, Additional Amounts, if any, and interest, if any, respectively; and

 

Third: to the Company and any Guarantor.

 

The Trustee, upon prior written notice to
the Company and any Guarantor, may fix a record date and payment date for any payment to Holders pursuant to this Article Five.
At least 15 days before such record date, the Trustee shall send to each Holder and the Company a notice that states the record
date, the payment date and amount to be paid.

 

Section
5.11.   Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as a trustee, a court in its discretion may require the filing by any party litigant in
the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 5.11 does not apply to a suit by the Trustee, a suit
by a Holder pursuant to Section 5.07, or a suit by a Holder or Holders of more than 10% in aggregate principal amount of the
applicable series of Securities then outstanding.

 

    22

     

    

 

Article
Six

TRUSTEE

 

Section
6.01.   Duties of Trustee.

 

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

 

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

 

(i)                
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)               
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). However,
the Trustee shall examine such certificates and opinions to determine whether or not, on their face, they appear to conform to
the requirements of this Indenture.

 

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

 

(i)                
this paragraph does not limit the effect of Section 6.01(b) above;

 

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

 

(iii)             
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 5.05.

 

(d)               
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is
subject to paragraphs (a), (b) and (c) of this Section 6.01.

 

(e)               
No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee
may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss,
liability or expense.

 

(f)                
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. All
money received by the Trustee shall, until applied as herein provided, be held in trust for the payment of the principal of and
premium, if any, Additional Amounts, if any, and interest, if any, on the Securities.

 

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

 

    23

     

    

 

Section
6.02.   Rights of Trustee.

 

(a)               
The Trustee may rely conclusively on any resolution, certificate, statement, direction, consent, order, bond, note or other
paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not
investigate any fact or matter stated in any such paper or document.

 

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

 

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

 

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

 

(e)               
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company or any
Guarantor shall be sufficient if signed by an Officer of the Company or such Guarantor, as the case may be.

 

(f)                
The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of
its powers under this Indenture.

 

(g)               
In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders
of a series of Securities, each representing less than a majority in aggregate principal amount of the outstanding Securities of
such series, pursuant to the provisions of this Indenture, the Trustee may determine what action, if any, shall be taken.

 

(h)               
The Trustee’s rights, privileges, benefits, immunities and protections from liability and its right to indemnification
in connection with the performance of its duties under this Indenture shall extend and be enforceable by the Trustee in each of
its capacities hereunder and shall extend to the Trustee’s officers, directors, agents, attorneys and employees. Such rights,
privileges, benefits, immunities and protections and right to indemnity, together with the Trustee’s right to compensation,
shall survive the Trustee’s resignation or removal, the discharge of this Indenture and final payment of the Securities.

 

(i)                
The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so.

 

(j)                
Except for information provided by the Trustee concerning the Trustee, the Trustee shall have no responsibility for any
information in any preliminary prospectus, final prospectus, preliminary offering memorandum, offering memorandum or other disclosure
material distributed with respect to the Securities, and the Trustee shall have no responsibility for compliance with any U.S.
Federal or State securities or employee benefit plan laws in connection with the Securities.

 

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

 

Section
6.03.   Individual Rights
of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise
deal with the Company, any Guarantor or any of their Affiliates with the same rights it would have if it were not the Trustee.
Any Agent may do the same with like rights. However, the Trustee is subject to Section 6.10 and Section 6.11.

 

    24

     

    

 

Section
6.04.   Trustee’s Disclaimer.
The Trustee makes no representation as to the validity or adequacy of this
Indenture, the Securities or the Guarantees, if any, it shall not be accountable for the Company’s use of the proceeds from
the Securities or any money paid to the Company or upon the Company’s direction under any provision hereof, it shall not
be responsible for the use or application of any money received by any Paying Agent other than the Trustee and it shall not be
responsible for any statement or recital herein or any statement in the Securities other than its certificate of authentication.

 

Section
6.05.   Notice of Defaults.
If a Default or Event of Default occurs and is continuing and it is actually known to a Responsible Officer of the Trustee, the
Trustee shall send to Holders of any applicable series of Securities a notice of the Default or Event of Default within 90 days
after it occurs. Except in the case of a Default or Event of Default in payment of principal of or premium, if any, Additional
Amounts, if any, or interest, if any, on any Security, the Trustee may withhold the notice if and so long as a it in good faith
determines that withholding the notice is in the interests of Holders of such series of Securities.

 

Section
6.06.   Reports by Trustee
to Holders. By July 15th of each year following the date of issuance of any Securities, the Trustee shall mail to Holders a
brief report dated as of July 15 of such year that complies with TIA Section 313(a); provided, however, that if no
event described in TIA Section 313(a) has occurred within the 12 months preceding the reporting date, no report need be transmitted.
The Trustee also shall comply with TIA Section 313(b). The Trustee shall also transmit by mail all reports as required by TIA Sections
313(c) and 313(d).

 

A copy of each report at the time of its
mailing to Holders shall be filed with the SEC and each securities exchange, if any, on which the Securities are listed. The Company
shall notify the Trustee if and when the Securities are listed on any securities exchange.

 

Section
6.07.   Compensation and
Indemnity. The Company and any Guarantor jointly and severally agree to pay to the Trustee from time to time such compensation
as agreed to by the Company, any Guarantor and the Trustee, for its acceptance of this Indenture and its services hereunder. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company and
any Guarantor jointly and severally agree to reimburse the Trustee upon request for all reasonable and documented disbursements,
advances and expenses incurred by it. Such expenses shall include the reasonable and documented compensation, disbursements and
expenses of the Trustee’s agents and counsel.

 

The Company and any Guarantor jointly and
severally agree to indemnify the Trustee or any predecessor Trustee and their agents, employees, officers and directors for and
to hold them harmless against any and all loss, liability, damage, claim, or expense (including reasonable and documented fees
and expenses of counsel and taxes, other than taxes based upon, measured by or determined by the income of the Trustee) incurred
by it arising out of or in connection with this Indenture or the administration of this trust, including the reasonable and documented
costs and expenses of enforcing this Indenture against the Company and of defending itself against any third party claim (whether
asserted by any Holder or any other Person), except as set forth in the next paragraph. The Trustee shall notify the Company and
any Guarantor promptly of any claim for which it may seek indemnity; however, failure to give such notice shall not relieve the
Company or any Guarantor of their obligations. The Company shall defend the claim and the Trustee shall cooperate in the defense.
The Trustee may have separate counsel, and the Company and any Guarantor shall pay the reasonable fees and expenses of such counsel.
The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.

 

Notwithstanding anything herein to the contrary,
neither the Company nor any Guarantor shall be obligated to reimburse any fee or expense or indemnify against any loss, liability,
damage, claim or expense incurred by the Trustee through negligence or willful misconduct.

 

To secure the payment obligations of the
Company and any Guarantor in this Section 6.07, the Trustee shall have a lien prior to the Securities on all money or property
held or collected by the Trustee, except that held in trust to pay principal of and premium, if any, and Additional Amounts, if
any, and interest, if any, on the Securities. Such lien shall survive the satisfaction and discharge of this Indenture.

 

    25

     

    

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 5.01(iv) or (v) occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.

 

Section
6.08.   Replacement of
Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section 6.08.

 

The Trustee may resign and be discharged
from the trust hereby created by so notifying the Company and any Guarantor. The Holders of a majority in aggregate principal amount
of the then outstanding Securities may remove the Trustee by so notifying the Trustee and the Company. The Company may remove the
Trustee if:

 

(i)                 
the Trustee fails to comply with Section 6.10;

 

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

 

(iii)             
a Custodian or public officer takes charge of the Trustee or its property; or

 

(iv)              
the Trustee otherwise becomes incapable of acting.

 

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

 

If a successor Trustee does not take office
within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10%
in aggregate principal amount of the Securities then outstanding may petition any court of competent jurisdiction at the expense
of the Company for the appointment of a successor Trustee.

 

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

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company and any Guarantor. Thereupon, the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall send a notice of its succession to Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 6.07. Notwithstanding
replacement of the Trustee pursuant to this Section 6.08, the obligations of the Company and any Guarantor under Section 6.07 shall
continue for the benefit of the retiring Trustee.

 

Section
6.09.   Successor Trustee
by Merger, etc. Subject to Section 6.10, if the Trustee consolidates, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor
Trustee; provided, however, that in the case of a transfer of all or substantially all of its corporate trust business
to another corporation, the transferee corporation expressly assumes all of the Trustee’s liabilities hereunder.

 

In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities so authenticated; and in case at that time any of the Securities shall
not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which
it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

 

    26

     

    

 

Section
6.10.   Eligibility;
Disqualification. There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business
under the laws of the United States of America, any State thereof or the District of Columbia and authorized under such laws to
exercise corporate trust power, shall be subject to supervision or examination by Federal or State (or the District of Columbia)
authority and shall have, or be a Subsidiary of a bank or bank holding company having, a combined capital and surplus of at least
$100 million as set forth in its most recent published annual report of condition.

 

This Indenture shall always have a Trustee
that satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310 (a)(5). The Trustee is subject to and shall comply
with the provisions of TIA Section 310(b) during the period of time required by this Indenture. Nothing in this Indenture shall
prevent the Trustee from filing with the SEC the application referred to in the penultimate paragraph of TIA Section 310(b).

 

Section
6.11.   Preferential Collection
of Claims Against Company. The Trustee is subject to and shall comply with the provisions of TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section
311(a) to the extent indicated therein.

 

Article
Seven

DISCHARGE OF INDENTURE, DEFEASANCE AND COVENANT DEFEASANCE

 

Section
7.01.   Satisfaction and
Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the applicable series of Securities
(except as provided in the last paragraph of this Section 7.01), and the Trustee, on demand of the Company, shall execute such
instruments acknowledging the satisfaction and discharge of this Indenture with respect to such series of Securities, when:

 

(a)               
either:

 

(i)                
all outstanding Securities of the applicable series theretofore authenticated and issued (other than destroyed, lost or
wrongfully taken Securities of the applicable series that have been replaced or paid) have been delivered to the Registrar for
cancellation; or

 

(ii)               
all outstanding Securities of the applicable series not theretofore delivered to the Registrar for cancellation:

 

(1)               
have become due and payable,

 

(2)               
will become due and payable at their Stated Maturity within one year, or

 

(3)               
will be scheduled for redemption within one year, in the case of clause (1) or (2) above or this clause (3), has deposited
or caused to be deposited with the Trustee (or such other entity directed, designated or appointed by the Company and reasonably
acceptable to the Trustee acting for the Trustee for this purpose) as funds (immediately available to the Holders of the applicable
series of Securities in the case of clause (1)) in trust for such purpose an amount of cash or, in the case of clause (2) or this
clause (3), U.S. Government Obligations or a combination thereof which, together with earnings thereon, will be sufficient, in
the case of clause (2) or this clause (3), in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee (or such other entity directed, designated or appointed by the Company
and reasonably acceptable to the Trustee acting for the Trustee for this purpose), to pay and discharge the entire indebtedness
on such Securities for principal, premium, if any, Additional Amounts, if any, and interest to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

(b)               
the Company has paid all other sums payable by it hereunder; and

 

    27

     

    

 

(c)                
 the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to satisfaction
and discharge of this Indenture have been complied with, together with an Opinion of Counsel to the same effect.

 

However, the obligations of the Company
in Section 2.04, Section 2.07, Section 2.08, Section 3.02 and this Section 7.01, the obligations of the Company and any Guarantor
in Section 6.07, Section 6.08, and Section 7.07 and the obligations of the Trustee and the Paying Agent in Section 7.06 shall survive
the satisfaction and discharge of this Indenture until the Securities of the applicable series are no longer outstanding. Thereafter,
only the obligations of the Company and any Guarantor in Section 6.07 and the obligations of the Trustee and the Paying Agent in
Section 7.06 shall survive with respect to such series of Securities.

 

Section
7.02.   Legal Defeasance.
The Company and any Guarantor may, subject as provided herein, terminate by legal defeasance all of their obligations with respect
to any series of Securities if:

 

(a)                
the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee (or such other entity directed,
designated or appointed by the Company and reasonably acceptable to the Trustee acting for the Trustee for this purpose) as trust
funds in trust for the purpose of making the following payments dedicated solely to the benefit of the Holders of such series of
Securities (A) cash in an amount, or (B) U.S. Government Obligations, or (C) a combination thereof, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (or such other entity directed, designated or appointed by the Company and reasonably acceptable to the Trustee acting
for the Trustee for this purpose), to pay, without consideration of the reinvestment of any such amounts and after payment of all
taxes or other charges or assessments in respect thereof payable by the Trustee (or such other entity directed, designated or appointed
by the Company and reasonably acceptable to the Trustee acting for the Trustee for this purpose), the principal of and premium,
if any, Additional Amounts, if any and interest, if any, on all Securities of that series on each date that such principal, premium,
if any, Additional Amounts, if any, or interest, if any, is due and payable and to pay all other sums payable by it hereunder;
provided that the Trustee (or such other entity directed, designated or appointed by the Company and reasonably acceptable
to the Trustee acting for the Trustee for this purpose) shall have been irrevocably instructed to apply such money or the proceeds
of such U.S. Government Obligations to the payment of said principal, premium, if any, Additional Amounts, if any, and interest,
if any, with respect to the Securities of that series as the same shall become due;

 

(b)               
the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to such legal
defeasance have been complied with, and an Opinion of Counsel to the same effect;

 

(c)                
no Default or Event of Default shall have occurred and be continuing on the date of such deposit or, insofar as Section
5.01(iv) and Section 5.01(v) are concerned, at any time during the period ending on the 91st day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until the expiration of such period) with respect to such
series of Securities;

 

(d)               
the Company shall have delivered to the Trustee an Opinion of Counsel from nationally recognized counsel acceptable to the
Trustee to the effect that, based on a Revenue Ruling of the Internal Revenue Service, a private letter ruling of the Internal
Revenue Service issued to the Company or the relevant Guarantor or a change in U.S. Federal income tax law occurring after the
date of this Indenture, the Holders of such series of Securities will not recognize income, gain or loss for U.S. Federal income
tax purposes as a result of the Company’s exercise of its option under this Section 7.02 and will be subject to U.S. Federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such option had not been
exercised;

 

(e)                
such deposit and legal defeasance will not result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company or any Guarantor is a party or by which it is bound; and

 

(f)                
such deposit and legal defeasance shall not cause the Trustee to have a conflicting interest as defined in TIA Section 310(b).

 

    28

     

    

 

In such event, payment of the series of
Securities may not be accelerated because of an Event of Default, Article Nine and the other provisions of this Indenture shall
cease to be of further effect with respect to that series of Securities (except as provided in the next succeeding paragraph),
and the Trustee, on demand of the Company, shall execute proper instruments acknowledging such legal defeasance.

 

However, the obligations of the Company
in Section 2.04, Section 2.07, Section 2.08, Section 3.02 and this Section 7.02, the obligations of the Company and any Guarantor
in Section 6.07, Section 6.08 and Section 7.07 and the obligations of the Trustee and the Paying Agent in Section 7.06 shall survive
such legal defeasance until the Securities of the applicable series are no longer outstanding. Thereafter, only the obligations
of the Company and any Guarantor in Section 6.07 and the obligations of the Trustee and the Paying Agent in Section 7.06 shall
survive with respect to such series of Securities.

 

The Company may exercise its option under
this Section 7.02 notwithstanding its prior exercise of its Covenant Defeasance option under Section 7.03.

 

Section
7.03.   Covenant Defeasance.
The Company and the Guarantor, if any, may, subject as provided herein and with respect to any series of Securities, be released
from their respective obligations to comply with, and shall have no liability in respect of any term, condition or limitation with
respect to such series of Securities, set forth in Section 3.03, Section 3.07 and Section 4.01 and in Article Nine, and such omission
to comply with any of Section 3.03, Section 3.07 and Section 4.01 and Article Nine shall not constitute an Event of Default under
Section 5.01 (“Covenant Defeasance”), with the remainder of this Indenture and such series of Securities unaffected
thereby if:

 

(a)               
the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee (or such other entity directed,
designated or appointed by the Company and reasonably acceptable to the Trustee acting for the Trustee for this purpose) as trust
funds in trust for the purpose of making the following payments dedicated solely to the benefit of the Holders of such series of
Securities (A) cash in an amount, or (B) U.S. Government Obligations, or (C) a combination thereof, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (or such other entity directed, designated or appointed by the Company and reasonably acceptable to the Trustee acting
for the Trustee for this purpose), to pay, without consideration of the reinvestment of any such amounts and after payment of all
taxes or other charges or assessments in respect thereof payable by the Trustee (or such other entity directed, designated or appointed
by the Company and reasonably acceptable to the Trustee acting for the Trustee for this purpose), the principal of and premium,
if any, Additional Amounts, if any and interest, if any, on all Securities of that series on each date that such principal, premium,
if any, Additional Amounts, if any, or interest, if any, is due and payable and to pay all other sums payable by it hereunder;
provided that the Trustee (or such other entity directed, designated or appointed by the Company and reasonably acceptable
to the Trustee acting for the Trustee for this purpose) shall have been irrevocably instructed to apply such money and/or the proceeds
of such U.S. Government Obligations to the payment of said principal, premium, if any, Additional Amounts, if any, and interest,
if any, with respect to the Securities as the same shall become due;

 

(b)               
the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to the Covenant
Defeasance contemplated by this provision have been complied with, and an Opinion of Counsel to the same effect;

 

(c)                
no Default or Event of Default shall have occurred and be continuing on the date of such deposit or, insofar as Section
5.01(iv) and Section 5.01(v) are concerned, at any time during the period ending on the 91st day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until the expiration of such period) with respect to such
series of Securities;

 

(d)               
the Company shall have delivered to the Trustee an Opinion of Counsel from nationally recognized counsel acceptable to the
Trustee to the effect that the Holders of such series of Securities will not recognize income, gain or loss for U.S. Federal income
tax purposes as a result of the Company’s exercise of its option under this Section 7.02 and will be subject to U.S. Federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such option had not been
exercised;

 

    29

     

    

 

(e)                
 such Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any other agreement
or instrument to which the Company or any Guarantor is a party or by which it is bound; and

 

(f)                
such Covenant Defeasance shall not cause the Trustee to have a conflicting interest as defined in TIA Section 310(b).

 

Section
7.04.   U.S. Government
Obligations. In order to have money available on a payment date under Section 7.01, Section 7.02 and Section 7.03 to pay principal
of or premium, if any, Additional Amounts, if any, or interest, if any, on the applicable series of Securities, the U.S. Government
Obligations shall be payable as to principal or interest, if any, on or before such payment date in such amounts as will provide
the necessary money. U.S. Government Obligations shall not be callable at the issuer’s option.

 

Section
7.05.   Application of
Trust Money. The Trustee (or such other entity directed, designated or appointed by the Company and reasonably acceptable to
the Trustee acting for the Trustee for this purpose) or the Company shall hold in trust money or U.S. Government Obligations deposited
with it pursuant to Section 7.01, Section 7.02 and Section 7.03. It shall apply the deposited money and the money from U.S. Government
Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and premium, if any,
Additional Amounts, if any, and interest, if any, on Securities of the applicable series with respect to which the deposit was
made.

 

Section
7.06.   Repayment to Company.
The Trustee and the Paying Agent shall promptly pay to the Company upon written request any excess money or securities held by
them at any time. Subject to the requirements of any applicable abandoned property laws, the Trustee and the Paying Agent shall
pay to the Company upon written request any money held by them for the payment of principal of, premium, if any, Additional Amounts,
if any, or interest, if any, that remains unclaimed for two years after the date upon which such payment shall have become due;
provided, however, that the Company shall have either caused notice of such payment to be sent to each Holder entitled
thereto no less than 30 days prior to such repayment or within such period shall have published such notice in a financial newspaper
of widespread circulation published in The City of New York. After payment to the Company, Holders entitled to the money must look
to the Company for payment as unsecured general creditors unless an applicable abandoned property law designates another Person,
and all liability of the Trustee and the Paying Agent with respect to such money shall cease.

 

Section
7.07.   Reinstatement.
If the Trustee or the Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 7.01,
Section 7.02 or Section 7.03 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company and any Guarantor under
this Indenture as it relates to the applicable series of Securities and the Securities shall be revived and reinstated as though
no deposit had occurred pursuant to Section 7.01, Section 7.02 or Section 7.03, as the case may be, until such time as the Trustee
or the Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with Section 7.01, Section
7.02 or Section 7.03; provided, however, that if the Company or any Guarantor has made any payment of principal of
or interest, if any, on any Securities of the applicable series because of the reinstatement of its obligations, the Company or
such Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such Securities to receive such payment
from the money or U.S. Government Obligations held by the Trustee or the Paying Agent.

 

Article
Eight

SUPPLEMENTAL INDENTURES

 

Section
8.01.   Without Consent
of Holders. The Company, each Guarantor, if any, and the Trustee may amend or supplement this Indenture or any of the Securities
or waive any provision hereof or thereof without the consent of any Holder:

 

(i)                 
to convey, transfer, assign, mortgage or pledge to the Trustee as security for any or all series of Securities any property
or assets;

 

    30

     

    

 

(ii)               
 to evidence the succession of another Person to the Company or any Guarantor, or successive successions, and the assumption
by the successor Person of the covenants, agreements and obligations of the Company or any Guarantor pursuant to Section 4.01 or
Section 4.03;

 

(iii)             
to add to the covenants of the Company or any Guarantor such further covenants, restrictions, conditions or provisions as
the Company or any Guarantor and the Trustee shall consider to be for the protection of the Holders of any or all series of Securities,
to surrender any right or power herein conferred upon the Company or any Guarantor, and to make the occurrence, or the occurrence
and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting
the enforcement of all or any of the several remedies provided in this Indenture, provided that in respect of any such additional
covenant, restriction, condition or provision such amendment or supplement may provide for a particular period of grace after default
(which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement
upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the
right of the Holders of a majority in aggregate principal amount of each series of affected Securities to waive such an Event of
Default;

 

(iv)              
to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities provided
that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution
of such supplemental Indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such
Security with respect to such provision or (ii) shall become effective only when there is no such Security outstanding;

 

(v)              
to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional
Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default
are expressly being included solely for the benefit of such series);

 

(vi)              
to establish the form or terms of Securities of any series as permitted by Article Two;

 

(vii)            
to cure any ambiguity or omission or to correct or supplement any provision contained herein or in any supplemental indenture
which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, provided
that no such action shall adversely affect the interests of the Holders of the Securities;

 

(viii)           
to provide for uncertificated Securities in addition to or in place of certificated Securities, if any, provided
that such uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such
that uncertificated notes are described in Section 163(f)(2)(B) of the Code;

 

(ix)              
to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the issuance of Securities of any series denominated in one or more Foreign Currencies, currency units or composite currencies;

 

(x)               
to provide for the issuance of Additional Securities and related Guarantees, if any, in accordance with this Indenture;

 

(xi)              
to secure the Securities of any series;

 

(xii)             
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee pursuant to the requirements of Section 6.08 or provide additional
roles to any Trustee such as any Agent, authenticating agent, conversion agent or any other agent role specific to a particular
series of Securities;

 

    31

     

    

 

(xiii)          
 to effect or maintain, or otherwise comply with the requirements of the SEC in connection with, the qualification of this
Indenture under the TIA;

 

(xiv)          
to give effect to any provision of this Indenture; or

 

(xv)            
to make any other change that does not adversely affect the rights of any Holder.

 

Upon the request of the Company and each
Guarantor, if any, accompanied by a resolution of the Board of Directors of each of the Company and each Guarantor, if any, authorizing
the execution of any supplemental indenture entered into to effect any such amendment, supplement or waiver, and upon receipt by
the Trustee of the documents described in Section 8.06, the Trustee shall join with the Company and each Guarantor, if any, in
the execution of such supplemental indenture. After an amendment, supplement or waiver under this Section 8.01 becomes effective,
the Company shall send to the Holders of each Security affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such amendment, supplement or waiver.

 

Section
8.02.   With Consent of
Holders. Except as provided below in this Section 8.02, the Company, each Guarantor, if any, and the Trustee may amend or supplement
this Indenture with the consent (including consents obtained in connection with a tender offer for the Securities or a series of
Securities or a solicitation of consents in respect of the Securities or a series of Securities, provided that such offer
or solicitation is made to all Holders of the applicable series of Securities then outstanding on equal terms) of the Holders of
at least a majority in aggregate principal amount of the series of Securities affected by such supplemental indenture then outstanding
affected thereby.

 

The Holders of a majority in aggregate principal
amount of the Securities of a series then outstanding may waive compliance in a particular instance by the Company or any Guarantor
with any provision of this Indenture or the applicable Securities (including waivers obtained in connection with a tender offer
for such Securities or a solicitation of consents in respect of such Securities.

 

Upon the request of the Company and each
Guarantor, if any, accompanied by a resolution of the Board of Directors of each of the Company and each Guarantor, if any, authorizing
the execution of any supplemental indenture entered into to effect any such amendment, supplement or waiver, and upon the filing
with the Trustee of evidence of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described
in Section 8.06, the Trustee shall join with the Company and each Guarantor, if any, in the execution of such supplemental indenture.
After an amendment, supplement or waiver under this Section 8.02 becomes effective, the Company shall send to the Holders of each
Security affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to send such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or
waiver.

 

It shall not be necessary for the consent
of the Holders under this Section 8.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall
be sufficient if such consent approves the substance thereof.

 

Without the consent of each Holder affected,
an amendment, supplement or waiver under this Section 8.02 may not:

 

(i)                
extend the final maturity of the principal of any of the Securities;

 

(ii)               
reduce the principal amount of any of the Securities (including reducing the amount of the principal of a Discount at Issue
Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02);

 

(iii)             
reduce the rate or extend the time of payment of interest, including default interest, Additional Amounts or any change
in the Floating or Adjustable Rate Provision pursuant to which such rate is determined that would reduce such rate for any period,
if any, on any of the Securities;

 

    32

     

    

 

(iv)              
 reduce any amount payable on redemption of any of the Securities;

 

(v)              
change the currency in which the principal of or premium, if any, Additional Amounts, if any, or interest, if any, on any
of the Securities is payable;

 

(vi)              
impair the right to institute suit for the enforcement of any payment of principal of or premium, if any, Additional Amounts,
if any, or interest, if any, on any Security pursuant to Section 5.07 and Section 5.08, except as limited by Section 5.06;

 

(vii)             
make any change in the percentage of principal amount of the Securities necessary to waive compliance with or to modify
certain provisions of this Indenture pursuant to Section 5.04 or Section 5.07 or this clause of this Section 8.02; or

 

(viii)            
waive a continuing Default or Event of Default in the payment of principal of or premium, if any, Additional Amounts, if
any, or interest, including default interest, if any, on the Securities.

 

The right of any Holder to participate in
any consent required or sought pursuant to any provision of this Indenture (and the obligation of the Company to obtain any such
consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record
of the Securities as of a record date fixed by the Company in accordance with Section 8.04 of this Indenture.

 

Section
8.03.   Compliance with
Trust Indenture Act. Every amendment or supplement to this Indenture or the Securities shall comply in form and substance with
the TIA as then in effect.

 

Section
8.04.   Revocation and
Effect of Consents. A consent to an amendment, a supplement or a waiver by a Holder is a continuing consent by the Holder and
every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security,
even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to its Security or portion of a Security if the Trustee receives written notice of revocation at any time prior to (but not
after) the date the Trustee receives an Officers’ Certificate certifying that the Holders of the requisite principal amount
of Securities have consented (and not theretofore revoked such consent) to the amendment, supplement or waiver. An amendment, supplement
or waiver becomes effective in accordance with its terms and thereafter binds every Holder, and a consent thereto given in connection
with a tender of a Holder’s Securities shall not be rendered invalid by such tender.

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver or
to take any other action with respect to the Securities under this Indenture. If a record date is fixed, then notwithstanding the
provisions of the immediately preceding paragraph, those Persons who were Holders at the close of business on such record date
(or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment, supplement or waiver
or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date, and for this
purpose the Securities then outstanding shall be computed as of such record date. No consent shall be valid or effective for more
than 90 days after such record date unless consents from Holders of the principal amount of the Securities required hereunder for
such amendment, supplement or waiver to be effective shall have also been given and not revoked within such 90-day period.

 

After an amendment, supplement or waiver
becomes effective, it shall bind every Holder of the series of Securities unless it is of the type described in any of Section
8.02(i) through Section 8.02(viii). In such case, the amendment, supplement or waiver shall bind each Holder who has consented
to it and every subsequent Holder that evidences the same debt as the consenting Holder’s Security.

 

Section
8.05.   Notation on
or Exchange of Securities. If an amendment or supplement changes the terms of a Security, the Trustee may require the
Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding
the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in
exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms.
Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment or
supplement.

 

    33

     

    

 

Section
8.06.   Trustee to Sign
Amendments, etc. The Trustee shall sign any supplemental indenture authorized pursuant to this Article Eight if the supplemental
indenture does not adversely affect the applicable rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee
may, but need not, sign it. In signing or refusing to sign such supplemental indenture, the Trustee shall receive, and subject
to Section 6.01, shall be fully protected in conclusively relying upon, an Opinion of Counsel and an Officers’ Certificate,
as conclusive evidence that all conditions precedent to such supplemental indenture have been complied with, that such supplemental
indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding
upon the Company and each Guarantor, if any, in accordance with its terms.

 

Article
Nine

GUARANTEES OF SECURITIES

 

Section
9.01.   Applicability
of Article. The provisions of this Article Nine shall be applicable to each Guarantor, if any, of a series of Securities except
as otherwise specified as contemplated by Section 2.02 for such series of Securities.

 

Section
9.02.   Jointly and Severally.
In the event that there are two or more Guarantors with respect to a series of Securities, each Guarantor agrees that it is jointly
and severally liable for all the Indenture Obligations under the Guarantees with respect to such series of Guaranteed Securities.

 

Section
9.03.   Unconditional
Guarantees.

 

(a)                
For value received, the Guarantor hereby fully, irrevocably, unconditionally and absolutely guarantees to the Holders of
the applicable series of Securities (the “Guaranteed Securities”) and to the Trustee the due and punctual payment of
the principal of and premium, if any, Additional Amounts, if any, and interest, if any, on the applicable series of Guaranteed
Securities and all other amounts due and payable under this Indenture with respect to such series of Guaranteed Securities and
under such Guaranteed Securities by the Company (including, without limitation, all costs and expenses (including reasonable legal
fees and disbursements) incurred by the Trustee or the Holders in connection with the enforcement of this Indenture, such Guaranteed
Securities and the applicable Guarantees) (collectively, the “Indenture Obligations”), when and as such principal,
premium, if any, Additional Amounts, if any, and interest, if any, and such other amounts shall become due and payable, whether
at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise, according to the terms of such Guaranteed
Securities and this Indenture. The guarantees by the Guarantor set forth in this Article Nine are referred to herein as the “Guarantees.”
Without limiting the generality of the foregoing, the Guarantor’s liability shall extend to all amounts that constitute part
of the Indenture Obligations and would be owed by the Company under this Indenture with respect to such Guaranteed Securities and
under such Guaranteed Securities but for the fact that they are unenforceable, reduced, limited, impaired, suspended or not allowable
due to the existence of a bankruptcy, reorganization or similar proceeding involving the Company.

 

(b)               
Failing payment when due of any amount guaranteed pursuant to the Guarantees, for whatever reason, the Guarantor will be
obligated to pay the same immediately to the Trustee, without set-off or counterclaim or other reduction whatsoever (subject to
Section 3.07, whether for taxes, withholding or otherwise). The Guarantees are intended to be general, unsecured, senior obligations
of the Guarantor and to rank pari passu in right of payment with all indebtedness of the Guarantor that is not, by its terms,
expressly subordinated in right of payment to the Guarantees of the Guarantor. The Guarantor hereby agrees that its obligations
hereunder shall be full, irrevocable, unconditional and absolute, irrespective of the validity, regularity or enforceability of
the obligations and liabilities of any other obligor with respect to the Guaranteed Securities, the Guarantees or this Indenture,
the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof
with respect to the same, the recovery of any judgment against the Company, or any other circumstance which might otherwise constitute
a legal or equitable discharge or defense of the Guarantor.

 

    34

     

    

 

The Guarantor hereby agrees that in
the event of a default in payment of the principal of or premium, if any, Additional Amounts, if any, or interest, if any, on
the Guaranteed Securities or any other amounts payable under this Indenture in relation to such series of Guaranteed
Securities and such Guaranteed Securities by the Company, whether at the Stated Maturity, upon redemption or by declaration
of acceleration or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders of such Guaranteed
Securities or, subject to Section 5.06, by the Holders of such Guaranteed Securities, on the terms and conditions set forth
in this Indenture, directly against the Guarantor to enforce the Guarantees without first proceeding against the Company.

 

(c)               
To the fullest extent permitted by applicable law, the obligations of any Guarantor under this Article Nine shall be as
aforesaid full, irrevocable, unconditional and absolute and shall not be impaired, modified, discharged, released or limited by
any occurrence or condition whatsoever, including, without limitation, (i) any compromise, settlement, release, waiver, renewal,
extension, indulgence or modification of, or any change in, any of the obligations and liabilities of any other obligor with respect
to the Guaranteed Securities contained in any of the Guaranteed Securities or this Indenture, (ii) any impairment, modification,
release or limitation of the liability of the Company, any Guarantor or any of their respective estates in bankruptcy, or any remedy
for the enforcement thereof, resulting from the operation of any present or future provision of any applicable Bankruptcy Law,
or other statute or from the decision of any court, (iii) the assertion or exercise by the Company, any Guarantor or the Trustee
of any rights or remedies under any of the Guaranteed Securities or this Indenture or its delay in or failure to assert or exercise
any such rights or remedies, (iv) the assignment or the purported assignment of any property as security for any of the Guaranteed
Securities, including all or any part of the rights of the Company or any Guarantor under this Indenture, (v) the extension of
the time for payment by the Company or any Guarantor of any payments or other sums or any part thereof owing or payable under any
of the terms and provisions of any of the Guaranteed Securities or this Indenture or of the time for performance by the Company
or any Guarantor of any other obligations under or arising out of any such terms and provisions or the extension or the renewal
of any thereof, (vi) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation set forth
in this Indenture of any other obligor with respect to the Guaranteed Securities, (vii) the voluntary or involuntary liquidation,
dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities, receivership,
insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or
other similar proceeding affecting, either of the Company or any Guarantor or any of its assets, or the disaffirmance of any of
the Guaranteed Securities, the Guarantees or this Indenture in any such proceeding, (viii) the release or discharge of the Company
or any Guarantor from the performance or observance of any agreement, covenant, term or condition contained in any of such instruments
by operation of law, (ix) the unenforceability of any of the obligations of any of the other obligors under the Guaranteed Securities,
the Guarantees or this Indenture, (x) any change in the name, business, capital structure, corporate existence, or ownership of
the Company or any Guarantor, or (xi) any other circumstance which might otherwise constitute a defense available to, or a legal
or equitable discharge of, a surety or any Guarantor.

 

(d)               
The Guarantor hereby (i) waives diligence, presentment, demand of payment, notice of acceptance, filing of claims with a
court in the event of the merger, insolvency or bankruptcy of the Company or any Guarantor, and all demands and notices whatsoever,
(ii) acknowledges that any agreement, instrument or document evidencing the applicable Guarantees may be transferred and that the
benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantees
without notice to them and (iii) covenants that its Guarantees will not be discharged except by complete performance of the Guarantees
or of the obligations guaranteed thereby. The Guarantor further agrees that if at any time all or any part of any payment theretofore
applied by any Person to its Guarantees is, or must be, rescinded or returned for any reason whatsoever, including, without limitation,
the insolvency, bankruptcy or reorganization of such Guarantor, its Guarantees shall, to the extent that such payment is or must
be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and its Guarantees shall continue
to be effective or be reinstated, as the case may be, as though such application had not been made.

 

(e)               
The Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Company in respect of any amounts
paid by the Guarantor pursuant to the provisions of this Indenture; provided, however, that the Guarantor shall not
be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation with respect to any
of the Guaranteed Securities until all of the Guaranteed Securities of the series to which its Guarantees relate and its Guarantees
thereof shall have been paid in full or discharged.

 

    35

     

    

 

(f)          No
failure to exercise and no delay in exercising, on the part of the Trustee or the Holders of the applicable series of
Guaranteed Securities, any right, power, privilege or remedy under this Article Nine and such Guarantees shall operate as a
waiver thereof, nor shall any single or partial exercise of any rights, power, privilege or remedy preclude any other or
further exercise thereof, or the exercise of any other rights, powers, privileges or remedies. The rights and remedies herein
provided for are cumulative and not exclusive of any rights or remedies provided in law or equity. Nothing contained in this
Article Nine shall limit the right of the Trustee or the Holders to take any action to accelerate the Maturity of the
Guaranteed Securities pursuant to Article Five or to pursue any rights or remedies hereunder or under applicable law.

 

Section
9.04.         Execution and
Delivery of Notation of Guarantees. To further evidence the Guarantees, the Guarantor hereby agrees that a notation of such
Guarantees may be endorsed on each applicable Guaranteed Security authenticated and delivered by the Trustee and that such notation
shall be executed by either manual or facsimile signature of an Officer of the Guarantor.

 

The Guarantor hereby agrees that its Guarantees
shall remain in full force and effect notwithstanding any failure to endorse on each applicable Guaranteed Security a notation
of the Guarantees.

 

If an Officer of the Guarantor whose signature
is on this Indenture or a Guaranteed Security no longer holds that office at the time the Trustee authenticates such Guaranteed
Security or at any time thereafter, the Guarantor’s guarantee of such Guaranteed Security shall be valid nevertheless.

 

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

 

Article
Ten

REDEMPTION

 

Section
10.01.       Applicability of Article. The provisions of this Article Ten shall be applicable to each series of Securities
except as otherwise specified as contemplated by Section 2.02 for such series of Securities.

 

Section
10.02.       Notices to Trustee. If the Company elects to redeem the Securities of a series pursuant to the redemption
provisions of Section 10.08, it shall furnish to the Trustee, at least five days before notice of such redemption is to be given
pursuant to Section 10.04 (unless a shorter period is acceptable to the Trustee), an Officers’ Certificate setting forth
the Redemption Date, the principal amount of such Securities to be redeemed and the Redemption Price (or the method of calculating
the Redemption Price).

 

Section
10.03.       Selection of Securities to be Redeemed. If less than all of the Securities of a series are to be redeemed,
the Registrar shall select the Securities to be redeemed by such method as the Registrar in its sole discretion shall deem fair
and appropriate. The particular Securities to be redeemed shall be selected by the Registrar from the outstanding Securities of
the applicable series not previously called for redemption.

 

The Registrar shall promptly notify the
Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption,
the principal amount thereof to be redeemed. Securities and portions of them selected shall be in minimum amounts of $2,000 and
integral multiples of $1,000 in excess thereof. Except as provided in the preceding sentence, provisions of this Indenture that
apply to Securities called for redemption also apply to portions of Securities called for redemption.

 

Section
10.04.       Notices to Holders.

 

(a)         At least 20 days but not more than 75 days before a Redemption Date (unless a different notice period is specified in the
applicable Securities), the Company shall give in conformity with Section 15.02 a notice of redemption to each Holder whose Securities
are to be redeemed. The notice shall identify the Securities to be redeemed (including CUSIP, ISIN or similar numbers, if any)
and shall state:

 

(i)                  the Redemption Date;

 

    	 	36	 

     

    

 

(ii)                the
Redemption Price (or the method of calculating the Redemption Price);

 

(iii)               if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that,
after the Redemption Date, upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed
portion will be issued;

 

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

 

(v)                that Securities called for redemption must be surrendered to the Paying Agent at the address specified in such notice to
collect the Redemption Price;

 

(vi)               that unless the Company defaults in making the redemption payment, interest, if any, on Securities called for redemption
ceases to accrue on and after the Redemption Date and the only remaining right of the Holders is to receive payment of the Redemption
Price upon surrender to the Paying Agent of the Securities; and

 

(vii)              the aggregate principal amount of Securities being redeemed.

 

If any of the Securities to be redeemed
is in the form of a Global Security, then the Company shall modify such notice to the extent necessary to accord with the procedures
of the Depositary applicable to redemptions.

 

(b)         At the Company’s request, the Paying Agent or Registrar shall give the notice required in Section 10.04(a) in the
Company’s name; provided, however, that the Company shall deliver to the Trustee, at least 15 days prior to
the requested delivery date (unless the Trustee consents in writing to a shorter period), an Officers’ Certificate requesting
that the Paying Agent or Registrar give such notice and setting forth the information to be stated in such notice as provided in
Section 10.04(a).

 

Section
10.05.      Effect of Notices of Redemption. Once notice of redemption is given pursuant to Section 10.04, Securities
called for redemption become due and payable on the Redemption Date at the Redemption Price. Upon surrender to the Paying Agent,
such Securities shall be paid out at the Redemption Price, plus accrued and unpaid interest, if any, up to, but not including,
the Redemption Date; provided, however, that if the Redemption Date is after the taking of a record of the Holders
on a record date and on or prior to the related Interest Payment Date, if any, any accrued and unpaid interest shall be payable
to the Person in whose name the redeemed Securities are registered on such record date. Failure to give notice or any defect in
the notice to any Holder shall not affect the validity of the notice to any other Holder.

 

Section
10.06.      Deposit of Redemption Price. At or prior to 11:00 a.m. New York City time on the Redemption Date, the
Company shall deposit with the Trustee or with the Paying Agent immediately available funds sufficient to pay the Redemption Price
of all Securities to be redeemed on that date, plus accrued and unpaid interest thereon, if any, up to, but not including, the
Redemption Date. The Trustee or the Paying Agent shall return to the Company any money not required for that purpose less the expenses
of the Trustee as provided herein.

 

If the Company complies with the preceding
paragraph, interest on the Securities, if any, or portions thereof to be redeemed (whether or not such Securities are presented
for payment) will cease to accrue on the applicable Redemption Date. If any Security called for redemption shall not be so paid
upon surrender because of the failure of the Company to comply with the preceding paragraph, then interest, if any, will be paid
on the unpaid principal, premium, if any, and Additional Amounts, if any, from the Redemption Date until such principal, premium,
if any, and Additional Amounts, if any, are paid and, to the extent lawful, on interest, if any, not paid on such unpaid principal,
in each case at the rate provided in the Securities and in Section 3.01.

 

Section
10.07.      Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall
issue and, upon receipt of an Issuer Order, the Trustee or, as the case may be, an Authenticating Agent, shall authenticate for
the Holder, at the expense of the Company, a new Security equal in principal amount to the unredeemed portion of the Security surrendered.

 

    	 	37	 

     

    

 

Section
10.08.       Optional Redemption. The Securities may be redeemed at any time on such terms and subject to such conditions
as are specified in such Securities or supplemental Indenture.

 

Any redemption pursuant to this Section
10.08 shall be made, to the extent applicable, pursuant to the provisions of Section 10.02 through Section 10.07.

 

Article
Eleven

CONVERSION OF SECURITIES

 

Section
11.01.       Conversion of Securities. Any series of Securities may, if so specified in accordance with Section 2.02,
be convertible or exchangeable into any securities or property of the Company or an Affiliate of the Company. The terms and the
form of any such conversion right will be established in the manner contemplated by Section 2.02 for that particular series of
Securities.

 

Article
Twelve

SINKING FUNDS

 

Section
12.01.       Sinking Funds. Any series of Securities may, if so specified in accordance with Section 2.02, have a requirement
for a sinking fund for the retirement of Securities of such series. The terms and requirements of any such sinking fund and the
related payments will be established in the manner contemplated by Section 2.02 for that particular series of Securities.

 

Article
Thirteen

REPAYMENT AT OPTION OF HOLDERS

 

Section
13.01.       Repayment at Option of Holders. Any series of Securities may, if so specified in accordance with Section
2.02, have provisions for the repayment of such Securities before their Maturity at the option of Holders of Securities of such
series. The terms and requirements of any such repayment and option will be established in the manner contemplated by Section 2.02
for that particular series of Securities.

 

Article
Fourteen

SECURITY

 

Section
14.01.       Security. Any series of Securities may, if so specified in accordance with Section 2.02, have provisions
for the granting of security over the assets of the Company, any Guarantor or any other Person to secure payment on the Securities.
The terms and requirements of any security will be established in the manner contemplated by Section 2.02 for that particular series
of Securities.

 

Article
Fifteen

MISCELLANEOUS

 

Section
15.01.       Trust Indenture Act Controls. Any reference to a requirement under the TIA shall apply to this Indenture
irrespective of whether or not this Indenture is then qualified thereunder. If any provision of this Indenture limits, qualifies
or conflicts with another provision which is required to be included in this Indenture by the TIA (or in any other indenture qualified
thereunder), the provision required by the TIA shall control.

 

    	 	38	 

     

    

 

Section
15.02.       Notices. Any notice or communication by the Company, the Guarantor, if any, the Trustee to the others
is duly given if in writing and delivered in person, by facsimile or by overnight air courier guaranteeing next day delivery or
if mailed by first-class mail (registered or certified, return receipt requested), in each case to the other’s address:

 

If to either the Company or the Guarantor,
if any, to it at:

 

Nabors Industries, Inc.

515 West Greens Road, Suite 1200

Houston, Texas 77067

Attention: General Counsel

Facsimile: (281) 775-8431

If to the Trustee:

 

[_____________]

 

Attention: Corporate Market Services

Facsimile: (612) 217-5651

 

Each of the Company, the Guarantor, if any,
and the Trustee by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

All 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 receipt acknowledged, if telecopied; and the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery. Notwithstanding the foregoing, notices to the
Trustee shall be effective only upon receipt.

 

Any notice or communication to a Holder
shall be mailed by first-class mail, postage prepaid, to the Holder’s address shown on the register kept by the Registrar;
provided, however, if the Holder is the Depositary (or its nominee) any notice or communication to such Holder shall
be given in accordance with the Depositary’s rules and procedures. Failure to give a notice or communication to a Holder
or any defect in it shall not affect its sufficiency with respect to other Holders.

 

If a notice or communication is delivered
or mailed or otherwise sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it.

 

If the Company or any Guarantor sends a
notice or communication to Holders, it shall send a copy to the Trustee at the same time.

 

All notices or communications, including,
without limitation, notices to the Trustee or the Company or any Guarantor by Holders, shall be in writing, except as set forth
below, and in the English language.

 

In case by reason of the suspension of regular
mail service, or by reason of any other cause, it shall be impossible to mail any notice or communication required by this Indenture,
then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such
notice.

 

Section
15.03.       Communication by Holders with Other Holders. Holders may communicate pursuant to TIA Section 312(b) with
other Holders with respect to their rights under this Indenture, the Securities or the Guarantees. The Company, the Guarantor,
if any, the Trustee, each Agent and anyone else shall have the protection of TIA Section 312(c).

 

Section
15.04.       Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company or
any Guarantor to the Trustee to take any action under this Indenture, the Company or any Guarantor shall furnish to the Trustee:

 

(i)            an Officers’ Certificate (which shall include the statements set forth in Section 15.05) stating that, in the opinion
of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action
have been complied with; and

 

    	 	39	 

     

    

 

(ii)                an
Opinion of Counsel (which shall include the statements set forth in Section 15.05) stating that, in the opinion of such counsel,
all such conditions precedent and covenants have been complied with.

 

Section
15.05.      Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:

 

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

 

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

 

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

 

(iv)               a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

Section
15.06.      Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders.
The Registrar or the Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

Section
15.07.      Legal Holidays. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a record
date is a Legal Holiday, the record date shall not be affected.

 

Section
15.08.      No Recourse Against Others. A director, officer, employee or stockholder of the Company or any Guarantor,
as such, shall not have any liability for any obligations of the Company or any Guarantor under the Securities, the Guarantees
or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting
a Security waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of the
Securities.

 

Section
15.09.      Governing Law; Jury Trial Waiver. This Indenture, the Securities and the Guarantees shall be governed
by and construed in accordance with the laws of the State of New York, without giving effect to applicable principles of conflicts
of law. EACH OF THE COMPANY, THE GUARANTOR, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
15.10.      Consent
to Jurisdiction and Service of Process. Where a Guarantor, if any, is not organized under the laws of the United States
(including the States thereof and the District of Columbia), such Guarantor hereby or immediately upon becoming a Guarantor
appoints the Company as the authorized agent thereof (the “Authorized Agent”) upon whom process may be served in
any action, suit or proceeding arising out of or based on this Indenture or the Securities which may be instituted in the
Supreme Court of the State of New York or the United States District Court for the Southern District of New York, in either
case in the Borough of Manhattan, The City of New York, by the Holder of any Security, and to the fullest extent permitted by
applicable law, such Guarantor hereby waives any objection which it may now or hereafter have to the laying of venue of any
such proceeding and expressly and irrevocably accepts and submits, for the benefit of the Holders from time to time of the
Securities, to the nonexclusive jurisdiction of any such court in respect of any such action, suit or proceeding, for itself
and with respect to its properties, revenues and assets. Such appointment shall be irrevocable unless and until the
appointment of a successor authorized agent for such purpose, and such successor’s acceptance of such appointment,
shall have occurred. Such Guarantor agrees to take any and all actions, including the filing of any and all documents and
instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process
upon the Authorized Agent with respect to any such action shall be deemed, in every respect, effective service of process
upon such Guarantor. Notwithstanding the foregoing, any action against such Guarantor arising out of or based on any Security
or the Guarantees may also be instituted by the Holder of such Security in any court in the jurisdiction of organization of
such Guarantor, and such Guarantor expressly accepts the jurisdiction of any such court in any such action. The Company
hereby accepts the foregoing appointment, as applicable, as agent for service of process.

 

    	 	40	 

     

    

 

Section
15.11.       Waiver of Immunity. To the extent that the Guarantor, if any, or any of its properties, assets or revenues
may have or may hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or
otherwise, from any legal action, suit or proceeding, from the giving of any relief in any thereof, from set-off or counterclaim,
from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid
of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for
the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations,
liabilities or any other matter under or arising out of or in connection with this Indenture or the Securities, the Guarantor,
to the maximum extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such
immunity and consents to such relief and enforcement.

 

Section
15.12.       Judgment Currency. The Guarantor, if any, agrees to indemnify the Trustee and each Holder against any
loss incurred by it as a result of any judgment or order being given or made and expressed and paid in a currency (the “Judgment
Currency”) other than U.S. dollars and as a result of any variation as between (a) the rate of exchange at which the U.S.
dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (b) the spot rate of exchange
in The City of New York at which the Trustee or such Holder on the date of payment of such judgment or order is able to purchase
U.S. dollars with the amount of the Judgment Currency actually received by the Trustee or such Holder. The foregoing indemnity
shall constitute a separate and independent obligation of the Guarantor and shall continue in full force and effect notwithstanding
any such judgment or order as aforesaid. The term “spot rate of exchange” shall include any premiums and costs of exchange
payable in connection with the purchase of, or conversion into, U.S. dollars.

 

Section
15.13.       No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture,
loan or debt agreement of the Company, the Guarantor, if any, or any other Subsidiary of the Guarantor. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.

 

Section
15.14.       Successors. All agreements of the Company and the Guarantor, if any, in this Indenture and the Securities
shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successor.

 

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

 

Section
15.16.       Counterpart Originals. The parties may sign any number of copies of this Indenture by manual or facsimile
signature. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies
of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of
this Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes.

 

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

 

    	 	41	 

     

    

 

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

 

Section
15.19.       Table of Contents, Headings, etc. The Table of Contents and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify
or restrict any of the terms or provisions hereof.

 

******

 

    	 	42	 

     

    

 

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

 

	 	Company:
	 	 
	 	NABORS INDUSTRIES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Trustee:
	 	 
	 	[_____________]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Guarantor, if any:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Guarantor, if any:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	 	 

     

    

 

EXHIBIT
A

Face of Security

 

GLOBAL SECURITY LEGEND

 

THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.07(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE REGISTRAR FOR CANCELLATION PURSUANT
TO SECTION 2.10 OF THE INDENTURE.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.*

 

 

* This paragraph should be included only if the Security is a Global Security.

 

    	 	Exhibit A-1	 

     

    

 

NABORS INDUSTRIES, INC.

SENIOR NOTE DUE

 

	No.	 	 
	CUSIP No.	 	[$] 
	[ISIN:].	 	 
	[Common Code:]	 	 

 

Nabors Industries, Inc., a Delaware corporation
(the “Company”), for value received promises to pay to or registered assigns, the principal sum of [Dollars] [if
applicable, insert one or more foreign currencies, currency units or composite currencies] [or such greater or lesser amount
as is indicated on the Schedule of Exchanges of Interests in the Global Securities on the other side of this Security*]
on .

 

[if applicable, insert —
Interest Payment Dates:

Record Dates: ]

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

IN WITNESS WHEREOF, the Company has
caused this Security to be signed manually or by facsimile by one of its duly authorized officers.

 

Dated:

 

	 	NABORS INDUSTRIES, INC.
	 	 	 
	 	By:	                

 

Certificate of Authentication:

 

[_____________]

 

as Authenticating Agent, certifies that this is one of the Securities
referred to in the within-mentioned Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

 

* This phrase should be included only if the Security is a Global Security.

 

    	 	Exhibit A-2	 

     

    

 

REVERSE OF SECURITY

NABORS INDUSTRIES, INC.

SENIOR NOTE DUE

 

This Security is one of a duly authorized
issue of Senior Notes due (the “Securities”) of Nabors Industries, Inc., a Delaware corporation (the “Company”).

 

[if applicable, insert — 1.
Interest. The Company promises to pay interest on the principal amount of this Security at [a rate of % per annum][if
the Security is a Floating or Adjustable Rate Security, insert — a rate per annum [computed/determined] in accordance
with the [insert defined name of Floating or Adjustable Rate Provision] set forth below], [if the Security is to bear interest
at a rate determined with reference to an index, refer to description of index below] until the principal hereof is paid or made
available for payment. The Company will pay interest on (each an “Interest Payment Date”), beginning , or if any such
day is not a Business Day, on the next succeeding Business Day. Interest on this Security will accrue from the most recent Interest
Payment Date on which interest has been paid or, if no interest has been paid, from ; provided that if there is no existing
Default in the payment of interest, and if this Security is authenticated between a record date referred to on the face hereof
and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date. Further,
to the extent lawful, the Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue principal, premium, if any, Additional Amounts, if any, and interest (without regard to any applicable grace period),
from time to time on demand at the rate [if applicable, insert — then in effect on the Securities] [if applicable,
insert — of % per annum (to the extent that the payment of such interest shall be legally enforceable)]. Interest will
be computed on the basis of a 360-day year of twelve 30-day months.]

 

[if applicable, insert — 2.
Method of Payment. The Company will pay interest on this Security (except defaulted interest) to the Persons who are registered
Holders of this Security at the close of business on the record date next preceding the Interest Payment Date, even if this Security
is canceled after such record date and on or before such Interest Payment Date. The Holder must surrender this Security to a Paying
Agent to collect payments of principal and premium, if any. The Company will pay the principal of and premium, if any, and Additional
Amounts, if any, and interest on this Security in money of the [United States of America] that at the time of payment is legal
tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including
principal, premium, if any, Additional Amounts, if any, and interest) will be made by wire transfer of immediately available funds
to the accounts specified by The Depository Trust Company. The Company will make all payments in respect of a certificated Security
(including principal, premium, if any, Additional Amounts, if any, and interest) at the Corporate Trust Office of the Trustee or
at the office or agency of the Paying Agent maintained for such purpose in The City of New York or, at its option, by mailing a
check to the registered address of each Holder thereof; provided, however, that payments on a certificated Security
will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the [United States] if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account
no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in
its discretion).]

 

[If the Security is not to bear interest
prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in
payment of principal upon acceleration, upon redemption or at Maturity and in such case the overdue principal of this Security
shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable),
which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided
for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid
on demand shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable),
which shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided
for, and such interest shall also be payable on demand.]

 

    	 	Exhibit A-3	 

     

    

 

3. Ranking [if applicable,
insert —and Guarantees.] This Security is a senior [secured/unsecured] obligation of the Company [if
applicable, insert — and is guaranteed pursuant to guarantees (the “Guarantees”) by [Nabors Industries
Ltd., a Bermuda exempted company/ ] (the “Guarantor”). The Guarantees are senior [secured/unsecured] obligations
of the Guarantor. References herein to the Indenture or the Securities shall be deemed also to refer to the Guarantees set
forth in the Indenture except where the context otherwise requires.] [if there are multiple Guarantors, insert —
and is guaranteed pursuant to guarantees (the “Guarantees”) by Nabors Industries Ltd., a Bermuda exempted
company, and (jointly, the “Guarantor” unless the context implies otherwise). The Guarantees are senior unsecured
obligations of each Guarantor for which each is jointly and severally liable. References herein to the Indenture or the
Securities shall be deemed also to refer to the Guarantees set forth in the Indenture except where the context otherwise
requires.]

 

[if the Security is a Floating or Adjustable
Rate Security with respect to which the principal, premium, if any, or interest, if any, may be determined with reference to
an index, insert the text of the Floating or Adjustable Rate Provision.]

 

[if applicable, insert — 4.
Optional Redemption.

 

(a) This Security is redeemable, in whole
or in part, at any time, at the Company’s option, at a Redemption Price equal to [the greater of (1) 100% of the principal
amount of this Security then outstanding to be redeemed, or (2) the sum of the present values of the remaining scheduled payments
of principal and interest thereon (exclusive of interest accrued to the Redemption Date), if any, computed by discounting such
payments to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal
to the sum of basis points plus the Adjusted Treasury Rate on the third Business Day prior to the Redemption Date, as calculated
by an Independent Investment Banker, plus accrued and unpaid interest hereon, if any, up to, but not including, the Redemption
Date (subject to the right of the holder of record of this Security on the relevant record date to receive interest on the relevant
Interest Payment Date as provided in Section 10.05 of the Indenture).]

 

“Adjusted Treasury Rate” means,
with respect to any Redemption Date, the yield (as compiled and published in the most recent Federal Reserve Statistical Release
H.15 (or is obtainable from the Federal Reserve System’s Data Download Program as of the date of such H.15) that has become
publicly available at least two Business Days prior to such date (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) (if no maturity is within three months before or after the remaining term of this Security,
yields for the two published maturities most closely corresponding to the Optional Redemption Comparable Treasury Issue will be
determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding
to the nearest month); or if such release (or any successor release) is not published during the week preceding the calculation
date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Optional Redemption
Comparable Treasury Issue, calculated using a price for the Optional Redemption Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Optional Redemption Comparable Treasury Price for such redemption date.

 

“Independent Investment Banker”
means , or if such firm is unwilling or unable to serve as such, an independent investment and banking institution of national
standing appointed by the Trustee.

 

“Optional Redemption Reference Treasury
Dealer” means each of up to five dealers to be selected by the Company [if applicable, insert — and the Guarantor],
and [its/their] respective successors; provided that if any of the foregoing ceases to be, and has no affiliate that is,
a primary U.S. governmental securities dealer (a “Primary Treasury Dealer”), the Company [and the Guarantor] will substitute
for it another Primary Treasury Dealer.

 

“Optional Redemption Comparable Treasury
Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Security,
or, if, in the reasonable judgment of the Independent Investment Banker, there is no such security, then the Optional Redemption
Comparable Treasury Issue will mean the U.S. Treasury security or securities selected by the Independent Investment Banker as having
an actual or interpolated maturity or maturities comparable to the remaining term of this Security.

 

“Optional Redemption Comparable
Treasury Price” means (1) the average of five Optional Redemption Reference Treasury Dealer Quotations for the
applicable redemption date, after excluding the highest and lowest Optional Redemption Reference Treasury Dealer Quotations,
or (2) if the Independent Investment Banker obtains fewer than five such Optional Redemption Reference Treasury Dealer
Quotations, the average of all such quotations.

 

    	 	Exhibit A-4	 

     

    

 

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

 

[if applicable, insert — The
sinking fund for Securities of this series provides for the redemption on in each year beginning with the year and ending with
the year of [not less than [$] (“mandatory sinking fund”) and not more than] [$] aggregate principal amount of Securities
of this series. Securities of this series acquired or redeemed by the Company otherwise than through [mandatory] sinking fund payments
may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made [in the inverse order in which
they become due).]

 

[If the Security is convertible into
or exchangeable for other securities or property, specify the conversion or exchange features and the form of conversion notice
pursuant to the Indenture.]

 

[If the Security is not a Discount at
Issue Security, insert — If an Event of Default shall occur and be continuing, the principal of the Securities may be
declared due and payable in the manner and with the effect provided in the Indenture.]

 

[If the Security is a Discount at Issue
Security, insert — If an Event of Default with respect to the Securities shall occur and be continuing, an amount of
principal of the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount
shall be equal to [Insert formula for determining the amount]. Upon payment (i) of the amount of principal so declared due and
payable and (ii) of interest, if any, on any overdue principal and overdue interest (in each case to the extent that the payment
of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal
of and interest, if any, on the Securities shall terminate.]

 

5. Paying Agent and Registrar. Initially,
[_____________], will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar, co-registrar
or additional paying agent without notice to any Holder. [if applicable, insert — The Guarantor or any of its Subsidiaries
may act in any such capacity.]

 

6. Indenture. The Company issued
this Security under an Indenture dated as of [_____________] (as amended, supplemented or otherwise modified from time to
time, the “Indenture”) among the Company [if applicable, insert —, the Guarantor] and the Trustee. The
terms of this Security include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). This Security [if applicable, insert — and the Guarantees]
[is/are] subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such
terms. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling (to the extent permitted by law). The Securities are [secured/unsecured] obligations
of the Company. The Company initially has issued [$] aggregate principal amount of Securities.

 

The Company may issue Additional Securities under the Indenture.
Capitalized terms used but not defined in this Security have the respective meanings given to such terms in the Indenture.

 

7. Denominations, Transfer, Exchange.
The Securities are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. The transfer of this Security may be registered and this Security may be exchanged as provided in the
Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not exchange or register
the transfer of this Security during the period between a record date and the corresponding Interest Payment Date.

 

    	 	Exhibit A-5	 

     

    

 

8. Persons Deemed Owners. The registered
Holder of a Security shall be treated as its owner for all purposes.

 

9. Amendments and Waivers. Subject
to certain exceptions and limitations, the Indenture or this Security may be amended or supplemented to the extent they effect
the Securities or their Holders with the consent of the Holders of at least a majority in aggregate principal amount of the then
outstanding Securities, and compliance in a particular instance by the Company [and the Guarantor] with any provision of the Indenture
with respect to the Securities may be waived (other than certain provisions, including any continuing Default or Event of Default
in the payment of the principal of or premium, if any, Additional Amounts, if any, or interest, if any, on the Securities) by the
Holders of at least a majority in aggregate principal amount of the Securities then outstanding in accordance with the terms of
the Indenture. Without the consent of any Holder, the Company[, the Guarantor] and the Trustee may amend or supplement the Indenture
or this Security to: (i) convey, transfer, assign, mortgage or pledge to the Trustee as security for this Security any property
or assets; (ii) to evidence the succession of another entity to the Company [or the Guarantor], or successive successions, and
the assumption by the successor entity of the covenants, agreements and obligations of the Company [or the Guarantor] pursuant
to Section 4.01 or Section 4.03 of the Indenture; (iii) to add to the covenants of the Company [or the Guarantor] such further
covenants, restrictions, conditions or provisions as the Company [or the Guarantor] and the Trustee shall consider to be for the
protection of the Holders of Securities, to surrender any right or power conferred upon the Company [or the Guarantor], and to
make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions
or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in the Indenture, provided
that in respect of any such additional covenant, restriction, condition or provision such amendment or supplement may provide for
a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults)
or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon
such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities to
waive such an Event of Default; (iv) to add to, change or eliminate any of the provisions of the Indenture in respect of the Securities
provided that any such addition, change or elimination (1) shall neither (A) apply to Securities created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such
Security with respect to such provision or (2) shall become effective only when there is no such Security outstanding; (v) to add
any additional Events of Default for the benefit of the Holders of the Securities; (vi) to establish the form or terms of Securities
of any series as permitted by Article Two of the Indenture; (vii) to cure any ambiguity or omission or to correct or supplement
any provision contained in the Indenture or in any supplemental indenture which may be defective or inconsistent with any other
provision contained in the Indenture or in any supplemental indenture, provided that no such action shall adversely affect
the interests of the Holders of this Security; (viii) to provide for uncertificated Securities in addition to or in place of certificated
Securities, subject to any restrictions contained in the Indenture; (ix) to add to or change any of the provisions of the Indenture
to such extent as shall be necessary to permit or facilitate the issuance of Securities denominated in one or more Foreign Currencies,
currency units or composite currencies; (x) to provide for the issuance of Additional Securities and related Guarantees, if any,
in accordance with the Indenture; (xi) to secure the Securities; (xii) to evidence and provide for the acceptance of appointment
by a successor Trustee with respect to the Securities and to add to or change any of the provisions of the Indenture as shall be
necessary to provide for or facilitate the administration of the trusts under Indenture by more than one Trustee pursuant to the
requirements of the Indenture or provide additional roles to any Trustee such as any Agent, authenticating agent, conversion agent
or any other agent role to the Securities; (xiii) to effect or maintain, or otherwise comply with the requirements of the SEC in
connection with, the qualification of the Indenture under the TIA; (xiv) to effect any provision of the Indenture; or (xv) to make
any other change that does not adversely affect the rights of any Holder.

 

The right of any Holder to participate in
any consent required or sought pursuant to any provision of the Indenture (and the obligation of the Company to obtain any such
consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record
of this Security as of a record date fixed by the Company in accordance with the terms of the Indenture.

 

    	 	Exhibit A-6	 

     

    

 

10. Defaults and Remedies.
Events of Default include: (i) default in the payment of the principal of or premium, if any, on any Security at its
Maturity, and continuance of such default for a period of 10 days; or (ii) default in the payment of interest, if any, or
Additional Amounts, if any, upon any of the Securities when they become due and payable, and continuance of such default for
a period of 30 days; or (iii) default in the performance or observance, or breach, of any covenant of the Company [or any
Guarantor] in any Security or the Indenture (other than a covenant a default in whose performance or whose breach is
elsewhere in Section 5.01 of the Indenture as it relates to this series of Securities specifically dealt with), and
continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to
the Company [and the Guarantor] by the Trustee or to the Company[, the Guarantor] and the Trustee by the Holders of at least
25% in aggregate principal amount of the outstanding Securities a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” under the Indenture; or (iv)
certain events specified in the Indenture relating to the bankruptcy, insolvency or reorganization of the Company [or any
Guarantor]; or (v) the Guarantees cease to be in full force and effect or become unenforceable or invalid or are declared
null and void (other than in accordance with the terms of such Guarantees) or any Guarantor denies or disaffirms its
obligations under such Guarantees.]

 

If an Event of Default (other than an Event
of Default referred to in clause (iv) of the preceding paragraph) with respect to this Security occurs and is continuing, the Trustee
by notice to the Company [and the Guarantor], or by the Holders of at least 25% in aggregate principal amount of the then outstanding
Securities by written notice to the Company[, the Guarantor] and the Trustee, may declare all of the then outstanding Securities
to be due and payable immediately. If an Event of Default referred to in such clause (iv) occurs, acceleration of all amounts payable
on the Securities shall be automatic. The amount due and payable upon the acceleration of any Security is equal to 100% of the
principal amount thereof plus premium, if any, Additional Amounts, if any, and accrued and unpaid interest, if any, to the date
of payment. Holders may not enforce the Indenture or this Security except as provided in the Indenture. The Trustee does require
indemnity reasonably satisfactory to it before it enforces the Indenture or this Security. Subject to certain limitations, Holders
of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium,
if any, Additional Amounts, if any, or interest, if any) if it determines that withholding notice is in their interests. Each of
the Company [and the Guarantor] must furnish an annual compliance certificate to the Trustee.

 

11. Additional Amounts. If the Company
[or the Guarantor] is required to withhold or deduct any amount for or on account of any Taxes for any payment made under or with
respect to this Security, it will pay any Additional Amounts.

 

12. Discharge or Defeasance Prior to
Maturity. The Indenture shall be satisfied and discharged upon the payment of all of the Securities, and it may be satisfied
and discharged (except for certain obligations) upon the irrevocable deposit with the Trustee of cash, or U.S. Government Obligations
or a combination thereof sufficient for such payment. The Indenture also contains provisions for defeasance of (i) the entire indebtedness
of the Company on the Securities and (ii) certain restrictive covenants and the related Events of Default, subject to compliance
by the Company with certain conditions set forth in the Indenture.

 

13. Trustee Dealings with the Company
[and the Guarantor]. The Trustee in its individual or any other capacity may become the owner or pledgee of this Security and
may otherwise deal with the Company[, the Guarantor] or any of [its/their] Affiliates with the same rights it would have if it
were not the Trustee.

 

14. No Recourse Against Others. A
director, officer, employee or stockholder of the Company [or the Guarantor], as such, shall not have any liability for any obligations
of the Company [or the Guarantor] under this Security[, the Guarantees] or the Indenture or for any claim based on, in respect
of or by reason of such obligations or their creation. Each Holder by accepting this Security waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of this Security.

 

15. Authentication. This Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual
signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that this Security has been authenticated
under the Indenture.

 

16. CUSIP Numbers. Pursuant to
a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused a CUSIP
number to be printed on this Security as a convenience to the Holders of this Security. No representation is made as to the
correctness of such number either as printed on this Security or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on this Security.

 

    	 	Exhibit A-7	 

     

    

 

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

 

18. Governing Law. The Indenture[,
the Guarantees] and this Security shall be governed by and construed in accordance with, the laws of the State of New York, without
regard to conflicts of law principles.

 

The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture. Request may be made to it at:

 

Nabors Industries, Inc.

515 West Greens Road, Suite 1200

Houston, Texas 77067

Attention: General Counsel

Telephone No.: (281) 874-0035

Telecopier No.: (281) 775-8431

 

    	 	Exhibit A-8	 

     

    

 

[if applicable, insert — FORM OF
NOTATION ON SECURITY

RELATING TO GUARANTEES

 

The Guarantor (which term includes any successor
Person in such capacity under the Indenture), has fully, unconditionally and absolutely guaranteed, to the extent set forth in
the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of and premium, if
any, Additional Amounts, if any, and interest, if any, on these Securities and all other amounts due and payable under the Indenture
and these Securities by the Company.

 

The obligations of the Guarantor to the
Holders of Securities and to the Trustee pursuant to the Guarantees and the Indenture are expressly set forth in Article Nine of
the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantees.

 

	 	Guarantor:
	 	 
	 	NABORS INDUSTRIES LTD.
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	]

 

    	 	Exhibit A-9	 

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form
below: (I) or (we) assign and transfer this Security to:

 

	 
	(Insert assignee’s social security or tax I.D. number)
	(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint as agent to transfer this Security on
the books of the Company. The agent may substitute another to act for him.

 

	Date:	 
	 
	Your Signature:	 
	(Sign exactly as your name appears on the face of this Security)
	 
	Signature Guarantee:	 
	(Participant in a Recognized Signature Guaranty Medallion Program)
	 	 	 

    	 	Exhibit A-10	 

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL SECURITY*

 

The following increases or decreases in the principal amount
of this Global Security have been made:

 

	Date of

Transaction	 	Amount of

Decrease in

Principal Amount

of Global Security	 	Amount of

Increase in

Principal Amount

of Global Security	 	Principal Amount

of Global Security

Following Such

Decrease

(or Increase)	 	Signature of Authorized

Signatory, Trustee 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

* This Schedule should be included only if the Security is a Global Security.

 

    	 	Exhibit A-11	 

     

    

 

[Form
of Conversion Notice]

 

To Nabors Industries, Inc.:

 

The undersigned owner of this Security hereby irrevocably exercises
the option to convert this Security, or portion hereof (which is $2,000 or an integral multiple of $1,000 in excess thereof) below
designated, into shares of [describe the “Exchange Securities,” which are the securities into which this Security is
convertible or for which this Security is exchangeable], in accordance with the terms of the Indenture, and directs that the [Exchange
Securities] issuable and deliverable upon the conversion, together with any check in payment for fractional [Exchange Securities]
and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof
unless a different name has been indicated below. If this Notice is being delivered on a date after the close of business on a
record date and prior to the opening of business on the related Interest Payment Date (unless this Security or the portion thereof
being converted has been called for redemption on a Redemption Date within such period), this Notice is accompanied by payment
of an amount equal to the interest payable on such Interest Payment Date, if any, of the principal of this Security to be converted.
If [Exchange Securities] are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer
taxes payable with respect hereto. Any amount required to be paid by the undersigned on account of interest accompanies this Security.

 

Principal Amount to be Converted (which is $1,000 or an integral
multiple of $1,000 in excess thereof, if less than all [if applicable, insert the equivalent thereof in one or more
Foreign Currencies, currency units or composite currencies]):

 

	[$]	Dated
	 	Signature
	 	 	 

[If applicable, Signature(s) must be guaranteed by an institution
which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion
Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP);
or (iv) another guarantee program acceptable to the Trustee.

 

	 	 
	 	Signature

 

    	 	Exhibit A-12	 

     

    

 

Fill in for registration of Exchange Securities and Security
if to be issued otherwise than to the registered holder.

 

	 	 
	 	(Name)
	 	 
	 	 
	 	(Address)
	 	Please print Name and Address
	 	(including zip code)

 

Social Security or other Taxpayer Identifying Number:

 

    	 	Exhibit A-13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]