Document:

Exhibit
4.4 

 

HARVEST
HEALTH & RECREATION INC.

 

as
the Corporation

 

and

 

ODYSSEY
TRUST COMPANY

 

as
the Warrant Agent

 

	 

        WARRANT
        INDENTURE

         

        Providing
        for the Issue of Warrants

         

 

Dated
as of December 20, 2019

 

    	 	 	 

    	 	 	 

    

 

TABLE
OF CONTENTS

 

	Article
    1 INTERPRETATION	1
	 	 	 
	 	1.1	Definitions.	1
	 	1.2	Gender
    and Number.	6
	 	1.3	Headings,
    Etc.	6
	 	1.4	Day
    not a Business Day.	6
	 	1.5	Time
    of the Essence.	6
	 	1.6	Monetary
    References.	6
	 	1.7	Applicable
    Law.	6
	 	 	 	 
	Article
    2 ISSUE OF WARRANTS	6
	 	 
	 	2.1	Creation
    and Issue of Warrants.	6
	 	2.2	Terms
    of Warrants.	7
	 	2.3	Warrantholder
    not a Shareholder.	7
	 	2.4	Warrants
    to Rank Pari Passu.	7
	 	2.5	Form
    of Warrants, Certificated Warrants.	7
	 	2.6	Book
    Entry Only Warrants.	8
	 	2.7	Warrant
    Certificate.	10
	 	2.8	Legends.	12
	 	2.9	Register
    of Warrants.	14
	 	2.10	Issue
    in Substitution for Warrant Certificates Lost, etc.	15
	 	2.11	Exchange
    of Warrant Certificates.	15
	 	2.12	Transfer
    and Ownership of Warrants.	16
	 	2.13	Cancellation
    of Surrendered Warrants.	17
	 	 	 	 
	Article
    3 EXERCISE OF WARRANTS	17
	 	 
	 	3.1	Right
    of Exercise.	17
	 	3.2	Warrant
    Exercise.	17
	 	3.3	U.S.
    Restrictions.	20
	 	3.4	Transfer
    Fees and Taxes.	22
	 	3.5	Warrant
    Agency.	22
	 	3.6	Effect
    of Exercise of Warrant Certificates.	22
	 	3.7	Partial
    Exercise of Warrants; Fractions.	23
	 	3.8	Expiration
    of Warrants.	23
	 	3.9	Accounting
    and Recording.	23
	 	3.10	Securities
    Restrictions.	24
	 	 	 	 
	Article
    4 ADJUSTMENT OF NUMBER OF COMMON SHARES AND EXERCISE PRICE	24
	 	 
	 	4.1	Adjustment
    of Number of Subordinate Voting Shares and Exercise Price.	24
	 	4.2	Entitlement
    to Subordinate Voting Shares on Exercise of Warrant.	28
	 	4.3	No
    Adjustment for Certain Transactions.	28
	 	4.4	Determination
    by Independent Firm.	29
	 	4.5	Proceedings
    Prior to any Action Requiring Adjustment.	29

 

    	 	 	 

    	 	- ii
                                                                                                                                                                                                                                                       -	 

    

 

	 	4.6	Certificate
    of Adjustment.	29
	 	4.7	Notice
    of Special Matters.	29
	 	4.8	No
    Action after Notice.	29
	 	4.9	Other
    Action.	30
	 	4.10	Protection
    of Warrant Agent.	30
	 	4.11	Participation
    by Warrantholder.	30
	 	 	 	 
	Article
    5 RIGHTS OF THE CORPORATION AND COVENANTS	31
	 	 
	 	5.1	Optional
    Purchases by the Corporation.	31
	 	5.2	General
    Covenants.	31
	 	5.3	Warrant
    Agent’s Remuneration and Expenses.	32
	 	5.4	Performance
    of Covenants by Warrant Agent.	32
	 	5.5	Enforceability
    of Warrants.	32
	 	 	 	 
	Article
    6 ENFORCEMENT	33
	 	 
	 	6.1	Suits
    by Warrantholders.	33
	 	6.2	Suits
    by the Corporation.	33
	 	6.3	Immunity
    of Shareholders, etc.	33
	 	6.4	Waiver
    of Default.	33
	 	 	 	 
	Article
    7 MEETINGS OF WARRANTHOLDERS	34
	 	 
	 	7.1	Right
    to Convene Meetings.	34
	 	7.2	Notice.	34
	 	7.3	Chairman.	34
	 	7.4	Quorum.	34
	 	7.5	Power
    to Adjourn.	35
	 	7.6	Show
    of Hands.	35
	 	7.7	Poll
    and Voting.	35
	 	7.8	Regulations.	35
	 	7.9	Corporation
    and Warrant Agent May be Represented.	36
	 	7.10	Powers
    Exercisable by Extraordinary Resolution.	36
	 	7.11	Meaning
    of Extraordinary Resolution.	37
	 	7.12	Powers
    Cumulative.	37
	 	7.13	Minutes.	38
	 	7.14	Instruments
    in Writing.	38
	 	7.15	Binding
    Effect of Resolutions.	38
	 	7.16	Holdings
    by Corporation Disregarded.	38
	 	 	 	 
	Article
    8 SUPPLEMENTAL INDENTURES	39
	 	 
	 	8.1	Provision
    for Supplemental Indentures for Certain Purposes.	39
	 	8.2	Successor
    Entities.	39
	 	 	 	 
	Article
    9 CONCERNING THE WARRANT AGENT	40
	 	 
	 	9.1	Indenture
    Legislation.	40
	 	9.2	Rights
    and Duties of Warrant Agent.	40

 

    	 	 	 

    	 	- iii
                                                                                                                                                                                                                                                       -	 

    

 

	 	9.3	Evidence,
    Experts and Advisers.	40
	 	9.4	Documents,
    Monies, etc. Held by Warrant Agent.	41
	 	9.5	Actions
    by Warrant Agent to Protect Interest.	42
	 	9.6
    	Warrant
    Agent Not Required to Give Security.	42
	 	9.7	Protection
    of Warrant Agent.	42
	 	9.8	Replacement
    of Warrant Agent; Successor by Merger.	44
	 	9.9	Conflict
    of Interest	44
	 	9.10	Acceptance
    of Agency	44
	 	9.11	Warrant
    Agent Not to be Appointed Receiver.	45
	 	9.12	Authorization
    to Carry on Business	45
	 	9.13	Warrant
    Agent Not Required to Give Notice of Default.	45
	 	9.14	Anti-Money
    Laundering.	45
	 	9.15	Compliance
    with Privacy Code.	46
	 	9.16	Securities
    Exchange Commission Certification.	46
	 	 	 	 
	Article
    10 GENERAL	47
	 	 
	 	10.1	Notice
    to the Corporation and the Warrant Agent.	47
	 	10.2	Notice
    to Warrantholders.	48
	 	10.3	Ownership
    of Warrants.	48
	 	10.4	Counterparts
    and Electronic Means.	48
	 	10.5	Satisfaction
    and Discharge of Indenture.	48
	 	10.6	Provisions
    of Indenture and Warrants for the Sole Benefit of Parties and Warrantholders.	49
	 	10.7	Warrants
    Owned by the Corporation - Certificate to be Provided.	49
	 	10.8	Severability	49
	 	10.9	Force
    Majeure	50
	 	10.10	Assignment,
    Successors and Assigns	50
	 	10.11	Rights
    of Rescission and Withdrawal for Holders	50
	 	 	 	 
	Schedule
    “A” FORM OF WARRANT	A-1
	 	 
	Schedule
    “B” EXERCISE FORM	B-1
	 	 
	Schedule
    “C” FORM OF DECLARATION FOR REMOVAL OF LEGEND	C-1

 

    	 	 	 

    	 	 	 

    

 

WARRANT
INDENTURE

 

THIS
WARRANT INDENTURE is dated as of December 20, 2019.

 

BETWEEN:

 

HARVEST
HEALTH & RECREATION INC., a corporation existing under the laws of the Province of British Columbia (the “Corporation”),

 

-
and -

 

ODYSSEY
TRUST COMPANY, a trust company incorporated under the laws of Alberta and registered to carry on business in the Provinces
of British Columbia and Alberta (the “Warrant Agent”)

 

WHEREAS,
the Corporation intends to issue, by way of private placement in multiple tranches, among other things, units (“Units”)
of the Corporation, with each Unit being comprised of US$1,000 principal amount of 9.25% senior secured notes of the Corporation
and (ii) 109 subordinate voting share purchase warrants (the “Warrants”);

 

AND
WHEREAS, pursuant to this Indenture, each Warrant shall, subject to adjustment as described herein, entitle the holder thereof
to acquire one (1) subordinate voting share (the “Subordinate Voting Shares) of the Corporation upon payment of the
Exercise Price (as defined herein) prior to the Expiry Time, upon the terms and conditions herein set forth;

 

AND
WHEREAS, all acts and deeds necessary have been done and performed to make the Warrants, when created and issued as provided
in this Indenture, legal, valid and binding upon the Corporation with the benefits and subject to the terms of this Indenture;

 

AND
WHEREAS, the foregoing recitals are made as representations and statements of fact by the Corporation and not by the Warrant
Agent.

 

NOW
THEREFORE, in consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent
to hold the rights, interests and benefits contained herein for and on behalf of those persons who from time to time become the
holders of Warrants issued pursuant to this Indenture and the parties hereto agree as follows:

 

Article
1

INTERPRETATION

 

	1.1	Definitions.

 

In
this Indenture, including the recitals and schedules hereto, and in all indentures supplemental hereto:

 

“Adjustment
Period” means the period from the Effective Date up to and including the Expiry Time;

 

“Applicable
Legislation” means any statute of Canada or a province thereof, and the regulations under any such named or other statute,
relating to warrant indentures or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent
that such provisions are at the time in force and applicable to this Indenture;

 

    	 	 	 

    	 	- 2 -	 

    

 

“Applicable
Securities Legislation” means applicable securities laws (including rules, regulations, policies and instruments) in
each of the applicable provinces and territories of Canada;

 

“Auditors”
means Haynie & Company, LLC or such other firm of chartered professional accountants duly appointed as auditors of the Corporation,
from time to time;

 

“Authenticated”
means (a) with respect to the issuance of a Warrant Certificate, one which has been duly signed by the Corporation and authenticated
by manual signature of an authorized signatory of the Warrant Agent, and (b) with respect to the issuance of an Uncertificated
Warrant, one in respect of which the Warrant Agent has completed all Internal Procedures such that the particulars of such Uncertificated
Warrant as required by Section 2.7 are entered in the register of holders of Warrants, “Authenticate”, “Authenticating”
and “Authentication” have the appropriate correlative meanings;

 

“beneficial
owner” means a person that has a beneficial interest in a Warrant;

 

“Book
Entry Only Participants” or “Participants” means institutions that participate directly or indirectly
in the Depository’s book entry registration system for the Warrants;

 

“Book
Entry Only Warrants” means Warrants that are to be held only by or on behalf of the Depository;

 

“Business
Day” means any day other than Saturday, Sunday or a statutory or civic holiday, or any other day on which banks are
not open for business in the City of Vancouver, Province of British Columbia, and shall be a day on which the CSE is open for
trading;

 

“CDS
Global Warrants” means Warrants representing all or a portion of the aggregate number of Warrants issued in the name
of the Depository represented by an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant
Certificate;

 

“Certificated
Warrant” means a Warrant evidenced by a writing or writings substantially in the form of Schedule “A”, attached
hereto;

 

“Confirmation”
has the meaning ascribed thereto in Section 3.2(d) of this Indenture;

 

“Corporation”
means Harvest Health & Recreation Inc. or any successor entity thereto;

 

“Counsel”
means a barrister and/or solicitor or a firm of barristers and/or solicitors retained by the Warrant Agent or retained by the
Corporation and acceptable to the Warrant Agent, which may or may not be counsel for the Corporation;

 

“CSE”
means the Canadian Securities Exchange, or such other Canadian stock exchange on which the Subordinate Voting Shares are listed
for trading from time to time;

 

    	 	 	 

    	 	- 3 -	 

    

 

“Current
Market Price” of the Subordinate Voting Shares at any date means the volume weighted average of the trading price per
Subordinate Voting Share for such Subordinate Voting Shares for each day there was a closing price for the twenty (20) consecutive
Trading Days ending five (5) days prior to such date on the CSE or if on such date the Subordinate Voting Shares are not listed
on the CSE, on such stock exchange upon which such Subordinate Voting Shares are listed and as selected by the directors of the
Corporation, or, if such Subordinate Voting Shares are not listed on any stock exchange then on such over-the-counter market as
may be selected for such purpose by the directors of the Corporation;

 

“Depository”
means CDS Clearing and Depository Services Inc. or such other person as is designated in writing by the Corporation to act as
depository in respect of the Warrants;

 

“Dividends”
means any dividends paid by the Corporation on its Subordinate Voting Shares;

 

“DRS”
means the Direct Registration System maintained by the Warrant Agent, in the case of the Warrants, or the Corporation’s
transfer agent, in the case the of the Subordinate Voting Shares;

 

“DRS
Advice” means the notification produced by the DRS system evidencing ownership of the Warrants or Subordinate Voting
Shares, as the case may be;

 

“Effective
Date” means the date of this Indenture;

 

“Exchange
Rate” means the number of Subordinate Voting Shares subject to the right of purchase under each Warrant which as of
the date hereof is one;

 

“Exercise
Date” means, in relation to a Warrant, the Business Day on which such Warrant is validly exercised or deemed to be validly
exercised in accordance with Article 3 hereof;

 

“Exercise
Notice” has the meaning set forth in Section 3.2(a);

 

“Exercise
Price” at any time means the price at which a whole Subordinate Voting Share may be purchased by the exercise of a whole
Warrant, which is initially CDN$3.66 per Subordinate Voting Share, payable in immediately available funds, subject to adjustment
in accordance with the provisions of Section 4.1;

 

“Expiry
Date” means the date that is three years after the Issue Date;

 

“Expiry
Time” means 5:00 p.m. (Vancouver Time) on the Expiry Date;

 

“Extraordinary
Resolution” has the meaning set forth in Section 7.11(a) of this Indenture;

 

“Indemnified
Parties” has the meaning ascribed thereto in Section 9.7(e) of this Indenture

 

“Internal
Procedures” means in respect of the making of any one or more entries to, changes in or deletions of any one or more
entries in the register at any time (including without limitation, original issuance or registration of transfer of ownership),
the minimum number of the Warrant Agent’s internal procedures customary at such time for the entry, change or deletion made
to be complete under the operating procedures followed at the time by the Warrant Agent, it being understood that neither preparation
nor issuance shall constitute part of such procedures for any purpose of this definition;

 

“Issue
Date” means the closing date of the applicable tranche of the Offering;

 

    	 	 	 

    	 	- 4 -	 

    

 

“Offering”
has the meaning ascribed thereto in the recitals to this Indenture;

 

“Original
U.S. Warrantholder” means a U.S. Warrantholder that is (i) a Qualified Institutional Buyer and the original purchaser
of the Warrants and who delivered a properly executed Qualified Institutional Buyer Certificate attached as Annex 2 to Schedule
E to the U.S. subscription agreement between each Qualified Institutional Buyer and the Corporation in connection with its purchase
of Units pursuant to the Offering, or (ii) a U.S. Accredited Investor and the original purchaser of the Warrants and who delivered
a properly executed U.S. Accredited Investor Certificate attached as Annex 1 to Schedule E to the U.S. subscription agreement
between each U.S. Accredited Investor and the Corporation in connection with its purchase of Units pursuant to the Offering;

 

“person”
means an individual, body corporate, partnership, limited liability company, trust, warrant agent, executor, administrator, legal
representative or any unincorporated organization;

 

“Qualified
Institutional Buyer” means a “qualified institutional buyer” as such term is defined in Rule 144A under
the U.S. Securities Act, that is also a U.S. Accredited Investor;

 

“register”
means the one set of records and accounts maintained by the Warrant Agent pursuant to Section 2.9 of this Indenture:

 

“Regulation
D” means Regulation D under the U.S. Securities Act;

 

“Regulation
S” means Regulation S under the U.S. Securities Act;

 

“SEC”
means the U.S. Securities and Exchange Commission;

 

“Shareholders”
means holders of Subordinate Voting Shares;

 

“Subordinate
Voting Shares” means, subject to Article 4, fully paid and non-assessable subordinate voting shares in the capital of
the Corporation as presently constituted;

 

“successor
entity” has the meaning ascribed thereto in Section 8.2 of this Indenture;

 

“Tax
Act” means the Income Tax Act (Canada) and the regulations thereunder;

 

“this
Warrant Indenture”, “this Indenture”, “this Agreement”, “hereto”
“herein”, “hereby”, “hereof” and similar expressions mean and refer to
this Indenture and any indenture, deed or instrument supplemental hereto; and the expressions “Article”, “Section”,
“subsection” and “paragraph” followed by a number, letter or both mean and refer to the
specified article, section, subsection or paragraph of this Indenture;

 

“Trading
Day” means, with respect to the CSE, a day on which such exchange is open for the transaction of business or, with respect
to another exchange or an over-the-counter market, a day on which such exchange or market is open for the transaction of business;

 

“U.S.
Accredited Investor” means an “accredited investor” within the meaning of Rule 501(a) of Regulation D;

 

“U.S.
Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder;

 

    	 	 	 

    	 	- 5 -	 

    

 

“U.S.
Legend” has the meaning set forth in Section 2.8(a).

 

“U.S.
Person” has the meaning set forth in Rule 902(k) of Regulation S;

 

“U.S.
Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder;

 

“U.S.
Warrantholder” means any (a) Warrantholder that (i) is a U.S. Person, (ii) is in the United States, (iii) received an
offer to acquire Warrants while in the United States, or (iv) was in the United States at the time such Warrantholder’s
buy order was made or such Warrantholder executed or delivered its purchase order for the Warrants or (b) person who acquired
Warrants on behalf of, or for the account or benefit of, any U.S. Person or any person in the United States;

 

“Uncertificated
Warrant” means any Warrant that is not a Certificated Warrant, including DRS Advices;

 

“Units”
has the meaning set forth in the recitals;

 

“United
States” means the United States of America, its territories and possessions, any state of the United States, and the
District of Columbia;

 

“Warrant
Agency” means the principal office of the Warrant Agent in the City of Vancouver, British Columbia or such other place
as may be designated in accordance with Section 3.5;

 

“Warrant
Agent” means Odyssey Trust Company, in its capacity as warrant agent of the Warrants, or its successors from time to
time;

 

“Warrant
Certificate” means a certificate, substantially in the form set forth in Schedule “A” hereto, to evidence
those Warrants that will be evidenced by a certificate;

 

“Warrant
Shares” means Subordinate Voting Shares issuable upon exercise of the Warrants;

 

“Warrantholders”,
or “holders” without reference to Warrants means the persons entered in the register hereinafter mentioned
as holders of Warrants outstanding at such time;

 

“Warrantholders’
Request” means an instrument signed in one or more counterparts by Warrantholders holding in the aggregate not less
than 50% of the aggregate number of all Warrants then-unexercised and then-outstanding, requesting the Warrant Agent to take some
action or proceeding specified therein;

 

“Warrants”
means the Subordinate Voting Share purchase warrants created by and authorized by and issuable under this Indenture, to be issued
and countersigned hereunder as a Certificated Warrant and/or Uncertificated Warrant evidenced by a DRS Advice or held through
the book entry registration system on a no certificate issued basis, entitling the holder or holders thereof to purchase one (1)
Subordinate Voting Share (subject to adjustment as herein provided) per Warrant at the Exercise Price prior to the Expiry Time
and, where the context so requires, also means the Warrants issued and Authenticated hereunder, whether by way of Warrant Certificate
or Uncertificated Warrant; and

 

    	 	 	 

    	 	- 6 -	 

    

 

“written
order of the Corporation”, “written request of the Corporation”, “written consent of the
Corporation” and “certificate of the Corporation” mean, respectively, a written order, request, consent
and certificate signed in the name of the Corporation by any two duly authorized signatories of the Corporation and may consist
of one or more instruments so executed.

 

	1.2	Gender
    and Number.

 

Words
importing the singular number or masculine gender shall include the plural number or the feminine or neuter genders, and vice
versa.

 

	1.3	Headings,
    Etc.

 

The
division of this Indenture into Articles and Sections, the provision of a Table of Contents and the insertion of headings are
for convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Warrants.

 

	1.4	Day
    not a Business Day.

 

If
any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then such action
or notice shall be required to be taken or given on or before the requisite time on the next succeeding day that is a Business
Day.

 

	1.5	Time
    of the Essence.

 

Time
shall be of the essence of this Indenture.

 

	1.6	Monetary
    References.

 

Whenever
any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise expressed.

 

	1.7	Applicable
    Law.

 

This
Indenture, the Warrants, the Warrant Certificates (including all documents relating thereto, which by common accord have been
and will be drafted in English) shall be construed in accordance with the laws of the Province of British Columbia and the federal
laws applicable therein and shall be treated in all respects as British Columbia contracts. Each of the parties hereto, which
shall include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of British Columbia
with respect to all matters arising out of this Indenture and the transactions contemplated herein.

 

Article
2

ISSUE
OF WARRANTS

 

	2.1	Creation
    and Issue of Warrants.

 

An
unlimited number of Warrants (subject to adjustment as herein provided) are hereby created and authorized to be issued in accordance
with the terms and conditions hereof. By written order of the Corporation, the Warrant Agent shall issue and deliver Warrant Certificates
to Warrantholders, or no certificate for Uncertificated Warrants, and record the name of the Warrantholders on the Warrant register.
Registration of interests in Warrants held by the Depository may be evidenced by a position appearing on the register for Warrants
of the Warrant Agent for an amount representing the aggregate number of such Warrants outstanding from time to time.

 

    	 	 	 

    	 	- 7 -	 

    

 

	2.2	Terms
    of Warrants.

 

	 	(a)	Subject
    to the applicable conditions for exercise set out in Article 3 having been satisfied and subject to adjustment in accordance
    with Section 4.1, each Warrant shall entitle each holder thereof, upon the exercise thereof at any time after the Issue Date
    and prior to the Expiry Time, to acquire one (1) Subordinate Voting Share upon payment to the Corporation of the Exercise
    Price.
	 	 	 
	 	(b)	No
    fractional Warrants shall be issued or otherwise provided for hereunder and Warrants may only be exercised in a sufficient
    number to acquire whole numbers of Subordinate Voting Shares. Any fractional Warrants shall be rounded down to the nearest
    whole number.
	 	 	 
	 	(c)	Each
    Warrant shall entitle the holder thereof to only such other rights and privileges as are set forth in this Indenture.
	 	 	 
	 	(d)	The
    number of Subordinate Voting Shares that may be purchased pursuant to the Warrants, and the Exercise Price therefor, shall
    be adjusted upon the events and in the manner specified in Section 4.1.

 

	2.3	Warrantholder
    not a Shareholder.

 

Except
as may be specifically provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a
Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever
as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders
or any other proceedings of the Corporation, or the right to Dividends and other allocations.

 

	2.4	Warrants
    to Rank Pari Passu.

 

All
Warrants shall rank equally and without preference over each other, whatever may be the actual date of issue thereof.

 

	2.5	Form
    of Warrants, Certificated Warrants.

 

	 	(a)	The
    Warrants may be issued in both certificated and uncertificated form. Each Warrant issued to, or for the account for benefit
    of, a U.S. Warrantholder (other than an Original U.S. Warrantholder that is a Qualified Institutional Buyer), and each Warrant
    in exchange or substitution therefor, will be evidenced by a Warrant Certificate that bears the U.S. Legend. All Warrants
    issued in certificated form shall be evidenced by a Warrant Certificate (including all replacements issued in accordance with
    this Indenture), substantially in the form set out in Schedule “A” hereto, which shall be dated as of the Issue
    Date, shall bear such distinguishing letters and numbers as the Corporation may, with the approval of the Warrant Agent, prescribe,
    and shall be issuable in any denomination excluding fractions; provided that any Warrant issued to an Original U.S. Warrantholder
    that is a Qualified Institutional Buyer may be issued in certificated form or uncertificated form, in each case as part of
    the Warrants issued in the name of the Depository. All Warrants issued to the Depository may be in either a certificated or
    uncertificated form, such uncertificated form being evidenced by a book position on the register of Warrantholders to be maintained
    by the Warrant Agent in accordance with Section 2.9.

 

    	 	 	 

    	 	- 8 -	 

    

 

	 	(b)	Each
    Warrantholder by purchasing such Warrant acknowledges and agrees that the terms and conditions set forth in the form of the
    Warrant Certificate set out in Schedule “A” hereto shall apply to all Warrants and Warrantholders regardless of
    whether such Warrants are issued in certificated or uncertificated form.

 

	2.6	Book
    Entry Only Warrants.

 

	 	(a)	Registration
    of beneficial interests in and transfers of Warrants held by the Depository shall be made only through the book entry registration
    system and no Warrant Certificates shall be issued in respect of such Warrants except where physical certificates evidencing
    ownership in such securities are required or as set out herein or as may be requested by the Depository, as determined by
    the Corporation, from time to time. Except as provided in this Section 2.6, owners of beneficial interests in any CDS Global
    Warrants shall not be entitled to have Warrants registered in their names and shall not receive or be entitled to receive
    Warrants in definitive form or to have their names appear in the register referred to in Section 2.9 herein.
	 	 	 
	 	(b)	Notwithstanding
    any other provision in this Indenture, no CDS Global Warrants may be exchanged in whole or in part for Warrants registered,
    and no transfer of any CDS Global Warrants in whole or in part may be registered, in the name of any person other than the
    Depository for such CDS Global Warrants or a nominee thereof unless:
	 	 	 	 
	 	 	(i)	the
    Depository notifies the Corporation that it is unwilling or unable to continue to act as depository in connection with the
    Book Entry Only Warrants and the Corporation is unable to locate a qualified successor;
	 	 	 	 
	 	 	(ii)	the
    Corporation determines that the Depository is no longer willing, able or qualified to discharge properly its responsibilities
    as holder of the CDS Global Warrants and the Corporation is unable to locate a qualified successor;
	 	 	 	 
	 	 	(iii)	the
    Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the Corporation is unable
    to locate a qualified successor;
	 	 	 	 
	 	 	(iv)	the
    Corporation determines that the Warrants shall no longer be held as Book Entry Only Warrants through the Depository;
	 	 	 	 
	 	 	(v)	such
    right is required by applicable law, as determined by the Corporation and the Corporation’s Counsel;

 

    	 	 	 

    	 	- 9 -	 

    

 

	 	 	(vi)	the
    Warrant is to be Authenticated to or for the account or benefit of a U.S. Warrantholder (other than an Original U.S. Warrantholder
    that is a Qualified Institutional Buyer), in which case, the Warrant Certificate shall contain the U.S. Legend set forth in
    Section 2.8(a), if applicable; or
	 	 	 	 
	 	 	(vii)	such
    registration is effected in accordance with the internal procedures of the Depository and the Warrant Agent,

 

following
which, Warrants for those holders requesting the same shall be registered and issued to the beneficial owners of such Warrants
or their nominees as directed by the Depository. The Corporation shall provide a certificate of the Corporation giving notice
to the Warrant Agent of the occurrence of any event outlined in this Section 2.6(b)(i) – (vi).

 

	 	(c)	Subject
    to the provisions of this Section 2.6, any exchange of CDS Global Warrants for Warrants that are not CDS Global Warrants may
    be made in whole or in part in accordance with the provisions of Section 2.11, mutatis mutandis. All such Warrants issued
    in exchange for a CDS Global Warrant or any portion thereof shall be registered in such names as the Depository for such CDS
    Global Warrants shall direct and shall be entitled to the same benefits and subject to the same terms and conditions (except
    insofar as they relate specifically to CDS Global Warrants) as the CDS Global Warrants or portion thereof surrendered upon
    such exchange.
	 	 	 
	 	(d)	Every
    Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in exchange for or in lieu of a CDS
    Global Warrant or any portion thereof, whether pursuant to this Section 2.6, or otherwise, shall be Authenticated in the form
    of, and shall be, a CDS Global Warrant, unless such Warrant is registered in the name of a person other than the Depository
    for such CDS Global Warrant or a nominee thereof.
	 	 	 
	 	(e)	Notwithstanding
    anything to the contrary in this Indenture, subject to applicable law, the CDS Global Warrant will be issued as an Uncertificated
    Warrant, unless otherwise requested in writing by the Depository or the Corporation.
	 	 	 
	 	(f)	The
    rights of beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry
    registration system shall be limited to those established by applicable law and agreements between the Depository and the
    Book Entry Only Participants and between such Book Entry Only Participants and the beneficial owners of Warrants who hold
    securities entitlements in respect of the Warrants through the book entry registration system, and such rights must be exercised
    through a Book Entry Only Participant in accordance with the rules and procedures of the Depository.
	 	 	 
	 	(g)	Notwithstanding
    anything herein to the contrary, neither the Corporation nor the Warrant Agent nor any agent thereof shall have any responsibility
    or liability for:

 

	 	(i)	the
    electronic records maintained by the Depository relating to any ownership interests or any other interests in the Warrants
    or the depository system maintained by the Depository, or payments made on account of any ownership interest or any other
    interest of any person in any Warrant represented by an electronic position in the book entry registration system (other than
    the Depository or its nominee);

 

    	 	 	 

    	 	- 10 -	 

    

 

	 	(ii)	maintaining,
    supervising or reviewing any records of the Depository or any Book Entry Only Participant relating to any such interest; or
	 	 	 
	 	(iii)	any
    advice or representation made or given by the Depository or those contained herein that relate to the rules and regulations
    of the Depository or any action to be taken by the Depository on its own direction or at the direction of any Book Entry Only
    Participant.

 

	 	(h)	The
    Corporation may terminate the application of this Section 2.6 in its sole discretion, in which case all Warrants shall be
    evidenced by Warrant Certificates registered in the name of a person other than the Depository.

 

	2.7	Warrant
    Certificate.

 

	 	(a)	For
    Warrants issued in certificated form, the form of certificate representing Warrants shall be substantially as set out in Schedule
    “A” hereto or such other form as is authorized from time to time by the Corporation and the Warrant Agent. Each
    Warrant Certificate shall be Authenticated manually on behalf of the Warrant Agent. Each Warrant Certificate shall be signed
    by any duly authorized signatory of the Corporation whose signature shall appear on the Warrant Certificate and may be printed,
    lithographed or otherwise mechanically reproduced thereon and, in such event, certificates so signed are as valid and binding
    upon the Corporation as if it had been signed manually. Any Warrant Certificate which has a signature as hereinbefore provided
    shall be valid notwithstanding that the person whose signature is printed, lithographed or mechanically reproduced no longer
    holds office at the date of issuance of such certificate. The Warrant Certificates may be engraved, printed or lithographed,
    or partly in one form and partly in another, as the Warrant Agent may determine.
	 	 	 
	 	(b)	The
    Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance, exchange, registration of transfer,
    partial payment, or otherwise) by completing its Internal Procedures, and the Corporation shall, and hereby acknowledges that
    it shall, thereupon be deemed to have duly and validly issued such Uncertificated Warrants under this Indenture. Such Authentication
    shall be conclusive evidence that each such Uncertificated Warrant has been duly issued hereunder and that the holder or holders
    are entitled to the benefits of this Indenture. The register shall be final and conclusive evidence as to all matters relating
    to Uncertificated Warrants with respect to which this Indenture requires the Warrant Agent to maintain records or accounts.
    In case of differences between the register at any time and any other time the register at the later time shall be controlling,
    absent manifest error and such Uncertificated Warrants are binding on the Corporation.
	 	 	 
	 	(c)	Any
    Warrant Certificate validly issued in accordance with the terms of this Indenture in effect at the time of issue of such Warrant
    Certificate shall, subject to the terms of this Indenture and applicable law, validly entitle the holder to acquire Subordinate
    Voting Shares, notwithstanding that the form of such Warrant Certificate may not be in the form currently required by this
    Indenture.

 

    	 	 	 

    	 	- 11 -	 

    

 

	 	(d)	No
    Warrant shall be considered issued, valid or obligatory nor shall the holder thereof be entitled to the benefits of this Indenture
    until the Warrant has been Authenticated by the Warrant Agent. Authentication by the Warrant Agent, including by way of entry
    on the register, shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Indenture
    or of such Warrant Certificates or Uncertificated Warrants (except the due Authentication thereof) or as to the performance
    by the Corporation of its obligations under this Indenture, and the Warrant Agent shall in no respect be liable or answerable
    for the use made of the Warrants or any of them or of the consideration thereof. Authentication by the Warrant Agent shall
    be conclusive evidence as against the Corporation that the Warrants so Authenticated have been duly issued hereunder and that
    the holder thereof is entitled to the benefits of this Indenture.
	 	 	 
	 	(e)	No
    Certificated Warrant shall be considered issued and Authenticated or, if Authenticated, shall be obligatory or shall entitle
    the holder thereof to the benefits of this Indenture, until it has been Authenticated by manual signature by or on behalf
    of the Warrant Agent substantially in the form of the Warrant Certificate set out in Schedule “A” hereto. Such
    Authentication on any such Certificated Warrant shall be conclusive evidence that such Certificated Warrant is duly Authenticated
    and is valid and a binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.
	 	 	 
	 	(f)	No
    Uncertificated Warrant shall be considered issued and shall be obligatory or shall entitle the holder thereof to the benefits
    of this Indenture, until it has been Authenticated by entry on the register of the particulars of the Uncertificated Warrant.
    Such entry on the register of the particulars of an Uncertificated Warrant shall be conclusive evidence that such Uncertificated
    Warrant is a valid and binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.
	 	 	 
	 	(g)	The
    Authentication by the Warrant Agent of any Warrants whether by way of entry on the register or otherwise shall not be construed
    as a representation or warranty by the Warrant Agent as to the validity of this Indenture or such Warrants (except the due
    Authentication thereof) or as to the performance by the Corporation of its obligations under this Indenture and the Warrant
    Agent shall in no respect be liable or answerable for the use made of the Warrants or any of them or the proceeds thereof.

 

    	 	 	 

    	 	- 12 -	 

    

 

	2.8	Legends.

 

	 	(a)	Neither
    the Warrants nor the Warrant Shares have been, nor will they be, registered under the U.S. Securities Act or under the securities
    laws of any state of the United States, and may not be offered, sold or otherwise disposed of by a U.S. Warrantholder unless
    an exemption or exclusion from the registration requirements of the U.S. Securities Act and applicable state securities laws
    is available or the Warrants and Warrant Shares, as applicable, are the subject of an effective registration statement under
    the U.S. Securities Act. Each Warrant Certificate issued to, or for the benefit or account of, a U.S. Warrantholder (other
    than an Original U.S. Warrantholder that is a Qualified Institutional Buyer), and each Warrant Certificate issued in exchange
    therefor or in substitution thereof shall bear the following legend or such variations thereof as the Corporation may prescribe
    from time to time (the “U.S. Legend”):

 

“THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT
BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES, FOR THE BENEFIT
OF HARVEST HEALTH & RECREATION INC. (THE “CORPORATION”), THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY: (A) TO THE CORPORATION; (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH
RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; (C) IN COMPLIANCE
WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND,
IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION
UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2)
OR (D) ABOVE, A LEGAL OPINION FROM COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION
MUST FIRST BE PROVIDED. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS
ON STOCK EXCHANGES IN CANADA.”

 

provided
that, if the Warrants are being sold outside the United States in compliance with Rule 904 of Regulation S and in compliance
with applicable local securities laws and regulations, and the Corporation is a “foreign private issuer” (as such
term is defined in Regulation S) at the time the Warrants are originally issued, this U.S. Legend may be removed by the transferor
providing a declaration to the Warrant Agent and to the Corporation in the form set forth in Schedule “C” or as the
Corporation may prescribe from time to time, or such other evidence which may include an opinion of counsel of recognized standing
in form and substance reasonably satisfactory to the Corporation; provided further, that, if any such Warrants are being sold
pursuant to Rule 144 under the U.S. Securities Act, if available, or in another transaction that does not require registration
under the U.S. Securities Act or applicable state securities laws, the U.S. Legend may be removed by delivery to the Warrant Agent
and the Corporation of an opinion of counsel, of recognized standing, reasonably satisfactory to the Corporation, to the effect
that such U.S. Legend is no longer required under applicable requirements of the U.S. Securities Act and applicable state securities
laws.

 

    	 	 	 

    	 	- 13 -	 

    

 

The
Warrant Agent shall be entitled to request any other documents that it may reasonably require in accordance with its internal
policies for the removal of the U.S. Legend set forth above.

 

	 	(b)	Each
    CDS Global Warrant originally issued in Canada and held by the Depository, and each CDS Global Warrant issued in exchange
    therefor or in substitution thereof shall bear or be deemed to bear the following legend or such variations thereof as the
    Corporation may prescribe from time to time:

 

“UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”)
TO HARVEST HEALTH & RECREATION INC. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HEREIN, AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.”

 

	 	(c)	Notwithstanding
    any other provisions of this Indenture, in processing and registering transfers of Warrants, no duty or responsibility whatsoever
    shall rest upon the Warrant Agent to determine the compliance by any transferor or transferee with the terms of the legend
    contained in subsections 2.8(a) or 2.8(b), or with the relevant securities laws or regulations, including, without limitation,
    Regulation S, and the Warrant Agent shall be entitled to assume that all transfers that are processed in accordance with this
    Indenture are legal and proper.
	 	 	 
	 	(d)	[NTD:
    Insert paragraph on 4 month hold period]

 

    	 	 	 

    	 	- 14 -	 

    

 

	2.9	Register
                                         of Warrants.

 

	 	(a)	The
    Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated or uncertificated, which shall
    contain the information called for below with respect to each Warrant, together with such other information as may be required
    by law or as the Warrant Agent may elect to record. All such information shall be kept in one set of accounts and records
    which the Warrant Agent shall designate (in such manner as shall permit it to be so identified as such by an unaffiliated
    party) as the register of the holders of Warrants. The information to be entered for each account in the register of Warrants
    at any time shall include (without limitation):
	 	 	 
	 	 	(i)	the
    name and address of the holder of the Warrants, the date of Authentication thereof and the number of Warrants;
	 	 	 
	 	 	(ii)	whether
    such Warrant is a Certificated Warrant or an Uncertificated Warrant and, if a Warrant Certificate, the unique number or code
    assigned to and imprinted thereupon and, if an Uncertificated Warrant, the unique number or code assigned thereto if any;
	 	 	 
	 	 	(iii)	if
    any portion thereof has been exercised, the date and price of such exercise, and the remaining balance of such Warrants;
	 	 	 
	 	 	(iv)	whether
    such Warrant has been cancelled; and
	 	 	 
	 	 	(v)	a
    register of transfers in which all transfers of Warrants and the date and other particulars of each transfer shall be entered.

 

The
register shall be available for inspection by the Corporation or any Warrantholder during the Warrant Agent’s regular business
hours on a Business Day and upon payment to the Warrant Agent of its reasonable fees. Any Warrantholder exercising such right
of inspection shall first provide an affidavit, in form satisfactory to the Corporation and the Warrant Agent, stating the name
and address of the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a
meeting of Warrantholders or to influence the voting of Warrantholders at any meeting of Warrantholders.

 

	 	(b)	Once
    an Uncertificated Warrant has been Authenticated, the information set forth in the register with respect thereto at the time
    of Authentication may be altered, modified, amended, supplemented or otherwise changed only to reflect exercise or proper
    instructions to the Warrant Agent from the holder as provided herein, except that the Warrant Agent may act unilaterally to
    make purely administrative changes internal to the Warrant Agent and changes to correct errors. Each person who becomes a
    holder of an Uncertificated Warrant, by his, her or its acquisition thereof shall be deemed to have irrevocably: (i) consented
    to the foregoing authority of the Warrant Agent to make such minor error corrections; and (ii) agreed to pay to the Warrant
    Agent, promptly upon written demand, the full amount of all loss and expense (including without limitation reasonable legal
    fees of the Corporation and the Warrant Agent plus interest, at an appropriate then prevailing rate of interest to the Warrant
    Agent) sustained by the Corporation or the Warrant Agent as a proximate result of such error if, but only if, and only to
    the extent that such present or former holder realized any benefit as a result of such error and could reasonably have prevented,
    forestalled or minimized such loss and expense by prompt reporting of the error or avoidance of accepting benefits thereof
    whether or not such error is or should have been timely detected and corrected by the Warrant Agent; provided, that no person
    who is a bona fide purchaser shall have any such obligation to the Corporation or to the Warrant Agent.

 

    	 	 	 

    	 	- 15 -	 

    

 

	2.10	Issue
    in Substitution for Warrant Certificates Lost, etc.

 

	 	(a)	If
    any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation, subject to applicable law, shall
    issue, and thereupon the Warrant Agent shall certify and deliver, a new Warrant Certificate of like tenor and bearing the
    same legend, if applicable, as the one mutilated, lost, destroyed or stolen in exchange for and in place of and upon cancellation
    of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate,
    and the substituted Warrant Certificate shall be in a form approved by the Warrant Agent, and the Warrants evidenced thereby
    shall be entitled to the benefits hereof and shall rank equally in accordance with its terms with all other Warrants issued
    or to be issued hereunder.
	 	 	 
	 	(b)	The
    applicant for the issue of a new Warrant Certificate pursuant to this Section 2.10 shall bear the cost of the issue thereof
    and, in case of loss, destruction or theft, shall, as a condition precedent to the issuance thereof, furnish to the Corporation
    and to the Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate so lost,
    destroyed or stolen as shall be satisfactory to the Corporation and to the Warrant Agent, in their sole discretion, and such
    applicant shall also be required to furnish an indemnity and surety bond in amount and form satisfactory to the Corporation
    and the Warrant Agent, in their sole discretion, and shall pay the reasonable charges of the Corporation and the Warrant Agent
    in connection therewith.

 

	2.11	Exchange
    of Warrant Certificates.

 

	 	(a)	Any
    one or more Warrant Certificates representing any number of Warrants may, upon compliance with the reasonable requirements
    of the Warrant Agent (including compliance with applicable securities legislation), be exchanged for one or more other Warrant
    Certificates representing the same aggregate number of Warrants, and bearing the same legend, if applicable, as represented
    by the Warrant Certificate or Warrant Certificates so exchanged.
	 	 	 
	 	(b)	Warrant
    Certificates may be exchanged only at the Warrant Agency or at any other place that is designated by the Corporation with
    the approval of the Warrant Agent. Any Warrant Certificate from the holder (or such other instructions, in form satisfactory
    to the Warrant Agent), tendered for exchange shall be surrendered to the Warrant Agency and cancelled by the Warrant Agent.
	 	 	 
	 	(c)	Warrant
    Certificates exchanged for Warrant Certificates that bear the U.S. Legend set forth in Section 2.8(a) shall bear the same
    U.S. Legend.

 

    	 	 	 

    	 	- 16 -	 

    

 

	2.12	Transfer
    and Ownership of Warrants.

 

	 	(a)	The
    Warrants may only be transferred on the register kept by the Warrant Agent at the Warrant Agency by the holder or its legal
    representatives or its attorney duly appointed by an instrument in writing in form and execution satisfactory to the Warrant
    Agent only upon: (a) in the case of a Warrant Certificate, surrendering to the Warrant Agent at the Warrant Agency the Warrant
    Certificate representing the Warrants to be transferred together with a duly executed transfer form as set forth in Schedule
    “A” (together with a declaration for removal of U.S. Legend or opinion of counsel, if required by Section 2.8(a));
    (b) in the case of Book Entry Only Warrants, in accordance with procedures prescribed by the Depository under the book entry
    registration system; (c) in the case of DRS Advices, in accordance with the procedures prescribed by the Warrant Agent; and
    (d) upon compliance with:
	 	 	 	 
	 	 	(i)	the
    conditions herein;
	 	 	 	 
	 	 	(ii)	such
    reasonable requirements as the Warrant Agent may prescribe; and
	 	 	 	 
	 	 	(iii)	all
    applicable securities legislation and requirements of regulatory authorities;

 

and,
in the case of (a) or (c) above, such transfer shall be duly noted in such register by the Warrant Agent. Upon compliance with
such requirements, the Warrant Agent shall issue to the transferee a Warrant Certificate or DRS Advice, as applicable. Transfers
within the systems of the Depository are not the responsibility of the Warrant Agent and will not be noted on the register maintained
by the Warrant Agent.

 

	 	(b)	If
    a Warrant Certificate tendered for transfer bears the U.S. Legend set forth in Section 2.8(a), the Warrant Agent shall not
    register such transfer unless the transferor has provided the Warrant Agent with the Warrant Certificate and: (A) the transfer
    is made to the Corporation; (B) the transfer is made outside of the United States in a transaction meeting the requirements
    of Rule 904 of Regulation S, and is in compliance with applicable local laws and regulations, and the transferor delivers
    to the Warrant Agent and the Corporation a declaration substantially in the form set forth in Schedule “C” to
    this Warrant Indenture, or in such other form as the Corporation may from time to time prescribe, together with such other
    evidence of the availability of an exemption or exclusion from registration under the U.S. Securities Act (which may, without
    limitation, include an opinion of counsel, of recognized standing reasonably satisfactory to the Corporation) as the Corporation
    may reasonably require; (C) the transfer is made pursuant to the exemption from the registration requirements of the U.S.
    Securities Act provided by (i) Rule 144A thereunder, if available, or (ii) Rule 144 thereunder, if available, and in each
    case in accordance with any applicable state securities or “blue sky” laws; (D) the transfer is in compliance
    with another exemption from registration under the U.S. Securities Act and applicable state securities laws; or (E) the transfer
    is made pursuant to an effective registration statement under the U.S. Securities Act and any applicable state securities
    laws; provided that, it has prior to any transfer pursuant to Sections 2.12(b)(C)(ii) or 2.12(b)(D) furnished to the Warrant
    Agent and the Corporation an opinion of counsel or other evidence in form and substance reasonably satisfactory to the Corporation
    to such effect. In relation to a transfer under (C)(ii) or (D) above, unless the Corporation and the Warrant Agent receive
    an opinion of counsel, of recognized standing, or other evidence reasonably satisfactory to the Corporation in form and substance,
    to the effect that the U.S. Legend set forth in subsection 2.8(a) is no longer required on the Warrant Certificates representing
    the transferred Warrants, the Warrant Certificates received by the transferee will continue to bear the U.S. Legend set forth
    in Section 2.8(a).

 

    	 	 	 

    	 	- 17 -	 

    

 

	 	(c)	Subject
    to the provisions of this Indenture, Applicable Legislation and applicable law, the Warrantholder shall be entitled to the
    rights and privileges attaching to the Warrants, and the issue of Subordinate Voting Shares by the Corporation upon the exercise
    of Warrants in accordance with the terms and conditions herein contained shall discharge all responsibilities of the Corporation
    and the Warrant Agent with respect to such Warrants, and neither the Corporation nor the Warrant Agent shall be bound to inquire
    into the title of any such holder.

 

	2.13	Cancellation
    of Surrendered Warrants.

 

All
Warrant Certificates surrendered pursuant to Article 3 or transferred or exchanged pursuant to Article 2 shall be cancelled by
the Warrant Agent, and, upon such circumstances, all such Uncertificated Warrants shall be deemed cancelled and so noted on the
register by the Warrant Agent. Upon request by the Corporation, the Warrant Agent shall furnish to the Corporation a cancellation
certificate identifying the Warrant Certificates so cancelled, the number of Warrants evidenced thereby, the number of Subordinate
Voting Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates issued in substitution or
exchange for such Warrant Certificates cancelled.

 

Article
3

EXERCISE
OF WARRANTS

 

	3.1	Right
    of Exercise.

 

Subject
to the provisions hereof, each Warrantholder may exercise the right conferred on such holder to subscribe for and purchase one
(1) Subordinate Voting Share for each Warrant after the Issue Date and prior to the Expiry Time, subject to adjustment, and in
accordance with the conditions herein; provided, however, that such exercise must be permitted under the U.S. Securities Act and
under any applicable United States state securities laws.

 

	3.2	Warrant
    Exercise.

 

	 	(a)	Holders
    of Certificated Warrants who wish to exercise the Warrants held by them in order to acquire Subordinate Voting Shares must,
    if permitted pursuant to the terms and conditions hereunder and as set forth in any applicable legend, complete the exercise
    form (the “Exercise Notice”) attached to the Warrant Certificate(s) which form is attached hereto as Schedule
    “B”, which may be amended by the Corporation with the consent of the Warrant Agent, if such amendment does not,
    in the reasonable opinion of the Corporation and the Warrant Agent, which may be based on the advice of Counsel, materially
    and adversely affect the rights, entitlements and interests of the Warrantholders, and deliver such certificate(s), the executed
    Exercise Notice and a certified cheque, bank draft or money order payable to or to the order of the Corporation for the aggregate
    Exercise Price to the Warrant Agent at the Warrant Agency. The Warrants represented by a Warrant Certificate shall be deemed
    to be surrendered upon personal delivery of such certificate, Exercise Notice and aggregate Exercise Price or, if such documents
    are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to
    above.

 

    	 	 	 

    	 	- 18 -	 

    

 

	 	(b)	In
    addition to completing the Exercise Notice attached to the Warrant Certificate(s), a Warrantholder (other than an Original
    U.S. Warrantholder) who is (i) in the United States, (ii) a U.S. Person, (iii) a person exercising such Warrants for the account
    or benefit of a U.S. Person or a person in the United States, (iv) executing or delivering the Exercise Notice attached as
    Schedule “B” hereto in the United States, or (v) requesting delivery in the United States of the Warrant Shares,
    must provide an opinion of counsel of recognized standing or other evidence, in form and substance reasonably satisfactory
    to the Corporation, that the exercise is exempt from the registration requirements of the U.S. Securities Act and applicable
    securities laws of any state of the United States.
	 	 	 
	 	(c)	A
    Warrantholder evidenced by a security entitlement in respect of Warrants must complete the Exercise Notice and deliver the
    executed Exercise Notice and a certified cheque, bank draft or money order payable to or to the order of the Corporation for
    the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Uncertificated Warrants shall be deemed to be
    surrendered upon receipt of the Exercise Notice and aggregate Exercise Price or, if such documents are sent by mail or other
    means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.
	 	 	 
	 	(d)	A
    beneficial owner of Warrants issued in uncertificated form evidenced by a security entitlement in respect of Warrants in the
    book entry registration system who desires to exercise his or her Warrants must do so by causing a Book Entry Only Participant
    to deliver to the Depository on behalf of the entitlement holder, notice of the owner’s intention to exercise Warrants
    in a manner acceptable to the Depository. Forthwith upon receipt by the Depository of such notice, as well as payment for
    the aggregate Exercise Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise
    Warrants (a “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means
    through a book based registration system, including CDSX. An electronic exercise of the Warrants initiated by the Book Entry
    Only Participant through a book based registration system, including CDSX, shall constitute a representation to both the Corporation
    and the Warrant Agent that the beneficial owner at the time of exercise of such Warrants either: (i) (A) is not in the United
    States; (B) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United
    States; (C) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of a U.S. Person
    or a person in the United States; (D) did not receive an offer to exercise the Warrant in the United States; (E) did not execute
    or deliver the notice of the owner’s intention to exercise such Warrants in the United States; and (F) has, in all other
    respects, complied with the terms of Regulation S in connection with such exercise; or (ii) is an Original U.S. Warrantholder
    that is a Qualified Institutional Buyer.

 

    	 

    	- 19 -

    

 

	 	 	If
    the Book Entry Only Participant is not able to make or deliver either the representations in Section 3.2(d) or the representations
    in Section 3.2(b) by initiating the electronic exercise of the Warrants, then (a) such Warrants shall be withdrawn from the
    book based registration system, including CDSX, by the Book Entry Only Participant; (b) an individually registered Warrant
    Certificate shall be issued by the Warrant Agent to such beneficial owner or Book Entry Only Participant and (c) the exercise
    procedures set forth in Section 3.2(a) shall be followed.
	 	 	 
	 	(e)	Payment
    representing the aggregate Exercise Price must be provided to the appropriate office of the Book Entry Only Participant in
    a manner acceptable to it. A notice in form acceptable to the Book Entry Only Participant and payment from such beneficial
    holder should be provided to the Book Entry Only Participant sufficiently in advance so as to permit the Book Entry Only Participant
    to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant
    Agent prior to Expiry Time. The Depository will initiate the exercise by way of the Confirmation and forward the aggregate
    Exercise Price electronically to the Warrant Agent for prompt onward payment by the Warrant Agent to the Corporation which
    the Warrant Agent will promptly pay to the Corporation, and the Warrant Agent will execute the exercise by issuing to the
    Depository through the book entry registration system the Subordinate Voting Shares to which the exercising beneficial owner
    is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement
    holder exercising the Warrants and/or the Book Entry Only Participant exercising the Warrants on its behalf.
	 	 	 
	 	(f)	By
    causing a Book Entry Only Participant to deliver notice to the Depository, a beneficial owner shall be deemed to have irrevocably
    surrendered his or her Warrants so exercised and appointed such Book Entry Only Participant to act as his or her exclusive
    settlement agent with respect to the exercise of the Warrants and the receipt of Subordinate Voting Shares in connection with
    the obligations arising from such exercise.
	 	 	 
	 	(g)	Any
    notice which the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be
    void and of no effect, and the exercise to which it relates shall be considered for all purposes not to have been exercised
    thereby. A failure by a Book Entry Only Participant to exercise or to give effect to the settlement thereof in accordance
    with the beneficial owner’s instructions will not give rise to any obligations or liability on the part of the Corporation
    or Warrant Agent to the Book Entry Only Participant or the beneficial owner.
	 	 	 
	 	(h)	Any
    exercise form or Exercise Notice referred to in this Section 3.2 shall be signed by the Warrantholder, or its executors or
    administrators or other legal representatives or an attorney of the Warrantholder, duly appointed by an instrument in writing
    satisfactory to the Warrant Agent, but such exercise form need not be executed by the Depository.

 

    	 

    	- 20 -

    

 

	 	(i)	Any
    exercise referred to in this Section 3.2 shall require that the entire Exercise Price for Subordinate Voting Shares subscribed
    must be paid at the time of subscription, and such Exercise Price and original Exercise Notice executed by the Warrantholder
    or the Confirmation from the Depository must be received by the Warrant Agent prior to the Expiry Time.
	 	 	 
	 	(j)	Notwithstanding
    the foregoing in this Section 3.2, Warrants may only be exercised pursuant to this Section 3.2 by or on behalf of a Warrantholder,
    as applicable, who makes the certifications set forth on the Exercise Notice set out in Schedule “B” or as provided
    herein.
	 	 	 
	 	(k)	If
    the form of Exercise Notice set forth in the Warrant Certificate shall have been amended, the Corporation shall cause the
    amended Exercise Notice to be forwarded to all Warrantholders.
	 	 	 
	 	(l)	Exercise
    Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business
    hours on any Business Day prior to the Expiry Time. Any Exercise Notice or Confirmations received by the Warrant Agent after
    business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on
    the next following Business Day.
	 	 	 
	 	(m)	Any
    Warrant with respect to which an Exercise Notice or Confirmation is not received by the Warrant Agent before the Expiry Time
    shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

 

	3.3	U.S.
    Restrictions.

 

The
Warrants and the Warrant Shares have not been and will not be registered under the U.S. Securities Act or the securities laws
of any state of the United States, and the Warrants may not be exercised within the United States by or on behalf of, or for the
account or benefit of, a U.S. Person or a person in the United States unless an exemption from such registration requirements
is available.

 

	 	(a)	Warrants
    may not be exercised except in compliance with the requirements set forth herein, in the Warrant Certificate hereto and in
    the Exercise Notice attached thereto.

 

    	 

    	- 21 -

    

 

	 	(b)	Warrant
    Shares issued upon the exercise of any Certificated Warrant (and each certificate issued in exchange therefor or in substitution
    thereof) (i) which bears the U.S. Legend set forth in Section 2.8(a), or (ii) other than pursuant to Box A of the Exercise
    Notice attached as Schedule “B” hereto shall be issued in certificated form and, upon such issuance, shall bear
    the following legend:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY
ACQUIRING SUCH SECURITIES, AGREES, FOR THE BENEFIT OF HARVEST HEALTH & RECREATION INC. (THE “CORPORATION”),
THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY: (A) TO THE CORPORATION;
(B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH
APPLICABLE LOCAL LAWS AND REGULATIONS; (C) IN COMPLIANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2)
RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS;
OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES
LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION FROM COUNSEL OF RECOGNIZED STANDING
IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED. DELIVERY OF THIS CERTIFICATE MAY NOT
CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

 

provided
that, if any such Warrant Shares are being sold outside the United States in compliance with Rule 904 of Regulation S and
in compliance with applicable local securities laws and regulations, the legend set forth above may be removed by providing a
declaration to the Corporation’s registrar and transfer agent and to the Corporation in the form set forth in Schedule “C”
or as the Corporation may prescribe from time to time, or such other evidence which may include an opinion of counsel of recognized
standing in form and substance reasonably satisfactory to the Corporation; provided further, that, if any such Warrant Shares
are being sold pursuant to Rule 144 under the U.S. Securities Act, if available, or in another transaction that does not require
registration under the U.S. Securities Act or applicable state securities laws, the legend may be removed by delivery to the registrar
and transfer agent of the Corporation and to the Corporation of an opinion of counsel, of recognized standing, reasonably satisfactory
to the Corporation, to the effect that such legend is no longer required under applicable requirements of the U.S. Securities
Act and applicable state securities laws.

 

	 	(c)	Notwithstanding
    anything to the contrary contained herein or in any Warrant or other agreement or instrument, the Corporation shall be entitled
    to cause a U.S. restrictive legend to be affixed to, or marked with respect to, any Warrant Shares issued upon exercise of
    Warrants at such time as the Corporation is not a “foreign issuer” (as defined in Regulation S) in the event that
    the Corporation determines that such affixing or marking of a U.S. restrictive legend is then necessary to comply with U.S.
    securities laws.

 

    	 

    	- 22 -

    

 

	3.4	Transfer
    Fees and Taxes.

 

If
any of the Subordinate Voting Shares subscribed for are to be issued to a person or persons other than the Warrantholder, the
Warrantholder shall execute the form of transfer and will comply with such reasonable requirements as the Warrant Agent may stipulate
and will pay to the Corporation or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes, and
the Corporation will not be required to issue or deliver certificates evidencing Subordinate Voting Shares unless or until such
Warrantholder shall have paid to the Corporation, or the Warrant Agent on behalf of the Corporation, the amount of such tax or
shall have established to the satisfaction of the Corporation and the Warrant Agent that such tax has been paid or that no tax
is due.

 

	3.5	Warrant
    Agency.

 

To
facilitate the exchange, transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be
required, the Corporation has appointed the Warrant Agency, as the agency at which Warrants may be surrendered for exchange or
transfer or at which Warrants may be exercised, and the Warrant Agent has accepted such appointment. The Corporation may, from
time to time, designate alternate or additional places as the Warrant Agency (subject to the Warrant Agent’s prior approval)
and will give notice to the Warrant Agent of any proposed change of the Warrant Agency. Branch registers shall also be kept at
such other place or places, if any, as the Corporation, with the approval of the Warrant Agent, may designate. The Warrant Agent
will, from time to time, when requested to do so by the Corporation or any Warrantholder and upon payment of the Warrant Agent’s
reasonable charges, furnish a list of the names and addresses of Warrantholders showing the number of Warrants held by each such
Warrantholder.

 

	3.6	Effect
    of Exercise of Warrant Certificates.

 

	 	(a)	Upon
    the exercise of Warrants pursuant to and in compliance with Section 3.2 and subject to Section 3.3 and Section 3.4, the Subordinate
    Voting Shares to be issued pursuant to the Warrants exercised shall be deemed to have been issued, and the person or persons
    to whom such Subordinate Voting Shares are to be issued shall be deemed to have become the holder or holders of such Subordinate
    Voting Shares on the Exercise Date unless the register shall be closed on such date, in which case the Subordinate Voting
    Shares subscribed for shall be deemed to have been issued and such person or persons deemed to have become the holder or holders
    of record of such Subordinate Voting Shares, on the date on which such register is reopened. It is hereby understood that,
    in order for persons to whom Subordinate Voting Shares are to be issued, to become holders of Subordinate Voting Shares of
    record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant
    Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date.
	 	 	 
	 	(b)	As
    soon as practicable, and in any event no later than within five Business Days after the Exercise Date with respect to a Warrant,
    the Warrant Agent shall cause to be delivered or mailed to the person or persons in whose name or names the Warrant is registered
    or, if so specified in writing by the holder, cause to be delivered to such person or persons at the Warrant Agency where
    the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Subordinate Voting Shares
    subscribed for, or any other appropriate evidence of the issuance of Subordinate Voting Shares to such person or persons in
    respect of Subordinate Voting Shares issued under the book entry registration system.

 

    	 

    	- 23 -

    

 

	3.7	Partial
    Exercise of Warrants; Fractions.

 

	 	(a)	The
    holder of any Warrants may exercise his right to acquire a number of whole Subordinate Voting Shares less than the aggregate
    number that the holder is entitled to acquire. In the event of any exercise of a number of Warrants less than the number that
    the holder is entitled to exercise, the holder of Warrants upon such exercise shall, in addition, be entitled to receive,
    without charge therefor, one or more new Warrant Certificates, bearing the same legend, if applicable, or other appropriate
    evidence of Warrants, in respect of the balance of the Warrants held by such holder and which were not then exercised.
	 	 	 
	 	(b)	Notwithstanding
    anything herein contained including any adjustment provided for in Section 4.1, no fractional Subordinate Voting Shares will
    be issuable upon any exercise of any Warrant, and the holder of such Warrant will not be entitled to any cash payment or compensation
    in lieu of a fractional Subordinate Voting Share. Warrants may only be exercised in a sufficient number to acquire whole numbers
    of Subordinate Voting Shares. Any fractional Subordinate Voting Shares shall be rounded down to the nearest whole number.

 

	3.8	Expiration
    of Warrants.

 

Immediately
after the Expiry Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall not
have been exercised shall cease and terminate, and each Warrant shall be void and of no further force or effect.

 

	3.9	Accounting
    and Recording.

 

	 	(a)	The
    Warrant Agent shall promptly account to the Corporation with respect to Warrants exercised, and shall promptly forward to
    the Corporation (or into an account or accounts of the Corporation with the bank or trust company designated by the Corporation
    for that purpose), all monies received by the Warrant Agent on the subscription of Subordinate Voting Shares through the exercise
    of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall
    be received as agent for, and shall be segregated and kept apart by the Warrant Agent, the Warrantholders and the Corporation
    as their interests may appear.
	 	 	 
	 	(b)	The
    Warrant Agent shall record the particulars of Warrants exercised, which particulars shall include the names and addresses
    of the persons who become holders of Subordinate Voting Shares on exercise and the Exercise Date, in respect thereof. The
    Warrant Agent shall provide such particulars in writing to the Corporation and to its registrar and transfer agent for its
    Subordinate Voting Shares within five Business Days of any request by the Corporation therefor.

 

    	 

    	- 24 -

    

 

	3.10	Securities
    Restrictions.

 

Notwithstanding
anything herein contained, Subordinate Voting Shares will be issued upon exercise of a Warrant only in compliance with the securities
laws of any applicable jurisdiction.

 

Article
4

ADJUSTMENT
OF NUMBER OF COMMON SHARES AND EXERCISE PRICE

 

	4.1	Adjustment
    of Number of Subordinate Voting Shares and Exercise Price.

 

The
subscription rights in effect under the Warrants for Subordinate Voting Shares issuable upon the exercise of the Warrants shall
be subject to adjustment, from time to time, as follows:

 

	 	(a)	if,
    at any time during the Adjustment Period, the Corporation shall:
	 	 	 	 
	 	 	(i)	subdivide,
    re-divide or change its outstanding Subordinate Voting Shares into a greater number of Subordinate Voting Shares;
	 	 	 	 
	 	 	(ii)	reduce,
    combine or consolidate its outstanding Subordinate Voting Shares into a lesser number of Subordinate Voting Shares; or
	 	 	 	 
	 	 	(iii)	issue
    Subordinate Voting Shares or securities exchangeable for, or convertible into, Subordinate Voting Shares to all or substantially
    all of the holders of Subordinate Voting Shares by way of stock dividend or other distribution (other than a distribution
    of Subordinate Voting Shares upon the exercise of Warrants or any outstanding options);

 

(any
of such events in Section 4.1(a)(i), (ii) or (iii) being called a “Subordinate Voting Share Reorganization”),
then the Exercise Price shall be adjusted as of the effective date or record date of such subdivision, re-division, change, reduction,
combination, consolidation or distribution, as the case may be, shall in the case of the events referred to in (i) or (iii) above
be decreased in proportion to the number of outstanding Subordinate Voting Shares resulting from such subdivision, re-division,
change or distribution, or shall, in the case of the events referred to in (ii) above, be increased in proportion to the number
of outstanding Subordinate Voting Shares resulting from such reduction, combination or consolidation by multiplying the Exercise
Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which shall be the number
of Subordinate Voting Shares outstanding on such effective date or record date before giving effect to such Subordinate Voting
Share Reorganization and the denominator of which shall be the number of Subordinate Voting Shares outstanding as of the effective
date or record date after giving effect to such Subordinate Voting Shares Reorganization (including, in the case where securities
exchangeable for or convertible into Subordinate Voting Shares are distributed, the number of Subordinate Voting Share that would
have been outstanding had such securities been exchanged for or converted into Subordinate Voting Shares on such record date or
effective date). Such adjustment shall be made successively whenever any event referred to in this Section 4.1(a) shall occur.
Upon any adjustment of the Exercise Price pursuant to Section 4.1(a), the Exchange Rate shall be contemporaneously adjusted by
multiplying the number of Subordinate Voting Shares theretofore obtainable on the exercise thereof by a fraction, of which the
numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise
Price resulting from such adjustment;

 

    	 

    	- 25 -

    

 

	 	(b)	if
    and whenever, at any time during the Adjustment Period, the Corporation shall fix a record date for the issuance of rights,
    options or warrants to all or substantially all the holders of its outstanding Subordinate Voting Shares entitling them, for
    a period expiring not more than 45 days after such record date, to subscribe for or purchase Subordinate Voting Shares (or
    securities convertible or exchangeable into Subordinate Voting Shares) at a price per Subordinate Voting Share (or having
    a conversion or exchange price per Subordinate Voting Share) less than 95% of the Current Market Price on such record date
    (a “Rights Offering”), the Exercise Price shall be adjusted immediately after such record date so that
    it shall equal the amount determined by multiplying the Exercise Price in effect on such record date by a fraction, of which
    the numerator shall be the total number of Subordinate Voting Shares outstanding on such record date plus a number of Subordinate
    Voting Shares equal to the number arrived at by dividing the aggregate price of the total number of additional Subordinate
    Voting Shares offered for subscription or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable
    securities so offered) by the Current Market Price, and of which the denominator shall be the total number of Subordinate
    Voting Shares outstanding on such record date plus the total number of additional Subordinate Voting Shares offered for subscription
    or purchase or into which the convertible or exchangeable securities so offered are convertible or exchangeable; any Subordinate
    Voting Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding for the purpose of
    any such computation; such adjustment shall be made successively whenever such a record date is fixed; to the extent that
    no such rights or warrants are exercised prior to the expiration thereof, the Exercise Price shall be readjusted to the Exercise
    Price which would then be in effect if such record date had not been fixed or, if any such rights or warrants are exercised,
    to the Exercise Price which would then be in effect based upon the number of Subordinate Voting Shares (or securities convertible
    or exchangeable into Subordinate Voting Shares) actually issued upon the exercise of such rights or warrants, as the case
    may be. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(b), the Exchange Rate will be adjusted immediately
    after such record date so that it will equal the rate determined by multiplying the Exchange Rate in effect on such record
    date by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and
    the denominator shall be the Exercise Price resulting from such adjustment. Such adjustment will be made successively whenever
    such a record date is fixed, provided that, if two or more such record dates or record dates referred to in this Section 4.1(b)
    are fixed within a period of 25 Trading Days, such adjustment will be made successively as if each of such record dates occurred
    on the earliest of such record dates;

 

    	 

    	- 26 -

    

 

	 	(c)	if
    and whenever at any time during the Adjustment Period the Corporation shall fix a record date for the making of a distribution
    to all or substantially all the holders of its outstanding Subordinate Voting Shares of: (i) securities of any class, whether
    of the Corporation or any other person (other than Subordinate Voting Shares); (ii) rights, options or warrants to subscribe
    for or purchase Subordinate Voting Shares (or other securities convertible into or exchangeable for Subordinate Voting Shares),
    other than pursuant to a Rights Offering; (iii) evidences of its indebtedness; or (iv) any other property or other assets,
    then, in each such case, the Exercise Price shall be adjusted immediately after such record date so that it shall equal the
    price determined by multiplying the Exercise Price in effect on such record date by a fraction, of which the numerator shall
    be the total number of Subordinate Voting Shares outstanding on such record date multiplied by the Current Market Price on
    such record date, less the excess, if any, of the fair market value on such record date, as determined by the Corporation
    (whose determination shall be conclusive), subject to any required stock exchange approval, of such securities or other assets
    so issued or distributed over the fair market value of any consideration received therefor by the Corporation from the holders
    of the Subordinate Voting Shares, and of which the denominator shall be the total number of Subordinate Voting Shares outstanding
    on such record date multiplied by the Current Market Price; and Subordinate Voting Shares owned by or held for the account
    of the Corporation shall be deemed not to be outstanding for the purpose of any such computation; such adjustment shall be
    made successively whenever such a record date is fixed; to the extent that such distribution is not so made, the Exercise
    Price shall be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed. Upon
    any adjustment of the Exercise Price pursuant to this Section 4.1(c), the Exchange Rate will be adjusted immediately after
    such record date so that it will equal the rate determined by multiplying the Exchange Rate in effect on such record date
    by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator
    shall be the Exercise Price resulting from such adjustment;

 

    	 

    	- 27 -

    

	 	 	 
	 	(d)	if
    and whenever at any time during the Adjustment Period, there is a reclassification of the Subordinate Voting Shares or a capital
    reorganization of the Corporation other than as described in Section 4.1(a) or a consolidation, amalgamation, arrangement
    or merger of the Corporation with or into any other body corporate, trust, partnership, limited liability company or other
    entity, or a sale or conveyance of the property and assets of the Corporation as an entirety or substantially as an entirety
    to any other body corporate, trust, partnership, limited liability company or other entity, any Warrantholder who has not
    exercised its right of acquisition prior to the effective date of such reclassification, capital reorganization, consolidation,
    amalgamation, arrangement or merger, sale or conveyance, upon the exercise of such right thereafter, shall be entitled to
    receive upon payment of the Exercise Price and shall accept, in lieu of the number of Subordinate Voting Shares that prior
    to such effective date the Warrantholder would have been entitled to receive, the number of shares or other securities or
    property of the Corporation or of the body corporate, trust, partnership, limited liability company or other entity resulting
    from such merger, amalgamation or consolidation, or to which such sale or conveyance may be made, as the case may be, that
    such Warrantholder would have been entitled to receive on such reclassification, capital reorganization, consolidation, amalgamation,
    arrangement or merger, sale or conveyance, if, on the effective date thereof, as the case may be, the Warrantholder had been
    the registered holder of the number of Subordinate Voting Shares to which prior to such effective date it was entitled to
    acquire upon the exercise of the Warrants. If determined appropriate by the Warrant Agent, relying on advice of Counsel, to
    give effect to or to evidence the provisions of this Section 4.1(d), the Corporation, its successor, or such purchasing body
    corporate, partnership, limited liability company, trust or other entity, as the case may be, shall, prior to or contemporaneously
    with any such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance,
    enter into an indenture which shall provide, to the extent possible, for the application of the provisions set forth in this
    Indenture with respect to the rights and interests thereafter of the Warrantholders to the end that the provisions set forth
    in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any
    shares, other securities or property to which a Warrantholder is entitled on the exercise of its acquisition rights thereafter.
    Any indenture entered into between the Corporation and the Warrant Agent pursuant to the provisions of this Section 4.1(d)
    shall be a supplemental indenture entered into pursuant to the provisions of Article 8 hereof. Any indenture entered into
    between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership, limited liability
    company, trust or other entity and the Warrant Agent shall provide for adjustments which shall be as nearly equivalent as
    may be practicable to the adjustments provided in this Section 4.1 and which shall apply to successive reclassifications,
    capital reorganizations, amalgamations, consolidations, mergers, sales or conveyances;
	 	 	 
	 	(e)	in
    any case in which this Section 4.1 shall require that an adjustment shall become effective immediately after a record date
    for an event referred to herein, the Corporation may defer, until the occurrence of such event, issuing to the Warrantholder
    of any Warrant exercised after the record date and prior to completion of such event the additional Subordinate Voting Shares
    issuable by reason of the adjustment required by such event before giving effect to such adjustment; provided, however, that
    the Corporation shall deliver to such Warrantholder an appropriate instrument evidencing such Warrantholder’s right
    to receive such additional Subordinate Voting Shares upon the occurrence of the event requiring such adjustment and the right
    to receive any distributions made on such additional Subordinate Voting Shares declared in favour of holders of record of
    Subordinate Voting Shares on and after the relevant date of exercise or such later date as such Warrantholder would, but for
    the provisions of this Section 4.1(e), have become the holder of record of such additional Subordinate Voting Shares pursuant
    to Section 4.1;
	 	 	 
	 	(f)	in
    any case in which Section 4.1(a)(iii), Section 4.1(b) or Section 4.1(c) require that an adjustment be made to the Exercise
    Price, no such adjustment shall be made if the Warrantholders of the outstanding Warrants receive, subject to any required
    stock exchange or regulatory approval, the rights or warrants referred to in Section 4.1(a)(iii), Section 4.1(b) or the shares,
    rights, options, warrants, evidences of indebtedness or assets referred to in Section 4.1(c), as the case may be, in such
    kind and number as they would have received if they had been holders of Subordinate Voting Shares on the applicable record
    date or effective date, as the case may be, by virtue of their outstanding Warrant having then been exercised into Subordinate
    Voting Shares at the Exercise Price in effect on the applicable record date or effective date, as the case may be;

 

    	 

    	- 28 -

    

	 	 	 
	 	(g)	the
    adjustments provided for in this Section 4.1 are cumulative, and shall, in the case of adjustments to the Exercise Price be
    computed to the nearest whole cent and shall apply to successive subdivisions, re-divisions, reductions, combinations, consolidations,
    distributions, issues or other events resulting in any adjustment under the provisions of this Section 4.1, provided that,
    notwithstanding any other provision of this Section, no adjustment of the Exercise Price shall be required unless such adjustment
    would require an increase or decrease of at least 1% in the Exercise Price then in effect and no change in the number of Subordinate
    Voting Shares issuable upon exercise of the Warrants shall be required unless such adjustment would require adjustment by
    at least one one-hundredth of a Subordinate Voting Share, as applicable; provided, however, that any adjustments that, by
    reason of this Section 4.1(g), are not required to be made shall be carried forward and taken into account in any subsequent
    adjustment; and
	 	 	 
	 	(h)	after
    any adjustment pursuant to this Section 4.1, the term “Subordinate Voting Shares” where used in this Indenture
    shall be interpreted to mean securities of any class or classes which, as a result of such adjustment and all prior adjustments
    pursuant to this Section 4.1, the Warrantholder is entitled to receive upon the exercise of his Warrant, and the number of
    Subordinate Voting Shares indicated by any exercise made pursuant to a Warrant shall be interpreted to mean the number of
    Subordinate Voting Shares or other property or securities a Warrantholder is entitled to receive, as a result of such adjustment
    and all prior adjustments pursuant to this Section 4.1, upon the full exercise of a Warrant.

 

	4.2	Entitlement
    to Subordinate Voting Shares on Exercise of Warrant.

 

All
Subordinate Voting Shares or shares of any class or other securities, which a Warrantholder is at the time in question entitled
to receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for
the purposes of the interpretation of this Indenture, be deemed to be Subordinate Voting Shares that such Warrantholder is entitled
to acquire pursuant to such Warrant.

 

	4.3	No
    Adjustment for Certain Transactions.

 

Notwithstanding
anything in this Article 4, no adjustment shall be made in the acquisition rights attached to the Warrants if the issue of Subordinate
Voting Shares is being made pursuant to this Indenture or in connection with: (a) any share incentive plan or restricted share
plan or share purchase plan in force from time to time for directors, officers, employees, consultants or other service providers
of the Corporation; (b) the satisfaction of existing instruments issued at the date hereof; or (c) payment of Dividends in the
ordinary course.

 

    	 

    	- 29 -

    

 

	4.4	Determination
    by Independent Firm.

 

In
the event of any question arising with respect to the adjustments provided for in this Article 4, such question shall be conclusively
determined by an independent firm of chartered professional accountants (other than the Auditors), who shall have access to all
necessary records of the Corporation, and such determination shall be binding upon the Corporation, the Warrant Agent, all holders
and all other persons interested therein.

 

	4.5	Proceedings
    Prior to any Action Requiring Adjustment.

 

As
a condition precedent to the taking of any action which would require an adjustment in any of the acquisition rights pursuant
to any of the Warrants, including the number of Subordinate Voting Shares which are to be received upon the exercise thereof,
the Corporation shall take any action which may, in the opinion of Counsel, be necessary in order that the Corporation has unissued
and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Subordinate
Voting Shares which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions
hereof.

 

	4.6	Certificate
    of Adjustment.

 

The
Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment
as provided in Section 4.1, deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring
the same and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method
of calculation and the facts upon which such calculation is based, which certificate shall be supported by a certificate of the
Corporation’s Auditors verifying such calculation. The Warrant Agent shall rely, and shall be protected in so doing, upon
the certificate of the Corporation or of the Corporation’s Auditor and any other document filed by the Corporation pursuant
to this Article 4 for all purposes.

 

	4.7	Notice
    of Special Matters.

 

The
Corporation covenants with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant
Agent and to the Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which
an adjustment may be required pursuant to Section 4.1. Such notice shall specify the particulars of such event and the record
date for such event, provided that the Corporation shall only be required to specify in the notice such particulars of the event
as shall have been fixed and determined on the date on which the notice is given. The Corporation shall use its reasonable commercial
efforts to give such notice not less than 14 days prior to such applicable record date. If notice has been given and the adjustment
is not then determinable, the Corporation shall promptly, after the adjustment is determinable, file with the Warrant Agent a
computation of the adjustment and give notice to the Warrantholders of such adjustment computation.

 

	4.8	No
    Action after Notice.

 

The
Corporation covenants with the Warrant Agent that it will not close its transfer books or take any other corporate action which
would deprive the Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of
14 days after the giving of the certificate or notices set forth in Section 4.6 and Section 4.7.

 

    	 

    	- 30 -

    

 

	4.9	Other
    Action.

 

If
the Corporation, after the date hereof, shall take any action affecting the Subordinate Voting Shares (other than action described
in Section 4.1), which in the reasonable opinion of the directors of the Corporation, would materially affect the rights of Warrantholders,
the Exercise Price and/or the Exchange Rate, the number of Subordinate Voting Shares which may be acquired upon exercise of the
Warrants shall be adjusted in such manner and at such time, by action of the directors, acting reasonably and in good faith, in
their sole discretion, as they may determine to be equitable to the Warrantholders in the circumstances, provided that no such
adjustment will be made unless any requisite prior approval of any stock exchange on which the Subordinate Voting Shares are listed
for trading has been obtained.

 

	4.10	Protection
    of Warrant Agent.

 

The
Warrant Agent shall not:

 

	 	(a)	at
    any time be under any duty or responsibility to any Warrantholder to determine whether any facts exist which may require any
    adjustment contemplated by Section 4.1, or with respect to the nature or extent of any such adjustment when made, or with
    respect to the method employed in making the same;
	 	 	 
	 	(b)	be
    accountable with respect to the validity or value (or the kind or amount) of any Subordinate Voting Shares or of any other
    securities or property which may, at any time, be issued or delivered upon the exercise of the rights attaching to any Warrant;
	 	 	 
	 	(c)	be
    responsible for any failure of the Corporation to issue, transfer or deliver Subordinate Voting Shares or certificates for
    the same upon the surrender of any Warrants for the purpose of the exercise of such rights or to comply with any of the covenants
    contained in this Article; and
	 	 	 
	 	(d)	incur
    any liability or be in any way responsible for the consequences of any breach on the part of the Corporation of any of the
    representations, warranties or covenants herein contained or of any acts of the directors, officers, employees, agents or
    servants of the Corporation.

 

	4.11	Participation
    by Warrantholder.

 

No
adjustments shall be made pursuant to this Article 4 if the Warrantholders are entitled to participate in any event described
in this Article 4 on the same terms, mutatis mutandis, as if the Warrantholders had exercised their Warrants prior to, or on the
effective date or record date of, such event.

 

    	 

    	- 31 -

    

 

Article
5

RIGHTS
OF THE CORPORATION AND COVENANTS

 

	5.1	Optional
    Purchases by the Corporation.

 

Subject
to compliance with applicable securities legislation and approval of applicable regulatory authorities, if any, the Corporation
may, from time to time purchase, by private contract or otherwise any of the Warrants with the consent of the holders of such
Warrants. Any such purchase shall be made at the lowest price or prices at which, in the opinion of the directors, such Warrants
are then obtainable, plus reasonable costs of purchase, and may be made in such manner, from such persons and on such other terms
as the Corporation, in its sole discretion, may determine. In the case of Certificated Warrants, Warrant Certificates representing
the Warrants purchased pursuant to this Section 5.1 shall forthwith be delivered to and cancelled by the Warrant Agent and reflected
accordingly on the register of Warrants. In the case of Uncertificated Warrants, the Warrants purchased pursuant to this Section
5.1 shall be reflected accordingly on the register of Warrants and in accordance with procedures prescribed by the Depository
under the book entry registration system or, with respect to Uncertificated Warrants represented by a DRS Advice, reflected on
the register of Warrants and in accordance with the procedures of the Warrant Agent for its DRS. No Warrants shall be issued in
replacement thereof.

 

	5.2	General
    Covenants.

 

The
Corporation covenants with the Warrant Agent that, so long as any Warrants remain outstanding:

 

	 	(a)	it
    will reserve and keep available a sufficient number of Subordinate Voting Shares for the purpose of enabling it to satisfy
    its obligations to issue Subordinate Voting Shares upon the exercise of the Warrants;
	 	 	 
	 	(b)	it
    will cause the Subordinate Voting Shares from time to time acquired pursuant to the exercise of the Warrants to be duly issued
    and delivered in accordance with the Warrants and the terms hereof;
	 	 	 
	 	(c)	all
    Subordinate Voting Shares which shall be issued upon exercise of the right to acquire provided for herein shall be fully paid
    and non-assessable;
	 	 	 
	 	(d)	it
    will use reasonable commercial efforts to maintain its existence and carry on its business in the ordinary course;
	 	 	 
	 	(e)	it
    will use reasonable commercial efforts to ensure that all Subordinate Voting Shares outstanding or issuable from time to time
    (including without limitation the Subordinate Voting Shares issuable on the exercise of the Warrants) continue to be or are
    listed and posted for trading on the CSE (or such other stock exchange acceptable to the Corporation), provided that this
    clause shall not be construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement,
    takeover bid or merger that would result in the Subordinate Voting Shares ceasing to be listed and posted for trading on the
    CSE, so long as the holders of Subordinate Voting Shares receive securities of an entity that is listed on a stock exchange
    in Canada or the United States, or cash, or the holders of the Subordinate Voting Shares have approved the transaction in
    accordance with the requirements of applicable corporate and securities laws and the policies of the CSE or other stock exchange
    on which the Subordinate Voting Shares are trading;
	 	 	 

    	 

    	- 32 -

    

 

	 	(f)	it
    will make all requisite filings under applicable Canadian securities legislation including those necessary to remain a reporting
    issuer not in default in each of the provinces and other Canadian jurisdictions where it is or becomes a reporting issuer
    for a period of 24 months after the Effective Date, provided that this clause shall not be construed as limiting or restricting
    the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or merger that would result in the
    Subordinate Voting Shares ceasing to be listed and posted for trading on the CSE (or such other Canadian stock exchange acceptable
    to the Corporation), so long as the holders of Subordinate Voting Shares receive securities of an entity that is listed on
    a stock exchange in Canada or the United States, or cash, or the holders of the Subordinate Voting Shares have approved the
    transaction in accordance with the requirements of applicable corporate and securities laws and the policies of the CSE or
    other Canadian stock exchange on which the Subordinate Voting Shares are trading;
	 	 	 
	 	(g)	the
    Corporation will promptly notify the Warrant Agent and the Warrantholders in writing of any default under the terms of this
    Warrant Indenture which remains unrectified for more than ten days following its occurrence;
	 	 	 
	 	(h)	the
    Corporation will generally perform and carry out all of the acts or things to be done by it as provided in this Warrant Indenture.

 

	5.3	Warrant
    Agent’s Remuneration and Expenses.

 

The
Corporation covenants that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder
and will pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred
or made by the Warrant Agent in the administration or execution of the duties hereby created (including the reasonable compensation
and the disbursements of its Counsel and all other advisers and assistants not regularly in its employ) both before any default
hereunder and thereafter until all duties of the Warrant Agent hereunder shall be finally and fully performed. Any amount owing
hereunder and remaining unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the
Warrant Agent against unpaid invoices and shall be payable upon demand. This Section shall survive the resignation or removal
of the Warrant Agent and/or the termination of this Indenture.

 

	5.4	Performance
    of Covenants by Warrant Agent.

 

If
the Corporation fails to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Warrantholders
of such failure on the part of the Corporation and may itself perform any of the covenants capable of being performed by it but,
subject to Section 9.2, shall be under no obligation to perform said covenants or to notify the Warrantholders of such performance
by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3. No such performance,
expenditure or advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of its continuing obligations
under the covenants herein contained.

 

	5.5	Enforceability
    of Warrants.

 

The
Corporation covenants and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the
Warrants, when issued and Authenticated as herein provided, will be valid and enforceable against the Corporation in accordance
with the provisions hereof and the terms hereof and that, subject to the provisions of this Indenture, the Corporation will cause
the Subordinate Voting Shares from time to time acquired upon exercise of Warrants issued under this Indenture to be duly issued
and delivered in accordance with the terms of this Indenture.

 

    	 

    	- 33 -

    

 

Article
6

ENFORCEMENT

 

	6.1	Suits
    by Warrantholders.

 

All
or any of the rights conferred upon any Warrantholder by any of the terms of this Indenture may be enforced by the Warrantholder
by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its
own name to enforce each and all of the provisions herein contained for the benefit of the Warrantholders.

 

	6.2	Suits
    by the Corporation.

 

The
Corporation shall have the right to enforce full payment of the Exercise Price of all Subordinate Voting Shares issued by the
Warrant Agent to a Warrantholder hereunder and shall be entitled to demand such payment from the Warrantholder or alternatively
to instruct the Warrant Agent to cancel the share certificates and amend the securities register accordingly.

 

	6.3	Immunity
    of Shareholders, etc.

 

The
Warrant Agent and the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in
any jurisdiction against any incorporator or any past, present or future shareholder, trustee, director, officer, employee or
agent of the Corporation or any successor entity on any covenant, agreement, representation or warranty by the Corporation herein.

 

	6.4	Waiver
    of Default.

 

Upon
the happening of any default hereunder:

 

	 	(a)	the
    holders of not less than 51% of the Warrants then outstanding shall have power (in addition to the powers exercisable by Extraordinary
    Resolution) by requisition in writing to instruct the Warrant Agent to waive any default hereunder and the Warrant Agent shall
    thereupon waive the default upon such terms and conditions as shall be prescribed in such requisition; or
	 	 	 
	 	(b)	the
    Warrant Agent shall have power to waive any default hereunder upon such terms and conditions as the Warrant Agent may deem
    advisable, on the advice of Counsel, if, in the Warrant Agent’s opinion, based on the advice of Counsel, the same shall
    have been cured or adequate provision made therefor;

 

provided
that no delay or omission of the Warrant Agent or of the Warrantholders to exercise any right or power accruing upon any default
shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided
further that no act or omission either of the Warrant Agent or of the Warrantholders in the premises shall extend to or be taken
in any manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.

 

    	 

    	- 34 -

    

 

Article
7

MEETINGS
OF WARRANTHOLDERS

 

	7.1	Right
    to Convene Meetings.

 

The
Warrant Agent may, at any time and from time to time, and shall on receipt of a written request of the Corporation or of a Warrantholders’
Request and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Warrantholders signing
such Warrantholders’ Request against the costs which may be incurred in connection with the calling and holding of such
meeting, convene a meeting of the Warrantholders. If the Warrant Agent fails to so call a meeting within seven days after receipt
of such written request of the Corporation or such Warrantholders’ Request and the indemnity and funding given as aforesaid,
the Corporation or such Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the
City of Vancouver, British Columbia or at such other place as may be mutually approved or determined by the Warrant Agent and
the Corporation.

 

	7.2	Notice.

 

At
least 21 days’ prior written notice of any meeting of Warrantholders shall be given to the Warrantholders in the manner
provided for in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been
called by the Warrant Agent) and to the Corporation (unless the meeting has been called by the Corporation). Such notice shall
state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be
transacted thereat and shall contain such information as is reasonably necessary to enable the Warrantholders to make a reasoned
decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed
or any of the provisions of this Section 7.2.

 

	7.3	Chairman.

 

An
individual (who need not be a Warrantholder) designated in writing by the Warrant Agent and the Corporation shall be chairman
of the meeting and, if no individual is so designated, or if the individual so designated is not present within fifteen minutes
from the time fixed for the holding of the meeting, the Warrantholders present in person or by proxy shall choose an individual
present to be chairman.

 

	7.4	Quorum.

 

Subject
to the provisions of Section 7.11, at any meeting of the Warrantholders a quorum shall consist of Warrantholder(s) present in
person or by proxy holding at least 10% of the aggregate of all the then outstanding Warrants. If a quorum of the Warrantholders
shall not be present within thirty minutes from the time fixed for holding any meeting, the meeting, if summoned by Warrantholders
or on a Warrantholders’ Request, shall be dissolved; but in any other case the meeting shall be adjourned to the same day
in the next week (unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day)
at the same time and place and no notice of the adjournment need be given. Any business may be brought before or dealt with at
an adjourned meeting which might have been dealt with at the original meeting in accordance with the notice calling the same.
No business shall be transacted at any meeting unless a quorum be present at the commencement of business. At the adjourned meeting
the Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally
convened, notwithstanding that they may not hold at least 10% of all the then outstanding Warrants.

 

    	 

    	- 35 -

    

 

	7.5	Power
    to Adjourn.

 

The
chairman of any meeting at which a quorum of the Warrantholders is present may, with the consent of the meeting, adjourn any such
meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

 

	7.6	Show
    of Hands.

 

Every
question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands, except
that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll
is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or
by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact.

 

	7.7	Poll
    and Voting.

 

	 	(a)	On
    every Extraordinary Resolution, and on any other question submitted to a meeting and after a vote by show of hands when demanded
    by the chairman or by one or more of the Warrantholders acting in person or by proxy and holding in the aggregate at least
    5% of all the Warrants then outstanding, a poll shall be taken in such manner as the chairman shall direct. Questions other
    than those required to be determined by Extraordinary Resolution shall be decided by a majority of the votes cast on the poll.
	 	 	 
	 	(b)	On
    a show of hands, every person who is present and entitled to vote, whether as a Warrantholder or as proxy for one or more
    absent Warrantholders, or both, shall have one vote. On a poll, each Warrantholder present in person or represented by a proxy
    duly appointed by instrument in writing shall be entitled to one vote in respect of each Warrant then held or represented
    by it. A proxy need not be a Warrantholder. The chairman of any meeting shall be entitled, both on a show of hands and on
    a poll, to vote in respect of the Warrants, if any, held or represented by him.

 

	7.8	Regulations.

 

	 	(a)	The
    Warrant Agent, or the Corporation with the approval of the Warrant Agent, may from time to time make and from time to time
    vary such regulations as it shall think fit for the setting of the record date for a meeting for the purpose of determining
    Warrantholders entitled to receive notice of and to vote at the meeting.
	 	 	 
	 	(b)	Any
    regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be
    counted. Save as such regulations may provide, the only persons who shall be recognized at any meeting as a Warrantholder,
    or be entitled to vote or be present at the meeting in respect thereof (subject to Section 7.9), shall be Warrantholders or
    proxies of Warrantholders.

 

    	 

    	- 36 -

    

 

	7.9	Corporation
    and Warrant Agent May be Represented.

 

The
Corporation and the Warrant Agent, by their respective directors, officers, agents, and employees and the Counsel for the Corporation
and for the Warrant Agent may attend any meeting of the Warrantholders.

 

	7.10	Powers
    Exercisable by Extraordinary Resolution.

 

In
addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Warrantholders at a
meeting shall, subject to the provisions of Section 7.11, have the power exercisable from time to time by Extraordinary Resolution:

 

	 	(a)	to
    agree to any modification, abrogation, alteration, compromise or arrangement of the rights of Warrantholders or the Warrant
    Agent in its capacity as warrant agent hereunder (subject to the Warrant Agent’s prior consent, acting reasonably) or
    on behalf of the Warrantholders against the Corporation whether such rights arise under this Indenture or otherwise;
	 	 	 
	 	(b)	to
    amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Warrantholders;
	 	 	 
	 	(c)	to
    direct or to authorize the Warrant Agent, subject to Section 9.2(b) hereof, to enforce any of the covenants on the part of
    the Corporation contained in this Indenture or to enforce any of the rights of the Warrantholders in any manner specified
    in such Extraordinary Resolution or to refrain from enforcing any such covenant or right;
	 	 	 
	 	(d)	to
    waive, and to direct the Warrant Agent to waive, any default on the part of the Corporation in complying with any provisions
    of this Indenture either unconditionally or upon any conditions specified in such Extraordinary Resolution;
	 	 	 
	 	(e)	to
    restrain any Warrantholder from taking or instituting any suit, action or proceeding against the Corporation for the enforcement
    of any of the covenants on the part of the Corporation in this Indenture or to enforce any of the rights of the Warrantholders;
	 	 	 
	 	(f)	to
    direct any Warrantholder who, as such, has brought any suit, action or proceeding to stay or to discontinue or otherwise to
    deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such Warrantholder
    in connection therewith;
	 	 	 
	 	(g)	to
    assent to any change in or omission from the provisions contained in this Indenture or any ancillary or supplemental instrument
    which may be agreed to by the Corporation, and to authorize the Warrant Agent to concur in and execute any ancillary or supplemental
    indenture embodying the change or omission;
	 	 	 
	 	(h)	with
    the consent of the Corporation, such consent not to be unreasonably withheld, to remove the Warrant Agent or its successor
    in office and to appoint a new warrant agent or warrant agents to take the place of the Warrant Agent so removed; and
	 	 	 
	 	(i)	to
    assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured
    or otherwise, and with holders of any shares or other securities of the Corporation.

 

    	 

    	- 37 -

    

 

	7.11	Meaning
    of Extraordinary Resolution.

 

	 	(a)	The
    expression “Extraordinary Resolution” when used in this Indenture means, subject as hereinafter provided in this
    Section 7.11 and in Section 7.14, a resolution: (i) proposed at a meeting of Warrantholders duly convened for that purpose
    and held in accordance with the provisions of this Article 7 at which there are present in person or by proxy Warrantholders
    holding at least 10% of the aggregate number of then outstanding Warrants and passed by the affirmative votes of Warrantholders
    holding not less than 66 2/3% of the aggregate number of then outstanding Warrants at the meeting and voted on the poll upon
    such resolution; or (ii) in writing signed by the holders of at least 66 2/3% of the then outstanding Warrants on any matter
    that would otherwise be voted upon at a meeting called to approve such resolution as contemplated in Section 7.11(a)(i).
	 	 	 
	 	(b)	If,
    at the meeting at which an Extraordinary Resolution is to be considered, Warrantholders holding at least 10% of the aggregate
    number of then outstanding Warrants are not present in person or by proxy within 30 minutes after the time appointed for the
    meeting, then the meeting, if convened by Warrantholders or on a Warrantholders’ Request, shall be dissolved, but, in
    any other case, it shall stand adjourned to such day, being not less than 15 or more than 60 days later, and to such place
    and time as may be appointed by the chairman. Not less than 14 days’ prior notice shall be given of the time and place
    of such adjourned meeting in the manner provided for in Section 10.2. Such notice shall state that at the adjourned meeting
    the Warrantholders present in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes
    for which the meeting was originally called or any other particulars. At the adjourned meeting the Warrantholders present
    in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened, and
    a resolution proposed at such adjourned meeting and passed by the requisite vote as provided in Section 7.11(a) shall be an
    Extraordinary Resolution within the meaning of this Indenture, notwithstanding that Warrantholders holding at least 10% of
    the aggregate number of then outstanding Warrants are not present in person or by proxy at such adjourned meeting.
	 	 	 
	 	(c)	Subject
    to Section 7.14, votes on an Extraordinary Resolution shall always be given on a poll, and no demand for a poll on an Extraordinary
    Resolution shall be necessary.

 

	7.12	Powers
    Cumulative.

 

Any
one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Warrantholders by
Extraordinary Resolution or otherwise may be exercised from time to time, and the exercise of any one or more of such powers or
any combination of powers from time to time shall not be deemed to exhaust the right of the Warrantholders to exercise such power
or powers or combination of powers then or thereafter from time to time.

 

    	 

    	- 38 -

    

 

	7.13	Minutes.

 

Minutes
of all resolutions and proceedings at every meeting of Warrantholders shall be made and duly entered in books to be provided from
time to time for that purpose by the Warrant Agent at the expense of the Corporation, and any such minutes as aforesaid, if signed
by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings had shall be prima facie
evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of
which minutes shall have been made shall be deemed to have been duly convened and held, and all resolutions passed thereat or
proceedings taken shall be deemed to have been duly passed and taken.

 

	7.14	Instruments
    in Writing.

 

All
actions that may be taken and all powers that may be exercised by the Warrantholders at a meeting held as provided in this Article
7 may also be taken and exercised by Warrantholders holding not less than 66 2/3% of the aggregate number of all of the then outstanding
Warrants by an instrument in writing signed in one or more counterparts by such Warrantholders in person or by attorney duly appointed
in writing, and the expression “Extraordinary Resolution” when used in this Indenture shall include an instrument
so signed.

 

	7.15	Binding
    Effect of Resolutions.

 

Every
resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of Warrantholders
shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing
signed by Warrantholders in accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories thereto
or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall
be bound to give effect accordingly to every such resolution and instrument in writing.

 

	7.16	Holdings
    by Corporation Disregarded.

 

In
determining whether Warrantholders holding Warrants evidencing the required number of Warrants are present at a meeting of Warrantholders
for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution, Warrantholders’
Request or other action under this Indenture, Warrants owned legally or beneficially by the Corporation shall be disregarded in
accordance with the provisions of Section 10.7.

 

    	 

    	- 39 -

    

 

Article
8

SUPPLEMENTAL
INDENTURES

 

	8.1	Provision
    for Supplemental Indentures for Certain Purposes.

 

From
time to time, the Corporation (when authorized by action of the directors) and the Warrant Agent may, subject to CSE approval
(if required) and the provisions hereof, and they shall, when so directed in accordance with the provisions hereof, execute and
deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for
any one or more or all of the following purposes:

 

	 	(a)	setting
    forth any adjustments resulting from the application of the provisions of Article 4;
	 	 	 
	 	(b)	adding
    to the provisions hereof such additional covenants and enforcement provisions as, in the opinion of Counsel, are necessary
    or advisable in the premises, provided that the same are not in the opinion of the Warrant Agent, relying on the advice of
    Counsel, prejudicial to the interests of the Warrantholders;
	 	 	 
	 	(c)	giving
    effect to any Extraordinary Resolution passed as provided in Section 7.11;
	 	 	 
	 	(d)	making
    such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions
    arising hereunder or for the purpose of obtaining a listing or quotation of the Warrants on any stock exchange, provided that
    such provisions are not, in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests
    of the Warrantholders;
	 	 	 
	 	(e)	adding
    to or altering the provisions hereof in respect of the transfer of Warrants, making provision for the exchange of Warrants,
    and making any modification in the form of the Warrant Certificates which does not affect the substance thereof;
	 	 	 
	 	(f)	modifying
    any of the provisions of this Indenture, including relieving the Corporation from any of the obligations, conditions or restrictions
    herein contained, provided that such modification or relief shall be or become operative or effective only if, in the opinion
    of the Warrant Agent, relying on the advice of Counsel, such modification or relief in no way prejudices any of the rights
    of the Warrantholders or of the Warrant Agent, and provided further that the Warrant Agent may in its sole discretion decline
    to enter into any such supplemental indenture which in its opinion may not afford adequate protection to the Warrant Agent
    when the same shall become operative;
	 	 	 
	 	(g)	providing
    for the issuance of additional Warrants hereunder, including Warrants in excess of the number set out in Section 2.1 and any
    consequential amendments hereto as may be required by the Warrant Agent relying on the advice of Counsel; and
	 	 	 
	 	(h)	for
    any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities,
    defective or inconsistent provisions, errors, mistakes or omissions herein, provided that in the opinion of the Warrant Agent,
    relying on the advice of Counsel, the rights of the Warrant Agent and of the Warrantholders are in no way prejudiced thereby.

 

	8.2	Successor
    Entities.

 

In
the case of the consolidation, amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as
an entirety or substantially as an entirety to or with another entity (“successor entity”), the successor entity
resulting from such consolidation, amalgamation, arrangement, merger or transfer (if not the Corporation) shall expressly assume,
by supplemental indenture satisfactory in form to the Warrant Agent acting reasonably and executed and delivered to the Warrant
Agent, the due and punctual performance and observance of each and every covenant and condition of this Indenture to be performed
and observed by the Corporation.

 

    	 

    	- 40 -

    

 

Article
9

CONCERNING
THE WARRANT AGENT

 

	9.1	Indenture
    Legislation.

 

	 	(a)	If
    and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable
    Legislation, such mandatory requirement shall prevail.
	 	 	 
	 	(b)	The
    Corporation and the Warrant Agent agree that each will, at all times in relation to this Indenture and any action to be taken
    hereunder, observe and comply with and be entitled to the benefits of Applicable Legislation.

 

	9.2	Rights
    and Duties of Warrant Agent.

 

	 	(a)	In
    the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Warrant Agent shall act
    honestly and in good faith and exercise that degree of care, diligence and skill that a reasonably prudent warrant agent would
    exercise in comparable circumstances. No provision of this Indenture shall be construed to relieve the Warrant Agent from
    liability for its own grossly negligent action, willful misconduct, bad faith or fraud.
	 	 	 
	 	(b)	The
    obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose of enforcing any rights
    of the Warrant Agent or the Warrantholders hereunder shall be conditional upon the Warrantholders furnishing, when required
    by notice by the Warrant Agent, sufficient funds to commence or to continue such act, action or proceeding and an indemnity
    reasonably satisfactory to the Warrant Agent to protect and to hold harmless the Warrant Agent and its officers, directors,
    employees and agents, against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage
    it may suffer by reason thereof. None of the provisions contained in this Indenture shall require the Warrant Agent to expend
    or to risk its own funds or otherwise to incur financial liability in the performance of any of its duties or in the exercise
    of any of its rights or powers unless indemnified and funded as aforesaid.
	 	 	 
	 	(c)	The
    Warrant Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require
    the Warrantholders, at whose instance it is acting to deposit with the Warrant Agent the Warrant Certificates held by them,
    for which Warrants the Warrant Agent shall issue receipts.
	 	 	 
	 	(d)	Every
    provision of this Indenture that, by its terms, relieves the Warrant Agent of liability or entitles it to rely upon any evidence
    submitted to it is subject to the provisions of Applicable Legislation.

 

	9.3	Evidence,
    Experts and Advisers.

 

	 	(a)	In
    addition to the reports, certificates, opinions and other evidence required by this Indenture, the Corporation shall furnish
    to the Warrant Agent such additional evidence of compliance with any provision hereof, and in such form, as may be prescribed
    by Applicable Legislation or as the Warrant Agent may reasonably require by written notice to the Corporation.
	 	 	 

    	 

    	- 41 -

    

 

	 	(b)	In
    the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in good faith, rely as to the truth
    of the statements and the accuracy of the opinions expressed in statutory declarations, opinions, reports, written requests,
    consents, or orders of the Corporation, certificates of the Corporation or other evidence furnished to the Warrant Agent pursuant
    to a request of the Warrant Agent, provided that such evidence complies with Applicable Legislation and that the Warrant Agent
    complies with Applicable Legislation and that the Warrant Agent examines the same and determines that such evidence complies
    with the applicable requirements of this Indenture.
	 	 	 
	 	(c)	Whenever
    it is provided in this Indenture or under Applicable Legislation that the Corporation shall deposit with the Warrant Agent
    resolutions, certificates, reports, opinions, requests, orders or other documents, it is intended that the truth, accuracy
    and good faith on the effective date thereof and the facts and opinions stated in all such documents so deposited shall, in
    each and every such case, be conditions precedent to the right of the Corporation to have the Warrant Agent take the action
    to be based thereon.
	 	 	 
	 	(d)	The
    Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or advisers as it may reasonably
    require for the purpose of discharging its duties hereunder and may pay reasonable remuneration for all services so performed
    by any of them, without taxation of costs of any Counsel, and shall not be responsible for any misconduct or gross negligence
    on the part of any such experts or advisers who have been appointed with due care by the Warrant Agent.
	 	 	 
	 	(e)	The
    Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information
    obtained from any Counsel, accountant, appraiser, engineer or other expert or adviser, whether retained or employed by the
    Corporation or by the Warrant Agent, in relation to any matter arising in the administration of the agency hereof.

 

	9.4	Documents,
    Monies, etc. Held by Warrant Agent.

 

	 	(a)	Any
    monies, securities, documents of title or other instruments that may at any time be held by the Warrant Agent shall be placed
    in the deposit vaults of the Warrant Agent or of any Canadian chartered bank listed in Schedule I of the Bank Act (Canada),
    or deposited for safekeeping with any such bank. Any monies held pending the application or withdrawal thereof under any provisions
    of this Indenture, shall be held, invested and reinvested in “Permitted Investments” as directed in writing by
    the Corporation. “Permitted Investments” shall be treasury bills guaranteed by the Government of Canada having
    a term to maturity not to exceed ninety (90) days, or term deposits or bankers’ acceptances of a Canadian chartered
    bank having a term to maturity not to exceed ninety (90) days, or such other investments that is in accordance with the Warrant
    Agent’s standard type of investments. Unless otherwise specifically provided herein, all interest or other income received
    by the Warrant Agent in respect of such deposits and investments shall belong to the Corporation.
	 	 	 

    	 

    	- 42 -

    

 

	 	(b)	Any
    written direction for the investment or release of funds received shall be received by the Warrant Agent by 9:00 a.m. (Vancouver
    Time) on the Business Day on which such investment or release is to be made, failing which such direction will be handled
    on a commercially reasonable efforts basis and may result in funds being invested or released on the next Business Day.
	 	 	 
	 	(c)	The
    Warrant Agent shall have no responsibility or liability for any diminution of any funds resulting from any investment made
    in accordance with this Indenture, including any losses on any investment liquidated prior to maturity in order to make a
    payment required hereunder.
	 	 	 
	 	(d)	In
    the event that the Warrant Agent does not receive a direction or only a partial direction, the Warrant Agent may hold cash
    balances constituting part or all of such monies and may, but need not, invest same in its deposit department, the deposit
    department of one of its affiliates, or the deposit department of a Canadian chartered bank; but the Warrant Agent, its affiliates
    or a Canadian chartered bank shall not be liable to account for any profit to any parties to this Indenture or to any other
    person or entity.

 

	9.5	Actions
    by Warrant Agent to Protect Interest.

 

The
Warrant Agent shall have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient
to preserve, protect or enforce its interests and the interests of the Warrantholders.

 

	9.6	Warrant
    Agent Not Required to Give Security.

 

The
Warrant Agent shall not be required to give any bond or security in respect of the execution of the agency and powers of this
Indenture or otherwise in respect of the premises.

 

	9.7	Protection
    of Warrant Agent.

 

By
way of supplement to the provisions of any law for the time being relating to the Warrant Agent, it is expressly declared and
agreed as follows:

 

	 	(a)	the
    Warrant Agent shall not be liable for or by reason of any statements of fact or recitals in this Indenture or in the Warrant
    Certificates (except the representation contained in Section 9.9 or in the Authentication of the Warrant Agent on the Warrant
    Certificates) or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by
    the Corporation;
	 	 	 
	 	(b)	nothing
    herein contained shall impose any obligation on the Warrant Agent to see to or to require evidence of the registration or
    filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental hereto;
	 	 	 
	 	(c)	the
    Warrant Agent shall not be bound to give notice to any person or persons of the execution hereof;
	 	 	 

    	 

    	- 43 -

    

 

	 	(d)	the
    Warrant Agent shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of
    any breach on the part of the Corporation of any of its covenants herein contained or of any acts of any directors, officers,
    employees, agents or servants of the Corporation;
	 	 	 
	 	(e)	the
    Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates, their officers, directors, employees,
    agents, successors and assigns (the “Indemnified Parties”) from and against any and all liabilities whatsoever,
    losses, damages, penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments, expenses
    and disbursements, including reasonable legal fees and disbursements of whatever kind and nature which may at any time be
    imposed on or incurred by or asserted against the Indemnified Parties, or any of them, whether at law or in equity, in any
    way caused by or arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced
    in or omitted in or about or in relation to the execution of the Indemnified Parties’ duties, or any other services
    that Warrant Agent may provide in connection with or in any way relating to this Indenture. The Corporation agrees that its
    liability hereunder shall be absolute and unconditional regardless of the correctness of any representations of any third
    parties and regardless of any liability of third parties to the Indemnified Parties, and shall accrue and become enforceable
    without prior demand or any other precedent action or proceeding; provided that, notwithstanding any other provision of this
    Indenture, the Corporation shall not be required to hold harmless or indemnify the Indemnified Parties in the event of the
    gross negligence, bad faith, willful misconduct or fraud of the Warrant Agent or any Indemnified Party, and this provision
    shall survive the resignation or removal of the Warrant Agent or the termination or discharge of this Indenture; and
	 	 	 
	 	(f)	notwithstanding
    the foregoing or any other provision of this Indenture, any liability of the Warrant Agent, other than arising as a result
    of the gross negligence, bad faith, willful misconduct or fraud of the Warrant Agent, shall be limited, in the aggregate,
    to the amount of annual retainer fees paid by the Corporation to the Warrant Agent under this Indenture in the twelve (12)
    months immediately prior to the Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision
    of this Indenture, and whether such losses or damages are foreseeable or unforeseeable, the Warrant Agent shall not be liable
    under any circumstances whatsoever for any (a) breach by any other party of securities law or other rule of any securities
    regulatory authority, (b) lost profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or punitive
    losses or damages.

 

    	 

    	- 44 -

    

 

	9.8	Replacement
    of Warrant Agent; Successor by Merger.

 

	 	(a)	The
    Warrant Agent may resign its agency and be discharged from all further duties and liabilities hereunder, subject to this Section
    9.8, by giving to the Corporation not less than 60 days’ prior notice in writing or such shorter prior notice as the
    Corporation may accept as sufficient. The Warrantholders by Extraordinary Resolution shall have power at any time to remove
    the existing Warrant Agent and to appoint a new warrant agent. In the event of the Warrant Agent resigning or being removed
    as aforesaid or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder,
    the Corporation shall forthwith appoint a new warrant agent unless a new warrant agent has already been appointed by the Warrantholders;
    failing such appointment by the Corporation, the retiring Warrant Agent or any Warrantholder may apply to a judge of the Province
    of British Columbia on such notice as such judge may direct, for the appointment of a new warrant agent; but any new warrant
    agent so appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Warrantholders. Any
    new warrant agent appointed under any provision of this Section 9.8 shall be an entity authorized to carry on the business
    of a trust company in the Province of British Columbia and, if required by the Applicable Legislation for any other provinces,
    in such other provinces. On any such appointment the new warrant agent shall be vested with the same powers, rights, duties
    and responsibilities as if it had been originally named herein as Warrant Agent hereunder.
	 	 	 
	 	(b)	Upon
    the appointment of a successor warrant agent, the Corporation shall promptly notify the Warrantholders thereof in the manner
    provided for in Section 10.2.
	 	 	 
	 	(c)	Any
    Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may be Authenticated by the successor
    Warrant Agent in the name of the predecessor or successor Warrant Agent.
	 	 	 
	 	(d)	Any
    corporation into which the Warrant Agent may be merged or consolidated or amalgamated or to which all or substantially all
    of its business is sold, or any corporation resulting therefrom to which the Warrant Agent shall be a party, or any corporation
    succeeding to substantially the corporate trust business of the Warrant Agent shall be the successor to the Warrant Agent
    hereunder without any further act on its part or any of the parties hereto, provided that such corporation would be eligible
    for appointment as successor Warrant Agent under Section 9.8(a).

 

	9.9	Conflict
    of Interest

 

The
Warrant Agent represents to the Corporation that at the time of execution and delivery hereof no material conflict of interest
exists between its role as a warrant agent hereunder and its role in any other capacity and agrees that in the event of a material
conflict of interest arising hereafter it will, within 60 days after ascertaining that it has such material conflict of interest,
either eliminate the same or assign its agency hereunder to a successor Warrant Agent approved by the Corporation and meeting
the requirements set forth in Section 9.8(a)). Notwithstanding the foregoing provisions of this Section 9.9, if any such material
conflict of interest exists or hereafter shall exist, the validity and enforceability of this Indenture and the Warrant Certificate
shall not be affected in any manner whatsoever by reason thereof.

 

	9.10	Acceptance
    of Agency

 

The
Warrant Agent hereby accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms
and conditions herein set forth.

 

    	 

    	- 45 -

    

 

	9.11	Warrant
    Agent Not to be Appointed Receiver.

 

The
Warrant Agent and any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator
of all or any part of the assets or undertaking of the Corporation.

 

	9.12	Authorization
    to Carry on Business

 

The
Warrant Agent represents to the Corporation that as at the date of the execution and delivery of this Indenture, it is duly authorized
and qualified to carry on the business of a trust company in the Province of British Columbia.

 

	9.13	Warrant
    Agent Not Required to Give Notice of Default.

 

The
Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred
on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required
to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify
the default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice the Warrant Agent
may for all purposes of this Indenture conclusively assume that no default has been made in the observance or performance of any
of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit
any discretion herein given to the Warrant Agent to determine whether or not the Warrant Agent shall take action with respect
to any default.

 

	9.14	Anti-Money
    Laundering.

 

	 	(a)	Each
    party to this Agreement (other than the Warrant Agent) hereby represents to the Warrant Agent that any account to be opened
    by, or interest to be held by, the Warrant Agent in connection with this Agreement, for or to the credit of such party, either:
    (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third
    party, in which case such party hereto agrees to complete and execute forthwith a declaration in the Warrant Agent’s
    prescribed form as to the particulars of such third party.
	 	 	 
	 	(b)	The
    Warrant Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information
    or for any other reason whatsoever, the Warrant Agent, in its sole judgment, determines that such act might cause it to be
    in non-compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation
    or guideline. Further, should the Warrant Agent, in its sole judgment, determine at any time that its acting under this Agreement
    has resulted in its being in non-compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions
    legislation, regulation or guideline, then it shall have the right to resign on ten (10) days written notice to the other
    parties to this Agreement, provided: (i) that the Warrant Agent’s written notice shall describe the circumstances of
    such non-compliance; and (ii) that if such circumstances are rectified to the Warrant Agent’s satisfaction within such
    ten (10) day period, then such resignation shall not be effective.

 

    	 

    	- 46 -

    

 

	9.15	Compliance
    with Privacy Code.

 

The
parties acknowledge that the Warrant Agent may, in the course of providing services hereunder, collect or receive financial and
other personal information about such parties and/or their representatives, as individuals, or about other individuals related
to the subject matter hereof, and use such information for the following purposes:

 

	 	(a)	to
    provide the services required under this Indenture and other services that may be requested from time to time;
	 	 	 
	 	(b)	to
    help the Warrant Agent manage its servicing relationships with such individuals;
	 	 	 
	 	(c)	to
    meet the Warrant Agent’s legal and regulatory requirements; and
	 	 	 
	 	(d)	if
    Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and to assist in verification of an
    individual’s identity for security purposes.

 

Each
party acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it
or acquired by it in the course of this Indenture for the purposes described above and, generally, in the manner and on the terms
described in its Privacy Code, which the Warrant Agent shall make available on its website or upon request, including revisions
thereto. The Warrant Agent may transfer personal information to other companies in or outside of Canada that provide data processing
and storage or other support in order to facilitate the services it provides.

 

Further,
each party agrees that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to
an individual who is not a party to this Indenture unless that party has assured itself that such individual understands and has
consented to the aforementioned uses and disclosures.

 

	9.16	Securities
    Exchange Commission Certification.

 

The
Corporation confirms that as at the date hereof it does not have a class of securities registered pursuant to Section 12 of the
U.S. Exchange Act or a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act.

 

The
Corporation covenants that in the event that (i) any class of its securities shall become registered pursuant to Section 12 of
the U.S. Exchange Act, (ii) the Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Exchange
Act, or (iii) any such registration or reporting obligation shall be terminated by the Corporation in accordance with the U.S.
Exchange Act, the Corporation shall promptly deliver to the Warrant Agent an officers’ certificate notifying the Warrant
Agent of such registration, reporting obligation or termination, and such other information as the Warrant Agent may reasonably
require at the time. The Corporation acknowledges that the Warrant Agent is relying upon the foregoing representation and covenants
in order to meet certain obligations of the Warrant Agent with respect to those clients of the Warrant Agent that are required
to file reports with the SEC under the U.S. Exchange Act.

 

    	 

    	- 47 -

    

 

Article
10

GENERAL

 

	10.1	Notice
    to the Corporation and the Warrant Agent.

 

	 	(a)	Unless
    herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant Agent shall be deemed
    to be validly given if delivered, sent by registered letter, postage prepaid or if emailed:

 

	 	(i)	If
    to the Corporation:
	 	 	 
	 	 	Harvest
    Health & Recreation Inc. 
	 	 	1155
    W. Rio Salado Parkway, Suite 201, 
	 	 	Tempe,
    AZ 85281 USA
	 	 	 	 
	 	 	Attention:	Leo
    Jaschke
	 	 	Email:	ljaschke@harvestinc.com
	 	 	 
	 	(ii)	If
    to the Warrant Agent:
	 	 	 
	 	 	Odyssey
    Trust Company
	 	 	323
    – 409 Granville Street
	 	 	Vancouver,
    British Columbia V6C 1T2
	 	 	 
	 	 	Attention:
    	Corporate
    Trust
	 	 	Email:	corptrust@odysseytrust.com

 

and
any such notice delivered in accordance with the foregoing shall be deemed to have been received and given on the date of delivery
or, if mailed, on the fifth Business Day following the date of mailing such notice or, if transmitted by electronic means, on
the next Business Day following the date of transmission.

 

	 	(b)	The
    Corporation or the Warrant Agent, as the case may be, may, from time to time, notify the other in the manner provided in Section
    10.1(a) of a change of address which, from the effective date of such notice and until changed by like notice, shall be the
    address of the Corporation or the Warrant Agent, as the case may be, for all purposes of this Indenture.
	 	 	 
	 	(c)	If,
    by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be
    given to the Warrant Agent or to the Corporation hereunder could reasonably be considered unlikely to reach its destination,
    such notice shall be valid and effective only if it is delivered to the named officer of the party to which it is addressed,
    as provided in Section 10.1(a), or given by email or other means of prepaid, transmitted and recorded communication.

 

    	 

    	- 48 -

    

 

	10.2	Notice
    to Warrantholders.

 

	 	(a)	Unless
    otherwise provided herein, notice to the Warrantholders under the provisions of this Indenture shall be valid and effective
    if delivered or sent by ordinary prepaid post addressed to such holders at their post office addresses appearing on the register
    hereinbefore mentioned and shall be deemed to have been effectively received and given on the date of delivery or, if mailed,
    on the third Business Day following the date of mailing such notice. In the event that Warrants are held in the name of the
    Depository, a copy of such notice shall also be sent by electronic communication to the Depository and shall be deemed received
    and given on the day it is so sent.
	 	 	 
	 	(b)	If,
    by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be
    given to the Warrantholders hereunder could reasonably be considered unlikely to reach its destination, such notice shall
    be valid and effective only if it is delivered to such Warrantholders to the address for such Warrantholders contained in
    the register maintained by the Warrant Agent or such notice may be given, at the Corporation’s expense, by means of
    publication in the Globe and Mail, National Edition, or any other English language daily newspaper or newspapers of general
    circulation in Canada, in each two successive weeks, the first such notice to be published within 5 Business Days of such
    event, and any so notice published shall be deemed to have been received and given on the latest date the publication takes
    place.
	 	 	 
	 	(c)	Accidental
    error or omission in giving notice or accidental failure to mail notice to any Warrantholder will not invalidate any action
    or proceeding founded thereon.

 

	10.3	Ownership
    of Warrants.

 

The
Corporation and the Warrant Agent may deem and treat the Warrantholders as the absolute owner thereof for all purposes, and the
Corporation and the Warrant Agent shall not be affected by any notice or knowledge to the contrary, except where the Corporation
or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. The receipt of any
such Warrantholder of the Subordinate Voting Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation
and the Warrant Agent for the same and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title
of any such holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court
of competent jurisdiction.

 

	10.4	Counterparts
    and Electronic Means.

 

This
Indenture may be executed in several counterparts, each of which when so executed shall be deemed to be an original, and such
counterparts together shall constitute one and the same instrument and, notwithstanding their date of execution, they shall be
deemed to be dated as of the date hereof. Delivery of an executed copy of this Indenture by facsimile, electronic transmission
or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of
this Indenture as of the date hereof.

  

	10.5	Satisfaction
    and Discharge of Indenture.

 

Upon
the earlier of:

 

	 	(a)	the
    date by which there shall have been delivered to the Warrant Agent for exercise or cancellation all Warrants theretofore Authenticated
    hereunder, in the case of Certificated Warrants (or such other instructions, in a form satisfactory to the Warrant Agent)
    or, in the case of Uncertificated Warrants, by way of standard processing through the book entry only system in the case of
    a CDS Global Warrant; and
	 	 	 
	 	(b)	the
    Expiry Time;

 

    	 

    	- 49 -

    

 

and
if all certificates or other entry on the register representing Subordinate Voting Shares required to be issued in compliance
with the provisions hereof have been issued and delivered hereunder or to the Warrant Agent in accordance with such provisions,
this Indenture shall cease to be of further effect, and the Warrant Agent, on demand of and at the cost and expense of the Corporation
and upon delivery to the Warrant Agent of a certificate of the Corporation stating that all conditions precedent to the satisfaction
and discharge of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging
this Indenture. Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall
remain in full force and effect and survive the termination of this Indenture.

 

	10.6	Provisions
    of Indenture and Warrants for the Sole Benefit of Parties and Warrantholders.

 

Nothing
in this Indenture or in the Warrants, expressed or implied, shall give or be construed to give to any person, other than the parties
hereto and the Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under
any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties
hereto and the Warrantholders.

 

	10.7	Warrants
    Owned by the Corporation - Certificate to be Provided.

 

For
the purpose of disregarding any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall
provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate:

 

	 	(a)	the
    names (other than the name of the Corporation) of the Warrantholders which, to the knowledge of the Corporation, are owned
    by or held for the account of the Corporation; and
	 	 	 
	 	(b)	the
    number of Warrants owned legally or beneficially by the Corporation;

 

and
the Warrant Agent, in making the computations in Section 7.16, shall be entitled to rely on such certificate without any additional
evidence.

 

	10.8	Severability

 

If,
in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited
or unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition
or unenforceability without (a) invalidating the remaining provisions of this Indenture, (b) affecting the validity or enforceability
of such provision in any other jurisdiction or (c) affecting its application to other parties or circumstances.

 

    	 

    	- 50 -

    

 

	10.9	Force
    Majeure

 

No
party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance
or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental
action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication
interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent
to the time lost because of any delay that is excusable under this Section.

 

	10.10	Assignment,
    Successors and Assigns

 

Neither
of the parties hereto may assign its rights or interest under this Indenture, except as provided in (a) Section 9.8 in the case
of the Warrant Agent or (b) Section 8.2 in the case of the Corporation. Subject thereto, this Indenture shall enure to the benefit
of and be binding upon the parties hereto and their respective successors and permitted assigns.

 

	10.11	Rights
    of Rescission and Withdrawal for Holders

 

Should
a holder of Warrants exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available
to it, and the holder’s funds which were paid on exercise have already been released to the Corporation by the Warrant Agent,
the Warrant Agent shall not be responsible for ensuring the exercise is cancelled and a refund is paid back to the holder. In
such cases, the holder shall seek a refund directly from the Corporation and subsequently, the Corporation, upon surrender to
the Corporation or the Warrant Agent of any underlying shares that may have been issued, or such other procedure as agreed to
by the parties hereto, shall instruct the Warrant Agent in writing, to cancel the exercise transaction and any such underlying
shares on the register, which may have already been issued upon the Warrant exercise. In the event that any payment is received
from the Corporation by virtue of the holder being a shareholder for such Warrants that were subsequently rescinded, such payment
must be returned to the Corporation by such holder. The Warrant Agent shall not be under any duty or obligation to take any steps
to ensure or enforce that the funds are returned pursuant to this section, nor shall the Warrant Agent be in any other way responsible
in the event that any payment is not delivered or received pursuant to this section. Notwithstanding the foregoing, in the event
that the Corporation provides the refund to the Warrant Agent for distribution to the holder, the Warrant Agent shall return such
funds to the holder as soon as reasonably practicable, and, in so doing, the Warrant Agent shall incur no liability with respect
to the delivery or non-delivery of any such funds.

 

[Signature
Page Follows]

 

    	 

    	- 51 -

    

 

IN
WITNESS WHEREOF the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as
of the date first written above.

 

 

	 	HARVEST
    HEALTH & RECREATION INC.
	 	 
	 	By:	/s/
    Steve White
	 	Name:	Steve
    White
	 	Title:	Chief
    Executive Officer  
	 	 	 
	 	By:	/s/
    Leo Jaschke
	 	Name:	Leo
    Jaschke
	 	Title:	Chief
    Financial Officer

 

	 	ODYSSEY
    TRUST COMPANY
	 	 
	 	By:	/s/
    Dan Sander
	 	Name:	Dan
    Sander
	 	Title:	VP,
    Corporate Trust
	 	 	 
	 	By:	/s/
    Gloria Gherasim
	 	Name:	Gloria
    Gherasim
	 	Title:	Director,
    Client Services

 

[Signature
Page to Warrant Indenture]

 

    	 	 	 

    	 	A-1	 

    

 

Schedule
“A”

 

FORM
OF WARRANT

 

THE
WARRANTS EVIDENCED HEREBY ARE EXERCISABLE ON OR BEFORE 5:00 P.M. (VANCOUVER TIME) ON JUNE 18, 2022 AFTER WHICH TIME THE WARRANTS
EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.

 

For
all Warrants issued outside the United States and to Original U.S. Warrantholders that are Qualified Institutional Buyers and
registered in the name of the Depository, also include the following legend:

 

(INSERT
IF BEING ISSUED TO CDS) UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY
SERVICES INC. (“CDS”) TO HARVEST HEALTH & RECREATION INC. (THE “ISSUER”) OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF
CDS & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST
IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN, AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER
OR DEAL WITH THIS CERTIFICATE.

 

For
Warrants originally issued for the benefit or account of a U.S. Warrantholder (other than an Original U.S. Warrantholder that
is a Qualified Institutional Buyer), and each Warrant Certificate issued in exchange therefor or in substitution thereof, also
include the following legends:

 

THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY ACQUIRING SUCH SECURITIES, AGREES, FOR THE BENEFIT OF HARVEST HEALTH &
RECREATION INC. (THE “CORPORATION”), THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
DIRECTLY OR INDIRECTLY, ONLY: (A) TO THE CORPORATION; (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION
S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; (C) IN COMPLIANCE WITH (1) RULE
144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE,
IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE
U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D)
ABOVE, A LEGAL OPINION FROM COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION MUST
FIRST BE PROVIDED. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON
STOCK EXCHANGES IN CANADA.

 

    	 	 	 

    	 	A-2	 

    

 

WARRANT

 

To
acquire Subordinate Voting Shares of

 

HARVEST
HEALTH & RECREATION INC.

 

(existing
under the laws of the Province of British Columbia)

 

	Warrant
    Certificate No. ________	Certificate
                                         for Warrants, each entitling the holder to acquire one (1) Subordinate Voting Share (subject
                                         to adjustment as provided for in the Warrant Indenture (as defined below)

         

        CUSIP
        [●]

         

        ISIN
        [●]

 

THIS
IS TO CERTIFY THAT, for value received,

 

 

 

(the
“Warrantholder”) is the registered holder of the number of subordinate voting purchase warrants (the “Warrants”)
of Harvest Health & Recreation Inc. (the “Corporation”) specified above and is entitled, on exercise of
these Warrants upon and subject to the terms and conditions set forth herein and in the Warrant Indenture, to purchase at any
time before 5:00 p.m. (Vancouver Time) (the “Expiry Time”) on the date that is three years after the Issue
Date (the “Expiry Date”) one fully paid and non-assessable subordinate voting share without par value in the
capital of the Corporation as constituted on the date hereof (a “Subordinate Voting Share”) for each Warrant,
subject to adjustment in accordance with the terms of the Warrant Indenture.

 

The
right to purchase Subordinate Voting Shares may only be exercised by the Warrantholder within the time set forth above by:

 

	 	(a)	duly
    completing and executing the exercise form (the “Exercise Form”) attached hereto; and
	 	 	 
	 	(b)	surrendering
    this warrant certificate (the “Warrant Certificate”), with the Exercise Form, to the Warrant Agent at the
    principal office of the Warrant Agent, in the city of Vancouver, British Columbia, together with a certified cheque, bank
    draft or money order in the lawful money of Canada payable to or to the order of the Corporation in an amount equal to the
    purchase price of the Subordinate Voting Shares so subscribed for.

 

The
surrender of this Warrant Certificate, the duly completed Exercise Form and payment as provided above will be deemed to have been
effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt thereof by,
the Warrant Agent at its principal office as set out above.

 

    	 	 	 

    	 	A-3	 

    

 

Subject
to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise
price payable for each Subordinate Voting Share upon the exercise of Warrants shall be CDN$3.66 per Subordinate Voting Share (the
“Exercise Price”).

 

Certificates
for the Subordinate Voting Shares subscribed for will be mailed to the persons specified in the Exercise Form at their respective
addresses specified therein or, if so specified in the Exercise Form, delivered to such persons at the office where this Warrant
Certificate is surrendered. If fewer Subordinate Voting Shares are purchased than the number that can be purchased pursuant to
this Warrant Certificate, the holder hereof will be entitled to receive without charge a new Warrant Certificate in respect of
the balance of the Subordinate Voting Shares not so purchased. No fractional Subordinate Voting Shares will be issued upon exercise
of any Warrant and no cash or other consideration will be paid in lieu of fractional Subordinate Voting Shares.

 

This
Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of a warrant indenture (which
indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant
Indenture”) dated as of December 20, 2019 between the Corporation and Odyssey Trust Company, as Warrant Agent, to which
Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant
Agent in respect thereof and the terms and conditions on which the Warrants are issued and held, all to the same effect as if
the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents. The
Corporation will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.

 

On
presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture
and on compliance with the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for
one or more Warrant Certificates representing the same number of Warrants as represented by the Warrant Certificate(s) so exchanged.

 

Neither
the Warrants nor the Subordinate Voting Shares issuable upon exercise hereof have been or will be registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state
of the United States. The Warrants may not be exercised by a person in the United States, a U.S. Person, a person exercising the
Warrants for the account or benefit of a U.S. Person or a person in the United States, or a person requesting delivery in the
United States of the Subordinate Voting Shares issuable upon such exercise unless (i) this Warrant and such Subordinate Voting
Shares have been registered under the U.S. Securities Act and the applicable laws of any such state, or (ii) an exemption or exclusion
from such registration requirements is available and the requirements set forth in the Exercise Form have been satisfied. Certificates
representing Subordinate Voting Shares issued to, or for the account or benefit of, persons in the United States or U.S. Persons
may bear a legend restricting the transfer and exercise of such securities under applicable United States federal and state securities
laws. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.

 

The
Warrant Indenture contains provisions for the adjustment of the Exercise Price payable for each Subordinate Voting Share upon
the exercise of Warrants and the number of Subordinate Voting Shares issuable upon the exercise of Warrants in the events and
in the manner set forth therein.

 

    	 	 	 

    	 	A-4	 

    

 

The
Warrant Indenture also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed
at meetings of holders of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing
signed by Warrantholders of Warrants entitled to purchase a specific majority of the Subordinate Voting Shares that can be purchased
pursuant to such Warrants.

 

Nothing
contained in this Warrant Certificate, the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof
any right or interest whatsoever as a holder of Subordinate Voting Shares or any other right or interest except as herein and
in the Warrant Indenture expressly provided. In the event of any discrepancy between anything contained in this Warrant Certificate
and the terms and conditions of the Warrant Indenture, the terms and conditions of the Warrant Indenture shall govern.

 

Warrants
may only be transferred in compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent
in Vancouver, British Columbia, or such other registrar as the Corporation, with the approval of the Warrant Agent, may appoint
at such other place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or
other registrar accompanied by a written instrument of transfer in form and execution satisfactory to the Warrant Agent or other
registrar and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as
the Warrant Agent or other registrar may prescribe and upon the transfer being duly noted thereon by the Warrant Agent or other
registrar. Time is of the essence hereof.

 

This
Warrant Certificate will not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent from
time to time under the Warrant Indenture.

 

The
parties hereto have declared that they have required that these presents and all other documents related hereto be in the English
language. Les parties aux présentes déclarent qu’elles ont exigé que la présente convention,
de même que tous les documents s’y rapportant, soient rédigés en anglais.

 

[Signature
Page Follows]

 

    	 	 	 

    	 	A-5	 

    

 

IN
WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be duly executed as of _______________________, 2019.

 

	 	HARVEST
    HEALTH & RECREATION INC.
	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

Countersigned
by:

 

	ODYSSEY
    TRUST COMPANY	 
	 	 
	By:	 	 
	 	Authorized
    Signatory	 

 

    	 	 	 

    	 	A-6	 

    

 

FORM
OF TRANSFER

 

ANY
TRANSFER OF WARRANTS WILL REQUIRE COMPLIANCE WITH APPLICABLE SECURITIES LEGISLATION. TRANSFERORS AND TRANSFEREES ARE URGED TO
CONTACT LEGAL COUNSEL BEFORE EFFECTING ANY SUCH TRANSFER

 

	To:	Odyssey
    Trust Company

 

FOR
VALUE RECEIVED the undersigned hereby sells, assigns and transfers to

 

	 

 

(print
name and address) the Warrants of Harvest Health & Recreation Inc. represented by this Warrant Certificate or DRS Advice and
hereby irrevocable constitutes and appoints as its attorney with full power of substitution to transfer the said securities on
the appropriate register of the Warrant Agent.

 

In
the case of a warrant certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies
that (one (only) of the following must be checked):

 

	 	[  ]	(A)
    the transfer is being made to the Corporation;
	 	 	 
	 	[  ]	(B)
    the transfer is being made outside the United States in compliance with Rule 904 of Regulation S under the U.S. Securities
    Act of 1933, as amended (the “U.S. Securities Act”), and in compliance with any applicable local laws and
    regulations and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule “C”
    to the Warrant Indenture, or
	 	 	 
	 	[  ]	(C)
    the transfer is being made in accordance with a transaction that does not require registration under the U.S. Securities Act
    or any applicable state securities laws and the undersigned has furnished to the Corporation and the Warrant Agent an opinion
    of counsel of recognized standing or other evidence in form and substance reasonably satisfactory to the Corporation to such
    effect.

 

In
the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the
account or benefit of a U.S. Person or to a person in the United States, the undersigned hereby represents, warrants and certifies
that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities
Act and any applicable state securities laws, in which case the undersigned has furnished to the Corporation and the Warrant Agent
an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation to such effect.

 

	[  ]	If
    transfer is to a person in the United States or a U.S. Person, check this box.

 

    	 	 	 

    	 	A-7	 

    

 

In
the case of a transfer within the United States or to, or for the account or benefit of, a U.S. Person or to a person in the United
States, the certificates representing the Warrants will be endorsed with a U.S. restrictive legend.

 

DATED
this ____ day of ________________________, 20___.

 

	SPACE
FOR GUARANTEES OF

        SIGNATURES
        (BELOW)
	)

        )
	 	 
	 	)	 	 
	 	)	 	Signature
    of Transferor
	 	)	 	 
	 	)	 	 
	Guarantor’s
    Signature/Stamp	 	 	Name
    of Transferor

 

REASON
FOR TRANSFER – For US Citizens or Residents only (where the individual(s) or corporation receiving the securities is a US
citizen or resident). Please select only one (see instructions below).

 

 

CERTAIN
REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY

 

The
signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular,
without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign
this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent’s then-current guidelines
and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at
the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice
and standards):

 

	●	Canada
    and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program
    (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion
    Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words “Medallion Guaranteed”,
    with the correct prefix covering the face value of the certificate.
	 	 
	●	Canada:
    A Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.
	 	 

    	 	 	 

    	 	A-8	 

    

 

	●	Outside
    North America: For holders located outside North America, present the certificates(s) and/or document(s) that require
    a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of
    an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed.

 

OR

 

The
signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular,
without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by a member of an
acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable
as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”, “MEDALLION
GUARANTEED” OR “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with the transfer agent’s
then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including
certificate of incumbency, will also be required to accompany the transfer with a “MEDALLION GUARANTEED” Stamp affixed
to the Form of Transfer, with the correct prefix covering the face value of the certificate.

 

REASON
FOR TRANSFER – FOR US CITIZENS OR RESIDENTS ONLY

 

Consistent
with U.S. IRS regulations, Odyssey Trust Company is required to request cost basis information from U.S. securityholders. Please
indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the
day in which the transfer is finalized but, rather, the date of the event which led to the transfer request (i.e. date of gift,
date of death of the securityholder, or the date the private sale took place).

 

    	 	 	 

    	 	B-1	 

    

 

Schedule
“B”

 

EXERCISE
FORM

 

	TO:	Harvest
                                         Health & Recreation Inc. (the “Corporation”)

        1155
        W. Rio Salado Parkway, Suite 201

        Tempe,
        AZ 85281 USA

	 	 
	AND
    TO:	Odyssey
                                         Trust Company (the “Warrant Agent”)

        323
        – 409 Granville Street

        Vancouver,
        British Columbia V6C 1T2

 

The
undersigned holder of the Warrants evidenced by this Warrant Certificate or DRS Advice hereby exercises the right to acquire (A)
Subordinate Voting Shares of Harvest Health & Recreation Inc.

 

	Exercise
    Price Payable:	 
	 	((A)
    multiplied by [●], subject to adjustment)

 

The
undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, Subordinate Voting Shares that
are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture.

 

The
undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject
to restrictions on resale under applicable securities legislation.

 

Any
capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in
the Warrant Indenture.

 

The
undersigned represents, warrants and certifies as follows (one (only) of the following must be checked):

 

	 	[  ]	(A)	the
    undersigned holder at the time of exercise of the Warrants (i) is not in the United States, (ii) is not a U.S. Person, (iii)
    is not exercising the Warrants on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States,
    (iv) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of, a U.S. Person or
    a person in the United States; (v) did not receive an offer to exercise the Warrants in the United States; (vi) did not execute
    or deliver this exercise form in the United States; (vii) is not requesting delivery in the United States of the Warrant Shares
    issuable upon such exercise; and (viii) represents and warrants that the exercise of the Warrants and acquisition of the Warrant
    Shares occurred in an “offshore transaction” (as defined under Regulation S under the United States Securities
    Act of 1933, as amended (the “U.S. Securities Act”)); OR

 

    	 	 	 

    	 	B-2	 

    

 

	 	[  ]	(B)	the
    undersigned holder is (i) an Original U.S. Warrantholder, (ii) is exercising the Warrants for its own account or for the account
    of a disclosed principal that was named in the subscription agreement executed and delivered in connection with its purchase
    of the Units pursuant to which the Units were originally issued and of which the Warrants originally comprised a part, (iii)
    is, and such disclosed principal, if any, is, an Accredited Investor at the time of exercise of these Warrants, and (iv) confirms
    the representations and warranties of the holder made in the subscription agreement executed and delivered in connection with
    its purchase of the Units pursuant to which the Units were originally issued and of which the Warrants originally comprised
    a part remain true and correct as of the date of exercise of these Warrants; OR
	 	 	 	 
	 	[  ]	(C)	the
    undersigned holder
	 	 	 	 
	 	 	(i)	is
    (1) in the United States, (2) a U.S. Person, (3) a person exercising the Warrants for the account or benefit of a U.S. Person
    or a person in the United States, or (4) requesting delivery in the United States of the Warrant Shares issuable upon such
    exercise, and
	 	 	 	 
	 	 	(ii)	has
    an exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws available
    for the exercise of the Warrants and the issuance of the Warrant Shares and has delivered to the Corporation and the Warrant
    Agent a written opinion of U.S. counsel, in form and substance reasonably satisfactory to the Corporation, or such other evidence
    reasonably satisfactory to the Corporation, to that effect.

 

It
is understood that the Corporation and the Warrant Agent may require evidence to verify the foregoing representations.

 

The
undersigned holder understands that unless Box A above is checked, the certificate representing the Subordinate Voting Shares
may be issued in definitive physical certificated form and bear a legend restricting transfer without registration under the U.S.
Securities Act and applicable state securities laws unless an exemption from registration is available (as described in the Warrant
Indenture and the subscription documents). If Box C above is checked, holders are encouraged to consult with the Corporation in
advance to determine that the legal opinion or other evidence tendered in connection with the exercise will be satisfactory in
form and substance to the Corporation. “U.S. Person” and “United States” are as defined
in Regulation S under the U.S. Securities Act.

 

The
undersigned hereby acknowledges that the undersigned is aware that the Subordinate Voting Shares received on exercise may be subject
to restrictions on resale under applicable securities legislation. The undersigned hereby further acknowledges that the Corporation
will rely upon the confirmations, acknowledgements and agreements set forth herein, and agrees to notify the Corporation promptly
in writing if any of the representations or warranties herein ceases to be accurate or complete.

 

    	 	 	 

    	 	B-3	 

    

 

The
undersigned hereby irrevocably directs that the said Subordinate Voting Shares be issued, registered and delivered as follows:

 

	Name(s)
                                         in Full and Social

                                                                                            Insurance
                                                                                            Number(s)

                                                                     

        

        (if
        applicable)
	 	Address(es)	 	Number
    of Subordinate Voting Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Please
print full name in which certificates representing the Subordinate Voting Shares are to be issued. If any Subordinate Voting Shares
are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent
all eligible transfer taxes or other government charges, if any, and the Form of Transfer must be duly executed.

 

Once
completed and executed, this Exercise Form must be mailed or delivered to Odyssey Trust Company, 323 – 409 Granville Street,
Vancouver, British Columbia V6C 1T2, Attention: Corporate Trust.

 

DATED
this ____ day of _______, 20_____.

 

 

	 	)	 	 
	 	)	 	 
	Witness	)

        )

        )
	 	Name
    of Warrantholder, to be the same as appears on the face of this Warrant Certificate
	 	)	 	 
	 	)	 	 
	 	 	 	Name
    of Warrantholder

 

[  ]
Please check if the certificates representing the Subordinate Voting Shares are to be delivered at the office where this Warrant
Certificate is surrendered, failing which such certificates will be mailed to the address set out above. Certificates will be
delivered or mailed as soon as practicable after the surrender of this Warrant Certificate to the Warrant Agent.

 

    	 	 	 

    	 	 	 

    

 

Schedule
“C”

 

FORM
OF DECLARATION FOR REMOVAL OF LEGEND

 

TO:
ODYSSEY TRUST COMPANY as registrar and transfer agent for the [Warrants / Subordinate Voting Shares issuable upon exercise of
the Warrants] of Harvest Health & Recreation Inc. (the “Corporation”)

 

	AND
    TO:	THE
    CORPORATION

 

The
undersigned (A) acknowledges that the sale of ________________________________ (the “Securities”) of the Corporation,
to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), and (B) certifies that: (1) the undersigned is not an “affiliate”
(as that term is defined in Rule 405 under the U.S. Securities Act) of the Corporation; (2) the offer of such Securities was not
made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United
States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or
(b) the transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian
Securities Exchange or another “designated offshore securities market”, and neither the seller nor any person acting
on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) none of the seller, any affiliate
of the seller or any person acting on their behalf has engaged or will engage in any “directed selling efforts” in
the United States in connection with the offer and sale of such securities; (4) the sale is bona fide and not for the purpose
of “washing off” the resale restrictions imposed because the Securities are “restricted securities” (as
that term is defined in Rule 144(a)(3) under the U.S. Securities Act); (5) the seller does not intend to replace such Securities
with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions,
which, although in technical compliance with Regulation S under the U.S. Securities Act, is part of a plan or scheme to evade
the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S under
the U.S. Securities Act.

 

DATED
this ____ day of ___________________________, 20_____.

 

	 	X
	 	Signature
    of individual (if Seller is an individual)
	 	X
	 	Authorized
    signatory (if Seller is not an individual)
	 	 
	 	Name
    of Seller (please print)
	 	 
	 	Name
    of authorized signatory (please print)
	 	 
	 	Official
    capacity of authorized signatory (please print)Exhibit 4.5 

 

TRUST
INDENTURE

 

DATED
AS OF THE 20TH DAY OF DECEMBER, 2019

 

BETWEEN

 

HARVEST
HEALTH & RECREATION INC., AS ISSUER

 

AND

 

ODYSSEY
TRUST COMPANY, AS TRUSTEE

 

PROVIDING
FOR THE ISSUE OF NOTES

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	Article 1 INTERPRETATION	1
	 	 	 
	1.1	Definitions	1
	1.2	Meaning of “Outstanding”	33
	1.3	Interpretation	33
	1.4	Headings, Etc.	34
	1.5	Statute Reference	34
	1.6	Day not a Business Day	34
	1.7	Applicable Law	34
	1.8	Monetary References	34
	1.9	Invalidity, Etc.	34
	1.10	Language	34
	1.11	Successors and Assigns	35
	1.12	Benefits of Indenture	35
	1.13	Accounting Terms; Changes in IFRS	35
	1.14	Interest Act (Canada)	36
	 	 	 
	Article 2 THE NOTES	36
	 	 	
	2.1	Issue and Designation of Notes; Ranking	36
	2.2	Issuance in Series	36
	2.3	Form of Notes	38
	2.4	Execution, Authentication and Delivery of Notes	40
	2.5	Registrar and Paying Agent	41
	2.6	Paying Agent to Hold Money in Trust	41
	2.7	Book Entry Only Notes	42
	2.8	Global Notes	42
	2.9	Interim Notes	44
	2.10	Mutilation, Loss, Theft or Destruction	44
	2.11	Concerning Interest	45
	2.12	Payments of Amounts Due on Maturity	46
	2.13	Legends on Notes	47
	2.14	Payment of Interest	48
	2.15	Record of Payment	49
	2.16	Representation Regarding Third Party Interest	49
	 	 	 
	Article 3 TERMS OF THE UNIT Notes AND COUPON NOTES	50
	 	 	 
	3.1	Definitions	50
	3.2	Creation and Designation of the Unit Notes and Coupon Notes	50
	3.3	Aggregate Principal Amount	50
	3.4	Authentication	50
	3.5	Date of Issue and Maturity	51
	3.6	Interest	51
	3.7	Optional Redemption	51
	3.8	[INTENTIONALLY DELETED.]	52
	3.9	Mandatory Redemption and Market Purchases	52
	3.10	Form and Denomination of the Unit Notes and Coupon Notes	52
	3.11	Currency of Payment	52

 

    	 

     

    

 

	3.12	Additional Amounts	53
	3.13	Appointment	56
	3.14	Inconsistency	56
	3.15	Reference to Principal, Premium, Interest, etc.	56
	 	 	
	Article 4 REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP	56
	 	 	 
	4.1	Register of Certificated Notes	56
	4.2	Global Notes	57
	4.3	Transferee Entitled to Registration	58
	4.4	No Notice of Trusts	58
	4.5	Registers Open for Inspection	59
	4.6	Transfers and Exchanges of Notes	59
	4.7	Charges for Registration, Transfer and Exchange	63
	4.8	Ownership of Notes	63
	4.9	Cancellation and Destruction	64
	 	 	 
	Article 5 REDEMPTION AND PURCHASE OF NOTES	64
	 	 	 
	5.1	Redemption of Notes	64
	5.2	Places of Payment	64
	5.3	Partial Redemption	64
	5.4	Notice of Redemption	65
	5.5	Qualified Redemption Notice	66
	5.6	Notes Due on Redemption Dates	67
	5.7	Deposit of Redemption Monies	67
	5.8	Failure to Surrender Notes Called for Redemption	68
	5.9	Cancellation of Notes Redeemed	68
	5.10	Purchase of Notes for Cancellation	68
	 	 	
	Article 6 COVENANTS OF THE ISSUER	69
	 	 	
	6.1	Payment of Principal, Premium, and Interest	69
	6.2	Existence	69
	6.3	Payment of Taxes and Other Claims	69
	6.4	Keeping of Books	69
	6.5	Provision of Reports and Financial Statements	70
	6.6	Designation of Restricted and Unrestricted Subsidiaries	70
	6.7	Liens	71
	6.8	Restricted Payments	73
	6.9	Incurrence of Indebtedness	73
	6.10	Maintenance of Consolidated Indebtedness to Enterprise Value Ratio	76
	6.11	Payments for Consents	79
	6.12	Dividends
    and Other Payment Restrictions Affecting Restricted Subsidiaries	79
	6.13	Transactions
    with Affiliates	80
	6.14	Business
    Activities	82
	6.15	Repurchase
    at the Option of Holders – Change of Control	85
	6.16	Repurchase
    at the Option of Holders – Asset Sales	87
	6.17	Payments
    for Consent	90
	6.18	Suspension
    of Covenants	90
	6.19	Future
    Guarantees	92

 

    	 

     

    

 

	Article
    7 DEFAULT AND ENFORCEMENT	92
	 	 	 
	7.1	Events
    of Default	92
	7.2	Acceleration
    of Maturity; Rescission, Annulment and Waiver	95
	7.3	Collection
    of Indebtedness and Suits for Enforcement by Trustee	97
	7.4	Trustee
    May File Proofs of Claim	98
	7.5	Trustee
    May Enforce Claims Without Possession of Notes	99
	7.6	Application
    of Monies by Trustee	99
	7.7	No
    Suits by Holders	100
	7.8	Unconditional
    Right of Holders to Receive Principal, Premium and Interest	100
	7.9	Restoration
    of Rights and Remedies	101
	7.10	Rights
    and Remedies Cumulative	101
	7.11	Delay
    or Omission Not Waiver	101
	7.12	Control
    by Holders	101
	7.13	Notice
    of Event of Default	102
	7.14	Waiver
    of Stay or Extension Laws	102
	7.15	Undertaking
    for Costs	102
	7.16	Judgment
    Against the Issuer	102
	7.17	Immunity
    of Officers and Others	102
	7.18	Notice
    of Payment by Trustee	103
	7.19	Trustee
    May Demand Production of Notes	103
	7.20	Statement
    by Officers	103
	 	 	
	Article
    8 DISCHARGE AND DEFEASANCE	103
	 	 	 
	8.1	Satisfaction
    and Discharge	103
	8.2	Option
    to Effect Discharge, Legal Defeasance or Covenant Defeasance	104
	8.3	Legal
    Defeasance and Discharge	105
	8.4	Covenant
    Defeasance	105
	8.5	Conditions
    to Legal or Covenant Defeasance	106
	8.6	Application
    of Trust Funds	107
	8.7	Repayment
    to the Issuer	108
	8.8	Continuance
    of Rights, Duties and Obligations	108
	8.9	Release
    of Liens	108
	 	 	 
	Article
    9 MEETINGS OF HOLDERS	109
	 	 	 
	9.1	Purpose,
    Effect and Convention of Meetings	109
	9.2	Notice
    of Meetings	110
	9.3	Chair	111
	9.4	Quorum	111
	9.5	Power
    to Adjourn	112
	9.6	Voting	112
	9.7	Poll	112
	9.8	Proxies	112
	9.9	Persons
    Entitled to Attend Meetings	113
	9.10	Powers
    Cumulative	113
	9.11	Minutes	113
	9.12	Instruments
    in Writing	113
	9.13	Binding
    Effect of Resolutions	114
	9.14	Evidence
    of Rights of Holders	114

 

    	 

     

    

 

	Article 10 SUCCESSORS TO THE ISSUER AND THE RESTRICTED SUBSIDIARIES  	114
	 	 	
	10.1	Merger, Consolidation, Amalgamation or Sale of Assets	114
	10.2	Vesting of Powers in Successor	116
	 	 	 
	Article 11 CONCERNING THE TRUSTEE 	117
	 	 	 
	11.1	No Conflict of Interest	117
	11.2	Replacement of Trustee	117
	11.3	Rights and Duties of Trustee	118
	11.4	Reliance Upon Declarations, Opinions, etc.	119
	11.5	Evidence and Authority to Trustee, Opinions, etc.	120
	11.6	Officers’ Certificates Evidence	121
	11.7	Experts, Advisers and Agents	121
	11.8	Trustee May Deal in Notes	122
	11.9	Investment of Monies Held by Trustee	122
	11.10	Trustee Not Ordinarily Bound	123
	11.11	Trustee Not Required to Give Security	123
	11.12	Trustee Not Bound to Act on Issuer’s Request	123
	11.13	Conditions Precedent to Trustee’s Obligations to Act Hereunder	123
	11.14	Authority to Carry on Business	124
	11.15	Compensation and Indemnity	124
	11.16	Acceptance of Trust	125
	11.17	Anti-Money Laundering	125
	11.18	Privacy	125
	 	 	
	Article 12 AMENDMENT, SUPPLEMENT AND WAIVER  	126
	 	 	
	12.1	Ordinary Consent	126
	12.2	Special Consent	126
	12.3	Without Consent	128
	12.4	Form of Consent	129
	12.5	Supplemental Indentures	129
	 	 	 
	Article 13 GUARANTEES  	130
	 	 	 
	13.1	Issuance of Guarantees	130
	13.2	Release of Guarantees	131
	 	 	 
	Article 14 NOTICES  	132
	 	 	 
	14.1	Notice to Issuer	132
	14.2	Notice to Holders	132
	14.3	Notice to Trustee	132
	14.4	Mail Service Interruption	132
	 	 	
	Article 15 MISCELLANEOUS  	133
	 	 	 
	15.1	Copies of Indenture	133
	15.2	Force Majeure	133
	15.3	Waiver of Jury Trial	133
	 	 	 
	Article 16 EXECUTION AND FORMAL DATE  	134
	 	 	 
	16.1	Execution	134
	 	 	 
	16.2	Formal Date	134
	 	 	 
	Appendix A FORM OF Unit Notes AND Coupon Notes  	-
    1 -
	 	 	 
	Appendix B FORM OF GuarantY  	- 8
    -

 

    	 

     

    

 

THIS
INDENTURE made as of the 20th day of December, 2019.

 

BETWEEN:

 

HARVEST
HEALTH & RECREATION INC., a company subsisting under the laws of the Province of British Columbia (hereinafter called
the “Issuer”);

 

AND

 

ODYSSEY
TRUST COMPANY, a trust company incorporated under the laws of the Province of Alberta authorized to carry on the business
of a trust company in British Columbia (hereinafter called the “Trustee”).

 

WITNESSETH
THAT:

 

WHEREAS
the Issuer considers it desirable for its business purposes to create and issue Notes of one or more series from time to time
in the manner and subject to the terms and conditions set forth in this Indenture from time to time.

 

AND
WHEREAS the Issuer, subject to the terms hereof, may issue Notes in an unlimited aggregate principal amount and as of the
date hereof the Issuer has duly authorized the issuance of 9.25% Senior Secured Notes due December 19, 2022 and 15% Senior Secured
Notes due December 19, 2022.

 

NOW
THEREFORE it is hereby covenanted, agreed and declared as set forth herein:

 

Article
1

INTERPRETATION

 

	1.1	Definitions

 

In
this Indenture (including the recitals hereto) and in the Notes, unless there is something in the subject matter or context inconsistent
therewith, the expressions following shall have the following meanings:

 

“Accounting
Change” has the meaning set forth in Section 1.13.

 

“Accounting
Change Notice” has the meaning set forth in Section 1.13.

 

“Acquired
Debt” means, with respect to any specified Person, Indebtedness of any other Person existing at the time such other
Person is merged with or into or became a Subsidiary of such specified Person, regardless of whether such Indebtedness is incurred
in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such
specified Person;

 

“Acquisition”
means, for any Person, any purchase or other acquisition, regardless of how it is done (including any purchase or other acquisition
by amalgamation, merger, arrangement, business combination, or other form of corporate reorganization or by purchase, lease, or
other acquisition arrangement), of: (1) any other Person (including any purchase or other acquisition of issued and outstanding
securities of, or a portion of an Equity Interest in, another Person, with the effect of that other Person becoming a Subsidiary
of the purchaser or of any of its Affiliates) or of all or substantially all of the Property of any other Person, or (2) any division,
business, operation, or undertaking of any other Person or of all or substantially all of the Property of any division, business,
operation, or undertaking of any other Person, and “Acquire” has a comparable meaning.

 

    	1

    	 

    

 

“Additional
Amounts” has the meaning set forth in Section 3.12.

 

“Additional
Notes” means Notes of any series (other than the Notes issued on the initial issue date of the relevant series of Notes
and any Notes issued in exchange or in replacement (in whole or in part) for such initial Notes) issued under this Indenture in
accordance with Section 2.2.

 

“Advance
Offer” has the meaning given to that term in Section 6.16.

 

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

 

“Affiliate
Transaction” has the meaning given to that term in Section 6.13.

 

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

 

“Applicable
Securities Legislation” means, at any time, applicable securities laws (including rules, regulations, policies, instruments
and blanket orders) in each of the provinces and territories of Canada.

 

“Asset
Sale” means any of the following:

 

	 	(a)	the
    sale, conveyance or other disposition of any assets, other than a transaction governed by the provisions of Section 6.15 or
    Section 10.1 of this Indenture, and 
	 	 	 
	 	(b)	the
    issuance of Equity Interests by any of the Issuer’s Restricted Subsidiaries or the sale, transfer or other conveyance
    by the Issuer or any Restricted Subsidiary thereof of Equity Interests in any of its Subsidiaries (other than directors’
    qualifying shares or shares required to be owned by other Persons pursuant to applicable law).

 

Notwithstanding
the preceding, the following items will be deemed not to be Asset Sales‎:

 

	 	(c)	any
    single transaction or series of related transactions that involves assets or other Equity Interests ‎having a Fair Market
    Value of less than 10% of Consolidated Net Tangible Assets of the Issuer; provided that the aggregate amount of ‎any such
    transactions shall not have a Fair Market Value exceeding a maximum of 10% of Consolidated Net Tangible Assets of the Issuer;
    ‎

 

    	2

    	 

    

 

	 	(d)	any
    issuance or transfer of assets or Equity Interests between or among the Issuer and its Restricted ‎Subsidiaries or between
    or among the Restricted Subsidiaries;‎
	 	 	 
	 	(e)	the
    sale or other disposition of cash or Cash Equivalents;‎
	 	 	 
	 	(f)	dispositions
    (including without limitation surrenders and waivers) of accounts or notes receivable or ‎other contract rights in connection
    with the compromise, settlement or collection thereof in ‎the ordinary course of business or in bankruptcy or similar
    proceedings;‎
	 	 	 
	 	(g)	the
    trade or exchange by the Issuer or any Restricted Subsidiary thereof of any asset for any other ‎asset or assets that
    is used or useable in a Permitted Business, including any cash or Cash ‎Equivalents necessary in order to achieve an exchange
    of equivalent value; provided, ‎however, that the Fair Market Value of the asset or assets received by the Issuer or any
    ‎Restricted Subsidiary in such trade or exchange (including any such cash or Cash ‎Equivalents) is at least equal
    to the Fair Market Value (as determined in good faith by the ‎Board of Directors or an executive officer of the Issuer
    or such Subsidiary with ‎responsibility for such transaction, which determination shall be conclusive evidence of ‎compliance
    with this provision) of the asset or assets disposed of by the Issuer or any ‎Restricted Subsidiary pursuant to such trade
    or exchange;‎
	 	 	 
	 	(h)	any
    sale, lease, conveyance or other disposition of (i) inventory, products, services or accounts ‎receivable in the ordinary
    course of business, and (ii) any property or equipment that has ‎become damaged, worn out or obsolete or pursuant to a
    program for the maintenance or ‎upgrading of such property or equipment;‎
	 	 	 
	 	(i)	the
    creation of a Lien not prohibited by this Indenture and any disposition of assets resulting from the ‎enforcement or foreclosure
    of any such Lien;‎
	 	 	 
	 	(j)	the
    disposition of assets that, in the good faith judgment of the Issuer, are no longer used or useful in ‎the business of
    such entity;‎
	 	 	 
	 	(k)	a
    Restricted Payment that is permitted by the Indenture, a Permitted Investment, or any other payment or Investment that is
    otherwise permitted by the Indenture;
	 	 	 
	 	(l)	leases
    or subleases in the ordinary course of business to third persons otherwise in accordance with ‎the provisions of this
    Indenture;‎
	 	 	 
	 	(m)	an
    issuance of Capital Stock by a Restricted Subsidiary to the Issuer or to a wholly owned Restricted ‎Subsidiary of the
    Issuer;‎
	 	 	 
	 	(n)	a
    surrender or waiver of contract rights or a settlement, release or surrender of contract, tort or other ‎claims in the
    ordinary course of business;‎
	 	 	 
	 	(o)	foreclosure
    on Property;‎ 
	 	 	 
	 	(p)	any
    sale, transfer or other disposition of: (i) any rights, title or interest in real property; or (ii) Capital Stock in, or Indebtedness
    or other securities of, an Unrestricted Subsidiary or any Property (including the right, title or interest in any Property)
    of an Unrestricted Subsidiaries or any of them;

 

    	3

    	 

    

 

	 	(q)	sales,
    transfers and other dispositions of Investments in joint ventures to the extent required by, or ‎made pursuant to, customary
    buy/sell arrangements between the joint venture parties set ‎forth in joint venture arrangements and similar binding arrangements
    and the transfer of ‎assets as part of the consideration for Investment in a joint venture so long as the Fair Market
    ‎Value of such assets is counted against the amount of Investments permitted pursuant to Section 6.8;
	 	 	 
	 	(r)	sales,
    transfers or dispositions in connection with Permitted Liens; ‎
	 	 	 
	 	(s)	sales,
    transfers or dispositions in respect of which the Issuer or a Restricted Subsidiary is required to pay the ‎proceeds thereof
    to a third party pursuant to the terms of agreements or arrangements in ‎existence as at the Issue Date; ‎
	 	 	 
	 	(t)	any
    sale, transfer or other disposition of Capital Stock of a Restricted Subsidiary pursuant to an ‎agreement or other obligation
    with or to a Person (other than the Issuer) from whom such ‎Restricted Subsidiary was Acquired, or from whom such Restricted
    Subsidiary Acquired its ‎business and assets (having been newly formed in connection with such Acquisition), made as ‎part
    of such acquisition and in each case comprising all or a portion of the consideration in ‎respect of such sale or Acquisition;
    
	 	 	 
	 	(u)	any
    issuance of Equity Interests by the Issuer; and
	 	 	 
	 	(v)	sales,
    transfers or dispositions of assets in connection with any settlement or other resolutions of claims, litigation, arbitration
    or other disputes; or in satisfaction of judgements or arbitral decisions, and extensions, modifications and renewals thereof;
    as determined in good faith by the Board of Directors or an executive officer of the Issuer.

 

For
purposes of this definition, any series of related transactions that, if effected as a single ‎transaction, would constitute
an Asset Sale, shall be deemed to be a single Asset Sale effected when the last ‎such transaction which is a part thereof
is effected‎.

 

“Asset
Sale Offer” has the meaning given to that term in Section 6.16.

 

“Attributable
Debt” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value of the ‎total
obligations of the lessee for rental payments during the remaining term of the lease included in such ‎Sale/Leaseback Transaction
(including during any period for which such lease has been extended), calculated ‎using a discount rate equal to the rate
of interest implicit in such transaction, determined in accordance with ‎IFRS; provided, however, that if such Sale/Leaseback
Transaction results in a Capital Lease Obligation, the ‎amount of Indebtedness represented thereby will be determined in accordance
with the definition of “Capital ‎Lease Obligation”‎.

 

“Authentication
Order” has the meaning given to that term in Section 2.4(c).

 

    	4

    	 

    

 

“Bankruptcy
Law” means the BIA, the CCAA ‎and the Winding Up and Restructuring Act (Canada), each as now and hereafter
in effect, any successors to ‎such statutes, any other applicable insolvency, winding-up, dissolution, restructuring, reorganization,
‎liquidation, or other similar law of any jurisdiction, and any law of any jurisdiction (including any corporate ‎law
relating to arrangements, reorganizations, or restructurings) permitting a debtor to obtain a stay or a ‎compromise of the
claims of its creditors against it‎.

 

“Beneficial
Holder” means any Person who holds a beneficial interest in a Global Note as shown on the books of the Depository or
‎a Participant‎.

 

‎“BIA”
means the Bankruptcy and Insolvency Act (Canada) as now and hereinafter in effect, or any ‎successor statute. ‎

 

“Board
of Directors” means:

 

	 	(a)	with
    respect to a corporation, the board of directors of the corporation or a duly authorized committee thereof;
	 	 	 
	 	(b)	with
    respect to a partnership, the board of directors of the general partner of the partnership;
	 	 	 
	 	(c)	with
    respect to any other Person, the board, committee or governing body of such Person serving a similar function.

 

“Board
Resolution” means a resolution certified by the Secretary or an Assistant Secretary of the Issuer to have been duly
adopted ‎by the Board of Directors of the Issuer and to be in full force and effect on the date of such certification.

 

“Book
Entry Only Notes” means Notes of a series which, in accordance with the terms applicable to such series, are to be held
only by ‎or on behalf of the Depository‎.

 

“Bridging”
means Bridging Finance Inc.

 

“Bridging
Put Agreement” means the put option agreement dated December 20, 2019 among Bridging, the Issuer, Harvest DCP and Harvest
Enterprises, as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time in accordance
with its terms.

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in the City of ‎Vancouver,
British Columbia or Tempe, Arizona are authorized or required by law, regulation or executive order to remain ‎closed‎.

 

“Capital
Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect
of a capital ‎lease that would at that time be required to be capitalized on a statement of financial position in accordance
‎with IFRS as in effect on the Issue Date, and the Stated Maturity thereof shall be the date of the last payment ‎of rent
or any other amount due under such lease prior to the first date upon which such lease may be prepaid ‎by the lessee without
payment of a penalty‎. For the avoidance of doubt, any lease that would have been characterized as an operating lease under
IFRS (or U.S. GAAP, as applicable) in effect immediately prior to January 1, 2019 (whether such lease is entered into before or
after the Issue Date) shall not constitute a Capital Lease Obligation under the Indenture or any other related transaction documents
as a result of such changes in IFRS (or U.S. GAAP, as applicable) unless otherwise agreed to in writing by the Issuer and the
Trustee.

 

    	5

    	 

    

 

“Capital
Stock” means:

 

	 	(a)	in
    the case of a corporation, corporate stock or shares;‎
	 	 	 
	 	(b)	in
    the case of an association or business entity, any and all shares, interests, participations, rights or ‎other equivalents
    (however designated) of corporate stock;‎
	 	 	 
	 	(c)	in
    the case of a partnership or limited liability company, partnership or membership interests ‎‎(whether general or
    limited); and‎
	 	 	 
	 	(d)	any
    other interest or participation that confers on a Person the right to receive a share of the profits and losses ‎of, or
    distributions of assets of, the issuing Person,

 

but
excluding from all of the foregoing any debt securities convertible into Capital Stock, regardless of ‎whether such debt securities
include any right of participation with Capital Stock‎.

 

“Cash
Equivalents” means:

 

	 	(a)	United
    States or Canadian dollars or, in an amount up to the amount necessary or appropriate to fund ‎local operating expenses,
    other currencies;‎
	 	 	 
	 	(b)	securities
    issued or directly and fully guaranteed or insured by the government of the United States or ‎Canada or any agency or
    instrumentality thereof (provided that the full faith and credit of ‎the United States or Canada, as the case may be,
    is pledged in support of such securities), ‎maturing, unless such securities are deposited to defease any Indebtedness,
    not more than one ‎year from the date of acquisition;‎
	 	 	 
	 	(c)	certificates
    of deposit, time deposits and eurodollar time deposits with maturities of one year or less ‎from the date of acquisition,
    bankers’ acceptances with maturities not exceeding one year ‎and overnight bank deposits, in each case, with any
    commercial bank organized under the ‎laws of the United States, Canada or any other country that is a member of the Organization
    ‎for Economic Cooperation and Development, in each case, having capital and surplus in ‎excess of $500.0 million and
    a rating at the time of acquisition thereof of P-1 or better from ‎Moody’s or A-1 or better from Standard &
    Poor’s, or, with respect to a commercial bank ‎organized under the laws of Canada, the equivalent thereof by DBRS;‎
	 	 	 
	 	(d)	repurchase
    obligations with a term of not more than seven days for underlying securities of the types ‎described in clauses (b) and
    (c) above entered into with any financial institution meeting the ‎qualifications specified in clause (c) above;‎

 

    	6

    	 

    

 

	 	(e)	commercial
    paper having one of the two highest ratings obtainable from any of (i) Moody’s, (ii) ‎Standard & Poor’s
    or (iii) DBRS, and in each case maturing within one year after the date of ‎acquisition;‎
	 	 	 
	 	(f)	securities
    issued and fully guaranteed by any state, commonwealth or territory of the United States of ‎America, any province or
    territory of Canada, or by any political subdivision or Taxing ‎Authority thereof, rated at least “A” by Moody’s
    or Standard & Poor’s or, with respect to ‎any province or territory of Canada, the equivalent thereof by DBRS,
    and in each case ‎having maturities of not more than one year from the date of acquisition; and
	 	 	 
	 	(g)	money
    market funds, of which at least a majority of the assets constitute Cash Equivalents of the kinds ‎described in clauses
    (1) through (6) of this definition.

 

‎“CCAA”
means the Companies Creditors Arrangement Act (Canada) as now and hereinafter in ‎effect, or any successor statute‎.

 

“CDS”
means CDS Clearing and Depository Services Inc. and its successors.

 

“Change
of Control” means the occurrence of any one or more of the following events‎:

 

	 	(a)	the
    sale, lease, exchange or other transfer of all or substantially all of the assets of the Issuer and its ‎Restricted Subsidiaries,
    taken as a whole which is not permitted by Section 10.1; ‎
	 	 	 
	 	(b)	any
    Person or group of Persons (other than a transfer of super voting shares permitted pursuant to Part 28(g)(ii) of the articles
    of incorporation for the Issuer), acting jointly or in concert, is or becomes the beneficial owner, directly or indirectly,
    of more than 51% of the Voting Stock of the Issuer which is not permitted by Section 10.1;
	 	 	 
	 	(c)	the
    adoption of a plan relating to the liquidation or dissolution of the Issuer which is not permitted by Section 10.1; or
	 	 	 
	 	(d)	the
    first day on which a majority of the members of the Board of Directors of the Issuer are not continuing Directors. 

 

For
purposes of this definition, (i) a beneficial owner of a security includes any Person or group of persons ‎who, directly or
indirectly, through any contract, arrangement, understanding, relationship, or otherwise has ‎or shares: (A) voting power,
which includes the power to vote, or to direct the voting of, such security; ‎and/or (B) investment power, which includes
the power to dispose of, or to direct the disposition of, such ‎security; (ii) a Person or group of Persons shall not be deemed
to have beneficial ownership of securities ‎subject to a stock purchase agreement, merger agreement or similar agreement until
the consummation of the ‎transactions contemplated by such agreement; and (iii) to the extent that one or more regulatory
approvals are ‎required for any of the transactions or circumstances described in clauses (a), (b) or (c) above to become
‎effective under applicable law and such approvals have not been received before such transactions or ‎circumstances have
occurred, such transactions or circumstances shall be deemed to have occurred at the time ‎such approvals have been obtained
and become effective under applicable law‎. For greater certainty the Verano Transaction shall not constitute a “Change
of Control” for purposes of the Indenture.

 

    	7

    	 

    

 

“Change
of Control Offer” has the meaning given to that term in Section 6.15(a).

 

“Change
of Control Payment” has the meaning given to that term in Section 6.15(a).

 

“Change
of Control Payment Date” has the meaning given to that term in Section 6.15(a).

 

‎‎“Collateral”
means all of the Property of the Issuer and the Guarantors, whether now owned or hereafter Acquired, in which Liens are, from
time to time, granted to the Collateral Trustee to secure the obligations of the Issuer and the Guarantors pursuant to the Notes
and the Security Documents and excluding the Excluded Collateral.‎

 

“Collateral
Trustee” means Odyssey Trust Company as “Trustee” under the Security Documents and any ‎successor trustee
or agent appointed thereunder.‎

 

“Consolidated
EBITDA” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for ‎such
period plus‎:

 

	 	(a)	an
    amount equal to any net loss realized by such Person or any of its Restricted Subsidiaries in ‎connection with an Asset
    Sale, to the extent such losses were deducted in computing such ‎Consolidated Net Income; plus
	 	 	 
	 	(b)	all
    extraordinary, unusual or non-recurring items of loss or expense to the extent deducted in ‎computing such Consolidated
    Net Income; plus
	 	 	 
	 	(c)	provision
    for taxes based on income or profits of such Person and its Restricted Subsidiaries for such ‎period, to the extent that
    such provision for taxes was deducted in computing such ‎Consolidated Net Income; plus
	 	 	 
	 	(d)	Consolidated
    Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the ‎extent that any such Consolidated
    Fixed Charges were deducted in computing such ‎Consolidated Net Income; plus
	 	 	 
	 	(e)	depreciation,
    depletion, amortization (including amortization of intangibles and deferred financing ‎costs but excluding amortization
    of prepaid cash expenses that were paid in a prior period) ‎and other non-cash expenses (excluding any such non-cash expense
    to the extent that it ‎represents an accrual of or reserve for cash expenses in any future period or amortization of ‎a
    prepaid cash expense that was paid in a prior period) of such Person and its Restricted ‎Subsidiaries for such period
    to the extent that such depreciation, depletion, amortization and ‎other non-cash expenses were deducted in computing
    such Consolidated Net Income; plus
	 	 	 
	 	(f)	severance
    costs, restructuring costs, asset impairment charges and Acquisition transition services costs, ‎provided that in each
    case such costs or charges were deducted in calculating Consolidated ‎Net Income for such period; plus

 

    	8

    	 

    

 

	 	(g)	all
    expenses related to restricted stock and redeemable stock interests granted to officers, directors and employees, to the extent
    such expenses were deducted in computing such Consolidated Net Income; plus
	 	 	 
	 	(h)	all
    expenses for transaction costs relating to: (i) the issuance of the Notes; (ii) Acquisitions; and (iii) pre-opening costs
    and expansion of the Permitted Business; minus
	 	 	 
	 	(i)	non-cash
    items increasing such Consolidated Net Income for such period, other than the accrual of revenue in ‎the ordinary course
    of business;

 

in
each case, on a consolidated basis and determined in accordance with IFRS‎.

 

Notwithstanding
the preceding, the provision for taxes based on the income or profits of, the ‎Consolidated Fixed Charges of and the depreciation,
depletion and amortization and other non-cash expenses ‎of, a Restricted Subsidiary of the Issuer will be added to Consolidated
Net Income to compute Consolidated ‎EBITDA of the Issuer (A) in the same proportion that the Net Income of such Restricted
Subsidiary was ‎added to compute such Consolidated Net Income of the Issuer and (B) only to the extent that a corresponding
‎amount would be permitted at the date of determination to be dividended or distributed, directly or indirectly, ‎to the
Issuer by such Restricted Subsidiary without prior governmental approval (that has not been obtained), ‎and without direct
or indirect restriction pursuant to the terms of its charter and all agreements, instruments, ‎judgments, decrees, orders,
statutes, rules and governmental regulations applicable to that Subsidiary or its ‎stockholders.‎

 

“Consolidated
Fixed Charge Coverage Ratio” means, with respect to any specified Person for any period, the ratio of the Consolidated
EBITDA of such Person ‎for such period to the Consolidated Fixed Charges of such Person for such period. In the event that
the specified ‎Person or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness (other
than the ‎Incurrence or repayment of revolving credit borrowings, except to the extent that a repayment is accompanied by
a ‎permanent reduction in revolving credit commitments) or issues, repurchases or redeems Disqualified Stock ‎subsequent
to the commencement of the period for which the Consolidated Fixed Charge Coverage Ratio is being ‎calculated and on or prior
to the date on which the event for which the calculation of the Consolidated Fixed ‎Charge Coverage Ratio is made (the “Calculation
Date”), then the Consolidated Fixed Charge Coverage Ratio will ‎be calculated giving pro forma effect to such Incurrence,
repayment, repurchase or redemption of Indebtedness, or ‎such issuance, repurchase or redemption of Disqualified Stock, and
the use of the proceeds therefrom as if the same ‎had occurred at the beginning of such period; provided that, in the event
that the Issuer shall classify Indebtedness ‎Incurred on the date of determination as Incurred in part pursuant to Section
6.9(a) and in part pursuant to one or more clauses of the definition of ‎‎“Permitted Debt” (other than in
respect of 6.9(b)(xv) of such definition), any calculation of Consolidated Fixed ‎Charges pursuant to this definition on such
date (but not in respect of any future calculation following such date) ‎shall not include any such Indebtedness (and shall
not give effect to any repayment, repurchase, redemption, ‎defeasance or other acquisition, retirement or discharge of Indebtedness
from the proceeds thereof) to the extent ‎Incurred pursuant to any such other clause of the definition of “Permitted
Debt” on such date. In addition, for ‎purposes of calculating the Consolidated Fixed Charge Coverage Ratio:‎

 

	 	(a)	Acquisitions
    and dispositions of business entities or property and assets constituting a division or line ‎of business of any Person
    that have been made by the specified Person or any of its ‎Restricted Subsidiaries, including through mergers or consolidations,
    during the four-quarter ‎reference period or subsequent to such reference period and on or prior to the Calculation ‎Date
    will be given pro forma effect as if they had occurred on the first day of the four-‎quarter reference period, and Consolidated
    EBITDA for such reference period will be ‎calculated on a pro forma basis in good faith on a reasonable basis by a responsible
    financial ‎or accounting Officer of the Issuer; provided, that such Officer may in his discretion include ‎any pro
    forma changes to Consolidated EBITDA, including any pro forma reductions of ‎expenses and costs, that have occurred or
    are reasonably expected by such Officer to occur;‎

 

    	9

    	 

    

 

	 	(b)	the
    Consolidated EBITDA attributable to discontinued operations, as determined in accordance with ‎IFRS, will be excluded;‎
	 	 	 
	 	(c)	the
    Consolidated Fixed Charges attributable to discontinued operations, as determined in accordance ‎with IFRS, will be excluded,
    but only to the extent that the obligations giving rise to such ‎Consolidated Fixed Charges will not be obligations of
    the specified Person or any of its ‎Restricted Subsidiaries following the Calculation Date;‎
	 	 	 
	 	(d)	Consolidated
    Fixed Charges attributable to non-recurring charges associated with any premium or ‎penalty paid, write-offs of deferred
    financing costs (including unamortized original issue ‎discount) or other financial recapitalization changes in connection
    with redeeming or retiring ‎any Indebtedness prior to its maturity, will be excluded; and
	 	 	 
	 	(e)	Consolidated
    Fixed Charges attributable to interest on any Indebtedness (whether existing or being Incurred) ‎computed on a pro forma
    basis and bearing a floating interest rate will be computed as if the rate in effect on ‎the Calculation Date (taking
    into account any interest rate option, swap, cap or similar agreement applicable ‎to such Indebtedness if such agreement
    has a remaining term in excess of 12 months or, if shorter, at least ‎equal to the remaining term of such Indebtedness)
    had been the applicable rate for the entire period.‎

 

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

 

	 	(a)	the
    consolidated interest expense of such Person and its Restricted Subsidiaries for such period, ‎whether paid or accrued,
    including amortization of debt issuance costs and original issue ‎discounts (provided, however, that any amortization
    of bond premium will be credited to ‎reduce Consolidated Fixed Charges unless pursuant to IFRS, such amortization of bond
    ‎premium has otherwise reduced Consolidated Fixed Charges), non-cash interest payments, ‎the interest component of
    any deferred payment obligations, the interest component of all ‎payments associated with Capital Lease Obligations, commissions,
    discounts and other fees ‎and charges Incurred in respect of letter of credit or bankers’ acceptance financings,
    and net ‎of the effect of all payments made or received pursuant to Hedging Obligations; plus

 

    	10

    	 

    

 

	 	(b)	the
    consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during ‎such period; plus
	 	 	 
	 	(c)	any
    interest expense actually paid on Indebtedness of another Person that is guaranteed by such Person or one ‎of its Restricted
    Subsidiaries,

 

in
each case, on a consolidated basis and in accordance with IFRS‎.

 

‎“Consolidated
Indebtedness” means at any time the aggregate stated balance sheet amount of ‎all ‎Indebtedness of the Issuer
and the ‎Restricted Subsidiaries determined on a consolidated basis ‎plus, to the ‎extent not included in Indebtedness,
any ‎Indebtedness of the Issuer and the ‎Restricted Subsidiaries in respect ‎of receivables sold or discounted (other
‎than to the extent they ‎are sold on a non-recourse basis).‎

 

“Consolidated
Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person
‎and its Subsidiaries for such period, on a consolidated basis, determined in accordance with IFRS; provided ‎that:‎

 

	 	(a)	the
    Net Income or loss of any Person that is not a Restricted Subsidiary or that is accounted for by ‎the equity method of
    accounting will be included only to the extent of the amount of ‎dividends or similar distributions paid in cash to the
    specified Person or a Restricted ‎Subsidiary thereof;‎
	 	 	 
	 	(b)	the
    Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or ‎payment of dividends or
    similar distributions by that Restricted Subsidiary of that Net ‎Income is not at the date of determination permitted
    without any prior governmental ‎approval (that has not been obtained) or, directly or indirectly, by operation of the
    terms of ‎its charter or any judgment, decree, order, statute, rule or governmental regulation applicable ‎to that
    Restricted Subsidiary or its equityholders;‎
	 	 	 
	 	(c)	the
    cumulative effect of a change in accounting principles will be excluded;‎
	 	 	 
	 	(d)	solely
    for purpose of determining the amount available for Restricted Payments under Section 6.8(a)(iii), the Net Income of any ‎Person
    Acquired during the specified period for any period prior to the date of such ‎Acquisition will be excluded;‎
	 	 	 
	 	(e)	to
    the extent deducted in the calculation of Net Income, any non-recurring charges associated with ‎any premium or penalty
    paid, write-offs of deferred financing costs (including unamortized ‎original issue discount) or other financial recapitalization
    changes in connection with ‎redeeming or retiring any Indebtedness prior to its maturity will be added back to the ‎calculation
    of Consolidated Net Income;‎
	 	 	 
	 	(f)	any
    asset impairment write downs under IFRS will be excluded;‎

 

    	11

    	 

    

 

	 	(g)	unrealized
    gains and losses due solely to fluctuations in currency values and the related tax effects ‎according to IFRS will be
    excluded; and
	 	 	 
	 	(h)	unrealized
    losses and gains under Hedging Obligations included in the determination of Consolidated Net ‎Income, will be excluded.

 

“Consolidated
Net Tangible Assets” means, with respect to any Person as of any date of determination, the amount which, in accordance
with ‎IFRS, would be set forth under the caption “Total Assets” (or any like caption) on a consolidated statement
of ‎financial position of such Person and its Restricted Subsidiaries, less all goodwill, patents, tradenames, ‎trademarks,
copyrights, franchises, experimental expenses, organization expenses and any other amounts ‎classified as intangible assets
in accordance with IFRS‎.

 

“Counsel”
means a barrister or solicitor or firm of barristers or solicitors retained or employed by the Trustee or retained or employed
by the Issuer and reasonably acceptable to the Trustee.

 

“Coupon
Notes” the 15% Senior Secured Notes due December 19, 2022 created and designated pursuant to Section 3.2.

 

“DBRS”
means, collectively, DBRS Limited, DBRS, Inc. and DBRS Ratings Limited or any successor ratings agency thereto.

 

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

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Sections
4.2(b) and 4.6 hereof, substantially in the form set out in the Supplemental Indenture providing for the relevant series of Notes
(or in the case of Coupon Notes or Unit Note, Appendix A hereto), except that such Note will not bear the Global Note Legend.

 

“Depository”
means CDS and such other Person as is designated in writing by the Issuer and acceptable to the Trustee to act as depository in
respect of any series of Book Entry Only Notes.

 

“Description
of Notes” means the Section of the Offering Memorandum titled “Description of the Notes”.

 

“Designated
Non-cash Consideration” means the Fair Market Value of non-cash and non-Cash Equivalents consideration received by the
Issuer or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as “Designated Non-cash
Consideration” pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of
cash or Cash Equivalents received in connection with a subsequent sale, redemption or repayment of, or with respect to, such Designated
Non-cash Consideration.

 

“Designated
Rating Organization” means each of Standard & Poor’s, Moody’s and DBRS‎.

 

    	12

    	 

    

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or
for ‎which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any ‎event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or ‎redeemable at the option of
the holder thereof, in whole or in part, on or prior to the date that is one year ‎after the date on which the Notes mature.
Notwithstanding the preceding sentence, any Capital Stock that ‎would constitute Disqualified Stock solely because the holders
thereof have the right to require the Issuer to ‎repurchase such Capital Stock upon the occurrence of a change of control
or an asset sale will not constitute ‎Disqualified Stock if the terms of such Capital Stock provide that the Issuer may not
repurchase or redeem ‎any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with
Section 6.8. The term “Disqualified ‎Stock” will also include any options, warrants or other rights that are convertible
into Disqualified Stock or ‎that are redeemable at the option of the holder, or required to be redeemed, prior to the date
that is one year ‎after the date on which the Notes mature. The amount of Disqualified Stock deemed to be outstanding at any
‎time for purposes of this Indenture will be the maximum amount that the Issuer and its Restricted Subsidiaries ‎may become
obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, ‎such Disqualified Stock, exclusive
of accrued dividends‎.

 

“Enterprise
Value” means the aggregate of: (1) equity market capitalization of the Issuer and (2) all indebtedness of the Issuer.

 

“Equity
Interests” means Capital Stock and all warrants, options or other rights to Acquire Capital Stock (but excluding any
debt ‎security that is convertible into, or exchangeable for, Capital Stock).‎

 

“Equity
Offering” means (i) a public or private offer and sale of Capital Stock (other than (a) Capital Stock made to any ‎Subsidiary,
(b) Disqualified Stock or (c) equity securities issuable under any employee benefit plan of the ‎Issuer) of the Issuer to
any Person (other than a Subsidiary of the Issuer) or (ii) a contribution to the equity ‎capital of the Issuer by any Person
(other than a Subsidiary of the Issuer).‎

 

“Event
of Default” has the meaning given to that term in Section 7.1 and any other event defined as an “Event of Default”
in this Indenture.

 

“Excess
Proceeds” has the meaning given to that term in Section 6.16(d).

 

“Excluded
Collateral” means (i) any Equity Interests issued by Unrestricted Subsidiaries; (ii) Equity Interests in holders of
Material Permits that are organized pursuant to the laws of the State of Arizona; (iii) any rights, title or interest in Property
not constituting Personal Property; (iv) any deposit accounts of a Person that are (a) exclusively used for payroll and (b) de
minimis; (v) any right or interest in any lease, license (including any Material Permit) or contract if under the terms of such
lease, license or contract, or applicable Laws with respect thereto, the grant of a security interest or Lien therein is prohibited
as a matter of law or under the terms of such lease, license or contract and such prohibition or restriction has not been waived
or the requisite consent in respect of such lease, license or contract has not been obtained or the grant of a security interest
or Lien therein would, under the terms of such lease, license or contract, result in the termination of or give rise to a right
of termination (provided, that, (a) the foregoing exclusions of this clause (v) shall in no way be construed (1) to apply to the
extent that any described prohibition or restriction is unenforceable under Section 9-406, 9-407, 9-408, or 9-409 of the UCC or
the PPSA or other applicable Laws or principles of equity, or (2) to apply to the extent that any consent or waiver has been obtained
that would permit Agent’s security interest or Lien notwithstanding the prohibition or restriction on the pledge of such
lease, license or contract; and (vi) other Property that is customarily excluded, including any United States intent-to-use trademark
applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair
the validity or enforceability of (or result in the abandonment of) such intent-to-use trademark applications under applicable
federal law; provided, that, upon submission to, and acceptance by, the US Patents & Trademark Office of an amendment to allege
use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall be considered
Collateral, provided that, “Excluded Collateral” shall not include any proceeds, products, substitutions or
replacements of Excluded Collateral (unless such proceeds, products, substitutions or replacements would otherwise constitute
Excluded Collateral).

 

    	13

    	 

    

 

“Existing
Indebtedness” means the aggregate amount of Indebtedness of the Issuer and its Restricted Subsidiaries (other than the
Notes ‎issued hereby and the related Guarantees) in existence on the Issue Date or arising pursuant to the MMCAP Documents,
after giving effect to the application ‎of the proceeds of (1) the Notes issued hereby and (2) any borrowings as of the Issue
Date, until such ‎amounts are repaid‎.

 

“Fair
Market Value” means the price that would be paid in an arm’s-length transaction between an informed and willing
seller ‎under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in ‎good
faith by the Board of Directors or an executive officer of the Issuer, as the case may be pursuant to the ‎applicable provisions
of this Indenture, whose determination will be conclusive if evidenced by a Board ‎Resolution or an Officers’ Certificate,
as applicable‎.

 

“First-Lien
Indebtedness” means:

 

	(1)	Indebtedness
    under the Notes (including any Additional Notes); 
	 	 
	(2)	Indebtedness
    under Guarantees (including Subsidiary Guarantees); and
	 	 
	(3)	Permitted
    Debt under paragraph (3) of the definition of “Permitted Debt”.

 

“First-Priority
Lien” means a first-priority Lien granted upon any Property of the Issuer or any Guarantor to secure First-Lien Indebtedness.

 

“Global
Note Legend” means the legend set forth in Section 2.13(a), which is required to be placed on all Global Notes issued
under this Indenture.

 

“Global
Notes” means certificates representing the aggregate principal amount of Notes issued and outstanding and held by, ‎or
on behalf of, a Depository‎.

 

“Government
Securities” means direct obligations of, or obligations guaranteed by, the federal government of Canada for the timely
‎payment of which guarantee or obligations the full faith and credit of the federal government of Canada is ‎pledged‎.

 

“Guarantee”
means, as to any Guarantor, a guarantee of the Indebtedness under this Indenture and the Notes.

 

“Guarantor”
means each Restricted Subsidiary that has delivered a Guarantee on the Issue Date, and any other Person that becomes a Guarantor
that executes and delivers a Guarantee to the Collateral Trustee.

 

“Harvest
DCP” means Harvest Dispensaries, Cultivations & Production Facilities LLC.

 

“Harvest
Enterprises” means Harvest Enterprises, Inc.

 

    	14

    	 

    

 

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

 

	 	(a)	interest
    rate swap agreements, interest rate cap agreements, interest rate collar agreements and other ‎agreements or arrangements
    with respect to interest rates;‎
	 	 	 
	 	(b)	commodity
    swap agreements, commodity option agreements, forward contracts and other agreements ‎or arrangements with respect to
    commodity prices;‎
	 	 	 
	 	(c)	foreign
    exchange contracts, currency swap agreements and other agreements or arrangements with ‎respect to foreign currency exchange
    rates; and
	 	 	 
	 	(d)	other
    agreements or arrangements designed to protect such Person or any Restricted Subsidiaries against ‎fluctuations in interest
    rates, commodity prices or currency exchange rates.

 

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

 

“Holders’
Request” means an instrument signed in one or more counterparts by the Holder or Holders of not less than 51% in aggregate
principal amount of the outstanding Notes requesting the Trustee to take an action or proceeding permitted by this Indenture;
provided that in the case of any action or proceeding permitted by this Indenture in respect of any particular series of outstanding
Notes, “Holders’ Request” means an instrument signed in one or more counterparts by the Holder or Holders of
not less than 51% in aggregate principal amount of the outstanding Notes of such series requesting the Trustee to take such action
or proceeding.

 

“IFRS”
means International Financial Reporting Standards, as adopted by the International Accounting Standards Board, as in effect in
Canada from time to time.

 

“Incur”
means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become ‎directly or indirectly
liable for or with respect to, or become responsible for, the payment of, contingently or ‎otherwise, such Indebtedness (and
“Incurrence” and “Incurred” will have meanings correlative to the ‎foregoing); provided that (1) any
Indebtedness of a Person existing at the time such Person becomes a ‎Restricted Subsidiary of the Issuer will be deemed to
be Incurred by such Restricted Subsidiary at the time it ‎becomes a Restricted Subsidiary of the Issuer and (2) neither the
accrual of interest or dividends nor the ‎accretion of original issue discounts nor the payment of interest in the form of
additional Indebtedness with the ‎same terms and the payment of dividends on Disqualified Stock in the form of additional
shares of the same ‎class of Disqualified Stock (to the extent provided for when the Indebtedness or Disqualified Stock on
which ‎such interest or dividend is paid was originally issued) will be considered an Incurrence of Indebtedness; ‎provided
that in each case the amount thereof is for all other purposes included in the Consolidated Fixed ‎Charges and Indebtedness
of the Issuer or its Restricted Subsidiary as accrued‎.

 

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

 

	 	(a)	in
    respect of borrowed money;‎

 

    	15

    	 

    

 

	 	(b)	evidenced
    by bonds, Notes, debentures or similar instruments or letters of credit (or reimbursement ‎agreements in respect thereof);‎
	 	 	 
	 	(c)	in
    respect of banker’s acceptances;‎
	 	 	 
	 	(d)	in
    respect of Capital Lease Obligations and Purchase Money Obligations of such Person and all ‎Attributable Debt in respect
    of Sale/Leaseback Transactions entered into by such Person;‎
	 	 	 
	 	(e)	in
    respect of the balance deferred and unpaid of the purchase price of any property or services due ‎more than six months
    after such property is Acquired or such services are completed, except ‎any such balance that constitutes an accrued expense
    or a trade payable;‎
	 	 	 
	 	(f)	representing
    Hedging Obligations;
	 	 	 
	 	(g)	representing
    Disqualified Stock valued as provided in the definition of the term “Disqualified Stock;” 
	 	 	 
	 	(h)	all
    preferred stock issued by such Person, if such Person is a Restricted Subsidiary or the Issuer and is not a ‎Guarantor;
    or
	 	 	 
	 	(i)	that
    would then be classified as liabilities on that Person’s consolidated balance sheet or in the notes to the balance sheet.

 

Notwithstanding
the foregoing, the following shall not constitute Indebtedness:‎

 

	 	(a)	any
    obligation arising from the honoring by a bank or other financial institution of a check, draft or ‎similar instrument
    drawn against insufficient funds in the ordinary course of business; ‎provided, however, that such obligation is extinguished
    within five Business Days of its ‎Incurrence;‎
	 	 	 
	 	(b)	any
    obligation arising from any agreement providing for indemnities, Guarantees, purchase price ‎adjustments, holdbacks, contingency
    payment or earnout obligations based on the ‎performance of the Acquired or disposed assets, subordinated vendor takeback
    loan or similar ‎obligations (other than Guarantees of Indebtedness) customarily Incurred by any Person in ‎connection
    with the Acquisition or disposition of any assets, including Capital Stock, in an ‎aggregate amount not to exceed $75
    million at any one time outstanding; ‎
	 	 	 
	 	(c)	any
    indebtedness that has been defeased in accordance with IFRS or defeased pursuant to the irrevocable ‎deposit of cash or
    Cash Equivalents (in an amount sufficient to satisfy all obligations relating thereto at ‎maturity or redemption, as applicable,
    including all payments of interest and premium, if any) in a trust or ‎account created or pledged for the sole benefit
    of the holders of such indebtedness, and subject to no other ‎Liens, and in accordance with the other applicable terms
    of the instrument governing such indebtedness; ‎provided, however, if any such defeasance shall be terminated prior to
    the full discharge of the Indebtedness ‎for which it was Incurred, then such Indebtedness shall constitute Indebtedness
    for all relevant purposes of this ‎Indenture; and

 

    	16

    	 

    

 

	 	(d)	any
    instrument, trade accounts payable, and accrued liabilities (including deferred revenues and income taxes payable) Incurred
    in the ordinary course of business, unless any of the trade accounts payable or accrued liabilities under this paragraph remain
    unpaid more than 120 days after the date on which they were Incurred.

 

The
amount of any Indebtedness outstanding as of any date will be the outstanding balance at such ‎date of all unconditional obligations
as described above and, with respect to contingent obligations described ‎above, the maximum liability upon the occurrence
of the contingency giving rise to the obligation, and will ‎be:‎

 

	 	(a)	the
    accreted value thereof, in the case of any Indebtedness issued with original issue discount; and
	 	 	 
	 	(b)	the
    principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case ‎of any other
    Indebtedness.

 

“Indenture”
means this indenture (including, for the avoidance of any doubt, the preamble and recitals hereto), as originally executed or
as it may from time to time be supplemented, amended, restated, or otherwise modified in accordance with the terms hereof.

 

“Indenture
Obligations” means all Obligations of the Issuer and the Guarantors due or to become due under or in connection with
this Indenture and the relevant series of Notes, including under the Guarantees, owed to the Trustee and/or the Holders according
to the terms hereof and thereof.

 

“Initial
Issue Date” means the date on which the Unit Notes and Coupon Notes are originally issued under this Indenture, being
December 20, 2019.

 

“Initial
Notes” means the up to US$100,000,000 aggregate principal amount of Unit Notes and Coupon Notes issued by the Issuer
on the Initial Issue Date.

 

“Interest
Payment Date” means, for each series of Notes, a date specified in such series of Notes or the Supplemental Indenture
providing for such series of Notes (or, in the case of the Unit Notes or Coupon Notes, as specified in Article 3) as the date
on which an instalment of interest on such Notes shall become due and payable.

 

“Investment
Grade Rating” means a rating equal to or higher than‎:

 

	 	(a)	‎“BBB-”
    (or the equivalent) from Standard & Poor’s;‎
	 	 	 
	 	(b)	‎“Baa3”
    (or the equivalent) from Moody’s; or‎
	 	 	 
	 	(c)	‎“BBB(Low)”
    (or the equivalent) from DBRS‎.

 

“Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons ‎‎(including Affiliates)
in the form of loans or other extensions of credit (including Guarantees), advances, ‎capital contributions (by means of any
transfer of cash or other property to others or any payment for ‎property or services for the account or use of others, excluding
commission, travel and similar advances to ‎officers and employees made in the ordinary course of business and excluding accounts
receivables created or ‎Acquired in the ordinary course of business), purchases or other Acquisitions for consideration of
Indebtedness, ‎Equity Interests or other securities, together with all items that are or would be classified as investments
on a ‎statement of financial position prepared in accordance with IFRS.‎

 

    	17

    	 

    

 

If
the Issuer or any Restricted Subsidiary of the Issuer sells or otherwise disposes of any Equity ‎Interests of any direct or
indirect Restricted Subsidiary of the Issuer such that, after giving effect to any such ‎sale or disposition, such Person
is no longer a Restricted Subsidiary of the Issuer, the Issuer will be deemed to ‎have made an Investment on the date of any
such sale or disposition equal to the Fair Market Value of the ‎Investment in such Subsidiary not sold or disposed of. The
Acquisition by the Issuer or any Restricted ‎Subsidiary of the Issuer of a Person that holds an Investment in a third Person
will be deemed to be an ‎Investment by the Issuer or such Restricted Subsidiary in such third Person in an amount equal to
the Fair ‎Market Value of the Investment held by the Acquired Person in such third Person‎.

 

“Issue
Date” means the date the Notes are originally issued pursuant to this Indenture‎.

 

“Issuer”
means Harvest Health & Recreation Inc. and includes any successor to or of the Issuer, as permitted by the terms hereof.

 

“Issuer
Order” means an order or direction in writing signed by the President, Chief Executive Officer or Chief Financial Officer
of the Issuer or any director of the Issuer.

 

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

 

“LVTS”
means the large value electronic money transfer system operated by the Canadian Payments Association and any successor thereto.

 

“Material
Adverse Effect” means any event or change that, individually or in the aggregate with other events or changes, is or
would reasonably be expected to be, materially adverse to the business, operations, assets or financial condition of the Issuer
or a Restricted Subsidiary, taken as a whole; provided that a Material Adverse Effect shall not include an adverse effect resulting
from a change: (i) that arises out of a matter that has been publicly disclosed by the Issuer or otherwise disclosed in writing
by the Issuer to the Trustee prior to the date of the Indenture; (ii) that results from general economic, financial, currency
exchange, interest rate or securities market conditions in Canada or the United States; or (iii) that is a result of any matter
permitted by this Indenture or consented to in writing by the Trustee.

 

“Material
Assets” means any assets that are necessary in order to conduct the Permitted Business in accordance with applicable
laws, including Material Permits.

 

    	18

    	 

    

 

“Material
Permits” means the list of licenses, authorizations and permits, to be included as a Appendix D to the Indenture.

 

“MMCAP
Documents” means, together, (1) the investment agreement dated May 10, 2019 and made between the Issuer and 1235 Fund
LP and (2) the agency agreement between the Issuer and Eight Capital dated May 10, 2019, in either case, as amended, amended and
restated, restated, replaced, or otherwise modified from time to time

 

“Maturity”
means, when used with respect to a Note of any series, the date on which the principal of such Note or an instalment of principal
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, Redemption
Notice, notice of option to elect repayment or otherwise.

 

“Maturity
Account” means an account or accounts required to be established by the Issuer (and which shall be maintained by and
subject to the control of the Paying Agent) for each series of Notes issued pursuant to and in accordance with this Indenture.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

 

“Net
Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance
‎with IFRS and before any reduction in respect of preferred stock dividends, excluding, however:‎

 

	 	(a)	any
    gain or loss, together with any related provision for taxes on such gain or loss, realized in ‎connection with: (a) any
    Asset Sale; or (b) the disposition of any securities by such Person or ‎any of its Restricted Subsidiaries or the extinguishment
    of any Indebtedness of such Person ‎or any of its Restricted Subsidiaries; and
	 	 	 
	 	(b)	any
    extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss.

 

“Net
Proceeds” means the aggregate cash proceeds, including payments in respect of deferred payment obligations (to the ‎extent
corresponding to the principal, but not the interest component, thereof) received by the Issuer or any of ‎its Restricted
Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon ‎the sale or other disposition
of any non-cash consideration received in any Asset Sale), net of (a) the direct ‎costs relating to such Asset Sale, including,
without limitation, legal, accounting, investment banking and ‎brokerage fees, and sales commissions, and any relocation expenses
Incurred as a result thereof, (b) taxes paid ‎or payable as a result thereof, in each case, after taking into account any
available tax credits or deductions ‎and any tax sharing arrangements, (c) amounts required to be applied to the repayment
of Indebtedness or ‎other liabilities secured by a Lien on the asset or assets that were the subject of such Asset Sale or
required to ‎be paid as a result of such sale, (d) in the case of any Asset Sale by a Restricted Subsidiary of the Issuer,
‎payments to holders of Equity Interests in such Restricted Subsidiary in such capacity (other than such Equity ‎Interests
held by the Issuer or any Restricted Subsidiary thereof) to the extent that such payment is required to ‎permit the distribution
of such proceeds in respect of the Equity Interests in such Restricted Subsidiary held ‎by the Issuer or any Restricted Subsidiary
thereof, and (e) appropriate amounts to be provided by the Issuer ‎or its Restricted Subsidiaries as a reserve against liabilities
associated with such Asset Sale, including, without ‎limitation, pension and other post-employment benefit liabilities, liabilities
related to environmental matters ‎and liabilities under any adjustment or indemnification obligations associated with such
Asset Sale, all as ‎determined in accordance with IFRS; provided that (i) excess amounts set aside for payment of taxes pursuant
‎to clause (b) above remaining after such taxes have been paid in full or the statute of limitations therefor has ‎expired
and (ii) amounts initially held in reserve pursuant to clause (e) no longer so held, will, in the case of ‎each of subclause
(i) and (ii), at that time become Net Proceeds.‎

 

    	19

    	 

    

 

“Non-Recourse
Debt” means Indebtedness Incurred or assumed by the Issuer or any of its Restricted Subsidiaries in respect of which
‎a Lien is granted or intended to be granted by the Issuer or such Restricted Subsidiary, as the case may be, ‎and which
Indebtedness is Incurred or assumed solely to finance the construction, development or Acquisition ‎of an asset or property
(the “Non-Recourse Asset”) from a Person at arm’s length to the Issuer and its ‎Restricted Subsidiaries;
provided that‎:

 

	 	(a)	such
    Indebtedness is Incurred at the time of construction, development or Acquisition of the Non-‎Recourse Asset (or within
    120 days thereafter); and
	 	 	 
	 	(b)	the
    grantees of the Liens have no recourse whatsoever (other than recourse on an unsecured basis in ‎respect of false or misleading
    representations or warranties and customary indemnities ‎provided with respect to such financings or equity interests
    in Unrestricted Subsidiaries ‎holding such Non-Recourse Assets) against any assets, properties or undertaking of the Issuer
    ‎and its Restricted Subsidiaries; and ‎
	 	 	 
	 	(c)	no
    Guarantee of such Indebtedness is provided by the Issuer or any of its Restricted Subsidiaries.

 

“Notes”
means the notes, debentures or other evidence of indebtedness of the Issuer issued and authenticated hereunder, or deemed to be
issued and authenticated hereunder, and includes Global Notes and for greater certainty, the Unit Notes and the Coupon Notes.

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities ‎payable under
the documentation governing any Indebtedness‎.

 

“Offering
Memorandum” means the amended and restated preliminary offering memorandum of the Issuer dated December 20, 2019.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the ‎Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, ‎the Secretary, any Assistant
Secretary or any Senior Vice-President or Vice-President of such Person.‎

 

“Officers’
Certificate” means a certificate signed on behalf of the Issuer by the principal executive officer or the principal
financial officer of the Issuer, ‎delivered to the Trustee that meets the requirements of this Indenture‎.

 

“Opinion
of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee (who may be counsel to or
‎an employee of the Issuer) that meets the requirements of this Indenture‎.

 

    	20

    	 

    

 

“Original
U.S. Holder” means any (1)(a) Holder that (i) is a U.S. Person, (ii) is in the United States, (iii) received an offer
to acquire Unit Notes or Coupon Notes while in the United States, or (iv) was in the United States at the time such Holder’s
buy order was made or such Holder executed or delivered its purchase order for the Unit Notes or Coupon Notes, or (b) person who
acquired Unit Notes or Coupon Notes on behalf of, or for the account or benefit of, any U.S. Person or any person in the United
States, in each case that is either (2)(a) a Qualified Institutional Buyer and the original purchaser of the Unit Notes or Coupon
Notes and who delivered a properly executed Qualified Institutional Buyer Certificate attached as Annex 2 to Schedule E of the
subscription agreement between each Qualified Institutional Buyer and the Issuer in connection with its purchase of Unit Notes
and warrants or Coupon Notes from the Issuer, or (b) a U.S. Accredited Investor and the original purchaser of the Unit Notes or
Coupon Notes and who delivered a properly executed U.S. Accredited Investor Certificate attached as Annex 1 to Schedule E of the
subscription agreement between each U.S. Accredited Investor and the Issuer in connection with its purchase of Unit Notes and
warrants or Coupon Notes from the Issuer.

 

“Participants”
has the meaning given to that term in Section 4.2(d).

 

“Paying
Agent” has the meaning given to that term in Section 2.5.

 

“Payment
Default” has the meaning given to that term in Section 7.1(f)(i).

 

“Permitted
Acquisition Indebtedness” means Indebtedness or Disqualified Stock of the Issuer or any of its Restricted Subsidiaries
to the extent such Indebtedness or Disqualified Stock was either (a) created or Incurred in connection with an Acquisition; and/or
(b) of any other Person existing at the time (i) such Person became a Restricted Subsidiary of the Issuer or (ii) such Person
was amalgamated, merged or consolidated with or into the Issuer or any of its Restricted Subsidiaries; provided that, in relation
to paragraph (b), on the date such Person became a Restricted Subsidiary of the Issuer or the date such Person was amalgamated,
merged or consolidated with or into the Issuer or any of its Restricted Subsidiaries, as applicable, either:‎

 

	 	(a)	immediately
    after giving effect to such transaction on a pro forma basis as if the same had occurred ‎at the beginning of the applicable
    four-quarter period, the Issuer or such Restricted ‎Subsidiary, as applicable, would not be prohibited from Incurring
    at least $1.00 of additional ‎Indebtedness pursuant to the Consolidated Fixed Charge Coverage Ratio test set forth in
    Section 6.9(a); or‎
	 	 	 
	 	(b)	immediately
    after giving effect to such transaction on a pro forma basis as if the same had occurred at the ‎beginning of the applicable
    four-quarter period, the Consolidated Fixed Charge Coverage Ratio of the Issuer ‎would be equal to or greater than the
    Consolidated Fixed Charge Coverage Ratio of the Issuer immediately ‎prior to such transaction.

 

‎“Permitted
Assets” means any and all properties or assets that are used or useful in a Permitted ‎Business (including Capital
Stock in a Person that is a Restricted Subsidiary and Capital Stock in a Person ‎whose primary business is a Permitted Business
that shall become a Restricted Subsidiary immediately upon ‎the Acquisition of such Capital Stock by the Issuer or by a Restricted
Subsidiary, but excluding any other ‎securities). ‎

 

    	21

    	 

    

 

“Permitted
Business” means any business conducted or proposed to be conducted (as described in the Offering Memorandum relating
to the ‎Offering of the Notes issued on the Issue Date) by the Issuer and its Restricted Subsidiaries on the Issue Date ‎and
other businesses reasonably related, complimentary or ancillary thereto‎.

 

“Permitted
Debt” has the meaning given to that term in Section 6.9(b).

 

“Permitted
Investments” means:

 

	 	(a)	any
    Investment in the Issuer or in a Subsidiary of the Issuer;‎
	 	 	 
	 	(b)	any
    Investment in Cash Equivalents;‎
	 	 	 
	 	(c)	any
    Investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person, if as a result of ‎such Investment:‎

 

	 	(i)	such
    Person becomes a Restricted Subsidiary of the Issuer; or
	 	 	 
	 	(ii)	such
    Person is merged, consolidated or amalgamated with or into, or transfers or conveys ‎substantially all of its assets to,
    or is liquidated into, the Issuer or a Restricted ‎Subsidiary of the Issuer;‎

 

	 	(d)	any
    Investment made as a result of the receipt of cash consideration or non-cash consideration from an Asset Sale that was ‎made
    pursuant to and in compliance with Section 6.16 or a sale or disposition of assets ‎excluded from the definition of “Asset
    Sale”;‎
	 	 	 
	 	(e)	Hedging
    Obligations that are Incurred in the ordinary course of business and not for speculative ‎purposes, and that do not increase
    the Indebtedness of the obligor outstanding at any time ‎other than as a result of fluctuations in interest rates, commodity
    prices or foreign currency ‎exchange rates or by reason of fees, indemnities and compensation payable thereunder;‎
	 	 	 
	 	(f)	stock,
    obligations or securities received as a result of the bankruptcy or reorganization of a Person or ‎taken in settlement
    or other resolutions of claims or disputes or in satisfaction of judgments, ‎and extensions, modifications and renewals
    thereof;‎
	 	 	 
	 	(g)	advances
    to customers or suppliers in the ordinary course of business that are, in conformity with ‎IFRS, recorded as accounts
    receivable, prepaid expenses or deposits on the statement of ‎financial position of the Issuer or its Restricted Subsidiaries
    and endorsements for collection ‎or deposit arising in the ordinary course of business;‎
	 	 	 
	 	(h)	any
    Investment in any Person in exchange for the issuance of Equity Interests (other than ‎Disqualified Stock) of the Issuer;
    or in relation to Permitted Acquisition Indebtedness;‎

 

    	22

    	 

    

 

	 	(i)	loans
    or advances to officers and employees of the Issuer or any of its Subsidiaries made in the ‎ordinary course of business,
    which, in the aggregate outstanding amount, do not at any time ‎exceed $3 million; ‎
	 	 	 
	 	(j)	repurchases
    of, or other Investments in, the Notes;‎
	 	 	 
	 	(k)	advances,
    deposits and prepayments for purchases of any assets used in a Permitted Business, ‎including any Equity Interests;‎
	 	 	 
	 	(l)	commission,
    payroll, travel, entertainment and similar advances to officers and employees of the ‎Issuer or any of its Restricted
    Subsidiaries that are expected at the time of such advance ‎ultimately to be recorded as an expense in conformity with
    IFRS;‎
	 	 	 
	 	(m)	Guarantees
    issued in accordance with Section 6.9;‎
	 	 	 
	 	(n)	Investments
    existing on the Issue Date;‎
	 	 	 
	 	(o)	any
    Investment (i) existing on the Issue Date, (ii) made pursuant to binding commitments in effect ‎on the date of this Indenture
    or (iii) that replaces, refinances or refunds any Investment ‎described under either of the immediately preceding clauses
    (i) or (ii); provided that the new ‎Investment is in an amount that does not exceed the amount replaced, refinanced or
    ‎refunded, and not materially less favorable to the Issuer or any of its Restricted Subsidiaries ‎than the Investment
    replaced, refinanced or refunded as determined in good faith by the ‎Issuer;‎
	 	 	 
	 	(p)	Investments
    the payment for which consists solely of Capital Stock of the Issuer;‎
	 	 	 
	 	(q)	any
    Investment in any Subsidiary of the Issuer in connection with intercompany cash management ‎arrangements or related activities;‎
	 	 	 
	 	(r)	payroll,
    travel and similar advances to cover matters that are expected at the time of such advances ‎ultimately to be treated
    as expenses for accounting purposes and that are made in the ‎ordinary course of business or consistent with past practice;‎
	 	 	 
	 	(s)	performance
    guarantees made in the ordinary course of business or consistent with past practice;‎
	 	 	 
	 	(t)	Investments
    in the ordinary course of business or consistent with past practice consisting of the ‎licensing or contribution of intellectual
    property pursuant to joint marketing or other ‎business arrangements with other Persons;‎
	 	 	 
	 	(u)	any
    Investments received in compromise or resolution of (a) obligations of trade creditors or ‎customers that were Incurred
    in the ordinary course of business of the Issuer or any of its ‎Restricted Subsidiaries, including pursuant to any plan
    of reorganization or similar ‎arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (b)
    ‎litigation, arbitration or other disputes;‎
	 	 	 
	 	(v)	any
    Investment Acquired by the Issuer or any of its Restricted Subsidiaries;‎

 

    	23

    	 

    

 

	 	(w)	an
    Investment in exchange for any other Investment or accounts receivable held by the Issuer or any ‎Restricted Subsidiary
    in connection with or as a result of a bankruptcy, workout, ‎reorganization or recapitalization of the issuer of such
    other Investment or accounts ‎receivable;‎
	 	 	 
	 	(x)	an
    Investment in satisfaction of judgments against other Persons;‎
	 	 	 
	 	(y)	any
    Investment by the Issuer or its Restricted Subsidiaries in a Permitted Business;‎
	 	 	 
	 	(z)	any
    Investment in respect of share price guarantees for share consideration given by the Issuer or any ‎of its Restricted
    Subsidiaries with respect to Acquisitions prior to the Issue Date; ‎
	 	 	 
	 	(aa)	any
    guarantee, indemnity, reimbursement or similar obligation or liability of the Issuer or any Restricted Subsidiary relating
    to the contractual or obligations of any Subsidiary that are not prohibited by the Indenture, including, without limitation,
    under (i) any lease agreement for a Permitted Business or (ii) construction financing and/or tenant improvement allowances
    for a Permitted Business, in each case in the ordinary and consistent with past practices; 
	 	 	 
	 	(bb)	Investments
    relating to or in connection with Permitted Debt; or arising pursuant to the terms of an Acquisition (including, without limitation,
    carry back for seller-financed Acquisitions); or any obligation arising from any agreement providing for indemnities, Guarantees,
    purchase price adjustments, holdbacks, contingency payment or earnout obligations based on the performance of the Acquired
    or disposed assets, subordinated vendor takeback loan or similar obligations (other than Guarantees of Indebtedness) customarily
    Incurred by any Person in connection with the Acquisition or disposition of any assets, including Capital Stock, in an aggregate
    amount not to exceed $75 million at any one time outstanding
	 	 	 
	 	(cc)	other
    Investments having an aggregate Fair Market Value (measured on the date each such Investment was ‎made and without giving
    effect to subsequent changes in value), when taken together with all other ‎Investments made pursuant to this clause (cc)
    since the Issue Date, not to exceed the greater of (a) $30 ‎million and (b) the amount equal to 0.3 multiplied by the
    aggregate amount of Consolidated EBITDA for the ‎most recently completed twelve fiscal months of the Issuer for which
    the internal financial statements are ‎available immediately preceding the date on which such Restricted Payment is made;
    ‎

 

provided,
however, that with respect to any Investment, the Issuer may, in its sole discretion, allocate all or ‎any portion of any
Investment and later re-allocate all or any portion of any Investment, to one or more of ‎the above clauses (a) through (cc)
so that the entire Investment would be a Permitted Investment‎.

 

“Permitted
Liens” means:

 

	 	(a)	Liens
    in favor of the Issuer or any Subsidiary;‎

 

    	24

    	 

    

 

	 	(b)	Liens
    on property of a Person (i) existing at the time of Acquisition thereof or (ii) existing at the time ‎such Person is amalgamated
    or merged with or into or consolidated with the Issuer or any Restricted Subsidiary of the ‎Issuer; provided that such
    Liens were in existence prior to, and not in contemplation of, such ‎ amalgamation or merger or consolidation and do not
    extend to any assets other than those of the Person ‎ amalgamated or merged into or consolidated with the Issuer or the
    Restricted Subsidiary;‎
	 	 	 
	 	(c)	Liens
    on Property arising pursuant to the terms of an Acquisition (including, without limitation, carry back for seller-financed
    Acquisitions) or existing at the time of Acquisition thereof by the Issuer or any Restricted Subsidiary of the Issuer, provided
    that such Liens are limited to: (i) the Property so Acquired by the Issuer or the Restricted Subsidiary; and/or (ii) real
    property of the Issuer, the Guarantors and the Subsidiaries of the Issuer and the Guarantors;
	 	 	 
	 	(d)	Liens
    secured against the real property of the Issuer or any of the Issuer’s Subsidiaries;
	 	 	 
	 	(e)	Liens
    securing the Notes and the Guarantees;‎
	 	 	 
	 	(f)	Liens
    existing on the Issue Date;‎
	 	 	 
	 	(g)	Liens
    securing Non-Recourse Debt permitted by Section 6.9(b)(iii);‎
	 	 	 
	 	(h)	Liens
    securing Permitted Refinancing Indebtedness; provided that any such Lien is limited to all or ‎part of the same property
    or assets that secured (or under the written agreement under which ‎such original Lien arose, could secure) the Indebtedness
    being refinanced or is in respect of ‎property and assets that are the security for another Permitted Lien hereunder;‎
	 	 	 
	 	(i)	Liens
    on property or assets used to defease or to satisfy and discharge Indebtedness; provided that (i) ‎the Incurrence of such
    Indebtedness was not prohibited by this Indenture and (ii) such ‎defeasance or satisfaction and discharge is not prohibited
    by this Indenture;‎
	 	 	 
	 	(j)	Liens
    to secure Capital Lease Obligations and Purchase Money Obligations permitted by 6.9(b)(ii); provided that (i) any such Lien
    covers only the assets Acquired, constructed, refurbished, installed, improved, deployed, refurbished, modified or leased
    with such Indebtedness, and (ii) the amount of such Indebtedness secured by such Liens is in an aggregate amount not to exceed
    6.0% of the Consolidated Net Tangible Assets of the Issuer‎;
	 	 	 
	 	(k)	Liens
    to secure Indebtedness Incurred for the purpose of financing all or any part of the purchase ‎price or the cost of construction,
    development, expansion or improvement of the equipment ‎or other property subject to such Liens; provided, however, that
    (i) the principal amount of ‎any Indebtedness secured by such a Lien does not exceed 100% of such purchase price or ‎cost,
    (ii) such Lien does not extend to or cover any property other than such item of property ‎or any improvements on such
    item of property and (iii) the Incurrence of such Indebtedness ‎is otherwise not prohibited by this Indenture;‎

 

    	25

    	 

    

 

	 	(l)	Liens
    securing Hedging Obligations Incurred in the ordinary course of business and not for ‎speculative purposes; ‎
	 	 	 
	 	(m)	Liens
    Incurred or deposits made in the ordinary course of business in connection with worker’s ‎compensation, unemployment
    insurance or other social security or similar obligations;‎
	 	 	 
	 	(n)	Liens,
    deposits or pledges to secure the performance of bids, tenders, contracts (other than contracts ‎for the payment of Indebtedness),
    leases, or other similar obligations arising in the ordinary ‎course of business;‎
	 	 	 
	 	(o)	Liens
    given to a public utility or any municipality or governmental or other public authority when ‎required by such utility
    or authority in connection with the ownership of assets, provided ‎that such Liens do not materially interfere with the
    use of such assets in the operation of the ‎business;‎
	 	 	 
	 	(p)	reservations,
    limitations, provisos and conditions, if any, expressed in any original grant from the ‎government of Canada of any real
    property or any interest therein or in any comparable ‎grant in jurisdictions other than Canada, provided they do not
    materially interfere with the ‎use of such assets;‎
	 	 	 
	 	(q)	survey
    exceptions, encumbrances, easements or reservations of, or rights of others for, rights of way, ‎zoning or other restrictions
    as to the use of properties, and defects in title which, in the case ‎of any of the foregoing, were not Incurred or created
    to secure the payment of Indebtedness, ‎and which in the aggregate do not materially adversely affect the value of such
    properties or ‎materially impair the use for the purposes of which such properties are held by the Issuer or ‎any
    of its Restricted Subsidiaries;‎
	 	 	 
	 	(r)	servicing
    agreements, development agreements, site plan agreements, and other agreements with ‎governmental authorities pertaining
    to the use or development of assets, provided each is ‎complied with in all material respects and does not materially
    interfere with the use of such ‎assets in the operation of the business;‎
	 	 	 
	 	(s)	judgment
    and attachment Liens, individually or in the aggregate, neither arising from judgments or ‎attachments that gave rise
    to, nor giving rise to, an Event of Default, notices of lis pendens ‎and associated rights related to litigation being
    contested in good faith by appropriate ‎proceedings and for which adequate reserves have been made;‎
	 	 	 
	 	(t)	Liens,
    deposits or pledges to secure public or statutory obligations, surety, stay, appeal, indemnity, ‎performance or other
    similar bonds or obligations, and Liens, deposits or pledges in lieu of ‎such bonds or obligations, or to secure such
    bonds or obligations, or to secure letters of ‎credit in lieu of or supporting the payment of such bonds or obligations,
    in each case which ‎are Incurred in the ordinary course of business;‎

 

    	26

    	 

    

 

	 	(u)	bankers’
    Liens and Liens in favor of collecting or payor banks having a right of setoff, revocation, ‎refund or chargeback with
    respect to money or instruments of the Issuer or any Subsidiary ‎thereof on deposit with or in possession of such bank;‎
	 	 	 
	 	(v)	any
    interest or title of a lessor, licensor or sublicensor in the property subject to any lease, license or ‎sublicense;‎
	 	 	 
	 	(w)	Liens
    for taxes, assessments and governmental charges not yet delinquent or being contested in good ‎faith and for which adequate
    reserves have been established to the extent required by IFRS;‎
	 	 	 
	 	(x)	Liens
    arising from precautionary financing statements under the Uniform Commercial Code or ‎financing statements under a Personal
    Property Security Act or similar statutes regarding ‎operating leases, sales of receivables or consignments;‎
	 	 	 
	 	(y)	Liens
    of franchisors in the ordinary course of business not securing Indebtedness;‎
	 	 	 
	 	(z)	Liens
    imposed by law, such as carriers’, warehousemen’s, repairmen’s, landlord’s, suppliers’, ‎builders’
    and mechanics’ Liens or other similar Liens, in each case, Incurred in the ordinary ‎course of business for sums
    not yet delinquent by more than 90 days or being contested in ‎good faith, if such reserve or other appropriate provisions,
    if any, as shall be required by ‎IFRS, shall have been made in respect thereto;‎
	 	 	 
	 	(aa)	Liens
    contained in purchase and sale agreements to which the Issuer or any of its Restricted ‎Subsidiaries is the selling party
    thereto which limit the transfer of assets pending the closing ‎of the transactions contemplated thereby;‎
	 	 	 
	 	(bb)	Liens
    that may be deemed to exist by virtue of contractual provisions that restrict the ability of the ‎Issuer or any of its
    Subsidiaries from granting or permitting to exist Liens on their respective ‎assets;‎
	 	 	 
	 	(cc)	Liens
    in favor of the Trustee as provided for in this Indenture on money or property held or collected ‎by the Trustee in its
    capacity as Trustee;‎
	 	 	 
	 	(dd)	Liens
    on and pledges of the Equity Interests of any Excluded Collateral; ‎
	 	 	 
	 	(ee)	Liens
    securing any insurance premium financing under customary terms and conditions, provided that ‎no such Lien may extend
    to or cover any assets or property other than the insurance being ‎Acquired with such financing, the proceeds thereof
    and any unearned or refunded insurance ‎premiums related thereto;‎
	 	 	 
	 	(ff)	Liens
    securing inventories that are purchased on credit terms exceeding 120 days made in the ordinary ‎course of business; ‎
	 	 	 
	 	(gg)	Liens
    arising out of the conditional sale, title retention, consignment or similar arrangements for the ‎sale of goods entered
    into in the ordinary course of business;‎
	 	 	 
	 	(hh)	Liens
    in favour of the Collateral Trustee; and

 

    	27

    	 

    

 

	 	(ii)	Liens
    not otherwise permitted by clauses (a) through (ii) of this definition which secure Indebtedness of the ‎Issuer or any
    of its Restricted Subsidiaries not to exceed 3.0% of the Consolidated Net Tangible Assets of the ‎Issuer at any one time
    outstanding.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries issued (i) in exchange
for, or the ‎net proceeds of which are used to extend, refinance, renew, replace, defease or refund for value, in whole or
‎in part, or (ii) constituting an amendment, modification or supplement to or deferral or renewal of ((i) and ‎‎(ii)
collectively, a “Refinancing” and “Refinanced” will have the meaning correlative to the
foregoing) any other Indebtedness of the Issuer or any of its Restricted Subsidiaries ‎‎(other than intercompany Indebtedness);
provided that‎:

 

	 	(a)	the
    amount of such Permitted Refinancing Indebtedness does not exceed the amount of the ‎Indebtedness so refinanced (plus
    all accrued and unpaid interest thereon and the amount of ‎any premium necessary to accomplish such Refinancing and fees
    and expenses Incurred in ‎connection therewith);‎
	 	 	 
	 	(b)	such
    Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date ‎of, and has a Weighted
    Average Life to Maturity equal to or greater than the Weighted ‎Average Life to Maturity of, the Indebtedness being Refinanced;‎
	 	 	 
	 	(c)	if
    the Indebtedness being Refinanced is subordinated in right of payment to the Notes or the ‎Guarantees, such Permitted
    Refinancing Indebtedness is subordinated in right of payment to ‎the Notes or the Guarantees, as applicable, on terms
    at least as favorable, taken as a whole, to ‎the Holders of Notes as those contained in the documentation governing the
    Indebtedness ‎being Refinanced; and
	 	 	 
	 	(d)	if
    the Indebtedness being Refinanced is pari passu in right of payment with the Notes or any Guarantee, such ‎Permitted
    Refinancing Indebtedness is pari passu with, or subordinated in right of payment to, the Notes or ‎such Guarantee,
    as applicable.

 

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

 

“Personal
Property” has the meaning given to the term “personal property” under the PPSA.

 

“PPSA”
means the Personal Property Security Act (British Columbia) and the regulations thereunder ‎and the Securities Transfer
Act, 2006 (British Columbia) and the regulations thereunder, in each case as from ‎time to time in effect, provided, however,
if validity, attachment, perfection (or opposability), effect of ‎perfection or non-perfection or priority of the Collateral
Trustee security interests in any Collateral are ‎governed by the personal property security laws or laws relating to movable
property of any other jurisdiction ‎‎(including but not limited to the UCC), the term “PPSA” shall mean such
other personal property security ‎laws or laws relating to movable property for the purposes of the provisions hereof relating
to such validity, ‎attachment, perfection (or opposability), effect of perfection or non-perfection or priority and for the
‎definitions related to such provisions‎

 

    	28

    	 

    

 

‎“Property”
means, with respect to any Person, any right, title and interest of such Person in any kind of undertaking, property or asset,
whether real, personal, or mixed, or tangible or intangible, including Capital Stock in, and other securities of, any other Person.

 

“Public
Disclosure Documents” means any information which has been filed on the SEDAR website at www.sedar.com by the
Issuer pursuant to Canadian securities laws since November 14, 2018.

 

“Purchase
Money Obligations” means Indebtedness of the Issuer and its Restricted Subsidiaries Incurred for the purposes of financing
all or ‎any part of the purchase price, or the cost of installation, construction or improvement, of Permitted Assets‎.

 

“Qualified
Institutional Buyer” means a “qualified institutional buyer” as such term is defined in Rule 144A under
the U.S. Securities Act, that is also a U.S. Accredited Investor;

 

“Record
Date” has the meaning given to such term in Section 2.11(d).

 

“Redemption
Date” has the meaning given to that term in Section 5.4.

 

“Redemption
Notice” has the meaning given to that term in Section 5.4.

 

“Redemption
Price” has the meaning given to that term in Section 5.1.

 

“Registrar”
has the meaning given to that term in Section 2.5.

 

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

 

“Replacement
Assets” means (i) non-current assets that will be used or useful in a Permitted Business or (ii) substantially all the
assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will become
on the date of Acquisition thereof a Restricted Subsidiary.

 

“Reporting
Failure” means the failure of the Issuer to furnish to the Trustee, within the time periods ‎specified in Section
6.5 (after giving effect to any grace period ‎specified under applicable Canadian securities laws), the annual reports, information,
documents or other ‎reports which the Issuer may be required to file with the Canadian Securities Administrators or similar
‎governmental authorities, as the case the be, pursuant to such or similar applicable provisions‎.

 

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

 

“Restricted
Payments” has the meaning given to that term in Section 6.8.

 

“Restricted
Subsidiary” of a Person means any Subsidiary of such Person that is not an Unrestricted Subsidiary‎.

 

“Sale/Leaseback
Transaction” means an arrangement relating to property owned by the Issuer or a Restricted Subsidiary on the Issue Date
or ‎thereafter Acquired by the Issuer or a Restricted Subsidiary whereby the Issuer or a Restricted Subsidiary ‎transfers
such property to a Person and the Issuer or a Restricted Subsidiary leases it from such Person‎.

 

    	29

    	 

    

 

‎“Security
Documents” means all of the security agreements, pledges, collateral assignments, ‎mortgages, deeds of hypothec,
deeds of trust, trust deeds or other instruments from time to time evidencing or ‎creating or purporting to create any security
interests in favour of the Collateral Trustee for its benefit and for ‎the benefit of the Trustee and the holders of the Notes,
in all or any portion of the Collateral, as amended, ‎modified, restated, supplemented or replaced from time to time‎.

 

“SEDAR”
means the System for Electronic Document Analysis and Retrieval.

 

“Significant
Subsidiary” means any Subsidiary of the Issuer meeting any of the following conditions:

 

	 	(1)	the
    Issuer and its other Subsidiaries’ investments in and advances to the Subsidiary exceed 15% of the total assets of the
    Issuer and its Subsidiaries consolidated as of the end of the most recently completed fiscal year;
	 	 	 
	 	(2)	the
    Issuer and its other Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of the
    Subsidiary exceeds 15% of the total assets of the Issuer and its Subsidiaries consolidated as of the end of the most recently
    completed fiscal year; and
	 	 	 
	 	(3)	the
    Issuer and its other Subsidiaries’ equity in the income from continuing operations before income taxes, extraordinary
    items and cumulative effect of a change in accounting principle of the Subsidiary exclusive of amounts attributable to any
    non-controlling interest exceeds 15% of such income of the Issuer and its Subsidiaries consolidated for the most recently
    completed fiscal year

 

“Standard
& Poor’s” means Standard & Poor’s Rating Service, a division of The McGraw-Hill Companies, Inc.,
or any successor to the rating agency business thereof.

 

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

 

“Subordinated
Indebtedness” means Indebtedness of the Issuer or a Guarantor that is contractually subordinated in right of payment,
in any ‎respect (by its terms or the terms of any document or instrument relating thereto), to the Notes or the ‎Guarantee
of such Guarantor, as applicable‎.

 

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

 

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

 

    	30

    	 

    

 

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

 

“Supplemental
Indenture” means an indenture supplemental to this Indenture which may be executed, acknowledged and delivered for any
of the purposes set out in Section 12.5.

 

“Tax
Act” means the Income Tax Act (Canada), and the regulations promulgated thereunder, as amended.

 

“Tax
Distributions” means one or more cash dividends or distributions by a Person to its equity owners to allow such direct
or indirect equity owners to meet their Tax obligations on such income in a timely manner in an aggregate amount not to exceed,
as of the date of such dividend or distribution, the cumulative aggregate federal, provincial, state, municipal, and local income
tax liability, including estimated Tax payment liabilities (or such Person’s agent’s, counsel’s or other representative’s
good-faith and reasonable estimate thereof) of the Person’s direct or indirect equity owners for the taxable year (or portion
thereof) with respect to which such dividend or distribution is made (calculated at the highest marginal income Tax rates applicable
to any such direct or indirect equity owner, it being understood that the same assumed Tax rate will be used for each member,
regardless of its actual Tax rate), based upon such owner’s proportionate share of Person’s and its Subsidiaries’
taxable income at such marginal Taxes rates.

 

“Taxes”
means any present or future tax, duty, levy, impost, assessment or other government charge (including ‎penalties, interest
and any other liabilities related thereto, and for the avoidance of doubt, including any ‎withholding or deduction for or
on account of Tax) imposed or levied by or on behalf of a Taxing Authority‎.

 

“Taxing
Authority” means any government or any political subdivision, province, municipality, state or territory or possession
of any government or any authority or agency therein or thereof having power to tax.

 

“Trustee”
means Odyssey Trust Company in its capacity as trustee under this Indenture and its successors and permitted assigns in such capacity.

 

‎“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, ‎however, that, at any
time, if by reason of mandatory provisions of law, any or all of the perfection or ‎priority of the Agent’s security
interest in any item or portion of the Collateral is governed by the ‎Uniform Commercial Code as in effect in a jurisdiction
other that the State of New York, the term “UCC” ‎shall mean the Uniform Commercial Code as in effect, at such
time, in such other jurisdiction for purposes of ‎the provisions hereof relating to such perfection or priority and for purposes
of definitions relating to such ‎provisions.‎

 

‎“Unit
Notes” means the 9.25% Senior Secured Notes due December 19, 2022 created and designated pursuant to Section 3.2.

 

    	31

    	 

    

 

“United
States” means the United States of America, its territories and possessions, any ‎state of the United States and
the District of Columbia‎.

 

“Unrestricted
Subsidiary” means: (1) the Subsidiaries listed in Appendix “E” hereto; and (2) any other Subsidiary
of the Issuer that is designated by the Board of Directors of the Issuer as an Unrestricted Subsidiary pursuant to a Board Resolution
in compliance with the covenant contained in Section 6.6, and any Subsidiary of ‎such Subsidiary‎.

 

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

 

‎“U.S.
Accredited Investor” means an “accredited investor” within the meaning of Rule ‎‎501(a) of Regulation
D under the U.S. Securities Act.

 

“U.S.
Holder” means any (a) Holder that (i) is in the United States, (ii) received an offer to acquire Unit Notes or Coupon
Notes while in the United States, or (iii) was in the United States at the time such Holder’s buy order was made or such
Holder executed or delivered its purchase order for the Unit Notes or Coupon Notes, or (b) person who acquired Unit Notes or Coupon
Notes on behalf of, or for the account or benefit of, any person in the United States.

 

“U.S.
Legend” has the meaning set forth in Section 2.3(h).

 

“U.S.
Person” has the meaning set forth in Rule 902(k) of Regulation S.

 

“U.S.
Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

 

“U.S.$”,
“$” and “US dollars” mean the lawful currency of the United States of America.

 

“Verano
Transaction” means the proposed business combination pursuant to a business combination agreement dated April 22, 2019
among the Issuer, Verano Holdings, LLC, a Delaware limited liability company, 1204599 B.C. Ltd., and 1204899 B.C. Ltd.

 

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

 

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

 

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

 

    	32

    	 

    

 

	1.2	Meaning
                                         of “Outstanding”

 

Every
Note issued, authenticated and delivered in accordance with this Indenture shall be deemed to be outstanding until it is cancelled
or redeemed or delivered to the Trustee for cancellation or redemption for monies or a new Note is issued in substitution for
it pursuant to Section 2.10 or the payment for redemption thereof shall have been set aside under Section 5.7, provided that:

 

	 	(a)	when
    a new Note has been issued in substitution for a Note which has been lost, stolen or destroyed, only one of such Notes shall
    be counted for the purpose of determining the aggregate principal amount of Notes outstanding;
	 	 	 
	 	(b)	Notes
    which have been partially redeemed or purchased shall be deemed to be outstanding only to the extent of the unredeemed or
    unpurchased part of the principal amount thereof; and
	 	 	 
	 	(c)	for
    the purposes of any provision of this Indenture entitling Holders of outstanding Notes of any series to vote, sign consents,
    resolutions, requisitions or other instruments or take any other action under this Indenture, or to constitute a quorum of
    any meeting of Holders thereof, Notes owned directly or indirectly, legally or equitably, by the Issuer or any of its Subsidiaries
    shall be disregarded (unless the Issuer and/or one or more of its Subsidiaries are the only Holders (or Beneficial Holders)
    of the outstanding aggregate principal amount of such series of Notes at the time outstanding in which case they shall not
    be disregarded) except that:

 

	 	(i)	for
    the purpose of determining whether the Trustee shall be protected in relying on any such vote, consent, requisition or other
    instrument or action, or on the Holders present or represented at any meeting of Holders, only the Notes in respect of which
    the Trustee has received an Officers’ Certificate confirming that the Issuer and/or one or more of its Subsidiaries
    are the only Holders shall be so disregarded; and
	 	 	 
	 	(ii)	Notes
    so owned which have been pledged in good faith other than to the Issuer or any of its Subsidiaries shall not be so disregarded
    if the pledgee shall establish, to the satisfaction of the Trustee, the pledgee’s right to vote such Notes, sign consents,
    requisitions or other instruments or take such other actions in his discretion free from the control of the Issuer or any
    of its Subsidiaries.

 

	1.3	Interpretation

 

In
this Indenture:

 

	 	(a)	words
    importing the singular number or masculine gender shall include the plural number or the feminine or neuter genders, and vice
    versa;
	 	 	 
	 	(b)	all
    references to Articles and Appendices refer, unless otherwise specified, to articles of and appendices to this Indenture;

 

    	33

    	 

    

 

	 	(c)	all
    references to Sections refer, unless otherwise specified, to sections, subsections or clauses of this Indenture;
	 	 	 
	 	(d)	words
    and terms denoting inclusiveness (such as “include” or “includes” or “including”), whether
    or not so stated, are not limited by and do not imply limitation of their context or the words or phrases which precede or
    succeed them; and
	 	 	 
	 	(e)	“this
    Indenture”, “hereto”, “herein”, “hereby”, “hereunder”, “hereof”
    and similar expressions refer to this Indenture and not to any particular Article, Section, subsection, clause, subdivision
    or other portion hereof and include the Guarantees, as applicable, and any and every Supplemental Indenture.

 

	1.4	Headings,
                                         Etc.

 

The
division of this Indenture into Articles, Sections, subsections and paragraphs, the provision of a table of contents and the insertion
of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture.

 

	1.5	Statute
                                         Reference

 

Any
reference in this Indenture to a statute is deemed to be a reference to such statute as amended, re-enacted or replaced from time
to time.

 

	1.6	Day
                                         not a Business Day

 

In
the event that any day on or before which any action required to be taken hereunder is not a Business Day, then such action shall
be required to be taken on or before the requisite time on the first Business Day thereafter.

 

	1.7	Applicable
                                         Law

 

This
Indenture and the Notes shall be construed in accordance with the laws of the Province of British Columbia and the laws of Canada
applicable therein and shall be treated in all respects as British Columbia contracts.

 

	1.8	Monetary
                                         References

 

Whenever
any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of the United States of America
unless otherwise expressed.

 

	1.9	Invalidity,
                                         Etc.

 

Each
provision in this Indenture or in a Note is distinct and severable and a declaration of invalidity or unenforceability of any
such provision by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof
or thereof.

 

	1.10	Language

 

Les
parties aux présentes ont exigé que la présente convention ainsi que tous les documents et avis qui s’y
rattachent et/ou qui en découleront soient rédigés en langue anglaise. The parties hereto have required that
this Indenture and all documents and notices related thereto be drawn up in English.

 

    	34

    	 

    

 

	1.11	Successors
                                         and Assigns

 

All
covenants and agreements in this Indenture by the Issuer on its own behalf and on behalf of its Restricted Subsidiaries shall
bind their respective successors and assigns, as applicable, whether expressed or not.

 

	1.12	Benefits
                                         of Indenture

 

Nothing
in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their respective
successors or assigns hereunder, any Paying Agent, the Holders and the Trustee, any benefit or any legal or equitable right, remedy
or claim under this Indenture.

 

	1.13	Accounting
                                         Terms; Changes in IFRS

 

	 	(a)	Each
    accounting term used in the Indenture, unless otherwise defined herein, has the meaning ‎assigned to it under IFRS applied
    consistently throughout the relevant period and relevant prior periods. ‎
	 	 	 
	 	(b)	If
    there occurs either (i) the adoption by the Issuer of U.S. GAAP; or (ii) a material change in IFRS after the Initial Issue
    Date, and such change would require disclosure under IFRS in the financial statements of the Issuer and would cause an amount
    required to be determined for the purposes of any of the financial calculations or financial terms under this Indenture (each
    a “Financial Term”) to be materially different than the amount that would be determined without giving
    effect to such change, the Issuer shall notify the Trustee of such change (an “Accounting Change”). Such
    notice (an “Accounting Change Notice”) shall describe the nature of the Accounting Change, its effect on
    the Issuer’s current and immediately prior year’s financial statements in accordance with IFRS and state whether
    the Issuer desires to revise the method of calculating the applicable Financial Term (including the revision of any of the
    defined terms used in the determination of such Financial Term) in order that amounts determined after giving effect to such
    Accounting Change and the revised method of calculating such Financial Term will approximate the amount that would be determined
    without giving effect to such Accounting Change and without giving effect to the revised method of calculating such Financial
    Term. The Accounting Change Notice shall be delivered to the Trustee within 60 days of the end of the fiscal quarter in which
    the Accounting Change is implemented or, if such Accounting Change is implemented in the fourth fiscal quarter or in respect
    of an entire fiscal year, within 120 days of the end of such period. Promptly after receipt from the Issuer of an Accounting
    Change Notice the Trustee shall deliver to each Holder a copy of such notice.
	 	 	 
	 	(c)	If
    the Issuer so indicates that it wishes to revise the method of calculating the Financial Term, the Issuer shall in good faith
    provide to the Trustee the revised method of calculating the Financial Term within 90 days of the Accounting Change Notice
    and such revised method shall take effect from the date of the Accounting Change Notice. For certainty, if no notice of a
    desire to revise the method of calculating the Financial Term in respect of an Accounting Change is given by the Issuer within
    the applicable time period described above, the method of calculating the Financial Term shall not be revised in response
    to such Accounting Change and all amounts to be determined pursuant to the Financial Term shall be determined after giving
    effect to such Accounting Change.

 

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	1.14	Interest
                                         Act (Canada)

 

For
purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or fee to be paid hereunder or in
connection herewith is to be calculated on the basis of any period of time that is less than a calendar year, the yearly rate
of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days
in the calendar year in which the same is to be ascertained and divided by 365 or 366, as applicable. The rates of interest under
this Indenture are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not
apply to any interest calculation under this Indenture.

 

Article
2

THE NOTES

 

	2.1	Issue
                                         and Designation of Notes; Ranking

 

The
aggregate principal amount of Notes authorized to be issued and authenticated under this Indenture is unlimited, provided, however,
that Notes may be issued under this Indenture only on and subject to the conditions and limitations in this Indenture. The Indebtedness
evidenced by the Notes will be direct senior secured obligations of the Issuer secured by First-Priority Liens on the Collateral
in favour of the Collateral Trustee for the ratable benefit of the Holders, subject to First-Lien Indebtedness and Permitted Liens.

 

	2.2	Issuance
                                         in Series

 

	 	(a)	Notes
    may be issued in one or more series from time to time pursuant to this Indenture and Supplemental Indentures delivered in
    accordance with the terms of this Indenture. The Notes of each series (i) will have such designation, (ii) may be subject
    to a limitation of the maximum principal amount authorized for issuance, (iii) will be issued in such denominations, (iv)
    may be purchased and payable as to principal, premium (if any) and interest at such place or places and in such currency or
    currencies, (v) will bear such date or dates and mature on such date or dates, (vi) will indicate the portion (if less than
    all of the principal amount) of such Notes to be payable on declaration of acceleration of Maturity, (vii) will bear interest
    at such rate or rates (which may be fixed or variable) payable on such date or dates, (viii) may contain mandatory or optional
    redemption or sinking fund provisions, including the period or periods within which, the price or prices at which and the
    terms and conditions upon which the Notes may be redeemed or purchased at the option of the Issuer or otherwise, (ix) may
    contain conversion or exchange terms, (x) will indicate the percentage of the principal amount (including any premium) at
    which Notes may be issued or redeemed, (xi) will set out each office or agency at which the principal of, premium (if any)
    and interest on the Notes will be payable, and the addresses of each office or agency at which the Notes may be presented
    for registration of transfer or exchange, (xii) may contain covenants and events of default in addition to or in substitution
    for the covenants contained herein and the Events of Default, (xiii) may contain additional legends and/or provisions relating
    to the transfer and exchange of Notes in addition to those provided for herein, and (xiv) may contain such other provisions,
    not inconsistent with the provisions of this Indenture, as may be set forth in a Board Resolution passed at or before the
    time of the issue of the Notes of such series and such other provisions (to the extent as the Board of Directors may deem
    appropriate) as are contained in the Notes of such series. The execution by the Issuer of the Notes of such series and the
    delivery thereof to the Trustee for authentication will be conclusive evidence of the inclusion of the provisions authorized
    by this subsection.
	 	 	 
	 	(b)	All
    Notes of any one series will be substantially identical except as to denomination and except as may otherwise be provided
    in or pursuant to this Indenture, an Officers’ Certificate or the Supplemental Indenture establishing such series. Not
    all Notes of any one series need to be issued at the same time, and, unless otherwise provided, Additional Notes or other
    credit instruments of any series may be issued from time to time, at the option of the Issuer without the consent of any Holder.

 

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	 	(c)	Before
    the creation of any series of Notes (other than the Unit Notes or Coupon Notes, which terms are provided for in Article 3),
    the Issuer will execute and deliver to the Trustee a Supplemental Indenture for the purpose of establishing the terms of such
    series of Notes and the forms and denominations in which they may be issued, together with a Board Resolution authorizing
    the issuance of any such Notes. The Trustee will execute and deliver such Supplemental Indentures from time to time pursuant
    to Section 12.5.
	 	 	 
	 	(d)	Whenever
    any series of Notes has been authorized, Notes in such series may from time to time be authenticated by the Issuer and delivered
    to the Trustee and, subject to Section 2.4, will be certified and delivered by the Trustee to or to the order of the Issuer
    upon receipt by the Trustee of:

 

	 	(i)	a
    Board Resolution authorizing the issuance of a specified principal amount of Notes of such series;
	 	 	 
	 	(ii)	an
    Officers’ Certificate to the effect that there is no existing Event of Default or event which with the giving of notice
    or passage of time or both would constitute an Event of Default and the Issuer has complied with all other conditions of this
    Indenture in connection with the issue of such series;
	 	 	 
	 	(iii)	an
    Issuer Order for the authentication and delivery of such series of Notes specifying the principal amount of the Notes to be
    authenticated and delivered; and
	 	 	 
	 	(iv)	an
    Opinion of Counsel addressed to the Trustee to the effect that all legal requirements imposed by this Indenture, any applicable
    Supplemental Indenture or by law governing the Notes in connection with the issuance, authentication and delivery of such
    series of Notes have been complied with subject to the delivery of certain documents or instruments specified in such opinion.

 

    	37

    	 

    

 

	2.3	Form
                                         of Notes

 

	 	(a)	The
    Notes of any series and the Trustee’s certificate of authentication shall be substantially in the form set out in the
    Supplemental Indenture establishing such series (or in the case of the Unit Notes or Coupon Notes, in the form set out in
    Appendix A hereto), together with such appropriate insertions, omissions, substitutions and other variations as are required
    or permitted by this Indenture. Notes may have notations, legends or endorsements required by law, stock exchange rule or
    usage, which may include one or more of the legends set forth in Section 2.3(h) or Section 2.13 hereof or in a Supplemental
    Indenture. Each Note shall be dated the date of its authentication. Unless otherwise set out in the Supplemental Indenture
    establishing a series of Notes, Notes shall be issued in denominations of $1,000 and integral multiples of $1,000.
	 	 	 
	 	(b)	The
    terms and provisions contained in the Notes and the Supplemental Indenture establishing each series of Notes shall constitute,
    and are hereby expressly made, a part of this Indenture and the Issuer and the Trustee, by their execution and delivery of
    this Indenture and each applicable Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.
    However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of
    this Indenture shall govern and be controlling.
	 	 	 
	 	(c)	The
    Notes of any series may be in different denominations and forms and may contain such variations of tenor and effect, not inconsistent
    with the provisions of this Indenture, as are incidental to such differences of denomination and form, including variations
    in the provisions for the exchange of such Notes of different denominations or forms and in the provisions for the registration
    or transfer of such Notes.
	 	 	 
	 	(d)	Subject
    to Section 2.3(a) and to any limitation as to the maximum principal amount of Notes of any particular series, any Notes may
    be issued as a part of any series of Notes previously issued, in which case they will bear the same designation and designating
    letters as those applied to such similar previous issue and will be numbered consecutively upwards in respect of such denominations
    of Notes in like manner and following the numbers of the Notes of such previous issue.
	 	 	 
	 	(e)	All
    series of Notes which may at any time be issued under this Indenture and the certificate of the Trustee endorsed on such Notes
    may be in English or any other language or languages or any combination thereof, and may be in the form or forms provided
    in any Supplemental Indenture or in such other language or languages and in such form or forms as the Board of Directors determines
    at the time of first issue of any series of Notes, as approved by the Trustee, the approval of which will be conclusively
    evidenced by its authentication of such Notes.
	 	 	 
	 	(f)	If
    any provision of any series of Notes in a language other than English is susceptible of an interpretation different from the
    equivalent provision of the English language, the interpretation of such provision in the English language will be determinative.

 

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	 	(g)	Notes
    may be typed, engraved, printed, lithographed or reproduced in a different form, or partly in one form and partly in another,
    as the Issuer may determine. The execution of any such Notes by the Issuer and the authentication by the Trustee in accordance
    with Section 2.4 of any such Notes will be conclusive evidence that such Notes are Notes authorized by this Indenture.
	 	 	 
	 	(h)	Each
    Note issued to, or for the account for benefit of, a U.S. Holder (other than an Original U.S. Holder that is a Qualified Institutional
    Buyer), and each Note issued in exchange or substitution therefor, will be evidenced by a Definitive Note that bears the U.S.
    Legend (as defined below). The Notes have been and will not be registered under the U.S. Securities Act or under the securities
    laws of any of the states of the United States, and may not be offered, sold or otherwise disposed of by a U.S. Holder unless
    an exemption or exclusion from the registration requirements of the U.S. Securities Act and applicable state securities laws
    is available or the Notes are the subject of an effective registration statement under the U.S. Securities Act. Each Definitive
    Note issued for the benefit or account of a U.S. Holder (other than an Original U.S. Holder that is a Qualified Institutional
    Buyer), and each Definitive Note issued in exchange therefor or in substitution thereof shall bear or be deemed to bear the
    following legend or such variations thereof as the Issuer may prescribe from time to time (the “U.S. Legend”):
	 	 	 
	 	 	“THE
    SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
    AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF,
    BY ACQUIRING SUCH SECURITIES, AGREES, FOR THE BENEFIT OF HARVEST HEALTH & RECREATION INC. (THE “ISSUER”),
    THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE ISSUER;
    (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE
    WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE,
    OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES
    LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE
    SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION FROM COUNSEL OF RECOGNIZED
    STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER MUST FIRST BE PROVIDED. DELIVERY OF THIS CERTIFICATE
    MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

 

    	39

    	 

    

 

provided
that, if the Notes are being sold outside the United States in compliance with Rule 904 of Regulation S and in compliance with
applicable local securities laws and regulations, and the Corporation is a “foreign private issuer” (as such term
is defined in Regulation S) at the time the Notes are originally issued, the U.S. Legend may be removed (or the Notes may be transferred
to an unrestricted CUSIP) by the transferor providing a declaration to the Trustee and the Issuer in the form set forth in Appendix
C or as the Issuer may prescribe from time to time, or such other evidence which may include an opinion of counsel of recognized
standing in form and substance reasonably satisfactory to the Issuer; provided further, that, if any such Notes are being sold
pursuant to Rule 144 under the U.S. Securities Act, if available, or in another transaction that does not require registration
under the U.S. Securities Act or applicable state securities laws, the U.S. Legend may be removed (or the Notes may be transferred
to an unrestricted CUSIP) by delivery to the Trustee and the Issuer of an opinion of counsel, of recognized standing, reasonably
satisfactory to the Issuer, to the effect that such U.S. Legend is no longer required under applicable requirements of the U.S.
Securities Act and applicable state securities laws.

 

	2.4	Execution,
                                         Authentication and Delivery of Notes

 

	 	(a)	All
    Notes shall be signed (either manually or by electronic or facsimile signature) by any two authorized directors or officers
    of the Issuer, holding office at the time of signing. An electronic or facsimile signature upon a Note shall for all purposes
    of this Indenture be deemed to be the signature of the individual whose signature it purports to be. Notwithstanding that
    any individual whose signature, either manual or in facsimile or other electronic means, appears on a Note as a director or
    officer may no longer hold such office at the date of the Note or at the date of the authentication and delivery thereof,
    such Note shall be valid and binding upon the Issuer and the Holder thereof shall be entitled to the benefits of this Indenture.
	 	 	 
	 	(b)	No
    Notes will be entitled to any right or benefit under this Indenture or be valid or obligatory for any purpose unless such
    Notes have been authenticated by manual signature by or on behalf of the Trustee substantially in the form provided for herein
    or in the relevant Supplemental Indenture. Such authentication upon any Notes will be conclusive evidence, and the only evidence,
    that such Notes have been duly authenticated, issued and delivered and that the Holder is entitled to the benefits hereof.
	 	 	 
	 	(c)	Subject
    to the terms of this Indenture, the Trustee shall from time to time authenticate one or more Notes (including Global Notes)
    for original issue on the issue date for any series of Notes upon and in accordance with an Issuer Order (an “Authentication
    Order”), without the Trustee receiving any consideration therefor. Each such Authentication Order shall specify
    the principal amount of such Notes to be authenticated and the date on which such Notes are to be authenticated. The aggregate
    principal amount of Notes outstanding at any time may not exceed the aggregate principal amount specified in the Authentication
    Orders except as provided in Section 2.10. Except as provided in Section 6.9, there is no limit on the amount of Notes that
    may be issued hereunder.

 

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	 	(d)	The
    certificate by or on behalf of the Trustee authenticating Notes will not be construed as a representation or warranty of the
    Trustee as to the validity of this Indenture or of any Notes or their issuance (except the due authentication thereof by the
    Trustee) or as to the performance by the Issuer of its obligations under this Indenture or any Notes and the Trustee will
    be in no respect liable or answerable for the use made of the proceeds of such Notes. The certificate by or on behalf of the
    Trustee on Notes issued under this Indenture will constitute a representation and warranty by the Trustee that such Notes
    have been duly authenticated by and on behalf of the Trustee pursuant to the provisions of this Indenture.

 

	2.5	Registrar
                                         and Paying Agent

 

	 	(a)	The
    Issuer shall maintain for each series of Notes an office or agency where such Notes may be presented for registration of transfer
    or for exchange (“Registrar”) and an office or agency where such Notes may be surrendered for payment (“Paying
    Agent”). The Registrar shall keep a register of such Notes and of their transfer and exchange.
	 	 	 
	 	(b)	The
    Issuer may appoint one or more co-registrars and one or more additional paying agents for any series of Notes in such other
    locations as it shall determine. The term “Registrar” includes any co-registrar and the term “Paying Agent”
    includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The
    Issuer will notify the Trustee in writing of the name and address of any Registrar or Paying Agent which is not a party to
    this Indenture. If the Issuer does not exercise its option to appoint or maintain another entity as Registrar or Paying Agent
    in respect of any series of Notes, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying
    Agent or Registrar for any series of Notes. The Issuer initially appoints the Trustee at its corporate office in Vancouver,
    British Columbia to act as the Registrar, transfer agent, authentication agent and Paying Agent with respect to the Notes.

 

	2.6	Paying
                                         Agent to Hold Money in Trust

 

The
Issuer shall require each Paying Agent, other than the Trustee, to agree in writing that the Paying Agent will, and the Trustee
when acting as Paying Agent agrees that it will, hold in trust, for the benefit of the Holders or the Trustee all money held by
the Paying Agent for the payment of principal, premium, if any, and interest on the Notes of the relevant series and shall notify
the Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require
a Paying Agent to pay all money held by it to the Trustee and to account for any money disbursed by it. The Issuer at any time
may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if
other than the Issuer or a Subsidiary) shall have no further liability for the money. If the Issuer or a Subsidiary of the Issuer
acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders all money held by it as
Paying Agent; provided that upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve
as Paying Agent for each series of Notes.

 

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	2.7	Book
                                         Entry Only Notes

 

	 	(a)	Subject
    to Section 2.3(h) and Section 4.2(b) and the provisions of the Notes of any series or any Supplemental Indenture providing
    for the issuance thereof, Notes shall be issued initially as Book Entry Only Notes represented by one or more Global Notes.
    Each Global Note authenticated in accordance with this Indenture and any Supplemental Indenture shall be registered in the
    name of the Depository designated for such Global Note or a nominee thereof and deposited with such Depository or a nominee
    thereof or custodian therefor, and each such Global Note shall constitute a single Note for all purposes of this Indenture
    and the applicable Supplemental Indenture. Beneficial interests in a Global Note will not be shown on the register or the
    records maintained by the Depository but will be represented through book entry accounts of Participants on behalf of the
    Beneficial Holders of such Global Note in accordance with the rules and procedures of the Depository. None of the Issuer or
    the Trustee shall have any responsibility or liability for any aspects of the records relating to or payments made by any
    Depository on account of the beneficial interest in any Global Notes or for maintaining, reviewing or supervising any records
    relating to such beneficial interests therein. Except as otherwise provided in this Indenture or any Supplemental Indenture
    in respect of a series of Notes, Beneficial Holders of Global Notes shall not be entitled to have Notes registered in their
    names, shall not receive or be entitled to receive Definitive Notes and shall not be considered owners or holders thereof
    under this Indenture or any Supplemental Indenture. Nothing herein or in a Supplemental Indenture shall prevent the Beneficial
    Holders from voting Global Notes using duly executed voting instruction forms.
	 	 	 
	 	(b)	Every
    Note authenticated and delivered upon registration or transfer of a Global Note, or in exchange for or in lieu of a Global
    Note or any portion thereof, shall be authenticated and delivered in the form of, and shall be, a Global Note, unless such
    Note is registered in the name of a Person other than the Depository for such Global Notes or a nominee thereof.

 

	2.8	Global
                                         Notes

 

Notes
issued to a Depository in the form of Global Notes shall be subject to the following in addition to the provisions of Section
4.2, unless and until Definitive Notes have been issued to Beneficial Holders pursuant to Section 4.2(b):

 

	 	(a)	the
    Trustee may deal with such Depository as the authorized representative of the Beneficial Holders of such Notes;
	 	 	 
	 	(b)	the
    rights of the Beneficial Holders of such Notes shall be exercised only through such Depository and the rights of Beneficial
    Holders shall be limited to those established by applicable law and agreements between the Depository and the Participants
    and between such Participants and Beneficial Holders, and must be exercised through a Participant in accordance with the rules
    and procedures of the Depository;

 

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	 	(c)	whenever
    this Indenture requires or permits actions to be taken based upon instructions or directions of Holders evidencing a specified
    percentage of the outstanding Notes of any series, the Depository shall be deemed to be counted in that percentage to the
    extent that it has received instructions to such effect from Beneficial Holders or Participants;
	 	 	 
	 	(d)	such
    Depository will make book-entry transfers among the direct Participants of such Depository and will receive and transmit distributions
    of principal, premium and interest on the Notes to such direct Participants for subsequent payment to the Beneficial Holders
    thereof;
	 	 	 
	 	(e)	the
    direct Participants of such Depository shall have no rights under this Indenture or under or with respect to any of the Notes
    held on their behalf by such Depository, and such Depository may be treated by the Trustee and its agents, employees, officers
    and directors as the absolute owner of the Notes represented by such Global Notes for all purposes whatsoever;
	 	 	 
	 	(f)	whenever
    a notice or other communication is required to be provided to Holders in connection with this Indenture or the Notes, the
    Trustee shall provide all such notices and communications to the Depository for subsequent delivery of such notices and communications
    to the Beneficial Holders in accordance with Applicable Securities Legislation and the procedures of the Depository; 
	 	 	 
	 	(g)	notwithstanding
    any other provision of this Indenture, all payments in respect of Notes issuable in the form of or represented by a Global
    Note shall be made to the Depository or its nominee for subsequent payment by the Depository or its nominee to the Beneficial
    Holders thereof. Upon payment over to the Depository, the Trustee, if acting as the Paying Agent, shall have no further liability
    for the money; 
	 	 	 
	 	(h)	Subject
    to the provisions hereof, at the Company’s option, Notes may, in lieu of being issued in physical form be instead issued
    and registered in the name of the Depository or its nominee and: (i) the deposit of such Notes may be confirmed electronically
    by the Trustee to a particular Participant through the Depository; and (ii) shall be identified by a specific CUSIP/ISIN as
    requested by the Company from the Depository to identify each specific series of Note. If the Company issues Notes in a non-certificated
    format, Beneficial Holders of such Notes registered and deposited with CDS shall not receive Certificates in definitive form
    and shall not be considered owners or holders thereof under this Indenture or any Supplemental Indenture. Beneficial interests
    in Notes registered and deposited with CDS will be represented only through the non-certificated inventory system administered
    by CDS. Transfers of Notes registered and deposited with CDS between Participants shall occur in accordance with the rules
    and procedures of CDS. 
	 	 	 
	 	(i)	Notwithstanding
    anything herein to the contrary, none of the Company nor the Trustee nor any agent thereof shall have any responsibility or
    liability for: (i) the electronic records maintained by the Depository relating to any ownership interests or other interests
    in the Notes or the depository system maintained by the Depository, or payments made on account of any ownership interest
    or any other interest of any Person in any Note represented by an electronic position in the non-certificated inventory system
    administered by the Depository (other than the Depository or its nominee); (ii) maintaining, supervising or reviewing any
    records of the Depository or any Participant relating to any such interest; or (iii) any advice or representation made or
    given by the Depository or those contained herein that relate to the rules and regulations of the Depository or any action
    to be taken by the Depository on its own direction or at the direction of any Participant.

 

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	2.9	Interim
                                         Notes

 

Pending
the delivery of Definitive Notes of any series to the Trustee, the Issuer may issue and the Trustee authenticate in lieu thereof
(but subject to the same provisions, conditions and limitations as set forth in this Indenture) interim printed, mimeographed
or typewriter Notes in such forms and in such denominations and signed in such manner as provided herein, entitling the holders
thereof to Definitive Notes of such series when the same are ready for delivery; or the Issuer may execute and deliver to the
Trustee and the Trustee authenticate a temporary Note for the whole principal amount of Notes of such series then authorized to
be issued hereunder and thereupon the Trustee may issue its own interim certificates in such form and in such amounts, not exceeding
in the aggregate the principal amount of the temporary Note so delivered to it, as the Issuer and the Trustee may approve entitling
the holders thereof to Definitive Notes when the same are ready for delivery; and, when so issued and certified, such interim
or temporary Notes or interim certificates shall, for all purposes but without duplication, rank in respect of this Indenture
equally with Notes of such series duly issued hereunder and, pending the exchange thereof for Definitive Notes of such series,
the holders of the interim or temporary Notes or interim certificates shall be deemed without duplication to be Holders of such
series and entitled to the benefit of this Indenture to the same extent and in the same manner as though the said exchange had
actually been made. Forthwith after the Issuer shall have delivered the Definitive Notes of such series to the Trustee, the Trustee
shall call in for exchange all temporary or interim Notes of such series or certificates that shall have been issued and forthwith
after such exchange shall cancel the same. No charge shall be made by the Issuer or the Trustee to the holders of such interim
or temporary Notes or interim certificates for the exchange thereof.

 

	2.10	Mutilation,
                                         Loss, Theft or Destruction

 

In
case any of the Notes issued hereunder shall become mutilated or be lost, stolen or destroyed, the Issuer, in its discretion,
may issue, and thereupon the Trustee shall authenticate and deliver, a new Note upon surrender and cancellation of the mutilated
Note, or in the case of a lost, stolen or destroyed Note, in lieu of and in substitution for the same, and the substituted Note
shall be in a form approved by the Trustee and shall entitle the Holder thereof to the benefits of this Indenture and shall rank
equally in accordance with its terms with all other Notes of such series issued or to be issued hereunder. In case of loss, theft
or destruction the applicant for a substituted Note shall furnish to the Issuer and to the Trustee such evidence of the loss,
theft or destruction of the Note as shall be satisfactory to them in their discretion and shall also furnish an indemnity and
surety bond satisfactory to them in their discretion. The applicant shall pay all reasonable expenses incidental to the issuance
of any substituted Note.

 

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	2.11	Concerning
                                         Interest

 

	 	(a)	All
    Notes of each series issued hereunder, whether originally or upon exchange or in substitution for previously issued Notes
    (including for certainty Notes issued under Sections 2.9 and 2.10), shall bear interest (i) from and including their respective
    issue date, or (ii) from and including the last Interest Payment Date therefor to which interest shall have been paid or made
    available for payment on such outstanding Notes, whichever shall be the later, in all cases, to and excluding the next Interest
    Payment Date therefor.
	 	 	 
	 	(b)	Subject
    to accrual of any interest on unpaid interest from time to time, interest on a Note of any series will cease to accrue from
    the Maturity of such Note (including, for certainty, if such Note was called for redemption, the Redemption Date); unless
    upon due presentation and surrender of such Note for payment on or after the Maturity thereof, such payment is improperly
    withheld or refused.
	 	 	 
	 	(c)	If
    the date for payment of any amount of principal, premium or interest in respect of a Note of any series is not a Business
    Day at the place of payment, then payment thereof will be made on the next Business Day and the Holder of such Note will not
    be entitled to any further interest on such principal, or to any interest on such interest, premium or other amount so payable,
    in respect of the period from the date for payment to such next Business Day.
	 	 	 
	 	(d)	The
    Holder of any Note of any series at the close of business on any Record Date applicable to a particular series with respect
    to any Interest Payment Date for such series shall be entitled to receive the interest, if any, payable on such Interest Payment
    Date notwithstanding any transfer or exchange of such Note subsequent to such Record Date and prior to such Interest Payment
    Date, except if and to the extent the Issuer shall default in the payment of the interest due on such Interest Payment Date
    for such series, in which case such defaulted interest shall be paid to the Holder of such Note as at the close of business
    on a subsequent Record Date (which shall be not less than two Business Days prior to the date of payment of such defaulted
    interest) established by notice given by mail by or on behalf of the Issuer to the Holders of all affected Notes not less
    than 15 days preceding such subsequent Record Date. The term “Record Date” as used with respect to any
    Interest Payment Date (except a date for payment of defaulted interest) for the Notes of any series shall mean the date specified
    as such in the terms of the Notes of such series established as contemplated by Section 2.2, and in respect of the Unit Notes
    or Coupon Notes, shall have the meaning specified in Section 3.1.
	 	 	 
	 	(e)	Wherever
    in this Indenture, any Supplemental Indenture or any Note there is mention, in any context, of the payment of interest, such
    mention is deemed to include the payment of interest on amounts in default to the extent that, in such context, such interest
    is, was or would be payable pursuant to this Indenture, the Supplemental Indenture or the Note, and express mention of interest
    on amounts in default in any of the provisions of this Indenture will not be construed as excluding such interest in those
    provisions of this Indenture where such express mention is not made.

 

    	45

    	 

    

 

	 	(f)	Unless
    otherwise specifically provided in this Indenture or the terms of any Note, interest on Notes of any series shall be computed
    on the basis of a year of 365 days or 366 days, as applicable. With respect to any series of Notes, whenever interest is computed
    on the basis of a year (the “deemed year”) which contains fewer days than the actual number of days in
    the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest
    Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and
    dividing it by the number of days in the deemed year.

 

	2.12	Payments
                                         of Amounts Due on Maturity

 

	 	(a)	Subject
    to Section 2.12(b), the following provisions shall apply to all Notes, except as otherwise specified in a Supplemental Indenture
    relating to a particular series of Notes (and, in the case of the Unit Notes or Coupon Notes, Article 3):

 

	 	(i)	in
    the case of fully registered Notes, the Issuer shall establish and maintain with the Paying Agent a Maturity Account for each
    series of Notes. On or before 11:00 a.m. (Toronto time) on the Stated Maturity date for each series of Notes outstanding from
    time to time under this Indenture, the Issuer shall deposit in the applicable Maturity Account by wire transfer or certified
    cheque an amount sufficient to pay all amounts payable in respect of the outstanding Notes of such series (less any Taxes
    required by law to be deducted or withheld therefrom). The Paying Agent will pay to each Holder of such Notes entitled to
    receive payment, the principal amount of, and premium (if any) on, such Notes, upon surrender of such Notes to the Paying
    Agent or at any branch of the Trustee designated for such purpose from time to time by the Issuer and the Trustee. The deposit
    or making available of such amounts into the applicable Maturity Account will satisfy and discharge the liability of the Issuer
    for such Notes to which the deposit or making available of funds relates to the extent of the amount deposited or made available
    (plus the amount of any Taxes deducted or withheld as aforesaid) and such Notes will thereafter not be considered as outstanding
    under this Indenture to such extent and such Holder will have no other right than to receive out of the money so deposited
    or made available the amount to which it is entitled. Failure to make a deposit or make funds available as required to be
    made pursuant to this Section 2.12(a)(i) will constitute Default in payment on the Notes in respect of which the deposit or
    making available of funds was required to have been made; and
	 	 	 
	 	(ii)	in
    the case of any series of Notes issued and outstanding in the form of or represented by Global Notes, on or before 11:00 a.m.
    (Toronto time) on the day prior to the Stated Maturity date for such Notes, the Issuer shall deliver to the Trustee, for onward
    payment to the Depository, in each case by electronic funds transfer, an amount sufficient to pay the amount payable in respect
    of such Global Notes (less any Taxes required by law to be deducted or withheld therefrom). The Issuer shall pay to the Trustee,
    for onward payment to the Depository, the principal amount of, and premium (if any) on, such Global Notes, against receipt
    of the relevant Global Notes. The delivery of such electronic funds to the Trustee for onward payment to the Depository will
    satisfy and discharge the liability of the Issuer for the series of Notes to which the electronic funds relates to the extent
    of the amount deposited or made available (plus the amount of any Taxes deducted or withheld as aforesaid) and such Notes
    will thereafter not be considered as outstanding under this Indenture unless such electronic funds transfer is not received.
    Failure to make delivery of funds available as required pursuant to this Section 2.12(a)(ii) will constitute Default in payment
    on the Notes of the series in respect of which the delivery or making available of funds was required to have been made.

 

    	46

    	 

    

 

	 	(b)	Notwithstanding
    Section 2.12(a), all payments in excess of $25,000,000 (or such other amount as determined from time to time by the Canadian
    Payments Association or any successor thereto) shall be made by the use of the LVTS. Neither the Trustee nor the Paying Agent
    shall have any obligation to disburse funds pursuant to Section 2.12(a)(i) unless it has received written confirmation satisfactory
    to it that the funds have been deposited with it in sufficient amount to pay in full all amounts due and payable on the applicable
    date of Maturity. The Paying Agent shall, if it accepts any funds received by it in the form of uncertified cheques, be entitled
    to delay the time for release of such funds until such uncertified cheques shall be determined to have cleared the financial
    institution upon which the same are drawn.

 

	2.13	Legends
                                         on Notes

 

	 	(a)	Each
    Global Note shall bear a legend in substantially the following form, subject to such modification as required by the applicable
    Depository (the “Global Note Legend”):
	 	 	 
	 	 	“THIS
    NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THIS INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
    OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR NOTES REGISTERED IN THE NAME OF ANY PERSON OTHER
    THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
    IN THIS INDENTURE. EVERY NOTE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU
    OF, THIS NOTE SHALL BE A GLOBAL NOTE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THIS INDENTURE.
	 	 	 
	 	 	UNLESS
    THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”)
    TO HARVEST HEALTH & RECREATION INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
    IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
    OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
    CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
    HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THIS NOTE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER
    PERSON TO HOLD, TRANSFER OR DEAL WITH THIS NOTE.”

 

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	 	(b)	Prior
    to the issuance of Notes of any series, the Issuer shall notify the Trustee, in writing, concerning which Notes are to be
    certificated and are to bear the legend or legends described in this Section 2.13.

 

	2.14	Payment
                                         of Interest

 

The
following provisions shall apply to Notes of each series, except as otherwise specified in a Supplemental Indenture relating to
a particular series of Notes (and, in the case of the Unit Notes or Coupon Notes, Article 3):

 

	 	(a)	As
    interest becomes due on each fully registered Note (except on redemption thereof, when interest may at the option of the Issuer
    be paid upon surrender of such Note), the Issuer, either directly or through the Trustee or any agent of the Trustee, shall
    send or forward by prepaid ordinary mail, electronic transfer of funds or such other means as may be agreed to by the Trustee,
    payment of such interest including any Additional Amounts (less any Taxes required by law to be deducted or withheld therefrom)
    to the Holders of record on the Record Date immediately preceding the applicable Interest Payment Date. If payment is made
    by cheque, such cheque shall be forwarded at least two days prior to each Interest Payment Date and if payment is made by
    other means (such as electronic transfer of funds, provided the Trustee must receive confirmation of receipt of funds prior
    to being able to wire funds to Holders), such payment shall be made in a manner whereby the Holder receives credit for such
    payment on the Interest Payment Date. The mailing of such cheque or the making of such payment by other means shall, to the
    extent of the sum represented thereby, plus the amount of any Taxes deducted or withheld as aforesaid, satisfy and discharge
    all liability for interest including any Additional Amounts on such Note to such extent, unless in the case of payment by
    cheque, such cheque is not paid at par on presentation. In the event of non-receipt of any cheque for or other payment of
    interest by the Person to whom it is so sent as aforesaid, the Issuer shall issue to such Person a replacement cheque or other
    payment for a like amount upon being furnished with such evidence of non-receipt as it shall reasonably require and upon being
    indemnified to its satisfaction. Notwithstanding the foregoing, if the Issuer is prevented by circumstances beyond its control
    (including, without limitation, any interruption in mail service) from making payment of any interest due on any Note in the
    manner provided above, the Issuer may make payment of such interest or make such interest available for payment in any other
    manner acceptable to the Trustee with the same effect as though payment had been made in the manner provided above. If payment
    is made through the Trustee, by 11:00 a.m. (Toronto time) at least one Business Day prior to the related Interest Payment
    Date for a Note or to the date of mailing the cheques for the interest due on such Interest Payment Date for such Note, whichever
    is earlier, the Issuer shall deliver sufficient funds to the Trustee by electronic transfer or certified cheque or make such
    other arrangements for the provision of funds as may be agreeable between the Trustee and the Issuer in order to effect such
    interest payment hereunder.

 

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	 	(b)	So
    long as the Notes of any series or any portion thereof are issued in the form of or represented by a Global Note, then all
    payments of interest on such Global Note shall be made by 11:00 a.m. (Toronto time) at least one Business Day prior to the
    related Interest Payment Date by electronic funds transfer made payable to the Trustee for subsequent payment to the Depository
    on behalf of the Beneficial Holders of the applicable interests in that Global Note, unless the Issuer and the Trustee agree.
	 	 	 
	 	(c)	Notwithstanding
    Sections 2.14(a) and 2.14(b), all payments in excess of $25,000,000 (or such other amount as determined from time to time
    by the Canadian Payments Association or any successor thereto) shall be made by the use of the LVTS. Neither the Trustee nor
    Paying Agent, as applicable, shall have any obligation to disburse funds in respect of any Note pursuant to Section 2.14(a)
    unless it has received written confirmation satisfactory to it that the funds have been deposited with it in sufficient amount
    to pay in full all amounts due and payable with respect to such Interest Payment Date for such Note. The Trustee or Paying
    Agent, as applicable, shall, if it accepts any funds received by it in the form of uncertified cheques, be entitled to delay
    the time for release of such funds until such uncertified cheques shall be determined to have cleared the financial institution
    upon which the same are drawn.

 

	2.15	Record
                                         of Payment

 

The
Trustee will maintain accounts and records evidencing any payment, by it or any other Paying Agent on behalf of the Issuer, of
principal, premium (if any) and interest in respect of Notes of each series, which accounts and records will constitute, in the
absence of manifest error, prima facie evidence of such payment.

 

	2.16	Representation
                                         Regarding Third Party Interest

 

The
Issuer hereby represents to the Trustee that any account to be opened by, or interest to be held by, the Trustee in connection
with this Indenture, for or to the credit of the Issuer, either (a) is not intended to be used by or on behalf of any third party;
or (b) is intended to be used by or on behalf of a third party, in which case the Issuer hereby agrees to complete, execute and
deliver forthwith to the Trustee a declaration, in the Trustee’s prescribed form or in such other form as may be reasonably
satisfactory to it, as to the particulars of such third party.

 

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Article
3

TERMS OF THE UNIT Notes AND COUPON NOTES

 

	3.1	Definitions

 

In
this Article 3 and in the Notes, the following terms have the following meanings:

 

“Additional
Notes” means any Unit Notes or Coupon Notes issued under and pursuant to the terms of and subject to the conditions
of this Indenture after the Initial Issue Date.

 

“Interest
Payment Date” for the purposes of this Article 3 means June 30 and December 31 of each year that the Unit Notes or Coupon
Notes are outstanding and (except in respect of any Additional Notes) commencing on June 30, 2020.

 

“Interest
Period” means the period commencing on the later of (a) the date of issue of the Unit Notes or Coupon Notes and (b)
the immediately preceding Interest Payment Date on which interest has been paid, and ending on the day immediately preceding the
Interest Payment Date in respect of which interest is payable.

 

“Record
Date” means the close of business fifteen (15) Business Days preceding the relevant Interest Payment Date.

 

“Note
Account” means any account which is designated in writing to the Trustee as the Note Account from time to time.

 

“Note
Maturity Date” has the meaning given to it in Section 3.5.

 

	3.2	Creation
                                         and Designation of the Unit Notes and Coupon Notes

 

In
accordance with this Indenture, the Issuer is authorized to issue two series of Notes designated as (i) “9.25% Senior Secured
Notes due December 19, 2022” and (ii) 15% Senior Secured Notes due December 19, 2022”, with both series having the
same terms and conditions in all respects, except for the rate of interest payable thereon.

 

	3.3	Aggregate
                                         Principal Amount

 

The
aggregate principal amount of Notes which may be issued under this Indenture is unlimited, provided, however, that the
maximum principal amount of Initial Notes initially issued hereunder on the Issue Date shall be up to $100,000,000. The Issuer
may, from time to time, without the consent of any existing Holders but subject to Section 6.9, create and issue Additional Notes
hereunder having the same terms and conditions as the Unit Notes or Coupon Notes, as applicable, in all respects, except for the
date of issuance, issue price and first payment of interest thereon. Additional Notes so created and issued will be consolidated
with and form a single series with the Unit Notes or Coupon Notes, as applicable.

 

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	3.4	Authentication

 

The
Trustee shall initially authenticate one or more Global Notes for original issue on the Initial Issue Date in an aggregate principal
amount of up to $100,000,000 or otherwise to permit transfers or exchanges in accordance with Section 4.6 upon receipt by the
Trustee of a duly executed Authentication Order. After the Initial Issue Date, subject to Section 3.3, the Issuer may issue, from
time to time, and the Trustee shall authenticate upon receipt of an Authentication Order, Additional Notes for original issue.
Except as provided in Section 6.9, there is no limit on the amount of Additional Notes that may be issued hereunder. Each such
Authentication Order shall specify the principal amount of Unit Notes or Coupon Notes to be authenticated and the date on which
such Unit Notes or Coupon Notes are to be authenticated. The aggregate principal amount of Unit Notes or Coupon Notes outstanding
at any time may not exceed the aggregate principal amount specified in the Authentication Orders provided in respect of original
issues of Unit Notes or Coupon Notes except as provided in Section 2.10. For certainty, the Trustee shall not be obligated or
liable to ensure that the Issuer is in compliance with the limitations in Section 6.9, and shall be entitled to rely on an Officers’
Certificate from the Issuer certifying such compliance for any Additional Notes so issued.

 

	3.5	Date
                                         of Issue and Maturity

 

The
Unit Notes and Coupon Notes will be dated December 20, 2019 and the Unit Notes and Coupon Notes will become due and payable, together
with all accrued and unpaid interest thereon, on December 19, 2022 (the “Note Maturity Date”).

 

	3.6	Interest

 

	 	(a)	The
    Unit Notes and Coupon Notes will bear interest on the unpaid principal amount thereof at the rate of 9.25% per annum and 15%
    per annum, respectively, from their respective Issue Date to, but excluding, the Note Maturity Date, compounded semi-annually
    and payable in arrears on each Interest Payment Date. The first Interest Payment Date for the Unit Notes and Coupon Notes
    will be June 30, 2020.
	 	 	 
	 	(b)	Interest
    will be payable in respect of each Interest Period (after, as well as before, the Note Maturity Date, default and judgment,
    with interest overdue on principal and interest at a rate that is 2% higher than the applicable rate on the Unit Notes or
    Coupon Notes, as applicable) on each Interest Payment Date in accordance with Section 2.11 and Section 2.14. Interest on the
    Unit Notes and Coupon Notes will accrue from their respective Issue Date or, if interest has already been paid, from and including
    the last Interest Payment Date therefor to which interest has been paid or made available for payment. Interest will be computed
    on the basis of a 365-day or 366-day year, as applicable, and will be payable in equal semi-annual amounts; except that interest
    in respect of any period that is shorter than a full semi-annual interest period will be computed on the basis of a 365-day
    or 366-day year, as applicable, and the actual number of days elapsed in that period.

 

	3.7	Optional
                                         Redemption

 

	 	(a)	At
    any time and from time to time prior to one year from the Issue Date, the Issuer may redeem all or a part of the Unit Notes
    or Coupon Notes upon not less than 15 days’ nor more than 60 days’ notice, at a Redemption Price equal to 105%
    of the principal amount of the Unit Notes or Coupon Notes redeemed, plus accrued and unpaid interest, if any, as of the applicable
    date of redemption (subject to the rights of Holders on the relevant Record Date to receive interest due on the relevant Interest
    Payment Date).

 

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	 	(b)	At
    any time and from time to time on or after December 20, 2020, the Issuer may redeem all or a part of the Unit Notes or Coupon
    Notes upon not less than 15 days’ nor more than 60 days’ notice, at the Redemption Prices (expressed as percentages
    of principal amount) of 100% of the principal amount thereof plus accrued and unpaid interest on the Unit Notes or Coupon
    Notes, as applicable, redeemed, to the applicable Redemption Date.
	 	 	 
	 	(c)	Unless
    otherwise specifically provided in this Section 3.7, the terms of Article 5 shall apply to the redemption of any Unit Notes
    or Coupon Notes and in the event of any inconsistency, the terms of this Section 3.7 shall prevail.

 

	3.8	[INTENTIONALLY
                                         DELETED.]

 

	3.9	Mandatory
                                         Redemption and Market Purchases

 

	 	(a)	The
    Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Unit Notes or Coupon Notes;
    provided, however, that the Issuer may be required to offer to purchase the Unit Notes or Coupon Notes pursuant to Sections
    6.15 and 6.16.
	 	 	 
	 	(b)	The
    Issuer or any of its Subsidiaries may at any time and from time to time purchase Unit Notes or Coupon Notes by tender offer,
    open market purchases, negotiated transactions, private agreement or otherwise at any price in accordance with Applicable
    Securities Legislation, so long as such acquisition does not violate the terms of this Indenture.

 

	3.10	Form
                                         and Denomination of the Unit Notes and Coupon Notes

 

	 	(a)	The
    Unit Notes and Coupon Notes will be issued in minimum denominations of $1,000 and in integral multiples of $1,000 in excess
    thereof.
	 	 	 
	 	(b)	Subject
    to Section 4.2(b), the Unit Notes and Coupon Notes will be issuable as Global Notes, substantially in the form set out in
    Appendix A hereto with such changes as may be reasonably required by the Depository and any other changes as may be approved
    or permitted by the Issuer, in each case which changes are not prejudicial to the Holders or Beneficial Holders of Unit Notes
    and Coupon Notes, and with such approval in each case to be conclusively deemed to have been given by the officers of the
    Issuer executing the same in accordance with Article 2.

 

	3.11	Currency
                                         of Payment

 

The
principal of, and interest and premium (if any) on, the Unit Notes and Coupon Notes will be payable in United States dollars.

 

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	3.12	Additional
                                         Amounts

 

	 	(a)	All
    payments made by any Guarantor under or with respect to any Guarantee will be made free and clear of and without withholding
    or deduction for or on account of Taxes imposed or levied by or on behalf of any Canadian Taxing Authority or United States
    Taxing Authority, unless such Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration
    thereof. If any Guarantor is so required to withhold or deduct any amount of interest for or on account of Taxes imposed or
    levied by or on behalf of any jurisdiction in which such Guarantor is organized, resident or doing business for tax purposes,
    or from or through which such Guarantor (or its agents) makes any payment under any Guarantee or any Taxing Authority thereof
    (each a “Relevant Taxing Jurisdiction”), from any payment made under or with respect to any Guarantee,
    any such Guarantor, as applicable, will pay such additional amounts (“Additional Amounts”) as may be necessary
    so that the net amount received in respect of such payment by each Holder or Beneficial Holder, as the case may be, after
    such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder) will
    not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not
    been withheld or deducted; provided that no Additional Amounts will be payable with respect to a payment made to a Holder
    or Beneficial Holder, as applicable:

 

	 	(i)	which
    is subject to such Taxes by reason of any connection between Canada and such holder who is not a resident of Canada for purposes
    of the Tax Act, other than any connection resulting solely from the acquisition, ownership, or disposition of Notes, the receipt
    of payments thereunder and/or the exercise or enforcement of rights under any Notes or any Guarantee;
	 	 	 
	 	(ii)	which
    is subject to such Taxes by reason of any connection between such holder and the United States or any states political subdivision
    thereof or authority thereof other than any connection resulting solely from the acquisition, ownership, or disposition of
    Notes, the receipt of payments thereunder and/or the exercise or enforcement of rights under any Notes or any Guarantee;
	 	 	 
	 	(iii)	which
    failed to duly and timely comply with a timely request of the relevant Guarantor to provide information, documents, certification
    or other evidence concerning such holder’s nationality, residence, entitlement to treaty benefits, identity or connection
    with any jurisdiction or any political subdivision or authority thereof, if and to the extent that due and timely compliance
    with such request would have resulted in the reduction or elimination of any Taxes as to which Additional Amounts would have
    otherwise been payable to such Holder or Beneficial Holder, as the case may be, but for this clause (iii);

 

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	 	(iv)	which
    is a fiduciary, a partnership or not the beneficial owner of any payment on a Note, if and to the extent that, as a result
    of an applicable tax treaty, no Additional Amounts would have been payable had the beneficiary, partner or beneficial owner
    owned the Note directly (but only if there is no material cost or expense associated with transferring such Note to such beneficiary,
    partner or beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or
    beneficial owner);
	 	 	 
	 	(v)	U.S.
    federal withholding Taxes imposed on amounts payable to or for the account of a Holder or the Beneficial Holder, as the case
    may be, with respect to an applicable interest in the Notes pursuant to a law in effect on the date on which (i) such Holder
    or the Beneficial Holder, as the case may be, acquires such interest in the Notes or (ii) such Holder or the Beneficial Holder,
    as the case may be, changes its office location, except in each case to the extent that amounts with respect to such Taxes
    were payable either to such Holder’s assignor immediately before such Holder or the Beneficial Holder, as the case may
    be, became a party hereto or to such Holder immediately before it changed its office location;
	 	 	 
	 	(vi)	to
    the extent that the Taxes required to be withheld or deducted are imposed pursuant to sections 1471 through 1474 of the United
    States Internal Revenue Code of 1986, as amended (and any amended or successor version that is substantially comparable),
    and any regulations or other official guidance thereunder or agreements (including any intergovernmental agreements or any
    laws, rules or practices implementing such intergovernmental agreements) entered into in connection therewith;
	 	 	 
	 	(vii)	for
    any Canadian withholding Taxes imposed on a payment by or on account of any obligation of the relevant Guarantor hereunder
    by reason of the Holder or Beneficial Holder, as the case may be, (i) not dealing at arm’s length (for purposes of the
    Tax Act) with the payer of such amount or (ii) being, or not dealing at arm’s length (for purposes of the Tax Act) with
    a specified shareholder (as defined in subsection 18(5) of the Tax Act) of the payer of such amount; 
	 	 	 
	 	(viii)	for
    or on account of any Tax that is payable otherwise than by withholding from payment with respect to a Guarantee (other than
    Taxes payable pursuant to section 803 of the regulations under the Tax Act); or
	 	 	 
	 	(ix)	any
    combination of the foregoing clauses of this proviso.

 

	 	(b)	Such
    Guarantor will also (a) make such withholding or deduction and, (b) remit the full amount deducted or withheld to the relevant
    Taxing Authority in accordance with applicable law. Such Guarantor will furnish to the Holders, within 30 days after the date
    the payment of any Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by such
    Guarantor.

 

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	 	(c)	At
    least 30 days prior to each date on which any payment under or with respect to the any Guarantee is due and payable, if any
    Guarantor is aware that it will be obligated to pay Additional Amounts with respect to such payment, such Guarantor will deliver
    to the Trustee an Officers’ Certificate stating the fact that such Additional Amounts will be payable, the amounts so
    payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to holders
    on the payment date. Whenever in this Indenture there is mentioned, in any context, the payment of principal (and premium,
    if any), interest or any other amount payable under or with respect to any Guarantee, such mention shall be deemed to include
    mention of the payment of Additional Amounts provided for in this section to the extent that, in such context, Additional
    Amounts are, were or would be payable in respect thereof.
	 	 	 
	 	(d)	The
    Guarantors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders, and, upon written
    request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of: (i) any Taxes levied
    or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made
    under or with respect to the Notes held by such Holder or Beneficial Holder or under any Guarantee (including, for greater
    clarity, any Taxes payable under section 803 of the regulations under the Tax Act); and (ii) any Taxes levied or imposed with
    respect to any indemnification or reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount
    received by such Holder or Beneficial Holder after such indemnification or reimbursement will not be less than the net amount
    such Holder or Beneficial Holder would have received if the Taxes giving rise to the indemnification or reimbursement described
    in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations
    provided for in this paragraph shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have
    been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (ix) above if the payor
    had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts
    with respect to such payments.
	 	 	 
	 	(e)	In
    addition, the Issuer and the Guarantors will pay any stamp, issue, registration, court, documentation, excise or other similar
    Taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by
    any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes,
    any Guarantee or any other document or instrument referred to thereunder and any such Taxes, charges or duties imposed by
    any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Guarantee or as a result of, or in connection
    with, the enforcement of the Notes, any Guarantee and/or any other such document or instrument.
	 	 	 
	 	(f)	The
    obligations described under this Section 3.12 will survive any termination, defeasance or discharge of this Indenture and
    will apply mutatis mutandis to any successor Person and to any jurisdiction in which such successor is organized or is otherwise
    resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or
    its respective agents.

 

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	3.13	Appointment

 

	 	(a)	The
    Trustee will be the trustee for the Unit Notes and Coupon Notes, subject to Article 11.
	 	 	 
	 	(b)	The
    Issuer initially appoints CDS to act as Depository with respect to the Unit Notes and Coupon Notes (other than with respect
    to Definitive Notes issued to Original U.S. Holders that are U.S. Accredited Investors).
	 	 	 
	 	(c)	The
    Issuer initially appoints the Trustee at its corporate office in Vancouver, British Columbia to act as the Registrar, transfer
    agent, authentication agent and Paying Agent with respect to the Unit Notes and Coupon Notes. The Issuer may change the Registrar,
    transfer agent, authentication agent or Paying Agent for the Unit Notes or Coupon Notes at any time and from time to time
    without prior notice to the Holders of the Unit Notes or Coupon Notes.

 

	3.14	Inconsistency

 

In
the case of any conflict or inconsistency between this Article 3 and any other provision of this Indenture, Article 3 shall, as
to the Unit Notes or Coupon Notes, govern and prevail.

 

	3.15	Reference
                                         to Principal, Premium, Interest, etc.

 

Whenever
this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under
or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described
hereunder, if applicable.

 

Article
4

REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP

 

	4.1	Register
                                         of Certificated Notes

 

	 	(a)	Subject
    to the terms of any Supplemental Indenture, with respect to each series of Notes issuable in whole or in part as registered
    Notes, the Issuer shall cause to be kept by and at the principal office of the Trustee in Vancouver, British Columbia or by
    such other Registrar as the Issuer, with the approval of the Trustee, may appoint at such other place or places, if any, as
    may be specified in the Notes of such series or as the Issuer may designate with the approval of the Trustee, a register in
    which shall be entered the names and addresses of the Holders and particulars of the Notes held by them respectively and of
    all transfers of Notes. Such registration shall be noted on the relevant Notes by the Trustee or other Registrar unless a
    new Note shall be issued upon such transfer.
	 	 	 
	 	(b)	No
    transfer of a registered Note shall be valid unless made on such register referred to in Section 4.1(a) by the Holder or such
    Holder’s executors, administrators or other legal representatives or an attorney duly appointed by an instrument in
    writing in form and executed in a manner satisfactory to the Trustee or other Registrar upon surrender of the Notes together
    with a duly executed form of transfer acceptable to the Trustee or other Registrar and upon compliance with such other reasonable
    requirements as the Trustee or other Registrar may prescribe, and unless the name of the transferee shall have been noted
    on the Note by the Trustee or other Registrar.

 

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	4.2	Global
                                         Notes

 

	 	(a)	With
    respect to Notes issuable as or represented by, in whole or in part, one or more Global Notes, the Issuer shall cause to be
    kept by and at the principal office of the Trustee in Vancouver, British Columbia or by such other Registrar as the Issuer,
    with the approval of the Trustee, may appoint at such other place or places, if any, as the Issuer may designate with the
    approval of the Trustee, a register in which shall be entered the name and address of the Holder of each such Global Note
    (being the Depository, or its nominee, for such Global Note) and particulars of the Global Note held by it, and of all transfers
    thereof. If any Notes are at any time not Global Notes, the provisions of Section 4.1 shall govern with respect to registrations
    and transfers of such Notes.
	 	 	 
	 	(b)	Notwithstanding
    any other provision of this Indenture, a Global Note may not be transferred by the Holder thereof and, accordingly, subject
    to Section 4.6, no Definitive Notes of any series shall be issued to Beneficial Holders except in the following circumstances
    or as otherwise specified in any Supplemental Indenture, a resolution of the Trustee, a Board Resolution or an Officers’
    Certificate:

 

	 	(i)	Definitive
    Notes may be issued to Beneficial Holders at any time after:

 

	 	(A)	the
    Issuer has determined that CDS (1) is unwilling or unable to continue as Depository for Global Notes, or (2) ceases to be
    eligible to be a Depository, and, in each case the Issuer is unable to locate a qualified successor to its reasonable satisfaction;
	 	 	 
	 	(B)	the
    Issuer has determined, in its sole discretion, or is required by law, to terminate the book-entry only registration system
    in respect of such Global Notes and has communicated such determination or requirement to the Trustee in writing, or the book-entry
    system ceases to exist; 
	 	 	 
	 	(C)	the
    Note is to be authenticated to or for the account or benefit of a U.S. Holder (other than an Original U.S. Holder that is
    a Qualified Institutional Buyer), in which case, the Definitive Note shall contain the U.S. Legend set forth in Section 2.3(h),
    if applicable; or
	 	 	 
	 	(D)	the
    Trustee has determined that an Event of Default has occurred and is continuing with respect to Notes issued as Global Notes,
    provided that Beneficial Holders representing, in the aggregate, not less than 51% of the aggregate outstanding principal
    amount of the Notes of the affected series advise the Depository in writing, through the Participants, that the continuation
    of the book-entry only registration system for the Notes of such series is no longer in their best interests; and

 

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	 	(ii)	Global
    Notes may be transferred (A) if such transfer is required by applicable law, as determined by the Issuer and Counsel, or (B)
    by a Depository to a nominee of such Depository, or by a nominee of a Depository to such Depository, or to another nominee
    of such Depository, or by a Depository or its nominee to a successor Depository or its nominee.

 

	 	(c)	Upon
    the termination of the book-entry only registration system on the occurrence of one of the conditions specified in Section
    4.2(b)(i) or upon the transfer of a Global Note to a Person other than a Depository or a nominee thereof in accordance with
    Section 4.2(b)(i)(A), the Trustee shall notify all Beneficial Holders, through the Depository, of the availability of Definitive
    Notes for such series. Upon surrender by the Depository of the Global Notes in respect of any series and receipt of new registration
    instructions from the Depository, the Trustee shall deliver the Definitive Notes of such series to the Beneficial Holders
    thereof in accordance with the new registration instructions and thereafter, the registration and transfer of such Notes will
    be governed by Section 4.1 and the remaining provisions of this Article 4.
	 	 	 
	 	(d)	It
    is expressly acknowledged that a transfer of beneficial ownership in a Note of any series issuable in the form of or represented
    by a Global Note will be effected only (a) with respect to the interests of participants in the Depository (“Participants”),
    through records maintained by the Depository or its nominee for the Global Note, and (b) with respect to interests of Persons
    other than Participants, through records maintained by Participants. Beneficial Holders who are not Participants but who desire
    to purchase, sell or otherwise transfer ownership of or other interest in Notes represented by a Global Note may do so only
    through a Participant.

 

	4.3	Transferee
                                         Entitled to Registration

 

The
transferee of a Note shall be entitled, after the appropriate form of transfer is deposited with the Trustee or other Registrar
and upon compliance with all other conditions for such transfer required by this Indenture or by law, to be entered on the register
as the owner of such Note free from all equities or rights of set-off or counterclaim between the Issuer and the transferor or
any previous Holder of such Note, save in respect of equities of which the Issuer is required to take notice by law (including
any statute or order of a court of competent jurisdiction).

 

	4.4	No
                                         Notice of Trusts

 

None
of the Issuer, the Trustee and any Registrar or Paying Agent will be bound to take notice of or see to the performance or observance
of any duty owed to a third Person, whether under a trust, express, implied, resulting or constructive, in respect of any Note
by the Holder or any Person whom the Issuer or the Trustee treats, as permitted or required by law, as the owner or the Holder
of such Note, and may transfer the same on the direction of the Person so treated as the owner or Holder of the Note, whether
named as Trustee or otherwise, as though that Person were the Beneficial Holder thereof.

 

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	4.5	Registers
                                         Open for Inspection

 

The
registers referred to in Sections 4.1 and 4.2 shall, subject to applicable law, at all reasonable times be open for inspection
by the Issuer, the Trustee or any Holder. Every Registrar, including the Trustee, shall from time to time when requested so to
do by the Issuer or by the Trustee, in writing, furnish the Issuer or the Trustee, as the case may be, with a list of names and
addresses of Holders entered on the registers kept by them and showing the principal amount and serial numbers of the Notes held
by each such Holder, provided the Trustee shall be entitled to charge a reasonable fee to provide such a list.

 

	4.6	Transfers
                                         and Exchanges of Notes

 

	 	(a)	Transfer
    and Exchange of Global Notes. A Global Note may be transferred in whole and not in part only pursuant to Section 4.2(b)(ii).
    A beneficial interest in a Global Note may not be exchanged for a Definitive Note other than pursuant to Section 4.2(b)(i).
    A Global Note may not be exchanged for another Note other than as provided in this Section 4.6(a), however, beneficial interests
    in a Global Note may be transferred and exchanged as provided in Section 4.6(b) or 4.6(c), as applicable.
	 	 	 
	 	(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 Depository, in accordance with the provisions of this Indenture, applicable laws and the
    Applicable Procedures. In connection with a transfer and exchange of beneficial interest in Global Notes, the transferor of
    such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or a Beneficial Holder,
    in each case, given to the Depository in accordance with the Applicable Procedures directing the Depository 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 a Beneficial Holder,
    in each case, given to the Depository in accordance with the Applicable Procedures directing the Depository to cause to be
    issued a Definitive Note in an amount equal to the beneficial interest to be transferred, and (2) instructions given by the
    Depository to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered
    to effect the transfer referred to in (B)(1) above. Upon satisfaction of all of the requirements for transfer of beneficial
    interests in Global Notes contained in this Indenture and the Notes, the Trustee shall adjust the principal amount of the
    relevant Global Note(s) pursuant to Section 4.6(e).

 

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	 	(c)	Transfer
    or Exchange of Beneficial Interests in the Global Notes for Definitive Notes. A holder of a beneficial interest in a Global
    Note may exchange such beneficial interest for a Definitive Note or may transfer such beneficial interest to a Person who
    takes delivery thereof in the form of a Definitive Note only upon the occurrence of any of the preceding events in Section
    4.6(b) and satisfaction of the conditions set forth in Section 4.6(b). Upon the occurrence of any such preceding event and
    receipt by the Registrar of the documentation referred to in the appropriate subparagraph of this Section 4.6(c), the Trustee
    shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 4.6(e),
    and the Issuer shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a
    Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant
    to this Section 4.6(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 Depository and the Participant
    or Beneficial Holder. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered.
	 	 	 
	 	(d)	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 4.6(d) and Applicable Securities Legislation, 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
    in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing.
	 	 	 
	 	(e)	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 4.9 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 Depository 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 Depository at the direction of the Trustee to reflect such increase.

 

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	 	(f)	U.S.
    Restrictions on Transfer and Exchange. If a Definitive Note tendered for transfer bears the U.S. Legend set forth in Section
    2.3(h), the Trustee shall not register such transfer unless the transferor has provided the Trustee with the Definitive Note
    and: (A) the transfer is made to the Issuer; (B) the transfer is made outside of the United States in a transaction meeting
    the requirements of Rule 904 of Regulation S, and is in compliance with applicable local laws and regulations, and the transferor
    delivers to the Trustee and the Issuer a declaration substantially in the form set forth in Appendix C to this Indenture,
    or in such other form as the Issuer may from time to time prescribe, together with such other evidence of the availability
    of an exemption or exclusion from registration under the U.S. Securities Act (which may, without limitation, include an opinion
    of counsel, of recognized standing reasonably satisfactory to the Issuer) as the Issuer may reasonably require; (C) the transfer
    is made pursuant to the exemption from the registration requirements of the U.S. Securities Act provided by (i) Rule 144A
    thereunder, if available, or (ii) Rule 144 thereunder, if available, and in each case in accordance with any applicable state
    securities or “blue sky” laws; (D) the transfer is in compliance with another exemption from registration under
    the U.S. Securities Act and applicable state securities laws; or (E) the transfer is made pursuant to an effective registration
    statement under the U.S. Securities Act and any applicable state securities laws; provided that, it has prior to any transfer
    pursuant to Sections 4.6(f)(C)(ii) or 4.6(f)(D) furnished to the Trustee and the Issuer an opinion of counsel, of recognized
    standing, or other evidence in form and substance reasonably satisfactory to the Issuer to such effect. In relation to a transfer
    under (C)(ii) or (D) above, unless the Issuer and the Trustee receive an opinion of counsel, of recognized standing, or other
    evidence reasonably satisfactory to the Issuer in form and substance, to the effect that the U.S. Legend set forth in subsection
    2.3(h) is no longer required on the Definitive Note representing the transferred Notes, the Definitive Note received by the
    transferee will continue to bear the U.S. Legend set forth in Section 2.3(h). Notes exchanged for Definitive Notes that bear
    the U.S. Legend set forth in Section 2.3(h) shall bear the same U.S. Legend.
	 	 	 
	 	(g)	General
    Provisions Relating to Transfers and Exchanges.

 

	 	(i)	To
    permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes
    and Definitive Notes upon the Issuer’s Authentication Order in accordance with Section 2.4 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 Issuer 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 2.9 and 10.1).
	 	 	 
	 	(iii)	All
    Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes
    shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture,
    as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

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	 	(iv)	Neither
    the Issuer nor the Trustee nor any Registrar shall be required to:

 

	 	(A)	issue,
    register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the mailing
    of a Redemption Notice under Section 5.1 hereof and ending at the close of business on the day of selection, or
	 	 	 
	 	(B)	register
    the transfer of or exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any
    Note being redeemed in part or unless upon due presentation thereof for redemption such Notes are not redeemed, or
	 	 	 
	 	(C)	register
    the transfer of or exchange a Note between a Record Date and the next succeeding Interest Payment Date, or
	 	 	 
	 	(D)	to
    register the transfer of or to exchange a Note tendered and not withdrawn in connection with a Change of Control Offer or
    an Asset Sale Offer.

 

	 	(v)	Subject
    to any restriction provided in this Indenture, the Issuer with the approval of the Trustee may at any time close any register
    for the Notes of any series (other than those kept at the principal office of the Trustee in Vancouver, British Columbia)
    and transfer the registration of any Notes registered thereon to another register (which may be an existing register) and
    thereafter such Notes shall be deemed to be registered on such other register. Notice of such transfer shall be given to the
    Holders of such Notes.
	 	 	 
	 	(vi)	Prior
    to due presentment for the registration of a transfer of any Note, the Trustee, any Registrar or Paying Agent and the Issuer
    may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving
    payment of principal of (and premium, if any) and interest on such Notes and for all other purposes, and none of the Trustee,
    any Registrar or Paying Agent or the Issuer shall be affected by notice to the contrary.
	 	 	 
	 	(vii)	The
    Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.4.
	 	 	 
	 	(viii)	Upon
    surrender for registration of transfer of any Note at the office or agency of the Issuer, the Issuer shall execute, and the
    Trustee shall authenticate and deliver, 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.
	 	 	 
	 	(ix)	At
    the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like
    aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes
    or Definitive Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver,
    the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the
    provisions of Section 2.4 hereof.

 

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	 	(x)	All
    certifications, certificates and Opinions of Counsel required to be submitted pursuant to this Section 4.6 to effect a registration
    of transfer or exchange may be submitted by facsimile.

 

	4.7	Charges
                                         for Registration, Transfer and Exchange

 

For
each Note exchanged, registered, transferred or discharged from registration, the Trustee or other Registrar, except as otherwise
herein provided, may make a reasonable charge for its services and in addition may charge a reasonable sum for each new Note issued
(such amounts to be agreed upon from time to time by the Trustee and the Issuer), and payment of such charges and reimbursement
of the Trustee or other Registrar for any stamp taxes or governmental or other charges required to be paid shall be made by the
party requesting such exchange, registration, transfer or discharge from registration as a condition precedent thereto. Notwithstanding
the foregoing provisions, no charge shall be made to a Holder hereunder:

 

	 	(a)	for
    any exchange, registration, transfer or discharge from registration of a Note of any series applied for within a period of
    two months from the date of the first delivery thereof;
	 	 	 
	 	(b)	for
    any exchange of any interim or temporary Note of any series or interim certificate that has been issued under Section 2.9
    for a Definitive Note of any series;
	 	 	 
	 	(c)	for
    any exchange of a Global Note of any series as contemplated in Section 4.2; or
	 	 	 
	 	(d)	for
    any exchange of a Note of any series resulting from a partial redemption under Section 5.3.

 

	4.8	Ownership
                                         of Notes

 

	 	(a)	The
    Holder for the time being of any Note shall be entitled to the principal, premium, if any, and/or interest evidenced by such
    Note, free from all equities or rights of set-off or counterclaim between the Issuer and the original or any intermediate
    Holder thereof (except in respect of equities of which the Issuer is required to take notice by law) and all Persons may act
    accordingly and the receipt of any such Holder for any such principal, premium, if any, or interest shall be a valid discharge
    to the Trustee, any Registrar and to the Issuer for the same and none shall be bound to inquire into the title of any such
    Holder.
	 	 	 
	 	(b)	Where
    Notes are registered in more than one name, the principal, premium, if any, and interest from time to time payable in respect
    thereof may be paid to the order of all or any of such Holders, failing written instructions from them to the contrary, and
    the receipt of any one of such Holders therefor shall be a valid discharge, to the Trustee, any Registrar and to the Issuer.
	 	 	 
	 	(c)	In
    the case of the death of one or more joint Holders, the principal, premium, if any, and interest from time to time payable
    thereon may be paid to the order of the survivor or survivors of such Holders and to the estate of the deceased and the receipt
    by such survivor or survivors and the estate of the deceased thereof shall be a valid discharge by the Trustee, any Registrar
    and the Issuer.

 

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	 	(d)	Unless
    otherwise required by law, the Person in whose name any Note is registered shall for all purposes of this Indenture (except
    for references in this Indenture to a “Beneficial Holder”) be and be deemed to be the owner thereof and payment
    of or on account of the principal of, premium, if any, and interest on such Note shall be made only to or upon the order in
    writing of such Holder.
	 	 	 
	 	(e)	Notwithstanding
    any other provision of this Indenture, all payments in respect of Notes issuable in the form of or represented by a Global
    Note shall be made to the Depository or its nominee for subsequent payment by the Depository or its nominee to the Beneficial
    Holders.

 

	4.9	Cancellation
                                         and Destruction

 

All
matured Notes of any series shall forthwith after payment of all Obligations thereunder be delivered to the Trustee or to a Person
appointed by it or by the Issuer with the approval of the Trustee and cancelled by the Trustee. All Notes of any series which
are cancelled or required to be cancelled under this or any other provision of this Indenture shall be destroyed by the Trustee
and, if required by the Issuer, the Trustee shall furnish to it a destruction certificate setting out the designating numbers
of the Notes so destroyed.

 

Article
5

REDEMPTION AND PURCHASE OF NOTES

 

	5.1	Redemption
                                         of Notes

 

Subject
to the provisions of the Supplemental Indenture relating to the issue of a particular series of Notes or, in the case of the Unit
Notes or Coupon Notes, Article 3, Notes of any series may be redeemed before the Stated Maturity thereof, in whole at any time
or in part from time to time, at the option of the Issuer and in accordance with and subject to the provisions set out in this
Indenture and any applicable Supplemental Indenture, including those relating to the payment of any required redemption price
(“Redemption Price”).

 

	5.2	Places
                                         of Payment

 

The
Redemption Price will be payable upon presentation and surrender of the Notes called for redemption at any of the places where
the principal of such Notes is expressed to be payable and at any other places specified in the Redemption Notice.

 

	5.3	Partial
                                         Redemption

 

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

 

	 	(i)	if
    the Notes are listed on any national securities exchange, including the Canadian Securities Exchange, in compliance with the
    requirements of the principal national securities exchange; or

 

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	 	(ii)	if
    the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee will deem fair and appropriate;
    or
	 	 	 
	 	(iii)	if
    the Notes are included in global form based on a method required by CDS, or, a method that most nearly approximates a pro
    rata selection as the Trustee deems appropriate.

 

	 	 	Subject
    to the foregoing and the Supplemental Indenture relating to any series of Notes (or, in the case of the Unit Notes or Coupon
    Notes, Article 3), Notes or portions of Notes the Trustee selects for redemption shall be in minimum amounts of $1,000 or
    integral multiples of $1,000.
	 	 	 
	 	(b)	If
    Notes of any series are to be redeemed in part only, the Redemption Notice that relates to such Notes will state the portion
    of the principal amount of such Notes that is to be redeemed. In the event that one or more of such Notes becomes subject
    to redemption in part only, upon surrender of any such Notes for payment of the Redemption Price, together with interest accrued
    to but excluding the applicable Redemption Date, the Issuer shall execute and the Trustee shall authenticate and deliver without
    charge to the Holder thereof or upon the Holder’s order one or more new Notes of such series for the unredeemed part
    of the principal amount of the Notes so surrendered or, with respect to Global Notes, the Trustee shall make notations on
    the Global Notes of the principal amount thereof so redeemed. Unless the context otherwise requires, the terms “Note”
    or “Notes” as used in this Article 5 shall be deemed to mean or include any part of the principal amount of any
    Note which in accordance with the foregoing provisions has become subject to redemption.

 

	5.4	Notice
                                         of Redemption

 

Unless
otherwise provided in a Supplemental Indenture or, in the case of the Unit Notes or Coupon Notes, Article 3, notice of redemption
(the “Redemption Notice”) of any series of Notes shall be given to the Holders of the Notes so to be redeemed
not more than 60 days nor less than 15 days prior to the date fixed for redemption (the “Redemption Date”)
in the manner provided in Section 14.2; provided that Redemption Notices in respect of optional redemptions of Notes may be delivered
more than 60 days prior to a Redemption Date if the Redemption Notice is issued in connection with a defeasance of the relevant
Notes or a satisfaction and discharge of this Indenture. Every such Redemption Notice shall specify the aggregate principal amount
of Notes called for redemption, the Redemption Date, the Redemption Price and the places of payment and shall state that interest
upon the principal amount of Notes called for redemption shall cease to be payable from and after the Redemption Date. Redemption
Notices in respect of redemptions made pursuant to Section 3.7 may, at the Issuer’s discretion, be subject to one or more
conditions precedent, as described under Section 5.5. In addition, unless all the outstanding Notes of a series are to be redeemed,
the Redemption Notice shall specify:

 

	 	(a)	the
    distinguishing letters and numbers of the Notes which are to be redeemed (as are registered in the name of such Holder);

 

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	 	(b)	if
    such Notes are selected by terminal digit or other similar system, such particulars as may be sufficient to identify the Notes
    so selected;
	 	 	 
	 	(c)	in
    the case of Global Notes, that the redemption will take place in such manner as may be agreed upon by the Depository, the
    Trustee and the Issuer; and
	 	 	 
	 	(d)	in
    all cases, the principal amounts of such Notes or, if any such Note is to be redeemed in part only, the principal amount of
    such part.

 

Notwithstanding
Section 14.2, in the event that all Notes of a series to be redeemed are Global Notes, publication of the Redemption Notice shall
not be required.

 

If
Notes of any series are to be redeemed in part only, the Redemption Notice that relates to such Notes will state the portion of
the principal amount of such Notes that is to be redeemed. In the event that one or more of such Notes becomes subject to redemption
in part only, upon surrender of any such Notes for payment of the Redemption Price, together with interest accrued to but excluding
the applicable Redemption Date, the Issuer shall execute and the Trustee shall authenticate and deliver without charge to the
Holder thereof or upon the Holder’s order one or more new Notes of such series for the unredeemed part of the principal
amount of the Notes so surrendered or, with respect to Global Notes, the Trustee shall make notations on the Global Notes of the
principal amount thereof so redeemed. Unless the context otherwise requires, the terms “Note” or “Notes”
as used in this Article 5 shall be deemed to mean or include any part of the principal amount of any Note which in accordance
with the foregoing provisions has become subject to redemption.

 

	5.5	Qualified
                                         Redemption Notice

 

In
connection with any optional redemption of Notes, any such redemption may, at the Issuer’s discretion, be subject to one
or more conditions precedent, including the completion of any Permitted Refinancing Indebtedness or any Equity Offering. In addition,
if such redemption notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the
Issuer’s sole discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied
(or waived by the Issuer in its sole discretion), 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, and
that such redemption provisions may be adjusted to comply with any depositary requirements.

 

	5.6	Notes
                                         Due on Redemption Dates

 

Upon
a Redemption Notice having been given as provided in Section 5.4, all the Notes so called for redemption or the principal amount
to be redeemed of the Notes called for redemption, as the case may be, shall thereupon be and become due and payable at the Redemption
Price, together with accrued interest to but excluding the Redemption Date, on the Redemption Date specified in such notice, in
the same manner and with the same effect as if it were the Stated Maturity specified in such Notes, anything therein or herein
to the contrary notwithstanding. If any Redemption Date is on or after a Record Date and on or before the related Interest Payment
Date, the accrued and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of
business on such Record Date, and no additional interest will be payable to Holders whose Notes shall be subject to redemption
by the Issuer. From and after such Redemption Date, if the monies necessary to redeem such Notes shall have been deposited as
provided in Section 5.7 and affidavits or other proof satisfactory to the Trustee as to the publication and/or mailing of such
Redemption Notices shall have been lodged with it, interest upon the Notes shall cease to accrue. If any question shall arise
as to whether any notice has been given as above provided and such deposit made, such question shall be decided by the Trustee
whose decision shall be final and binding upon all parties in interest.

 

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	5.7	Deposit
                                         of Redemption Monies

 

	 	(a)	Except
    as may otherwise be provided in any Supplemental Indenture or, in the case of the Unit Notes or Coupon Notes, Article 3, upon
    Notes being called for redemption, the Issuer shall deposit with the Trustee, for onward payment to the Depository, on or
    before 11:00 a.m. (Toronto time) on the day prior to the Redemption Date specified in the Redemption Notice, such sums of
    money as may be sufficient to pay the Redemption Price of the Notes so called for redemption, plus accrued and unpaid interest
    thereon up to but excluding the Redemption Date and including any Additional Amounts, less any Taxes required by law to be
    deducted or withheld therefrom. The Issuer shall also deposit with the Trustee a sum of money sufficient to pay any charges
    or expenses which may be incurred by the Trustee in connection with such redemption. Every such deposit shall be irrevocable.
    From the sums so deposited, the Trustee shall pay or cause to be paid, to the Depository on behalf of the Holders of such
    Notes so called for redemption, upon surrender of such Notes, the principal, premium (if any) and interest (if any) to which
    they are respectively entitled on redemption.
	 	 	 
	 	(b)	Payment
    of funds to the Trustee upon redemption of Notes shall be made by electronic transfer or certified cheque or pursuant to such
    other arrangements for the provision of funds as may be agreed between the Issuer and the Trustee in order to effect such
    payment hereunder. Notwithstanding the foregoing, (i) all payments in excess of $25,000,000 (or such other amount as determined
    from time to time by the Canadian Payments Association) shall be made by the use of the LVTS; and (ii) in the event that payment
    must be made to the Depository, the Issuer shall remit payment to the Trustee by LVTS. The Trustee shall have no obligation
    to disburse funds pursuant to this Section 5.7 unless it has received written confirmation satisfactory to it that the funds
    have been deposited with it in sufficient amount to pay in full all amounts due and payable on the applicable Redemption Date.
    The Trustee shall, if it accepts any funds received by it in the form of uncertified cheques, be entitled to delay the time
    for release of such funds until such uncertified cheques shall be determined to have cleared the financial institution upon
    which the same are drawn.

 

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	5.8	Failure
                                         to Surrender Notes Called for Redemption

 

In
case the Holder of any Note of any series so called for redemption shall fail on or before the Redemption Date so to surrender
such Holder’s Note, or shall not within such time specified on the Redemption Notice accept payment of the redemption monies
payable, or give such receipt therefor, if any, as the Trustee may require, such redemption monies may be set aside in trust,
without interest, either in the deposit department of the Trustee or in a chartered bank, and such setting aside shall for all
purposes be deemed a payment to the Holder of the sum so set aside and, to that extent, such Note shall thereafter not be considered
as outstanding hereunder and the Holder thereof shall have no other right except to receive payment of the Redemption Price of
such Note, plus any accrued but unpaid interest thereon to but excluding the Redemption Date and including any Additional Amounts,
less any Taxes required by law to be deducted or withheld, out of the monies so paid and deposited, upon surrender and delivery
up of such Holder’s relevant Note. In the event that any money required to be deposited hereunder with the Trustee or any
Paying Agent on account of principal, premium, if any, or interest, if any, on Notes issued hereunder shall remain so deposited
for a period of six years from the Redemption Date, then such monies, together with any accumulated interest thereon, shall at
the end of such period be paid over or delivered over by the Trustee or such Paying Agent to the Issuer on its demand, and thereupon
the Trustee shall not be responsible to Holders of such Notes for any amounts owing to them and subject to applicable law, thereafter
the Holders of such Notes in respect of which such money was so repaid to the Issuer shall have no rights in respect thereof except
to obtain payment of the money due from the Issuer, subject to any limitation period provided by the laws of British Columbia.

 

	5.9	Cancellation
                                         of Notes Redeemed

 

Subject
to the provisions of Sections 5.4 and 5.10 as to Notes redeemed or purchased in part, all Notes redeemed and paid under this Article
5 shall forthwith be delivered to the Trustee and cancelled and no Notes shall be issued in substitution for those redeemed.

 

	5.10	Purchase
                                         of Notes for Cancellation

 

	 	(a)	Subject
    to the provisions of any Supplemental Indenture relating to a particular series of Notes or, in the case of the Unit Notes
    or Coupon Notes, Article 3, the Issuer may, at any time and from time to time, purchase Notes of any series in the market
    (which shall include purchases from or through an investment dealer or a firm holding membership on a recognized stock exchange)
    or by tender or by contract, at any price; provided such acquisition does not otherwise violate the terms of this Indenture.
    All Notes so purchased may, at the option of the Issuer, be delivered to the Trustee and cancelled and no Notes shall be issued
    in substitution therefor.
	 	 	 
	 	(b)	If,
    upon an invitation for tenders, more Notes of the relevant series are tendered at the same lowest price than the Issuer is
    prepared to accept, the Notes to be purchased by the Issuer shall be selected by the Trustee on a pro rata basis or in such
    other manner as the Issuer directs in writing and as consented to by the exchange, if any, on which Notes of such series are
    then listed which the Trustee considers appropriate, from the Notes of such series tendered by each tendering Holder thereof
    who tendered at such lowest price. For this purpose the Trustee may make, and from time to time amend, regulations with respect
    to the manner in which Notes of any series may be so selected, and regulations so made shall be valid and binding upon all
    Holders thereof, notwithstanding the fact that as a result thereof one or more of such Notes become subject to purchase in
    part only. The Holder of a Note of any series of which a part only is purchased, upon surrender of such Note for payment,
    shall be entitled to receive, without expense to such Holder, one or more new Notes of such series for the unpurchased part
    so surrendered, and the Trustee shall authenticate and deliver such new Note or Notes upon receipt of the Note so surrendered
    or, with respect to a Global Note, the Depository shall make book-entry notations with respect to the principal amount thereof
    so purchased.

 

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Article
6

COVENANTS OF THE ISSUER

 

As
long as any Notes remain outstanding, the Issuer hereby covenants and agrees with the Trustee for the benefit of the Trustee and
the Holders as follows (unless and for so long as the Issuer and/or one or more of its Subsidiaries are the only Holders (or Beneficial
Holders) of the outstanding Notes, in which case the following provisions of this Article 6 shall not apply):

 

	6.1	Payment
                                         of Principal, Premium, and Interest

 

	 	(a)	The
    Issuer covenants and agrees for the benefit of the Holders that it will duly and punctually pay the principal of, premium,
    if any, and interest on the Notes in accordance with the terms of each series of Notes, as applicable, and this Indenture.
    Principal, premium and interest shall be considered paid on the date due if on such date the Trustee holds in accordance with
    this Indenture money sufficient to pay all principal, premium and interest then due and the Trustee is not prohibited from
    paying such money to the Holders on that date pursuant to the terms of this Indenture.
	 	 	 
	 	(b)	Subject
    to the provisions of any Supplemental Indenture relating to a particular series of Notes or, in the case of the Unit Notes
    or Coupon Notes, Article 3, the Issuer shall pay interest on overdue principal and premium, if any, at the rate specified
    in respect of each series of Notes, and it will pay interest on overdue instalments of interest at the same rate to the extent
    lawful.

 

	6.2	Existence

 

Subject
to Article 10, the Issuer shall, and shall cause each Restricted Subsidiary to, do or cause to be done all things necessary to
preserve and keep in full force and effect the corporate, partnership or other legal existence, as applicable, and the corporate,
partnership or other legal power, as applicable, of the Issuer and each Restricted Subsidiary; provided that neither the Issuer
nor any Restricted Subsidiary will be required to preserve any such corporate, partnership or other legal existence and corporate,
partnership or other legal power if the Board of Directors of the Issuer determines that the preservation thereof is no longer
desirable in the conduct of the business of the Issuer, and the Restricted Subsidiaries taken as a whole and that the loss thereof
is not disadvantageous in any material respect to the Holders.

 

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	6.3	Payment
                                         of Taxes and Other Claims

 

The
Issuer shall and shall cause each of the Restricted Subsidiaries to, file all tax returns required to be filed in any jurisdiction
and to pay and discharge, or cause to be paid and discharged, all Taxes shown to be due and payable on such returns and all other
Taxes imposed on them or any of their properties, assets, income or franchises, to the extent such Taxes have become due and payable
and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien
on properties or assets of the Issuer or any Restricted Subsidiary; provided that neither the Issuer nor any Restricted Subsidiaries
need pay any such Taxes or claim if (a) the amount, applicability or validity thereof is contested by the Issuer or such Restricted
Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Issuer or a Restricted Subsidiary has established
adequate reserves therefor in accordance with IFRS on the books of the Issuer or such Restricted Subsidiary or (b) the non-payment
of all such Taxes in the aggregate would not reasonably be expected to have a material adverse effect on the business, affairs
or financial condition of the Issuer and the Restricted Subsidiaries taken as a whole.

 

	6.4	Keeping
                                         of Books

 

The
Issuer shall keep or cause to be kept, and shall cause each Restricted Subsidiary to keep or cause to be kept proper books of
record and account, in which full and correct entries (in all material respects) shall be made of all financial transactions and
the property and business of the Issuer and the Restricted Subsidiaries in accordance with IFRS.

 

	6.5	Provision
                                         of Reports and Financial Statements

 

The
Issuer will provide to the Trustee, and the Trustee shall deliver to the Holders, the following:

 

	 	(a)	within
    60 days after the end of each quarterly fiscal period in each fiscal year of the Issuer, other than the last quarterly fiscal
    period of each such fiscal year, copies of:

 

	 	(i)	an
    unaudited consolidated statement of financial position as at the end of such quarterly fiscal period and unaudited consolidated
    statements of net income and other comprehensive income, cash flows and changes in equity of the Issuer for such quarterly
    fiscal period and, in the case of the second and third quarters, for the portion of the fiscal year ending with such quarter;
    and
	 	 	 
	 	(ii)	an
    associated “Management’s Discussion and Analysis” prepared on a basis substantially consistent with the
    “Management’s Discussion and Analysis” prepared by or on behalf of the Issuer under the requirements of
    National Instrument 51-102 or prepared in accordance with Item 303 of Regulation S-K under the Securities Exchange Act of
    1934 of the United States of America, as amended from time to time; and

 

	 	(b)	within
    120 days after the end of each fiscal year of the Issuer, copies of:

 

	 	(i)	an
    audited consolidated statement of financial position of the Issuer as at the end of such year and audited consolidated statements
    of net income and other comprehensive income, cash flows and changes in equity of the Issuer for such fiscal year, together
    with a report of the Issuer’s auditors thereon; and
	 	 	 
	 	(ii)	an
    associated “Management’s Discussion and Analysis” prepared on a basis substantially consistent with the
    “Annual Management’s Discussion and Analysis” prepared by or on behalf of the Issuer under the requirements
    of National Instrument 51-102 or prepared in accordance with Item 303 of Regulation S-K under the Securities Exchange Act
    of 1934 of the United States of America, as amended from time to time;

 

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	 	 	in
    the case of each of the Sections 6.5(a)(i) and 6.5(b)(i) prepared in accordance with IFRS. The reports referred to in Sections
    6.5(a)(i) and 6.5(b)(i) are collectively referred to as the “Financial Reports.”
	 	 	 
	 	(c)	The
    Issuer will, if requested by the Trustee in writing on or prior to the date on which such Financial Report is delivered to
    the Trustee, within 15 Business Days after providing to the Trustee any Financial Report, hold a conference call to discuss
    such Financial Report and the results of operations for the applicable reporting period. The Issuer will also maintain a website
    to which Holders, prospective investors and securities analysts are given access, on which not later than the date by which
    the Financial Reports are required to be provided to the trustee pursuant to the immediately preceding paragraph, the Issuer
    (i) makes available such Financial Reports and (ii) provides details about how to access on a toll-free basis the quarterly
    conference calls described above.
	 	 	 
	 	(d)	Notwithstanding
    the foregoing paragraphs, at any time that the Issuer remains a “reporting issuer” (or its equivalent) in any
    province or territory of Canada, (i) all Financial Reports will be deemed to have been provided to the Trustee and the Holders
    once filed on SEDAR or any successor system thereto, (ii) the Issuer will not be required to maintain a website on which it
    makes such Financial Reports available, and (iii) if the Issuer holds a quarterly conference call for its equity holders within
    15 Business Days of filing a Financial Report on SEDAR or any successor system thereto, Holders shall be permitted to attend
    such conference call.

 

	6.6	Designation
                                         of Restricted and Unrestricted Subsidiaries

 

	 	(a)	The
    Board of Directors of the Issuer may designate any Subsidiary to be an Unrestricted Subsidiary; provided that:

 

	 	(i)	any
    Guarantee by the Issuer or any Restricted Subsidiary thereof of any Indebtedness of the Subsidiary being so designated will
    be deemed to be an Incurrence of Indebtedness by the Issuer or such Restricted Subsidiary (or both, if applicable) at the
    time of such designation, and such Incurrence of Indebtedness would be permitted under Section 6.9;
	 	 	 
	 	(ii)	the
    aggregate Fair Market Value of all outstanding Investments owned by the Issuer and its Restricted Subsidiaries in the Subsidiary
    being so designated (including any Guarantee by the Issuer or any Restricted Subsidiary thereof of any Indebtedness of such
    Subsidiary) will, unless it otherwise constitutes a Permitted Investment, be deemed to be a Restricted Investment made as
    of the time of such designation and that such Investment would be permitted under Section 6.8;

 

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	 	(iii)	such
    Subsidiary does not hold any Liens on any property of the Issuer or any Restricted Subsidiary thereof;
	 	 	 
	 	(iv)	the
    Subsidiary being so designated:

 

	 	(A)	is
    a Person with respect to which neither the Issuer nor any of its Restricted Subsidiaries has any direct or indirect obligation
    to subscribe for additional Equity Interests;
	 	 	 
	 	(B)	has
    not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Issuer or any of its
    Restricted Subsidiaries, except to the extent such Guarantee or credit support would be released upon such designation; and
	 	 	 
	 	(C)	is
    not a party to any agreement or understanding with the Issuer or any of its Restricted Subsidiaries unless the terms of any
    such agreement would be permitted under Section 6.13; and

 

	 	(v)	no
    Default or Event of Default would be in existence following such designation.

 

	 	(b)	Any
    designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary will be ‎evidenced to the Trustee by filing with
    the Trustee the Board Resolution giving effect to such designation and ‎an Officers’ Certificate certifying that
    such designation complied with the preceding conditions and was ‎permitted by the Indenture. If, at any time, any Unrestricted
    Subsidiary would fail to meet any of the ‎preceding requirements described in subclauses (i), (ii) or (iii) of clause
    (a) above, it will thereafter cease to be ‎an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness
    of such Subsidiary will be ‎deemed to be Incurred or made by a Restricted Subsidiary of the Issuer as of such date and,
    if such ‎Indebtedness, Investments or Liens are not permitted to be Incurred or made as of such date under this ‎Indenture,
    the Issuer will be in default under this Indenture.‎
	 	 	 
	 	(c)	The
    Board of Directors of the Issuer may at any time designate any Unrestricted Subsidiary to be a ‎Restricted Subsidiary;
    provided that:‎

 

	 	(i)	such
    designation will be deemed to be an Incurrence of Indebtedness by a Restricted Subsidiary of ‎the Issuer of any outstanding
    Indebtedness of such Unrestricted Subsidiary and such ‎designation will only be permitted if such Indebtedness is not
    prohibited under the covenant ‎described under Section 6.9;
	 	 	 
	 	(ii)	all
    outstanding Investments owned by such Unrestricted Subsidiary will be deemed to be made as of ‎the time of such designation
    and such designation will only be permitted if such Investments ‎would be permitted under the covenant described above
    under Section 6.8 provided that such outstanding Investments shall be valued at the lesser of (A) the ‎Fair Market Value
    of such Investments measured on the date of such designation and (B) the ‎Fair Market Value of such Investments measured
    at the time each such Investment was made ‎by such Unrestricted Subsidiary;‎

 

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	 	(iii)	all
    Liens upon property or assets of such Unrestricted Subsidiary existing at the time of such ‎designation would be permitted
    under Section 6.7; and‎
	 	 	 
	 	(iv)	no
    Default or Event of Default would be in existence following such designation.‎

 

	 	(d)	The
    Board of Directors of the Issuer may not designate any Subsidiary to be an Unrestricted Subsidiary if, following such designation,
    the Restricted Subsidiaries would make up less than 85% of the Consolidated Net Tangible Assets of the Issuer and its Subsidiaries
    as of the Issue Date.

 

	6.7	Liens

 

The
Issuer will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, ‎create, Incur, assume
or suffer to exist any Lien of any nature whatsoever upon any asset or property now ‎owned or hereafter acquired, except Permitted
Liens, unless (in the case of any Lien other than relating to the ‎Collateral) contemporaneously with the Incurrence of such
Lien that is not a Permitted Lien, all payments due under this Indenture and the ‎Notes are secured on a pari passu
basis with such Lien‎.

 

	6.8	Restricted
                                         Payments

 

	 	(a)	Subject
    to Section 6.8(b), the Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

	 	(i)	declare
    or pay (without duplication) any dividend or make any other payment or distribution on account of the Issuer’s or any
    of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any
    merger, consolidation or amalgamation of the Issuer or any of its Restricted Subsidiaries) or to the direct or indirect holders
    of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than
    dividends, payments or distributions (A) payable in Equity Interests (other than Disqualified Stock) of the Issuer or a Restricted
    Subsidiary or (B) to the Issuer or a Restricted Subsidiary of the Issuer);
	 	 	 
	 	(ii)	purchase,
    redeem or otherwise acquire or retire for value any Equity Interests of the Issuer held by Persons other than any of the Issuer’s
    Restricted Subsidiaries; provided, however, that the Issuer may from time to time purchase, redeem or otherwise acquire or
    retire for value Equity Interests of the Issuer that are required or permitted by a Taxing Authority or other governmental
    or licensing authority;

 

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	 	(iii)	make
    any payment on or with respect to, or convert, purchase, redeem, defease or otherwise acquire or retire for value any Subordinated
    Indebtedness or unsecured Indebtedness (other than intercompany Indebtedness permitted under Section 6.9(b)(ix)), except:
    (A) a payment of scheduled interest or payment of principal at the Stated Maturity thereof or (B) the conversion, purchase,
    repurchase or other acquisition of any such Indebtedness in anticipation of satisfying a sinking fund obligation, principal
    installment or final maturity, in each case due within one year of the date of such purchase, repurchase or other acquisition;
    or
	 	 	 
	 	(iv)	make
    any Restricted Investment;

 

(all
such payments and other actions set forth in Sections 6.8(a)(i) through 6.8(a)(iv) above are collectively referred to as “Restricted
Payments”).

 

	 	(b)	Section
    6.8(a) will not prohibit, so long as, in the case of Sections 6.8(b)(i,), 6.8(b)(iii), 6.8(b)(vii), 6.8(b)(viii), 6.8(b)(xii),
    and 6.8(b)(xiii), no Event of Default has occurred and is continuing or would be caused thereby:

 

	 	(i)	the
    payment of any dividend or similar distribution by a Restricted Subsidiary of the Issuer to the holders of its Equity Interests
    on a pro rata basis;
	 	 	 
	 	(ii)	the
    making of any Restricted Payment in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other
    than to a Subsidiary of the Issuer or to an Unrestricted Subsidiary of the Issuer) of, Equity Interests of the Issuer (other
    than Disqualified Stock), including cash proceeds received from an exercise or warrants or options, or from the substantially
    concurrent contribution (other than by a Subsidiary of the Issuer) of capital to the Issuer in respect of its Equity Interests
    (other than Disqualified Stock);
	 	 	 
	 	(iii)	the
    defeasance, redemption, repurchase, retirement or other acquisition of Subordinated Indebtedness with the net cash proceeds
    from a substantially concurrent Incurrence of Permitted Refinancing Indebtedness;
	 	 	 
	 	(iv)	Investments
    acquired as a capital contribution to, or in exchange for, or out of the net cash proceeds of a substantially concurrent sale
    (other than to a Subsidiary of the Issuer) of, Equity Interests (other than Disqualified Stock) of the Issuer;
	 	 	 
	 	(v)	the
    repurchase, redemption or other acquisition or retirement of Equity Interests deemed to occur upon the exercise or exchange
    of stock options, warrants or other similar rights to the extent such Equity Interests represent a portion of the exercise
    or exchange price of those stock options, warrants or other similar rights;
	 	 	 
	 	(vi)	payments
    made to Bridging upon the repurchase, redemption or other acquisition for retirement of Notes in satisfaction of its obligations
    under the Bridging Put Agreement;

 

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	 	(vii)	the
    repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Issuer held by any current
    or former officer, director or employee (or any of their respective heirs or estates or permitted transferees) of the Issuer
    or any Restricted Subsidiary of the Issuer pursuant to any employee equity subscription agreement, stock option agreement,
    stock matching program, stockholders’ agreement or similar agreement entered into in the ordinary course of business;
    provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests in any calendar
    year will not exceed $20 million (with unused amounts in any calendar year being carried over to the next succeeding calendar
    year only);
	 	 	 
	 	(viii)	dividends
    on Disqualified Stock issued in compliance with Section 6.9 to the extent such dividends are included in the definition of
    Consolidated Fixed Charges with respect to the Issuer;
	 	 	 
	 	(ix)	the
    payment of cash in lieu of fractional Equity Interests in connection with stock dividends, splits or business combinations
    or the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Issuer
    or any of its Restricted Subsidiaries that are not derivative securities;
	 	 	 
	 	(x)	payments
    or distributions to dissenting stockholders pursuant to applicable law in connection with a merger, consolidation or transfer
    of assets that complies with the provisions of Section 10.1;
	 	 	 
	 	(xi)	the
    repurchase, redemption or other acquisition or retirement for value of any Indebtedness pursuant to provisions in documentation
    governing such Indebtedness similar to those described in Section 6.15 or Section 6.16, provided that, prior to such repurchase,
    redemption or other acquisition or retirement, the Issuer (or a third party to the extent permitted by this Indenture) shall
    have made a Change of Control Offer or Asset Sale Offer with respect to the Notes and shall have repurchased all Notes validly
    tendered and not withdrawn in connection with such Change of Control Offer or Asset Sale Offer; 
	 	 	 
	 	(xii)	dividends
    or distributions or other Restricted Payments, directly or indirectly from the Issuer or any Subsidiary to its direct or indirect
    parent, and from the Issuer or a Restricted Subsidiary to its direct or indirect parents, in an amount sufficient to permit
    the Issuer or any Restricted Subsidiary to pay Tax Distributions; and
	 	 	 
	 	(xiii)	Restricted
    Payments not otherwise permitted under items (i) through (xii) above in an aggregate amount at any one time outstanding not
    to exceed the greater of (A) $60 million and (B) the amount equal to 0.3 multiplied by the aggregate amount of Consolidated
    EBITDA for the most recently completed twelve fiscal months of the Issuer for which the internal financial statements are
    available immediately preceding the date on which such Restricted Payment is made.

 

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	 	(c)	In
    determining whether any Restricted Payment (or a portion thereof) is permitted by the foregoing paragraphs (a) or (b) of this
    Section 6.8, the Issuer may allocate or reallocate all or any portion of such Restricted Payment among the clauses of paragraph
    (a) or (b) of this Section 6.8, provided that at the time of such allocation or reallocation, all such Restricted Payments,
    or allocated portions thereof, would not be prohibited under the various provisions of the foregoing covenant.
	 	 	 
	 	(d)	The
    amount of all Restricted Payments will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities
    proposed to be transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to the Restricted
    Payment. The Fair Market Value of any assets or securities (other than cash or Cash Equivalents) that are required to be valued
    by this covenant will be determined, in the case of amounts under $50 million, pursuant to an Officers’ Certificate
    delivered to the Trustee and, in the case of amounts over $50 million, by the Board of Directors of the Issuer, whose determination
    shall be evidenced by a Board Resolution that will be delivered to the Trustee.

 

	6.9	Incurrence
                                         of Indebtedness

 

	 	(a)	The
    Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness
    (including Acquired Debt); provided, however, that the Issuer or any of its Restricted Subsidiaries may Incur Indebtedness
    (including Acquired Debt) if all of the below are satisfied:

 

	 	(i)	if
    the Consolidated Fixed Charge Coverage Ratio for the Issuer’s most recently ended four full fiscal quarters for which
    internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred
    would have been at least 2.0:1.0 determined on a pro forma basis (including a pro forma application of the net proceeds therefrom),
    as if the additional Indebtedness had been Incurred at the beginning of such four-quarter period; 
	 	 	 
	 	(ii)	‎if
    immediately following the Incurrence of such Indebtedness the ratio of (i) ‎Consolidated Indebtedness, to (ii) Consolidated
    EBITDA, does not exceed 4.0:1.0; 
	 	 	 
	 	(iii)	after
    September 30, 2021, if immediately following the Incurrence of such Indebtedness the ratio of (i) Consolidated Indebtedness,
    to (ii) Enterprise Value is not greater than 0.3:1.0; and 
	 	 	 
	 	(iv)	no
    Default or Event of Default shall have occurred and be continuing.

 

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	 	(b)	Notwithstanding
    the foregoing, Section 6.9(a) will not prohibit the Incurrence of any of the following (collectively, “Permitted
    Debt”):

 

	 	(i)	the
    Incurrence of Attributable Debt or Indebtedness and obligations represented by Capital Lease Obligations or Purchase Money
    Obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design,
    construction, installation, development or improvement of property, plant or equipment used in the business of the Issuer
    or any of its Restricted Subsidiaries, including all Permitted Refinancing Indebtedness Incurred to refund, refinance or replace
    any Indebtedness Incurred pursuant to this Section 6.9(b)(i), in an aggregate principal amount at any time outstanding not
    to exceed 3.0% of Consolidated Net Tangible Assets of the Issuer at any time outstanding;
	 	 	 
	 	(ii)	the
    Incurrence of Non-Recourse Debt;
	 	 	 
	 	(iii)	the
    Incurrence of Existing Indebtedness;
	 	 	 
	 	(iv)	the
    Incurrence by the Issuer and the Guarantors of Indebtedness represented by the Notes and the Guarantees, in each case, issued
    on the Issue Date;
	 	 	 
	 	(v)	the
    Incurrence by the Issuer or any Restricted Subsidiary of the Issuer of Permitted Refinancing Indebtedness in exchange for,
    or the net proceeds of which are used to refund, refinance, replace, defease or discharge Indebtedness (other than intercompany
    Indebtedness) that was permitted by this Indenture to be Incurred under Section 6.9(a) or Sections 6.9(b)(ii), 6.9(b)(iv),
    6.9(b)(xii) or 6.9(b)(xiii);
	 	 	 
	 	(vi)	the
    Incurrence by the Issuer or any of its Restricted Subsidiaries of intercompany Indebtedness owing to and held by the Issuer
    or any of its Restricted Subsidiaries; provided, however, that:

 

	 	(A)	if
    the Issuer or any Guarantor is the obligor on such Indebtedness, such Indebtedness must be unsecured and expressly subordinated
    to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Issuer, or any Guarantee,
    in the case of a Guarantor;
	 	 	 
	 	(B)	such
    Indebtedness owed to the Issuer or any Guarantor must be unsubordinated obligations, unless the obligor under such Indebtedness
    is the Issuer or a Guarantor;
	 	 	 
	 	(C)	(1)
    any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other
    than the Issuer or a Restricted Subsidiary thereof and (2) any sale or other transfer of any such Indebtedness to a Person
    that is not either the Issuer or a Restricted Subsidiary thereof, will be deemed, in each case, to constitute an Incurrence
    of such Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be, that was not permitted by this Section
    6.9(b)(vi);

 

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	 	(vii)	the
    Guarantee by the Issuer or any of the Guarantors of Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer
    that was permitted to be Incurred by another provision of this covenant;
	 	 	 
	 	(viii)	the
    Incurrence by the Issuer or any of its Restricted Subsidiaries of Hedging Obligations for the purpose of managing risks in
    the ordinary course of business and not for speculative purposes;
	 	 	 
	 	(ix)	the
    Incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation claims,
    self-insurance obligations, bankers’ acceptances, performance bonds, completion bonds, bid bonds, appeal bonds and surety
    bonds or other similar bonds or obligations, and any Guarantees or letters of credit functioning as or supporting any of the
    foregoing, in each case provided by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;
	 	 	 
	 	(x)	the
    Incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness constituting reimbursement obligations with
    respect to letters of credit issued in the ordinary course of business; provided that, upon the drawing of such letters of
    credit or the Incurrence of such Indebtedness, such obligations are reimbursed within one year following such drawing or Incurrence;
	 	 	 
	 	(xi)	the
    Incurrence by the Issuer or any of its Restricted Subsidiaries of Permitted Acquisition Indebtedness;
	 	 	 
	 	(xii)	any
    guarantee, indemnity, reimbursement or similar obligation or liability ‎of the Issuer or any ‎Restricted Subsidiary
    relating to the contractual or other obligations of any ‎Subsidiary that is not otherwise prohibited by the Indenture
    and including, without limitation under (1) any lease agreement for a ‎Permitted Business or (2) ‎construction financing
    and/or tenant improvement allowances for a ‎Permitted ‎Business, in each case in the ordinary course of business and
    consistent with past ‎practices;
	 	 	 
	 	(xiii)	the
    Incurrence (or continued Incurrence) by the Issuer or any of its Restricted Subsidiaries of First-Lien Indebtedness provided,
    however that at no time aggregate Indebtedness (other than Indebtedness under the Notes or Guarantees) secured by First-Priority
    Liens over the assets of the Issuer and any Restricted Subsidiary may exceed $300 million; 
	 	 	 
	 	(xiv)	the
    Incurrence of Subordinated Debt; 
	 	 	 
	 	(xv)	the
    Incurrence of Indebtedness Incurred by the Issuer or a Subsidiary in connection with the financing of any right, title and
    interest of the Issuer or any Subsidiary in or to real property; or
	 	 	 
	 	(xvi)	the
    Incurrence (or continued Incurrence) by the Issuer or any of its Restricted Subsidiaries of additional Indebtedness not otherwise
    permitted under clause (i) through (xv) above in an aggregate amount at any time outstanding, including all Permitted Refinancing
    Indebtedness Incurred to refund, refinance, defease, discharge or replace any Indebtedness Incurred pursuant to this clause
    (15), not to exceed the greater of (a) $15 million or (b) the amount equal to 0.3 multiplied by the aggregate amount of Consolidated
    EBITDA for the most recently completed twelve fiscal months of the Issuer for which the internal financial statements are
    available immediately preceding the date on which such Indebtedness is Incurred.

 

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	 	(c)	For
    purposes of determining compliance with this covenant, in the event that any proposed Indebtedness meets the criteria of more
    than one of the categories of Permitted Debt described in Section 6.9(b)(i) through (xvi) above, or is entitled to be Incurred
    or issued pursuant to Section 6.9(a), the Issuer will be permitted to divide and classify such item of Indebtedness at the
    time of its Incurrence in any manner that complies with this Section 6.9. In addition, any Indebtedness originally divided
    or classified as Incurred pursuant to Section 6.9(b)(i) through (xii) above or pursuant to Section 6.9(a) may later be re-divided
    or reclassified by the Issuer such that it will be deemed as having been Incurred pursuant to another of such clauses or such
    paragraph; provided that such re-divided or reclassified Indebtedness could be Incurred pursuant to such new clause or such
    paragraph at the time of such re-division or reclassification. Notwithstanding the foregoing, Indebtedness outstanding on
    the Issue Date will be deemed to have been Incurred on such date in reliance on the exception provided pursuant to Sections
    6.9(b)(i) or (iii). Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise
    included in the determination of a particular amount of Indebtedness shall not be included in such determination.
	 	 	 
	 	(d)	Notwithstanding
    any other provision of this covenant and for the avoidance of doubt, the maximum amount of Indebtedness that may be Incurred
    pursuant to this covenant will not be deemed to be exceeded with respect to any outstanding Indebtedness due solely to the
    result of fluctuations in the exchange rates of currencies or increases in the value of property securing Indebtedness which
    occur subsequent to the date that such Indebtedness was Incurred as permitted by this covenant.

 

	6.10	Maintenance
                                         of Consolidated Indebtedness to Enterprise Value Ratio

 

After
September 30, 2021 and for so long as any Notes remain outstanding, the Issuer shall maintain at all times a ratio of Consolidated
Indebtedness to Enterprise Value of not more than 0.3:1.0.

 

	6.11	Payments
                                         for Consents

 

The
Issuer will not, and will not permit any Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration
to or for the benefit of any Holder or Beneficial Holder for or as an inducement to any consent, waiver or amendment of any of
the terms or provisions of the Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders
or Beneficial Holders that consent, waive or agree to amend in the time frame set for the in the solicitation documents relating
to such consent, waiver or agreement.

 

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		6.12	Dividends
                                         and Other Payment Restrictions Affecting Restricted Subsidiaries

 

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

 

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

 

		(ii)	make
                                         loans or advances to the Issuer or any of its Restricted Subsidiaries; or

 

		(iii)	transfer
                                         any of its properties or assets to the Issuer or any of its Restricted Subsidiaries.

 

		(b)	Section
                                         6.12(a) will not apply to encumbrances:

 

		(i)	existing
                                         under, by reason of or with respect to any Existing Indebtedness, Capital Stock or any
                                         other agreements or instruments in effect on the Issue Date and any amendments, modifications,
                                         restatements, renewals, extensions, supplements, refundings, replacements or refinancings
                                         thereof, provided that the encumbrances and restrictions in any such amendments, modifications,
                                         restatements, renewals, increases, extensions, supplements, refundings, replacements
                                         or refinancings are, in the reasonable good faith judgment of the Chief Executive Officer
                                         and the Chief Financial Officer of the Issuer, not materially more restrictive, taken
                                         as a whole, than those contained in the Existing Indebtedness, Capital Stock or such
                                         other agreements or instruments, as the case may be, as in effect on the Issue Date;

 

		(ii)	under
                                         agreements governing other Indebtedness permitted to be Incurred under Section 6.9 and
                                         any amendments, restatements, modifications, renewals, supplements, refundings, replacements
                                         or refinancings of those agreements if either the encumbrance or restriction (A) applies
                                         only in the event of a Payment Default or a default with respect to a financial covenant
                                         in such Indebtedness or agreement or (B) will not, in the reasonable good faith judgement
                                         of the Chief Executive Officer and the Chief Financial Officer of the Issuer, materially
                                         affect the Issuer’s ability to make principal or interest payments on the Notes;

 

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		(iii)	set
                                         forth in this Indenture, the Notes and the Guarantees or contained in any other instrument
                                         relating to any such Indebtedness so long as the Issuer’s Board of Directors determines
                                         that such encumbrances or restrictions are not materially more restrictive in the aggregate
                                         than those contained in this Indenture;

 

		(iv)	existing
                                         under, by reason of or with respect to applicable law, rule, regulation, order, approval,
                                         license, permit or similar restriction;

 

		(v)	with
                                         respect to any Person or the property or assets of a Person acquired by the Issuer or
                                         any of its Restricted Subsidiaries existing at the time of such acquisition and not Incurred
                                         in connection with, or in contemplation of, such acquisition, which encumbrance or restriction
                                         is not applicable to any Person or the properties or assets of any Person, other than
                                         the Person, or the property or assets of the Person, so acquired and any amendments,
                                         modifications, restatements, renewals, increases, extensions, supplements, refundings,
                                         replacements or refinancings thereof, provided that the encumbrances and restrictions
                                         in any such amendments, modifications, restatements, renewals, increases, extensions,
                                         supplements, refundings, replacements or refinancings are, in the reasonable good faith
                                         judgment of the Chief Executive Officer and the Chief Financial Officer of the Issuer,
                                         not materially more restrictive, taken as a whole, than those in effect on the date of
                                         the acquisition;

 

		(vi)	in
                                         the case of a transfer contemplated under Section 6.12(a)(iii):

 

		(A)	that
                                         restrict in a customary manner the subletting, assignment or transfer of any property
                                         or asset that is a lease, license, conveyance or contract or similar property or asset;

 

		(B)	existing
                                         by virtue of any transfer of, agreement to transfer, option or right with respect to,
                                         or Lien on, any property or assets of the Issuer or any Restricted Subsidiary thereof
                                         not otherwise prohibited by this Indenture;

 

		(C)	purchase
                                         money obligations for property acquired in the ordinary course of business and Capital
                                         Lease Obligations, in each case which impose restrictions on the property so acquired;

 

		(D)	provisions
                                         limiting the disposition or distribution of assets or property in joint venture agreements,
                                         asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar
                                         agreements entered into with the approval of the Issuer’s Board of Directors or
                                         in the ordinary course of business, which limitation is applicable only to the assets
                                         that are the subject of such agreements;

 

		(E)	any
                                         instrument governing secured Indebtedness to the extent such restriction only affects
                                         the property that secures such Indebtedness pursuant to the Indebtedness Incurred and
                                         Liens granted in compliance with this Indenture; or

 

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		(F)	arising
                                         or agreed to in the ordinary course of business, not relating to any Indebtedness, and
                                         that do not, individually or in the aggregate, detract from the value of property or
                                         assets of the Issuer or any Restricted Subsidiary thereof in any manner material to the
                                         Issuer or any Restricted Subsidiary thereof;

 

		(vii)	existing
                                         under, by reason of or with respect to any agreement for the sale or other disposition
                                         of all or substantially all of the Capital Stock of, or property and assets of, a Restricted
                                         Subsidiary that restrict distributions, loans or advances by that Restricted Subsidiary
                                         or transfers of such Capital Stock, property or assets pending such sale or other disposition;

 

		(viii)	contained
                                         in Permitted Refinancing Indebtedness; provided that the restrictions contained in the
                                         agreements governing such Permitted Refinancing Indebtedness do not add any restriction
                                         that is prohibited by Sections 6.12(a)(i) through (iii) and otherwise are not materially
                                         more restrictive, taken as a whole, than those contained in the agreements governing
                                         the Indebtedness being refinanced;

 

		(ix)	pursuant
                                         to Liens permitted to be Incurred under Section 6.7 that limit the right of the debtor
                                         to dispose of the assets subject to such Liens;

 

		(x)	contained
                                         in agreements entered into in connection with Hedging Obligations permitted from time
                                         to time under this Indenture;

 

		(xi)	existing
                                         under restrictions on cash or other deposits or net worth imposed by customers or required
                                         by insurance, surety or bonding companies, in each case, under contracts entered into
                                         in the ordinary course of business; and

 

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

 

	6.13	Transactions
                                         with Affiliates

 

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

 

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		(i)	such
                                         Affiliate Transaction is on terms that are no less favorable to the Issuer or the relevant
                                         Restricted Subsidiary than those that would have been obtained in a comparable arm’s-length
                                         transaction, taken as a whole, by the Issuer or such Restricted Subsidiary with a Person
                                         that is not an Affiliate of the Issuer and is approved by a majority of disinterested
                                         directors; and

 

		(ii)	the
                                         Issuer delivers to the Trustee:

 

		(A)	with
                                         respect to any Affiliate Transaction or series of related Affiliate Transactions involving
                                         aggregate consideration in excess of $25 million, a Board Resolution set forth in an
                                         Officers’ Certificate certifying that such Affiliate Transaction or series of related
                                         Affiliate Transactions complies with this covenant and that such Affiliate Transaction
                                         or series of related Affiliate Transactions has been approved by a majority of the disinterested
                                         members of the Board of Directors of the Issuer; and

 

		(B)	with
                                         respect to any Affiliate Transaction or series of related Affiliate Transactions involving
                                         aggregate consideration in excess of $50 million, an Officer’s Certificate certifying
                                         that, in the good faith determination of the certifying officers, such Affiliate Transaction
                                         has undergone an appraisal by a third party which has been approved by a majority of
                                         the disinterested directors of the Board of Directors of the Issuer.

 

		(b)	The
                                         following items will not be deemed to be Affiliate Transactions and, therefore, will
                                         not be subject to the provisions of Section 6.13(a):

 

		(i)	transactions
                                         between or among the Issuer and/or its Restricted Subsidiaries or between or among Restricted
                                         Subsidiaries;

 

		(ii)	payment
                                         of reasonable and/or customary fees to, and reasonable and/or customary indemnification
                                         and similar payments to officers, directors, employees or consultants of the Issuer and
                                         its Subsidiaries;

 

		(iii)	any
                                         Permitted Investments or Restricted Payments that are permitted under Section 6.8;

 

		(iv)	any
                                         issuance of Equity Interests (other than Disqualified Stock) of the Issuer, or receipt
                                         of any capital contribution from any Affiliate of the Issuer;

 

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

 

		(vi)	transactions
                                         pursuant to agreements or arrangements in effect on the Issue Date and described in the
                                         Public Disclosure Documents, or any amendment, modification, or supplement thereto or
                                         replacement thereof, as long as such agreement or arrangement, as so amended, modified,
                                         supplemented or replaced, taken as a whole, is not materially more disadvantageous to,
                                         or restrictive on, the Issuer and its Restricted Subsidiaries than the original agreement
                                         or arrangement in existence on the Issue Date;

 

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		(vii)	any
                                         employment, consulting, service or termination agreement, employee benefit plan or arrangement,
                                         reasonable and/or customary indemnification arrangements or any similar agreement, plan
                                         or arrangement, entered into by the Issuer or any of its Restricted Subsidiaries with
                                         officers, directors, consultants or employees of the Issuer or any of its Restricted
                                         Subsidiaries and the payment of compensation or benefits to officers, directors, consultants
                                         and employees of the Issuer or any of its Subsidiaries (including amounts paid pursuant
                                         to employee benefit plans, employee stock option or similar plans), and any payments,
                                         indemnities or other transactions permitted or required by law, statutory provisions
                                         or any of the foregoing agreements, plans or arrangements; so long as such agreement
                                         or payment has been approved by a majority of the disinterested members of the Board
                                         of Directors of the Issuer;

 

		(viii)	transactions
                                         permitted by, and complying with, Section 10.1;

 

		(ix)	transactions
                                         with Affiliates solely in their capacity as holders of Indebtedness or Capital Stock
                                         of the Issuer or any of its Subsidiaries, so long as such transaction is with all holders
                                         of such class (and there are such non-Affiliate holders) and such Affiliates are treated
                                         no more favorably than all other holders of such class generally;

 

		(x)	any
                                         agreement between any Person and an Affiliate of such Person existing at the time such
                                         Person is acquired by or merged or consolidated with or into the Issuer or a Restricted
                                         Subsidiary, as such agreement may be amended, modified, supplemented, extended or renewed
                                         from time to time; provided that such agreement was not entered into contemplation of
                                         such acquisition, merger or consolidation, and so long as any such amendment, modification,
                                         supplement, extension or renewal, when taken as a whole, is not materially more disadvantageous
                                         to the Holders of the Notes in any material respect, than the applicable agreement as
                                         in effect on the date of such acquisition, merger or consolidation;

 

		(xi)	payments
                                         to an Affiliate in respect of the Notes or any other Indebtedness of the Issuer or any
                                         of its Restricted Subsidiaries on the same basis as concurrent payments are made or offered
                                         to be made in respect thereof to non-Affiliates or on a basis more favorable to such
                                         non-Affiliate;

 

		(xii)	any
                                         guarantee, indemnity, reimbursement or similar obligation or liability of the Issuer
                                         or any Restricted Subsidiary relating to the obligations of any Subsidiary under (1)
                                         any lease agreement for a Permitted Business; or (2) construction financing and/or tenant
                                         improvement allowances for a Permitted Business, in each case, in the ordinary course
                                         of business and consistent with past practices; or

 

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		(xiii)	transactions
                                         with customers, clients, joint ventures, joint venture partners, suppliers, or purchasers
                                         or sellers of goods or services that are Affiliates of the Issuer, in each case in the
                                         ordinary course of business and otherwise in compliance with the terms of this Indenture,
                                         provided that in the reasonable determination of the Board of Directors of the Issuer,
                                         such transactions are on terms not less favorable to the Issuer or the relevant Restricted
                                         Subsidiary than those that could reasonably be expected to be obtained in a comparable
                                         transaction at such time on an arm’s-length basis from a Person that is not an
                                         Affiliate of the Issuer.

 

		6.14	Business
                                         Activities

 

The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses,
except to such extent as would not be material to the Issuer and its Restricted Subsidiaries taken as a whole.

 

		6.15	Repurchase
                                         at the Option of Holders – Change of Control

 

		(a)	If
                                         a Change of Control occurs, the Issuer will be required to make an offer to each Holder
                                         of Notes to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000)
                                         of that Holder’s Notes pursuant to the offer described below (the “Change
                                         of Control Offer”). In the Change of Control Offer, the Issuer will offer a
                                         payment (the “Change of Control Payment”) in cash equal to 101% of
                                         the aggregate principal amount of Notes repurchased plus accrued and unpaid interest,
                                         if any, on the Notes repurchased to the date of purchase (the “Change of Control
                                         Payment Date” which date will be no earlier than the date of such Change of
                                         Control).

 

		(b)	No
                                         later than 45 days following any Change of Control, the Issuer will mail a notice to
                                         each Holder describing the transaction or transactions that constitute the Change of
                                         Control, offer to repurchase Notes on the Change of Control Payment Date specified in
                                         such notice, which date will be no earlier than 30 days and no later than 90 days from
                                         the date such notice is mailed and describe the procedures, as required by this Indenture,
                                         that Holders must follow in order to tender Notes (or portions thereof) for payment and
                                         withdraw an election to tender Notes (or portion thereof) for payment. Notwithstanding
                                         anything to the contrary herein, a Change of Control Offer by the Issuer, or by any third
                                         party making a Change of Control Offer in lieu of the Issuer as described below, may
                                         be made in advance of a Change of Control, conditional upon such Change of Control if
                                         a definitive agreement is in place for the Change of Control at the time of making the
                                         Change of Control Offer.

 

		(c)	The
                                         Issuer will comply with the requirements of any Applicable Securities Legislation to
                                         the extent such requirements are applicable in connection with the repurchase of the
                                         Notes as a result of a Change of Control. To the extent that the provisions of any Applicable
                                         Securities Legislation conflict with the Change of Control provisions of this Indenture,
                                         or compliance with the Change of Control provisions of this Indenture would constitute
                                         a violation of any such laws or regulations, the Issuer will comply with the Applicable
                                         Securities Legislation and will not be deemed to have breached its obligations under
                                         the Change of Control provisions of this Indenture by virtue of such compliance.

 

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		(d)	On
                                         or before the Change of Control Payment Date, the Issuer will, to the extent lawful:

 

		(i)	accept
                                         for payment all Notes or portions of Notes properly tendered pursuant to the Change of
                                         Control Offer;

 

		(ii)	deposit
                                         with the Paying Agent an amount equal to the Change of Control Payment in respect of
                                         all Notes or portions of Notes properly tendered; and

 

		(iii)	deliver
                                         or cause to be delivered to the Trustee the Notes so accepted together with an Officers’
                                         Certificate stating the aggregate principal amount of Notes or portions of Notes being
                                         purchased by the Issuer.

 

		(e)	On
                                         the Change of Control Payment Date, the Paying Agent will promptly wire transfer to each
                                         Holder of Notes properly tendered the Change of Control Payment for such Notes, and the
                                         Trustee will promptly authenticate and mail (or cause to be transferred by book entry)
                                         to each Holder a new Note equal in principal amount to any unpurchased portion of the
                                         Notes surrendered, if any; provided that each such new Note will be in a principal amount
                                         of $1,000 or an integral multiple of $1,000 in excess thereof.

 

		(f)	The
                                         Issuer will advise the Trustee and the Holders of the Notes of the results of the Change
                                         of Control Offer on or as soon as practicable after the Change of Control Payment Date.

 

		(g)	If
                                         the Change of Control Payment Date is on or after a Record Date and on or before the
                                         related Interest Payment Date, any accrued and unpaid interest will be paid to the Person
                                         in whose name a Note is registered at the close of business on such Record Date, and
                                         no other interest will be payable to Holders who tender pursuant to the Change of Control
                                         Offer.

 

		(h)	If
                                         Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly
                                         tender and do not withdraw such Notes in a Change of Control Offer and the Issuer, or
                                         any third party making a Change of Control Offer in lieu of the Issuer as described below,
                                         purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer
                                         or such third party, as the case may be, 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 or purchase,
                                         as applicable, all Notes that remain outstanding following such purchase at a redemption
                                         price or purchase price, as the case may be, in cash equal to the applicable Change of
                                         Control Payment plus, to the extent not included in the Change of Control Payment, accrued
                                         and unpaid interest, if any, to the Redemption Date.

 

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		(i)	The
                                         provisions of Section 6.15 that require the Issuer to make a Change of Control Offer
                                         following a Change of Control will be applicable whether or not any other provisions
                                         of this Indenture are applicable.

 

		(j)	Except
                                         as described in Section 6.15, the Holders on Notes shall not be permitted to require
                                         that the Issuer repurchase or redeem any Notes in the event of a takeover, recapitalization,
                                         privatization or similar transaction. In addition, Holders of Notes are not entitled
                                         to require the Issuer to purchase their Notes in ‎circumstances involving a significant
                                         change in the composition of the Board of Directors of the Issuer.‎

 

		(k)	Notwithstanding
                                         anything to the contrary in this Section 6.15, the Issuer will not be required to make
                                         a Change of Control Offer upon a Change of Control if:

 

		(i)	a
                                         third party makes the Change of Control Offer in the manner, at the times and otherwise
                                         in compliance with the requirements set forth in this Indenture applicable to a Change
                                         of Control Offer made by the Issuer and purchases all Notes properly tendered and not
                                         withdrawn under the Change of Control Offer; or

 

		(ii)	a
                                         Redemption Notice has been given pursuant to Section 3.7, unless and until there is a
                                         default in payment of the applicable Redemption Price.

 

	6.16	Repurchase
                                         at the Option of Holders – Asset Sales

 

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

 

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

 

		(ii)	at
                                         least 50% of the consideration therefor received by the Issuer or such Restricted Subsidiary
                                         is in the form of cash or Cash Equivalents. For purposes of this provision, each of the
                                         following will be deemed to be cash:

 

		(A)	any
                                         liabilities, as shown on the Issuer’s or such Restricted Subsidiary’s most
                                         recently available annual or quarterly balance sheet, of the Issuer or any of its Restricted
                                         Subsidiaries (other than contingent liabilities and liabilities that are by their terms
                                         subordinated to the Notes or any Guarantee) that are assumed by the transferee of any
                                         such assets pursuant to a customary novation agreement or similar agreement that releases
                                         the Issuer or such Restricted Subsidiary from further liability;

 

		(B)	any
                                         securities, notes or other obligations received by the Issuer or any such Restricted
                                         Subsidiary in such Asset Sale that are converted within 365 days by the Issuer or such
                                         Restricted Subsidiary into cash, to the extent of the cash received in that conversion;
                                         and

 

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		(C)	any
                                         Designated Non-cash Consideration received by the Issuer or any of its Restricted Subsidiaries
                                         in such Asset Sale, having an aggregate Fair Market Value, taken together with all other
                                         Designated Non-cash Consideration received pursuant to this clause (C) (without giving
                                         effect to subsequent changes in value that is at the time outstanding), not to exceed
                                         20% of the Consolidated Net Tangible Assets of the Issuer measured at the time the determination
                                         is made.

 

		(b)	Within
                                         365 days after the receipt of any Net Proceeds from an Asset Sale, the Issuer or its
                                         Restricted Subsidiaries may apply an amount equal to such Net Proceeds to, at its option,
                                         any combination of the following purposes:

 

		(i)	to
                                         permanently repay, prepay, redeem, purchase or repurchase Indebtedness of the Issuer
                                         or any of its Restricted Subsidiaries secured by a Lien and, if the Indebtedness so repaid
                                         is revolving credit Indebtedness, to correspondingly permanently reduce commitments with
                                         respect thereto; or

 

		(ii)	to
                                         reinvest in new assets and make any capital expenditure in or that is used or useful
                                         in a Permitted Business or to purchase Replacement Assets (or enter into a binding agreement
                                         to make such capital expenditure or to purchase such Replacement Assets), provided that
                                         (A) such capital expenditure or purchase is consummated within the later of (x) 365 days
                                         after the receipt of the Net Proceeds from the related Asset Sale and (y) 180 days after
                                         the date of such binding agreement and (B) if such capital expenditure or purchase is
                                         not consummated within the period set forth in subclause (A) of this Section 6.16(b)(ii)
                                         the amount not so applied will be deemed to be Excess Proceeds (as defined below).

 

		(c)	Pending
                                         the final application of any such Net Proceeds, the Issuer may temporarily reduce revolving
                                         credit borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited
                                         by this Indenture.

 

		(d)	An
                                         amount equal to any Net Proceeds from Asset Sales that are not applied or invested as
                                         provided in the preceding paragraphs will constitute “Excess Proceeds.”
                                         If on any date, the aggregate amount of Excess Proceeds exceeds $5.0 million, then within
                                         ten Business Days after such date, the Issuer will make an offer (an “Asset
                                         Sale Offer”) to all Holders of Notes and all holders of other First-Lien Indebtedness
                                         that is pari passu with the Notes containing provisions similar to those set forth
                                         in this Indenture with respect to offers to purchase or redeem with proceeds of sale
                                         of assets, to purchase the maximum principal amount of Notes and such other First-Lien
                                         Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any
                                         Asset Sale Offer will be equal to 100% of principal amount plus accrued and unpaid interest
                                         to the date of purchase and will be payable in cash. The Issuer may satisfy the foregoing
                                         obligation with respect to such Excess Proceeds from an Asset Sale by making an Asset
                                         Sale Offer in advance of being required to do so by this Indenture (an “Advance
                                         Offer”) with respect to all or part of the available Excess Proceeds (the “Advance
                                         Portion”). If any Excess Proceeds remain unapplied after the consummation of
                                         an Asset Sale Offer, the Issuer and its Restricted Subsidiaries may use those Excess
                                         Proceeds for any purpose not otherwise prohibited by this Indenture, provided that pending
                                         any such application, the proceeds of the Asset Sale, whether assets, property or cash,
                                         are subject to a Lien under the Security Documents. If the aggregate principal amount
                                         of Notes and other First-Lien Indebtedness tendered into such Asset Sale Offer exceeds
                                         the amount of Excess Proceeds, the Trustee will select the Notes and the Issuer or the
                                         respective agent for such other First-Lien Indebtedness shall select such other First-Lien
                                         Indebtedness to be purchased on a pro rata basis (with such adjustments as may be deemed
                                         appropriate by the Trustee so that only Notes in denominations of $1,000, or in integral
                                         multiples of $1,000 in excess thereof, shall be purchased. Upon completion of each Asset
                                         Sale Offer, the amount of Excess Proceeds will be reset at zero (regardless of whether
                                         there are any remaining Excess Proceeds upon such completion), and in the case of an
                                         Advance Offer, the Advance Portion shall be excluded in subsequent calculations of Excess
                                         Proceeds.

 

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		(e)	Notwithstanding
                                         the foregoing, so long as any Notes remain outstanding, the Issuer will not, and will
                                         not permit any of its Subsidiaries to, directly or indirectly, consummate an Asset Sale
                                         that would constitute a sale, assignment, lease, transfer, conveyance or other disposition
                                         of any Material Assets.

 

		(f)	Notwithstanding
                                         the foregoing, the sale, conveyance or other disposition of all or substantially all
                                         of the properties or assets of the Issuer and its Restricted Subsidiaries, taken as a
                                         whole, will be governed by Section 6.15 and/or Section 10.1, and not by the provisions
                                         of this Section 6.16.

 

		(g)	If
                                         the Asset Sale Offer purchase date is on or after a Record Date and on or before the
                                         related Interest Payment Date, any accrued and unpaid interest will be paid to the Person
                                         in whose name a Note is registered at the close of business on such Record Date, and
                                         no other interest will be payable to Holders who tender Notes pursuant to the Asset Sale
                                         Offer.

 

		(h)	Within
                                         five Business Days after the Issuer is obligated to make an Asset Sale Offer as described
                                         in the preceding paragraphs, the Issuer will deliver a written notice to the Holders,
                                         accompanied by such information regarding the Issuer and its Affiliates as the Issuer
                                         in good faith believes will enable such Holders to make an informed decision with respect
                                         to such Asset Sale Offer. Such notice shall state, among other things, the purchase price
                                         and the purchase date, which shall be a Business Day no earlier than 30 days nor later
                                         than 60 days from the date such notice is delivered.

 

		(i)	Without
                                         limiting the foregoing:

 

		(i)	any
                                         Holder may decline any offer of prepayment pursuant to this Section 6.16; and

 

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		(ii)	the
                                         failure of any such Holder to accept or decline any such offer of prepayment shall be
                                         deemed to be an election by such Holder to decline such prepayment.

 

		(j)	The
                                         Issuer will comply with the requirements of any Applicable Securities Legislation to
                                         the extent such requirements are applicable in connection with each repurchase of Notes
                                         pursuant to an Asset Sale Offer. To the extent that the provisions of any Applicable
                                         Securities Legislation conflict with the Asset Sale provisions of this Indenture, or
                                         compliance with the Asset Sale provisions of this Indenture would constitute a violation
                                         of Applicable Securities Legislation, the Issuer will comply with the Applicable Securities
                                         Legislation and will not be deemed to have breached its obligations under the Asset Sale
                                         provisions of this Indenture by virtue of such compliance.

 

	6.17	Payments
                                         for Consent

 

‎The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or ‎indirectly, ‎pay or cause to be paid any
consideration to or for the benefit of any ‎Holder or Beneficial Holder ‎for or as an inducement to any consent, waiver
or ‎amendment of any of the terms or provisions of ‎this Indenture or the Notes unless ‎such consideration is offered
to be paid and is paid to all Holders ‎or Beneficial ‎Holders that consent, waive or agree to amend in the time frame
set for the in the ‎‎solicitation documents relating to such consent, waiver or agreement. ‎

 

	6.18	Suspension
                                         of Covenants

 

		(a)	If
                                         on any date following the Issue Date:

 

		(i)	the
                                         Notes receive an Investment Grade Rating from 50% or more of the Designated Rating Organizations
                                         that have provided ratings of the Notes (“Investment Grade Status”);
                                         and

 

		(ii)	no
                                         Default or Event of Default shall have occurred and be continuing on such date,
	 	 	 
	 	 	then
beginning on that day and continuing until such time, if any, at which the Notes cease to have Investment Grade Status (such period,
the “Suspension Period”), the Sections listed below (the “Suspended Covenants”) will no
longer be applicable to the Notes and any related default provisions of this Indenture will cease to be effective and will not
be applicable to the Issuer and its Restricted Subsidiaries: 

 

		(A)	Section
                                         6.8;

 

		(B)	Section
                                         6.9;

 

		(C)	Section
                                         6.10;

 

		(D)	Section
                                         6.12;

 

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		(E)	Section
                                         6.13;

 

		(F)	Section
                                         6.16; and

 

		(G)	Section
                                         10.1(a)(C).

 

		(b)	If
                                         at any time the Notes cease to have Investment Grade Status, then the Suspended Covenants
                                         will thereafter be reinstated as if such covenants had never been suspended (the “Reversion
                                         Date”) and be applicable pursuant to the terms of this Indenture with respect
                                         to future events for the benefit of the Notes (including in connection with performing
                                         any calculation or assessment to determine compliance with the terms of this Indenture),
                                         unless and until the Notes again achieve Investment Grade Status and no Default or Event
                                         of Default shall have occurred and be continuing on such date (in which event the Suspended
                                         Covenants shall no longer be in effect unless and until the Notes cease to have such
                                         Investment Grade Status). Such Suspended Covenants will not, however, be of any effect
                                         with regard to the actions of the Issuer and its Restricted Subsidiaries properly taken
                                         during the continuance of the Suspension Period.

 

		(c)	With
                                         respect to the Restricted Payments made after any Reversion Date, the amount of Restricted
                                         Payments will be calculated as though Section 6.8 had been in effect prior to, but not
                                         during, the Suspension Period. All Indebtedness Incurred, or Disqualified Stock issued,
                                         during the Suspension Period will be classified to have been Incurred or issued pursuant
                                         to 6.9(b)(iii). Any encumbrance or restriction of the type specified in Sections 6.12(a)(i),
                                         6.12(a)(ii) and 6.12(a)(iii) entered into (or which the Issuer or any Restricted Subsidiary
                                         become legally obligated to enter into) during the Suspension Period will be deemed to
                                         have been in effect on the Issue Date so that they are permitted under Section 6.12(b)(i).
                                         Any contract, agreement, loan, advance or Guarantee with or for the benefit of any Affiliate
                                         of the Issuer entered into (or which the Issuer or any Restricted Subsidiary became legally
                                         obligated to enter into) during the Suspension Period will be deemed to have been in
                                         effect on the Issue Date so that they are permitted under Section 6.13(b)(vi). Upon the
                                         occurrence of a Suspension Period, the amount of Excess Proceeds shall be reset at zero.
                                         During a Suspension Period, the Issuer may not designate any of its Restricted Subsidiaries
                                         to be Unrestricted Subsidiaries.

 

		(d)	Notwithstanding
                                         that the Suspended Covenants may be reinstated, and notwithstanding anything else contained
                                         herein:

 

		(i)	no
                                         Default or Event of Default will be deemed to have occurred as a result of a failure
                                         to comply with the Suspended Covenants during the Suspension Period (or on the Reversion
                                         Date) or after the Suspension Period based solely on events that occurred during the
                                         Suspension Period; and

 

		(ii)	neither
                                         (a) the continued existence, after the Reversion Date, of facts or circumstances or obligations
                                         that were Incurred or otherwise came into existence during a Suspension Period nor (b)
                                         the performance of any such obligations, shall constitute a breach of any covenant set
                                         forth in this Indenture or cause a Default or Event of Default thereunder; provided that
                                         (1) the Issuer and its Restricted Subsidiaries did not Incur or otherwise cause such
                                         facts or circumstances or obligations to exist in anticipation of the Notes ceasing to
                                         have Investment Grade Status and (2) the Issuer reasonably expected that such Incurrence
                                         or actions would not result in such ceasing.

 

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		(e)	The
                                         Issuer shall notify the Trustee that the conditions set forth in Section 6.18(a) have
                                         been satisfied; provided that such notification shall not be a condition for the suspension
                                         of the covenants set forth above to be effective. The Trustee shall be under no obligation
                                         to monitor the ratings of the Notes, determine whether the Notes achieve Investment Grade
                                         Status or notify the Holders that the conditions set forth in Section 6.18(a) have been
                                         satisfied.

 

	6.19	Future
                                         Guarantees

 

		(a)	The
                                         Issuer will cause (i) any Subsidiary acquired or created after the Issue Date and which
                                         is designated by the Issuer as a Restricted Subsidiary; and (ii) any Unrestricted Subsidiary
                                         that is subsequently designated as a Restricted Subsidiary, to execute and deliver to
                                         the Collateral Trustee a Guarantee.

 

		(b)	The
                                         obligations of each Guarantor formed under the laws of the United States or any state
                                         thereof or the District of Columbia will be limited to the maximum amount that will result
                                         in the obligations of such Guarantor under its Guarantee not constituting a fraudulent
                                         conveyance or fraudulent transfer under applicable law.

 

		(c)	Each
                                         Subsidiary that becomes a Guarantor on or after the Issue Date will also become a party
                                         to the applicable Security Documents and will, as promptly as practicable, execute and/or
                                         deliver such Security Documents, financing statements, certificates representing equity
                                         interests or other documentation or instruments evidencing or relating to pledged Collateral
                                         (together with any related stock powers, allonges or collateral assignments),certificates,
                                         and opinions of counsel (to the extent, and substantially in the form, delivered on the
                                         Issue Date (but of no greater scope)) as may be necessary to provide to the Collateral
                                         Trustee a perfected First-Priority Lien (subject to Permitted Liens) in all of its Property
                                         that constitutes Collateral to secure its obligations under its Guarantee, and as may
                                         be necessary to have such Property added to the Collateral as required under the Indenture,
                                         and thereupon all provisions of the Indenture relating to the Collateral shall be deemed
                                         to relate to such Property to the same extent and with the same force and effect.

 

		(d)	Guarantees
                                         and the corresponding First-Priority Lien against Collateral shall be released at such
                                         time as any Guarantor becomes an Unrestricted Subsidiary or ceases to be a Restricted
                                         Subsidiary or a Subsidiary of the Issuer.

 

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Article
7

DEFAULT AND ENFORCEMENT

 

	7.1	Events
                                         of Default

 

Unless
otherwise provided in a Supplemental Indenture relating to a particular series of Notes, an “Event of Default”
means any one of the following events:

 

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

 

		(b)	except
                                         contemplated in Section 7.1(d), default in payment when due of the principal of, or premium,
                                         if any, on the Notes (whether at maturity, upon redemption or upon a required repurchase)
                                         pursuant to its obligations under Sections 6.15 and 6.16);

 

		(c)	failure
                                         by the Issuer to comply with its obligations under Section 10.1;

 

		(d)	failure
                                         by the Issuer or any of the Restricted Subsidiaries, as applicable, for 30 days to comply
                                         with the provisions of Section 6.15 or Section 6.16 to the extent not described in Section
                                         7.1(b);

 

		(e)	failure
                                         by the Issuer or any of the Restricted Subsidiaries for 60 days (or 90 days in the case
                                         of a Reporting Failure) after written notice by the Trustee or Holders representing 51%
                                         or more of the aggregate principal amount of Notes outstanding to comply with any of
                                         the other agreements in this Indenture;

 

		(f)	event
                                         of default under any mortgage, indenture or instrument under which there may be issued
                                         or by which there may be secured or evidenced any Indebtedness for money borrowed by
                                         the Issuer or any of its Restricted Subsidiaries (or the payment of which is guaranteed
                                         by the Issuer or any of its Restricted Subsidiaries) whether such Indebtedness or Guarantee
                                         now exists, or is created after the Issue Date, if that event of default:

 

		(i)	is
                                         caused by a failure to make any payment on such Indebtedness when due and prior to the
                                         expiration of the grace period, if any, provided in such Indebtedness (a “Payment
                                         Default”); or

 

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

 

	 	 	and,
in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness
under which there has been a Payment Default which remains outstanding or the maturity of which has been so accelerated for a
period of 30 days or more, aggregates $50.0 million or more, provided that if any such Payment Default is cured or waived or any
such acceleration is rescinded, as the case may be, such Event of Default under this Indenture and any consequential acceleration
of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgement or decree;

	 	 	 
		(g)	failure
                                         by the Issuer or any of its Restricted Subsidiaries to pay final non-appealable judgments
                                         (to the extent such judgments are not paid or covered by in-force insurance provided
                                         by a reputable carrier that has the ability to perform and has acknowledged coverage
                                         in writing) aggregating in excess of $30 million, which judgments are not paid, discharged
                                         or stayed for a period of 60 days;

 

		(h)	except
                                         as permitted by this Indenture, any Guarantee of a Significant Subsidiary of the Issuer
                                         is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason
                                         to be in full force and effect or any Guarantor, or any Person acting on behalf of any
                                         such Guarantor, denies or disaffirms its obligations under its Guarantee;

 

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		(i)	the
                                         Issuer or any Restricted Subsidiary that is a Significant Subsidiary, pursuant to or
                                         within the meaning of any Bankruptcy Law:

 

		(i)	commences
                                         a voluntary case or proceeding;

 

		(ii)	applies
                                         for or consents to the entry of an order for relief against it in an involuntary case
                                         or proceeding;

 

		(iii)	applies
                                         for or consents to the appointment of a custodian of it or for all or substantially all
                                         of its assets; or

 

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

 

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

 

		(i)	is
                                         for relief against the Issuer or any Restricted Subsidiary that is a Significant Subsidiary
                                         as debtor in an involuntary case or proceeding;

 

		(ii)	appoints
                                         a custodian of the Issuer or any Restricted Subsidiary that is a Significant Subsidiary
                                         or a custodian for all or substantially all of the assets of the Issuer or any Restricted
                                         Subsidiary; or

 

		(iii)	orders
                                         the liquidation of the Issuer or any Restricted Subsidiary that is a Significant Subsidiary;

 

	 	 	and
                                         the order or decree remains unstayed and in effect for 60 consecutive days and, in the
                                         case of the insolvency of a Restricted Subsidiary that is a Significant Subsidiary, such
                                         Restricted Subsidiary remains a Restricted Subsidiary on such 60th day;
	 	 	 
		(k)	the
                                         commitment of an event of default under a material agreement of the Issuer or any Restricted
                                         Subsidiaries (after the expiry of any grace period or cure period provided by such material
                                         agreement, applicable law or regulations)

 

		(l)	if
                                         the Security Documents shall for any reason (other than pursuant to the terms thereof)
                                         ‎cease or fail to ‎create a valid, enforceable ‎and perfected Lien in favour
                                         of the Collateral Trustee on any material portion of the Collateral ‎purported to
                                         be ‎covered thereby and the ‎Issuer or the applicable Guarantor fails to take
                                         any action required to ‎provide the Collateral Trustee ‎with a valid, enforceable
                                         and ‎perfected Lien against such Collateral within five (5) days of request therefor
                                         by ‎the ‎Collateral Trustee or the Trustee, acting reasonably; and ‎

 

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		(m)	either

 

		(i)	any
                                         default under the material terms of any Material Permit held by a ‎Restricted Subsidiary
                                         ‎‎(after the ‎expiry of any grace period or cure period ‎provided by
                                         applicable law or ‎regulations) if such default has a Material ‎‎Adverse
                                         Effect, or ‎

 

		(ii)	any
                                         agreement by the Issuer ‎or a Restricted Subsidiary to surrender or ‎terminate
                                         any ‎Material Permit prior to the expiry ‎date set out in the ‎applicable
                                         Material Permit,‎

 

	 	 	in
                                         either case, unless such Material Permit either (a) in the good faith judgement of the
                                         Board of Directors of the holder of such Material Permit, such Material Permit is no
                                         longer material for the business; or (b) is replaced within ninety (90) days by a substantially
                                         similar Material Permit on terms and conditions no more onerous or restrictive than the
                                         Material Permit forfeited or terminated under subsections (i) or (ii) or such Material
                                         Permit is to be renewed or replaced by the applicable regulatory authority in accordance
                                         with applicable law.

 

For
greater certainty, for the purposes of this Section 7.1, an Event of Default shall occur with respect to a series of Notes if
such Event of Default relates to a Default in the payment of principal, premium (if any), or interest on such series of Notes,
in which case references to “Notes” in this Section 7.1 shall refer to Notes of that particular series.

 

For
the purposes of this Article 7, where the Event of Default refers to an Event of Default with respect to a particular series of
Notes as described in this Section 7.1, then this Article 7 shall apply mutatis mutandis to the Notes of such series and
references in this Article 7 to the “Notes” shall be deemed to be references to Notes of such particular series, as
applicable.

 

	7.2	Acceleration
                                         of Maturity; Rescission, Annulment and Waiver

 

		(a)	If
                                         an Event of Default (other than as specified in Section 7.1(i) or 7.1(j)) occurs and
                                         is continuing, the Trustee or the Holders of not less than 51% in aggregate principal
                                         amount of the outstanding Notes may, and the Trustee at the request of such Holders shall,
                                         declare by notice in writing to the Issuer and (if given by the Holders) to the Trustee,
                                         the principal of (and premium, if any) and accrued and unpaid interest to the date of
                                         acceleration on, all of the outstanding Notes immediately due and payable and, upon any
                                         such declaration, all such amounts will become due and payable immediately.
	 	 	 
	 	 	If
                                         an Event of Default specified in Section 7.1(i) or 7.1(j) occurs and is continuing, then
                                         the principal of (and premium, if any) and accrued and unpaid interest on all of the
                                         outstanding Notes will thereupon become and be immediately due and payable without any
                                         declaration, notice or other action on the part of the Trustee or any Holder. However,
                                         the effect of such provision may be limited by applicable laws.

 

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		(b)	The
                                         Issuer shall deliver to the Trustee, within 10 days after the occurrence thereof, notice
                                         of any Payment Default or acceleration referred to in Section 7.1(f)(ii). In addition,
                                         for the avoidance of doubt, if an Event of Default specified in Section 7.1(b) occurs
                                         in relation to a failure by the Issuer to comply with the provisions of Section 6.15,
                                         “premium” shall include, without duplication to any other amounts included
                                         in “premium” for these purposes, the excess of:

 

		(i)	the
                                         Change of Control Payment that was required to be offered in accordance with Section
                                         6.15, in the event such offer was not made, or, in the event such offer was made, the
                                         Change of Control Payment that was required to be paid in accordance with Section 6.15;
                                         over

 

		(ii)	the
                                         principal amount of the Notes that were required to be subject to such offer or payment,
                                         as applicable.

 

		(c)	At
                                         any time after a declaration of acceleration, but before a judgment or decree for payment
                                         of the money due has been obtained by the Trustee:

 

		(i)	the
                                         Holders of at least 66 2/3% of the aggregate principal amount of the outstanding Notes,
                                         by written notice to the Issuer, the Holders and the Trustee, may rescind and annul such
                                         declaration and its consequences if:

 

		(A)	all
                                         existing Events of Default, other than the non-payment of amounts of principal of (and
                                         premium, if any) or interest on the Notes that have become due solely by such declaration
                                         of acceleration, have been cured or waived; and

 

		(B)	such
                                         rescission would not conflict with any judgment or decree of a court of competent jurisdiction,

 

provided
                                         that if the Event of Default has occurred by reason of the non-observance or non-performance
                                         by the Issuer of any covenant applicable only to one or more series of Notes, then the
                                         Holders of a majority of the principal amount of the outstanding Notes of that series
                                         shall be entitled to exercise the foregoing power of rescission and the Trustee shall
                                         so act and it shall not be necessary to obtain a waiver from the Holders of any other
                                         series of Notes; and

 

		(ii)	the
                                         Trustee, so long as it has not become bound to declare the principal and interest on
                                         the Notes (or any of them) to be due and payable, or to obtain or enforce payment of
                                         the same, shall have the power to waive any Event of Default if, in the Trustee’s
                                         opinion, the same shall have been cured or adequate satisfaction made therefor, and in
                                         such event to rescind and annul such declaration and its consequences,

 

	 	 	provided
that no such rescission shall affect any subsequent Default or impair any right consequent thereon.

 

		(d)	Notwithstanding
                                         Section 7.2(a), in the event of a declaration of acceleration in respect of the Notes
                                         because an Event of Default specified in Section 7.1(f) shall have occurred and be continuing,
                                         such declaration of acceleration shall be automatically annulled if the Indebtedness
                                         that is the subject of such Event of Default has been discharged or the holders thereof
                                         have rescinded their declaration of acceleration in respect of such Indebtedness, and
                                         written notice of such discharge or rescission, as the case may be, shall have been given
                                         to the Trustee by the Issuer and countersigned by the holders of such Indebtedness or
                                         a trustee, fiduciary or agent for such holders, within 30 days after such declaration
                                         of acceleration in respect of the Notes, and no other Event of Default has occurred during
                                         such 30 day period which has not been cured or waived during such period.

 

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		(e)	The
                                         Holders of at least 66 2/3% of the aggregate principal amount of the outstanding Notes,
                                         by written notice to the Trustee, may on behalf of the Holders of all Notes waive any
                                         existing Default or Event of Default and its consequences under this Indenture, except
                                         a Default or Event of Default in the payment of interest on, or principal (or premium,
                                         if any) of, Notes; provided that if the Default or Event of Default has occurred by reason
                                         of the non-observance or non-performance by the Issuer of any covenant applicable only
                                         to one or more series of Notes, then the Holders of a majority of the principal amount
                                         of the outstanding Notes of such series shall be entitled to waive such Default or Event
                                         of Default and it shall not be necessary to obtain a waiver from the Holders of any other
                                         series of Notes.

 

	7.3	Collection
                                         of Indebtedness and Suits for Enforcement by Trustee

 

		(a)	The
                                         Issuer covenants that if:

 

		(i)	Default
                                         is made in the payment of any instalment of interest on any Note when such interest becomes
                                         due and payable and such default continues for a period of 30 days, or

 

		(ii)	Default
                                         is made in the payment of the principal of (or premium, if any on) any Note at the Maturity
                                         thereof and such default continues for a period of three Business Days,

 

the
Issuer will, upon demand of the Trustee, pay to the Trustee for the benefit of the Holders, the whole amount then due and payable
on such Notes for principal (and premium, if any) and interest, and interest on any overdue principal (and premium, if any) and,
to the extent that payment of such interest shall be legally enforceable, upon any overdue instalment of interest, at the rate
borne by the Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

		(b)	If
                                         the Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its
                                         own name as trustee of an express trust, may institute a judicial proceeding for the
                                         collection of the sums so due and unpaid, may prosecute such proceeding to judgment or
                                         final decree and may enforce the same against the Issuer or any other obligor (including
                                         the Guarantors, if any) upon the Notes and collect the moneys adjudged or decreed to
                                         be payable in the manner provided by law out of the property of the Issuer or any other
                                         obligor upon the Notes, wherever situated.

 

		(c)	If
                                         an Event of Default occurs and is continuing, the Trustee may in its discretion proceed
                                         to protect and enforce its rights and the rights of the Holders by such appropriate judicial
                                         proceedings as the Trustee shall deem most effective to protect and enforce any such
                                         rights, whether for the specific enforcement of any covenant or agreement in this Indenture
                                         or in aid of the exercise of any power granted herein, or to enforce any other proper
                                         remedy.

 

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		(d)	If
                                         an Event of Default occurs and is continuing, the Trustee may in its discretion proceed
                                         to protect and enforce its rights and the rights of the Holders by such appropriate judicial
                                         proceedings as the Trustee shall deem most effective to protect and enforce any such
                                         rights, whether for the specific enforcement of any covenant or agreement in this Indenture
                                         or in aid of the exercise of any power granted herein, or to enforce any other proper
                                         remedy.

 

	7.4	Trustee
                                         May File Proofs of Claim

 

		(a)	In
                                         case of any pending receivership, insolvency, liquidation, bankruptcy, reorganization,
                                         arrangement, adjustment, composition or other judicial proceeding relative to the Issuer
                                         and its debts or any other obligor upon the Notes (including the Guarantors, if any),
                                         and their debts or the property of the Issuer or of such other obligor or their creditors,
                                         the Trustee (irrespective of whether the principal of the Notes shall then be due and
                                         payable as therein expressed or by declaration or otherwise and irrespective of whether
                                         the Trustee shall have made any demand on the Issuer for the payment of overdue principal
                                         (and premium, if any) or interest) shall be entitled and empowered, by intervention in
                                         such proceeding or otherwise:

 

		(i)	to
                                         file and prove a claim for the whole amount of principal (and premium, if any) and interest
                                         owing and unpaid in respect of the Notes and to file such other papers or documents as
                                         may be necessary or advisable in order to have the claims of the Trustee (including any
                                         claim for the reasonable compensation, expenses, disbursements and advances of the Trustee,
                                         its agents and counsel) and of the Holders allowed in such judicial proceeding; and

 

		(ii)	to
                                         collect and receive any moneys or other securities or property payable or deliverable
                                         upon the conversion or exchange of such securities or upon any such claims and to distribute
                                         the same,

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder.

 

		(b)	Nothing
                                         herein contained shall be deemed to authorize the Trustee to authorize or consent to
                                         or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
                                         or composition affecting the Notes or the rights of any Holder thereof, or to authorize
                                         the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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	7.5	Trustee
                                         May Enforce Claims Without Possession of Notes

 

All
rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession
of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the rateable
benefit of the Holders of the Notes in respect of which such judgment has been recovered.

 

	7.6	Application
                                         of Monies by Trustee

 

		(a)	Except
                                         as herein otherwise expressly provided, any money collected by the Trustee pursuant to
                                         this Article 7 shall be applied in the following order, at the date or dates fixed by
                                         the Trustee and, in case of the distribution of such money on account of principal (or
                                         premium, if any) or interest, upon presentation of the Notes and the notation thereon
                                         of the payment if only partially paid and upon surrender thereof if fully paid:

 

		(i)	first,
                                         in payment or in reimbursement to the Trustee of its reasonable compensation, costs,
                                         charges, expenses, borrowings, advances or other monies furnished or provided by or at
                                         the instance of the Trustee in or about the execution of its trusts under, or otherwise
                                         in relation to, this Indenture, with interest thereon as herein provided;

 

		(ii)	second,
                                         but subject as hereinafter in this Section 7.6 provided, in payment, rateably and proportionately
                                         to the Holders, of the principal of and premium (if any) and accrued and unpaid interest
                                         and interest on amounts in default on the Notes which shall then be outstanding in the
                                         priority of principal first and then premium and then accrued and unpaid interest and
                                         interest on amounts in default unless otherwise directed by a resolution of the Holders
                                         in accordance with Article 12 and in that case in such order or priority as between principal,
                                         premium (if any) and interest as may be directed by such resolution; and

 

		(iii)	third,
                                         in payment of the surplus, if any, of such monies to the Issuer or its assigns and/or
                                         the Guarantors, as the case may be;

 

provided,
however, that no payment shall be made pursuant to Section 7.6(a)(ii) above in respect of the principal, premium or interest on
any Notes held, directly or indirectly, by or for the benefit of the Issuer or any Subsidiary of the Issuer (other than any Notes
pledged for value and in good faith to a Person other than the Issuer or any Subsidiary of the Issuer but only to the extent of
such Person’s interest therein), except subject to the prior payment in full of the principal, premium (if any) and interest
(if any) on all Notes which are not so held.

 

		(b)	The
                                         Trustee shall not be bound to apply or make any partial or interim payment of any monies
                                         coming into its hands if the amount so received by it, after reserving thereout such
                                         amount as the Trustee may think necessary to provide for the payments mentioned in Section
                                         7.6(a), is insufficient to make a distribution of at least 2% of the aggregate principal
                                         amount of the outstanding Notes of each applicable series, but it may retain the money
                                         so received by it and invest or deposit the same as provided in Section 11.9 until the
                                         money or the investments representing the same, with the income derived therefrom, together
                                         with any other monies for the time being under its control shall be sufficient for the
                                         said purpose or until it shall consider it advisable to apply the same in the manner
                                         hereinbefore set forth. The foregoing shall, however, not apply to a final payment or
                                         distribution hereunder.

 

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	7.7	No
                                         Suits by Holders

 

Except
to enforce payment of the principal of, and premium (if any) or interest on any Note (after giving effect to any applicable grace
period specified therefor in Section 7.1(a) and 7.1(b)), no Holder shall have any right to institute any action, suit or proceeding
at law or in equity with respect to this Indenture or for the appointment of a liquidator, trustee or receiver or for a receiving
order under any Bankruptcy Laws or to have the Issuer or any Guarantor wound up or to file or prove a claim in any liquidation
or bankruptcy proceeding or for any other remedy hereunder, unless:

 

		(a)	the
                                         Holder has previously given the Trustee written notice of a continuing Event of Default;
                                         ‎

 

		(b)	the
                                         Holder or Holders of at least 662⁄3% in aggregate principal amount of outstanding
                                         Notes make a ‎written request to the Trustee to pursue the remedy;‎

 

		(c)	such
                                         Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any
                                         costs, ‎liability or expense;‎

 

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

 

		(e)	during
                                         such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding
                                         Notes ‎do not give the Trustee a direction that is inconsistent with the request,

 

it
being understood and intended that no one or more Holders shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to
obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and rateable benefit of all the Holders.

 

	7.8	Unconditional
                                         Right of Holders to Receive Principal, Premium and Interest

 

Notwithstanding
any other provision in this Indenture, a Holder shall have the right, which is absolute and unconditional, to receive payment,
as provided herein of the principal of (and premium, if any) and interest on the Notes held by such Holder on the applicable Maturity
date and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.

 

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	7.9	Restoration
                                         of Rights and Remedies

 

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

 

	7.10	Rights
                                         and Remedies Cumulative

 

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

 

	7.11	Delay
                                         or Omission Not Waiver

 

No
delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article 7 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be.

 

	7.12	Control
                                         by Holders

 

Subject
to Section 11.3, the Holders of not less than a majority in principal amount of the outstanding Notes shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee, provided that:

 

		(a)	such
                                         direction shall not be in conflict with any rule of law or with this Indenture;

 

		(b)	the
                                         Trustee may take any other action deemed proper by the Trustee which is not inconsistent
                                         with such direction;

 

		(c)	nothing
                                         herein shall require the Trustee to take any action under this Indenture or any direction
                                         from Holders which might in its reasonable judgment involve any expense or any financial
                                         or other liability unless the Trustee shall be furnished with indemnification acceptable
                                         to it, acting reasonably, including the advance of funds sufficient in the judgment of
                                         the Trustee to satisfy such liability, costs and expenses; and

 

		(d)	the
                                         Trustee shall have the right to not take any action which might involve it in personal
                                         liability or be unjustly prejudicial to the Holders not consenting. For certainty, no
                                         Holder shall have any right of action whatsoever against the Trustee as a result of the
                                         Trustee acting or refraining from acting under the terms of this Indenture in accordance
                                         with the instructions from the Holders.

 

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	7.13	Notice
                                         of Event of Default

 

If
an Event of Default shall occur and be continuing the Trustee shall, within 30 days after it receives written notice of the occurrence
of such Event of Default, give notice of such Event of Default to the Holders in the manner provided in Section 14.2, provided
that, notwithstanding the foregoing, unless the Trustee shall have been requested to do so by the Holders of at least 51% of the
principal amount of the Notes then outstanding, the Trustee shall not be required to give such notice if the Trustee in good faith
shall have determined that the withholding of such notice is in the best interests of the Holders and shall have so advised the
Issuer in writing. Notwithstanding the foregoing, notice relating to a Default or Event of Default relating to the payment of
principal or interest shall not in any circumstances be withheld.

 

	7.14	Waiver
                                         of Stay or Extension Laws

 

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

 

	7.15	Undertaking
                                         for Costs

 

All
parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorney’s fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant.

 

	7.16	Judgment
                                         Against the Issuer

 

The
Issuer covenants and agrees with the Trustee that, in case of any judicial or other proceedings to enforce the rights of the Holders,
judgment may be rendered against it in favour of the Holders or in favour of the Trustee, as trustee for the Holders, for any
amount which may remain due in respect of the Notes of any series and premium (if any) and the interest thereon and any other
monies owing hereunder.

 

	7.17	Immunity
                                         of Officers and Others

 

The
Holders, the Beneficial Holders and the Trustee hereby waive and release any right, cause of action or remedy now or hereafter
existing in any jurisdiction against any past, present or future officer, director, employee, consultant, contractor, incorporator,
member, manager, partner or holder of Capital Stock of the Issuer and of any Guarantor or of any successor for the payment of
the principal of or premium or interest on any of the Notes or on any covenant, agreement, representation or warranty by the Issuer
contained herein or in the Notes. Each Holder and Beneficial Holder, by accepting its interest in Notes, waives and releases all
such claims against, and liability of, such Persons. The waiver and release provided for in this Section 7.17 are part of the
consideration for issuance of the Notes.

 

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	7.18	Notice
                                         of Payment by Trustee

 

Not
less than 15 days’ notice shall be given in the manner provided in Section 14.2 by the Trustee to the Holders of Notes of
any series of any payment to be made under this Article 7. Such notice shall state the time when and place where such payment
is to be made and also the liability under this Indenture to which it is to be applied. After the day so fixed, unless payment
shall have been duly demanded and have been refused, the Holders of Notes of the affected series will be entitled to interest
only on the balance (if any) of the principal monies, premium (if any) and interest due (if any) to them, respectively, on the
relevant Notes, after deduction of the respective amounts payable in respect thereof on the day so fixed.

 

	7.19	Trustee
                                         May Demand Production of Notes

 

The
Trustee shall have the right to demand production of the Notes of any series in respect of which any payment of principal, interest
or premium (if any) required by this Article 7 is made and may cause to be endorsed on the same a memorandum of the amount so
paid and the date of payment, but the Trustee may, in its discretion, dispense with such production and endorsement, upon such
indemnity being given to it and to the Issuer as the Trustee shall deem sufficient.

 

	7.20	Statement
                                         by Officers

 

		(a)	The
                                         Issuer shall deliver to the Trustee, within 120 days after the end of each of its fiscal
                                         years, a brief certificate from the principal executive officer, principal financial
                                         officer or principal accounting officer as to his or her knowledge of compliance by the
                                         Issuer and the Restricted Subsidiaries with all conditions and covenants in this Indenture.
                                         For purposes of this Section 7.20(a), such compliance shall be determined without regard
                                         to any period of grace or requirement of notice under this Indenture.

 

		(b)	Upon
                                         becoming aware of any Default or Event of Default, the Issuer shall promptly deliver
                                         to the Trustee by registered or certified mail or by facsimile transmission an Officers’
                                         Certificate, specifying such event, notice or other action giving rise to such Default
                                         or Event of Default and the action that the Issuer or Restricted Subsidiary, as applicable,
                                         is taking or proposes to take with respect thereto.

 

Article
8

DISCHARGE AND DEFEASANCE

 

	8.1	Satisfaction
                                         and Discharge

 

This
Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder (except as to any surviving
rights of registration of transfer or exchange of Notes expressly provided for herein), when

 

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		(a)	either:

 

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

 

		(ii)	all
                                         Notes that have not been delivered to the Trustee for cancellation have become due and
                                         payable, including by redemption, by reason of the mailing of a Redemption Notice or
                                         otherwise or will become due and payable within one year and the Issuer or any Guarantor
                                         has irrevocably deposited or caused to be deposited with the Trustee as trust funds in
                                         trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government
                                         Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion
                                         of an investment bank, appraisal firm or firm of independent public accountants, without
                                         consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness
                                         on the Notes not delivered to the Trustee for cancellation for principal, premium, if
                                         any, and accrued interest to the date of maturity or redemption;

 

		(b)	no
                                         Default or Event of Default has occurred and is continuing on the date of the deposit
                                         (other than a Default or Event of Default resulting from the borrowing of funds to be
                                         applied to such deposit);

 

		(c)	such
                                         deposit will not result in a breach or violation of, or constitute a default under, any
                                         material agreement or instrument (other than this Indenture) to which the Issuer or any
                                         Guarantor is a party or by which the Issuer or any Guarantor is bound;

 

		(d)	the
                                         Issuer or any Guarantor has paid or caused to be paid all sums payable by the Issuer
                                         under this Indenture; and

 

		(e)	the
                                         Issuer has delivered irrevocable written instructions to the Trustee under this Indenture
                                         to apply the deposited money toward the payment of the Notes at maturity or the Redemption
                                         Date, as the case may be.

 

Notwithstanding
the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to Section 8.1(a)(ii),
the provisions of Sections 8.7 and 8.8 will survive.

 

	8.2	Option
                                         to Effect Discharge, Legal Defeasance or Covenant Defeasance

 

Unless
this Section 8.2 is otherwise specified in any series of Notes or Supplemental Indenture providing for Notes of a series to be
inapplicable to the Notes of such series, the Issuer may, at the option of the Board of Directors of the Issuer evidenced by a
resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.3 or 8.4 applied to all outstanding
Notes upon compliance with the conditions set forth in this Article 8.

 

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	8.3	Legal
                                         Defeasance and Discharge

 

		(a)	Upon
                                         the Issuer’s exercise under Section 8.2 of the option applicable to this Section
                                         8.3 in respect of the Notes of any series, the Issuer and each of the Guarantors shall,
                                         subject to the satisfaction of the conditions set forth in Section 8.5, be deemed to
                                         have been discharged from their Indenture Obligations, other than the provisions contemplated
                                         to survive as set forth below, with respect to all outstanding Notes of such series on
                                         the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”)
                                         in respect of such series. For this purpose, Legal Defeasance means that the Issuer and
                                         the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented
                                         by the outstanding Notes of such series (including the Guarantees thereof), which shall
                                         thereafter be deemed to be “outstanding” only for the purposes of Sections
                                         8.6 and 8.8 and the other Sections of this Indenture referred to in paragraphs (i) and
                                         (ii) below, and to have satisfied all their other obligations under such Notes and, to
                                         the extent applicable to such Notes, this Indenture and the Guarantees (and the Trustee,
                                         on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging
                                         the same), except for the following provisions which shall survive until otherwise terminated
                                         or discharged hereunder:

 

		(i)	the
                                         rights of Holders to receive payments in respect of the principal of, premium, if any,
                                         and interest on such Notes when such payments are due solely out of the trust created
                                         pursuant to this Indenture;

 

		(ii)	the
                                         Issuer’s obligations concerning issuing temporary Notes, mutilated, destroyed,
                                         lost, or stolen Notes and the maintenance of a register in respect of the Notes;

 

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

 

		(iv)	provisions
                                         of this Section 8.3.

 

		(b)	Subject
                                         to compliance with Section 8.2, the Issuer may exercise its option under this Section
                                         8.3 notwithstanding the prior exercise of its option under Section 8.4.

 

	8.4	Covenant
                                         Defeasance

 

Unless
this Section 8.4 is otherwise specified in any Note or Supplemental Indenture providing for Notes of a series to be inapplicable
to the Notes of such series, upon the Issuer’s exercise under Section 8.2 of the option applicable to this Section 8.4,
the Issuer and each of the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.5, be released
from each of their obligations under the covenants contained in Sections 6.2 (other than with respect to the Issuer), 6.3, 6.4
6.5, 6.7, 6.8, 6.9, 6.10, 6.13, 6.14, 6.15, 6.16, 7.20, 10.1(a)(ii)(C) and 13.1 (collectively, the “Defeased Covenants”)
with respect to the outstanding Notes of any series on and after the date the conditions set forth in Section 8.5 are satisfied
(hereinafter, “Covenant Defeasance”), and such Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders thereof (and the consequences of any thereof)
in connection with the Defeased Covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder
(it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance
means that, with respect to the outstanding Notes of the applicable series, the Issuer and the Guarantors may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any Defeased Covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant
to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event
of Default hereunder, but, except as specified above, the remainder of this Indenture, such Notes and the obligations of the Guarantors
under their respective Guarantees shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.2
of the option applicable to this Section 8.4, and subject to the satisfaction of the conditions set forth in Section 8.5, none
of the events specified in Section 7.1 shall constitute a Default or Event of Default except for the events specified in Section
7.1(i) or 7.1(j).

 

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	8.5	Conditions
                                         to Legal or Covenant Defeasance

 

		(a)	In
                                         order to exercise either Legal Defeasance under Section 8.3 or Covenant Defeasance under
                                         Section 8.4 with respect to a series of Notes:

 

		(i)	the
                                         Issuer must deposit or cause to be deposited with the Trustee as trust funds or property
                                         in trust for the purpose of making payment on such Notes an amount of cash or Government
                                         Securities as will, together with the income to accrue thereon and reinvestment thereof,
                                         be sufficient, in the opinion of an investment bank, appraisal firm, or firm of independent
                                         public accountants, to pay, satisfy and discharge the entire principal, interest, if
                                         any, premium, if any and any other sums due to the Stated Maturity or an optional Redemption
                                         Date of the Notes;

 

		(ii)	no
                                         Default or Event of Default shall have occurred and be continuing on the date of such
                                         deposit (other than a Default or an Event of Default resulting from the borrowing of
                                         funds to be applied to such deposit and the granting of Liens to secure such borrowing);

 

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

 

		(iv)	‎the
                                         Issuer must deliver to the Trustee: an Opinion of Counsel or an ‎advance tax ruling
                                         from the Canada Revenue Agency (or ‎successor ‎agency) and a ruling from the
                                         U.S. Internal Revenue Service to the effect that the Holders and Beneficial Holders of
                                         ‎outstanding Notes ‎will not recognize income, gain, or loss for (a) Canadian
                                         ‎federal, provincial or territorial income ‎or other tax purposes and (b) U.S.
                                         federal income tax purposes as a result of ‎such Legal Defeasance or Covenant Defeasance,
                                         as the ‎case may be, and ‎will be subject to Canadian Taxes and U.S federal income
                                         tax on the same amounts, in the same ‎manner, and at the same times as would have
                                         ‎been the case if such Legal ‎Defeasance or Covenant Defeasance, as the case
                                         may be, had not ‎‎occurred‎;

 

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		(v)	the
                                         Issuer must satisfy the Trustee that it has paid, caused to be paid or made provisions
                                         for the payment of all applicable expenses of the Trustee;

 

		(vi)	the
                                         Legal Defeasance or Covenant Defeasance shall not result in a breach ‎or violation
                                         of, or constitute ‎a Default under, any material agreement or ‎instrument (other
                                         than the Indenture) to which ‎the Issuer or any of its ‎Subsidiaries is a party
                                         or by which the Issuer or any of its ‎Subsidiaries is ‎bound; and

 

		(vii)	the
                                         Issuer must deliver to the Trustee an Officers’ Certificate stating that all conditions
                                         precedent set forth in Section 8.1 relating to the Legal Defeasance or Covenant Defeasance,
                                         as the case may ‎be, have been complied with‎.

 

	8.6	Application
                                         of Trust Funds

 

		(a)	Any
                                         funds or Government Securities deposited with the Trustee pursuant to Section 8.1 or
                                         8.5 shall be (i) denominated in the currency or denomination of the Notes in respect
                                         of which such deposit is made, (ii) irrevocable (except as otherwise set out in this
                                         Indenture), and (iii) made under the terms of an escrow and/or trust agreement in form
                                         and substance satisfactory to the Trustee and which provides for the due and punctual
                                         payment of the principal of, premium, if any, and interest on the Notes being satisfied.

 

		(b)	Subject
                                         to Section 8.7, any funds or Government Securities deposited with the Trustee pursuant
                                         to Section 8.1 or 8.5 in respect of Notes shall be held by the Trustee in trust and applied
                                         by it in accordance with the provisions of the applicable Notes and this Indenture, to
                                         the payment, either directly or through any Paying Agent as the Trustee may determine,
                                         to the Persons entitled thereto, of the principal (and premium, if any) and interest
                                         for whose payment such funds or Government Securities has been deposited with the Trustee;
                                         provided that such funds or Government Securities need not be segregated from other funds
                                         or obligations except to the extent required by law.

 

		(c)	If
                                         the Trustee is unable to apply any funds or Government Securities in accordance with
                                         the above provisions by reason of any legal proceeding or any order or judgment of any
                                         court or governmental authority enjoining, restraining or otherwise prohibiting such
                                         application, the Issuer’s and the Guarantors’ obligations under this Indenture
                                         (including the Guarantees as applicable) and the affected Notes shall be revived and
                                         reinstated as though no funds or Government Securities had been deposited pursuant to
                                         Section 8.1 and 8.5, as applicable, until such time as the Trustee is permitted to apply
                                         all funds or Government Securities in accordance with the above provisions, provided
                                         that if the Issuer or any Guarantor has made any payment in respect of principal of,
                                         premium, if any, or interest on Notes or, as applicable, other amounts because of the
                                         reinstatement of its obligations, the Issuer and such Guarantor, as applicable, shall
                                         be subrogated to the rights of the Holders of such Notes to receive such payment from
                                         funds or Government Securities held by the Trustee.

 

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	8.7	Repayment
                                         to the Issuer

 

Notwithstanding
anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of
the Issuer any funds or Government Securities held by it as provided in Section 8.1 or 8.5 which, in the opinion of a nationally
recognized firm of independent public accountants selected by the Issuer expressed in a written certification thereof, delivered
to the Trustee (which may be the opinion delivered under Section 8.5(a)(iv)), are in excess of the amount thereof that would then
be required to be deposited to fully satisfy the obligations of the Issuer under Section 8.1(a)(ii) or to effect an equivalent
Legal Defeasance or Covenant Defeasance.

 

	8.8	Continuance
                                         of Rights, Duties and Obligations

 

		(a)	Where
                                         trust funds or trust property have been deposited pursuant to Section 8.1 or 8.5, the
                                         Holders and the Issuer shall continue to have and be subject to their respective rights,
                                         duties and obligations under Article 2, Article 3 and Article 5.

 

		(b)	In
                                         the event that, after the deposit of trust funds or trust property pursuant to Section
                                         8.1 or 8.5 in respect of a particular series of Notes, the Issuer is required to make
                                         an offer to purchase any outstanding Notes of such series pursuant to the terms hereof,
                                         the Issuer shall be entitled to use any trust funds or trust property deposited with
                                         the Trustee pursuant to Section 8.1 or 8.5 for the purpose of paying to any Holders of
                                         such Notes who have accepted any such offer of the total offer price payable in respect
                                         of an offer relating to any such Notes. Upon receipt of an Issuer Order, the Trustee
                                         shall be entitled to pay to such Holder from such trust funds or trust property deposited
                                         with the Trustee pursuant to Section 8.1 or 8.5 in respect of such Notes which is applicable
                                         to the Notes held by such Holders who have accepted any such offer of the Issuer (which
                                         amount shall be based on the applicable principal amount of the Notes held by accepting
                                         offerees in relation to the aggregate outstanding principal amount of all the Notes).

 

	8.9	Release
                                         of Liens

 

		(a)	The
                                         Liens on the Collateral will be released in whole with respect to the Notes and the ‎Security
                                         Documents, as applicable, upon the occurrence of any of the following:‎

 

		(i)	payment
                                         in full in cash of the Obligations;‎

 

		(ii)	satisfaction
                                         and discharge of the Indenture; or

 

		(iii)	legal
                                         defeasance or covenant defeasance as set forth under Sections 8.3 or 8.4 ‎below,‎

 

provided
that in each case, all amounts owing to the Trustee under the Indenture and the ‎Notes and to the Collateral Trustee under
the Security Documents have been paid or ‎otherwise provided for to the reasonable satisfaction of the Trustee and the Collateral
‎Trustee, as applicable.‎

 

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		(b)	With
                                         respect to any asset constituting Collateral, the Liens on such Collateral will automatically
                                         be released upon the occurrence of any of the following:‎

 

		(i)	in
                                         connection with any disposition of such Collateral to any Person other than ‎the
                                         Issuer (but excluding any transaction subject to the covenant described ‎under Section
                                         10.1 if such other Person is required to become the obligor ‎on the Notes) that is
                                         permitted and not prohibited by this Indenture; or

 

		(ii)	upon
                                         the sale or disposition of such Collateral pursuant to the exercise of any ‎rights
                                         and remedies by the Collateral Trustee with respect to any ‎Collateral, subject to
                                         the Security Documents.‎

 

To
the extent required by the Indenture (other than in relation to (ii) above), the Issuer will ‎furnish to the Collateral Trustee,
prior to each proposed release of Collateral the Indenture, an Officer’s ‎Certificate and/or an opinion of counsel,
each stating that all conditions to the release of the ‎Liens on the Collateral have been satisfied.‎

 

Article
9

MEETINGS OF HOLDERS

 

	9.1	Purpose,
                                         Effect and Convention of Meetings

 

		(a)	Subject
                                         to Section 12.2, wherever in this Indenture a consent, waiver, notice, authorization
                                         or resolution of the Holders (or any of them) is required, a meeting may be convened
                                         in accordance with this Article 9 to consider and resolve whether such consent, waiver,
                                         notice, authorization or resolution should be approved by such Holders. A resolution
                                         passed by the affirmative votes of the Holders of at least a majority of the outstanding
                                         principal amount of the Notes represented and voting on a poll at a meeting of Holders
                                         duly convened for the purpose and held in accordance with the provisions of this Indenture
                                         shall constitute conclusively such consent, waiver, notice, authorization or resolution;
                                         except for those matters set out in Section 12.2, which shall require the consent of
                                         each Holder affected thereby as set out therein.

 

		(b)	At
                                         any time and from time to time, the Trustee on behalf of the Issuer may and, on receipt
                                         of an Issuer Order or a Holders’ Request and upon being indemnified and funded
                                         for the costs thereof to the reasonable satisfaction of the Trustee by the Issuer or
                                         the Holders signing such Holders’ Request, will, convene a meeting of all Holders.

 

		(c)	If
                                         the Trustee fails to convene a meeting after being duly requested as aforesaid (and indemnified
                                         and funded as aforesaid), the Issuer or such Holders may themselves convene such meeting
                                         and the notice calling such meeting may be signed by such Person as the Issuer or those
                                         Holders designate, as applicable. Every such meeting will be held in Vancouver, British
                                         Columbia or such other place as the Trustee may in any case determine or approve.

 

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	9.2	Notice
                                         of Meetings

 

		(a)	Not
                                         more than 60 days’ nor less than at least 21 days’ notice of any meeting
                                         of the Holders of Notes of any series or of all series then outstanding, as the case
                                         may be, shall be given to the Holders of Notes of such series or of all series of Notes
                                         then outstanding, as applicable, in the manner provided in Section 14.2 and a copy of
                                         such notice shall be sent by post to the Trustee, unless the meeting has been called
                                         by it, and to the Issuer, unless such meeting has been called by it. Such notice shall
                                         state the time when and the place where the meeting is to be held and shall state briefly
                                         the general nature of the business to be transacted thereat and it shall not be necessary
                                         for any such notice to set out the terms of any resolution to be proposed or any of the
                                         provisions of this Article 9. The accidental omission to give notice of a meeting to
                                         any Holder shall not invalidate any resolution passed at any such meeting. A Holder may
                                         waive notice of a meeting either before or after the meeting.

 

		(b)	If
                                         the business to be transacted at any meeting by resolution of Holder’s, or any
                                         action to be taken or power exercised by instrument in writing under Section 9.12, especially
                                         affects the rights of holders of Notes of one or more series in a manner or to an extent
                                         differing in any material way from that in or to which the rights of holders of Notes
                                         of any other series are affected (determined as provided in Sections 9.2(c) and 9.2(d)),
                                         then:

 

		(i)	a
                                         reference to such fact, indicating each series of Notes in the opinion of the Trustee
                                         (or the Person calling the meeting) so especially affected (hereinafter referred to as
                                         the “especially affected series”) shall be made in the notice of such meeting,
                                         and in any such case the meeting shall be and be deemed to be and is herein referred
                                         to as a “Serial Meeting”; and

 

		(ii)	the
                                         holders of Notes of an especially affected series shall not be bound by any action taken
                                         at a Serial Meeting or by instrument in writing under Section 9.12 unless in addition
                                         to compliance with the other provisions of this Article 9:

 

		(A)	at
                                         such Serial Meeting: (I) there are Holders present in person or by proxy and representing
                                         at least 25% in principal amount of the Notes then outstanding of such series, subject
                                         to the provisions of this Article 9 as to quorum at adjourned meetings; and (II) the
                                         resolution is passed by such proportion of Holders of the principal amount of the Notes
                                         of such series then outstanding voted on the resolution as is required by Sections 12.1
                                         or 12.2, as applicable; or

 

		(B)	in
                                         the case of action taken or power exercised by instrument in writing under Section 9.12,
                                         such instrument is signed in one or more counterparts by such proportion of Holders of
                                         the principal amount of the Notes of such series then outstanding as is required by Sections
                                         12.1 or 12.2, as applicable.

 

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		(c)	Subject
                                         to Section 9.2(d), the determination as to whether any business to be transacted at a
                                         meeting of Holders, or any action to be taken or power to be exercised by instrument
                                         in writing under Section 9.12, especially affects the rights of the Holders of one or
                                         more series in a manner or to an extent differing in any material way from that in or
                                         to which it affects the rights of Holders of any other series (and is therefore an especially
                                         affected series) shall be determined by an Opinion of Counsel, which shall be binding
                                         on all Holders, the Trustee and the Issuer for all purposes hereof.

 

		(d)	A
                                         proposal:

 

		(i)	to
                                         extend the Maturity of Notes of any particular series or to reduce the principal amount
                                         thereof, the rate of interest or premium thereon;

 

		(ii)	to
                                         modify or terminate any covenant or agreement which by its terms is effective only so
                                         long as Notes of a particular series are outstanding; or

 

		(iii)	to
                                         reduce with respect to Holders of any particular series any percentage stated in this
                                         Section 9.2 or Sections 9.4 and 9.12;

 

	 	 	shall
be deemed to especially affect the rights of the Holders of such series in a manner differing in a material way from that in which
it affects the rights of holders of Notes of any other series, whether or not a similar extension, reduction, modification or
termination is proposed with respect to Notes of any or all other series.

 

	9.3	Chair

 

Some
individual, who need not be a Holder, nominated in writing by the Trustee shall be chair of the meeting and if no individual is
so nominated, or if the individual so nominated is not present within 15 minutes from the time fixed for the holding of the meeting,
a majority of the Holders present in person or by proxy shall choose some individual present to be chair.

 

	9.4	Quorum

 

Subject
to this Indenture, at any meeting of the Holders of Notes of any series or of all series then outstanding, as the case may be,
a quorum shall consist of Holders present in person or by proxy and representing at least 25% of the principal amount of the outstanding
Notes of the relevant series or all series then outstanding, as the case may be, and, if the meeting is a Serial Meeting, at least
25% of the Notes then outstanding of each especially affected series. If a quorum of the Holders shall not be present within 30
minutes from the time fixed for holding any meeting, the meeting, if convened by the Holders or pursuant to a Holders’ Request,
shall be dissolved, but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is
not a Business Day in which case it shall be adjourned to the next following Business Day thereafter) at the same time and place
and no notice shall be required to be given in respect of such adjourned meeting. At the adjourned meeting, the Holders present
in person or by proxy shall constitute a quorum and may transact the business for which the meeting was originally convened notwithstanding
that they may not represent 25% of the principal amount of the outstanding Notes of the relevant series or all series then outstanding,
as the case may be, or of the Notes then outstanding of each especially affected series. Any business may be brought before or
dealt with at an adjourned meeting which might have been brought before or dealt with at the original meeting in accordance with
the notice calling the same. No business shall be transacted at any meeting unless the required quorum be present at the commencement
of business.

 

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	9.5	Power
                                         to Adjourn

 

The
chair of any meeting at which the requisite quorum of the Holders is present may, with the consent of the Holders of a majority
in principal amount of the Notes represented thereat, adjourn any such meeting and no notice of such adjournment need be given
except such notice, if any, as the meeting may prescribe.

 

	9.6	Voting

 

On
a poll each Holder present in person or represented by a duly appointed proxy shall be entitled to one vote in respect of each
$1.00 principal amount of the Notes of the relevant series of Notes of which it is the Holder. A proxyholder need not be a Holder.
In the case of joint registered Holders of a Note, any one of them present in person or by proxy at the meeting may vote in the
absence of the other or others; but in case more than one of them be present in person or by proxy, they shall vote together in
respect of the Notes of which they are joint Holders. Other than with respect to an amendment of the interest rate corresponding
to the Unit Notes or Coupon Notes, both the Unit Notes and Coupon Notes shall be treated as one series for all voting matters.

 

	9.7	Poll

 

A
poll will be taken on every resolution submitted for approval at a meeting of Holders, in such manner as the chair directs, and
the results of such polls shall be binding on all Holders of the relevant series. Every resolution, other than in respect of those
matters set out in Section 12.2, will be decided by a majority of the votes cast on the poll for that resolution.

 

	9.8	Proxies

 

A
Holder may be present and vote at any meeting of Holders by an authorized representative. The Issuer (in case it convenes the
meeting) or the Trustee (in any other case) for the purpose of enabling the Holders to be present and vote at any meeting without
producing their Notes, and of enabling them to be present and vote at any such meeting by proxy and of depositing instruments
appointing such proxies at some place other than the place where the meeting is to be held, may from time to time make and vary
such regulations as it shall think fit providing for and governing any or all of the following matters:

 

		(a)	the
                                         form of the instrument appointing a proxy, which shall be in writing, and the manner
                                         in which the same shall be executed and the production of the authority of any individual
                                         signing on behalf of a Holder;

 

		(b)	the
                                         deposit of instruments appointing proxies at such place as the Trustee, the Issuer or
                                         the Holder convening the meeting, as the case may be, may, in the notice convening the
                                         meeting, direct and the time, if any, before the holding of the meeting or any adjournment
                                         thereof by which the same must be deposited; and

 

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		(c)	the
                                         deposit of instruments appointing proxies at some approved place or places other than
                                         the place at which the meeting is to be held and enabling particulars of such instruments
                                         appointing proxies to be mailed, faxed, cabled, telegraphed or sent by other electronic
                                         means before the meeting to the Issuer or to the Trustee at the place where the same
                                         is to be held and for the voting of proxies so deposited as though the instruments themselves
                                         were produced at the meeting.

 

Any
regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted.
Save as such regulations may provide, the only Persons who shall be recognized at any meeting as the Holders of any Notes, or
as entitled to vote or be present at the meeting in respect thereof, shall be Holders and Persons whom Holders have by instrument
in writing duly appointed as their proxies.

 

	9.9	Persons
                                         Entitled to Attend Meetings

 

The
Issuer and the Trustee, by their respective directors, officers and employees and the respective legal advisors of the Issuer,
the Trustee or any Holder may attend any meeting of the Holders, but shall have no vote as such.

 

	9.10	Powers
                                         Cumulative

 

Any
one or more of the powers in this Indenture stated to be exercisable by the Holders by resolution or otherwise may be exercised
from time to time and the exercise of any one or more of such powers from time to time shall not be deemed to exhaust the rights
of the Holders to exercise the same or any other such power or powers thereafter from time to time. No powers exercisable by resolution
will derogate in any way from the rights of the Issuer pursuant to this Indenture.

 

	9.11	Minutes

 

Minutes
of all resolutions and proceedings at every meeting as aforesaid shall be made and duly entered in books to be from time to time
provided for that purpose by the Trustee at the expense of the Issuer, and any such minutes as aforesaid, if signed by the chair
of the meeting at which such resolutions were passed or proceedings had, or by the chair of the next succeeding meeting of the
Holders, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in
respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all
resolutions passed thereat or proceedings taken thereat to have been duly passed and taken.

 

	9.12	Instruments
                                         in Writing

 

Any
consent, waiver, notice, authorization or resolution of the Holders which may be given by resolution at a meeting of the Holders
pursuant to this Article 9 may also be given by the Holders of not less than 51% of the aggregate principal amount of the outstanding
Notes of such series by a signed instrument in one or more counterparts, and the expression “resolution” when used
in this Indenture will include instruments so signed. Notice of any resolution passed in accordance with this Section 9.12 will
be given by the Trustee to the affected Holders within 30 days of the date on which such resolution was passed.

 

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	9.13	Binding
                                         Effect of Resolutions

 

Every
resolution passed in accordance with the provisions of this Article 9 at a meeting of Holders of a particular series of Notes
or of all series then outstanding, as the case may be, shall be binding upon all the Holders of Notes or of the particular series,
as the case may be, whether present at or absent from such meeting, and every instrument in writing signed by Holders in accordance
with Section 9.12 shall be binding upon all the Holders, whether signatories thereto or not, and each and every Holder and the
Trustee (subject to the provisions for its indemnity herein contained) shall, subject to applicable law, be bound to give effect
accordingly to every such resolution and instrument in writing. Notwithstanding anything in this Indenture (but subject to the
provisions of any indenture, deed or instrument supplemental or ancillary hereto), any covenant or other provision in this Indenture
or in any Supplemental Indenture which is expressed to be or is determined by the Trustee (relying on the advice of Counsel) to
be effective only with respect to Notes of a particular series, may be modified by the required resolution or consent of the holders
of Notes of such series in the same manner as if the Notes of such series were the only Notes outstanding under this Indenture.

 

	9.14	Evidence
                                         of Rights of Holders

 

		(a)	Any
                                         request, direction, notice, consent or other instrument which this Indenture may require
                                         or permit to be signed or executed by the Holders may be in any number of concurrent
                                         instruments of similar tenor signed or executed by such Holders. Proof of the execution
                                         of any such request, direction, notice, consent or other instrument or of a writing appointing
                                         any such attorney will be sufficient for any purpose of this Indenture if the fact and
                                         date of the execution by any Person of such request, direction, notice, consent or other
                                         instrument or writing may be proved by the certificate of any notary public, or other
                                         officer authorized to take acknowledgements of deeds to be recorded at the place where
                                         such certificate is made, that the Person signing such request, direction, notice, consent
                                         or other instrument or writing acknowledged to such notary public or other officer the
                                         execution thereof, or by an affidavit of a witness of such execution or in any other
                                         manner which the Trustee may consider adequate.

 

		(b)	Notwithstanding
                                         Section 9.14(a), the Trustee may, in its discretion, require proof of execution in cases
                                         where it deems proof desirable and may accept such proof as it shall consider proper.

 

Article
10

SUCCESSORS TO THE ISSUER AND THE RESTRICTED SUBSIDIARIES

 

	10.1	Merger,
                                         Consolidation, Amalgamation or Sale of Assets

 

		(a)	The
                                         Issuer will not, directly or indirectly:

 

		(i)	consolidate,
                                         amalgamate or merge with or into another Person (regardless of whether the Issuer is
                                         the surviving Person or one of the Persons that amalgamates with one or more other Persons
                                         to form the continuing successor Person); or

 

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		(ii)	sell,
                                         assign, lease, transfer, convey or otherwise dispose of all or substantially all of the
                                         properties and assets of the Issuer and its Restricted Subsidiaries taken as a whole,
                                         in one or more related transactions, to another Person,

 

unless:

 

		(A)	either:
                                         (1) the Issuer is the surviving Person (or one of the Persons that amalgamates with one
                                         or more other Persons to form the continuing successor Person); or (2) the Person formed
                                         by or surviving any such consolidation, amalgamation or merger (if other than the Issuer
                                         or one of the Persons that amalgamates with one or more other Persons to form the continuing
                                         successor Person) or to which such sale, assignment, transfer, conveyance or other disposition
                                         will have been made is a: (i) Person organized or existing under the laws of the United
                                         States, any state thereof or the District of Columbia or Canada or any province or territory
                                         thereof; and (ii) assumes all the obligations of the Issuer under the Notes, and this
                                         Indenture by operation of law or pursuant to agreements reasonably satisfactory to the
                                         Trustee;

 

		(B)	immediately
                                         after giving effect to such transaction, no Default or Event of Default exists;

 

		(C)	other
                                         than in connection with, or pursuant to, the Verano Transaction, either (1) immediately
                                         after giving effect to such transaction on a pro forma basis, the Issuer or the Person
                                         formed by or surviving any such consolidation, amalgamation or merger (if other than
                                         the Issuer or one of the Persons that amalgamates with one or more other Persons to form
                                         the continuing successor Person), or to which such sale, assignment, transfer, conveyance
                                         or other disposition will have been made will be permitted to Incur at least $1.00 of
                                         additional Indebtedness pursuant to the Consolidated Fixed Charge Coverage Ratio test
                                         set forth in Section 6.9(a)(i); or (2) immediately after giving effect to such transaction
                                         on a pro forma basis and any related financing transactions as if the same had occurred
                                         at the beginning of the applicable four quarter period, the Consolidated Fixed Charge
                                         Coverage Ratio of the Issuer or the Person formed by or surviving any such consolidation,
                                         amalgamation or merger (if other than the Issuer or one of the Persons that amalgamates
                                         with one or more other Persons to form the continuing successor Person) is equal to or
                                         greater than the Consolidated Fixed Charge Coverage Ratio immediately before such transaction;

 

		(D)	each
                                         Guarantor, will, pursuant to the terms of its Guarantee agree that its Guarantee will
                                         apply to the obligations of the Issuer or the surviving or continuing Person in accordance
                                         with the Notes and this Indenture (including this covenant); and

 

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		(E)	the
                                         Issuer delivers to the Trustee an Officers’ Certificate (attaching the arithmetic
                                         computation to demonstrate compliance with Section 10.1(a)(ii)(C)) certifying that all
                                         conditions precedent provided for in this Indenture relating to such transaction have
                                         been complied with and an Opinion of Counsel stating that such transaction and, if applicable,
                                         such agreement complies with this covenant.

 

		(b)	Upon
                                         any consolidation, amalgamation or merger, or any sale, assignment, transfer, conveyance
                                         or other disposition of all or substantially all of the properties or assets of the Issuer
                                         and its Restricted Subsidiaries in accordance with this covenant, the continuing successor
                                         Person formed by the consolidation or amalgamation or into which the Issuer is merged
                                         or to which the sale, assignment, transfer, conveyance or other disposition is made,
                                         will succeed to and be substituted for the Issuer, and may exercise every right and power
                                         of the Issuer under this Indenture with the same effect as if the successor had been
                                         named as the Issuer therein. When the continuing successor Person assumes all of the
                                         Issuer’s obligations under this Indenture pursuant to a supplemental Indenture
                                         in form and substance reasonably satisfactory to the Trustee and delivers to the Trustee
                                         the related Officers’ Certificate and Opinion of Counsel, the Issuer will be discharged
                                         from those obligations; provided, however, that the Issuer shall not be relieved from
                                         the obligation to pay the principal of and interest on the Notes in the case of a lease
                                         of all or substantially all of the Issuer’s assets.

 

		(c)	This
                                         Section 10.1 will not apply to:

 

		(i)	a
                                         merger of the Issuer with an Affiliate solely for the purpose of reincorporating or continuing
                                         the Issuer in another jurisdiction; or

 

		(ii)	any
                                         consolidation, amalgamation or merger, or any sale, assignment, transfer, conveyance,
                                         lease or other disposition of assets between or among the Issuer and its Restricted Subsidiaries,
                                         that are Guarantors.

 

	10.2	Vesting
                                         of Powers in Successor

 

Whenever
the conditions of Section 10.1(a) have been duly observed and performed, the Trustee will execute and deliver a Supplemental Indenture
as provided for in Section 12.5 and then:

 

		(a)	the
                                         successor Person will possess and from time to time may exercise each and every right
                                         and power of the Issuer or Guarantor under this Indenture in the name of the Issuer or
                                         Guarantor, as applicable, or otherwise, and any act or proceeding by any provision of
                                         this Indenture required to be done or performed by any directors or officers of the Issuer
                                         or Guarantor may be done and performed with like force and effect by the like directors
                                         or officers of such successor; and

 

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		(b)	the
                                         Issuer or Guarantor, as applicable, will be released and discharged from liability under
                                         this Indenture and the Trustee will execute any documents which it may be advised are
                                         necessary or advisable for effecting or evidencing such release and discharge.

 

Article
11

CONCERNING THE TRUSTEE

 

	11.1	No
                                         Conflict of Interest

 

The
Trustee represents to the Issuer that at the date of execution and delivery by it of this Indenture there exists no material conflict
of interest in the role of the Trustee as a fiduciary hereunder but if, notwithstanding the provisions of this Section 11.1, such
a material conflict of interest exists, or hereafter arises, the validity and enforceability of this Indenture and the Notes of
any series shall not be affected in any manner whatsoever by reason only that such material conflict of interest exists or arises.

 

	11.2	Replacement
                                         of Trustee

 

		(a)	The
                                         Trustee may resign its trust and be discharged from all further duties and liabilities
                                         hereunder by giving to the Issuer 90 days’ notice in writing or such shorter notice
                                         as the Issuer may accept as sufficient. If at any time a material conflict of interest
                                         exists in the Trustee’s role as a fiduciary hereunder the Trustee shall, within
                                         90 days after ascertaining that such a material conflict of interest exists, either eliminate
                                         such material conflict of interest with the Issuer, the affiliates and Subsidiaries of
                                         the Issuer, or any affiliates of the Issuer or the affiliates and Subsidiaries of the
                                         Issuer, or resign in the manner and with the effect specified in this Section 11.2. The
                                         validity and enforceability of this Indenture and of the Notes issued hereunder shall
                                         not be affected in any manner whatsoever by reason only that such a material conflict
                                         of interest exists. In the event of the Trustee resigning or being removed or being dissolved,
                                         becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder,
                                         the Issuer shall forthwith appoint a new Trustee unless a new Trustee has already been
                                         appointed by the Holders in accordance with the provisions hereof. Failing such appointment
                                         by the Issuer, the retiring Trustee or any Holder may apply to a judge of the British
                                         Columbia Supreme Court, on such notice as such Judge may direct at the Issuer’s
                                         expense, for the appointment of a new Trustee but any new Trustee so appointed by the
                                         Issuer or by the Court shall be subject to removal as aforesaid by the Holders and the
                                         appointment of such new Trustee shall be effective only upon such new Trustee becoming
                                         bound by this Indenture. Any new Trustee appointed under any provision of this Section
                                         11.2 shall be a corporation authorized to carry on the business of a trust company in
                                         one or more of the Provinces of Canada. On any new appointment the new Trustee shall
                                         be vested with the same powers, rights, duties and responsibilities as if it had been
                                         originally named herein as Trustee.

 

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		(b)	Any
                                         entity into which the Trustee may be merged or, with or to which it may be consolidated,
                                         amalgamated or sold, or any entity resulting from any merger, consolidation, sale or
                                         amalgamation to which the Trustee shall be a party, shall be the successor Trustee under
                                         this Indenture without the execution of any instrument or any further act. Nevertheless,
                                         upon the written request of the successor Trustee or of the Issuer, the Trustee ceasing
                                         to act shall execute and deliver an instrument assigning and transferring to such successor
                                         Trustee, upon the trusts herein expressed, all the rights, powers and trusts of the retiring
                                         Trustee so ceasing to act, and shall duly assign, transfer and deliver all property and
                                         money held by such Trustee to the successor Trustee so appointed in its place. Should
                                         any deed, conveyance or instrument in writing from the Issuer or any Guarantor be required
                                         by any new Trustee for more fully and certainly vesting in and confirming to it such
                                         estates, properties, rights, powers and trusts, then any and all such deeds, conveyances
                                         and instruments in writing shall on request of said new Trustee, be made, executed, acknowledged
                                         and delivered by the Issuer or such Guarantor, as applicable.

 

	11.3	Rights
                                         and Duties of Trustee

 

		(a)	In
                                         the exercise of the rights, duties and obligations prescribed or conferred by the terms
                                         of this Indenture, the Trustee shall act honestly and in good faith and exercise that
                                         degree of care, diligence and skill that a reasonably prudent Trustee would exercise
                                         in comparable circumstances. Subject to the foregoing, the Trustee will be liable for
                                         its own wilful misconduct or gross negligence. The Trustee will not be liable for any
                                         act or default on the part of any agent employed by it or a co-Trustee, or for having
                                         permitted any agent or co-Trustee to receive and retain any money payable to the Trustee,
                                         except as aforesaid.

 

		(b)	Nothing
                                         herein contained shall impose any obligation on the Trustee to see to or require evidence
                                         of the registration or filing (or renewal thereof) of this Indenture or any instrument
                                         ancillary or supplemental hereto or thereto, including any Security Documents.

 

		(c)	The
                                         Trustee shall not be:

 

		(i)	accountable
                                         for the use or application by the Issuer of the Notes or the proceeds thereof;

 

		(ii)	responsible
                                         to make any calculation with respect to any matter under this Indenture;

 

		(iii)	liable
                                         for any error in judgment made in good faith unless negligent in ascertaining the pertinent
                                         facts; or

 

		(iv)	responsible
                                         or liable for any failure or delay in the performance of its obligations under this Indenture
                                         arising out of or caused, directly or indirectly, by circumstances beyond its control,
                                         including, without limitation, any provision of any law or regulation or any act of any
                                         governmental authority, acts of God; earthquakes; fire; flood; terrorism; wars and other
                                         military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions
                                         of utilities, computer (hardware or software) or communication services; cyberterrorism;
                                         accidents; labor disputes; acts of civil or military authority and governmental action.

 

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		(d)	The
                                         Trustee shall have the right to disclose any information disclosed or released to it
                                         if, in the reasonable opinion of the Trustee, after consultation with Counsel, it is
                                         required to disclose under any applicable laws, court order or administrative directions,
                                         or if, in the reasonable opinion of the Trustee, it is required to disclose to its regulatory
                                         authority. The Trustee shall not be responsible or liable to any party for any loss or
                                         damage arising out of or in any way sustained or incurred or in any way relating to such
                                         disclosure.

 

		(e)	The
                                         Trustee shall not be responsible for any error made or act done by it resulting from
                                         reliance upon the signature of any Person on whose signature the Trustee is entitled
                                         to act, or refrain from acting, under a specific provision of this Indenture.

 

		(f)	The
                                         Trustee shall be entitled to treat a facsimile, pdf or e-mail communication or communication
                                         by other similar electronic means in a form satisfactory to the Trustee from a Person
                                         purporting to be (and whom the Trustee, acting reasonably, believes in good faith to
                                         be) an authorized representative of the Issuer or a Holder, as sufficient instructions
                                         and authority of such party for the Trustee to act and shall have no duty to verify or
                                         confirm that Person is so authorized. The Trustee shall have no liability for any losses,
                                         liabilities, costs or expenses incurred by it as a result of such reliance upon, or compliance
                                         with, such instructions or directions, except to the extent any such losses, cost or
                                         expense are the direct result of gross negligence or willful misconduct on the part of
                                         the Trustee. The Issuer and the Holders agree: (i) to assume all risks arising out of
                                         the use of such electronic methods to submit instructions and directions to the Trustee,
                                         including, without limitation, the risk of the Trustee acting on unauthorized instructions,
                                         and the risk of interception and misuse by third parties; (ii) that it is fully informed
                                         of the protections and risks associated with the various methods of transmitting instructions
                                         to the Trustee and that there may be more secure methods of transmitting instructions
                                         than the method(s) selected by such party; and (iii) that the security procedures (if
                                         any) to be followed in connection with its transmission of instructions provide to it
                                         a commercially reasonable degree of protection in light of its particular needs and circumstances.

 

	11.4	Reliance
                                         Upon Declarations, Opinions, etc.

 

		(a)	In
                                         the exercise of its rights, duties and obligations hereunder the Trustee may, if acting
                                         in good faith and subject to Section 11.7, rely, as to the truth of the statements and
                                         accuracy of the opinions expressed therein, upon statutory declarations, opinions, reports
                                         or certificates furnished pursuant to any covenant, condition or requirement of this
                                         Indenture or required by the Trustee to be furnished to it in the exercise of its rights
                                         and duties hereunder, if the Trustee examines such statutory declarations, opinions,
                                         reports or certificates and determines that they comply with Section 11.5, if applicable,
                                         and with any other applicable requirements of this Indenture. The Trustee may nevertheless,
                                         in its discretion, require further proof in cases where it deems further proof desirable.
                                         Without restricting the foregoing, the Trustee may rely on an Opinion of Counsel satisfactory
                                         to the Trustee notwithstanding that it is delivered by a solicitor or firm which acts
                                         as solicitors for the Issuer.

 

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		(b)	The
                                         Trustee shall have no obligation to ensure or verify compliance with any applicable laws
                                         or regulatory requirements on the issue or transfer of any Notes provided such issue
                                         or transfer is effected in accordance with the terms of this Indenture. The Trustee shall
                                         be entitled to process all transfers and redemptions upon the presumption that such transfer
                                         and redemption is permissible pursuant to all applicable laws and regulatory requirements
                                         if such transfer and redemption is effected in accordance with the terms of this Indenture.
                                         The Trustee shall have no obligation, other than to confer with the Issuer and its Counsel,
                                         to ensure that legends appearing on the Notes comply with regulatory requirements or
                                         securities laws of any applicable jurisdiction.

 

	11.5	Evidence
                                         and Authority to Trustee, Opinions, etc.

 

		(a)	The
                                         Issuer shall furnish to the Trustee evidence of compliance with the conditions precedent
                                         provided for in this Indenture relating to any action or step required or permitted to
                                         be taken by the Issuer or the Trustee under this Indenture or as a result of any obligation
                                         imposed under this Indenture, including without limitation, the authentication and delivery
                                         of Notes hereunder, the satisfaction and discharge of this Indenture and the taking of
                                         any other action to be taken by the Trustee at the request of or on the application of
                                         the Issuer, forthwith if and when (a) such evidence is required by any other Section
                                         of this Indenture to be furnished to the Trustee in accordance with the terms of this
                                         Section 11.5, or (b) the Trustee, in the exercise of its rights and duties under this
                                         Indenture, gives the Issuer written notice requiring it to furnish such evidence in relation
                                         to any particular action or obligation specified in such notice. Such evidence shall
                                         consist of:

 

		(i)	an
                                         Officers’ Certificate, stating that any such condition precedent has been complied
                                         with in accordance with the terms of this Indenture;

 

		(ii)	in
                                         the case of a condition precedent the satisfaction of which is, by the terms of this
                                         Indenture, made subject to review or examination by a solicitor, an Opinion of Counsel
                                         that such condition precedent has been complied with in accordance with the terms of
                                         this Indenture; and

 

		(iii)	in
                                         the case of any such condition precedent the satisfaction of which is subject to review
                                         or examination by auditors or accountants, an opinion or report of the Issuer’s
                                         Auditors whom the Trustee for such purposes hereby approves, that such condition precedent
                                         has been complied with in accordance with the terms of this Indenture.

 

		(b)	Whenever
                                         such evidence relates to a matter other than the authentication and delivery of Notes
                                         and the satisfaction and discharge of this Indenture, and except as otherwise specifically
                                         provided herein, such evidence may consist of a report or opinion of any solicitor, auditor,
                                         accountant, engineer or appraiser or any other appraiser or any other individual whose
                                         qualifications give authority to a statement made by such individual, provided that if
                                         such report or opinion is furnished by a director, officer or employee of the Issuer
                                         it shall be in the form of a statutory declaration. Such evidence shall be, so far as
                                         appropriate, in accordance with Section 11.5(a).

 

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		(c)	Each
                                         statutory declaration, certificate, opinion or report with respect to compliance with
                                         a condition precedent provided for in this Indenture shall include (i) a statement by
                                         the individual giving the evidence that he or she has read and is familiar with those
                                         provisions of this Indenture relating to the condition precedent in question, (ii) a
                                         brief statement of the nature and scope of the examination or investigation upon which
                                         the statements or opinions contained in such evidence are based, (iii) a statement that,
                                         in the belief of the individual giving such evidence, he or she has made such examination
                                         or investigation as is necessary to enable him or her to make the statements or give
                                         the opinions contained or expressed therein, and (iv) a statement whether in the opinion
                                         of such individual the conditions precedent in question have been complied with or satisfied.

 

		(d)	In
                                         addition to its obligations under Section 7.20, the Issuer shall furnish or cause to
                                         be furnished to the Trustee at any time if the Trustee reasonably so requires, an Officers’
                                         Certificate certifying that the Issuer has complied with all covenants, conditions or
                                         other requirements contained in this Indenture, the non-compliance with which would constitute
                                         a Default or an Event of Default, or if such is not the case, specifying the covenant,
                                         condition or other requirement which has not been complied with and giving particulars
                                         of such non-compliance. The Issuer shall, whenever the Trustee so requires, furnish the
                                         Trustee with evidence by way of statutory declaration, opinion, report or certificate
                                         as specified by the Trustee as to any action or step required or permitted to be taken
                                         by the Issuer or as a result of any obligation imposed by this Indenture.

 

	11.6	Officers’
                                         Certificates Evidence

 

Except
as otherwise specifically provided or prescribed by this Indenture, whenever in the administration of the provisions of this Indenture
the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action
hereunder, the Trustee, if acting in good faith, may rely upon an Officers’ Certificate.

 

	11.7	Experts,
                                         Advisers and Agents

 

Subject
to Sections 11.3 and 11.4, the Trustee may:

 

		(a)	employ
                                         or retain and act and rely on the opinion or advice of or information obtained from any
                                         solicitor, auditor, valuator, engineer, surveyor, appraiser or other expert, whether
                                         obtained by the Trustee or by the Issuer, or otherwise, and shall not be liable for acting,
                                         or refusing to act, in good faith on any such opinion or advice and may pay proper and
                                         reasonable compensation for all such legal and other advice or assistance as aforesaid;
                                         and

 

		(b)	employ
                                         such agents and other assistants as it may reasonably require for the proper discharge
                                         of its duties hereunder, and may pay reasonable remuneration for all services performed
                                         for it (and shall be entitled to receive reasonable remuneration for all services performed
                                         by it) in the discharge of the trusts hereof and compensation for all disbursements,
                                         costs and expenses made or incurred by it in the discharge of its duties hereunder and
                                         in the management of the trusts hereof and any solicitors employed or consulted by the
                                         Trustee may, but need not be, solicitors for the Issuer.

 

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	11.8	Trustee
                                         May Deal in Notes

 

Subject
to Sections 11.1 and 11.3, the Trustee may, in its personal or other capacity, buy, sell, lend upon and deal in Notes and generally
contract and enter into financial transactions with the Issuer or otherwise, without being liable to account for any profits made
thereby. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days,
apply to the British Columbia Supreme Court for permission to continue as Trustee hereunder or resign.

 

	11.9	Investment
                                         of Monies Held by Trustee

 

		(a)	Any
                                         securities, documents of title or other instruments that may at any time be held by the
                                         Trustee subject to the trusts hereof may be placed in the deposit vaults of the Trustee
                                         or of any Canadian chartered bank or deposited for safe-keeping in the Province of British
                                         Columbia with any such bank. In respect of any moneys so held, upon receipt of a written
                                         order from a Participant or a Beneficial Holder, the Trustee shall invest the funds in
                                         accordance with such written order in Authorized Investments (as defined below). Any
                                         such written order from a Participant or a Beneficial Holder shall be provided to the
                                         Trustee no later than 9:00 a.m. (Toronto time) on the day on which the investment is
                                         to be made. Any such written order from a Participant or a Beneficial Holder received
                                         by the Trustee after 9:00 a.m. (Toronto time) or received on a non-Business Day, shall
                                         be deemed to have been given prior to 9:00 a.m. (Toronto time) the next Business Day.
                                         For certainty, after an Event of Default, the Trustee shall only be obligated to make
                                         investments on receipt of appropriate instructions from the Holders by way of a resolution
                                         of Holders of at least a majority in principal amount of the Notes represented and voting
                                         at a meeting of Holders, or by a resolution in writing.

 

		(b)	The
                                         Trustee shall have no liability for any loss sustained as a result of any investment
                                         selected by and made pursuant to the instructions of the Issuer or the Holders, as applicable,
                                         as a result of any liquidation of any investment prior to its maturity or for failure
                                         of either the Issuer or the Holders, as applicable, to give the Trustee instructions
                                         to liquidate, invest or reinvest amounts held with it. In the absence of written instructions
                                         from either the Issuer or the Holders as to investment of funds held by it, such funds
                                         shall be held uninvested by the Trustee without liability for interest thereon.

 

		(c)	For
                                         the purposes of this section, “Authorized Investments” means short
                                         term interest bearing or discount debt obligations issued or guaranteed by the government
                                         of Canada or a Province or a Canadian chartered bank (which may include an affiliate
                                         (as defined in this section) or related party of the Trustee) provided that such obligation
                                         is rated at least R1 (middle) by DBRS or an equivalent rating service. For certainty,
                                         the Issuer and the Holders acknowledge and agree that the Trustee has no obligation or
                                         liability to confirm or verify that investment instructions delivered pursuant to this
                                         Section 11.9 comply with the definition of Authorized Investments.

 

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	11.10	Trustee
                                         Not Ordinarily Bound

 

Except
as provided in Section 7.2 and as otherwise specifically provided herein, the Trustee shall not, subject to Section 11.3, be bound
to give notice to any Person of the execution hereof, nor to do, observe or perform or see to the observance or performance by
the Issuer of any of the obligations herein imposed upon the Issuer or of the covenants on the part of the Issuer herein contained,
nor in any way to supervise or interfere with the conduct of the Issuer’s business, unless the Trustee shall have been required
to do so in writing by the Holders of not less than 25% of the aggregate principal amount of the Notes then outstanding, and then
only after it shall have been funded and indemnified to its satisfaction against all actions, proceedings, claims and demands
to which it may render itself liable and all costs, charges, damages and expenses which it may incur by so doing.

 

	11.11	Trustee
                                         Not Required to Give Security

 

The
Trustee shall not be required to give any bond or security in respect of the execution of the trusts and powers of this Indenture
or otherwise in respect of the premises.

 

	11.12	Trustee
                                         Not Bound to Act on Issuer’s Request

 

Except
as in this Indenture otherwise specifically provided, the Trustee shall not be bound to act in accordance with any direction or
request of the Issuer until a duly authenticated copy of the instrument or resolution containing such direction or request shall
have been delivered to the Trustee, and the Trustee shall be empowered to act upon any such copy purporting to be authenticated
and believed by the Trustee to be genuine.

 

	11.13	Conditions
                                         Precedent to Trustee’s Obligations to Act Hereunder

 

		(a)	The
                                         obligation of the Trustee to commence or continue any act, action or proceeding for the
                                         purpose of enforcing the rights of the Trustee and of the Holders hereunder shall be
                                         conditional upon any one or more Holders furnishing when required by notice in writing
                                         by the Trustee, sufficient funds to commence or continue such act, action or proceeding
                                         and indemnity reasonably satisfactory to the Trustee to protect and hold harmless the
                                         Trustee against the costs, charges and expenses and liabilities to be incurred thereby
                                         and any loss and damage it may suffer by reason thereof.

 

		(b)	None
                                         of the provisions contained in 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 or in the exercise of any of its rights or powers unless indemnified as aforesaid.

 

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		(c)	The
                                         Trustee may, before commencing or at any time during the continuance of any such act,
                                         action or proceeding require the Holders of Notes of a series at whose instance it is
                                         acting to deposit with the Trustee such Notes held by them for which Notes the Trustee
                                         shall issue receipts.

 

		(d)	Unless
                                         an action is expressly directed or required herein, the Trustee shall request instructions
                                         from the Holders with respect to any actions or approvals which, by the terms of this
                                         Indenture, the Trustee is permitted to take or to grant (including any such actions or
                                         approvals that are to be taken in the Trustee’s “discretion” or “opinion”,
                                         or to its “satisfaction”, or words to similar effect), and the Trustee shall
                                         refrain from taking any such action or withholding any such approval and shall not be
                                         under any liability whatsoever as a result thereof until it shall have received such
                                         instructions by way of resolution from the Holders in accordance with this Indenture.

 

	11.14	Authority
                                         to Carry on Business

 

The
Trustee represents to the Issuer that at the date of execution and delivery by it of this Indenture it is authorized to carry
on the business of a trust company in the Provinces of British Columbia and Alberta but if, notwithstanding the provisions of
this Section 11.14, it ceases to be so authorized to carry on business, the validity and enforceability of this Indenture and
the securities issued hereunder shall not be affected in any manner whatsoever by reason only of such event but the Trustee shall,
within 90 days after ceasing to be authorized to carry on the business of a trust company in any province of Canada, either become
so authorized or resign in the manner and with the effect specified in Section 11.2.

 

	11.15	Compensation
                                         and Indemnity

 

		(a)	The
                                         Issuer shall pay to the Trustee from time to time compensation for its services hereunder
                                         as agreed separately by the Issuer and the Trustee, and shall pay or reimburse the Trustee
                                         upon its request for all reasonable expenses, disbursements and advances incurred or
                                         made by the Trustee in the administration or execution of its duties under this Indenture
                                         (including the reasonable and documented compensation and disbursements of its Counsel
                                         and all other advisers and assistants not regularly in its employ), both before any default
                                         hereunder and thereafter until all duties of the Trustee under this Indenture shall be
                                         finally and fully performed. The Trustee’s compensation shall not be limited by
                                         any law on compensation of a trustee of an express trust.

 

		(b)	The
                                         Issuer hereby indemnifies and saves harmless the Trustee and its directors, officers,
                                         employees and shareholders from and against any and all loss, damages, charges, expenses,
                                         claims, demands, actions or liability whatsoever which may be brought against the Trustee
                                         or which it may suffer or incur as a result of or arising out of the performance of its
                                         duties and obligations hereunder save only in the event of the gross negligence or wilful
                                         misconduct of the Trustee. This indemnity will survive the termination or discharge of
                                         this Indenture and the resignation or removal of the Trustee. The Trustee shall notify
                                         the Issuer promptly of any claim for which it may seek indemnity. The Issuer shall defend
                                         the claim and the Trustee shall cooperate in the defence. The Trustee may have separate
                                         Counsel and the Issuer shall pay the reasonable fees and expenses of such Counsel. The
                                         Issuer need not pay for any settlement made without its consent, which consent must not
                                         be unreasonably withheld. This indemnity shall survive the resignation or removal of
                                         the Trustee or the discharge of this Indenture.

 

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		(c)	The
                                         Issuer need not reimburse any expense or indemnify against any loss or liability incurred
                                         by the Trustee through gross negligence or wilful misconduct on the part of the Trustee.

 

	11.16	Acceptance
                                         of Trust

 

The
Trustee hereby accepts the trusts in this Indenture declared and provided for and agrees to perform the same upon the terms and
conditions herein set forth and to hold all rights, privileges and benefits conferred hereby and by law in trust for the various
Persons who shall from time to time be Holders, subject to all the terms and conditions herein set forth.

 

	11.17	Anti-Money
                                         Laundering

 

The
Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for
any other reason whatsoever, the Trustee, in its sole judgment, acting reasonably, determines that such act might cause it to
be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further,
should the Trustee, in its sole judgment, acting reasonably, determine at any time that its acting under this Indenture has resulted
in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline,
then it shall have the right to resign on 10 days’ prior written notice sent to all parties hereto; provided that (A) the
written notice shall describe the circumstances of such non-compliance; and (B) if such circumstances are rectified to the Trustee’s
satisfaction within such 10 day period, then such resignation shall not be effective.

 

	11.18	Privacy

 

		(a)	The
                                         parties hereto acknowledge that the Trustee may, in the course of providing services
                                         hereunder, collect or receive financial and other personal information about such parties
                                         and/or their representatives, as individuals, or about other individuals related to the
                                         subject matter hereof, and use such information for the following purposes:

 

		(i)	to
                                         provide the services required under this Indenture and other services that may be requested
                                         from time to time;

 

		(ii)	to
                                         help the Trustee manage its servicing relationships with such individuals;

 

		(iii)	to
                                         meet the Trustee’s legal and regulatory requirements; and

 

		(iv)	if
                                         social insurance or social security numbers are collected by the Trustee, to perform
                                         tax reporting and to assist in verification of an individual’s identity for security
                                         purposes.

 

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		(b)	Each
                                         party acknowledges and agrees that the Trustee may receive, collect, use and disclose
                                         personal information provided to it or acquired by it in the course of providing services
                                         under this Indenture for the purposes described above and, generally, in the manner and
                                         on the terms described in its privacy code, which the Trustee shall make available on
                                         its website or upon request, including revisions thereto. The Trustee may transfer some
                                         of that personal information to service providers in the United States for data processing
                                         and/or storage. Further, each party agrees that it shall not provide or cause to be provided
                                         to the Trustee any personal information relating to an individual who is not a party
                                         to this Indenture unless that party has assured itself that such individual understands
                                         and has consented to the aforementioned uses and disclosures.

 

Article
12

AMENDMENT, SUPPLEMENT AND WAIVER

 

	12.1	Ordinary
                                         Consent

 

Except
as provided in Sections 12.2 and 12.3, with the affirmative votes of the Holders of at least a majority in principal amount of
the Notes represented and voting at a meeting of Holders, or by a resolution in writing of the Holders of at least a majority
in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase
of, or exchange offer for, Notes):

 

		(a)	this
                                         Indenture, the Notes, the Guarantees and the Security Documents may each be amended or
                                         supplemented, and

 

		(b)	any
                                         existing Default or Event of Default (other than a Default or Event of Default in the
                                         payment of the principal or, premium (if any) or interest on the Notes, except such Default
                                         or Event of Default resulting from an acceleration that has been rescinded) or lack of
                                         compliance with any provision of this Indenture, the Notes, Guarantees or the Security
                                         Documents may be waived,

 

provided
that if any such amendment, supplement or waiver affects only one or more series of Notes, then consent to such amendment,
supplement or waiver shall only be required to be obtained from the Holders of such affected series of Notes.

 

	12.2	Special
                                         Consent

 

		(a)	Notwithstanding
                                         Section 12.1, without the consent of, or a resolution passed by the affirmative votes
                                         of or signed by each Holder affected, an amendment, supplement or waiver may not (with
                                         respect to any Notes of any series held by a non-consenting Holder):

 

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

 

		(ii)	reduce
                                         the principal of or change the fixed maturity of any Note or alter the provisions, or
                                         waive any payment with respect to the redemption of the Notes (other than with respect
                                         to any required notice periods); provided, however, that solely for the avoidance of
                                         doubt, and without any other implication, any purchase or repurchase of Notes, including
                                         pursuant Sections 6.15 and 6.16, as distinguished from any redemption of Notes, shall
                                         not be deemed a redemption of the Notes;

 

    	126

    	 

    

 

		(iii)	reduce
                                         the rate of or change the time for payment of interest on any Note;

 

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

 

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

 

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

 

		(vii)	impair
                                         the right to institute suit for the enforcement of any payment on or with respect to
                                         the Notes or the Guarantees;

 

		(viii)	amend
                                         or modify any of the provisions of this Indenture or the related definitions affecting
                                         the ranking of the Notes or any Guarantee in any manner adverse to the Holders of the
                                         Notes or any Guarantee;

 

		(ix)	modify
                                         the amending provisions under this Article 12;

 

		(x)	release
                                         any Guarantor from any of its obligations under its Guarantee, or this Indenture, except
                                         in accordance with the terms of this Indenture;

 

		(xi)	waive,
                                         amend, change or modify the obligation of the Issuer to make and consummate an Asset
                                         Sale Offer with respect to any Asset Sale in accordance with Section 6.16 after the obligation
                                         to make such Asset Sale Offer has arisen, including amending, changing or modifying any
                                         definition relating thereto;

 

		(xii)	waive,
                                         amend, change or modify in any material respect the Issuer’s obligation to make
                                         and consummate a Change of Control Offer in the event of a Change of Control in accordance
                                         with Section 6.15 after the occurrence of such Change of Control, including amending,
                                         changing or modifying any definition relating thereto;

 

		(xiii)	release
                                         any portion of the Collateral from the Lien, other than in accordance with the terms
                                         of ‎the Security Documents and this Indenture; or

 

		(xiv)	release
                                         a Guarantor from its obligations under the Guarantee or the Security Documents or make
                                         any change in this Indenture that would ‎adversely affect the rights of Holders of
                                         Notes to receive payments under the Guarantee or the Security Documents, other than in
                                         ‎accordance with the provisions of the Security Documents and Indenture.

 

    	127

    	 

    

 

	12.3	Without
                                         Consent

 

Notwithstanding
Sections 12.1 and 12.2, without the consent of any Holder, the Issuer, the Guarantors and the Trustee may amend or supplement
this Indenture, the Notes, Guarantees or the Security Documents to:

 

		(a)	cure
                                         any ambiguity, defect or inconsistency;

 

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

 

		(c)	provide
                                         for the assumption of the Issuer’s or any Guarantor’s obligations to Holders
                                         of Notes in the case of a merger, amalgamation or consolidation or sale of all or substantially
                                         all of the Issuer’s or such Guarantor’s assets or otherwise comply with Section
                                         10.1;

 

		(d)	make
                                         any change that would provide any additional rights or benefits to the Holders of Notes
                                         or that does not materially adversely affect the legal rights under this Indenture of
                                         any Holder of Notes;

 

		(e)	add
                                         any additional Guarantors or to evidence the release of any Guarantor from its obligations
                                         under its Guarantee to the extent that such release is permitted by this Indenture, or
                                         to secure the Notes and the Guarantees or to otherwise comply with the provisions set
                                         out in Article 13;

 

		(f)	secure
                                         the Notes or any Guarantees or any other obligation under this Indenture;

 

		(g)	evidence
                                         and provide for the acceptance of appointment by a successor Trustee;

 

		(h)	‎conform
                                         the text of this Indenture, the Notes or the Guarantees to any provision ‎of the
                                         Description of Notes to the extent that such provision in this Indenture, the ‎Notes
                                         or the Guarantees was intended to be a verbatim recitation of a provision of ‎the
                                         Description of Notes‎;

 

		(i)	provide
                                         for the issuance of Additional Notes and other credit instruments in accordance with
                                         this Indenture;

 

		(j)	to
                                         enter into additional or supplemental Security Documents or to add additional parties
                                         to the ‎Security Documents to the extent permitted thereunder and under the indenture;
                                         ‎

 

		(k)	allow
                                         any Guarantor to execute a Guarantee; or

 

		(l)	to
                                         release Collateral from the First-Priority Liens when permitted or required by this Indenture
                                         or any Security Documents ‎or add assets to Collateral to secure First-Lien Indebtedness.

 

    	128

    	 

    

 

	12.4	Form
                                         of Consent

 

It
is not necessary for the consent of the Holders under Section 12.1 or 12.2 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

	12.5	Supplemental
                                         Indentures

 

		(a)	Subject
                                         to the provisions of this Indenture, the Issuer and the Trustee may from time to time
                                         execute, acknowledge and deliver Supplemental Indentures which thereafter shall form
                                         part of this Indenture, for any one or more of the following purposes:

 

		(i)	establishing
                                         the terms of any series of Notes and the forms and denominations in which they may be
                                         issued as provided in Article 2;

 

		(ii)	making
                                         such amendments not inconsistent with this Indenture as may be necessary or desirable
                                         with respect to matters or questions arising hereunder, including the making of any modifications
                                         in the form of the Notes of any series which do not affect the substance thereof and
                                         which in the opinion of the Trustee relying on an Opinion of Counsel will not be materially
                                         prejudicial to the interests of Holders;

 

		(iii)	rectifying
                                         typographical, clerical or other manifest errors contained in this Indenture or any Supplemental
                                         Indenture, or making any modification to this Indenture or any Supplemental Indenture
                                         which, in the opinion of Counsel, are of a formal, minor or technical nature and that
                                         are not materially prejudicial to the interests of the Holders;

 

		(iv)	to
                                         give effect to any amendment or supplement to this Indenture or the Notes of any series
                                         made in accordance with Sections 12.1, 12.2 or 12.3;

 

		(v)	evidencing
                                         the succession, or successive successions, of others to the Issuer or any Guarantor and
                                         the covenants of and obligations assumed by any such successor in accordance with the
                                         provisions of this Indenture; or

 

		(vi)	for
                                         any other purpose not inconsistent with the terms of this Indenture, provided that in
                                         the opinion of the Trustee (relying on an Opinion of Counsel) the rights of neither the
                                         Holders nor the Trustee are materially prejudiced thereby.

 

		(b)	Unless
                                         this Indenture expressly requires the consent or concurrence of Holders, the consent
                                         or concurrence of Holders shall not be required in connection with the execution, acknowledgement
                                         or delivery of a Supplemental Indenture contemplated by this Indenture.

 

		(c)	Upon
                                         receipt by the Trustee of (i) an Issuer Order accompanied by a Board Resolution authorizing
                                         the execution of any such Supplemental Indenture, and (ii) an Officers’ Certificate
                                         stating that such amended or Supplemental Indenture complies with this Section 12.5,
                                         the Trustee shall join with the Issuer and the Guarantors in the execution of any amended
                                         or Supplemental Indenture authorized or permitted by the terms of this Indenture and
                                         to make any further appropriate agreements and stipulations that may be therein contained.

 

    	129

    	 

    

 

		(d)	This
                                         Section 12.5 shall apply, as the context requires, to any assumption agreement or instrument
                                         contemplated by Section 10.1(a)(ii)(A).

 

Article
13

GUARANTEES

 

	13.1	Issuance
                                         of Guarantees

 

		(a)	The
                                         Guarantors providing a Guarantee on the Initial Issue Date shall execute and deliver
                                         to the Trustee the Guarantee in the form attached hereto as Appendix B.

 

		(b)	If
                                         the Issuer or any of its Restricted Subsidiaries acquires or creates another Restricted
                                         Subsidiary after the Issue Date, or if the Issuer designates any of its Unrestricted
                                         Subsidiaries as a Restricted Subsidiary in accordance with Section 6.6, and that newly
                                         acquired, created or designated Restricted Subsidiary is a secured obligor (whether as
                                         primary debtor or as secured guarantor) with respect to, or later incurs or guarantees
                                         on a secured basis, then the Issuer shall, subject to Section 6.19(a):

 

		(i)	cause
                                         such Restricted Subsidiary to provide a Guarantee within 20 Business Days by executing
                                         and delivering to the Trustee a Guarantor Accession Agreement substantially in the form
                                         attached hereto as Schedule “A” to Appendix B; and

 

		(ii)	deliver
                                         to the Trustee an Opinion of Counsel (which may contain customary exceptions) that such
                                         Guarantee has been duly authorized, executed and delivered by such Restricted Subsidiary
                                         and constitutes a legal, valid, binding and enforceable obligation of such Restricted
                                         Subsidiary,

 

and
thereafter, such Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture until it ceases to be an obligor,
whether secured or unsecured, under any such Facility Indebtedness and its Guarantee is released in accordance with Section 13.2.

 

		(c)	The
                                         Issuer may also elect to cause any other Restricted Subsidiary to issue a Guarantee and
                                         become a Guarantor.

 

		(d)	Except
                                         as set out in Section 13.2(a), a Guarantor may not sell, assign, transfer, convey or
                                         otherwise dispose of all or substantially all of its assets, in one or more related transactions,
                                         to, or consolidate or amalgamate with or merge with or into (regardless of whether such
                                         Guarantor is the surviving Person), another Person, other than the Issuer or another
                                         Guarantor, unless:

 

    	130

    	 

    

 

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

 

		(ii)	either:

 

		(A)	the
                                         Person acquiring the property in any such sale or disposition or the Person formed by
                                         or surviving any such consolidation, amalgamation or merger (if other than the Guarantor)
                                         is organized or existing under the laws of (1) the United States, any state thereof or
                                         the District of Columbia, (2) Canada or any province or territory thereof or (3) the
                                         jurisdiction of organization of the Guarantor, and assumes all the obligations of that
                                         Guarantor under this Indenture and its Guarantee by operation of law or pursuant to any
                                         agreement reasonably satisfactory to the Trustee; or

 

		(B)	such
                                         sale or other disposition or consolidation, amalgamation or merger complies with Section
                                         6.16.

 

	13.2	Release
                                         of Guarantees

 

		(a)	The
                                         Guarantee of a Guarantor will be automatically released:

 

		(i)	in
                                         connection with any sale, assignment, transfer, conveyance or other disposition of all
                                         or substantially all of the assets of that Guarantor (including by way of merger, consolidation
                                         or otherwise), in one or more related transactions, to a Person that is not (either before
                                         or after giving effect to such transaction) the Issuer or a Restricted Subsidiary of
                                         the Issuer, if the sale or other disposition does not violate Section 6.16;

 

		(ii)	in
                                         connection with any sale or other disposition of the Capital Stock of a Guarantor to
                                         a Person that is not (either before or after giving effect to such transaction) a Restricted
                                         Subsidiary of the Issuer after which such Guarantor is no longer a Subsidiary of the
                                         Issuer, if the sale of such Capital Stock of that Guarantor complies with Section 6.16;

 

		(iii)	if
                                         the Issuer properly designates any Restricted Subsidiary that is a Guarantor as an Unrestricted
                                         Subsidiary under this Indenture;

 

		(iv)	‎upon
                                         payment in full in cash of the principal of, accrued and unpaid interest and premium
                                         (if ‎any) on, the Notes; or

 

		(v)	upon
                                         Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Indenture
                                         as provided above under Article 8.

 

		(b)	The
                                         Trustee shall promptly execute and deliver a release in the form attached hereto as Schedule
                                         “B” to Appendix B together with all instruments and other documents reasonably
                                         requested by the Issuer or the applicable Restricted Subsidiary to evidence the release
                                         and termination of any Guarantee upon receipt of a request by the Issuer accompanied
                                         by an Officers’ Certificate certifying as to compliance with this Section 13.2.

 

    	131

    	 

    

 

Article
14

NOTICES

 

	14.1	Notice
                                         to Issuer

 

Any
notice to the Issuer under the provisions of this Indenture shall be valid and effective (i) if delivered to the Issuer at ‎
1155 W. Rio Salado Parkway, Suite 201, Tempe, AZ, 85281, Attention: Nicole Stanton (ii) if delivered by email to nstanton@harvestinc.com,
immediately upon sending the email, provided that if such email is not sent during the normal business hours of the recipient,
such email shall be deemed to have been sent at the opening of business on the next business day for the recipient, or (iii) if
given by registered letter, postage prepaid, to such office and so addressed and if mailed, five days following the mailing thereof.
The Issuer may from time to time notify the Trustee in writing of a change of address which thereafter, until changed by like
notice, shall be the address of the Issuer for all purposes of this Indenture.

 

	14.2	Notice
                                         to Holders

 

		(a)	All
                                         notices to be given hereunder with respect to the Notes shall be deemed to be validly
                                         given to the Holders thereof if sent by first class mail, postage prepaid, or, if agreed
                                         to by the applicable recipient, by email, by letter or circular addressed to such Holders
                                         at their post office addresses appearing in any of the registers hereinbefore mentioned
                                         and shall be deemed to have been effectively given five days following the day of mailing,
                                         or immediately upon sending the email, provided that if such email is not sent during
                                         the normal business hours of the recipient, such email shall be deemed to have been sent
                                         at the opening of business on the next business day for the recipient, as applicable.
                                         Accidental error or omission in giving notice or accidental failure to mail notice to
                                         any Holder or the inability of the Issuer to give or mail any notice due to anything
                                         beyond the reasonable control of the Issuer shall not invalidate any action or proceeding
                                         founded thereon.

 

		(b)	If
                                         any notice given in accordance with Section 14.2(a) would be unlikely to reach the Holders
                                         to whom it is addressed in the ordinary course of post by reason of an interruption in
                                         mail service, whether at the place of dispatch or receipt or both, the Issuer shall give
                                         such notice by publication at least once in a daily newspaper of general national circulation
                                         in Canada.

 

		(c)	Any
                                         notice given to Holders by publication shall be deemed to have been given on the day
                                         on which publication shall have been effected at least once in each of the newspapers
                                         in which publication was required.

 

		(d)	All
                                         notices with respect to any Note may be given to whichever one of the Holders thereof
                                         (if more than one) is named first in the registers hereinbefore mentioned, and any notice
                                         so given shall be sufficient notice to all Holders of any Persons interested in such
                                         Note.

 

    	132

    	 

    

 

	14.3	Notice
                                         to Trustee

 

Any
notice to the Trustee under the provisions of this Indenture shall be valid and effective: (i) if delivered to the Trustee at
its principal office in the City of Vancouver, British Columbia at ‎323 – 409 Granville Street, Vancouver, British Columbia
V6C 1T2‎, Attention: Corporate Trust, (ii) if delivered by email to corptrust@odysseytrust.com, immediately upon sending the
email, provided that if such email is not sent during the normal business hours of the recipient, such email shall be deemed to
have been sent at the opening of business on the next business day for the recipient, or (iii) if given by registered letter,
postage prepaid, to such office and so addressed and, if mailed, shall be deemed to have been effectively given five days following
the mailing thereof.

 

	14.4	Mail
                                         Service Interruption

 

If
by reason of any interruption of mail service, actual or threatened, any notice to be given to the Trustee would reasonably be
unlikely to reach its destination by the time notice by mail is deemed to have been given pursuant to Section 14.3, such notice
shall be valid and effective only if delivered at the appropriate address in accordance with Section 14.3.

 

Article
15

MISCELLANEOUS

 

	15.1	Copies
                                         of Indenture

 

Any
Holder may obtain a copy of this Indenture without charge by writing to the Issuer at 1155 W. Rio Salado Parkway, Suite 201, Tempe,
AZ, 85281, Attention: Nicole Stanton.

 

	15.2	Force
                                         Majeure

 

Except
for the payment obligations of the Issuer contained herein, neither the Issuer nor the Trustee shall be liable to the other, or
held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained
herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes,
or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions
or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because
of any delay that is excusable under this Section 15.2.

 

	15.3	Waiver
                                         of Jury Trial

 

EACH
OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF THIS INDENTURE, THE NOTES OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF
THIS INDENTURE. The scope of this waiver is intended to encompass any and all disputes that may be filed in any court and that
relate to the subject matter of this Indenture, including contract claims, tort claims, breach of duty claims, and all other common
law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into a business relationship,
that such party has already relied on the waiver in entering into this Indenture, and that such party shall continue to rely on
the waiver in its related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver
with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel.
In the event of litigation, this Indenture may be filed as a written consent to a trial by the court without a jury.

 

    	133

    	 

    

 

Article
16

EXECUTION AND FORMAL DATE

 

	16.1	Execution

 

This
Indenture may be simultaneously executed in several counterparts, each of which when so executed shall be deemed to be an original
and such counterparts together shall constitute one and the same instrument. Delivery of an executed signature page to this Indenture
by any party hereto by facsimile transmission or PDF shall be as effective as delivery of a manually executed copy of this Indenture
by such party.

 

	16.2	Formal
                                         Date

 

For
the purpose of convenience, this Indenture may be referred to as bearing the formal date of December 20, 2019, irrespective of
the actual date of execution hereof.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	134

    	 

    

 

IN
WITNESS whereof the parties hereto have executed these presents under their respective corporate seals and the hands of their
proper officers in that behalf.

 

	 	ISSUER:
	 	 
	 	HARVEST HEALTH & RECREATION INC.
	 	 
	 	Per:	/s/
    Steve White
	 	Name:	Steve
White
	 	Title:	Chief
Executive Officer

 

	 	TRUSTEE:
	 	 
	 	ODYSSEY TRUST COMPANY
	 	 
	 	Per:	/s/
    Dan Sander
	 	Name:	Dan
Sander
	 	Title:	VP,
Corporate Trust
	 	 	 
	 	Per:	/s/
    Gloria Gherasim
	 	Name:	Gloria
Gherasim
	 	Title:	Director,
Client Services

 

    	 

    	- 1
                                                                                                                                                                                                                     -

    

 

Appendix
A

FORM OF Unit Notes AND Coupon Notes

 

THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THIS INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR
A NOMINEE THEREOF. THIS NOTE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR NOTES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN
THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THIS
INDENTURE. EVERY NOTE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS NOTE
SHALL BE A GLOBAL NOTE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THIS INDENTURE.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”)
TO HARVEST HEALTH & RECREATION INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF,
CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND IT IS A VIOLATION OF ITS RIGHTS FOR
ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE. [INSERT GLOBAL NOTES LEGEND FOR ALL GLOBAL NOTES]

 

For
Notes originally issued for the benefit or account of a U.S. Holder (other than an Original U.S. Holder that is a Qualified Institutional
Buyer), and each Definitive Note issued in exchange therefor or in substitution thereof, also include the following legends:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY ACQUIRING
SUCH SECURITIES, AGREES, FOR THE BENEFIT OF HARVEST HEALTH & RECREATION INC. (THE “ISSUER”), THAT SUCH SECURITIES
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE ISSUER; (B) OUTSIDE THE UNITED
STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS
AND REGULATIONS, (C) IN COMPLIANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S.
SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION
THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE
CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION FROM COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE ISSUER MUST FIRST BE PROVIDED. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY”
IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

 

    	 

    	- 2 -

    

 

	 	CUSIP
    ●
	 	ISIN
    CA●
	No.●	US$●

 

HARVEST
HEALTH & RECREATION INC.

 

(a
corporation formed under the laws of the Business Corporations Act (British Columbia))

 

[9.25/15]%
SENIOR SECURED NOTES DUE DECEMBER 19, 2022

 

HARVEST
HEALTH & RECREATION INC. (the “Issuer”) for value received hereby acknowledges itself indebted and, subject to
the provisions of the trust indenture dated as of December 20, 2019 (the “Indenture”) between the Issuer and Odyssey
Trust Company (the “Trustee”), promises to pay to the registered holder hereof on December 19, 2022 (the “Stated
Maturity”) or on such earlier date as the principal amount hereof may become due in accordance with the provisions of this
Indenture the principal sum of [●] dollars ($[●]) in lawful money of the United States of America on presentation and surrender
of this Note (the “Note”) at the main branch of the Trustee in Vancouver, British Columbia, in accordance with the
terms of this Indenture and, subject as hereinafter provided, to pay interest on the principal amount hereof (i) from and including
the date hereof, or (ii) from and including the last Interest Payment Date to which interest shall have been paid or made available
for payment hereon, whichever shall be the later, in all cases, to and excluding the next Interest Payment Date, at the rate of
[9.25/15]% per annum, in like money, calculated and payable semi-annually in arrears on June 30 and December 31 in each
year commencing on June 30, 2020, and the last payment (representing interest payable from the last Interest Payment Date to,
but excluding, the Maturity of this Note) to fall due on the Maturity of this Note and, should the Issuer at any time make default
in the payment of any principal or interest, to pay interest on the amount in default at a rate that is 2% higher than the applicable
interest rate on the Notes, in like money and on the same dates.

 

Interest
on this Note will be computed on the basis of a 365-day or 366-day year, as applicable, and will be payable in equal semi-annual
amounts; provided that for any Interest Period that is shorter than a full semi-annual interest period, interest shall be calculated
on the basis of a year of 365 days or 366 days, as applicable, and the actual number of days elapsed in that period.

 

If
the date for payment of any amount of principal, premium or interest is not a Business Day at the place of payment, then payment
will be made on the next Business Day and the holder hereof will not be entitled to any further interest on such principal, or
to any interest on such interest, premium or other amount so payable, in respect of the period from the date for payment to such
next Business Day.

 

    	 

    	- 3 -

    

 

Interest
hereon shall be payable by cheque mailed by prepaid ordinary mail or by electronic transfer of funds to the registered holder
hereof and, subject to the provisions of this Indenture, the mailing of such cheque or the electronic transfer of such funds shall,
to the extent of the sum represented thereby (plus the amount of any Taxes deducted or withheld), satisfy and discharge all liability
for interest on this Note.

 

This
Note is one of the [Unit/Coupon] Notes of the Issuer issued under the provisions of this Indenture. Reference is hereby
expressly made to this Indenture for a description of the terms and conditions upon which this Note and other Notes of the Issuer
are or are to be issued and held and the rights and remedies of the holder of this Note and other Notes and of the Issuer and
of the Trustee, all to the same effect as if the provisions of this Indenture were herein set forth to all of which provisions
the holder of this Note by acceptance hereof assents.

 

Coupon
Notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. Upon compliance with
the provisions of this Indenture, Notes of any denomination may be exchanged for an equal aggregate principal amount of Notes
in any other authorized denomination or denominations.

 

The
indebtedness evidenced by this Note, and by all other Unit/Coupon] Notes now or hereafter certified and delivered under
this Indenture, is a direct senior secured obligation of the Issuer.

 

The
principal hereof may become or be declared due and payable before the Stated Maturity in the events, in the manner, with the effect
and at the times provided in this Indenture.

 

This
Note may be redeemed at the option of the Issuer on the terms and conditions set out in this Indenture at the Redemption Price
therein. The right is reserved to the Issuer to purchase Notes (including this Note) for cancellation in accordance with the provisions
of this Indenture.

 

Upon
the occurrence of a Change of Control, the Holders may require the Issuer to repurchase such Holder’s Notes, in whole or
in part, at a purchase price in cash equal to 101% of the principal amount of such Notes, plus accrued and unpaid interest, if
any, to the date of purchase.

 

This
Indenture contains provisions making binding upon all Holders of Notes outstanding thereunder resolutions passed at meetings of
such Holders held in accordance with such provisions and instruments signed by the Holders of a specified majority of Notes outstanding
(or certain series of Notes outstanding), which resolutions or instruments may have the effect of amending the terms of this Note
or this Indenture.

 

This
Note may only be transferred, upon compliance with the conditions prescribed in this Indenture, in one of the registers to be
kept at the principal office of the Trustee in Vancouver, British Columbia and in such other place or places and/or by such other
Registrars (if any) as the Issuer with the approval of the Trustee may designate. No transfer of this Note shall be valid unless
made on the register by the registered holder hereof or his executors or administrators or other legal representatives, or his
or their attorney duly appointed by an instrument in form and substance satisfactory to the Trustee or other registrar, and upon
compliance with such reasonable requirements as the Trustee and/or other registrar may prescribe and upon surrender of this Note
for cancellation. Thereupon a new Note or Notes in the same aggregate principal amount shall be issued to the transferee in exchange
hereof.

 

    	 

    	- 4 -

    

 

This
Note shall not become obligatory for any purpose until it shall have been authenticated by the Trustee under this Indenture.

 

This
Note and this Indenture are governed by, and are to be construed and enforced in accordance with, the laws of the Province of
British Columbia and the laws of Canada applicable therein.

 

Capitalized
words or expressions used in this Notes shall, unless otherwise defined herein, have the meaning ascribed thereto in this Indenture.

 

IN
WITNESS WHEREOF HARVEST HEALTH & RECREATION INC. has caused this Note to be signed by its authorized representatives as
of [_____________], 20__.

 

	 	HARVEST
    HEALTH & RECREATION INC.
	 	 
	 	Per:	                                    
	 	 	Name:
	 	 	Title:

 

    	 

    	- 5 -

    

 

(FORM
OF TRUSTEE’S CERTIFICATE)

 

This
Note is one of the Harvest Health & Recreation Inc. [9.25/15]% Senior Secured Notes due December 19, 2022 referred
to in this Indenture within mentioned.

 

	ODYSSEY
    TRUST COMPANY	 
	 	 
	Per:	                                             	 
	 	Name:	 
	 	Title:	 
	 	 
	Per:	                                                   	 
	 	Name:	 
	 	Title:	 

 

(FORM
OF REGISTRATION PANEL)

 

(No
writing hereon except by Trustee or other registrar)

 

	Date
    of Registration	 	In
    Whose Name Registered	 	Signature
    of Trustee or Registrar
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	- 6 -

    

 

FORM
OF ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _____________________________, whose address and social
insurance number, if applicable are set forth below, this Note (or $_________________ principal amount hereof) of HARVEST HEALTH
& RECREATION INC. standing in the name(s) of the undersigned in the register maintained by the Issuer with respect to such
Note and does hereby irrevocably authorize and direct the Trustee to transfer such Note in such register, with full power of substitution
in the premises.

 

	Dated:	 

 

	Address
    of Transferee:	 
	 	(Street
    Address, City, Province and Postal Code)

 

	Social
    Insurance Number of Transferee, if applicable:	 

 

If
less than the full principal amount of the within Note is to be transferred, indicate in the space provided the principal amount
(which must be $1,000 or an integral multiple of $1,000) to be transferred.

 

In
the case of a Note that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one
(only) of the following must be checked):

 

	[  ]	(A)	the
    transfer is being made to the Issuer;
	 	 	 
	[  ]	(B)	the
    transfer is being made outside the United States in compliance with Rule 904 of Regulation S under the U.S. Securities Act
    of 1933, as amended (the “U.S. Securities Act”), and in compliance with any applicable local laws and regulations
    and the holder has provided herewith the Declaration for Removal of Legend attached as Appendix C to the Indenture, or
	 	 	 
	[  ]	(C)	the
    transfer is being made in accordance with a transaction that does not require registration under the U.S. Securities Act or
    any applicable state securities laws and the undersigned has furnished to the Issuer and the Trustee an opinion of counsel
    of recognized standing or other evidence in form and substance reasonably satisfactory to the Issuer to such effect. 

 

In
the case of a Note that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit
of a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Note is being
completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities
laws, in which case the undersigned has furnished to the Issuer and the Trustee an opinion of counsel of recognized standing in
form and substance reasonably satisfactory to the Issuer to such effect.

 

    	 

    	- 7 -

    

 

	1.	The
                                         signature(s) to this assignment must correspond with the name(s) as written upon the
                                         face of the Note in every particular without alteration or any change whatsoever. The
                                         signature(s) must be guaranteed by a Canadian chartered bank of trust company or by a
                                         member of an acceptable Medallion Guarantee Program. Notarized or witnessed signatures
                                         are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing
                                         the actual words: “SIGNATURE GUARANTEED”.

 

	2.	The
                                         registered holder of this Note is responsible for the payment of any documentary, stamp
                                         or other transfer taxes that may be payable in respect of the transfer of this Note.

 

Signature
of Guarantor

 

	 	 	 
	Authorized
    Officer	 	Signature
    of transferring registered holder
	 	 	 
	 	 	 
	Name
    of Institution	 	 

 

    	 

    	 

    

 

Appendix
B

FORM OF GuarantY

 

(see
attached)

 

Guaranty

 

    	 

    	 

    

 

Execution
Version

 

GUARANTEE

 

THIS
GUARANTEE dated as of December 20, 2019, is executed by each of the Restricted Subsidiaries signatory hereto (together with each
Person executing a Guarantee Supplement as an Additional Guarantor in accordance with this Guarantee each, individually, a “Guarantor”,
and, collectively, the “Guarantors”) in favor of Odyssey Trust Company, as trustee (the “Trustee”),
as Trustee under the Indenture (as defined below).

 

RECITALS

 

WHEREAS,
Harvest Health & Recreation Inc., a corporation continued under the Business Corporations Act (British Columbia) (the
“Issuer”) is party to that certain Indenture dated as of December 20, 2019, between the Issuer and the Trustee
(the “Indenture”). Capitalized terms used but not otherwise defined herein shall have the meaning given to
such terms under the Indenture;

 

WHEREAS,
the Issuer will issue senior secured notes (the “Notes”) pursuant to the terms of the Indenture to be held
by certain noteholders (each a “Noteholder” and, collectively, the “Noteholders”); and

 

WHEREAS,
each Guarantor will benefit from the making of loans pursuant to the Indenture and is willing to guarantee the Liabilities (as
defined below) as hereinafter set forth.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby,
unconditionally and irrevocably, as primary obligor and not merely as surety, guarantees the full and prompt payment when due,
whether by acceleration or otherwise, and at all times thereafter, of: (a) all obligations (monetary or otherwise) of the Issuer
to each of the Trustee and each of the Noteholders (as defined below) under or in connection with the Indenture, the Notes the
Security Documents and any other document or instrument executed in connection therewith and (b) all reasonable out-of-pocket
costs and expenses (including reasonable attorneys’ fees and charges) paid or incurred by the Trustee or any Noteholder
in enforcing this Guarantee, any Security Document or any other applicable document against such Guarantor (all such obligations
being herein collectively called the “Liabilities”); provided that the liability of such Guarantor hereunder
shall be limited to the maximum amount of the Liabilities that such Guarantor may guarantee without violating any fraudulent conveyance
or fraudulent transfer law.

 

Each
Guarantor agrees that if any Event of Default occurs under Article 7 of the Indenture, at a time when the Liabilities are not
otherwise due and payable (whether due to a judicial stay of acceleration or otherwise), then such Guarantor will pay to the Trustee
for the account of the Noteholders forthwith the full amount that would be payable hereunder by such Guarantor if all Liabilities
were then due and payable, subject to applicable law.

 

This
Guarantee shall in all respects be a continuing, irrevocable, absolute and unconditional guarantee of payment and performance
and not merely a guarantee of collectability and shall remain in full force and effect (notwithstanding the dissolution of any
of any Guarantor, that at any time or from time to time no Liabilities arc outstanding or any other circumstances) until such
time as set forth in the Indenture.

 

Guaranty

 

    	 

    	-2-

    

 

Each
Guarantor further agrees that if at any time all or any part of any payment theretofore applied by the Trustee or any Noteholder
to any of the Liabilities is or must be rescinded or returned by the Trustee or such Noteholder for any reason whatsoever (including
the insolvency, bankruptcy or reorganization of the Issuer or any Guarantor), such Liabilities shall, for purposes of this Guarantee,
to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence, notwithstanding
such application by the Trustee or such Noteholder, and this Guarantee shall continue to be effective or be reinstated, as the
case may be, as to such Liabilities, all as though such application by the Trustee or such Noteholder had not been made, subject
to applicable law.

 

The
Trustee or any Noteholder may, from time to time, at its sole discretion and without notice to any Guarantor, take any or all
of the following actions without affecting any of the obligations of any Guarantor hereunder, subject, in each case, to applicable
law: (a) retain or obtain a security interest in any property to secure any of the Liabilities or any obligation hereunder, (b)
retain or obtain the primary or secondary obligation of any obligor or obligors, in addition to each Guarantor, with respect to
any of the Liabilities, (c) extend or renew any of the Liabilities for one or more periods (whether or not longer than the original
period), alter or exchange any of the Liabilities, or release or compromise any obligation of any of any Guarantor hereunder or
any obligation of any nature of any other obligor with respect to any of the Liabilities, (d) release any security interest in,
or surrender, release or permit any substitution or exchange for, any part of any property securing any of the Liabilities or
any obligation hereunder, or extend or renew for one or more periods (whether or not longer than the original period) or release,
compromise, alter or exchange any obligations of any nature of any obligor with respect to any such property, and (e) resort to
any Guarantor for payment of any of the Liabilities when due, whether or not the Trustee or such Noteholder shall have resorted
to any property securing any of the Liabilities or any obligation hereunder or shall have proceeded against any other Guarantor
or any other obligor primarily or secondarily obligated with respect to any of the Liabilities.

 

Each
Guarantor hereby expressly waives: (a) notice of the acceptance of this Guarantee by the Trustee or any Noteholder, (b) notice
of the existence or creation or non-payment of all or any of the Liabilities, (c) presentment, demand, notice of dishonor, protest,
and all other notices whatsoever, and (d) all diligence in collection or protection of or realization upon any Liabilities or
any security for or guarantee of any Liabilities.

 

Notwithstanding
any payment made by or for the account of any Guarantor pursuant to this Guarantee, no Guarantor shall be subrogated to any right
of the Trustee or any Noteholder until such time as the Trustee and the Noteholders shall have received final payment in cash
of the full amount of all Liabilities.

 

Each
Guarantor further agrees to pay all expenses (including the reasonable attorneys’ fees and charges) paid or incurred by
the Trustee or any Noteholder in endeavoring to collect the Liabilities from such Guarantor, or any part thereof; and in enforcing
this Guarantee against such Guarantor.

 

The
creation or existence from time to time of additional Liabilities to the Trustee or the Noteholders or any of them is hereby authorized,
without notice to any Guarantor, and shall in no way affect or impair the rights of the Trustee or the Noteholders or the obligations
of any Guarantor under this Guarantee, including any Guarantor’s guarantee of such additional Liabilities.

 

    	 

    	-3-

    

 

The
Trustee and any Noteholder may from time to time, without notice to any Guarantor, assign or transfer any of the Liabilities or
any interest therein; and, notwithstanding any such assignment or transfer or any subsequent assignment or transfer thereof, such
Liabilities shall be and remain Liabilities for the purposes of this Guarantee, and each and every immediate and successive assignee
or transferee of any of the Liabilities or of any interest therein shall, to the extent of the interest of such assignee or transferee
in the Liabilities, be entitled to the benefits of this Guarantee to the same extent as if such assignee or transferee were a
n original Noteholder.

 

No
delay on the part of the Trustee or any Noteholder in the exercise of any right or remedy shall operate as a waiver thereof, and
no single or partial exercise by the Trustee or any Noteholder of any right or remedy shall preclude other or further exercise
thereof or the exercise of any other right or remedy; nor shall any modification or waiver of any provision of this Guarantee
be binding upon the Trustee or the Noteholder, except as expressly set forth in a writing duly signed and delivered on behalf
of the Trustee. No action of the Trustee or any Noteholder permitted hereunder shall in any way affect or impair the rights of
the Trustee or any Noteholder or the obligations of any Guarantor under this Guarantee. For purposes of this Guarantee, Liabilities
shall include all obligations of the Issuer to the Trustee or any Noteholder arising under or in connection with the Indenture,
any Note, any Security Document or any other document or instrument executed in connection therewith, notwithstanding any right
or power of the Issuer or anyone else to assert any claim or defense as to the invalidity or unenforceability of any obligation,
and no such claim or defense shall affect or impair the obligations of any Guarantor hereunder.

 

Pursuant
to the Indenture, (a) this Guarantee has been delivered to the Trustee and (b) the Trustee has been authorized to enforce this
Guarantee on behalf of itself and each of the Noteholders. All payments by any Guarantor pursuant to this Guarantee shall be made
to the Trustee for the benefit of the Noteholders (and any amount received by the Trustee for the account of a Noteholder shall,
subject to the other provisions of this Guarantee, be deemed received by such Noteholder upon receipt by the Trustee).

 

This
Guarantee shall be binding upon each Guarantor and the successors and assigns of such Guarantor; and to the extent the Issuer
or any Guarantor is a partnership, corporation, limited liability company or other entity, all references herein to the Issuer
and any Guarantor, respectively, shall be deemed to include any successor or successors, whether immediate or remote, to such
entity. Each Guarantor shall be jointly and severally obligated hereunder.

 

THE
VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS GUARANTEE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW),
EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR
COLLATERAL ARE MANDATORILY GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. Whenever possible, each
provision of this Guarantee and any other statement, instrument or transaction contemplated hereby or relating hereto shall be
interpreted so as to be effective and valid under such applicable law, but if any provision of this Guarantee or any other statement,
instrument or transaction contemplated hereby or relating hereto is held to be prohibited or invalid under such applicable law,
such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision, the remaining provisions of this Guarantee or any other statement, instrument or transaction contemplated hereby
or relating hereto.

 

    	 

    	-4-

    

 

This
Guarantee may be executed in any number of counterparts and by the different parties hereto on separate counterparts, and each
such counterpart shall be deemed to be an original, but all such counterparts shall together constitute one and the same Guarantee.
Delivery of a counterpart hereof, or a signature page hereto, by facsimile or in a .pdf or similar file shall be effective as
delivery of a manually executed original counterpart thereof. At any time after the date of this Guarantee, one or more additional
Persons may become parties hereto by executing and delivering to the Trustee a counterpart of this Guarantee.

 

Other
than automatic modifications related to the addition of a party hereto as described in the preceding paragraph, no amendment,
modification or waiver of, or consent with respect to, any provision of this Guarantee shall be effective unless the same shall
be in writing and signed and delivered by the Trustee, and then such amendment, modification, waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given.

 

Upon
the execution and delivery by any Person of a guarantee supplement in substantially the form of Exhibit A hereto (each
a “Guarantee Supplement”), such Person shall be referred to as an “Additional Guarantor” and shall
be and become a Guarantor, and each reference in this Guarantee to “Guarantor” shall also mean and refer to such Additional
Guarantor.

 

EACH
GUARANTOR AND THE COLLATERAL TRUSTEE ON BEHALF OF ITSELF AND EACH HOLDER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION
OF ANY UNITED STATES FEDERAL OR STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS GUARANTEE, IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY
SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE COLLATERAL TRUSTEE
TO BRING PROCEEDINGS AGAINST ANY GUARANTOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY GUARANTOR AGAINST
THE COLLATERAL TRUSTEE OR ANY AFFILIATE OF THE COLLATERAL TRUSTEE INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING
OUT OF, RELATED TO OR CONNECTED WITH THIS GUARANTEE SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. TO THE EXTENT PERMITTED
BY APPLICABLE LAW, EACH GUARANTOR HEREBY WAIVES ALL RIGHTS TO A JUDICIAL HEARING OF ANY KIND PRIOR TO THE COLLATERAL TRUSTEE’S
EXERCISE OF ITS RIGHTS TO POSSESSION OF THE COLLATERAL FOLLOWING THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT
WITHOUT JUDICIAL PROCESS OR OF ITS RIGHTS TO REPLEVY, ATTACH OR LEVY UPON THE COLLATERAL WITHOUT PRIOR NOTICE OR HEARING. EACH
GUARANTOR ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY COUNSEL OF ITS CHOICE WITH RESPECT TO THIS PROVISION AND THIS GUARANTEE. EACH
GUARANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, TO THE ADDRESS SET FORTH
BENEATH ITS NAME ON SCHEDULE “I” (OR SUCH OTHER ADDRESS AS IT SHALL HAVE SPECIFIED IN WRITING TO THE TRUSTEE AS ITS
ADDRESS FOR NOTICES HEREUNDER) OR BY PERSONAL SERVICE AT SUCH ADDRESS OR ELSEWHERE.

 

    	 

    	-5-

    

 

EACH
GUARANTOR AND THE TRUSTEE AND EACH NOTEHOLDER, BY THEIR ACCEPTANCE OF THIS GUARANTEE, IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE, ANY OTHER DOCUMENT ASSOCIATED HEREWITH AND
ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 

 

[Signature
pages follow.]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, this Guarantee has been duly executed and delivered as of the date first above written.

 

	Address
    for Guarantors:	GUARANTORS:
	 	 
	c/o
    Harvest Health & Recreation Inc.	ABEDON
    SAIZ, L.L.C.,
	1155
    W. Rio Solado Parkway	an
    Arizona limited liability company
	Suite
    201	 
	Tempe,
    AZ 85281	By:	                            
	Attn:
    Leo Jaschke, Chief Financial Officer	Name: Leo Jaschke
	Email:
    ljaschke@harvestinc.com	Title: Manager
	 	 	 
	 	AD,
    LLC,
	 	an
    Arizona limited liability company
	 	 
	 	By:	 
	 	Name: Howard Hintz
	 	Title: President
	 	 
	 	BRLS
    PROPERTIES AZ-W BELL ROAD, LLC,
	 	an
    Arizona limited liability company
	 	 
	 	By:	 
	 	Name: Steve White
	 	Title: Chief Executive Officer
	 	 
	 	BYERS
    DISPENSARY, INC.,
	 	an
    Arizona corporation
	 	 
	 	By:	 
	 	Name: Howard Hintz
	 	Title: Director
	 	 
	 	HARVEST
    DISPENSARIES,

    CULTIVATIONS & PRODUCTION

    FACILITIES LLC,
	 	an
    Arizona limited liability company
	 	By:
    Harvest Enterprises, Inc., 
	 	its
    manager
	 	 
	 	By:
    	 
	 	Name: Steve White
	 	Title: Chief Executive Officer

 

Guarantee

 

    	 

    	 

    

 

	 	HARVEST
    IP HOLDINGS, LLC,
	 	an
    Arizona limited liability company
	 	By:
    Harvest Enterprises, Inc., 
	 	its
    member
	 	 
	 	By:	                                     
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	HIGH
    DESERT HEALING, L.L.C.,
	 	an
    Arizona limited liability company
	 	 
	 	By:	 
	 	Name:
    Jason Vedadi
	 	Title:
    Manager
	 	 
	 	JESSCO
    WHITE CONSULTING LLC,
	 	an
    Arizona limited liability company
	 	By:
    Harvest Dispensaries, Cultivations & Production Facilities LLC, 
	 	its
    member
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	KWERLES,
    INC.,
	 	an
    Arizona corporation
	 	 
	 	By:	 
	 	Name:
    Howard Hintz
	 	Title:
    Director
	 	 
	 	LEAF
    HOLDINGS, LLC,
	 	an
    Arizona limited liability company
	 	By:
    Harvest Enterprises, Inc., 
	 	its
    manager
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer

 

Guarantee

 

    	 

    	 

    

 

	 	MEDICAL
    PAIN RELIEF, INC.,
	 	an
    Arizona corporation
	 	 
	 	By:	                                       
	 	Name:
    Steve White
	 	Title:
    Director
	 	 
	 	NATURE
    MED, INC.,
	 	an
    Arizona corporation
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    President
	 	 
	 	PAHANA,
    INC.,
	 	an
    Arizona corporation
	 	 
	 	By:	 
	 	Name:
    Jason Vedadi
	 	Title:
    President
	 	 
	 	PATIENT
    CARE CENTER 301, INC.,
	 	an
    Arizona corporation
	 	 
	 	By:	 
	 	Name:
    Leo Jaschke
	 	Title:
    President
	 	 
	 	RANDY
    TAYLOR CONSULTING, LLC,
	 	an
    Arizona limited liability company
	 	By:
    Harvest Enterprises, Inc., 
	 	its
    manager
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	SHERRI
    DUNN, L.L.C.,
	 	an
    Arizona limited liability company
	 	 
	 	By:	 
	 	Name:
    Howard Hintz
	 	Title:
    Manager

 

Guarantee

 

    	 

    	 

    

 

	 	SVACCHA
    LLC,
	 	an
    Arizona limited liability company
	 	 
	 	By:	                               
	 	Name:
    Leo Jaschke
	 	Title:
    Manager
	 	 
	 	WAREHOUSE
    13, LLC,
	 	an
    Arizona limited liability company
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	805
    BEACH BREAKS INC.,
	 	a
    California corporation
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	HARVEST
    OF CALIFORNIA LLC,
	 	a
    California limited liability company
	 	By:
    Harvest Enterprises, Inc., 
	 	its
    manager
	 	 
	 	By:
    	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	HARVEST
    OF NAPA, INC.,
	 	a
    California corporation
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	HOLDINGS
    OF HARVEST CA, LLC,
	 	a
    California limited liability company
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer

 

Guarantee

 

    	 

    	 

    

 

	 	HYPERION HEALING LLC,
	 	a California limited liability company
	 	 
	 	By:	                               
	 	Name: Steve White
	 	Title: Chief Executive Officer
	 	 
	 	CBX ENTERPRISES LLC,
	 	a Colorado limited liability company
	 	 
	 	By:	 
	 	Name: Steve White
	 	Title: Chief Executive Officer
	 	 
	 	CBX SCIENCES LLC,
	 	a Colorado limited liability company
	 	 
	 	By:	 
	 	Name: Steve White
	 	Title: Chief Executive Officer
	 	 
	 	HARVEST ENTERPRISES, INC.,
	 	a Delaware corporation
	 	 
	 	By:	 
	 	Name: Steve White
	 	Title: Chief Executive Officer
	 	 
	 	HARVEST OF TOWSON, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name: Steve White
	 	Title: Chief Executive Officer
	 	 
	 	MARYLAND LICENSING, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name: Steve White
	 	Title: Chief Executive Officer

 

Guarantee

 

    	 

    	 

    

 

 

	 	SMPB
    MANAGEMENT, LLC,
	 	a Delaware
    limited liability company
	 	 
	 	By:	                             
	 	Name: Steve
    White
	 	Title:
    Chief Executive Officer
	 	 
	 	SAN
    FELASCO NURSERIES, INC.,
	 	a Florida
    corporation
	 	 
	 	By:	 
	 	Name: Steve
    White
	 	Title:
    Chief Executive Officer
	 	 
	 	HARVEST
    DCP OF MARYLAND, LLC,
	 	a Maryland
    limited liability company
	 	 
	 	By:	 
	 	Name: Steve
    White
	 	Title:
    Chief Executive Officer
	 	 
	 	HARVEST
    OF MARYLAND, INC.,
	 	a Maryland
    corporation
	 	 
	 	By:	 
	 	Name: Steve
    White
	 	Title:
    Chief Executive Officer
	 	 
	 	HARVEST
    OF MARYLAND CULTIVATION LLC,
	 	a Maryland
    limited liability company
	 	 
	 	By:	 
	 	Name: Steve
    White
	 	Title:
    Chief Executive Officer
	 	 
	 	HARVEST
    OF MARYLAND DISPENSARY LLC,
	 	a Maryland
    limited liability company
	 	 
	 	By:	 
	 	Name: Steve
    White
	 	Title:
    Chief Executive Officer

 

Guarantee

 

    	 

    	 

    

 

	 	HARVEST
    OF MARYLAND PRODUCTION LLC,
	 	a
    Maryland limited liability company
	 	 
	 	By:	                                  
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	HARVEST
    MARYLAND HOLDING, LLC,
	 	a
    Maryland limited liability company
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	CBX
    ESSENTIALS LLC,
	 	a
    Nevada limited liability company
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	HARVEST
    DCP OF PENNSYLVANIA, LLC,
	 	a
    Pennsylvania limited liability company
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer
	 	 
	 	HARVEST
    OF PA MANAGEMENT, LLC,
	 	a
    Pennsylvania limited liability company
	 	 
	 	By:	 
	 	Name:
    Steve White
	 	Title:
    Chief Executive Officer

 

Guarantee

 

    	 

    	 

    

 

EXHIBIT
A

 

SUPPLEMENT
TO GUARANTEE

 

Reference
is hereby made to the Guarantee (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Guarantee”), dated as of December 20, 2019, made by each of the Restricted Subsidiaries of Harvest Health
& Recreation Inc., a corporation continued under the Business Corporations Act (British Columbia) (the “Issuer”)
listed on the signature pages thereto (each an “Initial Guarantor”, and together with any additional Persons
which become parties to the Guarantee by executing Guarantee Supplements thereto substantially similar in form and substance hereto,
the “Guarantors”), in favor of Odyssey Trust Company, as trustee (the “Trustee”), as Trustee
under that certain Indenture dated as of December 20, 2019, between the Issuer and the Trustee (the “Indenture”),
for the ratable benefit of certain noteholders (each a “Noteholder” and, collectively, the “Noteholders”)
pursuant to the terms of the Indenture. Each capitalized term used herein and not defined herein shall have the meaning given
to it in the Guarantee.

 

The
undersigned, [NAME OF NEW GUARANTOR], a [__________] [corporation/[partnership/limited liability company] (the “New Guarantor”),
hereby agrees, as of the date first above written, to become, and does hereby become, a Guarantor under the Guarantee as if it
were an original party thereto and agrees that each reference in the Guarantee to a Guarantor shall also mean and refer to the
New Guarantor.

 

The
New Guarantor hereby jointly and severally (together with each other Guarantor) unconditionally and irrevocably guarantees the
full and prompt payment when due, whether at stated maturity, by acceleration or otherwise, all the Guarantied Obligations, subject
to all the terms of the Guarantee.

 

In
accordance with Section 6.19 of the Indenture and the terms of the Guarantee, the New Guarantor hereby agrees that, from and after
the date hereof, it shall be a “Guarantor” for all purposes of the Indenture and the Guarantee, with all the rights
and obligations of a Guarantor under the Guarantee.

 

By
its execution below, the New Guarantor represents and warrants as to itself that all of the representations and warranties contained
in the Guarantee are true and correct in all respects as of the date hereof.

 

This
Supplement to Guarantee shall be governed by and construed in accordance with the laws of the State of New York.

 

IN
WITNESS WHEREOF, the New Guarantor has executed and delivered this Supplement to Guarantee as of this __________ day of _________,
20___.

 

	 	[NAME
    OF NEW GUARANTOR]
	 	 
	 	By:	                           
	 	Name:
	 	Title:

 

Guarantee

 

    	 

    	C-1 

    

 

APPENDIX
C

FORM OF DECLARATION FOR REMOVAL OF LEGEND

 

TO:ODYSSEY
TRUST COMPANY as Trustee for the Notes of Harvest Health & Recreation Inc. (the “Issuer”)

 

AND
TO: THE ISSUER

 

The
undersigned (A) acknowledges that the sale of _______________________ (the “Securities”) of the Issuer, to
which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), and (B) certifies that (1) the undersigned is not an “affiliate”
(as that term is defined in Rule 405 under the U.S. Securities Act) of the Issuer, except solely by virtue of being an officer
or director of the Issuer; (2) the offer of such Securities was not made to a person in the United States and either (a) at the
time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf
reasonably believed that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities
of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or another “designated offshore
securities market”, and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged
with a buyer in the United States; (3) none of the seller, any affiliate of the seller or any person acting on their behalf has
engaged or will engage in any “directed selling efforts” in the United States in connection with the offer and sale
of such securities; (4) the sale is bona fide and not for the purpose of “washing off” the resale restrictions imposed
because the Securities are “restricted securities” (as that term is defined in Rule 144(a)(3) under the U.S. Securities
Act); (5) the seller does not intend to replace such Securities with fungible unrestricted securities; and (6) the contemplated
sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S under
the U.S. Securities Act, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used
herein have the meanings given to them by Regulation S under the U.S. Securities Act.

 

DATED
this ____ day of ____________________, 20_____.

 

	 	 	X
	 	 	Signature
    of individual (if Seller is an individual)
	 	 	 
	 	 	X
	 	 	Authorized
    signatory (if Seller is not an individual)
	 	 	 
	 	 	 
	 	 	Name
    of Seller (please print)
	 	 	 
	 	 	 
	 	 	Name
    of authorized signatory (please print)
	 	 	 
	 	 	 
	 	 	Official
    capacity of authorized signatory (please print)

 

Guarantee

 

    	 

    	 

    

 

APPENDIX
D

MATERIAL PERMITS

 

	Arizona
    License List
	State	 	License/Permit
    Type	 	License
    Type	 	Licensed
    Entity	 	Med
    / Rec	 	License/Permit
    #	 	Jurisdiction
	Arizona	 	State License	 	Vertical	 	Abedon Saiz, LLC	 	M	 	000000135DCSM00130984	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	AD, LLC	 	M	 	00000092DCEG00124317	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	Byers Dispensary, Inc.	 	M	 	00000054DCOV00321891	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	High Desert Healing, LLC	 	M	 	00000007DCWH00607422	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	High Desert Healing, LLC	 	M	 	00000005DCMV00766195	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	Nature Med, Inc.	 	M	 	00000018DCST00941489	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	Medical Pain Relief, Inc.	 	M	 	00000044DCCJ00900645	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	Kwerles, Inc.	 	M	 	00000125DCWD00787544	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	Pahana, Inc.	 	M	 	000000129DCKL00602472	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	Patient Care Center 301, Inc.	 	M	 	000000127DCSS00185167	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	Sherri Dunn, LLC	 	M	 	000000124DCKQ00697385	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	Svaccha, LLC	 	M	 	000000120DCEQ00578528	 	Arizona Department of Health Services
	Arizona	 	State License	 	Vertical	 	Svaccha, LLC	 	M	 	000000137DCOF00188324	 	Arizona Department of Health Services

 

    	 

    	 

    

 

	California
    License List
	State	 	License/Permit
    Type	 	License
    Type	 	Licensed
    Entity	 	Med
    / Rec	 	License/Permit
    #	 	Jurisdiction
	California	 	Provisional
    License	 	Retail	 	805
    Beach Breaks, Inc.	 	M/R	 	C10-0000270-LIC	 	BCC
	California	 	Provisional
    License	 	Distribution	 	805
    Beach Breaks, Inc.	 	M/R	 	C11-0000467-LIC	 	BCC
	California	 	City
    of Grover Beach Commercial Cannabis Permit	 	Retail	 	805
    Beach Breaks, Inc.	 	M/R	 	N/A	 	City
    of Grover Beach
	California	 	Provisional
    License	 	Retail	 	Harvest
    of Napa, Inc.	 	M	 	C10-0000184-LIC	 	BCC
	California	 	Cannabis
    Establishment Clearance Certificate	 	Retail	 	Harvest
    of Napa, Inc.	 	M	 	MMD19-0001	 	City
    of Napa, California
	California	 	State
    License (Provisional)	 	Retail	 	Holdings
    of Harvest CA, LLC	 	M/R	 	C10-0000593-LIC	 	BCC
	California	 	Cannabis
    Related Businesses and Activities Permit	 	Retail	 	Holdings
    of Harvest CA, LLC	 	M/R	 	TBD	 	City
    of Palm Springs, CA
	California	 	Provisional
    License	 	Retail	 	Hyperion
    Healing, LLC	 	M/R	 	C10-0000592-LIC	 	BCC

 

    	 

    	 

    

 

	Florida
    License List
	State	 	License/Permit
    Type	 	Licensed
    Entity	 	Med
    / Rec	 	License/Permit
    Status	 	License/Permit
    #	 	Jurisdiction
	Florida	 	State
    License	 	San
    Felasco Nurseries, Inc.	 	Med	 	License
    Held	 	MMTC-2016-00006	 	OMMU

 

    	 

    	 

    

 

	Maryland
    License List
	State	 	Facility
    Type	 	License/Permit
    Type	 	License
    Type	 	Licensed
    Entity	 	Med
    / Rec		License/Permit
    #	 	Jurisdiction
	Maryland	 	Cultivation	 	State
    License	 	Cultivation	 	Harvest
    of Maryland Cultivation, LLC	 	M	 	G-17-00003
    (170010)	 	Medical
    Marijuana Commission
	Maryland	 	Production	 	State
    License	 	Production	 	Harvest
    of Maryland Production, LLC	 	M	 	P-19-00001
    (170499)	 	Medical
    Marijuana Commission
	Maryland	 	Dispensary	 	State
    License	 	Dispensary	 	Harvest
    of Maryland Dispensary, LLC	 	M	 	D-17-000017
    (170058)	 	Medical
    Marijuana Commission

 

 

    	 

    	E-1

    

 

APPENDIX
E

UNRESTRICTED SUBSIDIARIES

 

Harvest
Draft: December 16, 2019

 

	Unrestricted
    Subsidiaries
	BRLS
    Properties AZ-Glendale, LLC
	BRLS
    Properties AZ-Phoenix II, LLC
	BRLS
    Properties I LLC
	BRLS
    Properties II LLC
	BRLS
    Properties Tenant AZ-Central Ave., LLC
	Dream
    Steam LLC
	FAC,
    LLC
	Facilities
    Experts, LLC
	Freckled
    Trout, LLC
	Harvest
    Arkansas Holding, LLC
	Harvest
    Mass Holding I, LLC
	Harvest
    Michigan Holding, LLC
	Harvest
    RE Holdings of AZ, LLC
	HMU
    III, LLC
	JH2K
    VI LLC
	Medical
    Marijuana Research Institute LLC
	MMXVI
    Allocation, LLC
	Nowak
    Wellness, Inc.
	Verde
    Dispensary, Inc.
	Waltz
    Healing Center, Inc.
	Natural
    State Capital, LLC
	Natural
    State Wellness Dispensary, LLC
	Natural
    State Wellness Enterprises, LLC
	Natural
    State Wellness Investments, LLC
	BRLS
    Properties CA-Cathedral City, LLC
	BRLS
    Properties CA-Grover Beach, LLC
	BRLS
    Properties CA-San Diego I, LLC
	BRLS
    Properties CA-Santa Monica, LLC
	Harvest
    of Hesperia, LLC
	Harvest
    of Culver City LLC
	Harvest
    of Farmersville LLC
	Harvest
    of Lake Elsinore, LLC
	Harvest
    of Moreno Valley LLC

 

    	 

    	E-2

    

 

	Harvest
    of San Bernardino, LLC
	Harvest
    of Santa Monica, LLC
	Harvest
    of Union City, LLC
	Harvest
    RE Holdings of CA, LLC
	Industrial
    Court L10, LLC
	Industrial
    Court L8, LLC
	Harvest
    DCP of Colorado, LLC
	Harvest
    of Colorado, LLC
	Harvest
    Connecticut Holding, LLC
	AgriMed
    Industries of PA, LLC
	AZ-DEL
    Holdings, LLC
	BRLS
    Properties AR-Little Rock, LLC
	BRLS
    Properties PA-SE, LLC
	SC1M,
    LLC
	Core
    Four LLC
	21708
    State Road 54, LLC
	BRLS
    Properties FL-Clearwater I, LLC
	BRLS
    Properties FL-Gainesville II, LLC
	BRLS
    Properties FL-Gainesville, LLC
	BRLS
    Properties FL-Orlando I, LLC
	BRLS
    Properties FL-Orlando II, LLC
	Harvest
    DCP of Florida, LLC
	Harvest
    RE Holdings of FL, LLC
	Harvest
    Transco LLC
	We
    Would Harvest, LLC
	BRLS
    Properties IL-Chicago I, LLC
	Harvest
    DCP of Illinois, LLC
	Harvest
    RE Holdings of IL, LLC
	BRLS
    Properties MD-Lutherville, LLC
	BRLS
    Tenant MD-Halethorpe LLC
	Grow
    Power of MD, LLC
	Gogriz,
    LLC
	Harvest
    DCP of Massachusetts, LLC
	Suns
    Mass II, LLC
	Suns
    Mass III, LLC
	BRLS
    Properties MA-Worcester, LLC
	Suns
    Mass, Inc.
	Harvest
    Delta of Michigan, LLC
	BRLS
    Properties MO-Joplin, LLC
	BRLS
    Properties MO-Lake St. Louis, LLC

 

    	 

    	E-3

    

 

	BRLS
    Properties MO-Raymore, LLC
	BRLS
    Properties MO-St. Louis, LLC
	BRLS
    Properties MO-St. Peters, LLC
	Harvest
    DCP of Missouri, LLC
	Harvest
    Holdings of Missouri, LLC
	Harvest
    MO Management, LLC
	BRLS
    NV Properties V, LLC
	Harvest
    DCP of Nevada, LLC
	Harvest
    of Nevada (Decatur LV), LLC
	BRLS
    Properties NJ-Eatontown, LLC
	Harvest
    DCP of New Jersey, LLC
	Harvest
    RE Holdings of NJ, LLC
	Harvest
    New York Holding, LLC
	Harvest
    DCP Holding of North Dakota, LLC
	BRLS
    OH Properties III, LLC
	BRLS
    Properties OH-Beavercreek, LLC
	Harvest
    DCP of Ohio, LLC
	Harvest
    Grows Management, LLC
	Harvest
    Grows Properties, LLC
	Harvest
    of Ohio Management, LLC
	BRLS
    Properties PA-Whitehall, LLC
	Harvest
    of RE Holdings of PA, LLC
	Harvest
    DCP of Utah, LLC
	Harvest
    RE Holdings of UT, LLC
	Harvest
    of Utah Processings, LLC

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