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Exhibit 10.1
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PURCHASE AND SALE AGREEMENT
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THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of the 29th day of September, 2021 (the “Effective Date”), by and between FSP 999 PEACHTREE STREET LLC, a Delaware limited liability company (“Seller”), and PIEDMONT OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“Buyer”).  FIDELITY NATIONAL TITLE INSURANCE COMPANY (the “Escrow Agent”) joins in this Agreement for the limited purposes set forth in Section 15.
BACKGROUND
A.This Agreement is made with reference to all of Seller’s right, title and interest in and to the following real and personal property (collectively, the “Property”):
(1)All that land which is located in Atlanta, Fulton County, Georgia and legally described on Exhibit A attached hereto (the “Land”), together with all easements, rights and privileges appurtenant thereto;
(2)The building (the “Building”) known as 999 Peachtree and having an address of 999 Peachtree Street, Atlanta, Georgia 30309, together with any other improvements, structures, fixtures and parking areas located on the Land, and appurtenant thereto (the Building and such improvements, structures, fixtures and parking areas being hereinafter collectively referred to as the “Improvements”, and the Land and the Improvements being hereinafter collectively referred to as the “Real Property”);
(3)The tenant leases relating to the Improvements, and other occupancy agreements with tenants occupying or using all or any portion of the Real Property together with all amendments thereto (collectively, the “Leases”), and any guaranties applicable thereto and all security deposits, letters of credit, advance rental, or like payments held by Seller (collectively, the “Security Deposits”), if any, held by Seller in connection with the Leases, but not any subleases or licenses claiming by or through such Leases;
(4)All fixtures, equipment, furniture, furnishings, appliances, supplies and other personal property of every nature and description located on, attached or pertaining to, or otherwise used in connection with, the Real Property, owned by Seller and located on or within the Real Property, but expressly excluding any of the foregoing owned or leased by any tenant and any personal property owned by a third party and leased to Seller (collectively, the “Personalty”); and
(5)All of the following intangible rights and property used or useful in connection with the foregoing: the (i) Contracts (as defined and to the extent set forth in Section 3.5 hereof), (ii) plans, specifications and drawings, and (iii) to the extent the following items are assignable: (a) development rights, (b) contract rights, (c) guarantees and/or warranties (express or implied) inuring to the benefit of Seller and relating to the Property, (d) licenses, permits and approvals (including any certificates of occupancy), (e) service marks, logos or any trade names (including “999 Peachtree,” color palettes and fonts) but not including any reference to “Franklin Street Partners”, “Franklin Street Properties” or “FSP”, (f) existing photos, (g) street numbers,
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telephone numbers, websites, domain names, content of current property website, social media accounts, email addresses, and (h) all other intangible rights and property owned and used by Seller solely in connection with the Property (collectively, the “Intangible Property”).
B.Seller is prepared to sell, transfer and convey the Property to Buyer, and Buyer is prepared to purchase and accept the same from Seller, all for the purchase price and on the other terms and conditions hereinafter set forth.
TERMS AND CONDITIONS
In consideration of the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:
1.Sale and Purchase.  Seller hereby agrees to sell, transfer and convey the Property to Buyer, and Buyer hereby agrees to purchase and accept the Property from Seller, in each case for the purchase price and on and subject to the other terms and conditions set forth in this Agreement.
2.Purchase Price.  The purchase price for the Property (the “Purchase Price”) shall be TWO HUNDRED TWENTY-THREE MILLION NINE HUNDRED THOUSAND AND 00/100 DOLLARS ($223,900,000.00), which, subject to the terms and conditions hereinafter set forth, shall be paid to Seller by Buyer as follows:
2.1.Initial Deposit.  No later than two (2) Business Days (as hereinafter defined) after the Effective Date, Buyer shall deliver to Escrow Agent, in immediately available funds, to be held in escrow and delivered in accordance with this Agreement, a cash deposit in the amount of FOUR MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($4,500,000.00) (together with any interest earned thereon, the “Initial Deposit”).
2.2.Second Deposit.  No later than two (2) Business Days after the expiration of the Inspection Period (as hereinafter defined), Buyer shall deliver to Escrow Agent, in immediately available funds, to be held in escrow and delivered in accordance with this Agreement, a second cash deposit in the amount of FOUR MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($4,500,000.00) (together with any interest earned thereon, the “Second Deposit”, and together with the Initial Deposit, collectively, the “Deposit”).
2.3.Payment at Closing.  At the consummation of the transaction contemplated hereby (the “Closing”), Buyer shall deliver to Escrow Agent cash in an amount equal to the Purchase Price, subject to adjustments and apportionments as set forth herein, less the Deposit (to the extent previously funded).  The Purchase Price, subject to adjustments and apportionments as set forth herein, shall be paid at Closing by wire transfer of immediately available funds, transferred to the order or accounts of Seller or such other persons as Seller may designate in writing.  The delivery and recording of documents and the disbursement of funds shall be effectuated through the Escrow Agent at the Closing and pursuant to the closing instructions from the parties hereto, which closing instructions shall not modify or diminish the parties’ respective obligations hereunder.
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3.Representations and Warranties of Seller.  Subject to all matters disclosed (i) in any document delivered to Buyer by Seller through the Box Data Room site set up by Seller for the transaction contemplated under this Agreement or otherwise, (ii) in the Due Diligence Certificate (as hereinafter defined), (iii) any exhibit attached hereto and (iv) subject to any information of which Buyer obtains actual knowledge prior to the Closing (all such matters being referred to herein as “Exception Matters”), Seller represents and warrants to Buyer with respect to itself and the Property as follows:
3.1.Authority.  Seller is a Delaware limited liability company, and has all requisite power and authority to enter into this Agreement and perform its obligations hereunder.  The execution and delivery of this Agreement have been duly authorized.
3.2.No Conflict.  The execution and delivery of this Agreement and the consummation of the transactions contemplated hereunder on the part of Seller do not and will not conflict with or result in the breach of any material terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge, or encumbrance upon any of the property or assets of Seller by reason of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which Seller is a party or which is or purports to be binding upon Seller or which otherwise affects Seller, which will not be discharged, assumed or released at Closing.
3.3.Leases.  Other than as set forth on that certain Due Diligence Certificate dated as of the Effective Date and issued by Seller to Buyer with respect to certain matters relating to the Property (the “Due Diligence Certificate”), (a) there are no leases or occupancy agreements (excluding any subleases or licenses claiming by or through a Lease) currently in effect which affect the Real Property, (b) all the Leases are in full force and effect, (c) Seller has provided Buyer with true, correct, and complete copies of all of the Leases and (d) no tenant under any Lease has any option to purchase the Property or any portion thereof, nor any rights of first refusal with respect to the same.  The Due Diligence Certificate lists all amendments to and modifications of the Leases, all base rent paid more than thirty (30) days in advance, and all Security Deposits and the form thereof.  Seller further represents and warrants that, except as set forth in the Due Diligence Certificate, (i) Seller has paid all agents’ and brokers’ commissions and fees incurred in connection with the Leases executed prior to the Effective Date (but excluding any such commissions or fees attributable to extension, renewal or expansion options under such Leases that are exercised after the Effective Date), (ii) there are no outstanding agreements entered into by Seller with brokers or agents for the payment of commissions or fees for the procurement of tenants and/or occupants that will be binding on Buyer and/or the Property after Closing, (iii) other than general landlord maintenance obligations under the Leases, there are no outstanding landlord improvement obligations under a Lease, or any tenant improvement allowances or free rent periods which remain unpaid or outstanding under any Lease, (iv) Seller has not received any notices of any items of work, repair, maintenance or construction to be completed by Seller pursuant to any Lease and, to Seller’s knowledge, there is no such work to be done, and (v) neither Seller nor any tenant under any Lease is in monetary default under any Lease, Seller has not given or received any notice of default under the Leases which has not been cured, to Seller’s actual knowledge, no material non-monetary default exists under any Leases, and Seller has no knowledge of any fact or facts which would now or with the giving of notice or the passage of time be a default under the terms thereof by Seller, as landlord under the Leases or any tenant under the Leases.
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3.4.No Condemnation.  Seller has not received any written notice, and Seller has no actual knowledge, of any pending or contemplated condemnation, eminent domain or similar proceeding with respect to all or any portion of the Real Property.
3.5.Contracts.  There are no construction, management, leasing, service, equipment, supply, maintenance or concession agreements to which Seller is a Party and which are in effect with respect to the Real Property or the Personalty that will be binding on Buyer and/or the Property after Closing (collectively, “Contracts”), except as set forth in the Due Diligence Certificate.Neither Seller nor any other party under any Contract is in monetary default or has given written notice of any existing material non-monetary default under any of the Contracts, and to Seller’s actual knowledge, no such default exists under any such Contract except as set forth on the Due Diligence Certificate.
3.6.Compliance.  Seller has not received written notice from any governmental agency or other body of any existing violations of any federal, state, county or municipal laws, ordinances, orders, codes, regulations or requirements affecting the Real Property which have not been cured.
3.7.Litigation.  There is no litigation, action, suit or proceeding in court, arbitration or before any governmental commission, bureau, agency, or other governmental instrumentality, or to Seller’s actual knowledge, investigation before any governmental commission, bureau, agency, or other governmental instrumentality, that is pending to which Seller is a party arising out of the ownership, management or operation of the Property or that is against the Property, and to Seller’s knowledge, no such investigation, litigation, action, suit or proceeding is threatened against Seller or the Property.
3.8.FIRPTA.  Seller is not a “foreign person” as defined in Section 1445(f)(3) of the Internal Revenue Code.
3.9.No Bankruptcy.  There are no creditors’ attachments or executions, general assignments in collection of debts for the benefit of creditors, or voluntary or involuntary proceedings in bankruptcy which are pending, or to Seller’s knowledge, threatened against Seller.  Seller has not (a) made a general assignment for the benefit of creditors, (b) filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Seller’s creditors, (c) suffered the appointment of a receiver to take possession of all, or substantially all, of Seller’s assets, (d) suffered the attachment or other judicial seizure of all, or substantially all, of Seller’s assets, (e) admitted in writing its inability to pay its debts as they come due, or (f) made an offer of settlement, extension or composition to its creditors generally, and Seller has not planned or contemplated, and is not planning or contemplating, any of the foregoing.
3.10.No Other Options.  Other than this Agreement, the Property is not subject to any outstanding agreement(s) of sale or options, rights of first refusal, rights of first offer, or other rights of purchase.
3.11.OFAC.  Neither Seller, nor any of its employees, officers or directors is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Assets Control of the Department of the Treasury (“OFAC”), (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any
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similar statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or other similar governmental action.  The foregoing representation shall not apply to the holders of equity interests in Seller.
3.12.Capital Projects.  Except as set forth in the Due Diligence Certificate, there are no capital projects being performed by Seller and which are currently in progress affecting the Real Property.  The foregoing representation shall not apply to any work or projects being performed by or on behalf of any tenants at the Property.
3A.Limitations Regarding Representations and Warranties.  As used in this Agreement, or in any other agreement, document, certificate or instrument delivered by Seller to Buyer, the phrase “to Seller’s actual knowledge”, “to the best of Seller’s actual knowledge” or any similar phrase shall mean the actual, not constructive or imputed, knowledge of Leo H. Daley, in his capacity as Executive Vice President of FSP Property Management LLC, and not individually, without any obligation on such individual’s part to make any independent investigation of the matters being represented and warranted, or to make any inquiry of any other persons, or to search or examine any files, records, books, correspondence and the like.
Except for any Exception Matters that arise out of the intentional acts or intentional omissions of Seller in violation of the express terms of this Agreement, Seller shall have no liability whatsoever to Buyer with respect to any Exception Matters, whether or not Closing occurs hereunder.  If prior to 5:00 p.m. Eastern Time Zone (U.S.A.)  on the date that is five (5) Business Days before the date of the expiration of the Inspection Period Buyer obtains actual knowledge of either any facts or circumstances that render Seller’s representations and warranties inaccurate or false in any respect (“Changed Conditions”) or Exception Matters and does not terminate this Agreement in accordance with Section 4.4 hereof, Buyer shall consummate the acquisition of the Property subject to such Exception Matters and such Changed Conditions.  If Buyer first obtains actual knowledge of any Exception Matters or Changed Conditions between 5:00 p.m. Eastern Time Zone (U.S.A.) on the date that is five (5) Business Days before the date of the expiration of the Inspection Period and the Closing, which Exception Matters, in Buyer’s sole but reasonable discretion, materially and adversely affect the value to Buyer of the transactions contemplated by this Agreement, Buyer may terminate this Agreement and receive a refund of the Deposit (to the extent previously funded) upon written notice given on or before the date that is five (5) Business Days after Buyer obtains such actual knowledge of such Changed Conditions or Exception Matters. If (i) any representation of Seller in this Section was untrue in any material respect when made or (ii) any Changed Condition arises as a result of the intentional acts or omissions of Seller in violation of the express terms of this Agreement, then Buyer shall also have the remedies set forth in Section 10.2 of this Agreement. Upon any such termination of this Agreement, neither party shall have any further rights or obligations hereunder except as expressly provided for herein.  Buyer agrees to inform Seller promptly in writing if it obtains knowledge that any representation or warranty of Seller is inaccurate in any material respect, or if it believes that Seller has failed to deliver to Buyer any document or material which Seller is obligated to deliver hereunder.
4.Conditions Precedent to Buyer’s Obligations.  All of Buyer’s obligations hereunder are expressly conditioned on the satisfaction at or before the time of Closing hereunder, or at or
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before such earlier time as may be expressly stated below, of each of the following conditions (any one or more of which may be waived in writing in whole or in part by Buyer, at Buyer’s option):
4.1.Accuracy of Representations.  All of the representations and warranties of Seller contained in this Agreement shall have been true and correct in all material respects when made, and shall be true and correct in all material respects on the Closing Date with the same effect as if made on and as of such date, except for any changes in such representations and warranties resulting from matters which are not prohibited by the terms of this Agreement.
4.2.Performance.  Seller shall have performed, observed and complied with all material covenants, agreements and conditions required by this Agreement to be performed, observed and complied with on its part prior to or as of Closing hereunder.
4.3.Documents and Deliveries.  All instruments and documents, including those documents contemplated in Section 7.2, required on Seller’s part to effectuate this Agreement and the transactions contemplated hereby shall be delivered to Buyer and shall be in form and substance consistent with the requirements herein.
4.4.Inspection Period; Access; Purchase “As Is”.  Before the Effective Date, Seller has delivered to Buyer the Leases, Contracts and other documents and materials related to the Property (together with such other documents and materials as Seller may make available to Buyer, the “Property Materials”).  Seller agrees that it shall furnish such additional Property Materials to the extent in Seller’s possession and control as may be reasonably requested by Buyer, Buyer hereby agreeing that Seller shall have no obligation to provide Buyer with any materials which are confidential, privileged or proprietary in nature, such as (but not limited to) internal memoranda and analyses, appraisals, financial projections, client and investor correspondence and other similar materials (the “Proprietary Materials”).  Buyer hereby acknowledges and agrees that, except for the Contracts and the Leases, (a) Seller has not independently verified the accuracy of completeness of any of the Property Materials, (b) Seller makes no representation or warranty, express or implied, as to the accuracy, completeness or content of the Property Materials, and (c) Seller shall have no liability to Buyer as a result of any inaccuracy or incompleteness of any of the Property Materials.  In the event that the Closing does not occur in accordance with the terms of this Agreement, Buyer shall either, at Buyer’s election, (i) return to Seller all of the Property Materials, or (ii) provide Seller with written confirmation that the Property Materials have been destroyed.  Notwithstanding the foregoing, Buyer shall be permitted to retain one copy of the Property Materials if, in Buyer’s reasonable judgment, such retention is required by law, necessary for regulatory reasons.
4.4.1.During the term of this Agreement, Buyer, its agents and representatives, shall be entitled to enter upon the Real Property during normal business hours (as reasonably coordinated through Seller’s property manager), including all leased areas, upon receipt by Seller of notice via both telephonic and electronic mail to Toby Daley ((781) 557-1342) / email: tdaley@fspreit.com) at least one (1) Business Day in advance of the intended entry, to (a) perform inspections and tests of the Real Property (except to the extent such inspections and tests are expressly prohibited under this Agreement), including surveys, non-invasive environmental studies (including Phase I environmental site assessment), pest and engineering inspections, non-invasive examinations and tests of structural and mechanical systems within the Improvements,
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(b) make investigations with regard to zoning, building code title and other legal requirements, (c) review the terms and provisions of all Leases, Contracts, management agreements, permits, surveys, engineering reports, appraisals, environmental reports, plans and specifications title insurance policies, (d) examine the books and records of Seller and Seller’s property manager (including financial statements) within possession of Seller or subject to Seller’s control relating to the income and expenses of the Property (except to the extent the same are confidential or proprietary in nature), and (e) conduct interviews with tenants, subtenants, occupants and/or licensees of the Property (provided that Seller shall have the opportunity for a representative of Seller to be present during such interviews provided that such interview may proceed if Seller’s representative does not appear), all subject to all of the rights, obligations and limitations set forth in this Section 4.4.1.
Notwithstanding the foregoing, Buyer, its agents, contractors, consultants, employees, designees, representatives, engineers, subcontractors, accountants or attorneys (collectively, “Buyer’s Agents”) shall not be permitted to interfere unreasonably with Seller’s operations at the Property or interfere with any tenant’s operations at the Property except in accordance with the terms of the applicable tenant Lease, and the scheduling of any inspections shall take into account the timing and availability of access to tenants’ premises, subject to tenants’ rights under the Leases or otherwise.  Neither Buyer nor Buyer’s Agents shall communicate with any tenant (including any subtenant, employee, invitee or agent thereof) without the prior written consent of Seller; provide that Buyer shall have the right to perform interviews in accordance with the immediately preceding paragraph.  Furthermore, and notwithstanding anything to the contrary contained in this Section 4.4.1, Buyer acknowledges and agrees that unless otherwise approved by Seller in writing, Buyer’s inspection rights hereunder shall not include the right to conduct (a) air or water sampling/testing or (b) physically invasive testing, including without limitation, soil sampling/testing, the penetration of walls or ceilings or the penetration of foundation slab.  If Buyer wishes to engage in any testing which is invasive, which will damage or disturb any portion of the Property, which will involve sampling, which will involve testing of subsurface soils or groundwater, or which will involve any of the items described in the immediately preceding sentence, Buyer shall first obtain Seller’s prior consent thereto, which may be withheld by Seller in its sole and absolute discretion.  Buyer shall promptly repair any damage to the Real Property caused by any such inspections, samples, tests or investigations performed under this Section 4.4.1.
Buyer hereby agrees to indemnify and hold harmless Seller, Seller’s partners and the shareholders, officers, managers, directors, employees, agents, partners, members, successors and assigns of each of the foregoing (collectively, the “Indemnified Parties”) from and against any mechanics’ lien or claim therefor, any claim, cause of action, lawsuit, damage, liability, loss, cost or expense (including, without limitation, attorneys’ fees) arising out of any (i) entry on to the Real Property by Buyer or any of Buyer’s Agents or (ii) out of any inspections, samples, investigations or tests conducted by Buyer or any of Buyer’s Agents; provided, however, the foregoing indemnity shall not apply to (a) any liability arising out of any condition discovered as a result of such inspections, samples, investigations or tests so long as such condition was not actually caused and/or exacerbated by Buyer or Buyer’s Agents, (b) the extent of the negligence or misconduct of Seller or any Indemnified Parties, or (c) diminution in the market value of the Property resulting from the information disclosed by any
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such investigation or tests (unless due to the negligence or willful misconduct of Buyer or Buyer’s Agents).  Prior to any entry upon the Real Property by Buyer or any of Buyer’s Agents, Buyer shall deliver to Seller an certificate acknowledging an endorsement to the commercial general liability insurance policy of Buyer and/or any of Buyer’s Agents, as applicable, which evidences that Buyer and/or any of Buyer’s Agents, as applicable, are carrying a commercial general liability insurance policy covering (i) the activities of Buyer and/or any Buyer’s Agents, as applicable, on or upon the Real Property, and (ii) Buyer’s indemnity obligation above.  Such endorsement to such insurance policy shall evidence that such insurance policy shall have a per occurrence limit of at least $1,000,000 and an aggregate limit of at least $2,000,000, shall name Seller as an additional insured, shall be primary and non-contributing with any other insurance available to Seller, shall contain a full waiver of subrogation clause, and insure Buyer’s indemnity obligations hereunder.
The provisions of this Section 4.4.1 shall survive Closing or the termination of this Agreement; provided that Buyer’s indemnity obligations under this Section 4.1.1 shall only survive the termination of this Agreement for a period of twelve (12) months.
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4.4.2.The term “Inspection Period,” as used herein, shall mean the period commencing on the Effective Date and ending at 5:00 p.m. Eastern Time Zone (U.S.A.) on October 15, 2021.  Buyer may terminate this Agreement in its sole discretion, for any reason or for no reason, in Buyer’s sole and absolute discretion, by giving written notice of such election to Seller on any day prior to and including the final day of the Inspection Period, in which event the Deposit (to the extent previously funded) shall be returned forthwith to Buyer, and, except as expressly set forth herein, no party shall have any further liability or obligation hereunder. The foregoing acknowledgement shall survive any termination of this Agreement. In the absence of such written notice, the contingency provided for in this Section 4.4.2 no longer shall be applicable, this Agreement shall continue in full force and effect, and the Deposit shall be deemed earned by Seller and nonrefundable to Buyer, except as otherwise set forth in this Agreement.
4.4.3.EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND IN ANY OF THE CLOSING DOCUMENTS EXECUTED AND DELIVERED BY SELLER TO BUYER PURSUANT TO SECTION 7.2 HEREOF (THE “CLOSING DOCUMENTS”), IT IS UNDERSTOOD AND AGREED THAT SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
BUYER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER SHALL SELL AND CONVEY TO BUYER AND BUYER SHALL ACCEPT THE PROPERTY “AS IS, WHERE IS, WITH ALL FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT OR ANY OF THE CLOSING DOCUMENTS.  BUYER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESS OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO (INCLUDING SPECIFICALLY, WITHOUT LIMITATION, ANY PROSPECTUS DISTRIBUTED WITH RESPECT TO THE PROPERTY)
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MADE OR FURNISHED BY SELLER, THE MANAGER OF THE PROPERTY, OR ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THIS AGREEMENT OR ANY OF THE CLOSING DOCUMENTS.  BUYER ALSO ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY IS BEING SOLD “AS-IS.”
BUYER REPRESENTS TO SELLER THAT BUYER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS BUYER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO.  UPON CLOSING, BUYER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY BUYER’S INVESTIGATIONS, AND, SUBJECT TO BUYER’S RIGHTS UNDER SECTION 10.2, BUYER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER AND THE INDEMNIFIED PARTIES FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH BUYER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER AND THE INDEMNIFIED PARTIES AT ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY.
THE PROVISIONS OF THIS SECTION SHALL SURVIVE CLOSING OR ANY TERMINATION OF THIS AGREEMENT.
4.4.4.Buyer hereby agrees that, if at any time after the Closing, any third party or any governmental agency seeks to hold Buyer responsible for the presence of, or any loss, cost or damage associated with, Hazardous Materials (as defined below) in, on, above or beneath the Real Property or emanating therefrom, then Buyer waives any rights it may have against Seller, except as otherwise expressly set forth in this Agreement, in connection therewith including, without limitation, under CERCLA (as defined below), and Buyer agrees that it shall not (i) implead Seller, (ii) bring a contribution action or similar action against Seller or (iii) attempt in any way to hold Seller responsible with respect to any such matter.  The provisions of this Section 4.4.4 shall survive the Closing.  As used herein, “Hazardous Materials” shall mean and include, but shall not be limited to any petroleum product and all hazardous or toxic substances, wastes or substances, any substances which because of their quantities concentration, chemical, or active, flammable,
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explosive, infectious or other characteristics, constitute or may reasonably be expected to constitute or contribute to a danger or hazard to public health, safety or welfare or to the environment, including, without limitation, any hazardous or toxic waste or substances which are included under or regulated (whether now exiting or hereafter enacted or promulgated, as they may be amended from time to time) including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. Section 9601 et seq., as amended (“CERCLA”), the Federal Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., the Toxic Substance Control Act, 15 U.S.C. §2601 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. §1802, the Resource Conservation and Recovery Act, 42 U.S.C. §9601, et seq., the Clean Water Act, 33 U.S.C. §1251 et seq., the Safe Drinking Water Act, 42 U.S.C. §300f et seq., the Clean Air Act, 42 U.S.C. §7401 et seq., the Federal Resource Conservation and Recovery Act, 42 U.S.C. §6901 et seq., and similar federal, state and local laws and regulations adopted thereunder.
4.5.Title and Survey Matters.  Buyer, at its sole cost and expense, has obtained a title report or commitment issued by the Escrow Agent with respect to the Property (the “Title Commitment”), and has delivered such Title Commitment to Seller (with copies of all available instruments listed as exceptions to title)  Seller has furnished to Buyer a copy of Seller’s most recent existing survey of the Real Property (the “Existing Survey”), and Buyer may elect, at its sole cost and expense, to obtain an updated or new survey of the Real Property (the “Updated Survey”).  Buyer shall provide Seller with copies of any new or updated Title Commitment and/or Updated Survey received by Buyer within three (3) days of Buyer’s receipt of same.  Buyer shall have until the date which is ten (10) days prior to the end of the Inspection Period (the “Title Objection Deadline”) to approve or disapprove matters disclosed by the Title Commitment, title exception documents and the Existing Survey (or, if available, the Updated Survey) and to give written notice to Seller of any disapproval thereof, indicating in reasonable detail the nature and reasons for Buyer’s objection; and failure to give such notice of disapproval shall constitute Buyer’s approval of all such matters.  In the event Buyer so notifies Seller of Buyer’s disapproval of any Title Commitment or survey matters, Seller may elect (but shall have no obligation whatsoever (except for Required Removal Exceptions and disapproved matters which Seller has expressly committed to in writing to cure) to attempt to cure any disapproved matter within thirty (30) days from receipt of such notice (the “Title Cure Period”), in which event the Closing, if it otherwise is scheduled to occur earlier, shall be extended until the earlier of (a) thirty (30) days after receipt of such notice, (b) five (5) Business Days after such matter is cured, and (c) November 2, 2021.  Within five (5) days after receiving Buyer’s notice (the “Seller’s Title Notice Period”), Seller shall notify Buyer if Seller intends to attempt to effectuate such cure; provided that Seller shall be obligated, at its sole cost and expense, to remove, bond over, pay and/or satisfy prior to or at Closing, in a manner satisfactory to Escrow Agent so that Escrow Agent is willing to issue title insurance without exception, (i) any monetary liens against the Property that Seller has knowingly and intentionally placed (or allowed to be placed) on the Property, including, without limitation, mortgages, and (ii) other liens encumbering the Property that are curable solely by the payment of moneys, including, without limitation, judgments, federal, state and municipal tax liens (collectively but subject to the limitations in the immediately succeeding sentence, “Required Removal Exceptions”).  Notwithstanding the foregoing, Seller shall not be obligated to satisfy any liens against the Property arising under clause (ii) of the preceding sentence for a liquidated amount that is, in the aggregate, in excess of $250,000.00 in which event such amounts (and only such amounts) that are over and above such $250,000.00 threshold shall not be deemed to be Required
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Removal Exceptions (i.e., Seller shall only be obligated to satisfy any such liens up to $250,000.00).  Notwithstanding the foregoing, Required Removal Exceptions shall not include any monetary liens attributable to discreet portions of work completed as part of a Capital Project for which Buyer receives a Capital Improvements Credit.  In addition, Seller may satisfy any Required Removal Exceptions by disbursement of the required funds to Escrow Agent at Closing.  In the event that, prior to the expiration of Seller’s Title Notice Period, Seller fails to give such notice of its intention to attempt to effectuate such cure, or if Seller elects not to attempt to effectuate such cure, Buyer may, prior to the expiration of the Inspection Period, terminate this Agreement by written notice to Seller, in which event the Deposit (to the extent previously funded) shall be returned to Buyer, provided if Buyer does not so terminate this Agreement prior to the expiration of the Inspection Period, Buyer shall be deemed to have waived objection to any matters affecting title or survey which Seller has not agreed to cure and shall be deemed to have agreed to accept title subject thereto, without reduction in the Purchase Price.  In the event Seller gives such written notice of its intention to attempt to effectuate such cure and thereafter fails to actually effectuate such cure (in a manner reasonably acceptable to Buyer) within the Title Cure Period, Buyer’s sole rights with respect thereto shall be to terminate this Agreement prior to Closing and receive a refund of the Deposit hereunder (to the extent previously funded); provided if Buyer does not so terminate this Agreement prior to Closing, Buyer shall be deemed to have waived objection to any such title and survey matters and agreed to accept title subject thereto, without reduction in the Purchase Price.
Any matters affecting title to the Property that first appear of record after the effective date of the Title Commitment but before the Closing Date (each, an “Intervening Exception”) shall be subject to Buyer’s approval, and Buyer shall have until 5:00 p.m. Eastern Time on the fifth (5th) Business Day after receipt of written notice of any Intervening Exception to either accept it or submit written disapproval.  Seller shall have until 5:00 p.m. Eastern Time on the third (3rd) Business Day after receipt of such disapproval, to notify Buyer whether Seller will attempt to remove or cure the objectionable Intervening Exception before the Closing or inform Buyer that it will not remove or cure the Intervening Exception, provided that Seller shall be required to cure any Intervening Exception that is also a Required Removal Exception.  If Seller fails to give such notice of its intention to attempt to remove or cure the Intervening Exception, or if Seller elects not to attempt to effectuate such removal or cure, Buyer may terminate this Agreement by written notice to Seller within three (3) Business Days after such three Business Day period, in which event the Deposit shall be returned to Buyer (to the extent previously funded).  If necessary to accommodate the time periods set forth in this paragraph, Seller may elect to extend the Closing to November 2, 2021 for the purpose of removing or curing an Intervening Exception.  Notwithstanding anything contained herein to the contrary, in no event shall any lien or similar matter caused by any tenant at the Property constitute an Intervening Exception and Buyer shall have no right to terminate this Agreement as a result thereof.
Subject to the satisfaction of the Escrow Agent’s requirements of Buyer described in the Title Commitment and Buyer’s confirmation that its pro rata portion of any unpaid property taxes due for 2021 shall be paid by the Escrow Agent from Buyer funds at Closing, it shall be a condition to Buyer’s obligation to close the transactions hereunder that Escrow Agent shall be irrevocably committed to deliver to Buyer at Closing a 2016 ALTA Owner’s Policy of Title Insurance, insuring Buyer’s title to the Real Property in the full amount of the Purchase Price, with the standard written exceptions deleted (other than for property taxes for 2022, not yet due and payable), insuring the
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“gap,” and subject only to the exceptions to title approved or deemed approved by Buyer pursuant to this Section 4.5, dated as of the date the Deed is recorded (the “Title Policy”); provided, however, that Buyer and Seller agree and acknowledge that it shall not be deemed to be a failure of a condition to Buyer’s obligation to close the transaction hereunder if Escrow Agent fails to delete any standard written exception based on the fact that any required Seller indemnification excludes any lien, right to a lien or other encumbrance arising from (i) any Contract, including any Uncompleted Capital Contract, that has been fully paid for prior to or at Closing and for which Seller has furnished to Escrow Agent and Buyer unconditional lien waivers and/or other evidence of full payment and (ii) any portion of any Capital Project that has not been fully completed prior to Closing, but for which Seller assigns the Uncompleted Capital Contract to Buyer at Closing and for which Buyer receives a Capital Improvements Credit at Closing.
4.6.Tenant Estoppel Certificates.  It shall be a condition to Buyer’s obligation to close the transactions hereunder that the Estoppel Certificate Requirement (as defined below) has been satisfied.  For purposes of this Agreement, an “Estoppel Certificate” or “Estoppel Certificates” shall mean estoppel certificates dated within thirty (30) days of the originally scheduled Closing Date of this Agreement either (a) in the form of Exhibit B attached hereto, or if applicable, (b) in such form as is permitted under any particular tenant Lease.  For purposes of this Agreement, the “Estoppel Certificate Requirement” shall mean receipt of Estoppel Certificates duly executed by each of (i) Common Grounds 999 Peachtree, LLC, (ii) Eversheds Sutherland (US) LLP, (iii) M. Arthur Gensler Jr. & Associates, Inc., and (iv) Oxford Industries, Inc. (collectively, the “Required Tenants”) and from such other tenants who, together with the Required Tenants, lease at least seventy percent (70%) of the leased square footage of the Property.  Seller shall prepare Estoppel Certificates in the form of Exhibit B attached hereto and shall provide Buyer with three (3) Business Days to review the same.  Seller shall review and incorporate any changes provided by Buyer during such three (3) Business Day period to the extent Seller reasonably deems appropriate; provided, however, that Buyer shall be deemed to have approved the draft Estoppel Certificates after expiration of such three (3) Business Day period.  Seller shall use commercially reasonable efforts to obtain such executed Estoppel Certificates from each Tenant under a Lease of more than 1,000 square feet, but in no event shall Seller be required to expend any material funds, make any concessions to tenants or place (or threaten to place) any tenant in default in connection therewith.  Seller will deliver to Buyer copies of each executed Estoppel Certificate promptly following Seller’s receipt thereof.  An Estoppel Certificate shall be deemed to satisfy the Estoppel Certificate Requirement as long as it does not contain any material inconsistency with the representations of Seller contained herein or with the terms of the Lease, and shall be deemed satisfactory notwithstanding the respective tenant’s qualifying any statement or certification therein by a “best of knowledge” standard or similar provision.  Seller shall have the one time right to extend the Closing Date to November 2, 2021 to attempt to satisfy the Estoppel Certificate Requirement, by notice to Buyer at least three (3) Business Days prior to the scheduled Closing Date.
4.7.Non-Tenant Estoppel Certificates.  To the extent Buyer seeks to obtain an estoppel certificate in connection with the Property from any entity that is not a tenant of the Property (a “Non-Tenant Estoppel Certificate”), Buyer shall provide a form Non-Tenant Estoppel Certificate to Seller and, subject to Seller’s review and approval of the same in its reasonable discretion, Seller shall use commercially reasonable efforts to deliver the same to such non-tenant entity; provided, however, delivery of any executed Non-Tenant Estoppel Certificates shall not be
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a condition to Closing (except to the extent Seller expressly agrees in writing to obtain such Non-Tenant Estoppel Certificate in accordance with the terms of Section 4.5).  Seller shall not be required to expend any funds, make any concessions to non-tenants or place (or threaten to place) any party in default in connection with obtaining Non-Tenant Estoppel Certificates.
5.Failure of Conditions.  In the event Seller shall not be able to convey title to the Property on the Closing Date in accordance with the provisions of this Agreement or any of the conditions precedent to the obligation of Buyer to proceed with the Closing set forth in Section 4 have not been fulfilled on or before the Closing Date, then Buyer shall have the option, exercisable by written notice to Seller prior to Closing, of (a) accepting at Closing such title as Seller is able to convey and/or waiving any unsatisfied condition precedent, with no deduction from or adjustment of the Purchase Price, or (b) declining to proceed to Closing.  In the latter event, except as expressly set forth herein, all obligations, liabilities and rights of the parties under this Agreement shall terminate, and the Deposit (together with interest thereon) shall be returned to Buyer (to the extent previously funded).  Nothing in this Section 5 shall limit Buyer’s remedies under Section 10.2.
The continued accuracy in all material respects of the representations and warranties set forth in Section 16 hereof shall be a condition precedent to Seller’s obligation to close hereunder.  If any representation or warranty set forth in Section 16 shall not be correct in any material respect at or before Closing, the same shall be considered a default of Buyer hereunder, entitling Seller to terminate this Agreement and receive the Deposit hereunder upon written notice to Buyer of its election to do so.
6.Pre-Closing Matters.
6.1.Leasing Matters.  From and after the Effective Date, Seller shall not, without the written consent of Buyer (which consent may be withheld in Buyer’s sole discretion), (i) effect any change in any Lease, (ii) renew or extend the term of any Lease, unless the same is an extension or expansion expressly permitted to be exercised by the tenant pursuant to the terms of an existing Lease, or (iii) enter into any new Lease or cancel or terminate any Lease.  When seeking consent to a new or modified Lease, Seller shall provide notice of the identity of the tenant, a term sheet or letter of intent containing material business terms (including, without limitation, rent, expense base, concessions, tenant improvement allowances, brokerage commissions, and expansion and extension options), whatever credit and background information with respect to such tenant as Seller customarily obtains in connection with similar leases, the form of lease or modification, and any other information or documentation reasonably requested by Buyer.  Buyer shall be deemed to have consented to any proposed Lease or Lease modification if it has not responded to Seller within five (5) Business Days after receipt of such information.  Seller shall deliver to Buyer copies of executed versions of any such documents within three (3) Business Days after the full execution and delivery thereof.
6.2.Adjustment of New Leasing Expenses.  Any tenant improvement allowances or costs, landlord work costs, free rent (including, without limitation, any partial abatement of rent) and/or commissions under new Leases or extensions or expansions of existing Leases shall be apportioned between Seller and Buyer as of the date of the Closing in accordance with the remaining provisions of this Section 6.2.  Seller shall be responsible for the cost of any
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tenant improvement allowances or costs, landlord work costs (including any landlord work costs not yet completed as of Closing), free rent (including, without limitation, any partial abatement of rent), other similar tenant inducement costs, and commissions under Leases which have been entered into, or extensions or expansions exercised, in each case prior to the Effective Date.  Buyer shall be responsible for the cost of any tenant improvement allowances and costs, landlord work costs, free rent (including, without limitation, any partial abatement of rent), other similar tenant inducement costs, and commissions under (i) any new Leases entered into on or after the Effective Date in accordance with Section 6.1 above, and (ii) any extensions or expansions of existing Leases, the term of which extension or expansion commences following the Effective Date.  To the extent that said costs are the responsibility of Buyer, they shall be credited to Seller at Closing, if paid by Seller prior to Closing, or paid by Buyer, if due after Closing.  To the extent that said costs are the responsibility of Seller, they shall be credited to Buyer at Closing, if not paid by Seller prior to Closing.  Seller represents and warrants that as of the Effective Date, the Due Diligence Certificate accurately reflects all tenant improvement allowances or costs, landlord work costs, free rent and/or commissions under Leases.  The provisions of this Section 6.2 shall survive the Closing indefinitely.
6.3.Capital Projects.  Prior to Closing, Seller, at Seller’s sole cost and expense, shall continue to pursue the completion of the capital projects in progress at the Property as of the Effective Date that are set forth in the Due Diligence Certificate in the ordinary course and all other capital projects at the Property in progress as of or commenced by Seller before Closing (the “Capital Projects”), but completion thereof shall not be a condition to Closing. Notwithstanding the foregoing, for each foregoing Capital Project that is not completed prior to the Closing Date (each such contract being listed on the Due Diligence Certificate (or which is otherwise commenced prior to Closing) and referred to herein as an “Uncompleted Capital Contract”), (i) Seller shall assign to Buyer at Closing any Uncompleted Capital Contract; (ii) Buyer shall assume at Closing that Uncompleted Capital Contract and full responsibility for the obligations under that Uncompleted Capital Contract, including responsibility for performing and completing the work set forth therein and all payment obligations thereunder; (iii) Seller shall pay or provide Buyer a credit at Closing equal to the contract amount of the Uncompleted Capital Contract assumed by Buyer less amounts paid by Seller pursuant to the Uncompleted Capital Contract prior to the Closing Date as certified by Seller (the “Capital Improvements Credit”), and (iv) a portion of the Purchase Price proceeds payable to Seller in an aggregate amount equal to 25% of the Capital Improvements Credit (the “Capital Improvements Holdback”) shall remain held by Escrow Agent in accordance with the Surviving Escrow Agreement (as defined below).  Pursuant to the Surviving Escrow Agreement, if the remaining cost actually incurred by Buyer to complete the Capital Projects in accordance with the Uncompleted Capital Contracts (but without giving effect to any elective change orders (i.e., change orders not necessitated by applicable law or conditions existing on the Property at or prior to Closing) made in connection therewith or pursuant thereto) exceeds the Capital Improvements Credit, Buyer shall be entitled to a reimbursement from the Capital Improvements Holdback in accordance with the terms of the Surviving Escrow Agreement.  Buyer’s written request for disbursement shall include reasonable supporting documentation of costs incurred by Buyer to complete the Capital Projects. The provisions of this Section 6.3 shall not apply to any work or projects performed by or on behalf of any tenants at the Property.
6.4.Termination for Default.  Notwithstanding anything in this Agreement to the contrary, until the expiration of the Inspection Period, Seller may cancel or terminate any Lease
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or commence collection, unlawful detainer or other remedial action against any tenant without Buyer’s consent upon the occurrence of a default by the tenant under said Lease.  Seller shall deliver to Buyer copies of all default notices and correspondence delivered to or received from any of the tenants in connection with the Leases after the Effective Date.
6.5.Operation of Property.  From and after the Effective Date, Seller shall (i) operate, maintain and manage the Property in the same manner as Seller has in the past, and in all events in accordance with applicable laws, including continuing repair and preventative maintenance and maintenance of adequate insurance with respect thereto, (ii) maintain in existence all licenses, permits and approvals of Seller that are now in existence with respect to, and are required for, the ownership, operation or improvement of the Property, and are of a continuing nature, and (iii) maintain the insurance policies for the Property consistent with past practice in full force and effect.  From and after the Effective Date, other than in connection with Capital Projects, Seller shall not, without Buyer’s prior written consent, (a) make any material structural alterations or additions to the Property except as may be required by any of the Leases, (b) change or attempt to change the current zoning of the Real Property, or (c) cancel, amend or modify, in a manner materially adverse to the Property, any license or permit held by Seller with respect to the Property or any part thereof which would be binding upon Buyer after the Closing.
6.6.Contracts.   All Contracts shall be assigned to and assumed by Buyer at Closing.  Seller shall be obligated to comply with any notice and consent requirements (if any) under any Contracts to the extent necessary to effectuate the assignment of such Contracts at Closing.  Notwithstanding the foregoing, Seller shall, at its expense and by the time of Closing, terminate its contracts with Seller’s property management company and leasing manager, provided that Buyer shall assume and be responsible for any commission or other amounts payable under any broker or commission agreements relating to new Leases at the Real Property in accordance with Section 6.2 hereof.  Subject to the terms of this Section 6.6, from and after the Effective Date, Seller shall provide Buyer with copies of any new Contracts.  During the term of this Agreement, other than in the event of an emergency that poses an imminent threat to life or property, Seller shall not enter into any new Contracts which would be binding on Buyer following Closing without the prior written consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed.  Buyer shall be deemed to have consented to any proposed new Contract if Buyer has not responded within three (3) Business Days after Seller’s request for consent thereto.
6.7.No Marketing of the Property.  During the pendency of this Agreement, Seller shall not (i) market, solicit, negotiate, or enter into any contract or other written agreement for marketing, brokering or sale of the Property or any interest in Seller with any other party, or (ii) voluntarily sell all or any portion of the Property.
6.8.No Liens on the Property.  During the pendency of this Agreement, Seller shall not voluntarily create any liens or easements on any portion of the Property without the prior written consent of Buyer, which shall not be unreasonably withheld, conditioned or delayed.
6.9.Survival.  The provisions of this Section 6 shall survive Closing or the termination of this Agreement.
7.Closing; Deliveries.
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7.1.Time of Closing.  The Closing shall take place by 5:00 p.m. Eastern Time on October 22, 2021 (subject, however, to extension pursuant to Sections 4.5 and 4.6)  (the “Closing Date”) at the offices of the Escrow Agent, unless otherwise agreed to in writing by both Seller and Buyer.  If the Closing Date falls on a day which is not a Business Day, the Closing Date shall be the next Business Day.
7.2.Seller Deliveries.  At Closing, Seller shall deliver to Escrow Agent the following with respect to the Property:
7.2.1.A limited warranty deed (the “Deed”) to the Real Property from Seller, duly executed and acknowledged by Seller and substantially in the form attached hereto as Exhibit C, subject only to such title matters as are approved (or deemed approved) pursuant to Section 4.5.
7.2.2.A quitclaim deed in form reasonably acceptable to Buyer and Seller quitclaiming Seller’s interest in the legal description set forth in the survey obtained by Buyer pursuant to Section 4.5, subject to Seller’s reasonable approval of such legal description.
7.2.3.A bill of sale for the Personalty from Seller, substantially in the form attached hereto as Exhibit D, duly executed by Seller.
7.2.4.An assignment and assumption of Leases, Contracts and Security Deposits (the “Assignment and Assumption of Leases, Contracts and Security Deposits”) from Seller, substantially in the form attached hereto as Exhibit E, duly executed by Seller.
7.2.5.An assignment of the Intangible Property (the “Assignment of Intangible Property”) from Seller, substantially in the form attached hereto as Exhibit F, duly executed by Seller.
7.2.6.A notice to the tenants of the Building (the “Tenant Notice Letter”) from Seller advising of the sale of the Building and directing that rent and other payments thereafter be sent to Buyer at the address provided by Buyer at Closing, substantially in the form attached hereto as Exhibit G, duly executed by Seller.
7.2.7.An owner’s affidavit in the form attached hereto as Exhibit J, which shall include a statement pursuant to the Commercial Real Estate Broker Lien Act that no broker is involved.
7.2.8.A Non-Foreign Affidavit as required by the Foreign Investors in Real Property Tax Act (“FIRPTA”), as amended, in the form of Exhibit H, duly executed by Seller.
7.2.9.A certification by Seller substantially in the form attached hereto as Exhibit I that all representations and warranties made by Seller in Section 3 of this Agreement are true and correct in all material respects on the Closing Date, except as may be set forth in such certificate.
7.2.10.A 1099-S in the form reasonably acceptable to Buyer and Escrow Agent, duly executed by Seller.
7.2.11.Either an affidavit of gain, affidavit of no gain, or an affidavit of residence or other appropriate evidence that Seller is exempt from the withholding requirements of O.C.G.A. 
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§ 48-7-128 (failing which Buyer shall be fully authorized to withhold and pay to the appropriate taxing authority the amount required to be withheld pursuant to said § 48-7-128).
7.2.12.A Surviving Escrow Agreement (as defined below) in the form attached hereto as Exhibit K, duly executed by Seller.
7.2.13.Keys or combinations to all locks at the Property, to the extent in Seller’s possession.  Buyer hereby acknowledges and agrees that Seller shall be permitted to make the items described in this Section 7.2.13 available to Buyer at the Property in lieu of delivering them to Escrow Agent.
7.2.14.Originals or copies of the Leases and copies of lease files at the Real Property, and originals or copies of any Contracts (except the Proprietary Materials), to the extent in Seller’s possession.  Buyer hereby acknowledges and agrees that Seller shall be permitted to make the items described in this Section 7.2.14 available to Buyer at the Building in lieu of delivering them to Escrow Agent.
7.2.15.Executed copies of state, county and local transfer declarations, as applicable.
7.2.16.Such documents and instruments as are necessary or reasonably required by Buyer or the title insurer to evidence the authority of Seller and its signatories to execute the instruments to be executed by Seller in connection with the transactions contemplated herein, and evidence that the execution of such instruments is the official act of Seller.
7.2.17.Such other documents, affidavits or certificates as are customary or may be reasonably required by the Escrow Agent or may be agreed upon by Seller and Buyer to consummate the sale of the Property.
7.2.18.A joint closing statement, in form mutually acceptable to Seller and Buyer, setting forth the prorations and adjustments to the Purchase Price with respect to the Property to be made pursuant to this Agreement (the “Closing Statement”), duly executed by Seller.
7.3.Buyer Deliveries.  At Closing, Buyer shall deliver to Escrow Agent the following:
7.3.1.In accordance with Seller’s instructions, a wire transfer in the amount required under Section 2.2 hereof (subject to the adjustments provided for in this Agreement).
7.3.2.A certification by Buyer substantially in the form attached hereto as Exhibit I that all representations and warranties made by Buyer in Section 16 of this Agreement are true and correct in all material respects on the Closing Date, except as may be set forth in such certificate.
7.3.3.The Assignment and Assumption of Leases, Contracts and Security Deposits, duly executed by Buyer.
7.3.4.The Assignment of Intangible Property, duly executed by Buyer.
7.3.5.The Surviving Escrow Agreement, duly executed by Buyer.
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7.3.6.Executed copies of state, county and local transfer declarations, as applicable.
7.3.7.Such documents and instruments as are necessary or reasonably required by Seller or the title insurer to evidence the authority of Buyer and its signatories to execute the instruments to be executed by Buyer in connection with the transactions contemplated herein, and evidence that the execution of such instruments is the official act of Buyer.
7.3.8.The Closing Statement, duly executed by Buyer.
8.Apportionments; Taxes; Expenses.
8.1.Apportionments.
8.1.1.Taxes and Operating Expenses.  All real estate taxes, charges and assessments affecting the Property (“Taxes”), all charges for water, electricity, sewer, gas, telephone and all other utilities (“Operating Expenses”), to the extent not paid directly by tenants, and all common area maintenance charges billed to tenants on an estimated basis (“CAM Charges”) shall be prorated on a per diem basis as of the Closing Date.  Buyer shall be entitled to all income and responsible for all expenses for the period beginning at 12:01 a.m. (Eastern Time Zone (U.S.A.)) on the Closing Date, except as set forth herein and Seller shall have no responsibility for any expenses incurred by Buyer following Closing.  Any proration of Taxes shall be done on a cash basis based on Taxes payable during the fiscal year in which Closing occurs.  If any Taxes have not been finally assessed as of the Closing Date for the current fiscal year of the taxing authority, then the same shall be adjusted at Closing based upon the most recently issued bills therefor, and Seller and Buyer agree to re-prorate such Taxes by appropriate payments between themselves within thirty (30) days following the date final bills are issued.  If any Operating Expenses or CAM Charges cannot conclusively be determined as of the Closing Date, then the same shall be adjusted at Closing based upon the most recently issued bills thus far, and shall promptly be re-adjusted when and if final bills are issued.  Buyer hereby agrees to assume all non-delinquent assessments affecting the Property, whether special or general, as well as those assessments applicable to the period of time from and after the Closing; provided that Seller shall be obligated to pay all taxes applicable to the period of time prior to Closing to the extent set forth above.
If Seller is presently prosecuting tax abatement proceedings, after the Closing, Seller shall continue to be authorized to prosecute such proceedings, and, except as required to be reimbursed to any tenant under any Lease, shall be entitled to its pro rata share of any such abatement proceeds; provided, however, to the extent any such tax abatement proceedings relate to the fiscal year in which the Closing occurs, Seller shall not settle any such proceeding without Buyer’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed).  Buyer agrees, to the extent reasonably necessary for Seller to continue to prosecute such proceedings, to reasonably cooperate (at no material liability to Buyer) with Seller, at Seller’s expense, and, except as required to be reimbursed to any tenant under any Lease, also agrees to promptly endorse or pay over to Seller any abatement amounts for such years received by Buyer (including, without limitation, Seller’s pro rata share of any such amounts relating to the year in which Closing occurs as well as Buyer’s share of any costs or fees payable in connection with such appeal).
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8.1.2.Rent.  Except for delinquent rent, all rent and other income received under the Leases shall be prorated to the Closing Date.  Delinquent rent shall not be prorated but shall remain the property of Seller.  Payments received from tenants from and after the Closing Date shall be applied first to rents then due for the current period but not yet paid and then to delinquent rents, if any, in inverse order of maturity.  For a period of six (6) months after the Closing Date, Buyer shall use commercially reasonable efforts to collect delinquent rents for the benefit of Seller, but shall not be required to terminate any Leases or evict any tenants.  Notwithstanding the foregoing, Buyer shall not be required to institute any legal or collection proceedings to collect any delinquent rent.  In no event shall Seller have the right after Closing to contact or pursue any remedy against any tenant under any Lease affecting the Property owing delinquent rents and/or any other amounts to Seller.
8.1.3.Charges under Contracts.  The unpaid monetary obligations of Seller with respect to any of the Contracts shall be prorated on a per diem basis as of Closing Date and credited to Buyer at Closing.
8.1.4.Security Deposits.  The cash Security Deposits (together with any accrued interest thereon as may be required by law or contract), to the extent not theretofore applied by Seller, shall be credited to Buyer as of the Closing Date.  In the event any Security Deposits are in the form of a letter of credit, Seller shall (i) at Closing deliver the originals of any letters of credit, and execute and deliver to Buyer such instruments as the issuers of such letters of credit shall reasonably require in order to transfer the same to Buyer, and (ii) after Closing, Seller shall cooperate with Buyer to change the named beneficiary under such letters of credit to Buyer so long as Seller does not incur any additional liability or expense in connection therewith.  Seller shall be liable for the payment of any fees imposed by the issuer of any letter of credit to be transferred except to the extent the same are the responsibility of the tenant under a Lease.  Except with the prior written consent of Buyer, Seller shall not apply any Security Deposits to any obligations due to Seller under the Leases.
8.1.5.Bankruptcy Distributions.  Any portion of bankruptcy distributions (whether or not Seller has filed a proof of claim as of the date hereof) or payments pursuant to (a) settlement agreements (whether prepared by Seller’s in-house counsel or outside counsel), (b) arrearage payment plans by letters signed by Seller or its agent(s), (c) lease termination agreements, (d) promissory notes, or (e) judgments (whether already obtained by Seller or which result from lawsuits or proceedings filed prior to the Closing) providing for the payment of specified sums, either in a lump sum or in installments, in all cases which are applicable to the time period prior to the Closing Date but payable after the Closing Date and actually received by Buyer, shall be credited to and payable to Seller.
8.1.6.Correction of Prorations.  In the event any prorations, apportionments, adjustments, or computation shall prove to be incorrect for any reason (including errors or omissions), then either party shall be entitled to an adjustment to correct the same within thirty (30) days after written notice to the other party, provided that all such adjustments shall be made, if at all, on or before a date which is one hundred fifty (150) days after the calendar year in which the Closing occurs.
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8.1.7.Survival.  The provisions of this Section 8.1 shall survive the Closing to the extent any monies may be payable pursuant to this Section 8.1 to either party subsequent to the transfer of title to the Property to Buyer.  Any reimbursements payable by any tenant under the terms of any Lease affecting the Property as of the Closing Date, which reimbursements pertain to such tenant’s pro rata share of increased operating expenses or common area maintenance costs incurred with respect to the Property at any time prior to the Closing, shall, to the extent not capable of being prorated at Closing, be prorated upon Buyer’s actual receipt of any such reimbursements, on the basis of the respective share of such costs or expenses paid by Seller and Buyer during the period in respect of which such reimbursements are payable; and Buyer agrees to pay to Seller, Seller’s pro rata portion of such reimbursements within thirty (30) days after Buyer’s receipt thereof.  Conversely, if any tenant under any such Lease shall become entitled at any time after Closing to a refund of tenant reimbursements actually paid by such tenant prior to Closing, then, Seller shall, within thirty (30) days following Buyer’s demand therefor, pay to Buyer any amount equal to Seller’s pro rata share of such reimbursement refund obligations, said proration to be calculated on the same basis as hereinabove set forth.  It is agreed that adjustment billings to tenants for operating expenses, common area maintenance charges, taxes or insurance premiums for the accounting year in which the Closing occurs shall be billed by Buyer and shall be adjusted between Seller and Buyer based upon the respective percentages of the total related expenses paid by each of Buyer and Seller for such accounting year.  To satisfy Buyer’s foregoing obligation to bill tenants for the full calendar year in which the Closing takes place, at Closing, Seller shall provide Buyer with general ledgers for the calendar year in which the Closing takes place, through the Closing Date.  Notwithstanding the foregoing, all adjustments and prorations shall become final and no further adjustments or prorations shall be done one hundred fifty (150) days following the end of the calendar year in which the Closing takes place.
8.2.Closing Costs.  Seller shall pay one-half of the costs and fees of the Escrow Agent, recording costs or other charges imposed upon recordation of releases of Seller’s existing indebtedness and for any title curative matters for which Seller commits to cure, as well as all of any real estate transfer taxes applicable to the conveyance of the Property.  Buyer agrees to pay recording costs or other charges imposed upon recordation of the Deed for the Property.  Buyer shall also pay all costs associated with any lender’s and owner’s title insurance policy (including all endorsements), the cost of any new or updated survey that it elects to obtain, the costs of its due diligence studies and reports, and one half of the costs and fees of the Escrow Agent.  Seller and Buyer shall each pay the costs of their own counsel, accountants and third party consultants.
9.Damage or Destruction; Condemnation; Insurance.
If there shall occur any material damage or destruction to the Property by fire or other casualty, or if any portion of the Property is taken or is threatened in writing to be taken pursuant to eminent domain proceedings, Seller shall promptly notify Buyer of the event after Seller gains knowledge of the same. If at any time prior to the Closing Date there is damage or destruction to the Property (or any portion thereof) for which (i) the cost for repair of which exceeds an amount equal to five percent (5%) of the Purchase Price and the Property (or any portion thereof) cannot be restored to the original condition prior to Closing, (ii) causes access and/or parking to the Property to be materially adversely affected and the same cannot be restored within sixty (60) days after such casualty, (iii) the damage or destruction results in the Property violating any laws or failing to comply with zoning or any covenants, conditions or restrictions
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affecting the Property, in each case that cannot be remedied within sixty (60) days after such casualty, (iv) damage or destruction entitles any tenant occupying one or more full floor plates to terminate its Lease or abate its rent thereunder (and business interruption insurance is insufficient to cover the full amount of such rent abatement), or (v) there is any damage or destruction which is not fully insured and for which Buyer will not receive, at Seller’s election, a credit in the amount of the uninsured portion of such damage or destruction at Closing (any such event, a “Material Event”), or if all or any material portion of the Property (or any portion thereof) are condemned or taken by eminent domain proceedings by any public authority that results in a Material Event, then, at the option of Buyer exercised within ten (10) Business Days following notice of such damage, destruction, condemnation or taking, this Agreement shall terminate, and the Deposit (to the extent previously funded) shall be returned to Buyer, and except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder.  For the avoidance of doubt, any termination of this Agreement pursuant to this Section 9 or otherwise shall be of the entire Agreement, and under no circumstances shall Seller be obligated to sell, or Buyer be entitled to purchase, less than all of the Property.
If there is any damage or destruction or condemnation or taking, regardless of the cost of any repair, and if Buyer elects not to, or is not entitled to, terminate this Agreement as herein provided, then (a) in the case of a taking, all condemnation proceeds paid or payable to  Seller shall belong to Buyer and shall be paid over and assigned to Buyer at Closing; and (b) in the case of a casualty, the applicable Seller shall assign to Buyer all rights to any insurance proceeds paid or payable under the applicable insurance policies, less any costs of collection and any sums expended in restoration, and Seller’s insurance policy deductible (if any) shall be a credit to Buyer against the Purchase Price.
10.Remedies.
10.1.Buyer Default.  In the event Buyer breaches or fails, without legal excuse to complete the purchase of the Property or to perform its obligations under this Agreement when it is obligated to do so, and such failure neither is a repetitive failure by Buyer nor continues for five (5) Business Days after written notice from Seller to Buyer regarding the same (provided that such five (5) Business Day period shall not be applicable in connection with a failure by Buyer to perform any of its obligations on the scheduled Closing Date), then Seller shall, as its SOLE AND EXCLUSIVE remedy therefor, be entitled to terminate this Agreement and receive the Deposit, plus all interest earned and accrued thereon, as liquidated damages (and not as a penalty) in lieu of, and as full compensation for, all other rights or claims of Seller against Buyer by reason of such default (other than with respect to the indemnification and restoration obligations of Buyer contained herein).  Thereupon this Agreement shall terminate and the parties shall be relieved of all further obligations and liabilities hereunder, except as expressly set forth herein, including, but not limited to, Buyer’s indemnification and restoration obligations.  Buyer and Seller acknowledge that the damages to Seller resulting from Buyer’s breach would be difficult, if not impossible, to ascertain with any accuracy, and that the liquidated damage amount set forth in this Section 10.1 represents both parties’ best efforts to approximate such potential damages.  Other than its right to receive the Deposit, Seller expressly waives its rights to seek damages against Buyer in the event of Buyer’s default hereunder.  The provisions of this Section 10.1 shall not limit the obligations of Buyer to indemnify Seller as set forth herein.
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10.2.Seller Default.  In the event Seller materially breaches or fails, without legal excuse, to complete the sale of the Property or to perform its obligations under this Agreement when it is obligated to do so, and such failure neither is a repetitive failure by Seller nor continues for five (5) Business Days after written notice from Buyer to Seller regarding the same (provided that such five (5) Business Day period shall not be applicable in connection with a failure by Seller to perform any of its obligations on the scheduled Closing Date) Buyer may, as its SOLE AND EXCLUSIVE remedy therefor, subject to the next paragraph of this Section 10.2, either (a) enforce specific performance of this Agreement against Seller, or (b) terminate this Agreement and receive a return of the Deposit (to the extent previously funded).  In the latter case, Seller shall promptly reimburse Buyer for Buyer’s actual verifiable out-of-pocket costs and expenses incurred in connection with this Agreement or as a result of Seller’s default hereunder not to exceed a total amount of $100,000 (the “Third Party Costs”).  Notwithstanding the foregoing, solely in the event that Seller defaults under this Agreement by transferring the Property to another person or entity (other than to or as directed by Buyer) prior to the Closing such that specific performance is no longer an available remedy (a “Transfer Default”), then, in addition to its remedies set forth above, Buyer shall have the right to bring an action against Seller for Buyer’s actual damages, provided that in no event shall the liability of Seller for any Transfer Default exceed an amount equal to the amount by which the purchase price paid by such other person or entity exceeds the amount of the Purchase Price set forth in this Agreement.  Other than its right to recover its Third Party Costs or damages resulting from a Transfer Default, Buyer expressly waives its rights to seek damages against Seller in the event of Seller’s default hereunder.  Buyer shall be deemed to have elected to terminate this Agreement and receive a return of the Deposit if Buyer fails to provide Seller with written notice, within thirty (30) days following the date upon which the Closing was to have occurred, of Buyer’s intent to file a suit for specific performance or if Buyer fails to file such suit within forty-five (45) days after such written notice.
Notwithstanding anything to the contrary contained in this Agreement, Buyer agrees that its recourse against Seller under this Agreement or under any other agreement, document, certificate or instrument delivered by Seller to Buyer, or under any law applicable to the Property or this transaction, shall be strictly limited to Seller’s interest in the Property (or upon consummation of the transaction contemplated hereunder, to the net proceeds of the sale thereof actually received by Seller), and that in no event shall Buyer seek or obtain any recovery or judgment against any of Seller’s other assets (if any) or against any of the Indemnified Parties.  Following the Closing and subject to the Cap (defined below), Seller shall indemnify and hold Buyer, its affiliates, members and partners, and the partners, shareholders, officers, directors, employees, representatives and agents of each of the foregoing (collectively, “Buyer-Related Entities”) harmless from and against any and all direct and actual costs, fees, expenses, damages, deficiencies, interest and penalties (including, without limitation, reasonable attorneys’ fees and disbursements) suffered or incurred by any such indemnified party in connection with any and all losses, liabilities, claims, damages and expenses (“Losses”), to the extent directly arising out of (a) any breach of any representation or warranty of Seller contained in this Agreement, or in any certificate, instrument or other document delivered pursuant to this Agreement (each, a “Closing Document”), and (b) any breach of any covenant of Seller contained in this Agreement which survives the Closing or in any Closing Document.  Buyer agrees that Seller shall have no liability to Buyer or any Buyer-Related Entities for any Losses unless the valid claims for all such breaches collectively aggregate more than One Hundred Thousand Dollars ($100,000.00) (the “Floor”), in which event the full amount of such valid claims shall be actionable, up to the cap set forth in the
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following sentence.  Further, Buyer agrees that any recovery against Seller for any Losses, shall be limited to Buyer’s or any Buyer-Related Entities’ direct and actual damages, up to (but not exceeding) Three Million Dollars ($3,000,000.00) (the “Cap”) in the aggregate, and that in no event shall Buyer or any Buyer-Related Entities be entitled to seek or obtain any other damages of any kind, including, without limitation, consequential, indirect or punitive damages.  The foregoing provisions of this Section 10.2 shall survive for six (6) months after Closing (which six (6) month period shall be extended for such additional period of time until the final resolution of any suit or action in a court of competent jurisdiction properly and timely filed by Purchaser in the time period permitted under Section 17.8).
Notwithstanding anything to the contrary contained herein, if the Closing of the transactions hereunder shall have occurred, Buyer shall have no liability to Seller (and Seller shall make no claim against Buyer) for a breach of any representation or warranty or any other covenant, agreement or obligation of Buyer that survives Closing, or for indemnification, under this Agreement or any document, certificate or instrument delivered by Buyer to Seller in connection with this Agreement, unless the valid claims for all such breaches and indemnifications collectively aggregate to more than the "Floor", in which case Seller shall be entitled to recover the amounts up to and exceeding the Floor. Notwithstanding the preceding sentence, the liability of Buyer under this Agreement and such documents shall not exceed the Cap and that in no event shall Seller be entitled to seek or obtain any other damages of any kind, including, without limitation, consequential, indirect or punitive damages.  Notwithstanding anything to the contrary contained herein, the preceding Cap on a party’s liability will not apply to (i) claims based upon a party’s fraud, (ii) indemnification obligations set forth in Sections 4.4.1 and 14, (iii) the corrections of any prorations made under Section 8.1.6, or (iv) a Transfer Default by Seller.  The foregoing provisions of this Section 10.2 shall survive for six (6) months after Closing (which six (6) month period shall be extended for such additional period of time until the final resolution of any suit or action in a court of competent jurisdiction properly and timely filed by Purchaser in the time period permitted under Section 17.8).
10.3.Escrow Holdback.
10.3.1.At Closing, a portion of the Purchase Price proceeds payable to Seller in an aggregate amount equal to Two Million Dollars ($2,000,000.00) (the “Holdback”) shall remain held by Escrow Agent in accordance with the provisions of this Section 10.3. The Holdback shall be security for any claims made by Buyer with respect to Seller’s liability after the Closing for any Buyer claims under this Agreement, and shall be held by Escrow Agent pursuant to the terms of an escrow agreement in the form attached as Exhibit K hereto (the “Surviving Escrow Agreement”). Seller, Buyer and Escrow Agent shall execute and deliver the Surviving Escrow Agreement at Closing.
10.3.2.Following final determination or settlement of the amount of any costs, liabilities, damages or expenses, if any, for which Seller is liable following the Closing, Seller and Buyer shall jointly execute a written instruction to the Escrow Agent setting forth the aggregate amount in dollars of the applicable loss that the Escrow Agent is required to disburse funds from the Holdback.  From time to time, the Escrow Agent will disburse funds from the Holdback as Escrow Agent may be directed in joint written instructions of Seller and Buyer or as directed by court order.
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10.3.3.In the event that there have been no claims asserted by Buyer in excess of the amount of the Floor on or prior to the last day of the Survival Period (time being of the essence as to such date), Escrow Agent shall automatically disburse an amount equal to the Holdback to Seller on the first Business Day after the expiration of the Survival Period.
11.Confidentiality; Press Releases.  At all times prior to the Closing, Buyer agrees to keep confidential and not to use, other than in connection with its determination whether to proceed with the purchase of the Property in accordance with Section 4.4 hereof, any of the documents, material or information regarding the Property supplied to Buyer by Seller or by any third party at Seller’s request, including, without limitation any environmental site assessment reports furnished to Buyer except to Buyer’s agents, officers, directors, partners, lenders, prospective partners and lenders, employees, advisors, attorneys and accountants on a “need to know” basis and only to the extent reasonably necessary to analyze the feasibility and desirability of the purchase of the Property.  In addition, prior to the Closing, neither Buyer nor Seller shall issue any press release, public statements, disclosures or other information to the public regarding the transaction contemplated herein, except as may be expressly approved in advance by the non-requesting party, which approval shall not be unreasonably withheld, conditioned or delayed.  Notwithstanding the foregoing, Buyer and Seller shall be permitted to make such disclosures as are required by the law (and only to the extent required by law), including the securities laws and laws relating to financial reporting or in connection with asserting or defending any claim relating to the Property or this Agreement.  The provisions of this Section 11 shall survive the Closing for a period one (1) year and shall survive any earlier termination of this Agreement indefinitely.
12.Possession.  Possession of the Property shall be surrendered to Buyer at Closing, subject only to the rights of tenants under the Leases.
13.Notices.  All notices and other communications provided for herein shall be in writing and shall be sent to the address set forth below (or such other address as a party may hereafter designate for itself by notice to the other parties as required hereby) of the party for whom such notice or communication is intended:
13.1.If to Seller:
c/o Franklin Street Properties Corp.
401 Edgewater Place, Suite 200
Wakefield, Massachusetts 01880
Email:  scarter@fspreit.com
Attention:  Scott H. Carter, Esq.
With a copy to:
Sheppard Mullin Richter & Hampton LLP
30 Rockefeller Plaza 
New York, New York 10112
Email:  bgurtman@sheppardmullin.com
Attention:  Brian N. Gurtman, Esq.
If to Buyer:
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c/o Piedmont Office Realty Trust
5565 Glenridge Connector, Suite 450
Atlanta, Georgia 30342
Email:  brad.pittman@piedmontreit.com
Attention: Brad Pittman
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With a copy to:
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Eversheds Sutherland (US) LLP
999 Peachtree Street
Atlanta, Georgia 30309
Email:  clayhowell@eversheds-sutherland.com
Attention: D. Clayton Howell
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If to the Escrow Agent to:
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Fidelity National Title Insurance Company
3301 Windy Ridge Parkway,
Suite 300
Atlanta, GA 30339
Email: laura.kaltz@fntg.com
Attention: Laura W. Kaltz
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Any such notice or communication shall be sufficient if sent by registered or certified mail, return receipt requested, postage prepaid; by hand delivery; by overnight courier service; or by e-mail delivery (provided that such e-mail delivery is confirmed by the sender or such email is followed by delivery service or by mail in the manner previously described within one (1) Business Day after such e-mail transmission is sent).  Any such notice or communication shall be effective when delivered or when delivery is refused.
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14.Brokers.  Buyer and Seller each represents to the other that it has not dealt with any broker or agent in connection with this transaction.  Each party hereby indemnifies and holds harmless the other party from all loss, cost and expense (including reasonable attorneys’ fees actually incurred) arising out of a breach of its representation or undertaking set forth in this Section 14.  The provisions of this Section 14 shall survive Closing or the termination of this Agreement.
15.Escrow Agent.  Escrow Agent shall hold the Deposit and Holdback  Amount in accordance with the terms and provisions of this Agreement, subject to the following:
15.1.Obligations.  Escrow Agent undertakes to perform only such duties as are expressly set forth in this Agreement and no implied duties or obligations shall be read into this Agreement against Escrow Agent.
15.2.Reliance.  Escrow Agent may act in reliance upon any writing or instrument or signature which it, in good faith, believes, and any statement or assertion contained in such
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writing or instrument, and may assume that any person purporting to give any writing, notice, advice or instrument in connection with the provisions of this Agreement has been duly authorized to do so.  Escrow Agent shall not be liable in any manner for the sufficiency or correctness as to form, manner and execution, or validity of any instrument deposited in escrow, nor as to the identity, authority, or right of any person executing the same, and Escrow Agent’s duties under this Agreement shall be limited to those provided in this Agreement.  Notwithstanding anything herein to the contrary, if Escrow Agent receives written notice of Buyer’s election to terminate this Agreement prior to the expiration of the Inspection Period, Escrow Agent shall promptly disburse to Buyer the Deposit.
15.3.Indemnification.  Unless Escrow Agent discharges any of its duties under this Agreement in a grossly negligent manner or is guilty of willful misconduct with regard to its duties under this Agreement, Seller and Buyer shall indemnify Escrow Agent and hold it harmless from any and all claims, liabilities, losses, actions, suits or proceedings at law or in equity, or other expenses, fees, or charges of any character or nature, which it may incur or with which it may be threatened by reason of its acting as Escrow Agent under this Agreement; and in such connection Seller and Buyer shall indemnify Escrow Agent against any and all expenses (including reasonable attorneys’ fees actually incurred) and the cost of defending any action, suit or proceeding or resisting any claim in such capacity.
15.4.Disputes.  If the parties (including Escrow Agent) shall be in disagreement about the interpretation of this Agreement, or about their respective rights and obligations, or the propriety of any action contemplated by Escrow Agent, or the application of the Deposit, Escrow Agent shall hold the Deposit until the receipt of written instructions from both Buyer and Seller or a final order of a court of competent jurisdiction.  In addition, in any such event, Escrow Agent may, but shall not be required to, file an action in interpleader to resolve the disagreement.  Escrow Agent shall be indemnified for all costs and reasonable attorneys’ fees actually incurred in its capacity as Escrow Agent in connection with any such interpleader action and shall be fully protected in suspending all or part of its activities under this Agreement until a final judgment in the interpleader action is received.
15.5.Counsel.  Escrow Agent may consult with counsel of its own choice and have full and complete authorization and protection in accordance with the opinion of such counsel.  Escrow Agent shall otherwise not be liable for any mistakes of fact or errors of judgment, or for any acts or omissions of any kind, unless caused by its gross negligence or willful misconduct.
15.6.Interest.  All deposits into the escrow shall be held by the Escrow Agent in an interest-bearing account.  All interest earned on the Deposit shall be deemed to be part of the Deposit and shall accrue to the benefit of Buyer except to the extent the Deposit becomes payable to Seller pursuant to Section 10.1.  In such event the interest earned on the Deposit shall accrue to the benefit of the Seller.
16.Representations of Buyer.  Buyer represents and warrants that:
16.1.Authority.  Buyer is a limited partnership (or, if assigned in accordance with the terms of Section 17.1, a limited liability company) duly organized, validly existing and in good
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standing under the laws of the State of Delaware, duly qualified to transact business in the State of Georgia and has all requisite power and authority to enter into this Agreement and to perform its obligations hereunder.  The execution and delivery of this Agreement by Buyer has been duly authorized.
16.2.No Conflict.  The execution and delivery of this Agreement and the consummation of the transactions contemplated hereunder on the part of Buyer does not and will not violate any applicable law, ordinance, statute, rule, regulation, order, decree or judgment, conflict with or result in the breach of any material terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge, or encumbrance upon any of the property or assets of Buyer by reason of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which Buyer is a party or which is or purports to be binding upon Buyer or which otherwise affects Buyer, which will not be discharged, assumed or released at Closing.  No action by any federal, state or municipal or other governmental department, commission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon Buyer in accordance with its terms.
16.3.Source of Funds.  Buyer has available to it unrestricted funds which it may use in its sole discretion to pay the full Purchase Price and otherwise comply with the provisions of this Agreement.  Buyer acknowledges and agrees that its obligations hereunder are not contingent upon Buyer obtaining financing for the purchase of the Property.
16.4.Bankruptcy Matters.  Buyer has not (a) made a general assignment for the benefit of creditors, (b) filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Buyer’s creditors, (c) suffered the appointment of a receiver to take possession of all, or substantially all, of Buyer’s assets, (d) suffered the attachment or other judicial seizure of all, or substantially all, of Buyer’s assets, (e) admitted in writing its inability to pay its debts as they come due, or (f) made an offer of settlement, extension or composition to its creditors generally, and Buyer has not planned or contemplated, and is not planning or contemplating, any of the foregoing.
16.5.OFAC.  Buyer is in compliance with the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders or regulations in respect thereof (the Order and such other rules, regulations, legislation or orders are collectively hereinafter referred to as the “Orders”).  Neither Buyer nor any of its affiliates (a) is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”), (b) is a Person (as defined in the Order) who has been determined by competent authority to be subject to the prohibitions contained in the Orders, or (c) is owned or controlled by (including without limitation by virtue of such person being a director or owning voting shares or interests), or acts for or on behalf of, any person on the Lists or any other person who has been determined by competent authority to be subject to the prohibitions contained in the Orders.  Buyer is not acting, directly or indirectly for, or on behalf of, any person, group, entity or nation named by any Executive Order (including the September 24, 2001,
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Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person, entity, or nation pursuant to any Law that is enforced or administered by the Office of Foreign Assets Control, and is not engaging in the transactions contemplated herein, directly or indirectly, on behalf of, or instigating or facilitating the transactions contemplated herein, directly or indirectly, on behalf of, any such person, group, entity or nation.
17.Miscellaneous.
17.1.Assignability.  Buyer may not assign this Agreement, in whole or in part, without first obtaining Seller’s written consent, which consent may be withheld in Seller’s sole discretion; provided, however, no consent shall be required for an assignment of this Agreement to a partnership, limited liability company or other entity that Buyer demonstrates, to Seller’s reasonable satisfaction, Piedmont Operating Partnership, L.P., directly or indirectly, controls and owns an equity interest in, and provided further that: (a) any assignee must execute an assumption of the obligations of Buyer hereunder, in a form reasonably acceptable to Seller, (b) any such assignment shall not impose any obligations on Seller, and (c) Buyer must provide Seller with notice of such assignment shall no later than five (5) Business Days prior to Closing.  Any assignment in contravention of this provision shall be void.  No assignment shall release Buyer herein named from any obligation or liability under this Agreement.  Any assignee shall be deemed to have made any and all representations and warranties made by Buyer hereunder and shall be bound by any covenant of Buyer hereunder, as if the assignee were the original signatory hereto.  No assignment by Buyer under this Section 17.1 shall require Seller to update or modify any Estoppel Certificate requested or delivered in accordance with Section 4.6 hereof.
17.2.Governing Law; Bind and Inure.  This Agreement shall be governed by the law of the State of Georgia and shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, assigns and personal representatives.
17.3.Recording.  Seller and Buyer covenant and agree that in no event will such party record or cause to be recorded this Agreement or any memorandum hereof and that such party’s breach of this provision shall represent a material default by such party, and the non-recording party shall have all of the rights and remedies provided herein, including the remedies set forth in Sections 10.1 and 10.2, as applicable.
17.4.Time of the Essence.  Time is of the essence as to the obligations of Buyer and Seller under each and every provision of this Agreement.
17.5.Headings.  The headings preceding the text of the paragraphs and subparagraphs hereof are inserted solely for convenience of reference and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect.
17.6.Counterparts.  This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
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www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
17.7.Exhibits.  All Exhibits which are referred to herein and which are attached hereto or bound separately and initialed by the parties are expressly made and constitute a part of this Agreement.
17.8.Survival.  Unless otherwise expressly stated in this Agreement, each of the warranties and representations of Seller and Buyer shall survive the Closing and delivery of the Deeds and other Closing documents by Seller to Buyer for a period of six (6) months after the Closing Date (the “Survival Period”) before which the party claiming such breach must have provided written notice to the other party before such expiration and shall have filed a suit or action in a court of competent jurisdiction on or before the date that is sixty (60) days after the expiration of such Survival Period and any claim based on a breach of any of the representations or warranties not specified in such action shall be deemed irrevocably waived upon the expiration of the Survival Period; provided, however, that any recourse sought under such suit or action shall be limited as provided in Section 10.2 hereof.  Unless expressly made to survive, all obligations and covenants of Seller contained herein shall be deemed to have been merged into the Deeds and shall not survive the Closing.
17.9.Use of Proceeds to Clear Title.  To enable Seller to make conveyance as herein provided, Seller may, at the time of Closing, use the Purchase Price or any portion thereof to clear the title of any or all encumbrances or interests, provided that provision reasonably satisfactory to Buyer’s attorney is made for prompt recording of all instruments so procured in accordance with conveyancing practice in the jurisdiction in which the Property is located.
17.10.Submission not an Offer or Option.  The submission of this Agreement or a summary of some or all of its provisions for examination or negotiation by Buyer or Seller does not constitute an offer by Seller or Buyer to enter into an agreement to sell or purchase the Property (or any portion thereof), and no party shall be bound to the others with respect to any such purchase and sale until a definitive agreement satisfactory to Buyer and Seller in their sole discretion is executed and delivered by Seller and Buyer.
17.11.Entire Agreement; Amendments.  This Agreement and the Exhibits hereto set forth all of the promises, covenants, agreements, conditions and undertakings between the parties hereto with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements and understandings, inducements or conditions, express or implied, oral or written, except as contained herein.  This Agreement may not be changed orally but only by an agreement in writing, duly executed by or on behalf of the party or parties against whom enforcement of any waiver, change, modification, consent or discharge is sought.
17.12.No Third Party Beneficiaries.  The warranties, representations, agreements and undertakings contained herein shall not be deemed to have been made for the benefit of any person or entity other than the parties hereto.  The provisions of this Section 17.12 shall survive Closing or the sooner termination of this Agreement.
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17.13.Further Assurances.Each party agrees, at any time and from time to time at or after Closing, to execute, acknowledge where appropriate, and deliver or cause to be executed, acknowledged and delivered such further instruments and documents and to take such other action as Seller, Buyer or the Escrow Agent, as applicable, may reasonably request to carry out the intents and purposes of this Agreement (provided the same do not increase in any material respect the costs to, or liabilities or obligations of, such party in a manner not otherwise provided in this Agreement).  The provisions of this Section 17.13 shall survive Closing.
17.14.Waiver of Jury Trial.  THE RESPECTIVE PARTIES HERETO SHALL AND HEREBY DO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR FOR THE ENFORCEMENT OF ANY REMEDY UNDER ANY STATUTE, EMERGENCY OR OTHERWISE.  THE PROVISIONS OF THIS SECTION 17.14 SHALL SURVIVE CLOSING OR EARLIER TERMINATION OF THIS AGREEMENT.
17.15.Litigation.  If any legal action or other proceeding (including arbitration) is brought for the enforcement of this Agreement or because of an alleged dispute, breach, default or misrepresentation in connection with any of the provisions of this Agreement, the prevailing party or parties shall be entitled to recover its reasonable fees and costs, including reasonable attorneys’ fees actually incurred, court costs and other costs incurred in such action or proceeding (at trial and on appeal in connection with such proceeding), in addition to any other relief to which it or they may be entitled.  For purposes of this Section 17.15, (a) the term  “prevailing party” shall be deemed to be that party who obtains substantially the result sought, whether by settlement, arbitration, mediation, judgment or otherwise, and (b) the term “attorneys’ fees” shall include the actual attorneys’ fees actually incurred in retaining counsel for advice, negotiations, suit, appeal and any other legal proceeding, including mediation and arbitration.  The provisions of this Section 17.15 shall survive Closing or earlier termination of this Agreement.
17.16.Business Days.  The phrase “Business Days” as used herein shall mean the days of Monday through Friday, excepting only federal holidays.  If the last day upon which performance hereunder would otherwise be required or permitted is not a Business Day, then the time for such performance shall be automatically extended to the next day that is a Business Day.
17.17.Regulation S-X; Rule 3-14.  Seller shall provide Buyer or its accountants with such certifications and representations from a person of Seller (to the best of such person’s actual knowledge) as to such books and records as Buyer or its accountants shall reasonably require in order to enable Buyer or its accountants to prepare such audited financial statements in accordance with the requirements of Regulation S-X, Rule 3-14, of the U.S. Securities and Exchange Commission.  Buyer shall be responsible for all out-of-pocket costs or expenses reasonably incurred by Seller in connection with the preparation of such certifications and representations.  This obligation shall survive the Closing until the second anniversary of the Closing Date.
17.18.Section 1031 Exchange.  Either party may consummate the purchase or sale (as applicable) of the Property as part of a so-called like kind exchange (an “Exchange”) pursuant
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to § 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), provided that:  (a) the Closing shall not be delayed or affected by reason of the Exchange nor shall the consummation or accomplishment of an Exchange be a condition precedent or condition subsequent to the exchanging party’s obligations under this Agreement, (b) the exchanging party shall effect its Exchange through an assignment of this Agreement, or its rights under this Agreement, to a qualified intermediary, (c) neither party shall be required to take an assignment of the purchase agreement for the relinquished or replacement property or be required to acquire or hold title to any real property for purposes of consummating an Exchange desired by the other party, and (d) the exchanging party shall pay any additional costs that would not otherwise have been incurred by the non-exchanging party had the exchanging party not consummated the transaction through an Exchange, including, without limitation, reimbursement of the non-exchanging party for any costs and expenses it otherwise would not have incurred but for the Exchange (such payment obligation shall survive Closing or any termination of this Agreement).  Neither party shall by this Agreement or acquiescence to an Exchange desired by the other party have its rights under this Agreement affected or diminished in any manner or be responsible for compliance with or be deemed to have warranted to the exchanging party that its Exchange in fact complies with § 1031 of the Code.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first above written.
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	SELLER:
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	FSP 999 PEACHTREE STREET LLC,
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	a Delaware limited liability company
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	By:
	/s/ Jeffrey B. Carter
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	​
	Name: Jeffrey B. Carter
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	​
	Title: President
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[signatures continue on next page]
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	BUYER:
	​

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	PIEDMONT OPERATING PARTNERSHIP, LP,
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	a Delaware limited partnership
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	By: Piedmont Office Realty Trust, Inc.,
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	a Maryland Corporation, its sole General Partner
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	​
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	By:
	/s/ Robert E. Bowers
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	Name: Robert E. Bowers
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	Title: Executive Vice President
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	ESCROW AGENT:
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	FIDELITY NATIONAL TITLE INSURANCE COMPANY
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	By:
	/s/ Laura Kaltz
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	Name: Laura Kaltz
	​

	​
	Title: AVP
	​

​

​Exhibit 4.1

 

 

LAMB WESTON HOLDINGS, INC.,

as Issuer

4.125% Senior Notes due 2030

 

 

  

INDENTURE

Dated as of November 8, 2021

 

 

COMPUTERSHARE TRUST COMPANY, N.A.,

as Trustee

 

 

     

     

    

  

TABLE OF CONTENTS

 

Page

 

ARTICLE I

Definitions and Incorporation by Reference

 

	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	18
	SECTION 1.03.	[Reserved]	18
	SECTION 1.04.	Rules of Construction	18
	SECTION 1.05.	Limited Condition Acquisitions	19

 

ARTICLE II

The Notes

 

	SECTION 2.01.	Amount of Notes	20
	SECTION 2.02.	Form and Dating	20
	SECTION 2.03.	Execution and Authentication	21
	SECTION 2.04.	Registrar and Paying Agent	21
	SECTION 2.05.	Paying Agent To Hold Money in Trust	22
	SECTION 2.06.	Holder Lists	22
	SECTION 2.07.	Transfer and Exchange	22
	SECTION 2.08.	Replacement Notes	31
	SECTION 2.09.	Outstanding Notes	31
	SECTION 2.10.	Cancellation	31
	SECTION 2.11.	Defaulted Interest	32
	SECTION 2.12.	CUSIP, ISIN or Common Code Numbers	32
	SECTION 2.13.	Calculation of Principal Amount of Notes	32

 

 

ARTICLE III

Redemption

 

	SECTION 3.01.	Notices to Trustee	32
	SECTION 3.02.	Selection of Notes To Be Redeemed	32
	SECTION 3.03.	Notice of Redemption	32
	SECTION 3.04.	Effect of Notice of Redemption	34
	SECTION 3.05.	Deposit of Redemption Price	34
	SECTION 3.06.	Notes Redeemed in Part	34

 

ARTICLE IV

Covenants

 

 

	SECTION 4.01.	[Reserved]	34
	SECTION 4.02.	Payment of Notes	34
	SECTION 4.03.	SEC Reports	34
	SECTION 4.04.	[Reserved]	35
	SECTION 4.05.	[Reserved]	35
	SECTION 4.06.	Limitation on Liens	35
	SECTION 4.07.	[Reserved]	35
	SECTION 4.08.	[Reserved]	35

 

    -i-

     

    

 

Page

 

	SECTION 4.09.	[Reserved]	35
	SECTION 4.10.	[Reserved]	35
	SECTION 4.11.	[Reserved]	35
	SECTION 4.12.	Repurchase of Notes at the Option of Holders upon Change of Control Triggering Event	35
	SECTION 4.13.	[Reserved]	37
	SECTION 4.14.	Limitation on Guarantees of Debt by Subsidiaries	37

 

ARTICLE V

Successor Company

 

	SECTION 5.01.	When Company May Merge or Transfer Assets	37

ARTICLE VI

Defaults and Remedies

 

	SECTION 6.01.	Events of Default	39
	SECTION 6.02.	Acceleration	40
	SECTION 6.03.	Other Remedies	40
	SECTION 6.04.	Waiver of Past Defaults	40
	SECTION 6.05.	Control by Majority	41
	SECTION 6.06.	Limitation on Suits	41
	SECTION 6.07.	Rights of Holders to Receive Payment	41
	SECTION 6.08.	Collection Suit by Trustee	41
	SECTION 6.09.	Trustee May File Proofs of Claim	41
	SECTION 6.10.	Priorities	42
	SECTION 6.11.	Undertaking for Costs	42
	SECTION 6.12.	Waiver of Stay or Extension Laws	42

 

ARTICLE VII

Trustee

 

	SECTION 7.01.	Duties of Trustee	42
	SECTION 7.02.	Rights of Trustee	43
	SECTION 7.03.	Individual Rights of Trustee	44
	SECTION 7.04.	Trustee’s Disclaimer	44
	SECTION 7.05.	Notice of Defaults	45
	SECTION 7.06.	[Reserved]	45
	SECTION 7.07.	Compensation and Indemnity	45
	SECTION 7.08.	Replacement of Trustee	45
	SECTION 7.09.	Successor Trustee by Merger	46
	SECTION 7.10.	Eligibility; Disqualification	46
	SECTION 7.11.	Preferential Collection of Claims Against Company	46

 

ARTICLE VIII

Discharge of Indenture; Defeasance

 

	SECTION 8.01.	Discharge of Liability on Notes; Defeasance	47
	SECTION 8.02.	Conditions to Defeasance	48
	SECTION 8.03.	Application of Trust Money	48
	SECTION 8.04.	Repayment to Company	48
	SECTION 8.05.	Indemnity for U.S. Government Obligations	48
	SECTION 8.06.	Reinstatement	48

  

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ARTICLE IX

Amendments

 

Page

 

	SECTION 9.01.	Without Consent of Holders	49
	SECTION 9.02.	With Consent of Holders	50
	SECTION 9.03.	[Reserved]	51
	SECTION 9.04.	Revocation and Effect of Consents and Waivers	51
	SECTION 9.05.	Notation on or Exchange of Notes	51
	SECTION 9.06.	Trustee To Sign Amendments	51
	SECTION 9.07.	Additional Voting Terms; Calculation of Principal Amount	51

 

ARTICLE X

Guarantee

 

	SECTION 10.01.	Guarantee of Notes.	52
	SECTION 10.02.	Limitation on Liability.	53
	SECTION 10.03.	Successors and Assigns	54
	SECTION 10.04.	No Waiver	54
	SECTION 10.05.	Modification	54
	SECTION 10.06.	Execution of Supplemental Indenture for Future Guarantors	54
	SECTION 10.07.	Non-Impairment	54

 

ARTICLE XI

Miscellaneous

 

	SECTION 11.01.	[Reserved]	55
	SECTION 11.02.	Notices	55
	SECTION 11.03.	Communication by Holders with Other Holders	56
	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	56
	SECTION 11.05.	Statements Required in Certificate or Opinion	56
	SECTION 11.06.	Annual Officer’s Certificate as to Compliance	57
	SECTION 11.07.	When Notes Disregarded	57
	SECTION 11.08.	Rules by Trustee, Paying Agents and Registrar	57
	SECTION 11.09.	Legal Holidays	57
	SECTION 11.10.	Governing Law; Jury Trial Waiver	57
	SECTION 11.11.	No Recourse Against Others	57
	SECTION 11.12.	Successors	57
	SECTION 11.13.	Multiple Originals; Electronic Signature	57
	SECTION 11.14.	Table of Contents; Headings	58
	SECTION 11.15.	Force Majeure	58
	SECTION 11.16.	U.S.A. Patriot Act	58

  

EXHIBIT INDEX

 

	Exhibit A	-	Form of Initial Note
	Exhibit B	-	Form of Certificate of Transfer
	Exhibit C	-	Form of Certificate of Exchange
	Exhibit D	-	Form of Supplemental Indenture

 

    -iii-

     

    

 

 

 

INDENTURE dated as of November 8, 2021 among LAMB
WESTON HOLDINGS, INC., a Delaware corporation (the “Company”), the Guarantors (as defined herein) party hereto from time to
time and COMPUTERSHARE TRUST COMPANY, N.A., a national banking association organized under the laws of the United States of America, as
Trustee (the “Trustee”).

 

Each party agrees as follows for the benefit of
the other parties and for the equal and ratable benefit of the Holders of (i) $970,000,000 aggregate principal amount of the Company’s
4.125% Senior Notes due 2030 issued on the date hereof (the “Initial Notes”) and (ii) Additional Notes issued from time to
time (together with the Initial Notes, the “Notes”):

 

ARTICLE I

Definitions and Incorporation by Reference

 

SECTION 1.01.              
Definitions.

 

“2028 Notes” means the Company’s
4.875% Senior Notes due 2028 outstanding on the Issue Date that were issued pursuant to the 2028 Notes Indenture.

 

“2028 Notes Indenture” means that certain
Indenture, dated as of May 12, 2020, by and among the Company, the guarantors party thereto and Wells Fargo Bank, National Association,
as trustee, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.

 

“2032 Notes” means the Company’s
4.375% Senior Notes due 2032 outstanding on the Issue Date that were issued pursuant to the 2032 Notes Indenture.

 

“2032 Notes Indenture” means that certain
Indenture, dated as of November 8, 2021, by and among the Company, the guarantors party thereto and Computershare Trust Company, N.A.,
as trustee, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof,
relating to the issuance of the 2032 Notes.

 

“Additional Notes” means Notes issued
under the terms of this Indenture subsequent to the Issue Date, it being understood that any Notes issued in exchange for or replacement
of any Initial Note shall not be an Additional Note.

 

“Affiliate” means, with respect to
a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is
under common Control with the Person specified.

 

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

 

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

 

(2)            the
excess, if any, of:

 

(A)              
the present value at such redemption date of (i) the principal amount of such Note plus (ii) all scheduled remaining interest payments
due on such Note through January 31, 2025 (excluding accrued but unpaid interest to, but excluding, the redemption date), computed using
a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

 

(B)              
the principal amount of such Note.

 

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

 

     

     

    

 

“Attributable Debt” means, with respect
to any Sale and Leaseback Transaction, (i) with respect to any such lease that creates a Financing Lease Obligation, the Financing Lease
Obligation thereunder and (ii) with respect to any lease that does not result in a Financing Lease Obligation, the principal amount of
the Financing Lease Obligation that would result if such lease was treated as a Financing Lease Obligation (assuming an interest rate
for such lease equal to the interest rate applicable to the Notes).

 

“Attributed Principal Amount” means,
on any day, with respect to any Permitted Receivables Financing entered into by the Company or any Subsidiary, the aggregate amount (with
respect to any such transaction, the “Invested Amount”) paid to, or borrowed by, such Person as of such date under such Permitted
Receivables Financing, minus the aggregate amount received by the applicable Receivables Financier and applied to the reduction of the
Invested Amount under such Permitted Receivables Financing.

 

“Authentication Agent” means an institution,
reasonably acceptable to the Company, appointed by the Trustee to authenticate the Notes.

 

“Bankruptcy Law” means Title 11, United
States Code, or any similar Federal or state law for the relief of debtors.

 

“Board of Directors” means the Board
of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board of Directors.

 

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

 

“Cash Equivalents” means:

 

(a)                
direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States
(or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing
within one year from the date of acquisition thereof;

 

(b)               
investments in (1) commercial paper and variable or fixed rate notes issued by (A) any domestic commercial bank of recognized standing
having capital and surplus in excess of $250,000,000 or (B) any bank whose short-term commercial paper rating from S&P is at least
A-1 or from Moody’s is at least P-1 (any such bank described in this clause (b) being an “Approved Bank”) (or by the
parent company thereof) or (2) any commercial paper or variable rate notes issued by, or guaranteed by any domestic corporation rated
A-1 or better by S&P or P-1 or better by Moody’s, and in each case maturing within 270 days from the date of acquisition thereof;

 

(c)                
investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of
acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office
of any Approved Bank;

 

(d)               
repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a
financial institution satisfying the criteria described in clause (b) above;

 

(e)                
money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii)
are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000; and

 

(f)                 
other investments made for cash management purposes in any jurisdiction outside the United States where the Company or its Subsidiaries
conduct business that are classified as “cash equivalents” in accordance with GAAP.

 

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

 

(1)       any
 “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act) becomes the beneficial
owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act except that a person will be deemed to be the beneficial owner of any
Equity Interests of the Company such person has the right to acquire, whether that right is exercisable immediately or only after the
passage of time), directly or indirectly (including as a result of a merger or consolidation of the Company), of more than 50% of the
voting power of the Equity Interests of the Company entitled to vote for members of the Board of Directors on a fully diluted basis;

 

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(2)       the
sale, lease or transfer (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person other than the Company or a Subsidiary; or

 

(3)       the
shareholders of the Company shall have approved any plan of liquidation or dissolution of the Company.

 

Notwithstanding the foregoing, a Person shall not
be deemed to have beneficial ownership of Equity Interests subject to a stock purchase agreement, merger agreement or similar agreement
until the consummation of the transactions contemplated by such agreement unless such Person has the right to vote or direct the voting
of such Equity Interests.

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Ratings Event; provided, that no Change of Control Triggering Event will be deemed
to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

 

“Clearstream” means Clearstream Banking,
Société Anonyme or any successor securities clearing agency.

 

“Code” means the Internal Revenue Code
of 1986, as amended.

 

“Company” means the party named as
such in this Indenture until a successor replaces it pursuant to the applicable provisions hereof and, thereafter, means the successor.

 

“Consolidated EBITDA” means, for any
period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to:

 

(a)                
Consolidated Net Income for such period, plus

 

(b)                other
than with respect to clause (iv) below, an amount which, in the determination of Consolidated Net Income for such period, has been
deducted for, without duplication: (i) Consolidated Interest Expense, (ii) provision for taxes based on income, profits or capital
of the Company and its Subsidiaries, including, without limitation, federal, state, franchise, excise and similar taxes and foreign
withholding taxes paid or accrued during such period including penalties and interest related to such taxes or arising from any tax
examinations, (iii) depreciation and amortization expense and all other non-cash charges (including impairment charges), expenses or
losses (except for any such expense that (x) requires accrual of a reserve for anticipated future cash payments for any period or
(y) represents a write-down of current assets), (iv) (1) pro forma costs savings permitted to be reflected in pro forma financial
statements prepared in accordance with Regulation S-X of the Exchange Act and (2) the amount of pro forma cost savings, operating
expense reductions and synergies (collectively, “Cost Savings”) that are reasonably expected by the Company to result
over the next succeeding four fiscal quarter period (calculated as though such Cost Savings had been realized on the first day of
such period) as a result of, or in connection with, actions (including any acquisition or disposition of a Subsidiary or line of
business, in each case, outside the ordinary course of business) consummated during such period or expected to be taken within
twelve months, provided that (A) such Cost Savings are reasonably identifiable, quantifiable and factually supportable, (B)
the aggregate amount of such Cost Savings added pursuant to this clause (iv)(2) during such period shall not exceed an amount equal
to 25.0% of Consolidated EBITDA for such period (calculated without giving effect to any amounts added back pursuant to this clause
(iv)(2)) and (C) such pro forma Cost Savings shall only be added back for quarters ending on or prior to the last day of the fourth
full fiscal quarter following the applicable action, and in each case described in this clause (iv), no Cost Savings shall be added
pursuant to this clause (iv) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether
through a pro forma adjustment or otherwise, for such period, (v) non-recurring, extraordinary or unusual cash charges, expenses or
losses, (vi) any contingent or deferred payments (including earn-out payments, non-compete payments and consulting payments but
excluding ongoing royalty payments) made in connection with any acquisition of a Subsidiary or line of business outside the ordinary
course of business, (vii) the amount of write-offs or amortization of deferred financing fees, commissions, fees and expenses
(including any write-offs or amortization of fees and expenses related to Permitted Receivables Financings), (viii) losses from
foreign exchange translation adjustments or Swap Contracts during such period, (ix) losses associated with discontinued operations
(but only after such operations are no longer owned or operated by the Company or a Subsidiary), (x) acquisition integration costs
and fees, including cash severance payments made in connection with acquisitions, (xi) any costs or expenses incurred pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock
subscription or stockholders agreement to the extent that such costs or expenses are funded with cash proceeds contributed to the
capital of the Company or net cash proceeds of issuance of Equity Interests of the Company, and (xii) the fees and expenses paid to
third parties during such period that directly arise out of and are incurred in connection with any acquisition, investment, asset
disposition, issuance or repayment of debt, issuance of Equity Interests, refinancing transaction or amendment or other modification
of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction
undertaken but not completed, and including transaction expenses incurred in connection therewith) or early extinguishment of Debt
to the extent such items were subject to capitalization prior to the effectiveness of Financial Accounting Standards Board Statement
No. 141R, “Business Combinations,” but are required under such statement to be expensed currently, minus

 

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(c)                
the following to the extent included in the determination of Consolidated Net Income for such period, without duplication: (i)
non-cash credits, income or gains, including non-cash gains from foreign exchange translation adjustments or Swap Contracts during such
period (but excluding any non-cash credits, income or gains that represent an accrual in the ordinary course), (ii) any extraordinary
or unusual income or gains (including amounts received on early terminations of Swap Contracts), (iii) any federal, state, local and foreign
income tax credits and (iv) income associated with discontinued operations (but only after such operations are no longer owned or operated
by the Company or a Subsidiary).

 

“Consolidated Funded Debt” means, as
of any date of determination with respect to the Company and its Subsidiaries on a consolidated basis, without duplication, the sum of:
(a) the outstanding principal amount of all obligations for borrowed money, whether current or long-term, and all obligations evidenced
by bonds, debentures, notes, loan agreements or other similar instruments or upon which interest payments are customarily made; (b) all
obligations arising under letters of credit (including standby and commercial), but only to the extent consisting of unpaid reimbursement
obligations in respect of drawn amounts under letters of credit; (c) all Financing Lease Obligations; (d) all obligations issued or assumed
as the deferred purchase price of assets or services purchased (other than contingent earn-out payments and other contingent deferred
payments to the extent not fixed and payable, and trade debt Incurred in the ordinary course of business) which would appear as liabilities
on a balance sheet in accordance with GAAP; (e) all Disqualified Equity Interests of such Persons; (f) all guarantees by the Company or
a Subsidiary with respect to outstanding Debt of the type specified in clauses (a) through (e) above of another Person; and (g) all Debt
of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself
a corporation, limited liability company or similar limited liability entity organized under the laws of a jurisdiction other than the
United States or a state thereof) in which the Company or any of its Subsidiaries is a general partner or joint venturer, except to the
extent that Debt is expressly made non-recourse to such Person.

 

“Consolidated Interest Expense”
means, for any period, for the Company and its Subsidiaries on a consolidated basis without duplication, the following (in each case
as determined in accordance with GAAP): (a) all interest in respect of Consolidated Funded Debt (including the interest component of
synthetic leases, account receivables securitization programs, off balance sheet loans or similar off balance sheet financing
products) accrued during such period (whether or not actually paid during such period) determined after giving effect to any net
payments made or received under interest rate Swap Contracts minus (b) the sum of (i) all interest income during such period
and (ii) to the extent included in clause (a) above, the amount of write-offs or amortization of deferred financing fees,
commissions, fees and expenses (including write-offs or amortization of fees and expenses related to Permitted Receivables
Financings), and amounts paid (or plus any amounts received) on early terminations of Swap Contracts plus (c) the loss or
discount on the sale of Transferred Assets to any Receivables Financier in connection with a Permitted Receivables Financing.

 

    -4-

     

    

 

“Consolidated Net Income” for any period
means the consolidated net income (or loss) attributable to the Company for such period determined on a consolidated basis in accordance
with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein), without duplication:

 

(1)       the
net income (or loss) of any Person that is not a Subsidiary, except (i) to the extent such income has actually been distributed in cash
to the Company or any Subsidiary during such period and (ii) in the case of the Existing Joint Ventures, for other equity of the Company
and its Subsidiaries in the earnings of the Existing Joint Ventures in excess of the amount included pursuant to clause (1)(i) so long
as the amount included in this clause (1)(ii) for any period does not exceed 6.0% of Consolidated EBITDA for such period,

 

(2)       gains
and losses due solely to fluctuations in currency values and the related tax effects according to GAAP,

 

(3)       the
cumulative effect of any change in accounting principles, and

 

(4)       gains
and losses from dispositions of assets outside the ordinary course of business or upon early retirement of Debt.

 

“Consolidated Secured Net Leverage Ratio”
means, on any date, the ratio, determined on a Pro Forma Basis, of (a) Consolidated Funded Debt on such date that is secured by any Lien
on any assets of the Company or a Subsidiary, minus (i) unrestricted cash and Cash Equivalents of the Company and the Guarantors
(it being agreed that cash or Cash Equivalents (x) placed on deposit with a trustee to discharge or defease Debt or (y) to the extent
proceeds of Debt Incurred to finance an acquisition and held in escrow pending the consummation of such acquisition to consummate such
acquisition or prepay such Debt shall be considered unrestricted to the extent the related Debt is included in Consolidated Funded Debt)
and (ii) to the extent not prohibited from being distributed to the Company or any Guarantor pursuant to any applicable law, contractual
obligation or organizational document, 100% of the amount of unrestricted cash and Cash Equivalents of Subsidiaries that are not Guarantors
(it being agreed that cash or Cash Equivalents held in escrow to prepay Debt Incurred to consummate an acquisition shall be considered
unrestricted) to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ended on such date (or, if such date is not
the last day of a fiscal quarter, ended on the last day of the fiscal quarter most recently ended prior to such date for which internal
financial statements are available at such time).

 

“Consolidated Total Assets” means,
as of any date of determination, the total assets of the Company and its Subsidiaries on a consolidated basis (measured as of the last
day of the fiscal quarter most recently ended prior to such date of determination for which internal financial statements are available).

 

“Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

 

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

 

“Debt” means, as of any date of
determination with respect to any Person, without duplication: (a) the outstanding principal amount of all obligations for borrowed
money, whether current or long-term and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments or upon which interest payments are customarily made; (b) the maximum amount available to be drawn under letters of
credit (including standby and commercial) and bankers’ acceptances, including unpaid reimbursement obligations in respect of
drawn amounts under letters of credit or bankers’ acceptance facilities; (c) all Attributable Debt and Financing Lease
Obligations and attributable indebtedness under synthetic leases, account receivables securitization programs, off-balance sheet
loans or similar off-balance sheet financing products; (d) all obligations of such Person under conditional sale or other title
retention agreements relating to assets purchased by such Person (other than customary reservations or retentions of title under
agreements with suppliers entered into in the ordinary course of business); (e) all obligations issued or assumed as the deferred
purchase price of assets or services purchased (other than contingent earn-out payments and other contingent deferred payments, and
trade debt Incurred in the ordinary course of business) which would appear as liabilities on a balance sheet; (f) all Disqualified
Equity Interests issued by such Person; (g) all net obligations of such Person under Swap Contracts; (h) all guarantees with respect
to outstanding Debt of the type specified in clauses (a) through (g) above of another person; (i) all Debt of the type specified in
clauses (a) through (h) above of another Person secured by (or for which the holder of such Debt has an existing right, contingent
or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, assets owned or acquired by such
Person, whether or not the obligations secured thereby have been assumed; provided that if such Person has not assumed such
obligations, then the amount of Debt of such Person for purposes of this clause (i) shall be equal to the lesser of the amount of
the obligations of the holder of such obligations and the Fair Market Value of the assets of such Person which secure such
obligations; and (j) all Debt of the types referred to in clauses (a) through (g) above of any partnership or joint venture (other
than a joint venture that is itself a corporation, limited liability company or similar limited liability entity organized under the
laws of a jurisdiction other than the United States or a state thereof) in which such Person is a general partner or joint venturer,
except to the extent that Debt is expressly made non-recourse to such Person.

 

    -5-

     

    

 

“Default” means any event which is,
or after notice or passage of time or both would be, an Event of Default; provided that any Default that results solely from the
taking of an action that would have been permitted but for the continuation of a previous Default will be deemed to be cured if such previous
Default is cured prior to becoming an Event of Default.

 

“Definitive Note” means a certificated
Note registered in the name of the Holder thereof and issued in accordance with Section 2.07(c) hereof, substantially in the form of Exhibit
A except that such Note shall not bear the Global Notes Legend and shall not have the “Schedule of Increases or Decreases in Global
Note” attached thereto.

 

“Depositary” means, with respect to
the Notes issuable or issued in whole or in part in global form, any Person specified in Section 2.04 hereof as the Depositary with respect
to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision
of this Indenture.

 

“Disqualified Equity Interests”
means any Equity Interest that, by its terms (or by the terms of any other Equity Interests into which it is convertible or for
which it is exchangeable), or upon the happening of any event or condition, (a) matures or is mandatorily redeemable (other than
solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of
control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event
shall be subject to the prior repayment in full of the Notes), (b) is redeemable at the option of the holder thereof (other than
solely for Qualified Equity Interests and other than as a result of a change of control or asset sale so long as any rights of the
holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of
the Notes), or (c) is or becomes convertible into or exchangeable for Debt or any other Equity Interests that would constitute
Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Stated Maturity of the Notes
at the time of issuance of such Equity Interests, but only with respect to that portion of the Equity Interests that would satisfy
clauses (a) through (c) prior to the date that is ninety-one (91) days after the Stated Maturity of the Notes at the time of
issuance of such Equity Interests; provided that (x) if such Equity Interests are issued pursuant to a plan for the benefit
of employees of the Company or any of its Subsidiaries, such Equity Interests shall not constitute Disqualified Equity Interests
solely because they may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or
regulatory obligations and (y) if such Equity Interests are held by any future, present or former employee, director, officer,
manager, member of management or consultant (or their respective Affiliates or immediate family members) of the Company or any of
its Subsidiaries, such Equity Interests shall not constitute Disqualified Equity Interests because such stock is redeemable or
subject to repurchase pursuant to any management equity subscription agreement, stock option, stock appreciation right or other
stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from
time to time.

 

    -6-

     

    

 

“Dollar Equivalent” means, with respect
to any monetary amount in a currency other than U.S. dollars, at any time for the determination thereof, the amount of U.S. dollars obtained
by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with
the applicable foreign currency as published by the Federal Reserve Board on the date of such determination.

 

“Domestic Subsidiary” means any Subsidiary
of the Company that is incorporated or organized under the laws of the United States, any state thereof or the District of Columbia.

 

“DTC” means The Depository Trust Company.

 

“Equity Interests” means, with respect
to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options
or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests
in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests
in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests),
and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether
voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination,
in any case other than Debt securities convertible into or exchangeable for such capital stock or other ownership or profit interests
or warrants, options or other rights for the purchase or acquisition of such capital stock or other ownership or profit interests.

 

“Equity Offering” means any public
or private sale of common stock or Preferred Stock of the Company (excluding Disqualified Equity Interests), other than (1) public offerings
with respect to any of the Company’s common stock registered on Form S-4 or Form S-8 (or any successor form) and (2) issuances to
any Subsidiary of the Company.

 

“Euroclear” means Euroclear Bank S.A./N.V.,
as operator of the Euroclear system, or any successor securities clearing agency.

 

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

 

“Existing Joint Ventures” means Lamb-Weston/Meijer
v.o.f., Lamb-Weston/RDO Frozen and Lamb Weston Alimentos Modernos SA.

 

“Fair Market Value” means with respect
to any Property or liability, the fair market value of such Property or liability as determined in good faith by the Company (including
as to the fair market value of all non-cash Properties and liabilities).

 

“Financing Lease Obligation” means
any obligation under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP; and the amount
of Debt represented by that obligation shall be the capitalized amount of the obligations determined in accordance with GAAP; and the
Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under that lease prior to the first date
upon which that lease may be terminated by the lessee without payment of a penalty. Notwithstanding the foregoing, any lease (whether
entered into before or after the Issue Date) that would have been classified as an operating lease (including the amount of the liability
in respect of the operating lease that would at such time be required to be reflected as a liability on a balance sheet) pursuant to GAAP
as in effect on December 31, 2018 will be deemed not to represent a Financing Lease Obligation or Debt. For purposes of Section 4.06,
a Financing Lease Obligation shall be deemed secured by a Lien on the Property being leased.

 

“Foreign Subsidiary” means (a)
any Subsidiary that is organized and existing under the laws of a jurisdiction other than the United States, any State thereof or
the District of Columbia, (b) any direct or indirect Subsidiary of a Foreign Subsidiary described in clause (a), and (c) any
Subsidiary incorporated or otherwise organized under the laws of the United States or any State thereof or the District of Columbia
that has no material assets other than Equity Interests in one or more Foreign Subsidiaries described in clause (a).

 

    -7-

     

    

 

“GAAP” means United States generally
accepted accounting principles as in effect on the Issue Date, including those set forth in the Accounting Standards Codification of the
Financial Accounting Standards Board and in the rules and regulations of the SEC governing the inclusion of financial statements (including
pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act.

 

“Global Notes” means, individually
and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A, issued
in accordance with Section 2.01, 2.07(b) or 2.07(d) hereof.

 

“Global Notes Legend” means the legend
set forth in Section 2.07(g)(ii) hereof, which is required to be placed on all Global Notes issued under this Indenture.

 

“Guarantee” means the guarantee by
any Guarantor of the Company’s obligations under this Indenture and the Notes.

 

“guarantee” means, with respect to
any Person, without duplication, any obligations of such Person (other than endorsements in the ordinary course of business of negotiable
instruments for deposit or collection) guaranteeing or intended to guarantee any Debt of any other Person in any manner, whether direct
or indirect, and including without limitation any obligation, whether or not contingent, (a) to purchase any such Debt or any property
constituting security therefor, (b) to advance or provide funds or other support for the payment or purchase of any such Debt or to maintain
working capital, solvency or other balance sheet condition of such other Person (including without limitation keep well agreements, maintenance
agreements or similar agreements or arrangements) for the benefit of any holder of Debt of such other Person, (c) to lease or purchase
assets, securities or services primarily for the purpose of assuring the holder of such Debt, or (d) to otherwise assure or hold harmless
the holder of such Debt against loss in respect thereof. The amount of any guarantee shall (subject to any limitations set forth therein)
be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger) of the Debt in respect of
which such guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined
by the guaranteeing Person in good faith. The term “guaranteed” has a meaning correlative thereto.

 

“Guarantor” means each Subsidiary of
the Company that executes this Indenture on the Issue Date and each other Subsidiary of the Company that thereafter guarantees the Notes
pursuant to the terms of this Indenture.

 

“Holder” means the Person in whose
name the Note is registered on the Note register described in Section 2.04.

 

“Incur” means, with respect to any
Debt or other obligation of any Person, to create, issue, incur (by merger, conversion, exchange or otherwise), extend, assume, Guarantee
or become liable in respect of that Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any Debt
or obligation on the balance sheet of that Person (and “Incurrence” and “Incurred” shall have meanings correlative
to the foregoing); provided, however, that a change in GAAP that results in an obligation of that Person that exists at
such time, and is not theretofore classified as Debt, becoming Debt shall not be deemed an Incurrence of that Debt; provided, further,
however, that any Debt or other obligations of a Person existing at the time the Person becomes a Subsidiary (whether by merger,
consolidation, acquisition or otherwise) shall be deemed to be Incurred by that Subsidiary at the time it becomes a Subsidiary; and provided,
further, however, that solely for purposes of determining compliance with Section 4.06, the accrual of interest, the accretion
of accreted value, the payment of interest in the form of additional Debt and increases in the amount of Debt outstanding solely as a
result of fluctuations in the applicable Dollar Equivalent amount of any Debt will not be deemed to be an Incurrence of Liens, provided
that in the case of Debt sold at a discount or at a premium, the amount of the Debt Incurred shall at all times be the aggregate principal
amount at Stated Maturity.

 

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

 

    -8-

     

    

 

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

 

“Initial Notes” has the meaning in
the second paragraph of the preamble.

 

“Investment” by any Person means any
direct or indirect loan (other than advances to customers and suppliers in the ordinary course of business), advance or other extension
of credit or capital contribution (by means of transfers of cash or other Property to others or payments for Property or services for
the account or use of others, or otherwise) to, or Incurrence of a guarantee of any obligation of, or purchase or acquisition of Equity
Interests, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person. In determining the amount of
any Investment made by transfer of any Property other than cash, the Property shall be valued at its Fair Market Value at the time of
the Investment.

 

“Issue Date” means November 8, 2021.

 

“Legal Holiday” means a Saturday, a
Sunday or a day on which banking institutions are not required to be open in the State of New York or at a place of payment.

 

“Lien” means, with respect to any asset,
(a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, financing lease or title retention agreement (or any financing
lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities,
any purchase option, call or similar right of a third party with respect to such securities.

 

“Limited Condition Acquisition” means
any acquisition, including by means of a merger, amalgamation or consolidation, by the Company or one or more of its Subsidiaries, the
consummation of which is not conditioned upon the availability of, or on obtaining, third party financing or in connection with which
any fee or expense would be payable by the Company or its Subsidiaries to the seller or target if financing to consummate the acquisition
is not obtained as contemplated by the definitive acquisition agreement in respect thereof.

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor thereto.

 

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

 

“Notes” has the meaning in the second
paragraph of the preamble.

 

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

 

“Notes Document” means any of the Notes
(including Additional Notes), the Guarantees and this Indenture.

 

“Obligations” means, with respect to
any Debt, all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements, and other amounts payable
pursuant to the documentation governing such Debt.

 

“Offering Memorandum” means the offering
memorandum, dated October 19, 2021, relating to the offering of the Initial Notes.

 

“Officer” means the Chief Executive
Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer
or the Assistant Treasurer, the Secretary or the Assistant Secretary of the Company.

 

“Officer’s Certificate” means
a certificate signed by an Officer of the Company and delivered to the Trustee.

 

    -9-

     

    

 

“Opinion of Counsel” means a written
opinion from legal counsel which is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.

 

“Pari Passu Debt” means: (a) with respect
to the Company, the Notes and any Debt which ranks pari passu in right of payment to the Notes (including, without limitation, the 2028
Notes and 2032 Notes); and (b) with respect to any Guarantor, its Guarantee and any Debt which ranks pari passu in right of payment to
such Guarantor’s Guarantee (including, without limitation, its guarantee of the 2028 Notes and 2032 Notes).

 

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

 

“Permitted Encumbrances” means:

 

(a)                
Liens imposed by law for taxes that are not yet delinquent or are being contested in good faith;

 

(b)               
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or
are being contested in good faith;

 

(c)                
pledges and deposits under workers’ compensation, unemployment insurance and other social security laws or regulations;

 

(d)               
deposits or pledges to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature, in each case in the ordinary course of business;

 

(e)                
judgment liens in respect of judgments (or appeal or surety bond relating to such judgments) that do not constitute an Event of
Default;

 

(f)                 
easements, zoning restrictions, licenses, title restrictions, rights-of-way and similar encumbrances on real property imposed by
law or incurred or granted by the Company or any Subsidiary in the ordinary course of business that do not secure any material monetary
obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of
business of the Company or any Subsidiary; and

 

(g)               
minor imperfections in title that do not materially detract from the value of the affected property or materially interfere with
the ordinary conduct of business of the Company or any Subsidiary;

 

provided that the term “Permitted Encumbrances”
shall not include any Lien securing Debt for borrowed money.

 

“Permitted Liens” means:

 

(a)       
Liens to secure Debt in an aggregate principal amount not to exceed (i) the aggregate principal amount of Debt outstanding and, without
duplication, commitments under the Senior Secured Credit Facilities as of the Issue Date plus (ii) the greater of (A) $650,000,000
and (B) 100% of Consolidated EBITDA for the most recently completed four fiscal quarter period for which internal financial statements
of the Company are available (determined on a pro forma basis) plus (iii) $100,000,000;

 

(b)       Permitted
Encumbrances;

 

(c)       Liens
securing Swap Contracts not entered into for speculative purposes;

 

    -10-

     

    

 

(d)       Liens
on the Property of the Company or any Subsidiary Incurred in the ordinary course of business to secure performance of obligations with
respect to statutory or regulatory requirements, performance or return-of-money bonds, surety bonds or other obligations of a like nature
and Incurred in a manner consistent with industry practice, including banker’s liens and rights of set-off, in each case which are
not Incurred in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price
of Property and which do not in the aggregate impair in any material respect the use of Property in the operation of the business of the
Company and the Subsidiaries taken as a whole;

 

(e)       Liens
on Property at the time the Company or any Subsidiary acquired the Property, including any acquisition by means of a merger or consolidation
with or into the Company or any Subsidiary; provided, however, that any Lien of this kind may not extend to any other Property
of the Company or any Subsidiary other than additions thereto and proceeds and products thereof; provided, further, however,
that the Liens shall not have been Incurred in anticipation of or in connection with the transaction or series of transactions pursuant
to which the Property was acquired by the Company or any Subsidiary;

 

(f)       Liens
on the Property of a Person at the time that Person becomes a Subsidiary; provided, however, that any Lien of this kind
may not extend to any other Property of the Company or any other Subsidiary other than additions thereto and proceeds and products thereof;
provided, further, however, that the Lien was not Incurred in anticipation of or in connection with the transaction
or series of transactions pursuant to which the Person became a Subsidiary;

 

(g)       pledges
or deposits by the Company or any Subsidiary under workers’ compensation laws, unemployment insurance laws or similar legislation,
or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases to which the Company
or any Subsidiary is party, or deposits to secure public or statutory obligations of the Company or any Subsidiary, or deposits for the
payment of rent, in each case Incurred in the ordinary course of business;

 

(h)       Liens,
assignments and pledges of rights to receive premiums, interest or loss payments or otherwise arising in connection with workers’
compensation loss portfolio transfer insurance transactions or any insurance or reinsurance agreements pertaining to losses covered by
insurance, and Liens (including, without limitation and to the extent constituting Liens, negative pledges) in favor of insurers or reinsurers
on pledges or deposits by the Company or any Subsidiary under workmen’s compensation laws, unemployment insurance laws or similar
legislation;

 

(i)       utility
easements, building restrictions and such other encumbrances or charges against real Property as are of a nature generally existing with
respect to properties of a similar character;

 

(j)       Liens
to secure Purchase Money Debt and Financing Lease Obligations; provided that such Liens attach only to the assets acquired, constructed
or improved with the proceeds of the applicable Debt (or the Debt refinanced with Permitted Refinancing Debt) and additions thereto and
products and proceeds thereof;

 

(k)       Liens
in favor of surety bonds or letters of credit issued pursuant to the request of and for the account of the Company or a Subsidiary in
the ordinary course of its business; provided that these letters of credit do not constitute Debt;

 

(l)       leases
or subleases of real property granted by the Company or a Subsidiary to any other Person in the ordinary course of business and not materially
impairing the use of the real property in the operation of the business of the Company or the Subsidiary;

 

(m)       Liens
on intellectual property arising from intellectual property licenses entered into in the ordinary course of business;

 

    -11-

     

    

 

(n)       Liens
attaching to or related to joint ventures, restricting Liens on interests in those joint ventures;

 

(o)       Liens
existing on the Issue Date not otherwise described in clause (a) above;

 

(p)       [reserved];

 

(q)       Liens
on the Property of the Company or any Subsidiary to secure any Refinancing, in whole or in part, of any Debt secured by Liens referred
to in clause (e), (f) or (o) above; provided, however, that any Lien of this kind shall be limited to all or part of the
same Property that secured the original Lien (together with improvements and accessions to such Property) and the aggregate principal
amount of Debt that is secured by the Lien shall not be increased to an amount greater than the sum of:

 

(1)       the
outstanding principal amount of the Debt secured by Liens described under clause (e), (f) or (o) below, as the case may be, at the time
the original Lien became a Permitted Lien under this Indenture, and

 

(2)       an
amount necessary to pay any fees and expenses, including premiums and defeasance costs, incurred by the Company or the Subsidiary in connection
with the Refinancing;

 

(r)       Liens
not otherwise permitted by clauses (a) through (q) above securing Debt, so long as on a Pro Forma Basis (but excluding the cash proceeds
of such Debt for purposes of calculating the Consolidated Secured Net Leverage Ratio), the Consolidated Secured Net Leverage Ratio does
not exceed 3.50 to 1.00;

 

(s)       Liens
on cash or Cash Equivalents deposited with the Trustee or similar agent for the holders of any Debt pending the payment, purchase, defeasance
or other retirement of such Debt in connection with a Refinancing;

 

(t)       Liens
not otherwise permitted by clauses (a) through (s) above securing Debt and other obligations in an aggregate principal amount not in excess
of the greater of (i) $525.0 million and (ii) 12.5% of Consolidated Total Assets (measured as of the last day of the fiscal quarter most
recently ended prior to the date of Incurrence thereof for which internal financial statements are available at such time);

 

(u)       leases,
licenses, subleases or sublicenses and Liens on the property covered thereby, in each case, granted to others in the ordinary course of
business which do not (i) interfere in any material respect with the business of the Company or any Subsidiary, taken as a whole, or (ii)
secure any Debt;

 

(v)       Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Company
or any Subsidiary in the ordinary course of business permitted by this Indenture;

 

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

 

(x)       Liens
that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations with banks or other
deposit-taking financial institutions and not given in connection with the issuance of Debt, (ii) relating to pooled deposit or sweep
accounts of the Company or any of the Subsidiaries to permit satisfaction of overdraft or similar obligations Incurred in the ordinary
course of business of the Company or any of the Subsidiaries or (iii) relating to purchase orders and other agreements entered into with
customers of any Subsidiary in the ordinary course of business;

 

(y)       Liens
on any cash earnest money deposits made by the Company or any of the Subsidiaries in connection with any letter of intent or purchase
agreement;

 

    -12-

     

    

 

(z)       Liens
consisting of an agreement to dispose of any Property in a sale, transfer, lease, license or other disposition permitted under this Indenture,
to the extent that such sale, transfer, lease, license or other disposition would have been permitted on the date of the creation of such
Lien;

 

(aa)     Liens on insurance policies
and the proceeds thereof securing the financing of the premiums with respect thereto;

 

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

 

(cc)     Liens on Property subject to
any Sale and Leaseback Transaction permitted under this Indenture and general intangibles related thereto;

 

(dd)    Liens securing obligations under
Swap Contracts in a net amount not to exceed $50.0 million; and

 

(ee)     Liens on Transferred Assets (as
defined in the definition of “Permitted Receivables Financing”) securing Debt in respect of any Permitted Receivables Financing.

 

“Permitted Receivables Financing” means
any one or more receivables financings in which (a) the Company or any Subsidiary (i) conveys or sells any accounts (as defined in the
Uniform Commercial Code as in effect in the State of New York), payment intangibles (as defined in the Uniform Commercial Code as in effect
in the State of New York), notes receivable or residuals (collectively, together with certain property relating thereto and the right
to collections thereon and any proceeds thereof, being the “Transferred Assets”) to any Person that is not a Subsidiary or
Affiliate of the Company (with respect to any such transaction, the “Receivables Financier”), (ii) borrows from such Receivables
Financier and secures such borrowings by a pledge of such Transferred Assets and/or (iii) otherwise finances its acquisition of such Transferred
Assets and, in connection therewith, conveys an interest in such Transferred Assets to the Receivables Financier or (b) the Company or
any Subsidiary sells, transfers, conveys or otherwise contributes any Transferred Assets to a Receivables Financing SPC, which Receivables
Financing SPC then (i) conveys or sells any such Transferred Assets (or an interest therein) to another Receivables Financier, (ii) borrows
from such Receivables Financier and secures such borrowings by a pledge of such Transferred Assets or (iii) otherwise finances its acquisition
of such Transferred Assets and, in connection therewith, conveys an interest in such Transferred Assets to such Receivables Financier;
provided that, as to either clause (a) or (b), (A) the aggregate Attributed Principal Amount for all such financings shall not
at any one time exceed $335.0 million and (B) such financings shall not involve any recourse to the Company or any Subsidiary (other than
a Receivables Financing SPC) for any reason other than (v) repurchases of non-eligible assets, (w) indemnifications for losses or dilution
other than credit losses related to the Transferred Assets, (x) any obligations not constituting Debt under servicing arrangements for
the receivables, (y) any interest rate swaps or currency swaps permitted hereunder and entered into in connection with a Permitted Receivables
Financing on a “back-to-back” basis with swaps entered into by a Receivables Financing SPC or (z) representations, warranties,
covenants, indemnities and guarantees of performance entered into by the Company or any Subsidiary which the Company has determined in
good faith to be customary in a “non-recourse” receivables financing.

 

“Permitted Refinancing Debt” means
any Debt that Refinances any other Debt, including any successive Refinancings, so long as the new Debt is in an aggregate principal amount
(or if Incurred with original issue discount, an aggregate issue price) not in excess of the sum of:

 

(1)       the
aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding of the Debt being
Refinanced, and

 

(2)       an
amount necessary to pay any fees and expenses, including premiums and defeasance costs, related to the Refinancing.

 

    -13-

     

    

 

“Person” means any individual, corporation,
company (including any limited liability company), association, partnership, joint venture, trust, unincorporated organization, government
or any agency or political subdivision thereof or any other entity.

 

“Preferred Stock” means any Equity
Interests of a Person, however designated, which entitle the holder thereof to a preference with respect to the payment of dividends,
or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of that Person, over shares of any other
class of Equity Interests issued by that Person.

 

“principal” of any Debt (including
the Notes) means the principal amount of such Debt plus the premium, if any, on such Debt.

 

“Pro Forma Basis” means, with respect
to compliance with any test or covenant hereunder, that all Specified Transactions occurring prior to the end of the applicable measurement
period (and following the last day of such measurement period and on or prior to the applicable date of determination) and the following
transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such
test or covenant and: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such
Specified Transaction, (i) in the case of a disposition of all or substantially all Equity Interests in any Subsidiary of the Company
owned by the Company or any of its Subsidiaries or any division or line of business, shall be excluded, and (ii) in the case of an acquisition
or investment described in the definition of “Specified Transaction,” shall be included, (b) any retirement of Debt and (c)
any Debt Incurred or assumed by the Company or any of the Subsidiaries in connection therewith and if such Debt has a floating or formula
rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate
which is or would be in effect with respect to such Debt as at the relevant date of determination; provided that (i) any cost savings
adjustments in connection therewith shall be subject to the limitations set forth in clause (b)(iv) of the definition of “Consolidated
EBITDA” and (ii) in connection with determining the permissibility of the Incurrence of any Debt secured by Liens pursuant
to clause (r) of the definition of “Permitted Liens” in a transaction that is substantially concurrent with the Incurrence
of any Debt secured by Liens pursuant to any other provision of the definition of “Permitted Liens,” the calculation of the
Consolidated Secured Net Leverage Ratio for purposes of such clause (r) shall not give effect to the substantially concurrent incurrence
of Liens pursuant to any other clause of the definition of “Permitted Liens.”

 

“Property” means, with respect to any
Person, any interest of that Person in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including
Equity Interests in, and other securities of, any other Person. For purposes of any calculation required pursuant to this Indenture, the
value of any Property shall be its Fair Market Value.

 

“Purchase Money Debt” means Debt:

 

(a)       consisting
of the deferred purchase price of property, conditional sale obligations, obligations under any title retention agreement, other purchase
money obligations and obligations in respect of industrial revenue bonds, in each case where the maturity of the Debt does not exceed
the anticipated useful life of the Property being financed, and

 

(b)       Incurred
to finance the acquisition, construction or lease by the Company or a Subsidiary of the Property, including additions and improvements
thereto;

 

provided, however, that the Debt is Incurred within 180
days after the acquisition, construction or lease of the Property by the Company or Subsidiary.

 

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

 

“Qualified Equity Interests” means
any Equity Interests of the Company that are not Disqualified Equity Interests.

 

    -14-

     

    

 

“Rating Agency” means each of Moody’s
and S&P; provided that if either such agency shall cease to provide ratings of the Notes for reasons beyond the Company’s
control, then such term shall also include any replacement credit ratings agency of nationally recognized standing that is selected by
the Company.

 

“Ratings Decline Period” means the
period that (i) begins on the earlier of (a) the date of the first public announcement of a transaction that, if consummated,
would constitute a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation
of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the
applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.

 

“Ratings Event” means a downgrade by
one or more gradations (including gradations within ratings categories as well as between rating categories) or withdrawal of the rating
of the Notes within the Ratings Decline Period by one or more Rating Agencies following which (except in the case of a withdrawal of a
rating) the rating of the Notes by each Rating Agency is below such Rating Agency’s rating of the Notes on the Issue Date; provided
that a Ratings Event will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Ratings
Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating does
not publicly announce or confirm or inform the Company in writing that the reduction was the result, in whole or in part, of any event
or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change
of Control has occurred at the time of the Ratings Event).

 

“Receivables Financier” has the meaning
set forth in the definition of “Permitted Receivables Financing.”

 

“Receivables Financing SPC” means (1)
a wholly owned direct Subsidiary of the Company which engages in no activities other than in connection with the financing of Transferred
Assets pursuant to a Permitted Receivables Financing that meets the following criteria: (a) no portion of the Debt or any other obligations
(contingent or otherwise) of which (i) is guaranteed by the Company or any other Subsidiary of the Company (excluding guarantees of obligations
(other than the principal of, and interest on, Debt) pursuant to customary securitization undertakings), (ii) is recourse to or obligates
the Company or any other Subsidiary of the Company in any way (other than pursuant to customary securitization undertakings) or (iii)
subjects any property or asset (other than the Transferred Assets) of the Company or any other Subsidiary of the Company, directly or
indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to customary securitization undertakings, (b)
with which neither the Company nor any of its other Subsidiaries has any contract, agreement, arrangement or understanding (other than
pursuant to the Permitted Receivables Financing documentation (including with respect to the servicing of the accounts receivable and
related assets and the administration of the Receivables Financing SPC)) on terms less favorable to the Company or such Subsidiary than
those that might be obtained at the time from persons that are not Affiliates of the Company (as determined by the Company in good faith),
and (c) to which neither the Company nor any other Subsidiary of the Company has any obligation to maintain or preserve such entity’s
financial condition or cause such entity to achieve certain levels of operating results and (2) each general partner of any such Subsidiary
described in clause (1) that meets all of the criteria set forth in clause (1).

 

“Refinance” means, in respect of any
Debt, to refinance, extend, renew, refund, repay, prepay, repurchase, redeem, defease or retire, or to issue other Debt, in exchange or
replacement for, that Debt. “Refinanced” and “Refinancing” shall have correlative meanings.

 

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

 

“Regulation S Global Note” means a
Global Note in the form of Exhibit A bearing the Global Notes Legend and the Restricted Note Legend and the Regulation S Global Notes
Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal
to the outstanding principal amount of the Regulation S Global Notes.

 

“Regulation S Global Notes Legend”
means the legend set forth in Section 2.07(g)(iii) hereof.

 

    -15-

     

    

 

“repay” means, in respect of any
Debt, to repay, prepay, repurchase, redeem, legally defease, satisfy and discharge or otherwise retire that Debt. “repayment” shall have a correlative meaning.

 

“Restricted Definitive Note” means
a Definitive Note bearing, or that is required to bear, the Restricted Notes Legend.

 

“Restricted Global Note” means a Global
Note bearing, or that is required to bear, the Restricted Notes Legend.

 

“Restricted Notes Legend” means the
legend set forth in Section 2.07(g)(i) hereof to be placed on all Notes issued under this Indenture, except where otherwise permitted
by the provisions of this Indenture.

 

“Restricted Period” means, in respect
of any Note issued under Regulation S, the 40-day distribution compliance period as defined in Regulation S applicable to such Note.

 

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

 

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

 

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

 

“S&P” means Standard & Poor’s
Financial Services LLC, a division of S&P Global, Inc. and any successor thereto.

 

“Sale and Leaseback Transaction” means
any direct or indirect arrangement relating to Property now owned or hereafter acquired whereby the Company or a Subsidiary transfers
that Property to another Person and the Company or a Subsidiary leases it from that other Person together with any Refinancings thereof.

 

“SEC” means the Securities and Exchange
Commission.

 

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

 

“Senior Secured Credit Facilities”
means the credit facilities provided pursuant to (i) that certain credit agreement, dated as of November 9, 2016 (as amended through the
Issue Date), by and among the Company, the Guarantors, Bank of America, N.A., as administrative agent, the lenders party thereto from
time to time, and the other parties thereto and (ii) that certain credit agreement, dated as of June 28, 2019 (as amended through the
Issue Date), by and among the Company, the Guarantors, Northwest Farm Credit Services, PCA, as administrative agent, and the lenders party
thereto from time to time, including any related letters of credit, notes, guarantees, collateral documents, instruments and agreements
executed in connection therewith, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced from time to
time by one or more credit facilities, in which case, the credit agreement(s) or similar agreement(s) together with all other documents
and instruments related thereto shall constitute the “Senior Secured Credit Facilities” hereunder, whether with the same or
different agents and lenders.

 

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

 

“Specified Transaction” means any of
the following: (i) any Investment by the Company or any Subsidiary in any Person other than a Person that was a Wholly Owned Subsidiary
on the first day of such period involving (x) the acquisition of a new Subsidiary or interest in a joint venture, (y) an increase in the
Company’s and its Subsidiaries’ consolidated economic ownership of a Subsidiary or (z) the acquisition of a product line or
business unit, (ii) any asset sale involving (x) the disposition of Equity Interests of a Subsidiary or joint venture (other than to the
Company or a Subsidiary) or (y) the disposition of a product line or business unit, (iii) any Incurrence or repayment of Debt (in each
case, other than revolving indebtedness in the ordinary course of business under revolving credit facilities), (iv) any dividend, repurchase
or redemption in respect of the Company’s Equity Interests and (v) any other transaction specifically required to be given effect
to on a Pro Forma Basis.

 

    -16-

     

    

 

 

“Stated Maturity” means, with respect
to any security, the date specified in the security as the fixed date on which the payment of principal of the security is due and payable,
including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of the security at
the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless that contingency has occurred).

 

“Subsidiary” of a Person means a corporation,
partnership, joint venture, limited liability company or other business entity of which a majority of the shares of Voting Stock is at
the time beneficially owned, or the management of which is otherwise Controlled, directly or indirectly through one or more intermediaries,
or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of the Company.

 

“Swap Contract” means (a) any and all
rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other
similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or
not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International
Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such
master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities
under any Master Agreement.

 

“TIA” means the Trust Indenture Act
of 1939, as amended.

 

“Transferred Assets” has the meaning
set forth in the definition of “Permitted Receivables Financing.”

 

“Treasury Rate” means, as of any redemption
date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days
prior to the redemption date (or, if such Statistical Release is no longer published or the relevant information does not appear thereon,
any publicly available source of similar market data)) most nearly equal to the period from the redemption date to January 31, 2025; provided,
however, that if the period from the redemption date to January 31, 2025 is less than one year, the weekly average yield on actively
traded United States Treasury securities adjusted to a constant maturity of one year will be used. The Company will (1) calculate the
Treasury Rate on the second Business Day preceding the applicable redemption date and (2) prior to such redemption date, file with the
Trustee an Officer’s Certificate setting forth the Applicable Premium and the Treasury Rate and showing the calculation of each
in reasonable detail.

 

“Trust Officer” means, when used with
respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs such functions
similar to those performed by the Persons who at the time shall be such officers, respectively, 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.

 

“Trustee” means the party named as
such in this Indenture until a successor replaces it and, thereafter, means the successor.

 

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

 

    -17-

     

    

 

“United States” means the United States
of America (including the states and the District of Columbia) and its territories, possessions and other areas subject to its jurisdiction.

 

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

 

“Unrestricted Global Note” means a
permanent Global Note, substantially in the form of Exhibit A that bears the Global Notes Legend and that has the “Schedule of Increases
or Decreases in Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary,
representing Notes that do not bear the Restricted Notes Legend.

 

“U.S. Government Obligations” means
direct non-callable obligations of, or guaranteed by, the United States of America for the payment of which guarantee or obligations the
full faith and credit of the United States is pledged.

 

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

 

“Voting Stock” of any Person means
all classes of Equity Interests or other interests (including partnership interests) of that Person then outstanding and normally entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

 

“Wholly Owned Subsidiary” of any Person
means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which (other than directors’ qualifying shares) shall
at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person.

 

SECTION 1.02.              
Other Definitions.

 

	Term	 	Defined in Section
	“Change of Control Offer”	 	4.12(a)
	“Change of Control Payment Date”	 	4.12(b)(B)
	“Change of Control Purchase Price”	 	4.12(a)
	“covenant defeasance option”	 	8.01(b)
	“Events of Default”	 	6.01
	“Guaranteed Obligations”	 	10.01(a)
	“LCA Election”	 	1.05
	“LCA Test Date”	 	1.05
	“legal defeasance option”	 	8.01(b)
	“Notes Register”	 	2.04
	“Paying Agent”	 	2.04
	“Registrar”	 	2.04
	“Successor Company”	 	5.01(a)
	“Successor Person”	 	5.01

 

SECTION 1.03.              
[Reserved].

 

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)           “including”
means including without limitation;

 

    -18-

     

    

 

(5)           words in the singular include the plural and words in the plural include the singular;

 

(6)           unsecured
Debt shall not be deemed to be subordinate or junior to secured Debt merely by virtue of its nature as unsecured Debt;

 

(7)           the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would
be shown on a balance sheet of the issuer thereof dated such date prepared in accordance with GAAP;

 

(8)           the
principal amount of any Preferred Stock shall be the greater of (i) the maximum liquidation value of such Preferred Stock and (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock; and

 

(9)           unless
otherwise provided herein or in any other Notes Document, the words “execute”, “execution”, “signed”,
and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture,
any other Notes Document or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications)
shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable,
to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions
Act; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to reasonable procedures approved by the Trustee.

 

SECTION 1.05.              
Limited Condition Acquisitions. Notwithstanding anything in this Indenture to the contrary, when calculating any applicable
ratio or determining other compliance with this Indenture (including the determination of compliance with any provision of this Indenture
which requires that no Default or Event of Default has occurred and is continuing or would result therefrom) in connection with a transaction
undertaken in connection with the consummation of a Limited Condition Acquisition, the date of determination of such ratio and determination
of whether any Default or Event of Default has occurred, is continuing or would result therefrom, may, at the option of the Company (the
Company’s election to exercise such option in connection with any Limited Condition Acquisition, an “LCA Election”),
be deemed to be the date the definitive agreements for such Limited Condition Acquisition are entered into (the “LCA Test Date”)
and if, after such ratios and other provisions are measured on a Pro Forma Basis after giving effect to such Limited Condition Acquisition
and the other transactions to be entered into in connection therewith (including any Incurrence of Debt and the use of proceeds thereof)
as if they occurred at the beginning of the four consecutive fiscal quarter period for which internal financial statements are available
at such time ending prior to the LCA Test Date, the Company or the applicable Subsidiary could have taken such action on the relevant
LCA Test Date in compliance with such ratios and provisions, such ratios and provisions shall be deemed to have been complied with. For
the avoidance of doubt, (x) if any of such ratios are exceeded as a result of fluctuations in such ratio (including due to fluctuations
in Consolidated EBITDA of the Company) at or prior to the consummation of the relevant Limited Condition Acquisition, such ratios and
other provisions will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether
the Limited Condition Acquisition is permitted hereunder and (y) such ratios and other provisions shall not be tested at the time of consummation
of such Limited Condition Acquisition or related Specified Transactions. If the Company has made an LCA Election for any Limited Condition
Acquisition, then in connection with any subsequent calculation of any ratio or basket availability with respect to any other transaction
on or following the relevant LCA Test Date and prior to the earlier of the date on which such Limited Condition Acquisition is consummated
or the date that the definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of such
Limited Condition Acquisition, any such ratio or basket shall be calculated (1) on a Pro Forma Basis assuming such Limited Condition Acquisition
and other transactions in connection therewith (including any Incurrence of Debt and the use of proceeds thereof) have been consummated
and (2) on a Pro Forma Basis but without giving effect to such Limited Condition Acquisition and other transactions in connection therewith
(including any Incurrence of Debt and use of proceeds thereof).

 

    -19-

     

    

 

ARTICLE II

 

The Notes

 

SECTION 2.01.              
Amount of Notes. The aggregate principal amount of Notes (other than Notes issued pursuant to Section 2.07) which may be
authenticated and delivered under this Indenture on the Issue Date is $970,000,000.

 

The Company may from time to time after the Issue
Date issue Additional Notes under this Indenture in an unlimited principal amount, so long as such Additional Notes are issued in compliance
with the applicable provisions of this Indenture.

 

With respect to any Additional Notes issued after
the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Notes pursuant to Section 2.07, 2.08, 2.14, 3.08, 4.06(c) or 9.04), there shall be (a) established in or pursuant to a resolution of the
Board of Directors and (b) (i) set forth or determined in the manner provided in an Officer’s Certificate or (ii) established in
one or more indentures supplemental hereto, prior to the issuance of such Additional Notes:

 

(1)           the
aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture;

 

(2)           the
issue price and issuance date of such Additional Notes, including the date from which interest on such Additional Notes shall accrue;
and

 

(3)           if
applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in such case,
the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition
to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.07
in which any such Global Note may be exchanged in whole or in part for Additional Notes registered, or any transfer of such Global Note
in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Note or a nominee thereof.

 

If any of the terms of any Additional Notes are
established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate record of such action shall be
certified by the Secretary or any Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s
Certificate or an indenture supplemental hereto setting forth the terms of the Additional Notes.

 

The Initial Notes and any Additional Notes shall
be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and
offers to purchase; provided that if the Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes,
the Additional Notes will have a separate CUSIP number, if applicable.

 

SECTION 2.02.              
Form and Dating. Provisions relating to the Initial Notes are set forth in Section 2.07. The (i) Initial Notes and the Trustee’s
certificate of authentication and (ii) any Additional Notes and the Trustee’s certificate of authentication shall each be substantially
in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations,
legends or endorsements required by law, stock exchange rule, agreements to which the Company or any Guarantor is subject, if any, or
usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note shall be dated the date
of its authentication. The Notes shall be issuable only in registered form without interest coupons and in minimum denominations of $2,000
and any integral multiples of $1,000 in excess thereof.

 

    -20-

     

    

 

SECTION 2.03.               Execution
and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Company signed by
one Officer of the Company (a) Initial Notes for original issue on the date hereof in an aggregate principal amount of $970,000,000
and (b) subject to the terms of this Indenture, Notes in an aggregate principal amount to be determined at the time of issuance and
specified therein. Such order shall specify the amount of separate Note certificates to be authenticated, the principal amount of
each of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, the registered Holder
of each of the Notes and delivery instructions. For the avoidance of doubt, the Company will be required to deliver an Opinion of
Counsel with respect to the authentication of the Initial Notes. Notwithstanding anything to the contrary in this Indenture, any
issuance of Additional Notes shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess
thereof.

 

One Officer of the Company shall sign the Notes
for 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 Notes and may be in facsimile form.

 

If an Officer whose signature is on a Note no longer
holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with
a written order of the Company in the form of an Officer’s Certificate for the authentication and delivery of such Notes, and the
Trustee in accordance with such written order of the Company shall authenticate and deliver such Notes.

 

A Note shall not be valid until an authorized signatory
of the Trustee manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note
has been authenticated under this Indenture.

 

The Trustee may appoint an Authentication Agent
reasonably acceptable to the Company to authenticate the Notes. Unless limited by the terms of such appointment, an Authentication Agent
may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An Authentication Agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands.

 

SECTION 2.04.              
Registrar and Paying Agent. The Company initially appoints DTC to act as Depositary with respect to the Global Notes. The
Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”)
and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register
(the “Notes Register”) of the Notes and of their transfer and exchange. The Company may have one or more co-registrars and
one or more additional paying agents. The term “Paying Agent” includes any additional paying agent.

 

The Company shall enter into an appropriate agency
agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture. The agreement shall implement the provisions
of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor
pursuant to Section 7.07. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar,
co-registrar or transfer agent.

 

The Company initially appoints the Trustee as Registrar,
Paying Agent and the Notes Custodian with respect to the Global Notes.

 

The Company may remove any Registrar or Paying
Agent upon five Business Days’ prior written notice to such Registrar or Paying Agent and to the Trustee; provided, however,
that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor Registrar or Paying Agent,
as the case may be, as evidenced by an appropriate agreement entered into by the Company and such successor Registrar or Paying Agent,
as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying
Agent until the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon
written notice to the Company and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar
only if the Trustee also resigns as Trustee in accordance with Section 7.08.

 

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SECTION 2.05.              
Paying Agent To Hold Money in Trust. Prior to each due date of the principal and interest on any Note, the Company shall
deposit with the Paying Agent (or if the Company or a Subsidiary thereof is acting as Paying Agent, segregate and hold in trust for the
benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Company shall
require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Holder
or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee
in writing of any default by the Company in making any such payment. If the Company or a Wholly Owned Subsidiary acts as Paying Agent,
it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. 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 by the Paying Agent. Upon complying with this
Section, the Paying Agent shall have no further liability for the money delivered to the Trustee.

 

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 Holder. If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing
at least five Business Days before each interest payment date and at such other times as the Trustee may 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.

 

SECTION 2.07.              
Transfer and Exchange.

 

(a)            Transfer
and Exchange of Global Notes. Except as otherwise set forth in this Section 2.07, a Global Note may be transferred, in whole and
not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor thereto. A beneficial
interest in a Global Note may not be exchanged for a Definitive Note unless, and, if applicable, subject to the limitation on issuance
of Definitive Notes set forth in Section 2.07(c)(ii), (i) the Depositary (x) notifies the Company that it is unwilling or unable to continue
as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act, and, in either case,
a successor Depositary is not appointed by the Company within 120 days, (ii) the Company, at its option, notifies the Trustee in writing
that it elects to cause the issuance of Definitive Notes (although Regulation S Global Notes may not be exchanged for Definitive Notes
prior to (A) the expiration of the applicable Restricted Period and (B) the receipt by the Registrar of any certification of beneficial
ownership required pursuant to Rule 903(b)(3)(ii)(B)) or (iii) upon the request of a Holder if there shall have occurred and be continuing
an Event of Default with respect to the Notes and the Trustee has received a written request from the Depositary to issue Definitive
Notes. Upon the occurrence of any of the events described in clause (i), (ii) or (iii) above, Definitive Notes delivered in exchange
for any Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested
by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole
or in part, as provided in Sections 2.08 and 2.14 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global
Note or any portion thereof, pursuant to this Section 2.07 or Sections 2.08 or 2.14 hereof, shall be authenticated and delivered in the
form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the events described in clause (i), (ii)
or (iii) above and pursuant to Section 2.07(c) hereof. A Global Note may not be exchanged for another Note other than as provided in
this Section 2.07(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided
in Section 2.07(b), (c) or (f) hereof.

 

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

 

(i)            Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions
set forth in the Restricted Notes Legend; provided, that prior to the expiration of the Restricted Period, transfers of beneficial
interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person other than
pursuant to Rule 144A. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in
the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered
to the Registrar to effect the transfers described in this Section 2.07(b)(i).

 

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(ii)           All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.07(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar
either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal
to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing
information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive
Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the
Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or
exchange referred to in (1) above; provided, that in no event shall Definitive Notes be issued upon the transfer or exchange of
beneficial interests in a Regulation S Global Note prior to (x) the expiration of the applicable Restricted Period therefor and (y) the
receipt by the Registrar of any certification of beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B). Upon satisfaction of
all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or
otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant
to Section 2.07(h) hereof.

 

(iii)           Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note
may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the
transfer complies with the requirements of Section 2.07(b)(ii) hereof and the Registrar receives the following:

 

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

 

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

 

(iv)          Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial
interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note
or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange
or transfer complies with the requirements of Section 2.07(b)(ii) hereof and the Registrar receives the following:

 

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

 

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

 

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and, in each such case set forth in this
Section 2.07(b)(iv), if the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act

 

If any such transfer is effected pursuant
to Section 2.07(b)(iv) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt
of an authentication order in accordance with Section 2.03 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes
in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph
(iv) above.

 

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

 

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

 

(i)      Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events described in clause
(i), (ii) or (iii) of Section 2.07(a) hereof and receipt by the Registrar of the following documentation:

 

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

 

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

 

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

 

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

 

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

 

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

 

the Trustee shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(h) hereof, and the Company shall
execute and, upon receipt of an authentication order, the Trustee shall authenticate and mail to the Person designated in the
instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest
in a Restricted Global Note 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 shall mail such Definitive Notes to the Persons in whose names
such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant
to this Section 2.07(c)(i) (except transfers pursuant to clause (F) above) shall bear the Restricted Notes Legend and shall be
subject to all restrictions on transfer contained therein

 

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(ii)     Beneficial
Interests in Regulation S Global Note to Definitive Notes. Notwithstanding Sections 2.07(c)(i)(A) and (C) hereof, a beneficial interest
in the Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the
form of a Definitive Note prior to (A) the expiration of the applicable Restricted Period therefor and (B) the receipt by the Registrar
of any certifications of beneficial ownership required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act, except in the case of
a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.

 

(iii)    Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest
to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events described
in clause (i), (ii) or (iii) of Section 2.06(a) hereof and if the Registrar receives the following:

 

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

 

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

 

and, in each such case set forth in this
Section 2.07(c)(iii), if the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities
Act

 

(iv)   
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest
in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events described in clause
(i), (ii) or (iii) of Section 2.07(a) hereof and satisfaction of the conditions set forth in Section 2.07(b)(ii) hereof, the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(h) hereof, and the
Company shall execute and the Trustee, upon receipt of an authentication order, shall authenticate and mail to the Person designated in
the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.07(c)(iv) 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 or through the Depositary and the Participant
or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall not bear the Restricted Notes
Legend.

  

    -25-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

and, in each such case set forth in this
Section 2.07(d)(ii), if the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act.

 

    -26-

     

    

 

Upon satisfaction of the applicable conditions
of this Section 2.07(d)(ii), the Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the aggregate
principal amount of the Unrestricted Global Note.

 

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

 

If any such exchange or transfer from
a Definitive Note to a beneficial interest is effected pursuant to Section 2.07(d)(ii) or (iii) above at a time when an Unrestricted Global
Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.03 hereof,
the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred

 

(e)                
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.07(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior
to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly
endorsed or accompanied by a written instruction of transfer or exchange in form satisfactory to the Registrar duly executed by such Holder
or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents
and information, as applicable, required pursuant to the following provisions of this Section 2.07(e):

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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and, in each such case set forth in this
subparagraph (D), if the Company so requests, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such
exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted
Notes Legend are no longer required in order to maintain compliance with the Securities Act.

 

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

 

(f)                 
[Intentionally Omitted].

 

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

 

(i)     
Restricted Notes Legend.

 

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

 

“THE SECURITY
(OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED
HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED
BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN
A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER IF THE ISSUER
SO REQUESTS), (2) TO THE ISSUER OR ITS SUBSIDIARIES OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND
EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE
(A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED
HEREBY.”

 

(B)           Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii)
or (e)(iii) of this Section 2.07 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Restricted Notes
Legend.

 

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(ii)     Global Notes Legend. Each Global Note shall bear a legend in substantially the following form (with appropriate changes
in the last sentence if DTC is not the Depositary):

 

“UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW
YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.,
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”

 

(iii)    Regulation
S Global Notes Legend. Except as permitted by subparagraph (ii)(B) above, each Global Note and Definitive Note issued in a transaction
exempt from registration pursuant to Regulation S shall also bear the legend in substantially the following form:

 

“BY ITS ACQUISITION
HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING
THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”

 

(h)                
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have
been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part,
each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.10 hereof. At any time
prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented
by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased
accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such increase.

 

(i)                  
General Provisions Relating to Transfers and Exchanges.

 

(i)      To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and Definitive
Notes upon receipt of an authentication order in accordance with Section 2.03 hereof or at the Registrar’s request.

 

(ii)     No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.08, 2.14, 3.06 and 4.12 hereof).

 

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(iii)    Neither the Registrar nor the Company shall be required (A) to issue, to register the transfer of or to exchange any Notes during
a period beginning at the opening of business 15 days before the mailing of a notice of redemption of the Notes to be redeemed under
Section 3.03 hereof and ending at the close of business on the day of such mailing, (B) to register the transfer of or to exchange any
Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register
the transfer or exchange of a Note between a record date and the next succeeding interest payment date or (D) to register the transfer
or exchange of any Notes tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer.

 

(iv)    Neither
the Registrar nor the Company shall be required to register the transfer or exchange of any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part; provided, that new Notes will only be issued in minimum
denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.

 

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

 

(vi)    Prior
to due presentment for the registration of a transfer of any Note, the Trustee, the Registrar, the Notes Custodian, the Paying Agent
and the Company shall deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose
of receiving payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and none of the Trustee,
the Notes Custodian, the Paying Agent or the Company shall be affected by notice to the contrary.

 

(vii)   Upon
surrender for registration of transfer of any Note at the office or agency of the Company designated in this Indenture, the Company shall
execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement
Notes of any authorized denomination or denominations of a like aggregate principal amount.

 

(viii)  At
the option of the Holder, subject to Section 2.07(a) hereof, Notes may be exchanged for other Notes of any authorized denomination or
denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any
Global Notes or Definitive Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and mail,
the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions
of Section 2.03 hereof.

 

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

 

(x)     Neither
the Trustee nor the Registrar shall have any duty to monitor the Company’s compliance with or have any responsibility with respect
to the Company’s compliance with any federal or state securities laws in connection with registrations of transfers and exchanges
of the Notes. 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 Notes (including any
transfers between or among the Depository’s participants or beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation, as is expressly required by, and to do so if and when expressly required by, the
terms of this Indenture or the Notes and to examine the same to determine substantial compliance as to form with the express requirements
hereof. Each Holder agrees to provide reasonable indemnity to the Company and the Trustee against any liability that may result from
the transfer, exchange or assignment of such Holder’s Notes in violation of any provision of this Indenture and/or applicable United
States Federal or state securities law.

 

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(xi)    The
Company, the Trustee, and the Registrar reserve the right to require the delivery by any Holder or purchaser of a Note of such legal
opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer of any Restricted
Global Note or Restricted Definitive Note is being made in compliance with the Securities Act or the Exchange Act, or rules or regulations
adopted by the Commission from time to time thereunder, and applicable state securities laws.

 

(xii)   The
transferor of any Notes shall provide or cause to be provided to the Trustee all information reasonably necessary to allow the Trustee
to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section
6045 of the Code. In connection with any proposed exchange of a Definitive Note for a Global Note, the Company or the Depositary shall
be required to provide or cause to be provided to the Trustee all information reasonably necessary to allow the Trustee to comply with
any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the
Code. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

SECTION 2.08.              
Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that such Note
has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Note if the requirements
of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee and/or
the Authentication Agent, as applicable. If required by the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient
in the judgment of the Company and the Trustee (and the Paying Agent, Registrar and Authentication Agent, if not the Trustee) to protect
the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Note is
replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Note.

 

Every replacement Note is an additional obligation
of the Company.

 

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, lost,
destroyed or wrongfully taken Notes.

 

SECTION 2.09.              
Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee, except for those canceled by
it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 11.04, a Note
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.

 

If a Note is replaced pursuant to Section 2.08
(other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Company receive proof
satisfactory to them that the replaced Note is held by a bona fide purchaser. A mutilated Note ceases to be outstanding upon surrender
of such Note and replacement thereof pursuant to Section 2.08.

 

If the Paying Agent segregates and holds in trust,
in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on
that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date
such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

 

SECTION 2.10.              
Cancellation. The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent
shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else
shall cancel and dispose of all Notes surrendered for registration of transfer, exchange, payment or cancellation in its customary manner.
The Company may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation, except pursuant
to the terms of this Indenture. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of
this Indenture.

 

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SECTION 2.11.              
Defaulted Interest. If the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted
interest then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may
pay the defaulted interest to the persons who are Holders on a subsequent special record date. The Company shall fix or cause to be fixed
any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly deliver or cause to be
delivered to each affected Holder (with a copy to the Trustee) a notice that states the special record date, the payment date and the
amount of defaulted interest to be paid. The Trustee shall have no duty whatsoever to determine whether any defaulted interest is payable
or the amount thereof.

 

SECTION 2.12.              
CUSIP, ISIN or Common Code Numbers. The Company in issuing the Notes may use “CUSIP,” “ISIN” or
 “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP,” “ISIN”
or “Common Code” numbers in notices of redemption as a convenience to Holders; provided, however, that neither
the Company nor the Trustee shall have any responsibility for any defect in the “CUSIP,” “ISIN” or “Common
Code” number that appears on any Note, check, advice of payment or redemption notice, and any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in such numbers.

 

SECTION 2.13.              
Calculation of Principal Amount of Notes. The aggregate principal amount of the Notes, at any date of determination, shall
be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or
other action of the Holders of a specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on
the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the Holders
of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding,
in each case, as determined in accordance with the preceding sentence, Section 2.08 and Section 11.07 of this Indenture. Any calculation
of the Applicable Premium made pursuant to this Indenture or the Notes shall be made by the Company and delivered to the Trustee pursuant
to an Officer’s Certificate. The Trustee shall have no liability or responsibility for any calculation made hereunder or in connection
herewith or for any information used in any such calculation.

 

ARTICLE III

Redemption

 

SECTION 3.01.              
Notices to Trustee. If the Company elects to redeem Notes pursuant to paragraph 5 of the Notes, it shall notify the Trustee
in writing of the redemption date, the principal amount of Notes to be redeemed and that such redemption is being made pursuant to paragraph
5 of the Notes.

 

The Company shall give each notice to the Trustee
provided for in this Section 3.01 at least 5 Business Days before the date of giving the notice of redemption pursuant to Section 3.03,
unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate and an Opinion of
Counsel from the Company to the effect that such redemption will comply with the conditions herein.

 

SECTION 3.02.              
Selection of Notes To Be Redeemed. In the event that less than all of the Notes are to be redeemed at any time, selection
of such Notes for redemption shall be made on a pro rata basis (subject to the rules of DTC) unless otherwise required by law or applicable
stock exchange requirements; provided, however, that such Notes shall only be redeemable in principal amounts of a minimum
of $2,000 or an integral multiple of $1,000 in excess thereof. The Trustee shall make the selection from outstanding Notes not previously
called for redemption. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for
redemption. The Trustee shall notify the Company promptly of the Notes or portions of Notes to be redeemed.

 

SECTION 3.03.               Notice
of Redemption. Notice of redemption shall be mailed by first-class mail (or electronic transmission in the case of Notes held in
book-entry form) to each Holder of Notes to be redeemed at its registered address, at least 10 but not more than 60 days before the
redemption date, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in
connection with a defeasance or a satisfaction and discharge of the Notes.

 

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Notices of redemption may be subject to the satisfaction
of one or more conditions precedent established by the Company in its sole discretion, including completion of an Equity Offering or other
corporate transaction.

 

The notice shall identify the Notes to be redeemed
(including any CUSIP, Common Code or ISIN numbers) and shall state:

 

(1)               
the redemption date;

 

(2)               
the redemption price or the information specified in clause (a) of paragraph 5 of the Notes;

 

(3)               
the name and address of the applicable Paying Agent;

 

(4)               
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(5)               
if fewer than all the outstanding Notes are to be redeemed, the identification and principal amounts of the particular Notes to
be redeemed;

 

(6)               
subject to clauses (8) and (9) below, that, unless the Company defaults in making such redemption payment, interest on Notes (or
portion thereof) called for redemption ceases to accrue on and after the redemption date;

 

(7)               
that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code number, if any, listed in such
notice or printed on the Notes;

 

(8)               
whether such notice is conditional and the timeframe for satisfying such conditions; and

 

(9)               
if such redemption is subject to satisfaction of one or more conditions precedent, that, in the Company’s discretion, the
redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and
such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date or by the
redemption date so delayed. The Company shall provide written notice of the delay of such redemption date or the rescission of such notice
of redemption (and rescission and cancellation of the redemption of the Notes) to the Trustee no later than 10:00 a.m. Eastern Time (subject
to the Applicable Procedures) on the redemption date or the redemption date as so delayed. Upon receipt of such notice of the delay of
such redemption date or the rescission of such notice of redemption, such redemption date shall be automatically delayed or such notice
of redemption shall be automatically rescinded, as applicable, and the redemption of the Notes shall be automatically delayed or rescinded
and cancelled, as applicable, as provided in such notice.

 

At the Company’s written request, the Trustee
shall give the notice of redemption in the Company’s name and at the Company’s expense; provided, however, that
the Officer’s Certificate delivered to the Trustee pursuant to Section 3.01 hereof requests that the Trustee give such notice and
sets forth the information to be stated in such notice as required by this Section 3.03.

 

If the Company elects to provide, in lieu of the
redemption price, the information specified in clause (a) of paragraph 5 of the Notes in the notice of redemption, at the Company’s
written request, the Trustee shall give the notice of the redemption price, in the Company’s name and the Company’s expense,
one Business Day prior to the redemption date; provided, however, that the Company delivers an Officer’s Certificate to the Trustee
requesting that the Trustee give such notice and setting forth the information required to be stated in such notice.

 

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SECTION 3.04.              
Effect of Notice of Redemption. Except as contemplated by Section 3.03, once notice of redemption is mailed, Notes called
for redemption become due and payable on the redemption date and at the redemption price stated in the notice. Upon surrender to the
applicable Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued interest to, but excluding,
the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest
payment date that is on or prior to the date of redemption). 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 3.05.              
Deposit of Redemption Price. On or prior to 10:00 a.m., New York City time, on the Business Day immediately preceding the
anticipated redemption date, the Company shall deposit with the applicable Paying Agent (or, if the Company or a Wholly Owned Subsidiary
is the Paying Agent, shall segregate and hold in trust) money in U.S. Dollars sufficient to pay the redemption price of and accrued interest
(subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date that
is on or prior to the date of redemption) on all Notes to be redeemed on that date other than Notes or portions of Notes called for redemption
that have been delivered by the Company to the Trustee for cancellation.

 

SECTION 3.06.              
Notes Redeemed in Part. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall
state the portion of the principal amount thereof to be redeemed. A new Note in a principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon surrender for cancellation of the original Note. Notes called for redemption become
due on the date fixed for redemption. On and after the redemption date, interest shall cease to accrue on Notes or portions thereof called
for redemption, unless the Company defaults in the payment of the redemption price.

 

ARTICLE IV

Covenants

 

SECTION 4.01.              
[Reserved].

 

SECTION 4.02.              
Payment of Notes. The Company shall promptly pay the principal of and interest on the Notes on the dates and in the manner
provided in the Notes and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee
or the applicable Paying Agent holds in accordance with this Indenture money sufficient to pay all principal and interest then due.

 

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

 

SECTION 4.03.              
SEC Reports. Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act, the Company shall file with the SEC and provide the Trustee and Holders of Notes with annual reports and information,
documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject
to those Sections, and the information, documents and reports to be so filed and provided at the times specified for the filing of the
information, documents and reports under those Sections (provided that if the Company is not then subject to the reporting requirements
of the Exchange Act, then the time periods for filing applicable to the Company shall be that required of a non-accelerated filer and
in any case including any extension as would be permitted by Rule 12b-25 under the Exchange Act); provided, however, that
(x) (i) the Company shall not be so obligated to file the information, documents and reports with the SEC if the SEC does not permit those
filings and (ii) the electronic filing with the SEC through the SEC’s Electronic Data Gathering, Analysis, and Retrieval System
(or any successor system providing for free public access to such filings) shall satisfy the Company’s obligation to provide such
reports, information and documents to the Trustee and the Holders of Notes and (y) the Company shall not be required to provide the type
of information contemplated by Rule 3-10 of Regulation S-X with respect to separate financial statements for Guarantors or any financial
statements for unconsolidated subsidiaries or 50% or less-owned persons contemplated by Rule 3-09 of Regulation S-X, or in each case any
successor provisions.

 

    -34-

     

    

 

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 actual or constructive
knowledge or 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 conclusively rely exclusively on an Officer’s
Certificate). The Trustee shall have no obligation or responsibility, on a continuing basis or otherwise, to determine whether the Company
is required to file any reports or other information with the SEC, whether the Company’s information is available on EDGAR (or any
successor system) or publicly available on the Company’s website or whether the Company has otherwise delivered any notice or report
in accordance with the requirements specified in this Section 4.03.

 

SECTION 4.04.              
[Reserved].

 

SECTION 4.05.              
[Reserved].

 

SECTION 4.06.              
Limitation on Liens. The Company shall not, and shall not permit any Subsidiary to, directly or indirectly, Incur or suffer
to exist, any Lien (other than Permitted Liens) upon any of its Property (including Equity Interests of a Subsidiary), whether owned at
the Issue Date or thereafter acquired, or any interest therein or any income or profits therefrom, unless it has made or will make effective
provision whereby the Notes and the related Guarantees will be secured by that Lien equally and ratably with (or prior to) all other Debt
of the Company or any Subsidiary secured by that Lien for so long as such Lien is outstanding. Any Lien created for the benefit of the
Holders of the Notes pursuant to this Section 4.06 shall be automatically and unconditionally released and discharged upon the release
and discharge of such other Lien.

 

For purposes of determining compliance with this
Section 4.06, (A) a Lien securing an item of Debt need not be permitted solely by reference to one category of permitted Liens (or any
portion thereof) described in the definition of “Permitted Liens” or pursuant to the first paragraph of this Section 4.06
but may be permitted in part under any combination thereof and (B) if a Lien securing an item of Debt meets the criteria of one or more
of the categories of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant
to the first paragraph of this Section 4.06, the Company may, in its sole discretion, classify or reclassify, or later divide, classify
or reclassify (as if Incurred at such later time), such Lien securing such item of Debt (or any portion thereof) in any manner that complies
with this Section 4.06 and will be entitled to only include the amount and type of such Lien or such item of Debt secured by such Lien
(or any portion thereof) in one of the categories (or any portion thereof) described in the definition of “Permitted Liens”
or pursuant to the first paragraph of this Section 4.06.

 

With respect to any Lien securing Debt that was
permitted to secure such Debt at the time of the Incurrence of such Debt, such Lien shall also be permitted to secure any Increased Amount
of such Debt. The “Increased Amount” of any Debt shall mean any increase in the amount of such Debt in connection with any
accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form
of additional Debt with the same terms.

 

SECTION 4.07.              
[Reserved].

 

SECTION 4.08.              
[Reserved].

 

SECTION 4.09.              
[Reserved].

 

SECTION 4.10.              
[Reserved].

 

SECTION 4.11.              
[Reserved].

 

SECTION 4.12.              
Repurchase of Notes at the Option of Holders upon Change of Control Triggering Event.

 

(a)                 Upon
the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem the Notes in full, the
Company shall be required to make an offer to repurchase all of the Notes pursuant to the offer described below (the “Change
of Control Offer”) at a purchase price (the “Change of Control Purchase Price”) equal to 101.0% of the principal
amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the purchase date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant interest payment date).

 

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(b)            
Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to the consummation of
a Change of Control but after the applicable transaction that will constitute a Change of Control is publicly announced, the Company shall
send, by first-class mail (or electronic transmission in the case of Notes held in book-entry form), with a copy to the Trustee, to each
Holder of Notes, at such Holder’s address appearing in the Notes Register, a notice stating:

 

(A) that a Change of Control Triggering
Event has occurred or may occur and a Change of Control Offer is being made pursuant to this Section 4.12 and that all Notes timely tendered
will be accepted for repurchase;

 

(B) the Change of Control Purchase Price
and the purchase date, which shall be, subject to any contrary requirements of applicable law, a Business Day no earlier than 30 days
nor later than 60 days from the date such notice is sent (the “Change of Control Payment Date”);

 

(C) the circumstances and relevant facts
regarding the Change of Control Triggering Event; and

 

(D) the procedures that Holders of Notes
must follow in order to tender their Notes (or portions thereof) for payment and the procedures that Holders of Notes must follow in order
to withdraw an election to tender Notes (or portions thereof) for payment.

 

(c)           
Holders electing to have a Note purchased shall be required to surrender the Note (for Notes held in book-entry form, in accordance
with the Applicable Procedures), with an appropriate form duly completed, to the Company or its agent at the address specified in the
notice at least three Business Days prior to the Change of Control Payment Date. Holders shall be entitled to withdraw their election
if the Trustee or the Company receives not later than two Business Days prior to the Change of Control Payment Date a facsimile transmission
or letter setting forth the name of the Holder, the principal amount of the Note that was delivered for purchase by the Holder and a statement
that such Holder is withdrawing its election to have such Note purchased (for Notes held in book-entry form, in accordance with the Applicable
Procedures).

 

(d)           
Prior to the Change of Control Payment Date, the Company shall irrevocably deposit with either the Trustee or with the Paying Agent
(or, if the Company or any of its Wholly Owned Subsidiaries is acting as the Paying Agent, segregate and hold in trust) in cash an amount
equal to the Change of Control Purchase Price payable to the Holders entitled thereto, to be held for payment in accordance with the provisions
of this Section 4.12. On the Change of Control Payment Date, the Company shall deliver to the Trustee the Notes or portions thereof that
have been properly tendered to and are to be accepted by the Company for payment. The Trustee or the Paying Agent shall, on the Change
of Control Payment Date, mail or deliver payment to each tendering Holder of the Change of Control Purchase Price. In the event that the
aggregate Change of Control Purchase Price is less than the amount delivered by the Company to the Trustee or the Paying Agent, the Trustee
or the Paying Agent, as the case may be, shall deliver the excess to the Company immediately after the Change of Control Payment Date.

 

(e)           
The Company will not be required to make a Change of Control Offer following a Change of Control Triggering Event if a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change
of Control Offer.

 

(f)             
The Company will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities
laws or regulations in connection with the purchase of Notes pursuant to this Section 4.12. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Section 4.12, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under this Section 4.12 by virtue thereof.

 

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(g)            
 If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not validly withdraw
such Notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as
described above, purchases all of the Notes validly tendered and not validly withdrawn by such Holders, the Company or such third party
will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice, given not more than 30 days following
such purchase pursuant to the Change of Control Offer described above, to redeem all the Notes that remain outstanding following such
purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the purchase
date in accordance with the provisions of Article III.

 

SECTION 4.13.            
[Reserved].

 

SECTION 4.14.             
Limitation on Guarantees of Debt by Subsidiaries. The Company shall not permit any Subsidiary that is a Wholly Owned Subsidiary
(or a Subsidiary that is a non-Wholly Owned Subsidiary if such Subsidiary guarantees other capital markets debt securities of the Company
or a Guarantor), other than a Guarantor, a Foreign Subsidiary or a Receivables Financing SPC, to guarantee the payment of any Debt of
the Company or any other Guarantor in excess of $200.0 million unless such Subsidiary within 30 days executes and delivers a supplemental
indenture to this Indenture substantially in the form of Exhibit D hereto providing for a Guarantee by such Subsidiary, except that
with respect to a guarantee of Debt of the Company or any Guarantor, if such Debt is by its express terms subordinated in right of payment
to the Notes or such Guarantor’s related Guarantee, any such guarantee by such Subsidiary with respect to such Debt shall be subordinated
in right of payment to such Guarantee substantially to the same extent as such Debt is subordinated to the Notes or such Guarantor’s
related Guarantee; provided that this Section 4.14 shall not be applicable to any guarantee of any Subsidiary that existed at the
time such Person became a Subsidiary and was not Incurred in connection with, or in contemplation of, such Person becoming a Subsidiary.

 

ARTICLE V

Successor Company

 

SECTION 5.01.              
When Company May Merge or Transfer Assets. The Company shall not merge, consolidate or amalgamate with or into (other than
a merger of a Wholly Owned Subsidiary into the Company), or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all its Property in any one transaction or series of transactions to, any Person unless:

 

(a)       the
Company shall be the surviving Person or the Person formed by that merger, consolidation or amalgamation or to which that sale, transfer,
assignment, lease, conveyance or disposition is made shall be a corporation, partnership or limited liability company organized and existing
under the laws of the United States of America, any State thereof or the District of Columbia (such Person, as the case may be, being
herein called the “Successor Company”);

 

(b)       the
Successor Company (if other than the Company) expressly assumes, by supplemental indenture in form satisfactory to the Trustee, executed
and delivered to the Trustee by that Successor Company, the due and punctual payment of the principal of, and premium, if any, and interest
on, all the Notes, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of
this Indenture to be performed by the Company;

 

(c)       immediately
after giving effect to such transaction or series of transactions on a pro forma basis, no Default or Event of Default shall have occurred
and be continuing; and

 

(d)       the
Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officer’s
Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply
with this Section and that all conditions precedent herein provided for relating to the transaction and the execution and delivery of
a supplemental indenture, as applicable, have been satisfied.

 

    -37-

     

    

 

The Successor Company shall succeed to, and be
substituted for, and may exercise every right and power of the Company under this Indenture, but the predecessor Company in the case of:

 

(a)       a
sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer, assignment, conveyance or other disposition is
of all or substantially all the assets of the Company as an entirety or virtually as an entirety), or

 

(b)       a
lease,

 

in each case, shall not be released from any obligation to pay the
principal of, premium, if any, and interest on, the Notes.

 

Subject to Section 10.02(b) governing release of
a Guarantee upon the sale, disposition or transfer of a Guarantor, no Guarantor shall, and the Company shall not permit any such Guarantor
to, consolidate or merge with or into or wind up into (whether or not the Company or such Guarantor is the surviving Person), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions,
to any Person unless:

 

(1)         
(a)         such Guarantor is the surviving Person or the Person formed by that merger, consolidation or amalgamation or to which that
sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation, partnership or limited liability company
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia (such Guarantor or
such Person, as the case may be, being herein called the “Successor Person”);

 

(b)       the
Successor Person, if other than such Guarantor, expressly assumes all the obligations of such Guarantor under this Indenture and such
Guarantor’s related Guarantee pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory
to the Trustee;

 

(c)       immediately
after giving effect to such transaction or series of transactions on a Pro Forma Basis, no Default or Event of Default shall have occurred
and be continuing; and

 

(d)       the
Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officer’s
Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply
with this Section 5.01 and that all conditions precedent herein provided for relating to the transaction have been satisfied; or

 

(2)       such
Guarantor shall cease to be a Subsidiary as a result of such transaction.

 

In the case of clause (1) above, the Successor
Person will succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee and, except in
the case of (x) a sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer, assignment, conveyance or other
disposition is of all the assets of such Guarantor as an entirety or virtually as an entirety) or (y) a lease, such Guarantor shall automatically
be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing,
any Guarantor may merge into or transfer all or part of its properties and assets to another Guarantor or the Company.

 

Any reference herein to a merger,
consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of
or by a limited liability company, limited partnership or trust, or an allocation of assets to a series of a limited liability
company, limited partnership or trust (or the unwinding of such a division or allocation), as if it were a merger, consolidation,
amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any
division of a limited liability company, limited partnership or trust shall constitute a separate Person hereunder (and each
division of any limited liability company, limited partnership or trust that is a Subsidiary, joint venture or any other like term
shall also constitute such a Person or entity).

 

    -38-

     

    

 

ARTICLE VI

Defaults and Remedies

 

SECTION 6.01.              
Events of Default. The following events shall be “Events of Default”:

 

(1)               
the Company defaults in any payment of interest on any Note when the same becomes due and payable, and such default continues for
a period of 30 days;

 

(2)               
the Company defaults in the payment of the principal of, or premium, if any, on any Note when the same becomes due and payable
at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise;

 

(3)               
the Company fails to comply with Article V;

 

(4)               
the Company fails to comply with any other covenant or agreement in the Notes or in this Indenture (other than a failure that is
the subject of the foregoing clause (1), (2) or (3)) and such failure continues for 60 days (other than with respect to Section 4.03,
which failure continues for 120 days) after written notice is given to the Company as specified below;

 

(5)               
a default under any Debt by the Company or any Subsidiary that results in acceleration of the maturity of that Debt, or failure
to pay any Debt at maturity, in either case giving effect to any applicable grace period, in an aggregate amount greater than $200.0 million
or its foreign currency equivalent at the time;

 

(6)               
the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A)        commences a voluntary case;

 

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

 

(C)         consents to the appointment of
a Custodian of it or for any substantial part of its property; or

 

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

 

or takes any comparable action under any
foreign laws relating to insolvency;

 

(7)               
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)         is for relief against the Company
or any Significant Subsidiary in an involuntary case;

 

(B)         appoints a Custodian of the Company
or any Significant Subsidiary or for any substantial part of its property;

 

(C)         orders the winding up or liquidation
of the Company or any Significant Subsidiary; or

 

(D)         grants
any similar relief under any foreign laws; and in each such case the order or decree remains unstayed and in effect for 30 days;

 

    -39-

     

    

 

(8)               
any judgment or judgments for the payment of money in an aggregate amount in excess of $200.0 million (or its foreign currency
equivalent at the time), net of any amounts covered by insurance, that shall be rendered against the Company or any Subsidiary and that
shall not be waived, satisfied or discharged for any period of 60 consecutive days after such judgment or judgments have become final;
or

 

(9)               
the Guarantee of any Significant Subsidiary shall for any reason cease to be in full force and effect or be declared null and void
or any responsible Officer of any Guarantor that is a Significant Subsidiary, as the case may be, denies that it has any further liability
under its Guarantee or gives notice to such effect, other than by reason of the termination of this Indenture or the release of any such
Guarantee in accordance with this Indenture.

 

The foregoing will constitute Events of Default
whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is 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.

 

A Default under clause (4) is not an Event of Default
until the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding notify the Company (and in
the case of such notice by Holders, the Trustee) of the Default (with a copy to the Trustee) and the Company does not cure that Default
within the time specified after receipt of such notice. The notice must specify the Default, demand that it be remedied and state that
such notice is a “Notice of Default”.

 

The Company shall deliver to the Trustee, within
30 days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any Default or Event of Default,
its status and what action the Company is taking or proposes to take with respect thereto.

 

SECTION 6.02.              
Acceleration. If an Event of Default with respect to the Notes (other than an Event of Default specified in Section 6.01(6)
or (7) with respect to the Company) shall have occurred and be continuing, the Trustee or the registered Holders of not less than 25%
in aggregate principal amount of Notes then outstanding may, by notice to the Company and the Trustee, declare to be immediately due and
payable the principal amount of all the applicable Notes then outstanding, plus accrued but unpaid interest to, but excluding, the date
of acceleration. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified
in Section 6.01(6) or (7) with respect to the Company occurs, the principal of and accrued and unpaid interest on all the Notes shall
be due and payable immediately without any declaration or other act by the Trustee or the Holder of the Notes. After any such acceleration
but before a judgment or decree based on acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount
of the outstanding Notes by notice to the Trustee and the Company may rescind any declaration of acceleration if the rescission would
not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal,
premium, or interest that has become due solely because of the acceleration. No such rescission shall affect any subsequent Default or
impair any right consequent thereto.

 

SECTION 6.03.              
Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal of, or premium, if any, or interest on, the Notes or to enforce the performance of any provision of the Notes
or this Indenture.

 

The Trustee may maintain a proceeding even if it
does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder
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. No remedy is exclusive of any other remedy. All available remedies are cumulative.

 

SECTION 6.04.               Waiver
of Past Defaults. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee
may waive an existing Default and its consequences except (i) a Default in the payment of the principal of or interest on a Note or
(ii) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected. When
a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent
right.

 

    -40-

     

    

 

SECTION 6.05.              
Control by Majority. The Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred
on the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture
or that the Trustee determines is unduly prejudicial to the rights of other Holders (it being understood that the Trustee does not have
an affirmative duty to ascertain whether or not any such direction unduly prejudices the rights of such Holders) or would 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. Subject to Section 7.01, in case an Event of Default shall occur and be continuing, the
Trustee shall be under no obligation to exercise any of its rights or powers hereunder at the request or direction of any of the Holders,
unless the Holders shall have offered to the Trustee indemnity satisfactory to it against loss, liability or expense.

 

SECTION 6.06.              
Limitation on Suits. A Holder may not pursue any remedy with respect to this Indenture or the Notes unless:

 

(1)               
such Holder shall have previously given to the Trustee written notice of a continuing Event of Default;

 

(2)               
the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made a written request, and
such Holder or Holders shall have offered security or indemnity, to the Trustee satisfactory to it against loss, liability or expense
to pursue such proceeding as trustee; and

 

(3)               
the Trustee has failed to institute such proceeding and has not received from the Holders of at least a majority in aggregate principal
amount of the Notes outstanding a direction inconsistent with such request, within 60 days after such notice, request and offer.

 

The foregoing limitations on the pursuit of remedies
by a Holder shall not apply to a suit instituted by a Holder of Notes for the enforcement of payment of the principal of, premium, if
any, or interest on such Note on or after the applicable due date specified in such Note. 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 actions or forbearances are unduly prejudicial to such Holders).

 

SECTION 6.07.              
Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the contractual right of any
Holder to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes expressly set forth in this
Indenture or the Notes shall not be waived without the consent of such Holder.

 

SECTION 6.08.              
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee
may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together
with interest on any unpaid interest to the extent lawful) and the amounts provided for in this Indenture.

 

SECTION 6.09.               Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company,
its creditors or its property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any
election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding
is hereby authorized by each Holder to make 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 it for such compensation as agreed upon in writing by
the parties hereto, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the
Trustee under this Indenture, or in connection with the transactions contemplated hereunder. 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 this Indenture out of the estate, in any such proceeding, shall be denied for any reason, payment of the same shall be
secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that
the holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement
or otherwise.

 

    -41-

     

    

 

SECTION 6.10.              
Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property
in the following order:

 

FIRST: to the Trustee, including its
agents and counsel, for amounts due under this Indenture;

 

SECOND: to Holders for amounts due and
unpaid on the Notes for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal and interest, respectively; and

 

THIRD: to the Company or, to the extent
the Trustee collects any amount for any Guarantor, to such Guarantor.

 

The Trustee may fix a record date and payment date
for any payment to Holders pursuant to this Section 6.10. At least 15 days before such record date, the Company shall mail to each Holders
and the Trustee a notice that states the record date, the payment date and amount to be paid.

 

SECTION 6.11.              
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as 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 and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims
or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section
6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Notes then outstanding.

 

SECTION 6.12.              
Waiver of Stay or Extension Laws. Neither the Company nor any Guarantor (to the extent it may lawfully do so) shall 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 wherever
enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and
the Guarantors (to the extent that they may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall
not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every
such power as though no such law had been enacted.

 

ARTICLE VII

Trustee

 

SECTION 7.01.              
Duties of Trustee.

 

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

 

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

 

(1)               
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
duties, covenants or obligations shall be read into this Indenture against the Trustee; and

 

    -42-

     

    

 

(2)               
 in the absence of willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements
of this Indenture but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein.

 

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

 

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

 

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

 

(3)               
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 the terms of this Indenture.

 

(d)            
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section
7.01.

 

(e)            
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.

 

(f)             
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)           
No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers.

 

(h)            
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 7.01, and the provisions of this Article VII shall apply to the Trustee in its role
as Registrar, Paying Agent and Notes Custodian.

 

SECTION 7.02.              
Rights of Trustee.

 

(a)                
The Trustee may conclusively rely on any document (whether in its original or facsimile form) believed by it to be genuine and
to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. The
Trustee may, however, in its discretion make such further inquiry or investigation into such facts or matters as it may see fit and, if
the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation.

 

(b)               
Before the Trustee acts or refrains from acting, it shall be entitled to receive an Officer’s Certificate and an Opinion
of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel.

 

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

 

(d)               
Subject to Section 7.01(c), the Trustee shall not be liable for any action it takes or omits to take in good faith that it believes
to be authorized or within its rights or powers.

 

    -43-

     

    

 

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

 

(f)                 
The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified
herein.

 

(g)               
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity
satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such
request or direction.

 

(h)               
The Trustee may employ or retain accountants, appraisers or other experts or advisers as it may reasonably require for the purpose
of determining and discharging its rights and duties hereunder and shall not be responsible for any misconduct on the part of any of them.

 

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

 

(j)                 
The Trustee shall not be deemed to have notice of any Default or Event of Default unless (i) a Trust Officer has actual knowledge
thereof or (ii) written notice of any event which is in fact such a Default is received by the Trustee from the Company, any Guarantor
or any Holder of at least 25% in aggregate principal amount of the Notes then outstanding (in accordance with the notice provisions of
this Indenture) and such notice references the Notes and this Indenture.

 

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

 

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

 

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

 

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

 

The provisions of this Section 7.02 shall survive
satisfaction and discharge or the termination, for any reason, of this Indenture and the resignation and/or removal of the Trustee.

 

SECTION 7.03.              
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent,
Registrar or co-registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11.

 

SECTION 7.04.              
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity, priority
or adequacy of this Indenture, the Notes or the Guarantees, it shall not be accountable for the Company’s use of the proceeds from
the Notes, and it shall not be responsible for any statement of the Company or any Guarantor in this Indenture or in any other document
issued in connection with the sale of the Notes or in the Notes other than the certificate of authentication executed by the Trustee.

 

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SECTION 7.05.              
Notice of Defaults. If a Default or Event of Default occurs and is continuing and if the Trustee has notice of such (as
set forth in Section 7.02(j)), the Trustee shall mail (or with respect to Notes held in book-entry form, to the extent permitted or required
by Applicable Procedures and regulations of the Depositary, send electronically) to each Holder notice of the Default or Event of Default
within 90 days after the Trustee has notice of such (as set forth in Section 7.02(j)). Except in the case of a Default or Event of Default
in payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines
that withholding the notice is in the interests of Holders.

 

SECTION 7.06.              
[Reserved].

 

SECTION 7.07.              
Compensation and Indemnity. The Company shall pay to the Trustee from time to time such compensation for its services as
agreed upon in writing by the parties hereto. The Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation
and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company and the Guarantors,
jointly and severally, shall indemnify, defend, protect and hold harmless the Trustee (in its individual capacity and Trustee capacities)
and its agents, employees, officers and directors from and against any and all loss, liability, damages, cost, claim or expense (including
reasonable attorneys’ fees and taxes, other than taxes based upon, measured by or determined by the income of the Trustee) incurred
by it in connection with the acceptance or performance of its duties hereunder and/or the transactions contemplated under this Indenture
and the Trustee shall have no liability or responsibility for any action or inaction on the part of any Paying Agent, Registrar, Authentication
Agent or any successor trustee. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Company shall not relieve the Company or any Guarantor of its obligations hereunder. The Company shall defend
the claim and the Trustee may have separate counsel and the Company and the Guarantors shall pay the reasonable fees and expenses of such
counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through
the Trustee’s own willful misconduct or gross negligence as finally adjudicated by a court of competent jurisdiction. The Company
need not pay for any settlement made by the Trustee without the Company’s consent, such consent not to be unreasonably withheld.
All indemnifications and releases from liability granted hereunder to the Trustee shall extend to its officers, directors, employees,
agents, successors and assigns.

 

To secure the Company’s and the Guarantors’
payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Notes on all money or property held or collected
by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. Such lien shall survive
the satisfaction and discharge of this Indenture.

 

The Company’s and the Guarantors’ payment
obligations pursuant to this Section 7.07 shall survive the resignation or removal of the Trustee and the discharge of this Indenture.
When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(6) or (7) with respect to the Company, the
expenses are intended to constitute expenses of administration under the Bankruptcy Law.

 

SECTION 7.08.              
Replacement of Trustee. The Trustee may resign at any time by so notifying the Company in writing at least 30 days in advance
of such resignation and be discharged upon such resignation from the trust created hereby by so notifying the Company. The Holders of
a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee upon 30 days’ prior notice by so notifying
the Trustee in writing and may appoint a successor Trustee. No resignation or removal shall be effective until a successor Trustee has
been appointed and has accepted its appointment. The Company may, upon five Business Days’ notice, remove the Trustee if:

 

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

 

(2)               
the Trustee is adjudged bankrupt or insolvent;

 

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

 

(4)               
 the Trustee otherwise becomes incapable of acting.

 

    -45-

     

    

 

If the Trustee resigns, is removed by the Company
or by the Holders of a majority in aggregate principal amount of the Notes then outstanding and such Holders do not reasonably promptly
appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. 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 mail, or otherwise deliver in accordance with the procedures of the Depositary in the case of Notes held in book-entry form, 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 7.07.

 

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

 

If the Trustee fails to comply with Section 7.10,
any Holder who has been a bona fide Holder of a Note for at least six months may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding the replacement or resignation
of the Trustee pursuant to this Section 7.08, the Company’s and the Guarantors’ obligations under Section 7.07 shall continue
for the benefit of the Trustee and survive the termination of this Indenture.

 

SECTION 7.09.              
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
or banking association without any further act shall be the successor Trustee.

 

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

 

SECTION 7.10.              
Eligibility; Disqualification. The Trustee shall have (or, in the case of a corporation included in a bank holding company
system, the related bank holding company shall have) a combined capital and surplus of at least $50,000,000 as set forth in its (or its
related bank holding company’s) most recent published annual report of condition. The Trustee shall comply with Section 310(b) of
the TIA, as amended, subject to the penultimate paragraph thereof.

 

SECTION 7.11.              
Preferential Collection of Claims Against Company. The Trustee shall comply with Section 311(a) of the TIA, excluding any
creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a)
of the TIA to the extent indicated.

 

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ARTICLE VIII

 

Discharge of Indenture; Defeasance

 

SECTION 8.01.              
Discharge of Liability on Notes; Defeasance.

 

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

 

(1)               
all Notes issued hereunder theretofore authenticated and delivered, except mutilated, lost or destroyed Notes which have been replaced
or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation;
or

 

(2)               
(A) all Notes issued hereunder not theretofore delivered to the Trustee for cancellation have become due and payable by reason
of the making of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption and
redeemed within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Company, and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee
as trust funds in trust solely for the benefit of the Holders cash in U.S. dollars, U.S. Government Securities, or a combination thereof,
in such amounts as will be sufficient, in the opinion of a nationally recognized accounting firm (in the case of U.S. Government Securities),
without consideration of any reinvestment of interest, to pay and discharge the entire Debt on the Notes not theretofore delivered to
the Trustee for cancellation for principal, premium, if any, and accrued interest to, but excluding, the date of maturity or redemption;

 

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

 

(C)       the
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or the redemption date, as the case may be.

 

In addition, the Company shall deliver an Officer’s
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 

(b)               
Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (i) all of its and the Guarantors’ obligations
under the Notes, the related Guarantees and this Indenture (“legal defeasance option”) or (ii) its obligations and those of
the Guarantors under Sections 4.06, 4.12 and 4.14 and the operation of Sections 6.01(5), 6.01(6), 6.01(7) and 6.01(8) (but, in the case
of Sections 6.01(6) and (7), with respect only to Significant Subsidiaries) (“covenant defeasance option”). The Company may
exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.

 

If the Company exercises its legal defeasance option,
payment of the Notes may not be accelerated because of an Event of Default. If the Company exercises its covenant defeasance option, payment
of the Notes may not be accelerated because of an Event of Default specified in Sections 6.01(4) (with respect to the covenants of Article
IV identified in the immediately preceding paragraph), 6.01(5), 6.01(6), 6.01(7) or 6.01(8) (with respect only to Significant Subsidiaries
in the case of Sections 6.01(6) and 6.01(7)). If the Company exercises its legal defeasance option or its covenant defeasance option,
each Guarantor shall be released from all of its obligations with respect to its Guarantee.

 

Upon satisfaction of the conditions set forth herein
and upon request of the Company, accompanied by an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent specified herein relating to the defeasance contemplated have been complied with, the Trustee shall acknowledge in writing the
discharge of those obligations that the Company terminates.

 

    -47-

     

    

 

 

(c)                
 Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 7.07, 7.08, 8.05
and 8.06 and the rights and immunities of the Trustee under this Indenture shall survive until the Notes have been paid in full. Thereafter,
the Company’s obligations in Sections 7.07, 7.08, 8.05 and 8.06 and the rights and immunities of the Trustee under this Indenture
shall survive such satisfaction or discharge.

 

SECTION 8.02.              
Conditions to Defeasance. The Company may exercise its legal defeasance option or its covenant defeasance option only if:

 

(1)               
the Company irrevocably deposits in trust with the Trustee money in U.S. Dollars or U.S. Government Obligations for the payment
of principal of and interest (including premium, if any) on the Notes to maturity or redemption;

 

(2)               
the Company delivers to the Trustee a certificate from a nationally recognized accounting firm expressing their opinion that the
payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money
without investment will provide cash at such times and in such amounts as will be sufficient to pay principal and interest (including
premium, if any) when due on all the Notes to maturity or redemption, as the case may be;

 

(3)               
[reserved];

 

(4)               
no Default or Event of Default has occurred and is continuing on the date of the deposit and after giving effect thereto;

 

(5)               
the deposit does not constitute a default under any other material agreement or instrument binding on the Company or any Guarantor;

 

(6)               
in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of this
Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as
a result of such defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such defeasance had not occurred;

 

(7)               
in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if such covenant defeasance had not occurred; and

 

(8)               
the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance of the Notes as contemplated by this Article VIII have been complied with.

 

Before or after a deposit, the Company may make
arrangements satisfactory to the Trustee for the redemption of Notes at a future date in accordance with Article III.

 

SECTION 8.03.              
Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant
to this Article VIII. 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 interest on the Notes.

 

SECTION 8.04.               Repayment
to Company. The Trustee and the Paying Agent shall promptly turn over to the Company upon written request any excess money or
U.S. Government Obligations held by them upon satisfaction of the conditions and occurrence of the events set forth in this Article
VIII. Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any
money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled
to the money must look to the Company for payment as general creditors.

 

SECTION 8.05.              
Indemnity for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S.
Government Obligations.

 

SECTION 8.06.              
Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance
with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall
be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent
is permitted to apply all such money or U.S. Government Obligations in accordance with this Article VIII; provided, however,
that, if the Company has made any payment of interest on or principal of any Notes because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations
held by the Trustee or Paying Agent.

 

    -48-

     

    

 

 

ARTICLE IX

Amendments

 

SECTION 9.01.              
Without Consent of Holders. The Company, the Guarantors (except that no existing Guarantor will be required to execute any
amendment that solely relates to changes described in clause (5) below)) and the Trustee may amend this Indenture, the Notes and/or the
related Guarantees without notice to or consent of any Holder to:

 

(1)               
cure any ambiguity, omission, defect or inconsistency, as evidenced in an Officer’s Certificate;

 

(2)               
provide for the assumption by a successor entity of the obligations of the Company or any Guarantor under this Indenture;

 

(3)               
provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described
in Section 163(f)(2)(B) of the Code;

 

(4)               
comply with the rules of any applicable depositary;

 

(5)               
add a Guarantor with respect to the Notes;

 

(6)               
secure the Notes, to add to the covenants of the Company and the Guarantors for the benefit of the Holders or to surrender any
right or power herein conferred upon the Company or any Guarantor;

 

(7)               
make any change that does not adversely affect the rights of any Holder of the Notes in any material respect;

 

(8)               
comply with any requirements of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture under
the TIA;

 

(9)               
provide for the issuance of Additional Notes in accordance with this Indenture

 

(10)            
evidence and provide for the acceptance of an appointment under this Indenture of a successor trustee; or

 

(11)            
 conform the text of this Indenture, the Notes or the related Guarantees to any provision of the “Description of Notes”
section of the Offering Memorandum to the extent that such provision in the “Description of Notes” section of the Offering
Memorandum was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the related Guarantees as set forth
in an Officer’s Certificate.

 

After an amendment under this Section becomes effective,
the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment under this Section.

 

    -49-

     

    

 

 

SECTION 9.02.              
With Consent of Holders. The Company, the Guarantors and the Trustee may amend this Indenture, the Notes or the related
Guarantees without notice to any Holder but with the written consent of the Holders of at least a majority in aggregate principal amount
of the Notes then outstanding (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the
Notes). However, without the consent of each Holder affected thereby, an amendment may not:

 

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

 

(2)               
reduce the rate of or extend the time for payment of interest on any Note;

 

(3)               
reduce the principal of or extend the Stated Maturity of any Note;

 

(4)               
make any Note payable in money other than U.S. dollars;

 

(5)               
amend the contractual right expressly set forth in this Indenture or the Notes of any Holder to institute suit for the enforcement
of any payment on or with respect to that Holder’s Notes;

 

(6)               
subordinate the Notes to any other obligation of the Company

 

(7)               
except as expressly permitted by this Indenture, modify the Guarantees of any Significant Subsidiary in any manner materially adverse
to the Holders;

 

(8)               
reduce the premium payable upon the redemption of any Note or change the date on which any Note may be redeemed in accordance with
Article III;

 

(9)               
reduce the premium payable upon a Change of Control Triggering Event or, at any time after a Change of Control Triggering Event
has occurred, change the time by which the Change of Control Offer relating thereto must be made or at which the Notes must be repurchased
pursuant to that Change of Control Offer; or

 

(10)            
make any change in the amendment provisions hereof that require each Holder’s consent or in the waiver provisions hereof.

 

After an amendment under this Section 9.02 becomes
effective, the Company shall promptly mail (or send by electronic transmission in the case of Notes held in book-entry form) to Holders
(with a copy to the Trustee) a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment under this Section 9.02.

 

It shall not be necessary for the consent of the
Holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves
the substance thereof.

 

    -50-

     

    

 

 

SECTION 9.03.              
[Reserved].

 

SECTION 9.04.               Revocation
and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Note shall bind the Holder and every
subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if
notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent or
waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the
amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or
waiver becomes effective upon the (i) receipt by the Company or the Trustee of consents by the Holders of the requisite principal
amount of Notes, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental
hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the
Company, the Guarantors (as applicable) and the Trustee.

 

The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or
required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled
to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be
Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.

 

SECTION 9.05.              
Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the
Note to deliver such Note to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return
such Note to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall issue
and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a
new Note shall not affect the validity of such amendment.

 

SECTION 9.06.              
Trustee To Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article IX if the amendment
does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign
it. In signing such amendment, the Trustee shall receive indemnity satisfactory to it and shall receive, and (subject to Section 7.01)
shall be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment
is authorized or permitted by this Indenture and is the legal, valid and binding obligation of the Company and the Guarantors, as applicable,
enforceable in accordance with its terms.

 

SECTION 9.07.              
Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this Indenture shall vote and consent together
on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate
class on any matter. Determinations as to whether Holders of the requisite aggregate principal amount of Notes have concurred in any direction,
waiver or consent shall be made in accordance with this Article IX and Section 2.13.

 

    -51-

     

    

 

 

ARTICLE X

Guarantee

 

SECTION 10.01.          
Guarantee of Notes.

 

(a)                
Each Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees, on a senior basis, as a primary obligor
and not merely as a surety, to each Holder and to the Trustee and its successors and assigns (i) the performance and punctual payment
when due, whether at Stated Maturity, by acceleration or otherwise, of all obligations of the Company under this Indenture and the Notes,
whether for payment of principal of, premium, if any, or interest on the Notes and all other monetary obligations of the Company under
this Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations
of the Company whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all the foregoing being hereinafter
collectively called the “Guaranteed Obligations”). The Guaranteed Obligations of all Guarantors shall be unsecured. Each Guarantor
further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from
any Guarantor, and that each Guarantor shall remain bound under this Article X notwithstanding any extension or renewal of any Guaranteed
Obligation.

 

(b)               
 Each Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Guaranteed Obligations
and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations.
The obligations of each Guarantor hereunder shall not be affected by (i) the failure of any Holder or the Trustee to assert any claim
or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Notes or any other agreement
or otherwise; (ii) any extension or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver,
amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release
of any security held by any Holder or the Trustee for the Guaranteed Obligations or each Guarantor; (v) the failure of any Holder
or the Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the
ownership of each Guarantor, except as provided in Section 10.02(b). Each Guarantor hereby waives any right to which it may be entitled
to have its obligations hereunder divided among the Guarantors, such that such Guarantor’s obligations would be less than the full
amount claimed.

 

(c)                
Each Guarantor hereby waives any right to which it may be entitled to have the assets of the Company first be used and depleted
as payment of the Company’s or such Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such
Guarantor hereunder. Each Guarantor hereby waives any right to which it may be entitled to require that the Company be sued prior to an
action being initiated against such Guarantor.

 

(d)               
Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due
(and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security
held for payment of the Guaranteed Obligations.

 

(e)                
The Guarantee of each Guarantor is, to the extent and in the manner set forth in this Article X, equal in right of payment to all
existing and future Pari Passu Debt and senior in right of payment to all existing and future subordinated Debt of such Guarantor.

 

(f)                 
Except as expressly set forth in Sections 8.01(b), 10.02 and 10.05, the obligations of each Guarantor hereunder shall not be subject
to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration
or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the
invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing,
the obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the
Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or
modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any
other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of
any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity.

 

(g)               
Each Guarantor agrees that its Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations.
Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any
time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored
by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise.

 

    -52-

     

    

 

 

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

 

(i)                 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed
Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it,
on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby
may be accelerated as provided in Article VI for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration
of acceleration of such Guaranteed Obligations as provided in Article VI, such Guaranteed Obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purposes of this Section 10.01.

 

(j)                 
Each Guarantor also agrees to pay any and all costs and expenses (including reasonable out-of-pocket attorneys’ fees and
expenses) Incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01.

 

(k)               
Upon request of the Trustee, each Guarantor shall execute and deliver such further instruments and do such further acts as may
be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

SECTION 10.02.          
Limitation on Liability.

 

(a)                
Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
guaranteed hereunder by each Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Guarantor without
rendering the Guarantee or this Indenture, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer or similar laws affecting the rights of creditors generally or capital maintenance or corporate benefit rules applicable
to guarantees for obligations of affiliates.

 

(b)               
A Guarantee as to any Subsidiary that is (or becomes) a party hereto on the date hereof or that executes a supplemental indenture
in accordance with Section 4.14 and provides a guarantee of the Notes shall terminate and be of no further force or effect and such Guarantee
shall be deemed to be automatically released from all obligations under this Article X upon any of the following:

 

(1)               
any sale, exchange or transfer (by merger, consolidation or otherwise) of the Equity Interests of such Guarantor (including any
sale, exchange or transfer), after which the applicable Guarantor is no longer a Subsidiary;

 

(2)               
the release or discharge of the guarantee by such Guarantor of the Senior Secured Credit Facilities or the guarantee of any other
Debt that resulted in the creation of such Guarantee, except a discharge or release by or as a result of payment under such guarantee;

 

(3)               
if the Company exercises its legal defeasance option or its covenant defeasance option under Article VIII or if the Company’s
obligations under this Indenture are satisfied discharged in accordance with Article VIII; or

 

(4)               
with the consent of the Holders in accordance with Section 9.02.

 

The Company shall notify the Trustee of any Guarantor
that is released from its Guarantee. Upon delivery to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the effect
that all conditions precedent to release set forth in this Indenture have been satisfied, the Trustee shall execute and deliver an appropriate
instrument confirming the release of any such Guarantor upon the Company’s request.

 

    -53-

     

    

 

 

Each Guarantor that makes a payment under its Guarantee
shall be entitled upon payment in full of all Guaranteed Obligations under this Indenture to a contribution from each other Guarantor
in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors
at the time of such payment determined in accordance with GAAP.

 

SECTION 10.03.          
Successors and Assigns. This Article X shall be binding upon each Guarantor and its successors
and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer
or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the
Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

 

SECTION 10.04.          
No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders
in exercising any right, power or privilege under this Article X shall operate as a waiver thereof, nor shall a single or partial exercise
thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and
the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have
under this Article X at law, in equity, by statute or otherwise.

 

SECTION 10.05.          
Modification. No modification, amendment or waiver of any provision of this Article X, nor
the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed
by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.
No notice to or demand on any Guarantor in any case shall entitle any Guarantor to any other or further notice or demand in the same,
similar or other circumstances.

 

SECTION 10.06.          
Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary of the Company
which is required to become a Guarantor of the Notes pursuant to Section 4.14 shall promptly execute and deliver to the Trustee a supplemental
indenture in the form of Exhibit D hereto pursuant to which such Subsidiary shall become a Guarantor under this Article X and shall
guarantee the Notes. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the Trustee
an Opinion of Counsel and an Officer’s Certificate stating that such supplemental indenture is authorized or permitted by this Indenture.

 

SECTION 10.07.          
Non-Impairment. The failure to endorse a Guarantee on any Note shall not affect or impair
the validity thereof.

 

    -54-

     

    

 

 

ARTICLE XI

Miscellaneous

 

SECTION 11.01.          
Reserved.

 

SECTION 11.02.          
Notices. Any notice or communication shall be in writing and delivered in person or mailed by first-class mail or sent by
facsimile (with a hard copy delivered in person or by mail promptly thereafter) and addressed as follows:

 

if to the Company or a Guarantor:

Lamb Weston Holdings, Inc.

599 S. Rivershore Lane

Eagle, Idaho 83616

Facsimile: (208) 388-4299

Attention: General Counsel

 

if to the Trustee:

Computershare Trust Company, N.A.

CTSO Mail Operations,

South Fourth Street, Seventh Floor

Minneapolis, MN 55415

Fax: 612-667-2160

Attention: Corporate Trust Services, Lamb Weston Account Manager

 

    -55-

     

    

 

 

The Company or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication mailed to a Holder
shall be mailed to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently
given if so mailed within the time prescribed. Notwithstanding the foregoing, as long as the Notes are Global Notes, notices to be given
to the Holders shall be given to the Depositary, in accordance with its applicable policies as in effect from time to time.

 

Failure to mail 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 mailed in the
manner provided above, it is duly given, whether or not the addressee receives it. Any notice or communication to the Trustee shall be
deemed delivered upon receipt.

 

SECTION 11.03.          
Communication by Holders with Other Holders. Holders may communicate pursuant to Section 312(b) of the TIA with other Holders
with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the
protection of Section 312(c) of the TIA.

 

SECTION 11.04.          
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take
or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)               
an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the
signer, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(2)               
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

 

SECTION 11.05.          
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture shall include:

 

(1)               
a statement that the individual making such certificate or opinion has read such covenant or condition;

 

(2)               
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)               
a statement that, in the opinion of such individual, he or she has made such examination or investigation as is necessary to enable
him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)               
a statement as to whether or not, in the opinion of such individual, such covenant or condition has been fully complied with.

 

    -56-

     

    

 

 

SECTION 11.06.          
Annual Officer’s Certificate as to Compliance. Not later than ninety days after each fiscal year end, beginning with
the fiscal year ending May 29, 2022, the Company shall deliver to the Trustee a certificate (which need not comply with Section 11.05
of this Indenture) executed by the principal executive officer, principal financial officer or principal accounting officer of the Company
as to such officer’s knowledge of the Company’s compliance with all conditions and covenants under this Indenture, such compliance
to be determined without regard to any period of grace or requirement of notice provided under this Indenture.

 

SECTION 11.07.           When
Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred in any direction,
waiver or consent, Notes owned by the Company, the Guarantors or by any Person directly or indirectly Controlling or Controlled by
or under direct or indirect common control with the Company or the Guarantors shall be disregarded and deemed not to be outstanding,
except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes that a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Also, subject to the
foregoing, only Notes outstanding at the time shall be considered in any such determination.

 

SECTION 11.08.          
Rules by Trustee, Paying Agents and Registrar. The Trustee may make reasonable rules for action by or a meeting of Holders.
The Registrar and the Paying Agents or co-registrar may make reasonable rules for their functions.

 

SECTION 11.09.          
Legal Holidays. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not
be affected.

 

SECTION 11.10.          
Governing Law; Jury Trial Waiver. THIS INDENTURE, THE NOTES AND THE RELATED GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE COMPANY, THE GUARANTORS, 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 NOTES, THE RELATED GUARANTEES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

SECTION 11.11.          
No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company or any Guarantor shall
not have any liability for any obligations of the Company or any Guarantor under the Notes, any Guarantee or this Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release
all such liability. The waiver and release shall be part of the consideration for the issue of the Notes.

 

SECTION 11.12.          
Successors. All agreements of the Company and the Guarantors in this Indenture and the Notes shall bind its successors.
All agreements of the Trustee in this Indenture shall bind its successors.

 

SECTION 11.13.          
Multiple Originals; Electronic Signature. The parties may sign any number of copies of this Indenture. Each signed copy
shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. Delivery
of an executed signature page by facsimile or other electronic transmission (e.g., “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart hereof.

 

    -57-

     

    

 

 

This Indenture and any certificate, agreement or
other document to be signed in connection with this In-denture and the transactions contemplated hereby shall be valid, binding, and enforceable
against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual
signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) in the case of this Indenture and any certificate, agreement
or other document to be signed in connection with this Indenture and the transactions contemplated hereby, other than any Notes, any electronic
signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic
Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code (collectively,
 “Signature Law”). Each electronic signature (except in the case of any Notes) or faxed, scanned, or photocopied manual signature
shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party
hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual
signature, or other electronic signature (except in the case of any Notes), of any party and shall have no duty to investigate, confirm
or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for authentication
of any Notes by the Trustee and for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature
Law due to the character or intended character of the writings.

 

SECTION 11.14.          
Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify
or restrict any of the terms or provisions hereof.

 

SECTION 11.15.          
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, (i)
any act or provision of any future law or regulation or governmental authority, (ii) strikes, (iii) work stoppages, (iv) accidents, (v)
acts of war or terrorism, (vi) civil or military disturbances, (vii) nuclear or natural catastrophes or acts of God, (viii) disease, (ix)
epidemic or pandemic, (x) quarantine, (xi) national emergency, (xii) interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services, (xiii) communications system failure, (xiv) malware or ransomware; (xv) unavailability of
the Federal Reserve Bank wire or telex system or other wire or other funds transfer systems, or (xvi) unavailability of any securities
clearing system; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

 

SECTION 11.16.          
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 within the Company’s custody or control
or as the Company may reasonably obtain that the Trustee may request in order for the Trustee to satisfy the requirements of the U.S.A.
Patriot Act.

 

[Remainder of page intentionally left blank.]

 

 

    -58-

     

    

 

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

 

	 	LAMB WESTON HOLDINGS, INC.
	 	 
	 	By:	/s/ Ken Barfuss
	 	 	Name:	Ken Barfuss
	 	 	Title:	Vice President and Treasurer
	 	 	 
	 	Lamb Weston, Inc.
	 	 
	 	By:	/s/ Gregory W. Jones
	 	 	Name: 	Gregory W. Jones
	 	 	Title: 	President and Treasurer 
	 	 	 
	 	LAMB WESTON SALES, INC.
	 	 
	 	By:	/s/ Gregory W. Jones
	 	 	Name: 	Gregory W. Jones
	 	 	Title: 	President and Treasurer
	 	 	 
	 	LAMB WESTON/MIDWEST, INC.
	 	 
	 	By:	/s/ Gregory W. Jones
	 	 	Name: 	Gregory W. Jones
	 	 	Title: 	President and Treasurer
	 	 	 
	 	LAMB WESTON BSW, LLC
	 	 
	 	By:	/s/ Gregory W. Jones
	 	 	Name: 	Gregory W. Jones
	 	 	Title: 	President and Treasurer

 

[Signature Page to the
Indenture]

 

     

     

    

 

	 	COMPUTERSHARE
    TRUST COMPANY, N.A.,
 as Trustee
	 	 
	 	By: 	/s/ Karla D. Sjostrom
	 	 	Name: 	Karla D. Sjostrom
	 	 	Title: 	Vice President

 

[Signature Page to the
Indenture]

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF INITIAL NOTE]

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK,
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Restricted Notes Legend]

 

THE SECURITY (OR ITS PREDECESSOR)
EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED
THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.
THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (1)(a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER IF THE ISSUER SO REQUESTS), (2) TO THE ISSUER OR ITS
SUBSIDIARIES OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION
CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.

 

    A-1

     

    

 

[Restricted Notes Legend for
Notes Offered in Reliance on Regulation S]

 

BY ITS ACQUISITION HEREOF,
THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

 

[Definitive Notes Legend]

 

IN CONNECTION WITH ANY TRANSFER,
THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

    A-2

     

    

 

[FORM OF FACE OF INITIAL NOTE]

 

LAMB WESTON HOLDINGS, INC.

 

	No. [ ]	$	 

 

4.125% Senior Notes due 2030

 

[144A CUSIP No. 513272 AD6]

[144A ISIN No. US513272AD65]

[Reg S CUSIP No. U5256P AD3]

[Reg S ISIN No. USU5256PAD34]

  

LAMB WESTON HOLDINGS, INC., a Delaware corporation,
promises to pay to [               ], or registered assigns, the principal sum of [                ] Dollars ($         ) [or such greater or lesser amount as may be indicated
on the attached Schedule of Increases or Decreases in Global Note] on January 31, 2030.

 

Interest Payment Dates: January 31 and July 31.

 

Record Dates: January 15 and July 15.

 

Additional provisions of this Note are set forth
on the other side of this Note.

 

    A-3

     

    

 

IN WITNESS WHEREOF, the parties have caused this
instrument to be duly executed.

 

	 	LAMB WESTON HOLDINGS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-4

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Dated:

 

COMPUTERSHARE TRUST COMPANY, N.A.,

as Trustee, certifies that this is one of the

 Notes referred
to in the Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

    A-5

     

    

 

 

[FORM OF REVERSE SIDE OF NOTE]

4.125% Senior Notes due 2030

 

1.       Interest

 

LAMB WESTON HOLDINGS, INC., a Delaware corporation
(such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”),
promises to pay interest on the principal amount of this 4.125% Senior Note due 2030 (this “Note” and, together with any other
4.125% Senior Notes due 2030, the “Notes”) at the rate per annum shown above. The Company will pay interest semiannually on
January 31 and July 31 of each year, commencing July 31, 2022. Interest on the Notes will accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from November 8, 2021. Interest shall be computed on the basis of a 360-day year of twelve
30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes plus 1% per annum, and it shall pay
interest on overdue installments of interest at the rate borne by the Notes to the extent lawful.

 

2.       Method of Payment

 

The Company will pay interest on the Notes (except
defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the January 15 or July 15 next preceding
the interest payment date even if Notes are cancelled after the record date and on or before the interest payment date. Holders must surrender
Notes to a Paying Agent to collect principal payments. The Company will pay principal and interest 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 Notes represented by a
Global Note (including principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts specified
by DTC. The Company will make all payments in respect of a Definitive Note (including principal, premium and interest), by mailing a check
to the registered address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the
case of a Holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the
payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or 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).

 

3.       Paying Agent and Registrar

 

Initially, Computershare Trust Company, N.A. (the
 “Trustee”) will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar
without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar.

 

4.       Indenture

 

The Company issued the Notes under an Indenture
dated as of November 8, 2021 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Notes
include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms.

 

[This Note is one of the Initial Notes referred
to in the Indenture.] The Notes include the Initial Notes and any Additional Notes. The Initial Notes and any Additional Notes are treated
as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Subsidiaries
to, among other things, make certain Investments and create or incur Liens. The Indenture also imposes limitations on the ability of the
Company and each Guarantor to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey or otherwise
dispose of all or substantially all of its Property.

 

    A-6

     

    

 

5.       Optional Redemption

 

Except as set forth in the two succeeding paragraphs,
the Notes will not be redeemable at the option of the Company prior to January 31, 2025. Starting on that date, the Company may redeem
all or any portion of the Notes, at once or over time and from time to time, at the redemption prices set forth below, plus accrued and
unpaid interest, if any, to, but excluding, the redemption date (subject to the right of Holders of record on the relevant record date
to receive interest due on the relevant interest payment date). The following prices are for Notes redeemed during the 12-month period
commencing on January 31 of the years set forth below, and are expressed as percentages of principal amount:

 

	Redemption Year	 	Price	 
	2025	 	 	102.063	%
	2026	 	 	101.031	%
	2027 and thereafter 	 	 	100.000	%

 

Prior to January 31, 2025, the Company may redeem
the Notes, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Notes
redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption,
subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date.

 

In addition, until January 31, 2025, the Company
may, at any time and from time to time, redeem up to 40.0% of the aggregate principal amount of the Notes (including any Additional Notes)
at a redemption price equal to 104.125% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if
any, to, but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), in an amount no greater than the aggregate cash proceeds received from one or more
Equity Offerings; provided that (1) at least 50.0% of the aggregate principal amount of Notes (including any Additional Notes)
remains outstanding immediately after the occurrence of each such redemption and (2) each such redemption occurs within 120 days
of the closing of such Equity Offering.

 

Notices of redemption may be subject to the satisfaction
of one or more conditions precedent established by the Company in its sole discretion, including completion of an Equity Offering or other
corporate transaction. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, that, in the Company’s
discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may
not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption
date or by the redemption date so delayed. The Company shall provide written notice of the delay of such redemption date or the rescission
of such notice of redemption (and rescission and cancellation of the redemption of the Notes) to the Trustee no later than 10:00 a.m.
Eastern Time (subject to the Applicable Procedures) on the redemption date or the redemption date as so delayed. Upon receipt of such
notice of the delay of such redemption date or the rescission of such notice of redemption, such redemption date shall be automatically
delayed or such notice of redemption shall be automatically rescinded, as applicable, and the redemption of the Notes shall be automatically
delayed or rescinded and cancelled, as applicable, as provided in such notice.

 

6.       Notice of Optional Redemption

 

Notice of redemption shall be mailed by first-class
mail (or electronic transmission in the case of Notes held in book-entry form) to each Holder of Notes to be redeemed at its registered
address, at least 10 but not more than 60 days before the redemption date, except that redemption notices may be sent more than 60 days
prior to a redemption date if the notice is issued in connection with a defeasance or a satisfaction and discharge of the Notes. Notes
in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption
price of and accrued interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent
on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such
Notes (or such portions thereof) called for redemption.

 

    A-7

     

    

 

7.       Sinking Fund

 

The Notes are not subject to any sinking fund.

 

8.       Repurchase of Notes
at the Option of Holders upon Change of Control Triggering Event

 

Upon a Change of Control Triggering Event, unless
the Company has exercised its right to redeem the Notes in full, the Company will be required to make an offer to repurchase all or any
part of the Notes of such Holder at a purchase price equal to 101% of the principal amount of the Notes to be repurchased, plus accrued
and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date that is on or prior to the date of purchase) as provided in, and subject
to the terms of, the Indenture.

 

9.       Guarantee

 

The payment by the Company of the principal and
interest is unconditionally guaranteed on a joint and several senior unsecured basis by each of the Guarantors to the extent set forth
in the Indenture.

 

10.       Denominations; Transfer;
Exchange

 

The Notes are in registered form without coupons,
in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder shall transfer or exchange
Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the
Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes for a period of 15 days prior
to a selection of Notes to be redeemed or 15 days before an interest payment date.

 

11.       Persons Deemed Owners

 

The registered Holder of this Note shall be treated
as the owner of it for all purposes.

 

12.       Unclaimed Money

 

If money for the payment of principal or interest
remains unclaimed for two years, or prior to the applicable escheat date, the Trustee or Paying Agent shall pay the money back to the
Company at its written request unless an abandoned property law designates another Person. After any such payment, Holders entitled to
the money must look only to the Company and not to the Trustee for payment.

 

13.       Discharge and Defeasance

 

Subject to certain conditions, the Company at any
time may terminate some of or all its obligations under the Notes and the Indenture if the Company irrevocably deposits with the Trustee
money in U.S. dollars or U.S. Government Obligations for the payment of principal and interest (including premium, if any) on the Notes,
in each case to redemption or maturity.

 

14.       Amendment, Waiver

 

Subject to certain exceptions set forth in the
Indenture, the Company, the Guarantors and the Trustee may, with or without the consent of the Holders, modify, amend or supplement the
Indenture, the Notes or the related Guarantees as provided in the Indenture.

 

    A-8

     

    

 

15.       Defaults and Remedies

 

If an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in aggregate principal amount of Notes then outstanding, subject to certain limitations, may
declare all the Notes to be immediately due and payable. Certain events of bankruptcy or insolvency are Events of Default and shall result
in the Notes being immediately due and payable upon the occurrence of such Events of Default without any further act of the Trustee or
any Holder.

 

Holders of Notes may not enforce the Indenture
or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity
or security satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes then
outstanding may direct the Trustee in its exercise of any trust or power under the Indenture. The Holders of a majority in aggregate principal
amount of the Notes then outstanding, by written notice to the Company and the Trustee, may rescind any declaration of acceleration and
its consequences if the rescission would not conflict with any judgment or decree, and if all existing Events of Default have been cured
or waived except nonpayment of principal or interest that has become due solely because of the acceleration.

 

16.       Trustee Dealings with
the Company

 

The Trustee under the Indenture, in its individual
or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the
Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not
the Trustee.

 

17.       No Recourse Against
Others

 

A director, officer, employee or stockholder, as
such, of the Company or any Guarantor shall not have any liability for any obligations of the Company or any Guarantor under the Notes,
the Guarantees or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting
a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the
Notes.

 

18.       Authentication

 

This Note shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note.

 

19.       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 rights
of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

 

20.       Governing Law

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

21.       CUSIP Numbers

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has directed
the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. To the extent such numbers have been issued,
the Company has caused ISIN and Common Code numbers to be similarly printed on the Notes and has similarly instructed the Trustee. No
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

 

    A-9

     

    

 

The Company will furnish to any Holder of Notes
upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note. Requests may be made
to:

 

Lamb Weston Holdings, Inc.

599 S. Rivershore Lane

Eagle, Idaho 83616

Attention: General Counsel

 

    A-10

     

    

 

LAMB WESTON HOLDINGS, INC. 4.125% SENIOR NOTES
DUE 2030

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

The undersigned hereby assigns and transfers this Note to

 

 

(Print or type assignee’s name, address and
zip code)

 

(Insert assignee’s soc. sec. or tax I.D.
No.)

 

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

 

	Date:                                            	[Your Signature:	                                                           
	 	 	Sign exactly as your name appears on the other side of this Note.]1
	 	 
	 	[Holder name exactly as it appears on the other side of this Note

 

	 	By:	 
	 	 	Name:
	 	 	Title]2

 

Signature Guarantee: _________________________________________________

Signature must be guaranteed by a participant in a recognized

signature guaranty medallion program or other signature

guarantor acceptable to the Trustee

 

	Date:                                                  	 
	 	 Signature of Signature Guarantee

 

 

1 For assignments by natural
persons.

 

2 For assignments by Holders
that are not natural persons.

 

    A-11

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The initial principal amount of this Global Note
is $[         ]. The following increases or decreases in this Global Note have been made:

 

	
    Date of

    Exchange
	
    Amount of decrease
    in

    Principal Amount of this

    Global Note
	
    Amount of increase
    in

    Principal Amount of this

    Global Note
	
    Principal amount
    of this

    Global Note following

    such decrease or increase
	
    Signature of
    authorized

    signatory of Trustee or

    Notes Custodian

	 	 	 	 	 

 

    A-12

     

    

 

LAMB WESTON HOLDINGS, INC. 4.125% SENIOR NOTES
DUE 2030

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Company pursuant to 4.12 (Repurchase of Notes at the Option of Holders upon Change of Control Triggering Event) of the Indenture,
check the box:

 

Change of Control Triggering Event  ̈

 

If you want to elect to have only part of this
Note purchased by the Company pursuant to Section 4.12 (Repurchase of Notes at the Option of Holders upon Change of Control Triggering
Event) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000 in excess thereof):

 

$                                                    

  

	Date:                                            	[Your Signature:	                                                           
	 	 	(Sign exactly as your name appears on the other side of the Note)

 

Signature Guarantee: _________________________________________________

Signature must be guaranteed by a participant in a recognized

signature guaranty medallion program or other signature

guarantor acceptable to the Trustee

 

    A-13

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Lamb Weston Holdings, Inc.

599 S. Rivershore Lane

Eagle, Idaho 83616

Facsimile: (208) 388-4299

Attention: General Counsel

 

Computershare Trust Company, N.A.

Attn: Corporate Trust – DAPS Reorg

600 Fourth Street South, 7th Floor

MAC N9300-070

Minneapolis, MN 55415

Phone: 1-800-344-5128

Facsimile: 1-866-969-1290

Email: dapsreorg@wellsfargo.com

Re:         4.125% Senior Notes due 2030

 

Reference is hereby made to the Indenture, dated
as of November 8, 2021 (the “Indenture”), among Lamb Weston Holdings, Inc., as issuer (the “Company”),
the Guarantors party thereto and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.

 

___________________ (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $___________
in such Note[s] or interests (the “Transfer”), to ___________________________ (the “Transferee”),
as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.          ̈         CHECK
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE PURSUANT TO RULE
144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as
amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest
in the Global Note or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing
the beneficial interest in the Global Note or Definitive Note for its own account, or for one or more accounts with respect to which
such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer”
within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States and applicable securities laws of any other applicable jurisdiction.

 

2.          ̈         CHECK
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE
PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the
United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and
any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor
any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed
selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(a) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act
and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to
a U.S. Person or for the account or benefit of a U.S. Person (other than an initial purchaser). Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to
the restrictions on Transfer enumerated in the Restricted Notes Legend printed on the Regulation S Global Note and/or the Definitive
Note and in the Indenture and the Securities Act.

 

    B-1

     

    

 

 

3.              ̈       CHECK AND COMPLETE IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN
RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any
applicable blue sky securities laws of any state of the United States and the securities laws of any other applicable jurisdiction, and
accordingly the Transferor hereby further certifies that (check one):

 

(a)
       ̈      such Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act;

 

(b)
       ̈      such Transfer is being effected to the Company or a subsidiary thereof;

 

(c)
       ̈      such Transfer is being effected pursuant to an effective registration
statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; or

 

(d)
       ̈      such Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities
Act other than Rule 144A, Rule 903, or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States.

 

4.              ̈       Check if Transferee will take delivery of
a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.

 

(a)            ̈       Check
if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state
of the United States and the securities laws of any other applicable jurisdiction and (ii) the restrictions on transfer contained in
the Indenture and the Restricted Notes Legend are not required in order to maintain compliance with the Securities Act. Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no
longer be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

 

(b)            ̈       Check
if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and the securities laws of any other applicable jurisdiction and (ii) the
restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance
with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Restricted Notes
Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(c)            ̈       Check
if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from
the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any State of the United States and the securities laws of any
other applicable jurisdiction and (ii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not
required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated
in the Restricted Notes Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

    B-2

     

    

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Company.

 

	 	 
	 	[Insert
    Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ______________________

 

    B-3

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.             The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a)       ̈      a beneficial interest in
the:

 

   (i)       ̈     144A
Global Note (CUSIP _________), or

 

   (ii)      ̈     Regulation
S Global Note (CUSIP _________); or

 

(b)       ̈      a
Restricted Definitive Note.

 

2.             After
the Transfer the Transferee will hold:

 

[CHECK ONE OF (a) OR (b) OR
(c)]

 

(a)       ̈      a
beneficial interest in the:

 

   (i)       ̈     144A
Global Note (CUSIP _________), or

 

   (ii)      ̈     Regulation
S Global Note (CUSIP _________), or

 

   (iii)     ̈     Unrestricted
Global Note (CUSIP _________); or

 

(b)       ̈      a
Restricted Definitive Note; or

 

(c)       ̈      an
Unrestricted Definitive Note,

 

     in accordance with the terms of the Indenture.

 

    B-4

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Lamb Weston Holdings, Inc.

599 S. Rivershore Lane

Eagle, Idaho 83616

Facsimile: (208) 388-4299

Attention: General Counsel

 

Computershare Trust Company, N.A.

Attn: Corporate Trust – DAPS Reorg

600 Fourth Street South, 7th Floor

MAC N9300-070

Minneapolis, MN 55415

Phone: 1-800-344-5128

Facsimile: 1-866-969-1290

Email: dapsreorg@wellsfargo.com

 

Re:       4.125% Senior Notes due 2030

 

Reference is hereby made to the Indenture, dated
as of November 8, 2021 (the “Indenture”), among Lamb Weston Holdings, Inc., as issuer (the “Company”),
the Guarantors party thereto and Computershare Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.

 

__________________________ (the “Owner”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $____________ in such
Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1.             Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests
in an Unrestricted Global Note

 

(a)            ̈       Check
if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted
Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted
Global Note and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance
with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

 

(b)            ̈          Check if Exchange is from beneficial
interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Restricted Global Note and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in
order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

 

    C-1

     

    

 

(c)            ̈       Check
if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s
Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii)
the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance
with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws
of any state of the United States.

 

(d)            ̈       Check
if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance with the Securities Act and
(iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the
United States.

 

2.             Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes

 

(a)            ̈       Check
if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange
of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount,
the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.
Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will
continue to be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on such Restricted Definitive
Note and in the Indenture and the Securities Act.

 

(b)            ̈       Check
if Exchange is from Restricted Definitive Notes to beneficial interest in a Restricted Global Note. In connection with the Exchange
of the Owner’s Restricted Definitive Note for a beneficial interest in the [CIRCLE ONE] 144A Global Note, Regulation S Global Note,
with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account
without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Definitive
Note and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any
state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest
issued will be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on the relevant Restricted Global
Note and in the Indenture and the Securities Act.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Company.

 

	 	 
	 	[Insert
    Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ______________________

 

    C-2

     

    

 

EXHIBIT D

 

[FORM OF]

SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”) dated as of [           ], among [NEW GUARANTOR] (the “New
Guarantor”), a subsidiary of lamb weston holdings, inc., a Delaware corporation
(the “Company”), the Company and COMPUTERSHARE TRUST COMPANY, N.A., a national banking association, as trustee under
the indenture referred to below (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS the Company, certain Guarantors and the Trustee
have heretofore executed an indenture, dated as of November 8, 2021 (as amended, supplemented or otherwise modified, the “Indenture”),
providing for the issuance of the Company’s 4.125% Senior Notes due 2030 (the “Notes”), initially in the aggregate
principal amount of $970,000,000;

 

WHEREAS Sections 4.14 and 10.07 of the Indenture
provide that under certain circumstances the Company is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental
indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Company’s Obligations under the Notes and
the Indenture pursuant to a Guarantee on the terms and conditions set forth herein; and

 

WHEREAS pursuant to Section 9.01 of the Indenture,
the Trustee and the Company are authorized to execute and deliver this Supplemental Indenture;

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Company and the Trustee
mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.        Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein
as therein defined, except that the term “Holders” in this Supplemental Indenture shall refer to the term “Holders”
as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such Holders. The words “herein,”
 “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer
to this Supplemental Indenture as a whole and not to any particular Section hereof.

 

2.        Agreement
to Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to unconditionally guarantee
the Company’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article X
of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations
and agreements of a Guarantor under the Indenture.

 

3.        Notices.
All notices or other communications to the New Guarantor shall be given as provided in Section 11.02 of the Indenture.

 

4.        Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified
and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall
be bound hereby.

 

5.        Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

    D-1

     

    

 

6.        Trustee
Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. Additionally,
the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein,
all of which recitals or statements are made solely by the Company, the New Guarantor and the Guarantors, and the Trustee makes no representation
with respect to any such matters.

 

7.        Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

 

8.        Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

[Remainder of page intentionally left blank.]

 

    D-2

     

    

 

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

 

	 	lamb weston holdings, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[NEW GUARANTOR], as a Guarantor

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.,

                                                                          as Trustee

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-3

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