Document:

Exhibit 10.1

 

COMMON STOCK PURCHASE AGREEMENT

 

COMMON STOCK PURCHASE
AGREEMENT (the “Agreement”), dated as of July 6, 2016, by and between NET ELEMENT, INC., a Delaware
corporation (the “Company”), and ESOUSA HOLDINGS, LLC, a New York limited liability company (the “Buyer”).
Capitalized terms used herein and not otherwise defined herein are defined in Section 10 hereof.

 

WHEREAS:

 

Subject to the terms
and conditions set forth in this Agreement, the Company wishes to sell to the Buyer, and the Buyer wishes to buy from the Company,
up to Ten Million Dollars ($10,000,000) of the Company’s common stock, par value $0.0001 (the “Common Stock”).
The shares of Common Stock to be purchased hereunder are referred to herein as the “Purchase Shares.”

 

NOW THEREFORE,
the Company and the Buyer hereby agree as follows:

 

		1.	PURCHASE OF COMMON STOCK. 

 

Subject to the terms
and conditions set forth in this Agreement, the Company has the right to sell to the Buyer, and the Buyer has the obligation to
purchase from the Company, Purchase Shares as follows:

 

(a)Commencement of Purchases
of Common Stock. After the Commencement Date (as defined below), the purchase and sale of Purchase Shares hereunder shall occur
from time to time upon written notices by the Company to the Buyer on the terms and conditions as set forth herein following the
satisfaction of the conditions (the “Commencement”) as set forth in Sections 6 and 7 below (the date of satisfaction
of such conditions, the “Commencement Date”).

  

(b)The
Company’s Right to Require Regular Purchases. Subject to the terms and conditions of this Agreement, on any given Business
Day after the Commencement Date (as often as every other Business Day), the Company shall have the right but not the obligation
to direct the Buyer by its delivery to the Buyer of a Purchase Notice from time to time, and the Buyer thereupon shall have the
obligation, to buy the number of Purchase Shares specified in such notice, up to 50,000 Purchase Shares (with such amounts increasing
as the Common Stock price increases), on such Business Day (as long as such notice is delivered on or before 5:00 p.m. Eastern
time on such Business Day) (each such purchase, a “Regular Purchase”) at the Purchase Price on the Purchase
Date; however, in no event shall the Purchase Amount of a Regular Purchase exceed One Million Dollars ($1,000,000) per Business
Day. The number of Purchase Shares for each Regular Purchase may be increased to up to 75,000 Purchase Shares if the Consolidated
Closing Bid Price of the Common Shares is not below $0.50 per share on the date of the applicable Purchase Notice and to up to
100,000 Purchase Shares if the Consolidated Closing Bid Price of the Common Shares is not below $1.00 per share on the date of
the applicable Purchase Notice. The Company may deliver additional Purchase Notices to the Buyer from time to time so long as
the most recent purchase has been completed.  The share amounts in the first sentence of this Section 1(b) shall be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split, or other similar transaction.

 

     

     

    

 

(c)VWAP
Purchases. Subject to the terms and conditions of this Agreement, in addition to the Company’s right to require
Regular Purchases as described in Section 1(b) above, with one Business Day’s prior written notice (as long as such notice
is delivered on or before 5:00 p.m. Eastern time on the Business Day immediately preceding the VWAP Purchase Date), the Company
shall also have the right but not the obligation to direct the Buyer by the Company’s delivery to the Buyer of a VWAP Purchase
Notice from time to time, and the Buyer thereupon shall have the obligation, to buy, at the VWAP Purchase Price, the number of
shares of Common Stock indicated by the Company in the applicable VWAP Purchase Notice (such number to not exceed the lesser of
(i) two (2) times the maximum number of shares allowed to be sold for a Regular Purchase with applicable Consolidated Closing
Bid Prices or (ii) twenty percent (20%) of the trading volume of the Common Stock on the Principal Market during normal trading
hours on the VWAP Purchase Date) (each such purchase, a “VWAP Purchase”). The Company may deliver a VWAP Purchase
Notice to the Buyer on or before 5:00 p.m. Eastern time on a date on which the Company also submitted a Purchase Notice for a
Regular Purchase. Each VWAP Purchase Notice must be accompanied by instructions to the Company’s Transfer Agent to immediately
issue to the Buyer an amount of Common Stock equal to the VWAP Purchase Share Estimate, a good faith estimate by the Company of
the number of Purchase Shares that the Buyer shall have the obligation to buy pursuant to the VWAP Purchase Notice. In no event
shall the Buyer, pursuant to any VWAP Purchase, purchase a number of Purchase Shares that exceeds the VWAP Purchase Share Estimate
issued on the VWAP Purchase Date in connection with such VWAP Purchase Notice. The Buyer will immediately return to the Company
any amount of Common Stock issued pursuant to the VWAP Purchase Share Estimate that exceeds the number of Purchase Shares the
Buyer actually purchases in connection with such VWAP Purchase. Following each VWAP Purchase Date, the Buyer shall submit to the
Company a confirmation of the VWAP Purchase in form and substance reasonably acceptable to the Company. The Company may deliver
additional VWAP Purchase Notices to the Buyer from time to time so long as the most recent purchase has been completed and so
long as the Consolidated Closing Bid Price is not below $0.25 on the Purchase Date. The Company may, by written notice to the
Buyer, in its sole discretion at any time after the date of this Agreement, suspend or terminate this Section 1(c) and its right
to direct the Buyer to make VWAP Purchases.

 

(d)Payment for
Purchase Shares. For each Regular Purchase, the Buyer shall pay to the Company an amount equal to the Purchase Amount applicable
to such Regular Purchase as full payment for such Purchase Shares via wire transfer of immediately available funds on the same
Business Day that the Buyer receives such Purchase Shares. For each VWAP Purchase, the Buyer shall pay to the Company an amount
equal to the VWAP Purchase Amount as full payment for such Purchase Shares via wire transfer of immediately available funds on
the third Business Day following the VWAP Purchase Date. All payments made under this Agreement shall be made in lawful money of
the United States of America via wire transfer of immediately available funds to such account as the Company may from time to time
designate by written notice in accordance with the provisions of this Agreement. Whenever any amount expressed to be due by the
terms of this Agreement is due on any day that is not a Business Day, the same shall instead be due on the next succeeding day
that is a Business Day.

 

(e)Purchase
Price Floor. The Company and the Buyer shall not effect any sales under this Agreement on any Purchase Date where the Consolidated
Closing Bid Price is less than the Floor Price. “Floor Price” means $0.50 per share of Common Stock,
which shall be appropriately adjusted for any reorganization, recapitalization, stock dividend, stock split, reverse stock split
or other similar transaction.

 

(f)Records of
Purchases. The Buyer and the Company shall each maintain records showing the remaining Available Amount at any given time and
the dates and purchase amounts for each purchase, or shall use such other method reasonably satisfactory to the Buyer and the Company
to reconcile the remaining Available Amount.

 

(g)Taxes.
The Company shall pay any and all transfer, stamp or similar taxes that may be payable with respect to the issuance and delivery
of any shares of Common Stock to the Buyer made under this Agreement.

 

 

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(h)Compliance
with Principal Market Rules. Notwithstanding anything in this Agreement to the contrary, and in addition to the limitations
set forth in Section 1(e), the total number of shares of Common Stock that may be issued under this Agreement, including the Commitment
Shares (as defined in Section 4(e) hereof), shall be limited to 2,362,724 shares of Common Stock (the “Exchange Cap”),
which equals 19.99% of the Company’s outstanding shares of Common Stock as of the date hereof, unless stockholder approval
is obtained to issue more than such 19.99%. The Exchange Cap shall be appropriately adjusted for any stock dividend, stock split,
reverse stock split or similar transaction. The foregoing limitation shall not apply if such stockholder approval has not been
obtained and at any time the Exchange Cap is reached and at all times thereafter the average price paid for all shares of Common
Stock issued under this Agreement is equal to or greater than $1.880 (the “Minimum Price”), a price equal to the Consolidated
Closing Bid Price on the date hereof (in such circumstance, for purposes of the Principal Market, the transaction contemplated
hereby would not be “below market” and the Exchange Cap would not apply). Notwithstanding the foregoing, the Company
shall not be required or permitted to issue, and the Buyer shall not be required to purchase, any shares of Common Stock under
this Agreement if such issuance would violate the rules or regulations of the Principal Market.

 

(i)Beneficial
Ownership Limitation. The Company shall not issue and the Buyer shall not purchase any shares of Common Stock under this Agreement
if such shares proposed to be issued and sold, when aggregated with all other shares of Common Stock then owned beneficially (as
calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) by the Buyer and its affiliates
would result in the beneficial ownership by the Buyer and its affiliates of more than 9.99% of the then issued and outstanding
shares of Common Stock.

 

2.BUYER’S
REPRESENTATIONS AND WARRANTIES.

 

The Buyer represents
and warrants to the Company that as of the date hereof and as of the Commencement Date:

 

(a)Investment
Purpose. The Buyer is entering into this Agreement and acquiring the Commitment Shares (as defined in Section 4(e) hereof)
and the Purchase Shares (the Purchase Shares and the Commitment Shares are collectively referred to herein as the “Securities”),
for its own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution
thereof; provided however, by making the representations herein, the Buyer does not agree to hold any of the Securities for any
minimum or other specific term.

 

(b)Accredited
Investor Status. The Buyer is either a “qualified institutional buyer” as such term is defined in Rule 144A(a)(1)
of the 1933 Act or an institutional “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D
of the 1933 Act.

 

(c)Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and the Buyer's compliance with, the representations, warranties, agreements, acknowledgments and understandings
of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire
the Securities.

 

(d)Information.
The Buyer has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities that have been reasonably requested by the Buyer, including, without limitation,
the SEC Documents (as defined in Section 3(f) hereof). The Buyer understands that its investment in the Securities involves a high
degree of risk. The Buyer (i) is able to bear the economic risk of an investment in the Securities including a total loss, (ii)
has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the
proposed investment in the Securities and (iii) has had an opportunity to ask questions of and receive answers from the officers
of the Company concerning the financial condition and business of the Company and other matters related to an investment in the
Securities. The Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to its acquisition of the Securities.

 

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(e)No Governmental
Review. The Buyer understands that no United States federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the
Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(f)Transfer
or Sale. The Buyer understands that except as provided in the Registration Rights Agreement (as defined in Section 4(a) hereof):
(i) the Securities have not been and are not being registered under the 1933 Act or any state securities laws, and may not be offered
for sale, sold, assigned or transferred unless (A) subsequently registered thereunder or (B) an exemption exists permitting such
Securities to be sold, assigned or transferred without such registration; (ii) any sale of the Securities made in reliance on Rule
144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities
under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that
term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations
of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register the Securities under
the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

 

(g)Organization.
The Buyer is a limited liability company duly organized and validly existing in good standing under the laws of New York, and has
the requisite organizational power and authority to own its properties and to carry on its business as now being conducted.

 

(h)Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Buyer and is a valid
and binding agreement of the Buyer enforceable against the Buyer in accordance with its terms, subject as to enforceability to
(i) general principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and (ii) public policy
underlying any law, rule or regulation (including any federal or state securities law, rule or regulation) with regards to indemnification,
contribution or exculpation. The execution and delivery of the Transaction Documents by the Buyer and the consummation by it of
the transactions contemplated hereby and thereby do not conflict with the Buyer’s certificate of organization or operating
agreement or similar documents, and do not require further consent or authorization by the Buyer, its managers or its members.

 

(i)Residency.
The Buyer is a resident of the State of New York.

 

(j)No Prior
Short Selling. The Buyer represents and warrants to the Company that at no time prior to the date of this Agreement has any
of the Buyer, its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly,
any (i) “short sale” (as such term is defined in Section 242.200 of Regulation SHO of the Securities Exchange Act of
1934, as amended (the “1934 Act”)) of the Common Stock or (ii) hedging transaction, which establishes a net
short position with respect to the Common Stock or any other Company’s securities.

 

3.REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. 

 

The Company represents
and warrants to the Buyer that as of the date hereof and as of the Commencement Date:

 

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(a)Organization
and Qualification. The Company and its “Subsidiaries” (which for purposes of this Agreement means any entity in
which the Company, directly or indirectly, owns more than 50% of the voting stock or capital stock or other similar equity
interests) are corporations or limited liability companies duly organized and validly existing in good standing under the laws
of the jurisdiction in which they are incorporated or organized, and have the requisite corporate or organizational power and
authority to own their properties and to carry on their business as now being conducted. Each of the Company and its Subsidiaries
is duly qualified as a foreign corporation or limited liability company to do business and is in good standing in every jurisdiction
in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to
the extent that the failure to be so qualified or be in good standing could not reasonably be expected to have a Material Adverse
Effect. As used in this Agreement, “Material Adverse Effect” means any material adverse effect on any of: (i)
the business, properties, assets, operations, results of operations or financial condition of the Company and its Subsidiaries,
if any, taken as a whole, or (ii) the authority or ability of the Company to perform its obligations under the Transaction Documents
(as defined in Section 3(b) hereof).

 

(b)Authorization;
Enforcement; Validity. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations
under this Agreement, the Registration Rights Agreement and each of the other agreements entered into by the parties on the Commencement
Date and attached hereto as exhibits to this Agreement (collectively, the “Transaction Documents”), and to issue
the Securities in accordance with the terms hereof and thereof, (ii) the execution and delivery of the Transaction Documents by
the Company and the consummation by it of the transactions contemplated hereby and thereby, including without limitation, the issuance
of the Commitment Shares and the reservation for issuance and the issuance of the Purchase Shares issuable under this Agreement,
have been duly authorized by the Company’s Board of Directors or duly authorized committee thereof, do not conflict with
the Company’s Amended and Restated Articles of Incorporation (as amended through the date hereof) or Bylaws (as mended through
the date hereof), and do not require further consent or authorization by the Company, its Board of Directors or its stockholders
(other than as contemplated by Section 1(h) hereof), (iii) this Agreement has been, and each other Transaction Document shall be
on the Commencement Date, duly executed and delivered by the Company and (iv) this Agreement constitutes, and each other Transaction
Document upon its execution on behalf of the Company, shall constitute, the valid and binding obligations of the Company enforceable
against the Company in accordance with their terms, except as such enforceability may be limited by (y) general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,
the enforcement of creditors' rights and remedies and (z) public policy underlying any law, rule or regulation (including any federal
or states securities law, rule or regulation) with regards to indemnification, contribution or exculpation. The Board of Directors
of the Company or duly authorized committee thereof has approved the resolutions (the “Signing Resolutions”)
substantially in the form as set forth as Exhibit A-1 attached hereto to authorize this Agreement and the transactions contemplated
hereby. The Signing Resolutions are valid, in full force and effect and have not been modified or supplemented in any material
respect other than by the resolutions set forth in Exhibit A-2 attached hereto regarding the registration statement referred
to in Section 4 hereof.

 

(c)Capitalization.
As of the date hereof, the authorized capital stock of the Company consists of (i) 300,000,000 shares of Common Stock, par value
$0.0001, of which as of the date hereof, 11,819,531 shares are issued and outstanding, and (ii) 1,000,000 shares of preferred stock,
of which as of the date hereof no shares are issued and outstanding. All of such outstanding shares have been, or upon issuance
will be, validly issued and are fully paid and non-assessable. Except as disclosed in SEC Documents (as defined below), no shares
of the Company’s capital stock are subject to preemptive rights or any other similar rights or any liens or encumbrances
suffered or permitted by the Company, (ii) there are no outstanding debt securities of the Company or any of its Subsidiaries,
(iii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries, or
contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to
issue additional shares of capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital
stock of the Company or any of its Subsidiaries, (iv) there are no material agreements or arrangements under which the Company
or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933 Act (except the Registration
Rights Agreement), (v) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain
any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company
or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries, (vi) there are
no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities
as described in this Agreement and (vii) the Company does not have any stock appreciation rights or “phantom stock”
plans or agreements or any similar plan or agreement. The Company will furnish to the Buyer upon Buyer’s written request
copies of the Company’s Amended and Restated Certificate of Incorporation, as amended and as in effect on the date hereof
(the “Certificate of Incorporation”), and the Company’s Bylaws, as amended and as in effect on the date
hereof (the “Bylaws”).

 

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(d)Issuance
of Securities. The Commitment Shares have been duly authorized and, upon issuance in accordance with the terms hereof, the
Commitment Shares shall be (i) validly issued, fully paid and non-assessable and (ii) free from all taxes, liens and charges with
respect to the issuance thereof. At least an additional 10,000,000 shares of Common Stock have been duly authorized and reserved
for issuance upon future purchase as Purchase Shares under this Agreement. Upon issuance and payment therefore in accordance with
the terms and conditions of this Agreement, such Purchase Shares shall be validly issued, fully paid and non-assessable and free
from all taxes, liens and charges with respect to the issue thereof, with the holders being entitled to all rights accorded to
a holder of Common Stock.

 

(e)No Conflicts.
The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the
transactions contemplated hereby and thereby (including, without limitation, the reservation for issuance and issuance of the Purchase
Shares) will not (i) result in a violation of the Certificate of Incorporation, including any Certificate of Designations, Preferences
and Rights of any outstanding series of preferred stock of the Company, or the Bylaws or (ii) constitute a default (or an event
which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party,
or result, to the Company’s knowledge, in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations and the rules and regulations of the Principal Market applicable to the Company
or any of its Subsidiaries) or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except
in the case of defaults, terminations, amendments, accelerations, cancellations and violations under clause (ii), which could not
reasonably be expected to result in a Material Adverse Effect. Except as disclosed in Schedule 3(e), neither the Company nor its
Subsidiaries is in violation of any term of or in default under its Certificate of Incorporation, including any Certificate of
Designation, Preferences and Rights of any outstanding series of preferred stock of the Company, or Bylaws or their organizational
charter or bylaws, respectively. Except as disclosed in Schedule 3(e), neither the Company nor any of its Subsidiaries is in violation
of any term of or is in default under any material contract, agreement, mortgage, indebtedness, indenture, instrument, judgment,
decree or order or any statute, rule or regulation applicable to the Company or its Subsidiaries, except for possible violations,
defaults, terminations or amendments that could not reasonably be expected to have a Material Adverse Effect. The business of the
Company and its Subsidiaries is not being conducted, and shall not be conducted, in violation of any law, ordinance, or regulation
of any governmental entity, except for possible violations, the sanctions for which either individually or in the aggregate could
not reasonably be expected to have a Material Adverse Effect. Except as specifically contemplated by this Agreement, reporting
obligations under the 1934 Act or as required under the 1933 Act or applicable state securities laws or the filing of a Listing
of Additional Shares Notification Form with the Principal Market, the Company is not required to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency or any regulatory or self-regulatory agency
in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction Documents in accordance
with the terms hereof or thereof. Except for reporting obligations under the 1934 Act, all consents, authorizations, orders, filings
and registrations which the Company is required to obtain pursuant to the preceding sentence shall be obtained or effected on or
prior to the Commencement Date. The Company is not subject to any notices or actions from or to the Principal Market, except as
disclosed in the Current Report on Form 8-K filed by the Company with the SEC on December 17, 2015 and other than routine matters
incident to listing on the Principal Market and not involving a violation of the rules of the Principal Market. To the Company’s
knowledge, except as disclosed in the Current Report on Form 8-K filed by the Company with the SEC on December 17, 2015, the Principal
Market has not commenced any delisting proceedings against the Company.

 

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(f)SEC Documents;
Financial Statements. The Company filed current Form 10 information with the SEC over 12 months ago. The Company has filed
all reports and other materials required to be filed by Section 13 or 15(d) of the 1934 Act, as applicable, during the preceding
12 months (other than certain Form 8-K reports) (all of the foregoing filed prior to the date hereof and all exhibits included
therein and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter
referred to as the “SEC Documents”).

 

(g)Absence of
Certain Changes. Since December 31, 2015, there has been no material adverse change in the business, properties, operations,
financial condition or results of operations of the Company or its Subsidiaries taken as a whole.

 

(h)Acknowledgment
Regarding Buyer’s Status. The Company acknowledges and agrees that the Buyer is acting solely in the capacity of arm’s
length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby. The Company further
acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with
respect to the Transaction Documents and the transactions contemplated hereby and thereby and any advice given by the Buyer or
any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and
thereby is merely incidental to the Buyer’s purchase of the Securities. The Company further represents to the Buyer that
the Company’s decision to enter into the Transaction Documents has been based solely on the independent evaluation by the
Company and its representatives and advisors.

 

(i)Intellectual
Property Rights. To the Company’s knowledge, the Company and its Subsidiaries own or possess adequate rights
or licenses to use all material trademarks, trade names, service marks, service mark registrations, service names, patents, patent
rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property
rights (collectively, “Intellectual Property”) necessary to conduct their respective businesses as now conducted,
or to the extent that the failure to own, possess, license or otherwise hold adequate rights to use Intellectual Property would
not, individually or in the aggregate, have a Material Adverse Effect. To the Company’s knowledge, none of the Company’s
active and registered Intellectual Property will expire or terminate by the terms and conditions thereof within two years from
the date of this Agreement which could reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries
do not have any knowledge of any infringement by the Company or its Subsidiaries of any Intellectual Property of others
and there is no claim, action or proceeding being made or brought against, or to the Company’s knowledge, being threatened
against, the Company or its Subsidiaries regarding Intellectual Property, which could reasonably be expected to have a Material
Adverse Effect.

 

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(j)Environmental
Laws. To the Company’s knowledge, the Company and its Subsidiaries (i) are in material compliance with any and all applicable
foreign, federal, state and local laws and regulations relating to the protection of the environment or human health and safety
and with respect to hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”),
(ii) have received all material permits, licenses or other approvals required of them under applicable Environmental Laws to conduct
their respective businesses and (iii) are in material compliance with all terms and conditions of any such permit, license or approval,
except where, in each of the three foregoing clauses, the failure to so comply or receive such approvals could not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(k)Title.
The Company has good and marketable title to all personal property owned by them that is material to the business of the Company
free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such property and do
not interfere with the use made and proposed to be made of such property by the Company or could not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. Any real property and facilities held under lease by the Company,
to the Company’s knowledge, are held by them under valid, subsisting and enforceable leases with such exceptions as are not
material and do not interfere with the use made and proposed to be made of such property and buildings by the Company.

 

(l)Application
of Takeover Protections. The Company and its board of directors have taken or will take prior to the Commencement Date all
necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or other similar anti-takeover provision under the Certificate of Incorporation
or the laws of the state of its incorporation which is or could become applicable to the Buyer as a result of the transactions
contemplated by this Agreement, including, without limitation, the Company’s issuance of the Securities and the Buyer’s
ownership of the Securities.

 

4.COVENANTS.

 

(a)Filing
of Form 8-K and Registration Statement. The Company agrees that it shall, within the time required under the 1934 Act, file
a Current Report on Form 8-K disclosing this Agreement and the transaction contemplated hereby. The Company shall use reasonable
commercial efforts to file with the SEC within Ten (10) Business Days from the date hereof a new registration statement covering
the sale of the Securities by the Buyer in accordance with the terms of the Registration Rights Agreement between the Company
and the Buyer, dated as of the date hereof (“Registration Rights Agreement”).

 

(b)Blue
Sky. The Company shall take such action, if any, as is reasonably necessary in order to obtain an exemption for or to qualify
(i) the initial issuance of the Securities to the Buyer under this Agreement and (ii) any subsequent sale of the Securities by
the Buyer, in each case, under applicable securities or “Blue Sky” laws of the states of the United States in such
states as is reasonably requested by the Buyer from time to time, and shall provide evidence of any such action so taken to the
Buyer at its written request.

 

(c)Listing.
The Company shall promptly secure the listing of all of the Securities upon each national securities exchange and automated quotation
system that requires an application by the Company for listing, if any, upon which shares of Common Stock are then listed
(subject to official notice of issuance) or traded (including, if at any time applicable, the OTC Bulletin Board, or the OTCQB
or OTCQX market places of the OTC Markets) and shall maintain such listing, so long as any other shares of Common Stock
shall be so listed. The Company shall use its reasonable commercial efforts to maintain the Common Stock’s listing on the
Principal Market in accordance with the requirements of the Registration Rights Agreement. Neither the Company nor any of its
Subsidiaries shall take any action that would be reasonably expected to result in the delisting or suspension of the Common Stock
on the Principal Market, unless the Common Stock is immediately thereafter traded on the New York Stock Exchange, the NYSE MKT,
the Nasdaq Global Select Market, the Nasdaq Global Market, the OTC Bulletin Board, or the OTCQB or OTCQX market places of the
OTC Markets. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section.

 

    -8- 

     

    

 

(d)Limitation
on Short Sales and Hedging Transactions. The Buyer agrees that beginning on the date of this Agreement and ending on the date
of termination of this Agreement as provided in Section 10(k), the Buyer and its agents, representatives and affiliates shall not
in any manner whatsoever enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined
in Section 242.200 of Regulation SHO of the 1934 Act) of the Common Stock or (ii) hedging transaction, which establishes a net
short position with respect to the Common Stock or any other Company’s securities.

 

(e)Issuance
of Commitment Shares. Upon the earlier of (i) on or one (1) Business Day after the date when the registration statement covering
the sale of the Securities by the Buyer shall have been declared effective under the 1933 Act by the SEC and no stop order with
respect to the registration statement shall be pending or threatened by the SEC or (ii) six months after the date of this Agreement,
the Company shall issue to the Buyer as consideration for the Buyer entering into this Agreement such number of shares of Common
Stock that would have a value equivalent to Two Hundred Thousand Dollars ($200,000) calculated using the average of volume weighted
average price for the Common Stock traded on the Principal Market during normal trading hours during the three (3) Trading Days
period immediately preceding the date of issuance of such shares (the “Commitment Shares”). Upon Buyer’s
execution and delivery of this Agreement, the Buyer’s irrevocable commitment pursuant to Section 1 hereof to purchase the
Purchase Shares shall be deemed full and sufficient consideration for the Commitment Shares, and the Commitment Shares shall vest
and be deemed to be earned as of the date that all parties enter into all Transaction Documents.

 

(f)Due
Diligence. The Buyer shall have the right, from time to time as the Buyer may reasonably deem appropriate, to perform reasonable
due diligence on the Company during normal business hours and subject to reasonable prior notice to the Company. The Company and
its officers and employees shall provide information and reasonably cooperate with the Buyer in connection with any reasonable
request by the Buyer related to the Buyer’s due diligence of the Company, including, but not limited to, any such request
made by the Buyer in connection with (i) the filing of the registration statement described in Section 4(a) hereof and (ii) the
Commencement; provided, however, that at no time is the Company required or permitted to disclose material nonpublic information
to the Buyer or breach any obligation of confidentiality or non-disclosure to a third party or make any disclosure that
could cause a waiver of attorney-client privilege. Except as may be required by law, court order or governmental authority, each
party hereto agrees not to disclose any Confidential Information of the other party to any third party and shall not use the Confidential
Information of such other party for any purpose other than in connection with, or in furtherance of, the transactions contemplated
hereby. Each party hereto acknowledges that the Confidential Information shall remain the property of the disclosing party and
agrees that it shall take all reasonable measures to protect the secrecy of any Confidential Information disclosed by the other
party.

 

(g)Disposition
of Securities. The Buyer shall not sell any Securities except as provided in this Agreement, the Registration Rights Agreement
and the “Plan of Distribution” section of the prospectus included in the Registration Statement. The Buyer shall not
transfer any Securities except pursuant to sales described in the “Plan of Distribution” section of the prospectus
included in the Registration Statement or pursuant to Rule 144 under the 1933 Act. In the event of any sales of Securities pursuant
to the Registration Statement, the Buyer will (i) effect such sales pursuant to the “Plan of Distribution” section
of the prospectus included in the Registration Statement, and (ii) will comply with all applicable prospectus delivery requirements.

 

    -9- 

     

    

 

(h)The
Company agrees that, without prior consent of the Buyer, during the lesser of (i) thirty (30) months from the date hereof or (ii)
the period when the Buyer still owns the Commitment Shares and Purchase Shares, the Company will not issue any floating conversion
rate or variable priced securities convertible into Common Stock if such convertible securities shall have no floor price associated
therewith. Nothing contained in this Section 4(h) or otherwise shall restrict the Company in effecting any at-the-market
offerings with a registered broker-dealer.

 

5.TRANSFER AGENT
INSTRUCTIONS.

 

So long as the Buyer
complies with its obligations in Section 4(g), all of the Purchase Shares to be issued under this Agreement shall be issued without
any restrictive legend unless the Buyer expressly consents otherwise. The Company shall issue irrevocable instructions to the Transfer
Agent, and any subsequent transfer agent, to issue Common Stock in the name of the Buyer for the Purchase Shares (the “Irrevocable
Transfer Agent Instructions”). On or promptly after the date when the registration statement covering the sale of the
Securities by the Buyer shall have been declared effective under the 1933 Act by the SEC and no stop order with respect to the
registration statement shall be pending or threatened by the SEC, the Company shall deliver to the Transfer Agent an instruction
with respect to the issuance of the Commitment Shares.

 

		6.	CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE

			SALES OF SHARES OF COMMON STOCK UNDER THIS AGREEMENT.

 

The right of the Company
hereunder to commence sales of the Purchase Shares is subject to the satisfaction of each of the following conditions on or before
the Commencement Date (the date that the Company may begin sales of Purchase Shares):

 

		(a)	The Buyer shall have executed each of the Transaction Documents to which the Buyer is a party and
delivered the same to the Company; and

 

		(b)	A registration statement covering the sale of the
Securities by the Buyer shall have been declared effective under the 1933 Act by the SEC and no stop order with respect to the
registration statement shall be pending or threatened by the SEC.

 

		7.	CONDITIONS TO THE BUYER’S OBLIGATION TO MAKE PURCHASES OF SHARES OF COMMON STOCK.

 

The obligation of the
Buyer to buy Purchase Shares under this Agreement is subject to the satisfaction of each of the following conditions on or before
the Commencement Date (the date that the Company may begin sales of Purchase Shares) and once such conditions have been initially
satisfied, there shall not be any ongoing obligation to satisfy such conditions after the Commencement has occurred:

 

(a)The Company
shall have executed each of the Transaction Documents to which the Company is a party and delivered the same to the Buyer;

 

(b)The Company shall have issued
to the Buyer the Commitment Shares;

 

(c)The Common Stock
shall be authorized for quotation on the Principal Market;

 

    -10- 

     

    

 

(d)The Board of
Directors of the Company or a duly authorized committee thereof shall have adopted resolutions substantially
in the form attached hereto as Exhibit A-1, which shall be in full force and effect without
any amendment or supplement thereto as of the Commencement Date;

 

(e)As of the Commencement
Date, the Company shall have reserved out of its authorized and unissued Common Stock, solely for the purpose of effecting future
purchases of Purchase Shares hereunder, 10,000,000 shares of Common Stock;

 

(f)The Irrevocable
Transfer Agent Instructions, in form acceptable to the Buyer, shall have been signed by the Company and the Buyer and have been
delivered to the Transfer Agent;

 

(g)A registration
statement covering the sale of (i) all of the Commitment Shares and (ii) such number of additional Purchase Shares as reasonably
determined by the Company shall have been declared effective under the 1933 Act by the SEC and no stop order with respect thereto
shall be pending or threatened by the SEC. The Company shall have prepared and delivered to the Buyer a final and complete form
of prospectus, dated and current as of the Commencement Date, to be used by the Buyer in connection with any sales of any Securities,
and to be filed by the Company one (1) Business Day after the Commencement Date pursuant
to Rule 424(b). The Company shall have made all filings under all applicable federal and state securities laws necessary to consummate
the issuance of the Commitment Shares and the Purchase Shares pursuant to this Agreement in compliance with such laws;

 

(h)No
Event of Default has occurred and is continuing, or any event which, after notice and/or lapse
of time, would become an Event of Default has occurred; and

 

(i)On
or prior to the Commencement Date, the Company shall take all necessary action, if any, and such actions as reasonably requested
by the Buyer, in order to render inapplicable any control share acquisition, business combination, stockholder
rights plan or poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under
the Certificate of Incorporation or the laws of the state of its incorporation, that is or could become applicable to the Buyer
as a result of the transactions contemplated by this Agreement, including, without limitation, the Company's issuance of the Securities
and the Buyer's ownership of the Securities.

 

		8.	EVENTS OF DEFAULT. 

 

An “Event
of Default” shall be deemed to have occurred at any time as the following events occurs:

 

(a)while any registration
statement is required to be maintained effective pursuant to the terms of the Registration Rights Agreement, the effectiveness
of such registration statement lapses for any reason (including, without limitation, the
issuance of a stop order) or is unavailable to the Buyer for the sale of all of the Registrable Securities (as defined in the Registration
Rights Agreement), and such lapse or unavailability continues for a period of thirty ten (10) consecutive Business Days or for
more than an aggregate of thirty (30) Business Days in any 365-day period, which is not in connection with a post-effective amendment
to any such registration statement or the filing of a new registration statement; provided, however, that in connection with any
post-effective amendment to such registration statement or filing of a new registration statement that is required to be declared
effective by the SEC, such lapse or unavailability may continue for a period of no more than sixty (60) consecutive Business Days,
which such period shall be extended for up to an additional thirty (30) Business Days if the Company receives a comment letter
from the SEC in connection therewith;

 

(b)the suspension
of the Common Stock from trading for a period of one (1) trading day;

 

    -11- 

     

    

 

(c)the delisting
of the Common Stock from the Principal Market, and the Common Stock is not promptly thereafter trading on the New York Stock Exchange,
the NYSE MKT, the Nasdaq Global Select Market, the Nasdaq Global Market, the OTB Bulletin Board or the OTCQB marketplace or OTCQX
marketplace of the OTC Markets Group;

 

(d)the
Company’s breach of any representation or warranty (as of the dates made), covenant or other term or condition under any
Transaction Document if such breach could reasonably be expected to have a Material Adverse Effect and except only if such breach
continues uncured for a period of at least twenty (20) Business Days;

 

(e)if the Company
pursuant to or within the meaning of any Bankruptcy Law; (A) commences a voluntary case, (B) consents to the entry of an order
for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially
all of its and its Subsidiaries’ property, or (D) makes a general assignment for the benefit of its creditors;

 

(f)a court of competent
jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case,
(B) appoints a Custodian of the Company or for all or substantially all of its and its Subsidiaries’ property, or (C) orders
the liquidation of the Company;

 

(g)if the Company
is listed on a national exchange or market (excluding the OTC Markets, OTC Bulletin Board or comparable market), if at any time
after the Commencement Date, the Exchange Cap is reached unless and until stockholder approval is obtained pursuant to Section
1(h) hereof. The Exchange Cap shall be deemed to be reached at such time if, upon submission of a Purchase Notice or VWAP Purchase
Notice under this Agreement, the issuance of such shares of Common Stock would exceed that number of shares of Common Stock which
the Company may issue under this Agreement without breaching the Company’s obligations under the rules or regulations of
the Principal Market; or

 

(h)the Company
ceases for more than one (1) Business Day to be eligible, through its Transfer Agent, to issue and transfer shares of Common Stock
electronically to third parties via the DTC FAST Program of DTC’s DWAC system.

 

So long as an Event of Default has occurred
and is continuing, or so long as the Consolidated Closing Bid Price is below the Floor Price, the Company may not require and the
Buyer shall not be obligated or permitted to purchase any shares of Common Stock under this Agreement.

 

9.CERTAIN DEFINED
TERMS. 

 

For purposes of this
Agreement, the following terms shall have the following meanings:

 

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

 

(b)“Available
Amount” means initially Ten Million Dollars ($10,000,000) in the aggregate which amount shall be reduced by the Purchase
Amount each time the Buyer purchases shares of Common Stock pursuant to Section 1 hereof.

 

(c)“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

(d)“Business
Day” means any day on which the Principal Market is open for trading during normal trading hours (i.e., 9:30 a.m. to
4:00 p.m. Eastern Time), including any day on which the Principal Market is open for trading for a period of time less than the
customary time.

 

    -12- 

     

    

 

(e)“Consolidated
Closing Bid Price” means the consolidated closing bid price for the Common Stock on the Principal Market as reported
by the Principal Market.

 

(f)“Confidential Information”
means any information disclosed by either party to the other party, either directly or indirectly, in writing, orally or by inspection
of tangible objects (including, without limitation, documents, prototypes, samples, plant and equipment), which is designated as
"Confidential," "Proprietary" or some similar designation. Confidential Information may also include information
disclosed to a disclosing party by third parties. Confidential Information shall not, however, include any information which (i)
was publicly known and made generally available in the public domain prior to the time of disclosure by the disclosing party; (ii)
becomes publicly known and made generally available after disclosure by the disclosing party to the receiving party through no
action or inaction of the receiving party; (iii) is already in the possession of the receiving party at the time of disclosure
by the disclosing party as shown by the receiving party’s files and records immediately prior to the time of disclosure;
(iv) is obtained by the receiving party from a third party without a breach of such third party’s obligations of confidentiality;
(v) is independently developed by the receiving party without use of or reference to the disclosing party’s Confidential
Information, as shown by documents and other competent evidence in the receiving party’s possession; or (vi) is required
by law to be disclosed by the receiving party, provided that the receiving party gives the disclosing party prompt written notice
of such requirement prior to such disclosure and assistance in obtaining an order protecting the information from public disclosure.

 

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

 

(h)“Maturity
Date” means the date that is thirty (30) months from the Commencement Date.

 

(i)“Person”
means an individual or entity including any limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization and a government or any department or agency thereof.

 

(j)“Principal
Market” means the Nasdaq Capital Market; provided however, that in the event the Company’s Common Stock is ever
listed or traded on the New York Stock Exchange, the NYSE MKT, the Nasdaq Global Select Market, the Nasdaq Global Market, the OTC
Bulletin Board or either of the OTCQB marketplace or the OTCQX marketplace of the OTC Markets Group, then the “Principal
Market” shall mean such other market or exchange on which the Company’s Common Stock is then listed or traded.

 

(k)“Purchase
Amount” means, with respect to any particular purchase made hereunder, the portion of the Available Amount to be purchased
by the Buyer pursuant to Section 1 hereof as set forth in a valid Purchase Notice or VWAP Purchase Notice which the Company delivers
to the Buyer.

 

(l)“Purchase
Date” means with respect to any Regular Purchase made hereunder, the Business Day of receipt by the Buyer of a valid
Purchase Notice that the Buyer is to buy Purchase Shares pursuant to Section 1(b) hereof.

 

(m) “Purchase Notice”
shall mean an irrevocable written notice from the Company to the Buyer directing the Buyer to buy Purchase Shares pursuant to Section
1(b) hereof as specified by the Company therein at the applicable Purchase Price on the Purchase Date.

 

    -13- 

     

    

 

(n)“Purchase
Price” means the lesser of (i) the Consolidated Closing Bid Price on the Purchase Date or (ii) the arithmetic average
of the three (3) lowest Consolidated Closing Bid Prices for the Common Stock during the ten (10) consecutive Business Days ending
on the Business Day immediately preceding such Purchase Date (to be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction).

 

(o)“Sale
Price” means any trade price for the shares of Common Stock on the Principal Market during normal trading hours, as reported
by the Principal Market.

 

(p)“SEC”
means the United States Securities and Exchange Commission.

 

(q)“Transfer
Agent” means the transfer agent of the Company as set forth in Section 10(f) hereof or such other person who is then
serving as the transfer agent for the Company in respect of the Common Stock.

 

(r)“VWAP
Purchase Amount” means, with respect to any particular VWAP Purchase Notice, the portion of the Available Amount to be
purchased by the Buyer pursuant to Section 1(c) hereof as set forth by the Company in the applicable VWAP Purchase Notice.

 

(t)“VWAP
Purchase Date” means, with respect to any VWAP Purchase made hereunder, the Business Day following the receipt by
the Buyer of a valid VWAP Purchase Notice that the Buyer is to buy Purchase Shares pursuant to Section 1(c) hereof.

 

(u)“VWAP
Purchase Notice” shall mean an irrevocable written notice from the Company to the Buyer directing the Buyer to buy Purchase
Shares on the VWAP Purchase Date pursuant to Section 1(c) hereof as specified by the Company therein at the applicable VWAP Purchase
Price with the applicable the number of the shares of Common Stock specified therein pursuant to Section 1(c) hereof.

 

(v)“VWAP
Purchase Price” means the lesser of (i) the Consolidated Closing Bid Price on
the VWAP Purchase Date; or (ii) ninety-five percent (95%) of volume weighted average price for the Common Stock traded on the
Principal Market during normal trading hours on the VWAP Purchase Date (to be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction).

 

(w) “VWAP
Purchase Share Estimate” means the number of shares of Common Stock that the Company has in its sole discretion irrevocably
instructed its Transfer Agent to issue to the Buyer via the Depository Trust Company (“DTC”) Fast Automated
Securities Transfer Program in connection with a VWAP Purchase Notice pursuant to Section 1(c) hereof and issued to the Buyer’s
or its designee’s balance account with DTC through its Deposit Withdrawal At Custodian (DWAC) system on the VWAP Purchase
Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split
or other similar transaction).

 

10.MISCELLANEOUS.

 

(a)Governing
Law; Jurisdiction; Jury Trial. The corporate laws of the State of Delaware shall govern all issues concerning the relative
rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation
of this Agreement and the other Transaction Documents shall be governed by the internal laws of the State of New York, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the County of New York, Florida, for the adjudication
of any dispute hereunder or under the other Transaction Documents or in connection herewith or therewith, or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST,
A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

    -14- 

     

    

 

(b)Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a
facsimile or pdf (or other electronic reproduction) signature shall be considered due execution
and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile
or PDF (or other electronic reproduction) signature.

 

(c)Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this
Agreement.

 

(d)Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

(e)Entire
Agreement. This Agreement and the Registration Rights Agreement supersede all other prior oral or written agreements
between the Buyer, the Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein,
and this Agreement, the other Transaction Documents and the instruments referenced herein contain the entire understanding of
the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. The Company
acknowledges and agrees that is has not relied on, in any manner whatsoever, any representations or statements, written or oral,
other than as expressly set forth in this Agreement.

 

(f)Notices.
Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii)
upon receipt, when sent by electronic message (provided the recipient responds to the message and confirmation of both electronic
messages are kept on file by the sending party); or (iv) one (1) Business Day after timely deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

    -15- 

     

    

 

 

If to the Company:

 

Net Element, Inc.

3363 NE 163rd Street, Suite 705

North Miami Beach, FL 33160

Telephone:(786) 923-0515

Facsimile:(786) 272-0696

E-mail:swolberg@netelement.com

Attention:Chief Legal Officer

 

If to the Buyer:

 

ESOUSA HOLDINGS, LLC

317 Madison Avenue, Suite 1621

New York, NY 10017

Telephone:212-732-4300

Facsimile:212-732-1131

Attention:Rachel Glicksman,
Managing Member

Email:wallstguy@hotmail.com

 

If to the Transfer
Agent:

 

Continental Stock Transfer &
Trust Company

17 Battery Place, 8th
Floor

New York, NY 10004

Telephone: (212) 845-3217

E-mail: mmullings@continentalstock.com

Attention: Michael G. Mullings

 

or at such other address and/or facsimile
number and/or to the attention of such other person as the recipient party has specified by written notice given to each other
party one (1) Business Day prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine
containing the time, date, and recipient facsimile number, (C) electronically generated by the sender’s electronic mail containing
the time, date and recipient email address or (D) provided by a nationally recognized overnight delivery service, shall be rebuttable
evidence of receipt in accordance with clause (i), (ii), (iii) or (iv) above, respectively.

 

(g)Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Buyer, including by merger or consolidation. The Buyer may not assign its rights or obligations under this Agreement.

 

(h)No Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

(i)Public Disclosure.
The Company shall be entitled, without the prior approval of the Buyer, to make any press release or other public disclosure (including
any filings with the SEC) with respect to the transactions contemplated hereby as is required by applicable law and regulations.

 

(j)Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

    -16- 

     

    

 

(k)Termination.
This Agreement may be terminated only as follows:

 

(i)If
pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case, a Custodian is appointed for the
Company or for all or substantially all of its and its Subsidiaries’ property, or the Company makes a general assignment
for the benefit of its creditors (any of which would be an Event of Default as described in Sections 8(e) and 8(f) hereof),
the Buyer will have the right, by delivering a prior five (5) Business Days’ notice to the Company, terminate this Agreement.

 

(ii)The
Company shall have the option to terminate this Agreement for any reason or for no reason upon sending to the Buyer a one (1) Business
Day prior notice without any liability whatsoever of either party to the other party under this Agreement.

 

(iii)
This Agreement shall automatically terminate on the date that the Company sells and the Buyer purchases the full Available Amount
as provided herein, without any action or notice on the part of any party and without any liability whatsoever of any party to
any other party under this Agreement.

 

(iv)If
by the Maturity Date for any reason or for no reason the full Available Amount under this Agreement has not been purchased as provided
for in Section 1 of this Agreement, this Agreement shall automatically terminate on the Maturity Date, without any action or notice
on the part of any party and without any liability whatsoever of any party to any other party under this Agreement.

 

(v)Except
as set forth in Sections 10(k)(iii) and 10(k)(iv), any termination of this Agreement pursuant to this Section 10(k) shall be effected
by written notice from the Company to the Buyer, or the Buyer to the Company, as the case may be, setting forth the basis for the
termination hereof.

 

(vi)No
termination of this Agreement shall affect the Company’s or the Buyer’s rights or obligations under this Agreement
with respect to pending purchases and the Company and the Buyer shall complete their respective obligations with respect to any
pending purchases under this Agreement.

 

(l)No Financial
Advisor, Placement Agent, Broker or Finder. The Company represents and warrants to the Buyer that it has not engaged any financial
advisor, placement agent, broker or finder in connection with the transactions contemplated hereby. The Buyer represents and warrants
to the Company that it has not engaged any financial advisor, placement agent, broker or finder in connection with the transactions
contemplated hereby. Each party shall be responsible for the payment of any fees or commissions, if any, of any financial advisor,
placement agent, broker or finder engaged by such party relating to or arising out of the transactions contemplated hereby. Each
party shall pay, and hold the other party harmless against, any liability, loss or expense (including, without limitation, attorneys'
fees and out of pocket expenses) arising in connection with any such claim.

 

(m)No Strict
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party.

    -17- 

     

    

 

(n)Failure or Indulgence Not
Waiver. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any
other right, power or privilege.

 

 

 

[Signatures are on
next page.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -18- 

     

    

IN WITNESS WHEREOF, the Buyer and
the Company have caused this Common Stock Purchase Agreement to be duly executed as of the date first written above.

 

 

 

	 	 	 	 
	 	 	 	 
	 	THE
    COMPANY:	 
	 	 	 	 
	 	NET ELEMENT, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Oleg Firer	 
	 	Name:	Oleg Firer	 
	 	Title: 	CEO	 
	 	 	 	 
	 	 	 	 
	 	BUYER:	 
	 	 	 	 
	 	ESOUSA HOLDINGS, LLC	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Rachel Glicksman	 
	 	Name:	Rachel Glicksman	 
	 	Title: 	Managing Member	 
	 	 	 	 
	 	 	 	 

 

 

    -19- 

     

    

 

EXHIBIT A-1

 

FORM OF COMPANY RESOLUTIONS

FOR SIGNING PURCHASE AGREEMENT

 

WHEREAS, management
has reviewed with the Board of Directors the background, terms and conditions of the transactions subject to the Common Stock Purchase
Agreement (the “Purchase Agreement”) by and between the Company and ESOUSA HOLDINGS, LLC (“Esousa”),
including all materials terms and conditions of the transactions subject thereto, providing for the purchase by Esousa of up to
Ten Million Dollars ($10,000,000) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”);
and

 

WHEREAS, after careful
consideration of the Purchase Agreement, the documents incident thereto and other factors deemed relevant by the Board of Directors,
the Board of Directors has determined that it is advisable and in the best interests of the Company to engage in the transactions
contemplated by the Purchase Agreement, including, but not limited to, the issuance to Esousa as a commitment fee of such number
of shares of Common Stock that would have a value equivalent to $200,000 calculated using the average of volume weighted average
price for the Common Stock traded during normal trading hours during the three (3) trading days period immediately preceding the
date of issuance of such shares (the “Commitment Shares”) and the issuance and sale of shares of Common Stock
to Esousa up to the available amount under the Purchase Agreement (the “Purchase Shares,” and together with
the Commitment Shares, the “Esousa Shares”).

 

Transaction Documents

 

NOW, THEREFORE, BE
IT RESOLVED, that the transactions described in the Purchase Agreement are hereby approved and the Chief Executive Officer, Chief
Legal Officer and Chief Financial Officer (the “Authorized Officers”) are severally authorized to execute and
deliver the Purchase Agreement, and any other agreements or documents contemplated thereby including, without limitation, a registration
rights agreement (the “Registration Rights Agreement”) providing for the registration of the shares of the Company’s
Common Stock issuable in respect of the Purchase Agreement on behalf of Esousa, with such amendments, changes, additions and deletions
as the Authorized Officers may deem to be appropriate and approve on behalf of, the Company, such approval to be conclusively evidenced
by the signature of an Authorized Officer thereon; and

 

FURTHER RESOLVED, that
the terms and provisions of the Registration Rights Agreement by and among the Company and Esousa are hereby approved and the Authorized
Officers are authorized to execute and deliver the Registration Rights Agreement (pursuant to the terms of the Purchase Agreement),
with such amendments, changes, additions and deletions as the Authorized Officer may deem appropriate and approve on behalf of,
the Company, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and

 

FURTHER RESOLVED, that
the Authorized Officers are authorized to execute and deliver the transfer agent instructions pursuant to the terms of the Purchase
Agreement, with such amendments, changes, additions and deletions as the Authorized Officers may deem appropriate and approve on
behalf of, the Company, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and

 

     

     

    

 

Execution of Purchase Agreement

 

FURTHER RESOLVED, that
the Company be and it hereby is authorized to execute the Purchase Agreement providing for the purchase of common stock of the
Company having an aggregate value of up to $10,000,000; and

 

Issuance of Common Stock

 

FURTHER RESOLVED, that the Company is hereby
authorized to issue the Commitment Shares to Esousa as Commitment Shares and that upon issuance of the Commitment Shares
pursuant to the Purchase Agreement, the Commitment Shares shall be duly authorized, validly issued, fully paid and non-assessable;
and

 

FURTHER RESOLVED, that the Company is hereby
authorized to issue shares of Common Stock upon the purchase of Purchase Shares up to the available amount under the Purchase Agreement
in accordance with the terms of the Purchase Agreement and that, upon issuance of the Purchase Shares pursuant to the Purchase
Agreement, the Purchase Shares will be duly authorized, validly issued, fully paid and non-assessable; and

 

FURTHER RESOLVED, that the Corporation shall
initially reserve 10,000,000 shares of Common Stock for issuance as Purchase Shares under the Purchase Agreement; and 

 

Listing of Shares on the Nasdaq Capital
Market 

 

FURTHER RESOLVED, that
the officers of the Company be, and each of them hereby is, authorized and directed to take all necessary steps and do all other
things necessary and appropriate to effect the listing of the Esousa Shares on the Nasdaq Capital Market; and

 

Approval of Actions

 

FURTHER RESOLVED, that,
without limiting the foregoing, the Authorized Officers are, and each of them hereby is, authorized and directed to proceed on
behalf of the Company and to take all such steps as deemed necessary or appropriate to cause the Company to consummate the agreements
referred to herein and to perform its obligations under such agreements;

 

FURTHER RESOLVED, that
the Authorized Officers be, and each of them hereby is, authorized, empowered and directed on behalf of and in the name of the
Company, to take or cause to be taken all such further actions and to execute and deliver or cause to be executed and delivered
all such further agreements, amendments, documents, certificates, reports, schedules, applications, notices, letters and undertakings
and to incur and pay all such fees and expenses as in their judgment shall be necessary, proper or desirable to carry into effect
the purpose and intent of any and all of the foregoing resolutions, and that all actions heretofore taken by any officer or director
of the Company in connection with the transactions contemplated by the agreements described herein are hereby approved, ratified
and confirmed in all respects; and

 

FURTHER RESOLVED, that
any and all actions heretofore or hereinafter taken on behalf of the Company by any of said persons or entities within the terms
of the foregoing resolutions are hereby approved, ratified and confirmed in all respects as the acts and deeds of the Company.

 

     

     

    

 

EXHIBIT A-2

 

FORM OF COMPANY
RESOLUTIONS APPROVING REGISTRATION STATEMENT

 

WHEREAS, there has
been presented to the Board of Directors of the Company a Common Stock Purchase Agreement (the “Purchase Agreement”)
by and among the Corporation and ESOUSA HOLDINGS, LLC (“Esousa”), providing for the purchase by Esousa of up
to Ten Million Dollars ($10,000,000) of the Company’s common stock, par value $0.0001 (the “Common Stock”);
and

 

WHEREAS, after careful
consideration of the Purchase Agreement, the documents incident thereto and other factors deemed relevant by the Board of Directors,
the Board of Directors has approved the Purchase Agreement and the transactions contemplated thereby and the Company has executed
and delivered the Purchase Agreement to Esousa; and

 

WHEREAS, in connection
with the transactions contemplated pursuant to the Purchase Agreement, the Company has agreed to file a registration statement
with the Securities and Exchange Commission (the “Commission”) registering the Commitment Shares (as defined
in the Purchase Agreement) and the Purchase Shares (as defined in the Purchase Agreement) and to list the Commitment Shares and
Purchase Shares on the Nasdaq Capital Market;

 

WHEREAS, the management
of the Company has prepared an initial draft of a Registration Statement on Form S-1 (the “Registration Statement”)
in order to register the sale of the Purchase Shares and the Commitment Shares (collectively, the “Securities”)
by Esousa; and

 

WHEREAS, the Board
of Directors has determined to approve the Registration Statement and to authorize the appropriate officers of the Company to take
all such actions as they may deem appropriate to effect the offering.

 

NOW, THEREFORE, BE
IT RESOLVED, that the officers and directors of the Company be, and each of them hereby is, authorized and directed to prepare,
execute and file with the Commission the Registration Statement, which Registration Statement shall be filed substantially in the
form presented to the Board of Directors, with such changes therein as the Chief Executive Officer, Chief Legal Officer or Chief
Financial Officer of the Company shall deem desirable and in the best interest of the Company and its stockholders (such officer’s
execution thereof including such changes shall be deemed to evidence conclusively such determination); and

 

FURTHER RESOLVED, that
the officers of the Company be, and each of them hereby is, authorized and directed to prepare, execute and file with the Commission
all amendments, including post-effective amendments, and supplements to the Registration Statement, and all certificates, exhibits,
schedules, documents and other instruments relating to the Registration Statement, as such officers shall deem necessary or appropriate
(such officer’s execution and filing thereof shall be deemed to evidence conclusively such determination); and

 

FURTHER RESOLVED, that
the execution of the Registration Statement and of any amendments and supplements thereto by the officers of the Company be, and
the same hereby is, specifically authorized either personally or by the Chief Executive Officer, Chief Legal Officer and Chief
Financial Officer (the “Authorized Officers”) as such officer’s true and lawful attorneys-in-fact and
agents; and

 

FURTHER RESOLVED, that
the officers of the Company be, and each of them hereby is, authorized and directed to cause the Company to pay all fees, costs
and expenses that may be incurred by the Company in connection with the Registration Statement; and

 

     

     

    

 

FURTHER RESOLVED, that
it is desirable and in the best interest of the Company that the Securities be qualified or registered for sale in various states;
that the officers of the Company be, and each of them hereby is, authorized to determine the states in which appropriate action
shall be taken to qualify or register for sale all or such part of the Securities as they may deem advisable; that said officers
be, and each of them hereby is, authorized to perform on behalf of the Company any and all such acts as they may deem necessary
or advisable in order to comply with the applicable laws of any such states, and in connection therewith to execute and file all
requisite papers and documents, including, but not limited to, applications, reports, surety bonds, irrevocable consents, appointments
of attorneys for service of process and resolutions; and the execution by such officers of any such paper or document or the doing
by them of any act in connection with the foregoing matters shall conclusively establish their authority therefor from the Company
and the approval and ratification by the Company of the papers and documents so executed and the actions so taken; and

 

FURTHER RESOLVED, that
if, in any state where the securities to be registered or qualified for sale to the public, or where the Company is to be registered
in connection with the public offering of the Securities, a prescribed form of resolution or resolutions is required to be adopted
by the Board of Directors, each such resolution shall be deemed to have been and hereby is adopted, and the Secretary is hereby
authorized to certify the adoption of all such resolutions as though such resolutions were now presented to and adopted by the
Board of Directors; and

 

FURTHER RESOLVED, that
the officers of the Company be, and each of them hereby is, authorized and directed to take all necessary steps and do all other
things necessary and appropriate to effect the listing of the Securities on the Nasdaq Capital Market; and

 

Approval of Actions

 

FURTHER RESOLVED, that,
without limiting the foregoing, the Authorized Officers are, and each of them hereby is, authorized and directed to proceed on
behalf of the Company and to take all such steps as are deemed necessary or appropriate to cause the Company to take all such action
referred to herein and to perform its obligations incident to the registration, listing and sale of the Securities; and

 

FURTHER RESOLVED, that
the Authorized Officers be, and each of them hereby is, authorized, empowered and directed on behalf of and in the name of the
Company, to take or cause to be taken all such further actions and to execute and deliver or cause to be executed and delivered
all such further agreements, amendments, documents, certificates, reports, schedules, applications, notices, letters and undertakings
and to incur and pay all such fees and expenses as in their judgment shall be necessary, proper or desirable to carry into effect
the purpose and intent of any and all of the foregoing resolutions, and that all actions heretofore taken by any officer or director
of the Company in connection with the transactions contemplated by the agreements described herein are hereby approved, ratified
and confirmed in all respects.Exhibit
4.1

 

 

 

OMEGA HEALTHCARE
INVESTORS, INC.,

as Issuer,

 

the SUBSIDIARY
GUARANTORS named herein,

as Subsidiary
Guarantors,

 

and

 

U.S. BANK
NATIONAL ASSOCIATION,

as Trustee

 

 

 

INDENTURE

 

 

 

Dated as
of July 12, 2016

 

 

 

4.375% Senior
Notes due 2023

 

 

 

    	 	 	 

     

    

 

CROSS-REFERENCE
TABLE

 

	Trust Indenture
    Act Section	 	Indenture Section
	310	(a)(1)	 	7.10
	 	(a)(2)	 	7.10
	 	(a)(3)	 	N.A.
	 	(a)(4)	 	N.A.
	 	(a)(5)	 	7.08; 7.10
	 	(b)	 	7.08; 7.10
	 	(c)	 	N.A.
	311	(a)	 	7.11
	 	(b)	 	7.11
	 	(c)	 	N.A.
	312	(a)	 	2.05
	 	(b)	 	11.03
	 	(c)	 	11.03
	313	(a)	 	7.06
	 	(b)(1)	 	7.06
	 	(b)(2)	 	7.06; 7.07
	 	(c)	 	7.06; 11.02
	 	(d)	 	7.06
	314	(a)	 	4.05; 4.10; 11.02; 11.05
	 	(b)	 	N.A.
	 	(c)(1)	 	7.02; 11.04; 11.05
	 	(c)(2)	 	7.02; 11.04; 11.05
	 	(c)(3)	 	N.A.
	 	(d)	 	N.A.
	 	(e)	 	11.05
	 	(f)	 	N.A.
	315	(a)	 	7.01(b); 7.02(b)
	 	(b)	 	7.05; 11.02
	 	(c)	 	7.01
	 	(d)	 	6.05; 7.01(c)
	 	(e)	 	6.11
	316	(a) (last sentence)	 	2.09
	 	(a)(1)(A)	 	6.05
	 	(a)(1)(B)	 	6.04
	 	(a)(2)	 	N.A.
	 	(b)	 	6.07
	 	(c)	 	9.04
	317	(a)(1)	 	6.08
	 	(a)(2)	 	6.09
	 	(b)	 	2.04
	318	(a)	 	11.01
	 	(c)	 	11.01

 

 

N.A. means Not Applicable

 

Note:    This
Cross-Reference Table shall not, for any purpose, be deemed to be a part of this Indenture.

 

    	 	 	 

     

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE One
	 
	DEFINITIONS AND INCORPORATION
    BY REFERENCE
	 	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Other Definitions	13
	SECTION 1.03.	Incorporation by Reference of Trust Indenture Act	13
	SECTION 1.04.	Rules of Construction	13
	 	 	 
	ARTICLE Two
	 
	THE NOTES
	 	 	 
	SECTION 2.01.	Form and Dating	14
	SECTION 2.02.	Execution, Authentication and Denomination; Additional Notes.	15
	SECTION 2.03.	Registrar and Paying Agent	16
	SECTION 2.04.	Paying Agent To Hold Assets in Trust	17
	SECTION 2.05.	Holder Lists	17
	SECTION 2.06.	Transfer and Exchange	17
	SECTION 2.07.	Replacement Notes	18
	SECTION 2.08.	Outstanding Notes	18
	SECTION 2.09.	Treasury Notes	19
	SECTION 2.10.	Temporary Notes	19
	SECTION 2.11.	Cancellation	19
	SECTION 2.12.	Defaulted Interest	19
	SECTION 2.13.	CUSIP and ISIN Numbers	20
	SECTION 2.14.	Deposit of Moneys	20
	SECTION 2.15.	Book-Entry Provisions for Global Notes	20
	 	 	 
	ARTICLE Three
	 
	REDEMPTION
	 	 	 
	SECTION 3.01.	Notices to Trustee	22
	SECTION 3.02.	Selection of Notes To Be Redeemed	22
	SECTION 3.03.	Notice of Redemption	22
	SECTION 3.04.	Effect of Notice of Redemption	23
	SECTION 3.05.	Deposit of Redemption Price	23
	SECTION 3.06.	Notes Redeemed in Part	24

 

     i

     

    

 

	ARTICLE Four
	 
	COVENANTS
	 	 	 
	SECTION 4.01.	Payment of Notes	24
	SECTION 4.02.	Maintenance of Office or Agency	24
	SECTION 4.03.	Corporate Existence	25
	SECTION 4.04.	Payment of Taxes	25
	SECTION 4.05.	Compliance Certificate; Notice of Default	25
	SECTION 4.06.	Waiver of Stay, Extension or Usury Laws	26
	SECTION 4.07.	Limitation on Indebtedness	26
	SECTION 4.08.	Maintenance of Total Unencumbered Assets	27
	SECTION 4.09.	Limitation on Issuances of Guarantees by Subsidiaries	27
	SECTION 4.10.	Reports to Holders	27
	 	 	 
	ARTICLE Five
	 
	SUCCESSOR CORPORATION
	 	 	 
	SECTION 5.01.	Consolidation, Merger and Sale of Assets	27
	 	 	 
	ARTICLE Six
	 
	DEFAULT AND REMEDIES
	 	 	 
	SECTION 6.01.	Events of Default	29
	SECTION 6.02.	Acceleration	30
	SECTION 6.03.	Other Remedies	31
	SECTION 6.04.	Waiver of Past Defaults	32
	SECTION 6.05.	Control by Majority	32
	SECTION 6.06.	Limitation on Suits	32
	SECTION 6.07.	Rights of Holders To Receive Payment	33
	SECTION 6.08.	Collection Suit by Trustee	33
	SECTION 6.09.	Trustee May File Proofs of Claim	33
	SECTION 6.10.	Priorities	34
	SECTION 6.11.	Undertaking for Costs	34
	 	 	 
	ARTICLE Seven
	 
	TRUSTEE
	 	 	 
	SECTION 7.01.	Duties of Trustee	34
	SECTION 7.02.	Rights of Trustee	35
	SECTION 7.03.	Individual Rights of Trustee	37
	SECTION 7.04.	Trustee’s Disclaimer	37
	SECTION 7.05.	Notice of Default	37
	SECTION 7.06.	Reports by Trustee to Holders	37

 

     ii

     

    

 

	SECTION 7.07.	Compensation and Indemnity	38
	SECTION 7.08.	Replacement of Trustee	39
	SECTION 7.09.	Successor Trustee by Merger, Etc.	40
	SECTION 7.10.	Eligibility; Disqualification	40
	SECTION 7.11.	Preferential Collection of Claims Against the Issuer	40
	 	 	 
	ARTICLE Eight
	 
	DISCHARGE OF INDENTURE;
    DEFEASANCE
	 	 	 
	SECTION 8.01.	Termination of the Issuer’s Obligations	40
	SECTION 8.02.	Legal Defeasance and Covenant Defeasance	41
	SECTION 8.03.	Conditions to Legal Defeasance or Covenant Defeasance	43
	SECTION 8.04.	Application of Trust Money	44
	SECTION 8.05.	Repayment to the Issuer	44
	SECTION 8.06.	Reinstatement	44
	 	 	 
	ARTICLE Nine
	 
	AMENDMENTS, SUPPLEMENTS
    AND WAIVERS
	 	 	 
	SECTION 9.01.	Without Consent of Holders.	45
	SECTION 9.02.	With Consent of Holders	46
	SECTION 9.03.	Compliance with the Trust Indenture Act	47
	SECTION 9.04.	Revocation and Effect of Consents	47
	SECTION 9.05.	Notation on or Exchange of Notes	48
	SECTION 9.06.	Trustee To Sign Amendments, Etc.	48
	 	 	 
	ARTICLE Ten
	 
	SUBSIDIARY GUARANTEE
	 	 	 
	SECTION 10.01.	Guarantee	48
	SECTION 10.02.	Limitation on Subsidiary Guarantor Liability	49
	SECTION 10.03.	Execution and Delivery of Subsidiary Guarantee	50
	SECTION 10.04.	Release of a Subsidiary Guarantor	50
	 	 	 
	ARTICLE Eleven
	 
	MISCELLANEOUS
	 	 	 
	SECTION 11.01.	Trust Indenture Act Controls	51
	SECTION 11.02.	Notices	51
	SECTION 11.03.	Communications by Holders with Other Holders	52
	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	53
	SECTION 11.05.	Statements Required in Certificate or Opinion	53
	SECTION 11.06.	Rules by Paying Agent or Registrar	53
	SECTION 11.07.	Legal Holidays	53

 

     iii

     

    

 

	SECTION 11.08.	Governing Law	54
	SECTION 11.09.	No Adverse Interpretation of Other Agreements	54
	SECTION 11.10.	No Recourse Against Others	54
	SECTION 11.11.	Successors	54
	SECTION 11.12.	Duplicate Originals	54
	SECTION 11.13.	Severability	54
	 	 	 
	SIGNATURES	 	S-1

 

	Exhibit A	-	Form of Note
	Exhibit B	-	Form of Legends
	Exhibit C	-	Form of Notation of Subsidiary Guarantee

 

Note:    This
Table of Contents shall not, for any purpose, be deemed to be part of this Indenture.

 

     iv

     

    

 

INDENTURE dated
as of July 12, 2016 among Omega Healthcare Investors, Inc., a Maryland corporation (the “Issuer”), each of
the Subsidiary Guarantors named herein, as Subsidiary Guarantors, and U.S. Bank National Association , a national banking association
organized and existing under the laws of the United States of America, as Trustee (the “Trustee”).

 

The Issuer
has duly authorized the creation of an issue of 4.375% Senior Notes due 2023 and, to provide therefor, the Issuer and the Subsidiary
Guarantors have duly authorized the execution and delivery of this Indenture. All things necessary to make the Notes, when duly
issued and executed by the Issuer and authenticated and delivered hereunder, the valid and binding obligations of the Issuer and
to make this Indenture a valid and binding agreement of the Issuer and the Subsidiary Guarantors have been done.

 

THIS INDENTURE
WITNESSETH

 

For and in
consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for
the equal and proportionate benefit of all Holders, as follows:

 

ARTICLE
One

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

		SECTION 1.01.	Definitions.

 

Set forth below
are certain defined terms used in this Indenture.

 

“Acquired
Indebtedness” means Indebtedness of a Person existing at the time such Person becomes a Subsidiary or that is assumed
in connection with an Asset Acquisition from such Person by a Subsidiary and not incurred by such Person in connection with, or
in anticipation of, such Person becoming a Subsidiary or such Asset Acquisition; provided, however, that Indebtedness of
such Person that is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transactions
by which such Person becomes a Subsidiary or such Asset Acquisition shall not be Acquired Indebtedness.

 

“Adjusted
Consolidated Net Income” means, for any period, the aggregate net income (or loss) (before giving effect to cash dividends
on preferred stock of the Issuer or charges resulting from the redemption of preferred stock of the Issuer) of the Issuer and
its Subsidiaries for such period determined on a consolidated basis in conformity with GAAP; provided, however, that the
following items shall be excluded in computing Adjusted Consolidated Net Income, without duplication:

 

(1)         the
net income of any Person, other than the Issuer or a
Subsidiary, except to the extent of the amount of dividends or
other distributions actually paid to the Issuer or any of its Subsidiaries
by such Person during such period;

 

    	 	 	 

     

    

 

(2)         the
net income of any Subsidiary to the extent that the declaration or
payment of dividends or similar distributions by such Subsidiary
of such net income is not at the time permitted by the operation of the terms of its charter or
any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to such Subsidiary;

 

(3)         any
after-tax gains or losses attributable to asset sales; and

 

(4)         all
extraordinary gains and extraordinary losses.

 

“Adjusted
Total Assets” means, for any Person, the sum of:

 

(1)         Total
Assets for such Person as of the end of the fiscal quarter preceding the Transaction
Date as set forth on the most recent quarterly or annual consolidated balance sheet
of the Issuer and its Subsidiaries, prepared in
conformity with GAAP and filed with the SEC or provided
to the Trustee pursuant to Section 4.10; and

 

(2)         any
increase in Total Assets following the end of such quarter including,
without limitation, any increase in Total Assets resulting from the application of the
proceeds of any additional Indebtedness.

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect
common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”),
as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agent”
means any Registrar or Paying Agent.

 

“amend”
means to amend, supplement, restate, amend and restate or otherwise modify, including successively; and “amendment”
shall have a correlative meaning.

 

“Asset
Acquisition” means:

 

(1)         an
investment by the Issuer or any of its Subsidiaries
in any other Person pursuant to which such Person
shall become a Subsidiary or shall be merged into or
consolidated with the Issuer or any of its Subsidiaries;
provided, however, that such Person’s
primary business is related, ancillary, incidental or complementary to the businesses of
the Issuer or any of its Subsidiaries on the date
of such investment; or

 

(2)         an
acquisition by the Issuer or any of its Subsidiaries from
any other Person of assets that constitute substantially all of a division or
line of business, or one or more healthcare
properties, of such Person; provided, however,
that the assets and properties acquired are related, ancillary, incidental or complementary
to the businesses of the Issuer or any of its Subsidiaries
on the date of such acquisition.

 

    2

     

    

 

“Asset
Disposition” means the sale or other disposition by the Issuer or any of its Subsidiaries, other than to the Issuer
or another Subsidiary, of:

 

(1)         all
or substantially all of the Capital Stock of any
Subsidiary; or

 

(2)         all
or substantially all of the assets that constitute a division or
line of business, or one or more healthcare
properties, of the Issuer or any of its Subsidiaries.

 

“Bankruptcy
Law” means Title 11 of the United States Code, as amended, or any insolvency or other similar federal or state law for
the relief of debtors.

 

“Board
of Directors” means, as to any Person, the board of directors (or similar governing body) of such Person or any duly
authorized committee thereof.

 

“Board
Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary
of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date
of such certification, and delivered to the Trustee.

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which banking institutions in New York or Maryland are
authorized or required by law to close.

 

“Capital
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting), including partnership interests, whether general or limited, in the equity of such
Person, whether outstanding on the Closing Date or issued thereafter, including, without limitation, all Common Stock and Preferred
Stock.

 

“Capitalized
Lease” means, as applied to any Person, any lease of any property, whether real, personal or mixed, of which the discounted
present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the
balance sheet of such Person.

 

“Capitalized
Lease Obligations” means the discounted present value of the rental obligations under a Capitalized Lease as reflected
on the balance sheet of such Person as determined in conformity with GAAP.

 

“Closing
Date” means July 12, 2016.

 

“Common
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting) that have no preference on liquidation or with respect to distributions over any other
class of Capital Stock, including partnership interests, whether general or limited, of such Person’s equity, whether outstanding
on the Closing Date or issued thereafter, including, without limitation, all series and classes of common stock.

 

    3

     

    

 

“Consolidated
EBITDA” means, for any period, Adjusted Consolidated Net Income for such period plus amounts which have been
deducted and minus amounts which have been added for, without duplication:

 

(1)         Consolidated
Interest Expense;

 

(2)         provision
for taxes based on income;

 

(3)         impairment
losses and gains on sales or other dispositions of properties and other Investments;

 

(4)         real
estate related depreciation and amortization expense;

 

(5)         the
effect of any non-recurring, non-cash items;

 

(6)         amortization
of deferred charges;

 

(7)         gains
or losses on early extinguishment of Indebtedness;
and

 

(8)         acquisition
expenses;

 

all as determined on a consolidated
basis for the Issuer and its Subsidiaries in conformity with GAAP; provided, however, that, if any Subsidiary is not a
Wholly Owned Subsidiary, Consolidated EBITDA shall be reduced (to the extent not already reduced in Adjusted Consolidated Net
Income or otherwise reduced in accordance with GAAP) by an amount equal to:

 

(x)          the
amount of the Adjusted Consolidated Net Income attributable to such Subsidiary multiplied by

 

(y)          the
percentage ownership interest in the income of such Subsidiary not owned on the last day of such period by the Issuer or any of
its Subsidiaries.

 

“Consolidated
Interest Expense” means, for any period, the aggregate amount of interest expense in respect of Indebtedness of the
Issuer and the Subsidiaries during such period, all as determined on a consolidated basis in conformity with GAAP including, without
limitation (without duplication):

 

(1)         amortization
of debt issuance costs, debt discount or premium and other financing fees and expenses;

 

(2)         the
interest portion of any deferred payment obligations;

 

(3)         all
commissions, discounts and other fees and expenses owed with respect to letters of credit and bankers’ acceptance financing;

 

(4)         the
net costs associated with Interest Rate Agreements and Indebtedness
that is Guaranteed or secured by assets of the Issuer
or any of its Subsidiaries; and

 

    4

     

    

 

(5)         all
but the principal component of rentals in respect of Capitalized
Lease Obligations paid, accrued or scheduled to be paid or
to be accrued by the Issuer and its Subsidiaries;

 

excluding, to the extent
included in interest expense above, the amount of such interest expense of any Subsidiary if the net income of such Subsidiary
is excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause (2) of the definition thereof (but
only in the same proportion as the net income of such Subsidiary is excluded from the calculation of Adjusted Consolidated Net
Income pursuant to clause (2) of the definition thereof), as determined on a consolidated basis in conformity with GAAP.

 

“Corporate
Trust Office” means the corporate trust office of the Trustee located at Two Midtown Plaza, 1349 W. Peachtree Street,
NW, Suite 1050, EX-GA-ATPT, Atlanta, Georgia 30309, Attention: Corporate Trust Department, or such other office, designated by
the Trustee by written notice to the Issuer, at which at any particular time its corporate trust business shall be administered.

 

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

 

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

 

“Depository”
means The Depository Trust Company, New York, New York, or a successor thereto registered under the Exchange Act or other applicable
statute or regulation.

 

“Disqualified
Stock” means any class or series of Capital Stock of any Person that by its terms or otherwise is:

 

(1)         required
to be redeemed prior to the Stated Maturity of the Notes,

 

(2)         redeemable
at the option of the holder of such class or series
of Capital Stock, at any time prior to the Stated Maturity
of the Notes, or

 

(3)         convertible
into or exchangeable for Capital Stock referred
to in clause (1) or (2) above or Indebtedness
having a scheduled maturity prior to the Stated Maturity of the Notes;

 

provided, however, that
any Capital Stock that would not constitute Disqualified Stock but for customary provisions thereof giving holders thereof the
right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an “asset sale” or
“change of control” occurring prior to the Stated Maturity of the Notes shall not constitute Disqualified Stock.

 

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

 

    5

     

    

 

“Existing
Note Indentures” means the indenture governing the Issuer’s 5.875% senior notes due 2024, the indenture governing
the Issuer’s 4.950% senior notes due 2024, the indenture governing the Issuer’s 4.50% senior notes due 2025, the indenture
governing the Issuer’s 5.250% senior notes due 2026 and the indenture governing the Issuer’s 4.500% senior notes due
2027 (each an “Existing Note Indenture”), as each such Existing Note Indenture may be supplemented from time
to time.

 

“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 of the Issuer, whose determination shall be conclusive if evidenced by a Board Resolution.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect as of the date of this indenture,
including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as approved by a significant segment of the accounting profession. Except as otherwise
specifically provided in this Indenture, all terms of an accounting or financial nature and all ratios and computations contained
or referred to in this Indenture shall be computed in conformity with GAAP applied on a consistent basis.

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other
Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of
such Person:

 

(1)         to
purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness
of such other Person (whether arising by virtue of partnership arrangements, or
by agreements to keep-well, to purchase assets, goods, securities or services (unless
such purchase arrangements are on arm’s-length terms and are entered into in the ordinary course of business), to take-or-pay,
or to maintain financial statement conditions or otherwise);
or

 

(2)         entered
into for purposes of assuring in any other manner the obligee of such Indebtedness of the
payment thereof or to protect such obligee against loss in respect thereof (in whole or
in part);

 

provided, however, that
the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business.
The term “Guarantee” used as a verb has a corresponding meaning.

 

“Holder”
means any registered holder, from time to time, of the Notes.

 

“Incur”
means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with respect
to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness, including an “Incurrence”
of Acquired

 

    6

     

    

 

Indebtedness;
provided, however, that neither the accrual of interest nor the accretion of original issue discount shall be considered
an Incurrence of Indebtedness.

 

“Indebtedness”
means, with respect to any Person at any date of determination (without duplication):

 

(1)         all
indebtedness of such Person for borrowed money;

 

(2)         all
obligations of such Person evidenced by bonds, debentures, notes
or other similar instruments;

 

(3)         the
face amount of letters of credit or other similar instruments, excluding
obligations with respect to letters of credit (including trade letters of credit)
securing obligations (other than obligations described in (1) or (2) above or
(4), (5) or (6) below) entered into in the ordinary course of business
of such Person to the extent such letters of credit are not drawn upon or,
if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement;

 

(4)         all
unconditional obligations of such Person to pay amounts representing the balance deferred
and unpaid of the purchase price of any property (which purchase price is due more than six months after the date of placing such
property in service or taking delivery and title thereto), except any such balance that
constitutes an accrued expense or Trade Payable;

 

(5)         all
Capitalized Lease Obligations;

 

(6)         all
Indebtedness of other Persons secured by a Lien
on any asset of such Person, whether or not
such Indebtedness is assumed by such Person; provided,
however, that the amount of such Indebtedness shall be the lesser of
(A) the Fair Market Value of such asset at that date of determination and (B) the
amount of such Indebtedness;

 

and also includes, to the extent
not otherwise included, any non-contingent obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise
(other than for purposes of collection in the ordinary course of business), Indebtedness of the types referred to in items (1)
through (6) above of another Person (it being understood that Indebtedness shall be deemed to be Incurred by such Person whenever
such Person shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof). In addition,

 

(1)         the
amount outstanding at any time of any Indebtedness issued
with original issue discount shall be deemed to be the face amount with respect to such Indebtedness
less the remaining unamortized portion of the original issue discount of such Indebtedness
at the date of determination in conformity with GAAP, and

 

(2)         Indebtedness
shall not include any liability for federal, state, local or other taxes.

 

    7

     

    

 

“Indenture”
means this Indenture, as amended or supplemented from time to time in accordance with the terms hereof.

 

“interest”
means, with respect to the Notes, interest on the Notes.

 

“Interest
Coverage Ratio” means, on any Transaction Date, the ratio of:

 

(x)          the
aggregate amount of Consolidated EBITDA for the then most recent four fiscal quarters prior to such Transaction Date for which
reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.10 (“Four Quarter Period”)
to

 

(y)         the
aggregate Consolidated Interest Expense during such Four Quarter Period.

 

In making the
foregoing calculation,

 

(1)         pro
forma effect shall be given to any Indebtedness Incurred or repaid (other than in connection
with an Asset Acquisition or Asset Disposition) during the period (“Reference
Period”) commencing on the first day of the Four Quarter Period and ending
on the Transaction Date (other than Indebtedness Incurred
or repaid under a revolving credit or similar arrangement), in each case as if such
Indebtedness had been Incurred or repaid on the
first day of such Reference Period;

 

(2)         Consolidated
Interest Expense attributable to interest on any Indebtedness
(whether existing or being Incurred) computed
on a pro forma basis and bearing a floating interest rate shall be computed
as if the rate in effect on the Transaction Date (taking into account any Interest
Rate Agreement applicable to such Indebtedness if such Interest
Rate 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;

 

(3)         pro
forma effect shall be given to Asset Dispositions and Asset
Acquisitions and Investments (including giving
pro forma effect to the application of proceeds of any Asset Disposition and
any Indebtedness Incurred or repaid in connection with any such Asset
Acquisitions or Asset Dispositions) that occur during such Reference Period but
subsequent to the end of the related Four Quarter Period as if they had occurred and such
proceeds had been applied on the first day of such Reference Period; and

 

(4)         pro
forma effect shall be given to asset dispositions and asset acquisitions (including giving
pro forma effect to (i) the application of proceeds of any asset disposition
and any Indebtedness Incurred or repaid in connection with any such asset acquisitions
or asset dispositions and (ii) expense and cost reductions calculated on a basis consistent
with Regulation S-X under the Exchange Act) that have been made by any Person
that has become a Subsidiary or has been merged with or
into the Issuer or any of its Subsidiaries during
such Reference Period but subsequent to the end of the related Four
Quarter Period and that would have constituted asset dispositions or asset acquisitions
during such Reference Period but subsequent to the end of the related Four

 

    8

     

    

 

Quarter
Period had such transactions occurred when such Person was
a Subsidiary as if such asset dispositions or asset
acquisitions were Asset Dispositions or Asset Acquisitions and had occurred on the first
day of such Reference Period;

 

provided, however, that
to the extent that clause (3) or (4) of this paragraph requires that pro forma effect be given to
an Asset Acquisition or Asset Disposition or asset acquisition or asset disposition, as the case may be, such pro forma
calculation shall be based upon the four full fiscal quarters immediately preceding the Transaction Date of the Person, or
division or line of business, or one or more healthcare properties, of the Person that is acquired or disposed of to the extent
that such financial information is available.

 

“Interest
Payment Date” means the Stated Maturity of an installment of interest on the Notes.

 

“Interest
Rate Agreement” means any interest rate protection agreement, interest rate future agreement, interest rate option agreement,
interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option
or future contract or other similar agreement or arrangement with respect to interest rates.

 

“Investment”
in any Person means any direct or indirect advance, loan or other extension of credit (including, without limitation, by way of
Guarantee or similar arrangement, but excluding advances to customers in the ordinary course of business that are, in conformity
with GAAP, recorded as accounts receivable on the consolidated balance sheet of the Issuer and its Subsidiaries) or capital contribution
to (by means of any transfer of cash or other property (tangible or intangible) to others or any payment for property or services
solely for the account or use of others, or otherwise), or any purchase or acquisition of Capital Stock, bonds, notes, debentures
or other similar instruments issued by, such Person.

 

“Lien”
means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional
sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest).

 

“Notes”
means, collectively, the Issuer’s 4.375% Senior Notes due 2023 issued in accordance with Section 2.02 (whether issued
on the Closing Date, issued as Additional Notes, or otherwise issued after the Closing Date) treated as a single class of securities
under this Indenture, as amended or supplemented from time to time in accordance with the terms of this Indenture.

 

“Officer”
means any of the following of the Issuer or a Subsidiary Guarantor, as applicable: the Chairman of the Board of Directors, the
Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer or the Secretary.

 

“Officers’
Certificate” means a certificate signed by two Officers.

 

“Opinion
of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may
be an employee of, or counsel to, the Issuer, a Subsidiary Guarantor or the Trustee.

 

    9

     

    

 

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

 

“Preferred
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting) that have a preference on liquidation or with respect to distributions over any other
class of Capital Stock, including preferred partnership interests, whether general or limited, or such Person’s preferred
or preference stock, whether outstanding on the Closing Date or issued thereafter, including, without limitation, all series and
classes of such preferred or preference stock.

 

“principal”
means, with respect to the Notes, the principal of and premium, if any, on the Notes.

 

“Prospectus
Supplement” means the prospectus supplement, dated June 30, 2016, relating to the offering of the Notes.

 

“Record
Date” means the applicable Record Date specified in the Notes; provided, however, that if any such date
is not a Business Day, the Record Date shall be the first day immediately succeeding such specified day that is a Business Day.

 

“redeem”
means to redeem, repurchase, purchase, defease, retire, discharge or otherwise acquire or retire for value; and “redemption”
shall have a correlative meaning; provided, however, that this definition shall not apply for purposes of Section 5
of the Notes or Article Three.

 

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

 

“Redemption
Price,” when used with respect to any Note to be redeemed, means the price fixed for such redemption, payable in immediately
available funds, pursuant to this Indenture and the Notes.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer in the Corporate Trust Office of the Trustee to whom
any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject
and shall also mean any officer who shall have direct responsibility for the administration of this Indenture.

 

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

 

“Secured
Indebtedness” means any Indebtedness secured by a Lien upon the property of the Issuer or any of its Subsidiaries.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, or any successor statute or statutes thereto.

 

    10

     

    

 

“Significant
Subsidiary,” with respect to any Person, means any subsidiary of such Person that satisfies the criteria for a “significant
subsidiary” set forth in Rule 1.02(w) of Regulation S-X under the Exchange Act.

 

“Stated
Maturity” means:

 

(1)         with
respect to any debt security, the date specified in such debt security as the fixed date on which the final installment of principal
of such debt security is due and payable; and

 

(2)         with
respect to any scheduled installment of principal of or
interest on any debt security, the date specified in such debt security as the fixed date on which such installment is
due and payable.

 

“Subsidiary”
means, with respect to any Person, any corporation, association or other business entity of which more than 50% of the voting
power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such
Person and the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance
with GAAP, if such statements were prepared as of such date.

 

“Subsidiary
Guarantee” means a Guarantee by each Subsidiary Guarantor for payment of the Notes by such Subsidiary Guarantor. The
Subsidiary Guarantee will be an unsecured senior obligation of each Subsidiary Guarantor and will be unconditional regardless
of the enforceability of the Notes and this Indenture. Notwithstanding the foregoing, each Subsidiary Guarantee by a Subsidiary
Guarantor shall provide by its terms that it shall be automatically and unconditionally released and discharged under the circumstances
described in Section 10.04 hereof.

 

“Subsidiary
Guarantors” means (i) each Subsidiary that is a guarantor of Indebtedness under the Existing Note Indentures on
the Closing Date and (ii) each other Person that is required to become a Subsidiary Guarantor by the terms of this Indenture
after the Closing Date, in each case, until such Person is released from its Subsidiary Guarantee.

 

“Total
Assets” means the sum (without duplication) of:

 

(1)         Undepreciated
Real Estate Assets; and

 

(2)         all
other assets (excluding intangibles and accounts receivable) of the Issuer
and its Subsidiaries on a consolidated basis determined in conformity with GAAP.

 

“Total
Unencumbered Assets” as of any date means the sum of:

 

(1)         those
Undepreciated Real Estate Assets not securing any portion of Secured
Indebtedness; and

 

    11

     

    

 

(2)         all
other assets (but excluding intangibles and accounts receivable) of the Issuer
and its Subsidiaries not securing any portion of Secured
Indebtedness determined on a consolidated basis in conformity with GAAP;

 

provided, however,
that all investments in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies
and other unconsolidated entities shall be excluded from Total Unencumbered Assets to the extent that such investments would have
otherwise been included.

 

“Trade
Payables” means, with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to
trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business
in connection with the acquisition of goods or services.

 

“Transaction
Date” means, with respect to the Incurrence of any Indebtedness by the Issuer or any of its Subsidiaries, the date such
Indebtedness is to be Incurred.

 

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

 

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

 

“Undepreciated
Real Estate Assets” means, as of any date, the cost (being the original cost to the Issuer or any of its Subsidiaries
plus capital improvements) of real estate assets of the Issuer and its Subsidiaries on such date, before depreciation and amortization
of such real estate assets, determined on a consolidated basis in conformity with GAAP.

 

“Unsecured
Indebtedness” means any Indebtedness of the Issuer or any of its Subsidiaries that is not Secured Indebtedness.

 

“U.S.
Government Obligations” means direct obligations of, obligations guaranteed by, or participations in pools consisting
solely of obligations of or obligations guaranteed by, the United States of America for the payment of which obligations or guarantee
the full faith and credit of the United States of America is pledged and that are not callable or redeemable at the option of
the issuer thereof.

 

“U.S.
Legal Tender” means such coin or currency of the United States of America that at the time of payment shall be legal
tender for the payment of public and private debts.

 

“Voting
Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for
the election of directors, managers or other voting members of the governing body of such Person.

 

“Wholly
Owned” means, with respect to any Subsidiary of any Person, the ownership of all of the outstanding Capital Stock of
such Subsidiary (other than any director’s

 

    12

     

    

 

qualifying
shares or Investments by individuals mandated by applicable law) by such Person or one or more Wholly Owned Subsidiaries of such
Person.

 

		SECTION 1.02.	Other
                                         Definitions.

 

	Term	 	Defined in Section
	“Additional Notes”	 	2.02
	“Authentication Order”	 	2.02
	“Covenant Defeasance”	 	8.02
	“Event of Default”	 	6.01
	“Four Quarter Period”	 	1.01
	“Global Note”	 	2.01
	“Initial Global Notes”	 	2.01
	“Initial Notes”	 	2.02
	“Issuer”	 	Preamble
	“Legal Defeasance”	 	8.02
	“Participants”	 	2.15
	“Paying Agent”	 	2.03
	“Payment Date”	 	1.01
	“Physical Notes”	 	2.01
	“Primary Treasury Dealer”	 	1.01
	“Reference Period”	 	1.01
	“Registrar”	 	2.03

 

		SECTION 1.03.	Incorporation
                                         by Reference of Trust Indenture Act.

 

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

 

“indenture
securities” means the Notes.

 

“indenture
security holder” means a Holder.

 

“indenture
to be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Issuer, any Subsidiary Guarantor or any other obligor on the Notes.

 

All other Trust
Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference
to another statute or defined by SEC rule and not otherwise defined herein have the meanings assigned to them therein.

 

		SECTION 1.04.	Rules
                                         of Construction.

 

Unless the
context otherwise requires:

 

    13

     

    

 

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

 

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

 

(3)         “or”
is not exclusive;

 

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

 

(5)         provisions
apply to successive events and transactions;

 

(6)         “herein,”
“hereof” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision;
and

 

(7)         the
words “including,” “includes”
and similar words shall be deemed to be followed by “without limitation.”

 

ARTICLE
Two

 

THE
NOTES

 

		SECTION 2.01.	Form
                                         and Dating.

 

The Notes and
the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes
may have notations, legends or endorsements required by law, stock exchange rule or usage. The Issuer shall approve the form
of the Notes and any notation, legend or endorsement on them. Each Note shall be dated the date of its issuance and show the date
of its authentication. Each Note shall have an executed Subsidiary Guarantee from each of the Subsidiary Guarantors existing on
the Closing Date endorsed thereon substantially in the form of Exhibit C.

 

The terms and
provisions contained in the Notes and the Subsidiary Guarantees shall constitute, and are hereby expressly made, a part of this
Indenture and, to the extent applicable, the Issuer, the Subsidiary Guarantors and the Trustee, by their execution and delivery
of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

Notes issued
as of the Closing Date shall be issued in the form of one or more global Notes, each in registered form, substantially in the
form set forth in Exhibit A, deposited with the Trustee, as custodian for the Depository, duly executed by the Issuer (and
having an executed Subsidiary Guarantee from each of the Subsidiary Guarantors endorsed thereon) and authenticated by the Trustee
as hereinafter provided and shall bear any legends required by applicable law (the “Initial Global Notes”).

 

Notes issued
after the Closing Date shall be issued initially in the form of one or more global Notes in registered form, substantially in
the form set forth in Exhibit A, deposited with the Trustee, as custodian for the Depository, duly executed by the
Issuer (and having an

 

    14

     

    

 

executed Subsidiary
Guarantee from each of the Subsidiary Guarantors endorsed thereon) and authenticated by the Trustee as hereinafter provided and
shall bear any legends required by applicable law (together with the Initial Global Notes, the “Global Notes”).

 

The aggregate
principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for the Depository, as hereinafter provided. Notes issued in exchange for interests in a Global Note may
be issued in the form of definitive Notes registered in the name or names of Persons other than a Depository for Global Notes
or a nominee or nominees thereof (the “Physical Notes”).

 

		SECTION 2.02.	Execution,
                                         Authentication and Denomination; Additional Notes.

 

One Officer
of the Issuer (who shall have been duly authorized by all requisite corporate actions) shall sign the Notes for such Issuer by
manual or facsimile signature. One Officer of a Subsidiary Guarantor (who shall have been duly authorized by all requisite corporate
or other applicable entity actions) shall sign the Subsidiary Guarantee for such Subsidiary Guarantor by manual or facsimile signature.

 

If an Officer
whose signature is on a Note or Subsidiary Guarantee, as the case may be, was an Officer at the time of such execution but no
longer holds that office at the time the Trustee authenticates the Note, the Note shall nevertheless be valid.

 

A Note (and
the Subsidiary Guarantees in respect thereof) shall not be valid until an authorized signatory of the Trustee manually signs the
certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under
this Indenture.

 

The Trustee
shall authenticate (i) on the Closing Date, Notes for original issue in the aggregate principal amount not to exceed $700,000,000
(the “Initial Notes”) and (ii) Additional Notes (as defined below) in an unlimited amount (so long as
not otherwise prohibited by the terms of this Indenture, including Section 4.07) in each case upon a written order of the
Issuer in the form of a certificate of an Officer of the Issuer (an “Authentication Order”). Each such Authentication
Order shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated, whether the
Notes are to be Initial Notes or Additional Notes and whether the Notes are to be issued as certificated Notes or Global Notes
or such other information as the Trustee may reasonably request. In addition, with respect to authentication pursuant to clause
(ii) of the first sentence of this paragraph, the first such Authentication Order from the Issuer shall be accompanied by an Opinion
of Counsel of the Issuer in a form reasonably satisfactory to the Trustee.

 

The Issuer
may, from time to time, without the consent of the Holders of the Notes, issue additional Notes (the “Additional Notes”)
having the same ranking and the same interest rate, maturity and other terms as the outstanding Notes, except for the public offering
price, the issue date and, if applicable, the initial interest payment date and initial interest accrual date.

 

All Notes issued
under this Indenture, including Additional Notes, shall be treated as a single class for all purposes under this Indenture; provided
that if the Additional Notes are

 

    15

     

    

 

not fungible
for U.S. federal income tax with the Initial Notes, the Additional Notes shall be issued under a separate CUSIP or ISIN number.
The Additional Notes shall bear any legend required by applicable law.

 

The Trustee
may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate Notes. Unless otherwise provided in the
appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to
deal with the Issuer and Affiliates of the Issuer. The Trustee shall have the right to decline to authenticate and deliver any
Notes under this Indenture if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or
if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability.

 

The Notes shall
be issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

		SECTION 2.03.	Registrar
                                         and Paying
                                         Agent.

 

The Issuer
shall maintain or cause to be maintained an office or agency in the Borough of Manhattan, The City of New York, where (a) Notes
may be presented or surrendered for registration of transfer or for exchange (“Registrar”), (b) Notes
may, subject to Section 2 of the Notes, be presented or surrendered for payment (“Paying Agent”) and (c) notices
and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer may also from time to time
designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and
may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any
manner relieve the Issuer of its obligation to maintain or cause to be maintained an office or agency in the Borough of Manhattan,
The City of New York, for such purposes. The Issuer may act as Registrar or Paying Agent, except that for the purposes of Articles
Three and Eight, neither the Issuer nor any Affiliate of the Issuer shall act as Paying Agent. The Registrar shall keep a register
of the Notes and of their transfer and exchange. The Issuer, upon notice to the Trustee, may have one or more co-registrars and
one or more additional paying agents reasonably acceptable to the Trustee. The term “Registrar” includes any co-registrar
and the term “Paying Agent” includes any additional paying agent. The Issuer initially appoints the Trustee as Registrar
and Paying Agent until such time as the Trustee has resigned or a successor has been appointed.

 

The Issuer
shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which agreement shall implement
the provisions of this Indenture that relate to such Agent. The Issuer shall notify the Trustee, in advance, of the name and address
of any such Agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such.

 

    16

     

    

 

		SECTION 2.04.	Paying
                                         Agent To Hold Assets in Trust.

 

The Issuer
shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that each Paying Agent
shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal
of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer or any other obligor on the Notes),
and shall notify the Trustee of any Default by the Issuer (or any other obligor on the Notes) in making any such payment. The
Issuer at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed
and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require
such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution
to the Trustee of all assets that shall have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no
further liability for such assets.

 

		SECTION 2.05.	Holder
                                         Lists.

 

The Trustee
shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least two (2) Business Days prior
to each Interest Payment Date and at such other times as the Trustee may request in writing a list, in such form and as of such
date as the Trustee may reasonably require, of the names and addresses of Holders, which list may be conclusively relied upon
by the Trustee.

 

		SECTION 2.06.	Transfer
                                         and Exchange.

 

Subject to
Section 2.15, when Notes are presented to the Registrar with a request to register the transfer of such Notes or to exchange
such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the transfer
or make the exchange as requested if its requirements for such transaction are met; provided, however, that the Notes surrendered
for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the
Issuer and the Registrar, duly executed by the Holder thereof or his or her attorney duly authorized in writing. To permit registrations
of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s request.
No service charge shall be made 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.

 

Without the
prior written consent of the Issuer, the Registrar shall not be required to register the transfer of or exchange of any Note (i) during
a period beginning at the opening of business 15 days before the mailing of a notice of redemption of Notes and ending at the
close of business on the day of such mailing, (ii) selected for redemption in whole or in part pursuant to Article Three,
except the unredeemed portion of any Note being redeemed in part, and (iii) beginning at the opening of business on any Record
Date and ending on the close of business on the related Interest Payment Date.

 

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Any Holder
of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial
interests in such Global Notes may be effected only through a book-entry system maintained by the Holder of such Global Note (or
its agent) in accordance with the applicable legends thereon, and that ownership of a beneficial interest in the Note shall be
required to be reflected in a book-entry system.

 

		SECTION 2.07.	Replacement
                                         Notes.

 

If a mutilated
Note is surrendered to the Trustee or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken,
the Issuer shall issue and the Trustee shall authenticate a replacement Note if the Trustee’s requirements are met. Such
Holder must provide an indemnity bond or other indemnity, sufficient in the judgment of both the Issuer and the Trustee, to protect
the Issuer, the Trustee or any Agent from any loss which any of them may suffer if a Note is replaced. The Issuer may charge such
Holder for its reasonable out-of-pocket expenses in replacing a Note pursuant to this Section 2.07, including reasonable
fees and expenses of counsel and of the Trustee.

 

Every replacement
Note is an additional obligation of the Issuer and every replacement Subsidiary Guarantee shall constitute an additional obligation
of the Subsidiary Guarantor thereof.

 

The provisions
of this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of lost, destroyed or wrongfully taken Notes.

 

		SECTION 2.08.	Outstanding
                                         Notes.

 

Notes outstanding
at any time are all the Notes that have been authenticated by the Trustee except those cancelled by it, those delivered to it
for cancellation and those described in this Section 2.08 as not outstanding. A Note does not cease to be outstanding because
the Issuer, the Subsidiary Guarantors or any of their respective Affiliates hold the Note (subject to the provisions of Section 2.09).

 

If a Note is
replaced pursuant to Section 2.07 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding
unless a Responsible Officer of the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide
purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07.

 

If the principal
amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest ceases to accrue. If on
a Redemption Date or the Stated Maturity the Trustee or Paying Agent (other than the Issuer or an Affiliate thereof) holds U.S.
Legal Tender or U.S. Government Obligations sufficient to pay all of the principal and interest due on the Notes payable on that
date, then on and after that date such Notes cease to be outstanding and interest on them ceases to accrue.

 

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		SECTION 2.09.	Treasury
                                         Notes.

 

In determining
whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned
by the Issuer or any of its Affiliates shall be disregarded, except that, for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee has been informed in writing
are so owned shall be disregarded.

 

		SECTION 2.10.	Temporary
                                         Notes.

 

Until definitive
Notes are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall
be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes.
Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary
Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes.
Notwithstanding the foregoing, so long as the Notes are represented by a Global Note, such Global Note may be in typewritten form.

 

		SECTION 2.11.	Cancellation.

 

The Issuer
at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Notes surrendered to them for transfer, exchange or payment. The Trustee, or at the direction of the Trustee, the Registrar
or the Paying Agent (other than the Issuer or a Subsidiary), and no one else, shall cancel and, at the written direction of the
Issuer, shall dispose of all Notes surrendered for transfer, exchange, payment or cancellation in accordance with its customary
procedures. Subject to Section 2.07, the Issuer may not issue new Notes to replace Notes that it has paid or delivered to
the Trustee for cancellation. If the Issuer or any Subsidiary Guarantor shall acquire any of the Notes, such acquisition shall
not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered
to the Trustee for cancellation pursuant to this Section 2.11.

 

		SECTION 2.12.	Defaulted
                                         Interest.

 

If the Issuer
defaults in a payment of interest on the Notes, it shall pay the defaulted interest, plus (to the extent lawful) any interest
payable on the defaulted interest, in any lawful manner. The Issuer may pay the defaulted interest to the persons who are Holders
on a subsequent special record date, which date shall be the fifteenth day next preceding the date fixed by the Issuer for the
payment of defaulted interest or the next succeeding Business Day if such date is not a Business Day. At least 15 days before
any such subsequent special record date, the Issuer shall mail to each Holder, with a copy to the Trustee, a notice that states
the subsequent special record date, the payment date and the amount of defaulted interest, and interest payable on such defaulted
interest, if any, to be paid.

 

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		SECTION 2.13.	CUSIP
                                         and ISIN Numbers.

 

The Issuer
in issuing the Notes may use “CUSIP” or “ISIN” numbers, and if so, the Trustee shall use the “CUSIP”
or “ISIN” numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that
any such notice may state that no representation is made as to the correctness or accuracy of the “CUSIP” or “ISIN”
numbers printed in the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed
on the Notes. The Issuer will promptly notify the Trustee of any change in the “CUSIP” or “ISIN” numbers.

 

		SECTION 2.14.	Deposit
                                         of Moneys.

 

Subject to
Section 2 of the Notes, prior to 10:00 a.m. New York City time on each Interest Payment Date, Stated Maturity, Redemption
Date and Payment Date, the Issuer shall have deposited with the Paying Agent in immediately available funds money sufficient to
make cash payments, if any, due on such Interest Payment Date, Stated Maturity, Redemption Date and Payment Date, as the case
may be, in a timely manner which permits the Paying Agent to remit payment to the Holders on such Interest Payment Date, Stated
Maturity, Redemption Date and Payment Date, as the case may be.

 

		SECTION 2.15.	Book-Entry
                                         Provisions for Global Notes.

 

(a)          The
Global Notes initially shall (i) be registered in the name of the Depository
or the nominee of such Depository, (ii) be delivered to the Trustee
as custodian for such Depository and (iii)
bear legends as set forth in Exhibit B, as applicable.

 

Members of,
or participants in, the Depository (“Participants”) shall have no rights under this Indenture with respect
to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Note, and the
Depository may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the Global
Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent
of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository
or impair, as between the Depository and Participants, the operation of customary practices governing the exercise of the rights
of a Holder of any Note.

 

(b)          Except
as provided in this Section 2.15(b), transfers of Global Notes shall be limited to transfers in whole, but not in part,
(i) by the Depository to a nominee of the Depository, (ii) by a nominee of the Depository
to the Depository or another nominee of the Depository
or (iii) by the Depository or any such nominee to a successor Depository
or a nominee of such successor Depository.

 

Notwithstanding
any provisions to the contrary contained in Section 2.06 of this Indenture and in addition thereto, any Global Note shall be exchangeable
pursuant to Section 2.06 of this Indenture for Physical Notes only if (i) such Depository notifies the Issuer that it is
unwilling or unable to continue as Depository for such Global Note or if at any time such Depository ceases to be a clearing agency
registered under the Exchange Act, and, in either case, the Issuer fails to appoint a successor Depository within 90 days of such
event, and (ii) the

 

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Issuer executes
and delivers to the Trustee an Officers’ Certificate (and any other deliverables required hereunder) stating that such Global
Note shall be so exchangeable. Any Global Note that is exchangeable pursuant to the preceding sentence shall be exchangeable for
Physical Notes registered in such names as the Depository shall direct in writing in an aggregate principal amount equal to the
then outstanding principal amount of the Global Note with like tenor and terms.

 

(c)          In
connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to paragraph (b)
of this Section 2.15, such Global Note
shall be deemed to be surrendered to the Trustee for cancellation, and (i) the Issuer
shall execute, (ii) the Subsidiary Guarantors shall execute notations of Subsidiary
Guarantees on and (iii) the Trustee shall upon written instructions from the Issuer
authenticate and deliver, to each beneficial owner identified by the Depository in
exchange for its beneficial interest in such Global Note,
an equal aggregate principal amount of Physical Notes of
authorized denominations.

 

(d)          The
Holder of any Global Note may grant proxies and
otherwise authorize any Person, including Participants
and Persons that may hold interests through Participants,
to take any action which a Holder is entitled to take under this Indenture
or the Notes.

 

(e)          The
Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.15.
The Issuer shall have the right to inspect and make copies of all such letters, notices or other written communications at any
reasonable time upon the giving of reasonable written notice to the Registrar.

 

(f)          The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depository Participants or beneficial owners of interests in any Global Note) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

(g)          The
Trustee shall have no responsibility for the actions or omissions of the Depository, or the accuracy of the books and records
of the Depository.

 

(h)          At
such time as all beneficial interests in a particular Global Note have been exchanged for Physical Notes or a particular Global
Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11
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 Physical 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

 

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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.

 

ARTICLE
Three

 

REDEMPTION

 

		SECTION 3.01.	Notices
                                         to Trustee.

 

If the Issuer
elects to redeem Notes pursuant to Section 5 of the Notes, it shall notify the Trustee in writing of the Redemption Date,
the Redemption Price and the principal amount of Notes to be redeemed. The Issuer shall give notice of redemption to the Trustee
at least 45 days but not more than 75 days before the Redemption Date (unless a shorter notice shall be agreed to by the Trustee
in writing), together with such documentation and records as shall enable the Trustee to select the Notes to be redeemed.

 

		SECTION 3.02.	Selection
                                         of Notes To Be Redeemed.

 

If less than
all of the Notes are to be redeemed at any time pursuant to Section 5 of the Notes, the Trustee will select Notes for redemption
as follows:

 

(x)          if
the Notes are listed on a national securities exchange, in compliance with the requirements of the principal national securities
exchange on which the Notes are listed; or

 

(y)          if
the Notes are not so listed, while the Notes are in book-entry form, in accordance with the procedures of the Depository, or if
the Notes are no longer in book-entry form, on a pro rata basis, by lot or by such method as the Trustee shall deem fair
and appropriate.

 

No Notes of
$2,000 or less shall be redeemed in part.

 

		SECTION 3.03.	Notice
                                         of Redemption.

 

At least 30
days but not more than 60 days before a Redemption Date, the Issuer shall mail a notice of redemption by first class mail, postage
prepaid, to each Holder whose Notes are to be redeemed at its registered address (except that a notice issued in connection with
a redemption referred to in Section 8.01 may be more than 60 days before such Redemption Date). At the Issuer’s request,
the Trustee shall forward the notice of redemption in the Issuer’s name and at the Issuer’s expense. Each notice for
redemption shall identify the Notes (including the CUSIP or ISIN number) to be redeemed and shall state:

 

(1)         the
Redemption Date;

 

(2)         the
Redemption Price and the amount of accrued interest,
if any, to be paid;

 

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

 

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(4)         that
Notes called for redemption must be surrendered to the Paying
Agent to collect the Redemption Price plus accrued interest,
if any;

 

(5)         that,
unless the Issuer defaults in making the redemption payment, interest
on Notes called for redemption ceases to accrue on and after the Redemption
Date, and the only remaining right of the Holders of such Notes
is to receive payment of the Redemption Price upon surrender to the Paying
Agent of the Notes redeemed;

 

(6)         if
any Note is being redeemed in part, the portion of the principal
amount of such Note to be redeemed and that, after the Redemption
Date, and upon surrender and cancellation of such Note, a new Note
or Notes in aggregate principal amount equal to the unredeemed portion thereof will
be issued;

 

(7)         if
fewer than all the Notes are to be redeemed, the identification of the particular Notes
(or portion thereof) to be redeemed, as well as the aggregate principal
amount of Notes to be redeemed and the aggregate principal
amount of Notes to be outstanding after such
partial redemption; and

 

(8)         the
Section of the Notes or the Indenture, as applicable,
pursuant to which the Notes are to be redeemed.

 

The notice,
if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such
notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for
redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Notices
of redemption may not be conditional.

 

		SECTION 3.04.	Effect
                                         of Notice of Redemption.

 

Once notice
of redemption is mailed in accordance with Section 3.03, Notes called for redemption become due and payable on the Redemption
Date and at the Redemption Price plus accrued interest, if any. Upon surrender to the Trustee or Paying Agent, such Notes called
for redemption shall be paid at the Redemption Price (which shall include accrued interest thereon to, but not including, the
Redemption Date), but installments of interest, the maturity of which is on or prior to the Redemption Date, shall be payable
to Holders of record at the close of business on the relevant Record Dates. On and after the Redemption Date interest shall cease
to accrue on Notes or portions thereof called for redemption unless the Issuer shall have not complied with its obligations pursuant
to Section 3.05.

 

		SECTION 3.05.	Deposit
                                         of Redemption Price.

 

On or before
10:00 a.m. New York time on the Redemption Date, the Issuer shall deposit with the Paying Agent U.S. Legal Tender sufficient to
pay the Redemption Price plus accrued and unpaid interest, if any, of all Notes to be redeemed on that date.

 

If the Issuer
complies with the preceding paragraph, then, unless the Issuer defaults in the payment of such Redemption Price plus accrued interest,
if any, interest on the

 

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Notes to be
redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented for payment.

 

		SECTION 3.06.	Notes
                                         Redeemed in Part.

 

If any Note
is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount
thereof to be redeemed. A new Note or Notes in principal amount equal to the unredeemed portion of the original Note or Notes
shall be issued in the name of the Holder thereof upon surrender and cancellation of the original Note or Notes.

 

ARTICLE
Four

 

COVENANTS

 

		SECTION 4.01.	Payment
                                         of Notes.

 

The Issuer
shall pay the principal of, premium, if any, and interest on the Notes in the manner provided in the Notes and this Indenture.
An installment of principal of, or interest on, the Notes shall be considered paid on the date it is due if the Trustee or Paying
Agent (other than the Issuer or an Affiliate thereof) holds on that date U.S. Legal Tender designated for and sufficient to pay
the installment. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

The Issuer
shall pay interest on overdue principal (including post-petition interest in a proceeding under any Bankruptcy Law), and overdue
interest, to the extent lawful, at the same rate per annum borne by the Notes.

 

		SECTION 4.02.	Maintenance
                                         of Office or Agency.

 

The Issuer
shall maintain in the Borough of Manhattan, The City of New York, the office or agency required under Section 2.03 (which
may be an office of the Trustee or an affiliate of the Trustee or Registrar). The Issuer shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain
any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the address of the Trustee set forth in Section 11.02.

 

The Issuer
may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations. The Issuer will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

The Issuer
hereby initially designates U.S. Bank National Association, located at Two Midtown Plaza, 1349 W. Peachtree Street, NW., Suite
1050, EX-GA-ATPT, Atlanta,

 

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Georgia 30309,
Attention: Corporate Trust Department, as such office of the Issuer in accordance with Section 2.03.

 

		SECTION 4.03.	Corporate
                                         Existence.

 

Except as otherwise
permitted by Article Five, the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence and the corporate, partnership or other existence of each of its Subsidiaries in accordance with
the respective organizational documents of each such Subsidiary and the material rights (charter and statutory) and material franchises
of the Issuer and each of its Subsidiaries; provided, however, that the Issuer shall not be required to preserve any such
right, franchise or corporate existence with respect to itself or any Subsidiary if the Board of Directors shall determine that
the preservation thereof is no longer desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a
whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes.

 

		SECTION 4.04.	Payment
                                         of Taxes.

 

The Issuer
and the Subsidiary Guarantors shall, and shall cause each of the Subsidiaries to, pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (a) all material taxes, assessments and governmental charges levied or imposed upon
it or any of the Subsidiaries or upon the income, profits or property of it or any of the Subsidiaries and (b) all lawful
claims for labor, materials and supplies which, in each case, if unpaid, might by law become a material liability or Lien upon
the property of it or any of the Subsidiaries; provided, however, that the Issuer and the Subsidiary Guarantors shall not
be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount the applicability
or validity is being contested in good faith by appropriate actions and for which appropriate provision has been made.

 

		SECTION 4.05.	Compliance
                                         Certificate; Notice of Default.

 

(a)          The
Issuer shall deliver to the Trustee, within 90 days
after the close of each fiscal year, an Officers’ Certificate stating that a review
of the activities of the Issuer and its Subsidiaries has
been made under the supervision of the signing Officers with a view to determining whether
the Issuer and the Subsidiary Guarantors have kept,
observed, performed and fulfilled their obligations under this Indenture and further stating,
as to each such Officer signing such certificate, that to the best of such Officer’s
knowledge, the Issuer and the Subsidiary Guarantors during
such preceding fiscal year has kept, observed, performed and fulfilled each and every such covenant and no Default
occurred during such year and at the date of such certificate there is no Default that
has occurred and is continuing or, if such signers do know of such Default,
the certificate shall specify such Default and what action, if any, the Issuer
is taking or proposes to take with respect thereto. The Officers’
Certificate shall also notify the Trustee should the Issuer
elect to change the manner in which it fixes the fiscal year end.

 

(b)          The
Issuer shall deliver to the Trustee promptly and
in any event within five days after the Issuer becomes aware of the occurrence of any Default
an Officers’ Certificate 

 

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specifying
the Default and what action, if any, the Issuer is
taking or proposes to take with respect thereto.

 

		SECTION 4.06.	Waiver
                                         of Stay, Extension or Usury Laws.

 

The Issuer
and each Subsidiary Guarantor covenants (to the extent permitted by applicable law) that it will not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other
law that would prohibit or forgive such Issuer or such Subsidiary Guarantor from paying all or any portion of the principal of
and/or interest on the Notes or the Subsidiary Guarantee of any such Subsidiary Guarantor as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, and (to the extent
permitted by applicable law) each hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted.

 

		SECTION 4.07.	Limitation
                                         on Indebtedness.

 

(a)          The
Issuer will not, and will not permit any of its Subsidiaries
to, Incur any Indebtedness (including
Acquired Indebtedness) if, immediately after giving effect to the Incurrence of
such additional Indebtedness and the receipt and application of the proceeds therefrom,
the aggregate principal amount of all outstanding Indebtedness
of the Issuer and its Subsidiaries on a consolidated
basis determined in conformity with GAAP is greater than 60% of Adjusted
Total Assets.

 

(b)          The
Issuer will not, and will not permit any of its Subsidiaries
to, Incur any Secured Indebtedness if, immediately
after giving effect to the Incurrence of such additional Secured
Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal
amount of all outstanding Secured Indebtedness of the Issuer
and its Subsidiaries on a consolidated basis determined in conformity with GAAP
is greater than 40% of Adjusted Total Assets.

 

(c)          The
Issuer will not, and will not permit any of its Subsidiaries
to, Incur any Indebtedness other than the
Notes issued on the Closing Date and other Indebtedness
existing on the Closing Date; provided, however,
that the Issuer or any of its Subsidiaries may
Incur Indebtedness if, after giving effect to the Incurrence
of such Indebtedness and the receipt and application of the proceeds therefrom,
the Interest Coverage Ratio of the Issuer and its
Subsidiaries on a consolidated basis would be greater than 1.5 to 1.0.

 

(d)          Notwithstanding
any other provision of this Section 4.07, the maximum amount of Indebtedness
that the Issuer or any of its Subsidiaries may
Incur pursuant to this Section 4.07 shall 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.

 

(e)          For
purposes of determining any particular amount of Indebtedness under this Section 4.07,
Guarantees, Liens or obligations with respect to
letters of credit supporting

 

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Indebtedness
otherwise included in the determination of such particular amount shall not be included.

 

		SECTION 4.08.	Maintenance
                                         of Total Unencumbered Assets.

 

The Issuer
and its Subsidiaries will maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount
of the Unsecured Indebtedness of the Issuer and its Subsidiaries on a consolidated basis.

 

		SECTION 4.09.	Limitation
                                         on Issuances of Guarantees by Subsidiaries.

 

The Issuer
will not permit any of its Subsidiaries, directly or indirectly, at any time after the issuance of the Notes (including following
any release of a Subsidiary Guarantor from its obligations under this Indenture) to Guarantee any Indebtedness of the Issuer (that
would constitute Indebtedness under clauses (1) or (2) of the definition thereof) in an amount at least equal to $50 million,
unless such Subsidiary simultaneously executes and delivers a supplemental indenture to this Indenture providing for a Subsidiary
Guarantee by such Subsidiary.

 

		SECTION 4.10.	Reports
                                         to Holders.

 

Whether or
not the Issuer is then required to file reports with the SEC, the Issuer shall file with the SEC all such reports and other information
as it would be required to file with the SEC pursuant to Section 13(a) or 15(d) under the Exchange Act if it was subject
thereto; provided, however, that, if filing such documents by the Issuer with the SEC is not permitted under the
Exchange Act, the Issuer shall provide such documents to the Trustee and upon written request supply copies of such documents
to any prospective Holder. The Issuer shall supply the Trustee and each Holder or shall supply to the Trustee for forwarding to
each Holder, without cost to such Holder and at the expense of the Issuer, copies of such reports and other information.

 

ARTICLE
Five

 

SUCCESSOR
CORPORATION

 

		SECTION 5.01.	Consolidation,
                                         Merger and Sale of Assets.

 

(a)          The
Issuer will not consolidate with or merge with or
into, or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its property and assets (as an entirety or
substantially an entirety in one transaction or a series of related transactions)
to, any Person or permit any Person to merge with
or into the Issuer unless:

 

(1)         the
Issuer shall be the continuing Person, or
the Person (if other than the Issuer) formed
by such consolidation or into which the Issuer is
merged or that acquired or leased such property
and assets of the Issuer shall be a corporation, general or
limited partnership, limited liability company or other entity (other than an individual)
organized and validly existing under the laws of the United States of America or any state
or jurisdiction thereof and shall expressly assume, by a supplemental indenture,
executed

 

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and
delivered to the Trustee, all of the obligations of the Issuer
on the Notes and under this Indenture;

 

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

 

(3)         immediately
after giving effect to such transaction on a pro forma basis the Issuer, or
any Person becoming the successor obligor of
the Notes, as the case may be, could Incur at least
$1.00 of Indebtedness under paragraphs (a), (b) and (c) of Section 4.07; provided,
however, that this clause (3) shall not apply to a consolidation or
merger with or into a Wholly Owned Subsidiary with
a positive net worth; provided further, however, that, in connection
with any such merger or consolidation, no consideration (other than Capital
Stock (other than Disqualified Stock) in the surviving Person
or the Issuer) shall be issued or distributed
to the holders of Capital Stock of the Issuer; and

 

(4)         the
Issuer delivers to the Trustee an Officers’
Certificate (attaching the arithmetic computations to demonstrate compliance with clause (3)
above) and an Opinion of Counsel, in each case stating that such consolidation,
merger or transfer and such supplemental indenture complies
with this Section 5.01 and that all conditions precedent provided
for herein relating to such transaction have been complied with; provided,
however, that clause (3) above does not apply if, in the good faith determination
of the Board of Directors of the Issuer, whose determination
shall be evidenced by a Board Resolution, the principal
purpose of such transaction is to change the state of domicile of the Issuer; provided
further, however, that any such transaction shall not have as one of its purposes the evasion of the
foregoing limitations.

 

(b)          Except
as provided in Section 10.04, no Subsidiary Guarantor
may consolidate with or merge with or into
(whether or not such Subsidiary Guarantor is the
surviving Person) another Person, unless:

 

(1)         either
such Subsidiary Guarantor shall be the continuing Person
or the Person (if other than such Subsidiary Guarantor)
formed by such consolidation or into which such Subsidiary
Guarantor is merged shall be a corporation or other legal entity organized and validly
existing under the laws of the United States of America or any state or
jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed
and delivered to the Trustee, all of the obligations of such Subsidiary
Guarantor under the Subsidiary Guarantee of such Subsidiary
Guarantor and under this Indenture; and

 

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

 

(c)          For
purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a
single transaction or series of transactions) of all or
substantially all of the properties or assets of one or
more Subsidiary Guarantors, the Capital Stock of
which constitutes all or substantially all of the properties and assets of the Issuer,
will be deemed to be the transfer of all or substantially all of the properties and assets
of the Issuer.

 

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(d)          Upon
any such consolidation, combination or merger of the Issuer
or a Subsidiary Guarantor, or any such sale,
conveyance, transfer, lease or other disposition of all or
substantially all of the assets of the Issuer in accordance with this Section 5.01,
in which the Issuer or such Subsidiary Guarantor is
not the continuing obligor under the Notes or its
Subsidiary Guarantee, the surviving entity formed by such consolidation or
into which the Issuer or such Subsidiary Guarantor
is merged or the entity to which the sale, conveyance, transfer, lease or
other disposition is made will succeed to, and be substituted for, and may exercise every right and power of, the Issuer
or such Subsidiary Guarantor under this Indenture,
the Notes and the Subsidiary Guarantees with the
same effect as if such surviving entity had been named therein as the Issuer or such Subsidiary
Guarantor and, except in the case of a lease, the Issuer or such Subsidiary
Guarantor, as the case may be, will be released from the obligation to pay the principal
of and interest on the Notes or in respect
of its Subsidiary Guarantee, as the case may be, and all of the Issuer’s
or such Subsidiary Guarantor’s other obligations
and covenants under the Notes, this Indenture and its Subsidiary
Guarantee, if applicable.

 

(e)          Notwithstanding
the foregoing, any Subsidiary Guarantor may (i) consolidate with or
merge with or into the Issuer or another
Subsidiary Guarantor or (ii) convert into a corporation, general or
limited partnership, limited liability company or trust organized under the laws
of such Subsidiary Guarantor’s jurisdiction of organization or
the laws of the United States of America or any state or
jurisdiction thereof.

 

ARTICLE
Six

 

DEFAULT
AND REMEDIES

 

		SECTION 6.01.	Events
                                         of Default.

 

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

 

(1)         default
in the payment of principal of, or premium,
if any, on any Note when they are due and payable at maturity, upon acceleration, redemption
or otherwise;

 

(2)         default
in the payment of interest on any Note when
it is due and payable, and such default continues for a period of 30 days;

 

(3)         default
in the performance or breach of the provisions of this Indenture
applicable to mergers, consolidations and transfers of all or substantially all
of the assets of the Issuer;

 

(4)         the
Issuer defaults in the performance of or breaches
any other covenant or agreement of the Issuer in
this Indenture or under the Notes (other than a
default specified in clause (1), (2)
or (3) above) and such default or breach continues for the earlier of (i) 60 consecutive
days and (ii) such shorter period specified for comparable defaults under any Existing Note Indenture
(or under any indenture pursuant to which
the Issuer or a Subsidiary Guarantor has issued
any Indebtedness that refinances or refunds (x)
the Indebtedness under such Existing Note Indenture or
(y) such refinancing or 

 

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refunding
Indebtedness) after written notice by the Trustee or the
Holders of 25% or more in aggregate principal
amount of the Notes;

 

(5)         there
occurs with respect to any issue or issues of Indebtedness
of the Issuer or any Significant Subsidiary having
an outstanding principal amount of $35 million or more
in the aggregate for all such issues of all such Persons, whether such Indebtedness
now exists or shall hereafter be created,

 

(i)          an
event of default that has caused the Holder thereof
to declare such Indebtedness to be due and payable prior to its Stated
Maturity and such Indebtedness has not been discharged in full or
such acceleration has not been rescinded or annulled within 30 days of such acceleration,
and/or

 

(ii)         the
failure to make a principal payment at the final (but not any interim) fixed maturity and
such defaulted payment shall not have been made, waived or extended within 30 days of such
payment default;

 

(6)         a
court of competent jurisdiction enters a decree or order for:

 

(i)          relief
in respect of the Issuer or any Significant Subsidiary
in an involuntary case under any applicable Bankruptcy Law now or
hereafter in effect,

 

(ii)         appointment
of a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer or any
Significant Subsidiary or for all or substantially
all of the property and assets of the Issuer or any Significant
Subsidiary, or

 

(iii)        the
winding up or liquidation of the affairs of the Issuer
or any Significant Subsidiary and, in each case, such decree or
order shall remain unstayed and in effect for a period of 60 consecutive days; or

 

(7)         the
Issuer or any Significant Subsidiary:

 

(i)          commences
a voluntary case under any applicable Bankruptcy Law now or
hereafter in effect, or consents to the entry of an order for relief in an involuntary
case under such law,

 

(ii)         consents
to the appointment of or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the
Issuer or such Significant Subsidiary or for all
or substantially all of the property and assets of the Issuer
or such Significant Subsidiary, or

 

(iii)        effects
any general assignment for the benefit of its creditors.

 

		SECTION 6.02.	Acceleration.

 

If an Event
of Default (other than an Event of Default specified in clause (6) or (7) of Section 6.01 that occurs with respect to the
Issuer) occurs and is continuing under this

 

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Indenture,
the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the
Issuer (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of the Holders of at least
25% in aggregate principal amount of the Notes then outstanding shall, declare the principal of, premium, if any, and accrued
interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal of, premium, if any,
and accrued interest shall be immediately due and payable. In the event of a declaration of acceleration because an Event of Default
set forth in clause (5) of Section 6.01 has occurred and is continuing, such declaration of acceleration shall be automatically
rescinded and annulled if the event of default triggering such Event of Default pursuant to clause (5) of Section 6.01 shall
be remedied or cured by the Issuer or the relevant Significant Subsidiary or waived by the holders of the relevant Indebtedness
within 60 days after the declaration of acceleration with respect thereto.

 

If an Event
or Default specified in clause (6) or (7) of Section 6.01 occurs with respect to the Issuer, the principal of, premium, if
any, and accrued interest on the Notes then outstanding shall automatically become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder. The Holders of at least a majority in principal amount
of the outstanding Notes, by written notice to the Issuer and to the Trustee, may waive all past defaults and rescind and annul
a declaration of acceleration and its consequences if:

 

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

 

(y)          the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and

 

(z)          in
the event of a cure or waiver of a Default of the type set forth in Section 6.01(6) or (7), the Trustee shall have received an
Officers’ Certificate and an Opinion of Counsel that such Default has been cured or waived.

 

No such rescission
shall affect any subsequent Default or impair any right consequent thereto.

 

		SECTION 6.03.	Other
                                         Remedies.

 

If a Default
occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment
of principal of, or interest on, the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee
may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any right or remedy accruing upon a Default shall not impair the right
or remedy or constitute a waiver of or acquiescence in the Default. No remedy is exclusive of any other remedy. All available
remedies are cumulative to the extent permitted by law.

 

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		SECTION 6.04.	Waiver
                                         of Past Defaults.

 

Subject to
Sections 2.09, 6.07 and 9.02, the Holders of a majority in principal amount of the outstanding Notes (which may include consents
obtained in connection with a tender offer or exchange offer of Notes) by notice to the Trustee may waive an existing Default
and its consequences, except a Default in the payment of principal of, or interest on, any Note as specified in Section 6.01(1)
or (2). The Issuer shall deliver to the Trustee an Officers’ Certificate stating that the requisite percentage of Holders
have consented to such waiver and attaching copies of such consents. When a Default is waived, it is cured and ceases.

 

		SECTION 6.05.	Control
                                         by Majority.

 

The Holders
of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. Subject to Section 7.01,
however, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee
in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes
not joining in the giving of such direction received from the Holders of Notes; provided, however, that the Trustee
may take any other action deemed proper by the Trustee which is not inconsistent with any such direction received from the Holders
of the Notes.

 

In the event
the Trustee takes any action or follows any direction pursuant to this Indenture, the Trustee shall be entitled to indemnification
against any loss or expense caused by taking such action or following such direction.

 

		SECTION 6.06.	Limitation
                                         on Suits.

 

No Holder will
have any right to institute any proceeding with respect to this Indenture or for any remedy thereunder, unless:

 

(1)         the
Holder gives the Trustee written notice of a continuing
Event of Default;

 

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

 

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

 

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

 

(5)         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.

 

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However, such
limitations do not apply to the right of any Holder of a Note to receive payment of the principal of, premium, if any, or interest
on, such Note or to bring suit for the enforcement of any such payment on or after the due date expressed in the Notes, which
right shall not be impaired or affected without the consent of the Holder.

 

A Holder may
not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other Holder.

 

		SECTION 6.07.	Rights
                                         of Holders To Receive Payment.

 

Notwithstanding
any other provision of this Indenture, the right of any Holder to receive payment of principal of and premium, if any, and interest
on, a Note, on or after the respective due dates therefor, or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of the Holder.

 

		SECTION 6.08.	Collection
                                         Suit by Trustee.

 

If a Default
in payment of principal or interest specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole
amount of principal and accrued interest and fees remaining unpaid, together with interest on overdue principal and, to the extent
that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate per annum
borne by the Notes and such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

		SECTION 6.09.	Trustee
                                         May File Proofs of Claim.

 

The Trustee
may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel)
and the Holders allowed in any judicial proceedings relating to the Issuer, their creditors or their property and shall be entitled
and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute
the same, and any Custodian in any such judicial proceedings is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and
counsel, and any other amounts due the Trustee under Section 7.07. 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. The Trustee shall be entitled to participate as a member of any official committee
of creditors in the matters as it deems necessary or advisable.

 

    33

     

    

 

		SECTION 6.10.	Priorities.

 

If the Trustee
collects any money or property pursuant to this Article Six, it shall pay out the money or property in the following order:

 

First:
to the Trustee for amounts due under Section 7.07;

 

Second:
to Holders for interest accrued on the Notes, ratably, without preference or priority of any kind, according to the amounts due
and payable on the Notes for interest;

 

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

 

Fourth:
to the Issuer or, if applicable, the Subsidiary Guarantors, as their respective interests may appear.

 

The Trustee,
upon prior notice to the Issuer, may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10.

 

		SECTION 6.11.	Undertaking
                                         for Costs.

 

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

 

ARTICLE
Seven

 

TRUSTEE

 

		SECTION 7.01.	Duties
                                         of Trustee.

 

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

 

(b)          Except
during the continuance of a Default:

 

    34

     

    

 

(1)         The
Trustee need perform only those duties as are specifically set forth herein
or in the Trust Indenture Act and no duties, covenants, responsibilities or
obligations shall be implied in this Indenture against the Trustee.

 

(2)         In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon certificates (including
Officers’ Certificates) or opinions
(including Opinions of Counsel) furnished to the Trustee
and conforming to the requirements of this Indenture. However, in the case of any
such certificates or opinions which by any provision hereof
are specifically required to be furnished to the Trustee, the Trustee
shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture.

 

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

 

(1)         This
paragraph does not limit the effect of Section 7.01(b).

 

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

 

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

 

(d)          No
provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder or to
take or omit to take any action under this Indenture or
take any action at the request or direction of Holders
if it shall have reasonable grounds for believing that repayment of such funds is not assured to it.

 

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

 

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

 

(g)          In
the absence of bad faith, negligence or willful misconduct on the part of the Trustee,
the Trustee shall not be responsible for the application of any money by any Paying
Agent other than the Trustee.

 

		SECTION 7.02.	Rights
                                         of Trustee.

 

Subject to
Section 7.01:

 

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(a)          The
Trustee may rely conclusively on any resolution, certificate (including
any Officers’ Certificate), statement, instrument, opinion (including
any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture,
or other paper or document believed by it to be
genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter
stated in the document.

 

(b)          Before
the Trustee acts or refrains from acting, it may
require an Officers’ Certificate and an Opinion of
Counsel, which shall conform to the provisions of Section 11.05. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on such
Officers’ Certificate or Opinion of Counsel.

 

(c)          The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct
or negligence of any agent (other than an agent
who is an employee of the Trustee) appointed with due care.

 

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

 

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

 

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

 

(g)          The
Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate (including any Officers’
Certificate), statement, instrument, opinion (including any Opinion
of Counsel), notice, request, direction, consent, order, bond, debenture, or other
paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or
matters as it may see fit and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled, upon reasonable notice to the Issuer,
to examine the books, records, and premises of the Issuer, personally or
by agent or attorney at the sole cost of the Issuer.

 

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

 

(i)           The
permissive rights of the Trustee to do things enumerated in this Indenture
shall not be construed as duties.

 

(j)           Except
with respect to Section 4.01 and 4.05, the Trustee shall have no duty to inquire as
to the performance of the Issuer with respect to the covenants contained in Article Four.
In addition, the Trustee shall not be deemed to have knowledge of an Event
of

 

    36

     

    

 

Default
except (i) any Default or Event of Default
occurring pursuant to Sections 4.01, 6.01(1) or 6.01(2) or
(ii) any Default or Event of Default known
to a Responsible Officer.

 

(k)          The
rights, privileges, protections, immunities and benefits given to the Trustee, including
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee
in each of its capacities hereunder, and to each agent, custodian
and other Person employed to act hereunder.

 

		SECTION 7.03.	Individual
                                         Rights of Trustee.

 

The Trustee
in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, its Subsidiaries
or its respective Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.
However, the Trustee must comply with Sections 7.10 and 7.11.

 

		SECTION 7.04.	Trustee’s
                                         Disclaimer.

 

The Trustee
shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement
of the Issuer in this Indenture or any document issued in connection with the sale of Notes or any statement in the Notes other
than the Trustee’s certificate of authentication. The Trustee makes no representations with respect to the effectiveness
or adequacy of this Indenture.

 

		SECTION 7.05.	Notice
                                         of Default.

 

If a Default
occurs and is continuing and is deemed to be known to the Trustee pursuant to Section 7.02(j), the Trustee shall mail to each
Holder notice of the uncured Default within 30 days after such Default occurs. Except in the case of a Default in payment of principal
of, or interest on, any Note, including an accelerated payment and the failure to make a payment on a Payment Date pursuant to
a Default in complying with the provisions of Article Five, the Trustee may withhold the notice if and so long as the Board of
Directors, the executive committee, or a trust committee of directors and/or Responsible Officers, of the Trustee in good faith
determines that withholding the notice is in the interest of the Holders.

 

		SECTION 7.06.	Reports
                                         by Trustee to Holders.

 

Within 60 days
after each December 1, beginning with December 1, 2016, the Trustee shall, to the extent that any of the events described in Trust
Indenture Act § 313(a) occurred within the previous twelve months, but not otherwise, mail to each Holder a brief report
dated as of such date that complies with Trust Indenture Act § 313(a). The Trustee also shall comply with Trust Indenture
Act §§ 313(b), 313(c) and 313(d).

 

A copy of each
report at the time of its mailing to Holders shall be mailed to the Issuer and filed with the SEC and each securities exchange,
if any, on which the Notes are listed.

 

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The Issuer
shall notify the Trustee if the Notes become listed on any securities exchange or of any delisting thereof and the Trustee shall
comply with Trust Indenture Act § 313(d).

 

		SECTION 7.07.	Compensation
                                         and Indemnity.

 

The Issuer
shall pay to the Trustee from time to time such compensation as the Issuer and the Trustee shall from time to time agree in writing
for its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall reimburse the Trustee upon request for all reasonable disbursements, expenses and advances (including
reasonable fees and expenses of counsel) incurred or made by it in addition to the compensation for its services, except any such
disbursements, expenses and advances as may be attributable to the Trustee’s negligence, bad faith or willful misconduct.
Such expenses shall include the reasonable fees and expenses of the Trustee’s agents and counsel.

 

The Issuer
shall indemnify each of the Trustee or any predecessor Trustee and its agents for, and hold them harmless against, any and all
loss, damage, claims including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), liability
or expense incurred by them except for such actions to the extent caused by any negligence, bad faith or willful misconduct on
their part, arising out of or in connection with the acceptance or administration of this trust including the reasonable costs
and expenses of defending themselves against or investigating any claim or liability in connection with the exercise or performance
of any of the Trustee’s rights, powers or duties hereunder. The Trustee shall notify the Issuer promptly of any claim asserted
against the Trustee or any of its agents for which it may seek indemnity. The Issuer may, subject to the approval of the Trustee
(which approval shall not be unreasonably withheld), defend the claim and the Trustee shall cooperate in the defense. The Trustee
and its agents subject to the claim may have separate counsel and the Issuer shall pay the reasonable fees and expenses of such
counsel; provided, however, that the Issuer will not be required to pay such fees and expenses if, subject to the approval
of the Trustee (which approval shall not be unreasonably withheld), it assumes the Trustee’s defense and there is no conflict
of interest between the Issuer and the Trustee and its agents subject to the claim in connection with such defense as reasonably
determined by the Trustee. The Issuer need not pay for any settlement made without its written consent. The Issuer need not reimburse
any expense or indemnify against any loss or liability to the extent incurred by the Trustee through its negligence, bad faith
or willful misconduct.

 

To secure the
Issuer’s payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes against all money
or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal
and interest on particular Notes.

 

When the Trustee
incurs expenses or renders services after a Default specified in Section 6.01(6) or 6.01(7) occurs, such expenses and the
compensation for such services shall be paid to the extent allowed under any Bankruptcy Law.

 

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Notwithstanding
any other provision in this Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and discharge
of this Indenture or the appointment of a successor Trustee.

 

		SECTION 7.08.	Replacement
                                         of Trustee.

 

The Trustee
may resign at any time by so notifying the Issuer in writing. The Holders of a majority in principal amount of the outstanding
Notes may remove the Trustee by so notifying the Issuer and the Trustee and may appoint a successor Trustee. The Issuer may remove
the Trustee if:

 

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

 

(2)         the
Trustee is adjudged a bankrupt or an insolvent;

 

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

 

(4)         the
Trustee becomes incapable of acting.

 

If the Trustee
resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall notify each Holder of such
event and shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of
a majority in principal amount of the Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuer.

 

A successor
Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Immediately after that,
the retiring Trustee shall transfer, after payment of all sums then owing to the Trustee pursuant to Section 7.07, all property
held by it as Trustee to the successor Trustee, subject to the Lien provided in Section 7.07, the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder.

 

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

 

If the Trustee
fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

 

Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 shall continue
for the benefit of the retiring Trustee.

 

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		SECTION 7.09.	Successor
                                         Trustee by Merger, Etc.

 

If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the resulting, surviving or transferee corporation without any further act shall, if such resulting, surviving or
transferee corporation is otherwise eligible hereunder, be the successor Trustee; provided that such corporation shall
be otherwise qualified and eligible under this Article Seven.

 

		SECTION 7.10.	Eligibility;
                                         Disqualification.

 

This Indenture
shall always have a Trustee who satisfies the requirement of Trust Indenture Act §§ 310(a)(1), 310(a)(2) and 310(a)(5).
The Trustee shall have a combined capital and surplus of at least $150,000,000 as set forth in its most recent published annual
report of condition. The Trustee shall comply with Trust Indenture Act § 310(b); provided, however, that there
shall be excluded from the operation of Trust Indenture Act § 310(b)(1) any indenture or indentures under which other
securities, or certificates of interest or participation in other securities, of the Issuer are outstanding, if the requirements
for such exclusion set forth in Trust Indenture Act § 310(b)(1) are met. The provisions of Trust Indenture Act § 310
shall apply to the Issuer and any other obligor of the Notes.

 

		SECTION 7.11.	Preferential
                                         Collection of Claims Against the Issuer.

 

The Trustee,
in its capacity as Trustee hereunder, shall comply with Trust Indenture Act § 311(a), excluding any creditor relationship
listed in Trust Indenture Act § 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture
Act § 311(a) to the extent indicated.

 

ARTICLE
Eight

 

DISCHARGE
OF INDENTURE; DEFEASANCE

 

		SECTION 8.01.	Termination
                                         of the Issuer’s Obligations.

 

The Issuer
may terminate its obligations under the Notes and this Indenture and the obligations of the Subsidiary Guarantors under the Subsidiary
Guarantees and this Indenture and this Indenture shall cease to be of further effect, except those obligations referred to in
the penultimate paragraph of this Section 8.01, if:

 

(1)         either

 

(A)         all
the Notes theretofore authenticated and delivered (except lost, stolen or
destroyed Notes which have been replaced or paid
and Notes for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Issuer and thereafter repaid to the Issuer
or discharged from such trust) have been delivered to the Trustee for cancellation;
or

 

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(B)         all
Notes not theretofore delivered to the Trustee for
cancellation (1) have become due and payable or (2) will become due and payable
within one year, or are to be called for redemption within one year, under arrangements
reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee
in the name, and at the expense, of the Issuer, and the Issuer
has irrevocably deposited or caused to be deposited with the Trustee
funds in an amount sufficient to pay and discharge the entire Indebtedness on the
Notes not theretofore delivered to the Trustee for
cancellation, for principal of, premium, if any, and interest
on the Notes to the date of maturity or redemption,
as the case may be, together with irrevocable instructions from the Issuer directing the
Trustee to apply such funds to the payment thereof at maturity or
redemption, as the case may be; provided that with respect to any redemption that
requires the payment of the Applicable Premium (as defined in the form of Note
in Exhibit A), the amount deposited shall be sufficient for purposes of this paragraph to the extent that an amount
is deposited with the Trustee equal to the Applicable Premium
calculated as of the date of the notice of redemption, with any deficit as of the date of the redemption only required
to be deposited with the Trustee on or prior to
the date of the redemption;

 

(2)         the
Issuer has paid all sums payable by the Issuer under
this Indenture, and

 

(3)         the
Issuer has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel stating that all conditions precedent under
this Indenture relating to the satisfaction and discharge of this Indenture
have been complied with.

 

In the case
of clause (B) of this Section 8.01, and subject to the next sentence and notwithstanding the foregoing paragraph, the Issuer’s
obligations in Sections 2.05, 2.06, 2.07, 2.08, 4.01, 4.02, 4.03 (as to legal existence of the Issuer only), 7.07, 8.05 and
8.06 shall survive until the Notes are no longer outstanding pursuant to the last paragraph of Section 2.08. After the
Notes are no longer outstanding, the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive.

 

After such
delivery or irrevocable deposit, the Trustee upon request shall acknowledge in writing the discharge of the Issuer’s obligations
under the Notes and this Indenture except for those surviving obligations specified above.

 

		SECTION 8.02.	Legal
                                         Defeasance and Covenant
                                         Defeasance.

 

(a)          The
Issuer may, at its option and at any time, elect to have either paragraph (b)
or (c) below applied to all outstanding Notes upon compliance with the conditions
set forth in Section 8.03.

 

(b)          Upon
the Issuer’s exercise under Section 8.02(a)
hereof of the option applicable to this Section 8.02(b), the Issuer
and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions
set forth in Section 8.03, be deemed to have been discharged from their obligations
with respect to all outstanding Notes on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal
Defeasance means that

 

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the Issuer
and the Subsidiary Guarantors shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes and
Subsidiary Guarantees, which shall thereafter be deemed to be “outstanding”
only for the purposes of Section 8.04 hereof and the other Sections of this Indenture
referred to in (i) and (ii) below, and to
have satisfied all its other obligations under such Notes and this Indenture
and the Subsidiary Guarantors shall be deemed to have satisfied all of their obligations
under the Subsidiary Guarantees and this Indenture (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 of outstanding Notes to receive,
solely from the trust fund described in Section 8.04, and as more fully set forth
in such Section 8.04, payments in respect of the principal of, premium, if any, and
interest on such Notes when such payments are due;

 

(ii)         the
Issuer’s obligations with respect to such Notes under
Article Two and Section 4.02 hereof;

 

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

 

(iv)        the
provisions of this Article Eight applicable to Legal
Defeasance.

 

Subject to
compliance with this Article Eight, the Issuer may exercise its option under this Section 8.02(b) notwithstanding the prior
exercise of its option under Section 8.02(c).

 

(c)          Upon
the Issuer’s exercise under paragraph (a) hereof
of the option applicable to this paragraph (c), the Issuer
and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions
set forth in Section 8.03, be released from their respective obligations under the
covenants contained in Sections 4.03 (other than with respect to the legal existence of the Issuer), 4.04,
4.07, 4.08, 4.09 and 4.10 and clause (3) of Section 5.01(a) with respect to the outstanding
Notes on and after the date the conditions set forth in Section 8.03 are satisfied
(hereinafter, “Covenant Defeasance”), and the Notes
shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act
of Holders (and the consequences of any thereof) in connection with such covenants, but
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, the Issuer and
the Subsidiary Guarantors may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such covenant or
by reason of any reference in any such covenant to any other provision herein or in
any other document and such omission to comply shall not constitute an Event of Default
under Section 6.01, but, except as specified above, the remainder of this Indenture
and such Notes shall be unaffected thereby. In addition, upon the Issuer’s
exercise under paragraph (a) hereof of the option applicable to this paragraph (c),
subject to the satisfaction of the conditions set forth in Section 8.03, clauses (3),
(4), and (5) of Section 6.01 shall not constitute Events of Default.

 

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		SECTION 8.03.	Conditions
                                         to Legal Defeasance or Covenant Defeasance.

 

The following
shall be the conditions to the application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:

 

(1)         the
Issuer must irrevocably deposit with the Trustee,
in trust, for the benefit of the Holders, U.S. Legal Tender,
U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient
(without reinvestment), in the opinion of a nationally recognized firm of independent public accountants selected by the Issuer,
to pay the principal of and interest and premium,
if any, on the Notes on the stated date for payment or
on the redemption date Notes;

 

(2)         in
the case of Legal Defeasance, the Issuer shall have delivered to the Trustee
an Opinion of Counsel in the United States confirming that:

 

(a)          the
Issuer has received from, or there has been published by the Internal Revenue Service, a ruling, or

 

(b)          since
the date of this Indenture, there has been a change in the applicable U.S. federal income tax law,

 

in
either case to the effect that, and based thereon the Holders will not recognize income, gain or loss for U.S. federal income
tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(3)         in
the case of Covenant Defeasance, the Issuer shall
have delivered to the Trustee an Opinion of Counsel in
the United States reasonably acceptable to the Trustee confirming that the Holders
will not recognize income, gain or loss for U.S. federal income tax purposes as
a result of such Covenant Defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

 

(4)         no
Default shall have occurred and be continuing on the date of such deposit (other than a
Default resulting from the borrowing of funds to be applied to such deposit);

 

(5)         the
Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a Default under
this Indenture or a default under any other material
agreement or instrument to which the Issuer or any
of its Subsidiaries is a party or by which the Issuer
or any of its Subsidiaries is bound (other than any such Default
or default resulting solely from the borrowing of funds to be applied to such deposit);

 

(6)         the
Issuer shall have delivered to the Trustee an Officers’
Certificate stating that the deposit was not made by it with the intent of preferring the Holders
over any other creditors of the Issuer or with the intent of defeating, hindering,
delaying or defrauding any other of its creditors; and

 

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(7)         the
Issuer shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that the conditions provided
for in, in the case of the Officers’ Certificate, clauses (1) through (6),
as applicable, and, in the case of the Opinion of Counsel, clauses (2),
if applicable, and/or (3) and (5) of this Section 8.03
have been complied with.

 

		SECTION 8.04.	Application
                                         of Trust Money.

 

The Trustee
or Paying Agent shall hold in trust U.S. Legal Tender and U.S. Government Obligations deposited with it pursuant to this Article
Eight, and shall apply the deposited U.S. Legal Tender and the money from U.S. Government Obligations in accordance with this
Indenture to the payment of the principal of and the interest on the Notes. The Trustee shall be under no obligation to invest
said U.S. Legal Tender and U.S. Government Obligations, except as it may agree with the Issuer.

 

The Issuer
shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Legal Tender
and U.S. Government Obligations deposited pursuant to Section 8.03 or the principal and interest received in respect thereof,
other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 

Anything in
this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the
Issuer’s request any U.S. Legal Tender and U.S. Government Obligations held by it as provided in Section 8.03 which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance.

 

		SECTION 8.05.	Repayment
                                         to the Issuer.

 

The Trustee
and the Paying Agent shall pay to the Issuer upon request any money held by them for the payment of principal or interest that
remains unclaimed for two years; provided, however, that the Trustee or such Paying Agent, before being required
to make any payment, may at the expense of the Issuer cause to be published once in a newspaper of general circulation in the
City of New York or mail to each Holder entitled to such money notice that such money remains unclaimed and that after a date
specified therein which shall be at least 30 days from the date of such publication or mailing any unclaimed balance of such money
then remaining will be repaid to the Issuer. After payment to the Issuer, Holders entitled to such money must look to the Issuer
for payment as general creditors unless an applicable law designates another Person.

 

		SECTION 8.06.	Reinstatement.

 

If the Trustee
or Paying Agent is unable to apply any U.S. Legal Tender and U.S. Government Obligations in accordance with this Article Eight
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, or if the funds deposited with the Trustee to effect Covenant Defeasance are insufficient
to pay the principal of, and interest on, the Notes

 

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when due, the
Issuer’s obligations under this Indenture, and the Notes and the Subsidiary Guarantees shall be revived and reinstated as
though no deposit had occurred pursuant to this Article Eight until such time as the Trustee or Paying Agent is permitted to apply
all such U.S. Legal Tender and U.S. Government Obligations in accordance with this Article Eight; provided that if the
Issuer has made any payment of interest on, or principal of, any Notes because of the reinstatement of its obligations, the Issuer
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the U.S. Legal Tender and U.S. Government
Obligations held by the Trustee or Paying Agent.

 

ARTICLE
Nine

 

AMENDMENTS,
SUPPLEMENTS AND WAIVERS

 

		SECTION 9.01.	Without
                                         Consent of Holders.

 

(a)          The
Issuer, the Subsidiary Guarantors and the Trustee,
together, may amend or supplement this Indenture,
the Notes or the Subsidiary Guarantees without notice
to or consent of any Holder:

 

(1)         to
cure any ambiguity, defect or inconsistency in this Indenture,
the Notes or the Subsidiary Guarantees;

 

(2)         to
provide for uncertificated Notes in addition to or in
place of certificated Notes;

 

(3)         to
provide for the assumption of the Issuer’s or a
Subsidiary Guarantor’s obligations to the Holders
of the Notes in the case of a merger, consolidation or
sale of all or substantially all of the assets, in accordance with Article Five;

 

(4)         to
add any additional Subsidiary Guarantee by any additional Subsidiary
Guarantor (which supplemental indenture need not be executed by existing Subsidiary
Guarantors);

 

(5)         to
release any Subsidiary Guarantor from any of its obligations under its Subsidiary
Guarantee or this Indenture (to the extent permitted by this Indenture);

 

(6)         to
make any change that would not materially adversely affect the rights of any Holder;

 

(7)         to
make any change to conform this Indenture, the Notes or
the Subsidiary Guarantees to the "Description of notes"
section of the Prospectus Supplement of the Issuer relating
to the Notes dated June 30, 2016;

 

(8)         to
comply with requirements of the SEC in order to effect or
maintain the qualification of this Indenture under the Trust
Indenture Act; or

 

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(9)         to
evidence and provide for the acceptance of an appointment by a successor trustee;

 

provided, however,
that the Issuer has delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate, each stating that such
amendment or supplement complies with the provisions of this Section 9.01.

 

		SECTION 9.02.	With
                                         Consent of Holders.

 

(a)          Subject
to Section 6.07, the Issuer, the Subsidiary Guarantors
and the Trustee, together, with the written consent of the Holder
or Holders of a majority in aggregate principal amount of the outstanding
Notes may amend or supplement this Indenture,
the Notes or the Subsidiary Guarantees, without
notice to any other Holders. Subject to Sections 6.07, the Holder
or Holders of a majority in aggregate principal amount of the outstanding
Notes may waive compliance with any provision of this Indenture, the Notes
or the Subsidiary Guarantees without notice to any other Holders.

 

(b)          Notwithstanding
Section 9.02(a), without the consent of each Holder
affected, no amendment or waiver may:

 

(1)         change
the Stated Maturity of the principal of, or
any installment of interest on, any Note;

 

(2)         reduce
the principal amount of, or premium, if any, or
interest on, any Note;

 

(3)         change
the place of payment of principal of, or premium,
if any, or interest on, any Note;

 

(4)         impair
the right to institute suit for the enforcement of any payment on or after the Stated
Maturity (or, in the case of a redemption, on or
after the Redemption Date) of any Note;

 

(5)         reduce
the above-stated percentages of outstanding Notes the consent of whose Holders
is necessary to modify or amend this Indenture;

 

(6)         waive
a default in the payment of principal of, premium,
if any, or interest on the Notes;

 

(7)         voluntarily
release a Subsidiary Guarantor of the Notes, except
as permitted by this Indenture;

 

(8)         reduce
the percentage or aggregate principal amount of
outstanding Notes the consent of whose Holders is
necessary for waiver of compliance with Sections 6.02 and 6.04; or

 

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(9)         modify
or change any provisions of this Indenture affecting
the ranking of the Notes or the Subsidiary Guarantees in
any manner adverse to the Holders of the Notes.

 

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

 

(d)          A
consent to any amendment, supplement or waiver under this Indenture
by any Holder given in connection with an exchange (in the case of an exchange offer)
or a tender (in the case of a tender offer) of such Holder’s Notes will not be rendered
invalid by such tender or exchange.

 

(e)          After
an amendment, supplement or waiver under this Section 9.02
becomes effective, the Issuer shall mail to the Holders
affected thereby a notice briefly describing the amendment, supplement or waiver.
Any failure of the Issuer to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such
amendment, supplement or waiver.

 

		SECTION 9.03.	Compliance
                                         with the Trust Indenture Act.

 

From the date
on which this Indenture is qualified under the Trust Indenture Act, every amendment, waiver or supplement of this Indenture, the
Notes or the Subsidiary Guarantees shall comply with the Trust Indenture Act as then in effect.

 

		SECTION 9.04.	Revocation
                                         and Effect of Consents.

 

Until an amendment,
waiver or supplement becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to his Note or portion
of his Note by notice to the Trustee or the Issuer received before the date on which the Trustee receives an Officers’ Certificate
certifying that the Holders of the requisite principal amount of Notes have consented (and not theretofore revoked such consent)
to the amendment, supplement or waiver.

 

The Issuer
may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment,
supplement or waiver, which record date shall be at least 30 days prior to the first solicitation of such consent. If a record
date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those Persons who were Holders at
such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously
given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective
for more than 90 days after such record date. The Issuer shall inform the Trustee in writing of the fixed record date if applicable.

 

After an amendment,
supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1)
through (8) of Section 9.02(b),

 

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in which case,
the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note; provided, however,
that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of, and interest on, a
Note, on or after the respective due dates therefor, or to bring suit for the enforcement of any such payment on or after such
respective dates without the consent of such Holder.

 

		SECTION 9.05.	Notation
                                         on or Exchange of Notes.

 

If an amendment,
supplement or waiver changes the terms of a Note, the Issuer may require the Holder of the Note to deliver it to the Trustee.
The Issuer shall provide the Trustee with an appropriate notation on the Note about the changed terms and cause the Trustee to
return it to the Holder at the Issuer’s expense. Alternatively, if the Issuer or the Trustee so determines, the Issuer in
exchange for the Note shall issue, and the Trustee shall authenticate, a new Note that reflects the changed terms. Failure to
make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 

		SECTION 9.06.	Trustee
                                         To Sign Amendments, Etc.

 

The Trustee
shall execute any amendment, supplement or waiver authorized pursuant to this Article Nine; provided, however, that
the Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver which affects the Trustee’s
own rights, duties or immunities under this Indenture. The Trustee shall be entitled to receive, and shall be fully protected
in relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution of any amendment, supplement
or waiver authorized pursuant to this Article Nine is authorized or permitted by this Indenture and constitutes legal, valid and
binding obligations of the Issuer enforceable in accordance with its terms. Such Opinion of Counsel shall be at the expense of
the Issuer.

 

ARTICLE
Ten

 

SUBSIDIARY
GUARANTEE

 

		SECTION 10.01.	Guarantee.

 

Subject to
this Article Ten, each of the Subsidiary Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder
of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity
and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: (a) the principal
of and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise,
and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer
to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms
hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations,
that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether
at stated maturity, by acceleration or otherwise. Failing payment when due of any

 

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amount so guaranteed
or any performance so guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay
the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

The Subsidiary
Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes
with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Subsidiary
Guarantor hereby waives, to the extent permitted by applicable law, diligence, presentment, demand of payment, filing of claims
with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer,
protest, notice and all demands whatsoever and covenant that this Note Guarantee shall not be discharged except by complete performance
of the obligations contained in the Notes and this Indenture.

 

If any Holder
or the Trustee is required by any court or otherwise to return to the Issuer, the Subsidiary Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Subsidiary Guarantors, any amount paid by
either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in
full force and effect.

 

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

 

		SECTION 10.02.	Limitation
                                         on Subsidiary Guarantor Liability.

 

Each Subsidiary
Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the
Subsidiary Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any Subsidiary Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors
hereby irrevocably agree that the obligations of such Subsidiary Guarantor will, after giving effect to such maximum amount and
all other contingent and fixed liabilities of such Subsidiary Guarantor that are relevant under such laws, and after giving effect
to any collections from, rights to receive contribution from or payments made by or on behalf of any other Subsidiary Guarantor
in respect of the obligations of such other Subsidiary Guarantor under this Article Ten,

 

    49

     

    

 

result in the
obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance.
Each Subsidiary Guarantor that makes a payment for distribution under its Subsidiary Guarantee is entitled to a contribution from
each other Subsidiary Guarantor in a pro rata amount based on the adjusted net assets of each Subsidiary Guarantor.

 

		SECTION 10.03.	Execution
                                         and Delivery of Subsidiary Guarantee.

 

To evidence
its Subsidiary Guarantee set forth in Section 10.01, each Subsidiary Guarantor hereby agrees that a notation of such Subsidiary
Guarantee substantially in the form included in Exhibit C shall be endorsed by an Officer of such Subsidiary Guarantor
on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Subsidiary
Guarantor by an Officer.

 

Each Subsidiary
Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding
any failure to endorse on each Note a notation of such Subsidiary Guarantee.

 

If an Officer
whose signature is on this Indenture or on the Subsidiary Guarantee no longer holds that office at the time the Trustee authenticates
the Note on which a Subsidiary Guarantee is endorsed, the Subsidiary Guarantee shall be valid nevertheless.

 

The delivery
of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee
set forth in this Indenture on behalf of the Subsidiary Guarantors.

 

		SECTION 10.04.	Release
                                         of a Subsidiary Guarantor.

 

A Subsidiary
Guarantor shall be automatically and unconditionally released from its obligations under its Note Guarantee and its obligations
under this Indenture:

 

(1)         upon
any sale, exchange or transfer to a Person not an
Affiliate of the Issuer of all of the Capital
Stock held by the Issuer and its Subsidiaries in,
or all or substantially all of the assets of, such
Subsidiary Guarantor;

 

(2)         upon
the liquidation or dissolution of such Subsidiary Guarantor;
provided that no Default or Event of Default
shall occur as a result thereof;

 

(3)         if
the Issuer exercises its Legal Defeasance option
under Section 8.02(b) or its Covenant Defeasance option
under Section 8.02(c), or if the Issuer’s
obligations under this Indenture are discharged in accordance with Section 8.01; or

 

(4)         if
a Subsidiary Guarantor ceases to guarantee the obligations
of the Issuer under any such Indebtedness of the
Issuer that would constitute Indebtedness under
clauses (1) or (2) under the definition thereof in an amount at least equal to $50 million;

 

provided, however,
that in the case of clauses (1) and (2) above, (x) such sale or other disposition is made to a Person other than the Issuer or
any of its Subsidiaries and (y) such sale or

 

    50

     

    

 

disposition is otherwise permitted
by this Indenture. Upon any such occurrence specified in this Section 10.04, at the Issuer’s request, and upon delivery
to the Trustee of an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent under the
Indenture relating to such release have been complied with, the Trustee shall execute any documents reasonably requested by the
Issuer evidencing such release. A Person that has been released pursuant to this Section 10.04 shall cease to be a Subsidiary
Guarantor for all purposes under this Indenture from and after the date of such release unless and until such Person again becomes
a Subsidiary Guarantor pursuant to Section 4.09.

 

Nothing contained
in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Subsidiary Guarantor with or into the
Issuer (in which case such Subsidiary Guarantor shall no longer be a Subsidiary Guarantor) or another Subsidiary Guarantor or
shall prevent any sale or conveyance of the property of a Subsidiary Guarantor as an entirety or substantially as an entirety
to the Issuer or another Subsidiary Guarantor.

 

ARTICLE
Eleven

 

MISCELLANEOUS

 

		SECTION 11.01.	Trust
                                         Indenture Act Controls.

 

If any provision
of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture
by the Trust Indenture Act, such required or deemed provision shall control.

 

		SECTION 11.02.	Notices.

 

Any notices
or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery,
by telex, by nationally recognized overnight courier service, by telecopier or registered or certified mail, postage prepaid,
return receipt requested, addressed as follows:

 

if to the Issuer or a
Subsidiary Guarantor:

 

c/o Omega Healthcare
Investors, Inc.

200 International Circle,
Suite 3500

Hunt Valley, Maryland  21030

Attention: Robert O.
Stephenson

 

Telephone:       (410)
427-1700

Facsimile:        (410)
427-8800

 

    51

     

    

 

with a copy to:

 

Bryan Cave LLP

One Atlantic Center

Fourteenth Floor

1201 W. Peachtree Street,
NW

Atlanta, Georgia  30309-3471

Attention:  Eliot
Robinson

 

Telephone:       (404)
572-6600

Facsimile:        (404)
572-6999

 

if to the Trustee:

 

U.S. Bank National
Association

Two Midtown Plaza

1349 W. Peachtree Street,
NW., Suite 1050

EX-GA-ATPT

Atlanta, Georgia 30309

Attention: Corporate
Trust Department

 

Telephone:      (404)
965 - 7218

Facsimile:       (404)
365 - 7946

 

Each of the
Issuer and the Trustee by written notice to each other such Person may designate additional or different addresses for notices
to such Person. Any notice or communication to the Issuer and the Trustee, shall be deemed to have been given or made as of the
date so delivered if personally delivered; when replied to; when receipt is acknowledged, if telecopied; five (5) calendar days
after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be
deemed to have been given until actually received by the addressee); and next Business Day if by nationally recognized overnight
courier service.

 

Any notice
or communication mailed to a Holder shall be mailed to him by first class mail or other equivalent means at his address as it
appears on the registration books of the Registrar and shall be sufficiently given to him if so mailed within the time prescribed.

 

Failure to
mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 

		SECTION 11.03.	Communications
                                         by Holders with Other Holders.

 

Holders may
communicate pursuant to Trust Indenture Act § 312(b) with other Holders with respect to their rights under this Indenture,
the Notes or the Subsidiary Guarantees. The Issuer, the Trustee, the Registrar and any other Person shall have the protection
of Trust Indenture Act § 312(c).

 

    52

     

    

 

		SECTION 11.04.	Certificate
                                         and Opinion as to Conditions Precedent.

 

Upon any request
or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee at
the request of the Trustee:

 

(1)         an
Officers’ Certificate, in form and substance satisfactory to the Trustee,
stating that, in the opinion of the signers, all conditions precedent to be performed or effected
by the Issuer, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

 

(2)         an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

 

		SECTION 11.05.	Statements
                                         Required in Certificate or Opinion.

 

Each certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture, other than the Officers’
Certificate required by Section 4.05, shall include:

 

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

 

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

 

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

 

(4)         a
statement as to whether or not, in the opinion of each such Person,
such condition or covenant has been complied with; provided,
however, that with respect to matters of fact, an Opinion of Counsel may
rely on an Officers’ Certificate or certificates of public officials.

 

		SECTION 11.06.	Rules
                                         by Paying Agent or Registrar.

 

The Paying
Agent or Registrar may make reasonable rules and set reasonable requirements for their functions.

 

		SECTION 11.07.	Legal
                                         Holidays.

 

If a payment
date is not a Business Day, payment may be made on the next succeeding day that is a Business Day.

 

    53

     

    

 

		SECTION 11.08.	Governing
                                         Law.

 

This Indenture,
the Notes and the Subsidiary Guarantees will be governed by and construed in accordance with the laws of the State of New York.

 

		SECTION 11.09.	No
                                         Adverse Interpretation of Other Agreements.

 

This Indenture
may not be used to interpret another indenture, loan or debt agreement of any of the Issuer or any of its Subsidiaries. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.

 

		SECTION 11.10.	No
                                         Recourse Against Others.

 

No director,
officer, employee, incorporator, stockholder, member or manager or controlling person of the Issuer or any Subsidiary Guarantor
shall have any liability for any obligations of the Issuer under the Notes or this Indenture or of any Subsidiary Guarantor under
its Subsidiary Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of Notes by accepting a Note waives and releases all such liability. Such waiver and release are part of
the consideration for issuance of the Notes.

 

		SECTION 11.11.	Successors.

 

All agreements
of the Issuer and the Subsidiary Guarantors in this Indenture, the Notes and the Note Guarantees shall bind their respective successors.
All agreements of the Trustee in this Indenture shall bind its successor.

 

		SECTION 11.12.	Duplicate
                                         Originals.

 

All parties
may sign any number of copies of this Indenture. Each signed copy or counterpart shall be an original, but all of them together
shall represent the same agreement.

 

		SECTION 11.13.	Severability.

 

To the extent
permitted by applicable law, in case any one or more of the provisions in this Indenture, in the Notes or in the Subsidiary Guarantees
shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any
such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it
being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law.

 

    54

     

    

 

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

 

	 	OMEGA HEALTHCARE INVESTORS, INC.,
	 	as Issuer
	 	 	 
	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture] 

 

    	 	 	 

     

    

 

	 	OHI HEALTHCARE PROPERTIES LIMITED PARTNERSHIP, as a Subsidiary Guarantor
	 	 	 
	 	By:	OHI Healthcare Properties Holdco, Inc., as its Primary General Partner

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture] 

 

    	 	 	 

     

    

 

	 	11900 EAST ARTESIA BOULEVARD, LLC
	 	1200 ELY STREET HOLDINGS CO. LLC
	 	13922 CERISE AVENUE, LLC
	 	1628 B STREET, LLC
	 	2400 PARKSIDE DRIVE, LLC
	 	2425 TELLER AVENUE, LLC
	 	245 EAST WILSHIRE AVENUE, LLC
	 	3232 ARTESIA REAL ESTATE, LLC
	 	3806 CLAYTON ROAD, LLC
	 	42235 COUNTY ROAD HOLDINGS CO. LLC
	 	446 SYCAMORE ROAD, L.L.C.
	 	48 HIGH POINT ROAD, LLC
	 	523 HAYES LANE, LLC
	 	637 EAST ROMIE LANE, LLC
	 	ALAMOGORDO AVIV, L.L.C.
	 	ALBANY STREET PROPERTY, L.L.C.
	 	ARIZONA LESSOR - INFINIA, LLC
	 	ARKANSAS AVIV, L.L.C.
	 	ARMA YATES, L.L.C.
	 	AVERY STREET PROPERTY, L.L.C
	 	AVIV ASSET MANAGEMENT, L.L.C.
	 	AVIV FINANCING I, L.L.C.
	 	AVIV FINANCING II, L.L.C.
	 	AVIV FINANCING III, L.L.C.
	 	AVIV FINANCING IV, L.L.C.
	 	AVIV FINANCING V, L.L.C.
	 	AVIV FOOTHILLS, L.L.C.
	 	AVIV HEALTHCARE PROPERTIES
	 	OPERATING PARTNERSHIP I, L.P.
	 	AVIV LIBERTY, L.L.C.
	 	AVON OHIO, L.L.C.
	 	BALA CYNWYD REAL ESTATE, LP
	 	BAYSIDE COLORADO HEALTHCARE ASSOCIATES, LLC
	 	BAYSIDE STREET II, LLC
	 	BAYSIDE STREET, LLC
	 	BELLEVILLE ILLINOIS, L.L.C.
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	BELLINGHAM II ASSOCIATES, L.L.C.
	 	BETHEL ALF PROPERTY, L.L.C.
	 	BHG AVIV, L.L.C.
	 	BIGLERVILLE ROAD, L.L.C.
	 	BONHAM TEXAS, L.L.C.
	 	BRADENTON ALF PROPERTY, L.L.C.
	 	BURTON NH PROPERTY, L.L.C.
	 	CALIFORNIA AVIV TWO, L.L.C.
	 	CALIFORNIA AVIV, L.L.C.
	 	CAMAS ASSOCIATES, L.L.C.
	 	CANTON HEALTH CARE LAND, LLC
	 	CARNEGIE GARDENS LLC
	 	CASA/SIERRA CALIFORNIA ASSOCIATES, L.L.C.
	 	CFG 2115 WOODSTOCK PLACE LLC
	 	CHAMPAIGN WILLIAMSON FRANKLIN, L.L.C.
	 	CHARDON OHIO PROPERTY HOLDINGS, L.L.C.
	 	CHARDON OHIO PROPERTY, L.L.C.
	 	CHATHAM AVIV, L.L.C.
	 	CHIPPEWA VALLEY, L.L.C.
	 	CHR BARTOW LLC
	 	CHR BOCA RATON LLC
	 	CHR BRADENTON LLC
	 	CHR CAPE CORAL LLC
	 	CHR FORT MYERS LLC
	 	CHR FORT WALTON BEACH LLC
	 	CHR LAKE WALES LLC
	 	CHR LAKELAND LLC
	 	CHR POMPANO BEACH BROWARD LLC
	 	CHR POMPANO BEACH LLC
	 	CHR SANFORD LLC
	 	CHR SPRING HILL LLC
	 	CHR ST. PETE BAY LLC
	 	CHR ST. PETE EGRET LLC
	 	CHR TAMPA CARROLLWOOD LLC
	 	CHR TAMPA LLC
	 	CHR TARPON SPRINGS LLC
	 	CHR TITUSVILLE LLC
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	CLARKSTON CARE, L.L.C.
	 	CLAYTON ASSOCIATES, L.L.C.
	 	COLONIAL GARDENS, LLC
	 	COLONIAL MADISON ASSOCIATES, L.L.C.
	 	COLORADO LESSOR - CONIFER, LLC
	 	COLUMBUS TEXAS AVIV, L.L.C.
	 	COLUMBUS WESTERN AVENUE, L.L.C.
	 	COLVILLE WASHINGTON PROPERTY, L.L.C.
	 	COMMERCE NURSING HOMES, L.L.C.
	 	COMMERCE STERLING HART DRIVE, L.L.C.
	 	CONROE RIGBY OWEN ROAD, L.L.C.
	 	CR AVIV, L.L.C.
	 	CRETE PLUS FIVE PROPERTY, L.L.C.
	 	CROOKED RIVER ROAD, L.L.C.
	 	CSE ALBANY LLC
	 	CSE AMARILLO LLC
	 	CSE ARDEN L.P.
	 	CSE AUGUSTA LLC
	 	CSE BEDFORD LLC
	 	CSE BLOUNTVILLE LLC
	 	CSE BOLIVAR LLC
	 	CSE CAMBRIDGE LLC
	 	CSE CAMBRIDGE REALTY LLC
	 	CSE CAMDEN LLC
	 	CSE CANTON LLC
	 	CSE CASABLANCA HOLDINGS II LLC
	 	CSE CASABLANCA HOLDINGS LLC
	 	CSE CEDAR RAPIDS LLC
	 	CSE CENTENNIAL VILLAGE, LP
	 	CSE CHELMSFORD LLC
	 	CSE CHESTERTON LLC
	 	CSE CLAREMONT LLC
	 	CSE CORPUS NORTH LLC
	 	CSE DENVER ILIFF LLC
	 	CSE DENVER LLC
	 	CSE DOUGLAS LLC
	 	CSE ELKTON LLC
	 	CSE ELKTON REALTY LLC
	 	CSE FAIRHAVEN LLC
	 	CSE FORT WAYNE LLC
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	CSE FRANKSTON LLC
	 	CSE GEORGETOWN LLC
	 	CSE GREEN BAY LLC
	 	CSE HILLIARD LLC
	 	CSE HUNTINGDON LLC
	 	CSE HUNTSVILLE LLC
	 	CSE INDIANAPOLIS-CONTINENTAL LLC
	 	CSE INDIANAPOLIS-GREENBRIAR LLC
	 	CSE JACINTO CITY LLC
	 	CSE JEFFERSON CITY LLC
	 	CSE JEFFERSONVILLE-HILLCREST CENTER LLC
	 	CSE JEFFERSONVILLE-JENNINGS HOUSE LLC
	 	CSE KERRVILLE LLC
	 	CSE KING L.P.
	 	CSE KINGSPORT LLC
	 	CSE KNIGHTDALE L.P.
	 	CSE LAKE CITY LLC
	 	CSE LAKE WORTH LLC
	 	CSE LAKEWOOD LLC
	 	CSE LAS VEGAS LLC
	 	CSE LAWRENCEBURG LLC
	 	CSE LENOIR L.P.
	 	CSE LEXINGTON PARK LLC
	 	CSE LEXINGTON PARK REALTY LLC
	 	CSE LIGONIER LLC
	 	CSE LIVE OAK LLC
	 	CSE LOWELL LLC
	 	CSE MARIANNA HOLDINGS LLC
	 	CSE MEMPHIS LLC
	 	CSE MOBILE LLC
	 	CSE MOORE LLC
	 	CSE NORTH CAROLINA HOLDINGS I LLC
	 	CSE NORTH CAROLINA HOLDINGS II LLC
	 	CSE OMRO LLC
	 	CSE ORANGE PARK LLC
	 	CSE ORLANDO-PINAR TERRACE MANOR LLC
	 	CSE ORLANDO-TERRA VISTA REHAB LLC
	 	CSE PENNSYLVANIA HOLDINGS, LP
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	CSE PIGGOTT LLC
	 	CSE PILOT POINT LLC
	 	CSE PINE VIEW LLC
	 	CSE PONCA CITY LLC
	 	CSE PORT ST. LUCIE LLC
	 	CSE RICHMOND LLC
	 	CSE RIPLEY LLC
	 	CSE RIPON LLC
	 	CSE SAFFORD LLC
	 	CSE SALINA LLC
	 	CSE SEMINOLE LLC
	 	CSE SHAWNEE LLC
	 	CSE SPRING BRANCH LLC
	 	CSE STILLWATER LLC
	 	CSE TAYLORSVILLE LLC
	 	CSE TEXARKANA LLC
	 	CSE TEXAS CITY LLC
	 	CSE THE VILLAGE LLC
	 	CSE UPLAND LLC
	 	CSE WALNUT COVE L.P.
	 	CSE WEST POINT LLC
	 	CSE WHITEHOUSE LLC
	 	CSE WILLIAMSPORT LLC
	 	CSE WINTER HAVEN LLC
	 	CSE WOODFIN L.P.
	 	CSE YORKTOWN LLC
	 	CUYAHOGA FALLS PROPERTY, L.L.C.
	 	DALLAS TWO PROPERTY, L.L.C.
	 	DANBURY ALF PROPERTY, L.L.C.
	 	DARIEN ALF PROPERTY, L.L.C.
	 	DELTA INVESTORS I, LLC
	 	DELTA INVESTORS II, LLC
	 	DENISON TEXAS, L.L.C.
	 	DESERT LANE LLC
	 	DIXIE WHITE HOUSE NURSING HOME, LLC
	 	DIXON HEALTH CARE CENTER, LLC
	 	EAST ROLLINS STREET, L.L.C.
	 	EDGEWOOD DRIVE PROPERTY, L.L.C.
	 	EFFINGHAM ASSOCIATES, L.L.C.
	 	ELITE MATTOON, L.L.C.
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	ELITE YORKVILLE, L.L.C.
	 	ENCANTO SENIOR CARE, LLC
	 	FALCON FOUR PROPERTY HOLDING, L.L.C.
	 	FALCON FOUR PROPERTY, L.L.C.
	 	FALFURRIAS TEXAS, L.L.C.
	 	FLORIDA ALF PROPERTIES, L.L.C.
	 	FLORIDA FOUR PROPERTIES, L.L.C.
	 	FLORIDA LESSOR – MEADOWVIEW, LLC
	 	FLORIDA REAL ESTATE COMPANY, LLC
	 	FORT STOCKTON PROPERTY, L.L.C.
	 	FOUR FOUNTAINS AVIV, L.L.C.
	 	FREDERICKSBURG SOUTH ADAMS STREET, L.L.C.
	 	FREEWATER OREGON, L.L.C.
	 	FULLERTON CALIFORNIA, L.L.C.
	 	G&L GARDENS, LLC
	 	GARDNERVILLE PROPERTY, L.L.C.
	 	GEORGIA LESSOR - BONTERRA/PARKVIEW, LLC
	 	GERMANTOWN PROPERTY, L.L.C.
	 	GILTEX CARE, L.L.C.
	 	GLENDALE NH PROPERTY, L.L.C.
	 	GOLDEN HILL REAL ESTATE COMPANY, LLC
	 	GONZALES TEXAS PROPERTY, L.L.C.
	 	GREAT BEND PROPERTY, L.L.C.
	 	GREENBOUGH, LLC
	 	GREENVILLE KENTUCKY PROPERTY, L.L.C.
	 	HERITAGE MONTEREY ASSOCIATES, L.L.C.
	 	HHM AVIV, L.L.C.
	 	HIDDEN ACRES PROPERTY, L.L.C.
	 	HIGHLAND LEASEHOLD, L.L.C.
	 	HOBBS ASSOCIATES, L.L.C.
	 	HOT SPRINGS ATRIUM OWNER, LLC
	 	HOT SPRINGS AVIV, L.L.C.
	 	HOT SPRINGS COTTAGES OWNER, LLC
	 	HOT SPRINGS MARINA OWNER, LLC
	 	HOUSTON TEXAS AVIV, L.L.C.
	 	HUTCHINSON KANSAS, L.L.C.
	 	HUTTON I LAND, LLC
	 	HUTTON II LAND, LLC
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	HUTTON III LAND, LLC
	 	IDAHO ASSOCIATES, L.L.C.
	 	ILLINOIS MISSOURI PROPERTIES, L.L.C.
	 	INDIANA LESSOR – WELLINGTON MANOR, LLC
	 	IOWA LINCOLN COUNTY PROPERTY, L.L.C.
	 	JASPER SPRINGHILL STREET, L.L.C.
	 	KANSAS FIVE PROPERTY, L.L.C.
	 	KARAN ASSOCIATES TWO, L.L.C.
	 	KARAN ASSOCIATES, L.L.C.
	 	KARISSA COURT PROPERTY, L.L.C.
	 	KB NORTHWEST ASSOCIATES, L.L.C.
	 	KENTUCKY NH PROPERTIES, L.L.C.
	 	KINGSVILLE TEXAS, L.L.C.
	 	LAD I REAL ESTATE COMPANY, LLC
	 	LEATHERMAN 90-1, LLC
	 	LEATHERMAN PARTNERSHIP 89-1, LLC
	 	LEATHERMAN PARTNERSHIP 89-2, LLC
	 	LOUISVILLE DUTCHMANS PROPERTY, L.L.C.
	 	MAGNOLIA DRIVE PROPERTY, L.L.C.
	 	MANOR ASSOCIATES, L.L.C.
	 	MANSFIELD AVIV, L.L.C.
	 	MASSACHUSETTS NURSING HOMES, L.L.C.
	 	MCCARTHY STREET PROPERTY, L.L.C.
	 	MERIDIAN ARMS LAND, LLC
	 	MINNESOTA ASSOCIATES, L.L.C.
	 	MISHAWAKA PROPERTY, L.L.C.
	 	MISSOURI ASSOCIATES, L.L.C.
	 	MISSOURI REGENCY ASSOCIATES, L.L.C.
	 	MONTANA ASSOCIATES, L.L.C.
	 	MONTEREY PARK LEASEHOLD MORTGAGE, L.L.C.
	 	MOUNT WASHINGTON PROPERTY, L.L.C.
	 	MT. VERNON TEXAS, L.L.C.
	 	MURRAY COUNTY, L.L.C.
	 	MUSCATINE TOLEDO PROPERTIES, L.L.C.
	 	N.M. BLOOMFIELD THREE PLUS ONE LIMITED COMPANY
	 	N.M. ESPANOLA THREE PLUS ONE LIMITED COMPANY
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	N.M. LORDSBURG THREE PLUS ONE LIMITED COMPANY
	 	N.M. SILVER CITY THREE PLUS ONE LIMITED COMPANY
	 	NEW HOPE PROPERTY, L.L.C.
	 	NEWTOWN ALF PROPERTY, L.L.C.
	 	NICHOLASVILLE KENTUCKY PROPERTY, L.L.C.
	 	NORTH LAS VEGAS LLC
	 	NORTH ROYALTON OHIO PROPERTY, L.L.C.
	 	NORWALK ALF PROPERTY, L.L.C.
	 	NRS VENTURES, L.L.C.
	 	OAKLAND NURSING HOMES, L.L.C.
	 	OCEAN SPRINGS NURSING HOME, LLC
	 	OCTOBER ASSOCIATES, L.L.C.
	 	OGDEN ASSOCIATES, L.L.C.
	 	OHI (CONNECTICUT), LLC
	 	OHI (ILLINOIS), LLC
	 	OHI (INDIANA), LLC
	 	OHI (IOWA), LLC
	 	OHI ASSET (AR) ASH FLAT, LLC
	 	OHI ASSET (AR) CAMDEN, LLC
	 	OHI ASSET (AR) CONWAY, LLC
	 	OHI ASSET (AR) DES ARC, LLC
	 	OHI ASSET (AR) HOT SPRINGS, LLC
	 	OHI ASSET (AR) MALVERN, LLC
	 	OHI ASSET (AR) MENA, LLC
	 	OHI ASSET (AR) POCAHONTAS, LLC
	 	OHI ASSET (AR) SHERIDAN, LLC
	 	OHI ASSET (AR) WALNUT RIDGE, LLC
	 	OHI ASSET (AZ) AUSTIN HOUSE, LLC
	 	OHI ASSET (CA), LLC
	 	OHI ASSET (CO), LLC
	 	OHI ASSET (CT) LENDER, LLC
	 	OHI ASSET (FL) EUSTIS, LLC
	 	OHI ASSET (FL) LAKE PLACID, LLC
	 	OHI ASSET (FL) LENDER, LLC
	 	OHI ASSET (FL) LUTZ, LLC
	 	OHI ASSET (FL) PENSACOLA - HILLVIEW, LLC
	 	OHI ASSET (FL) PENSACOLA, LLC
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	OHI ASSET (FL), LLC
	 	OHI ASSET (GA) DUNWOODY, LLC
	 	OHI ASSET (GA) MACON, LLC
	 	OHI ASSET (GA) MOULTRIE, LLC
	 	OHI ASSET (GA) NASHVILLE, LLC
	 	OHI ASSET (GA) ROSWELL, LLC
	 	OHI ASSET (GA) SNELLVILLE, LLC
	 	OHI ASSET (GA) VALDOSTA, LLC
	 	OHI ASSET (ID) HOLLY, LLC
	 	OHI ASSET (ID) MIDLAND, LLC
	 	OHI ASSET (ID), LLC
	 	OHI ASSET (IL), LLC
	 	OHI ASSET (IN) AMERICAN VILLAGE, LLC
	 	OHI ASSET (IN) ANDERSON, LLC
	 	OHI ASSET (IN) BEECH GROVE, LLC
	 	OHI ASSET (IN) CLARKSVILLE, LLC
	 	OHI ASSET (IN) CLINTON, LLC
	 	OHI ASSET (IN) CONNERSVILLE, LLC
	 	OHI ASSET (IN) CROWN POINT, LLC
	 	OHI ASSET (IN) EAGLE VALLEY, LLC
	 	OHI ASSET (IN) ELKHART, LLC
	 	OHI ASSET (IN) FOREST CREEK, LLC
	 	OHI ASSET (IN) FORT WAYNE, LLC
	 	OHI ASSET (IN) FRANKLIN, LLC
	 	OHI ASSET (IN) GREENSBURG, LLC
	 	OHI ASSET (IN) INDIANAPOLIS, LLC
	 	OHI ASSET (IN) JASPER, LLC
	 	OHI ASSET (IN) KOKOMO, LLC
	 	OHI ASSET (IN) LAFAYETTE, LLC
	 	OHI ASSET (IN) MADISON, LLC
	 	OHI ASSET (IN) MONTICELLO, LLC
	 	OHI ASSET (IN) NOBLESVILLE, LLC
	 	OHI ASSET (IN) ROSEWALK, LLC
	 	OHI ASSET (IN) SALEM, LLC
	 	OHI ASSET (IN) SEYMOUR, LLC
	 	OHI ASSET (IN) SPRING MILL, LLC
	 	OHI ASSET (IN) TERRE HAUTE, LLC
	 	OHI ASSET (IN) WABASH, LLC
	 	OHI ASSET (IN) WESTFIELD, LLC
	 	OHI ASSET (IN) ZIONSVILLE, LLC
	 	OHI ASSET (LA) BATON ROUGE, LLC
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	OHI ASSET (LA), LLC
	 	OHI ASSET (MD) BALTIMORE - PALL MALL, LLC
	 	OHI ASSET (MD) BALTIMORE - WEST BELVEDERE, LLC
	 	OHI ASSET (MD) SALISBURY, LLC
	 	OHI ASSET (MD), LLC
	 	OHI ASSET (MI) CARSON CITY, LLC
	 	OHI ASSET (MI) HEATHER HILLS, LLC
	 	OHI ASSET (MI), LLC
	 	OHI ASSET (MO), LLC
	 	OHI ASSET (MS) BYHALIA, LLC
	 	OHI ASSET (MS) CLEVELAND, LLC
	 	OHI ASSET (MS) CLINTON, LLC
	 	OHI ASSET (MS) COLUMBIA, LLC
	 	OHI ASSET (MS) CORINTH, LLC
	 	OHI ASSET (MS) GREENWOOD, LLC
	 	OHI ASSET (MS) GRENADA, LLC
	 	OHI ASSET (MS) HOLLY SPRINGS, LLC
	 	OHI ASSET (MS) INDIANOLA, LLC
	 	OHI ASSET (MS) NATCHEZ, LLC
	 	OHI ASSET (MS) PICAYUNE, LLC
	 	OHI ASSET (MS) VICKSBURG, LLC
	 	OHI ASSET (MS) YAZOO CITY, LLC
	 	OHI ASSET (NC) BISCOE, LLC
	 	OHI ASSET (NC) CORNELIUS, LLC
	 	OHI ASSET (NC) DREXEL, LLC
	 	OHI ASSET (NC) FAYETTEVILLE, LLC
	 	OHI ASSET (NC) HALLSBORO, LLC
	 	OHI ASSET (NC) MARION, LLC
	 	OHI ASSET (NC) MARSHVILLE, LLC
	 	OHI ASSET (NC) MOCKSVILLE – 1007 HOWARD STREET, LLC
	 	OHI ASSET (NC) MOCKSVILLE – 1304 MADISON ROAD, LLC
	 	OHI ASSET (NC) NASHVILLE, LLC
	 	OHI ASSET (NC) RAEFORD, LLC
	 	OHI ASSET (NC) ROCKY MOUNT – 1558 S. WINSTEAD, LLC
	 	OHI ASSET (NC) ROCKY MOUNT – 415 N. WINSTEAD, LLC
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	OHI ASSET (NC) SALISBURY, LLC
	 	OHI ASSET (NC) SALUDA, LLC
	 	OHI ASSET (NC) SHALLOTTE, LLC
	 	OHI ASSET (NC) WADESBORO, LLC
	 	OHI ASSET (NC) WAYNESVILLE, LLC
	 	OHI ASSET (NC) WILMINGTON, LLC
	 	OHI ASSET (NC) WINSTON SALEM, LLC
	 	OHI ASSET (NY) 2ND AVENUE, LLC
	 	OHI ASSET (NY) 93RD STREET, LLC
	 	OHI ASSET (OH) HUBER HEIGHTS, LLC
	 	OHI ASSET (OH) LENDER, LLC
	 	OHI ASSET (OH) NEW LONDON, LLC
	 	OHI ASSET (OH) STEUBENVILLE, LLC
	 	OHI ASSET (OH) TOLEDO, LLC
	 	OHI ASSET (OH) WEST CARROLLTON, LLC
	 	OHI ASSET (OH), LLC
	 	OHI ASSET (OR) PORTLAND, LLC
	 	OHI ASSET (OR) TROUTDALE, LLC
	 	OHI ASSET (PA) GP, LLC
	 	OHI ASSET (PA) WEST MIFFLIN, LP
	 	OHI ASSET (PA), LLC
	 	OHI ASSET (PA), LP
	 	OHI ASSET (SC) AIKEN, LLC
	 	OHI ASSET (SC) ANDERSON, LLC
	 	OHI ASSET (SC) EASLEY ANNE, LLC
	 	OHI ASSET (SC) EASLEY CRESTVIEW, LLC
	 	OHI ASSET (SC) EDGEFIELD, LLC
	 	OHI ASSET (SC) GREENVILLE GRIFFITH, LLC
	 	OHI ASSET (SC) GREENVILLE LAURENS, LLC
	 	OHI ASSET (SC) GREENVILLE NORTH, LLC
	 	OHI ASSET (SC) GREENVILLE, LLC
	 	OHI ASSET (SC) GREER, LLC
	 	OHI ASSET (SC) MARIETTA, LLC
	 	OHI ASSET (SC) MCCORMICK, LLC
	 	OHI ASSET (SC) ORANGEBURG, LLC
	 	OHI ASSET (SC) PICKENS EAST CEDAR, LLC
	 	OHI ASSET (SC) PICKENS ROSEMOND, LLC
	 	OHI ASSET (SC) PIEDMONT, LLC
	 	OHI ASSET (SC) SIMPSONVILLE SE MAIN, LLC
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	OHI ASSET (SC) SIMPSONVILLE WEST BROAD, LLC
	 	OHI ASSET (SC) SIMPSONVILLE WEST CURTIS, LLC
	 	OHI ASSET (TN) BARTLETT, LLC
	 	OHI ASSET (TN) COLLIERVILLE, LLC
	 	OHI ASSET (TN) JEFFERSON CITY, LLC
	 	OHI ASSET (TN) MEMPHIS, LLC
	 	OHI ASSET (TN) ROGERSVILLE, LLC
	 	OHI ASSET (TX) ANDERSON, LLC
	 	OHI ASSET (TX) BRYAN, LLC
	 	OHI ASSET (TX) BURLESON, LLC
	 	OHI ASSET (TX) COLLEGE STATION, LLC
	 	OHI ASSET (TX) COMFORT, LLC
	 	OHI ASSET (TX) DIBOLL, LLC
	 	OHI ASSET (TX) GRANBURY, LLC
	 	OHI ASSET (TX) HONDO, LLC
	 	OHI ASSET (TX) ITALY, LLC
	 	OHI ASSET (TX) SCHERTZ, LLC
	 	OHI ASSET (TX) WINNSBORO, LLC
	 	OHI ASSET (TX), LLC
	 	OHI ASSET (UT) OGDEN, LLC
	 	OHI ASSET (UT) PROVO, LLC
	 	OHI ASSET (UT) ROY, LLC
	 	OHI ASSET (VA) CHARLOTTESVILLE - 1165 PEPSI PLACE, LLC
	 	OHI ASSET (VA) CHARLOTTESVILLE, LLC
	 	OHI ASSET (VA) CHESAPEAKE, LLC
	 	OHI ASSET (VA) FARMVILLE, LLC
	 	OHI ASSET (VA) GALAX, LLC
	 	OHI ASSET (VA) HILLSVILLE, LLC
	 	OHI ASSET (VA) MADISON, LLC
	 	OHI ASSET (VA) MARTINSVILLE SNF, LLC
	 	OHI ASSET (VA) MECHANICSVILLE, LLC
	 	OHI ASSET (VA) NORFOLK, LLC
	 	OHI ASSET (VA) PORTSMOUTH, LLC
	 	OHI ASSET (VA) RICHMOND - 2420 PEMBERTON ROAD, LLC
	 	OHI ASSET (VA) RICHMOND - 9101 BON AIR, LLC
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	OHI ASSET (VA) ROCKY MOUNT, LLC
	 	OHI ASSET (VA) SUFFOLK, LLC
	 	OHI ASSET (WA) BATTLE GROUND, LLC
	 	OHI ASSET (WA) FORT VANCOUVER, LLC
	 	OHI ASSET (WV) DANVILLE, LLC
	 	OHI ASSET (WV) IVYDALE, LLC
	 	OHI ASSET CHG ALF, LLC
	 	OHI ASSET CSB LLC
	 	OHI ASSET CSE–E SUBSIDIARY, LLC
	 	OHI ASSET CSE–E, LLC
	 	OHI ASSET CSE–U SUBSIDIARY, LLC
	 	OHI ASSET CSE–U, LLC
	 	OHI ASSET HUD CFG, LLC
	 	OHI ASSET HUD DELTA, LLC
	 	OHI ASSET HUD H-F, LLC
	 	OHI ASSET HUD SF CA, LLC
	 	OHI ASSET HUD SF, LLC
	 	OHI ASSET HUD WO, LLC
	 	OHI ASSET II (CA), LLC
	 	OHI ASSET II (FL), LLC
	 	OHI ASSET II (PA), LP
	 	OHI ASSET III (PA), LP
	 	OHI ASSET IV (PA) SILVER LAKE, LP
	 	OHI ASSET MANAGEMENT, LLC
	 	OHI ASSET RO PMM SERVICES, LLC
	 	OHI ASSET RO, LLC
	 	OHI ASSET, LLC
	 	OHI HEALTHCARE PROPERTIES HOLDCO, INC.
	 	OHI MEZZ LENDER, LLC
	 	OHI TENNESSEE, LLC
	 	OHIMA, LLC
	 	OHIO AVIV THREE, L.L.C.
	 	OHIO AVIV TWO, L.L.C.
	 	OHIO AVIV, L.L.C.
	 	OHIO INDIANA PROPERTY, L.L.C.
	 	OHIO PENNSYLVANIA PROPERTY, L.L.C.
	 	OKLAHOMA TWO PROPERTY, L.L.C.
	 	OKLAHOMA WARR WIND, L.L.C.
	 	OMAHA ASSOCIATES, L.L.C.
	 	OMEGA TRS I, INC.
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	ORANGE ALF PROPERTY, L.L.C.
	 	ORANGE VILLAGE CARE CENTER, LLC.
	 	ORANGE, L.L.C.
	 	OREGON ASSOCIATES, L.L.C
	 	OSO AVENUE PROPERTY, L.L.C.
	 	OSTROM AVENUE PROPERTY, L.L.C.
	 	PALM VALLEY SENIOR CARE, LLC
	 	PANAMA CITY NURSING CENTER LLC
	 	PAVILLION NORTH PARTNERS, LLC
	 	PAVILLION NORTH, LLP
	 	PAVILLION NURSING CENTER NORTH, LLC
	 	PEABODY ASSOCIATES TWO, L.L.C.
	 	PEABODY ASSOCIATES, L.L.C.
	 	PENNINGTON ROAD PROPERTY, L.L.C.
	 	PENSACOLA REAL ESTATE HOLDINGS I, LLC
	 	PENSACOLA REAL ESTATE HOLDINGS II, LLC
	 	PENSACOLA REAL ESTATE HOLDINGS III, LLC
	 	PENSACOLA REAL ESTATE HOLDINGS IV, LLC
	 	PENSACOLA REAL ESTATE HOLDINGS V, LLC
	 	POCATELLO IDAHO PROPERTY, L.L.C.
	 	POMONA VISTA L.L.C.
	 	PRESCOTT ARKANSAS, L.L.C.
	 	PV REALTY-CLINTON, LLC
	 	PV REALTY-KENSINGTON, LLC
	 	PV REALTY-WILLOW TREE, LLC
	 	RATON PROPERTY LIMITED COMPANY
	 	RAVENNA OHIO PROPERTY, L.L.C.
	 	RED ROCKS, L.L.C.
	 	RICHLAND WASHINGTON, L.L.C.
	 	RIDGECREST SENIOR CARE, LLC
	 	RIVERSIDE NURSING HOME ASSOCIATES TWO, L.L.C.
	 	RIVERSIDE NURSING HOME ASSOCIATES, L.L.C.
	 	ROCKINGHAM DRIVE PROPERTY, L.L.C.
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	ROSE BALDWIN PARK PROPERTY L.L.C.
	 	S.C. PORTFOLIO PROPERTY, L.L.C.
	 	SALEM ASSOCIATES, L.L.C.
	 	SAN JUAN NH PROPERTY, LLC
	 	SANDALWOOD ARKANSAS PROPERTY, L.L.C.
	 	SANTA ANA-BARTLETT, L.L.C.
	 	SANTA FE MISSOURI ASSOCIATES, L.L.C.
	 	SAVOY/BONHAM VENTURE, L.L.C.
	 	SEARCY AVIV, L.L.C.
	 	SEDGWICK PROPERTIES, L.L.C.
	 	SEGUIN TEXAS PROPERTY, L.L.C.
	 	SIERRA PONDS PROPERTY, L.L.C.
	 	SKYLER BOYINGTON, LLC
	 	SKYLER FLORIDA, LLC
	 	SKYLER MAITLAND LLC
	 	SKYLER PENSACOLA, LLC
	 	SKYVIEW ASSOCIATES, L.L.C.
	 	SOUTHEAST MISSOURI PROPERTY, L.L.C.
	 	SOUTHERN CALIFORNIA NEVADA, L.L.C.
	 	ST. JOSEPH MISSOURI PROPERTY, L.L.C.
	 	ST. MARY’S PROPERTIES, LLC
	 	STAR CITY ARKANSAS, L.L.C.
	 	STEPHENVILLE TEXAS PROPERTY, L.L.C.
	 	STERLING ACQUISITION, LLC
	 	STEVENS AVENUE PROPERTY, L.L.C.
	 	SUN-MESA PROPERTIES, L.L.C.
	 	SUWANEE, LLC
	 	TEXAS FIFTEEN PROPERTY, L.L.C.
	 	TEXAS FOUR PROPERTY, L.L.C.
	 	TEXAS LESSOR – STONEGATE GP, LLC
	 	TEXAS LESSOR – STONEGATE, LIMITED, LLC
	 	TEXAS LESSOR – STONEGATE, LP
	 	TEXHOMA AVENUE PROPERTY, L.L.C.
	 	THE SUBURBAN PAVILION, LLC
	 	TUJUNGA, L.L.C.
	 	TULARE COUNTY PROPERTY, L.L.C.
	 	VRB AVIV, L.L.C.
	 	WASHINGTON IDAHO PROPERTY, L.L.C.
	 	WASHINGTON LESSOR – SILVERDALE, LLC
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson
	 	 	Name: Robert O. Stephenson
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	WASHINGTON-OREGON ASSOCIATES, L.L.C.
	 	WATAUGA ASSOCIATES, L.L.C.
	 	WELLINGTON LEASEHOLD, L.L.C.
	 	WEST PEARL STREET, L.L.C.
	 	WEST YARMOUTH PROPERTY I, L.L.C.
	 	WESTERVILLE OHIO OFFICE PROPERTY, L.L.C.
	 	WHEELER HEALTHCARE ASSOCIATES, L.L.C.
	 	WHITLOCK STREET PROPERTY, L.L.C.
	 	WILCARE, LLC
	 	WILLIS TEXAS AVIV, L.L.C.
	 	YUBA AVIV, L.L.C.
	 	 
	 	as Subsidiary Guarantors

 

	 	By:	/s/ Robert O. Stephenson

	 	Name:	Robert O. Stephenson
	 	Title:	Chief Financial Officer and Treasurer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	as Trustee

 

	 	By:	/s/ David Ferrell
	 	 	Name: David Ferrell
	 	 	Title:    Vice President

 

[Signature
Page to Indenture]

 

 

    	 	 	 

     

    

 

EXHIBIT A

 

[Insert the Global Note
Legend, if applicable pursuant to the provisions of the Indenture]

 

OMEGA HEALTHCARE
INVESTORS, INC.

4.375% Senior Notes due 2023

 

CUSIP No.              

	No.  [        ]	$

 

OMEGA HEALTHCARE
INVESTORS, INC., a Maryland corporation (the “Issuer”), for value received promises to pay to Cede & Co.,
or its registered assigns, the principal sum of [           ] DOLLARS [or
such other amount as is provided in a schedule attached hereto]a
on August 1, 2023.

 

Interest Payment
Dates: February 1 and August 1, commencing February 1, 2017.

 

Record Dates:
January 15 and July 15.

 

Reference is
made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth
at this place.

 

 

a This language should be included only if the Note
is issued in global form.

 

    A-1

     

    

 

IN WITNESS
WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its duly authorized officer.

 

Dated:

 

	 	OMEGA HEALTHCARE INVESTORS, INC., as Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-2

     

    

 

[FORM OF]
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one
of the 4.375% Senior Notes due 2023 described in the within-mentioned Indenture.

 

Dated:

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-3

     

    

 

(Reverse
of Note)

 

4.375% Senior
Notes due 2023

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

SECTION 1.   Interest.
Omega Healthcare Investors, Inc., a Maryland corporation (the “Issuer”), promises to pay interest on the principal
amount of this Note at 4.375% per annum from July 12, 2016 until maturity. The Issuer will pay interest semi-annually on February 1
and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest
Payment Date”), commencing February 1, 2017. Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from July 12, 2016. The Issuer shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand to
the extent lawful at the interest rate applicable to the Notes; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from
time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve
30-day months.

 

SECTION 2.   Method
of Payment. The Issuer will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business
on January 15 or July 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record
date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Issuer shall
pay principal, premium, if any, and interest on the Notes in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). Principal of, premium,
if any, and interest on the Notes will be payable at the office or agency of the Issuer maintained for such purpose except that,
at the option of the Issuer, the payment of interest may be made by check mailed to the Holders of the Notes at their respective
addresses set forth in the register of Holders of Notes. Until otherwise designated by the Issuer, the Issuer’s office or
agency in New York will be the office of the Trustee maintained for such purpose.

 

SECTION 3.   Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. Except as provided in the Indenture,
the Issuer or any of their Subsidiaries may act in any such capacity.

 

SECTION 4.   Indenture.
The Issuer issued the Notes under an Indenture dated as of July 12, 2016 (“Indenture”) by and among the Issuer,
the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the
“Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture
and the Trust Indenture Act for a statement of such terms.

 

    A-4

     

    

 

SECTION 5.   Optional
Redemption. The Notes will be redeemable at the option of the Issuer, in whole or in part, at any time, and from time to time,
upon not less than 30 days’ nor more than 60 days’ notice. If the Notes are redeemed prior to June 1, 2023, the Redemption
Price will be equal to the greater of:

 

(a)          100%
of the principal amount of the Notes to be redeemed,
and

 

(b)          the
sum of the present values of the remaining scheduled payments of principal and interest
on the Notes to be redeemed (exclusive of interest
accrued to the applicable Redemption Date) discounted to such Redemption
Date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury
Rate plus 50 basis points (the “Applicable Premium”),

 

plus, in each case of clauses
(a) and (b) above, accrued and unpaid interest thereon to, but not including, the applicable Redemption Date; provided,
however, that if the Redemption Date falls after the Record Date and on or prior to the corresponding Interest Payment
Date, the Issuer will pay the full amount of accrued and unpaid interest, if any, on such Interest Payment Date to the Holder
of Notes at the close of business on the corresponding Record Date (instead of the holder surrendering its Notes for redemption).

 

If the Notes
are redeemed on or after June 1, 2023, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed,
plus accrued and unpaid interest thereon to, but not including, such Redemption Date.

 

“Treasury
Rate” means (1) the yield, under the heading which represents the average for the immediately preceding week, appearing
in the most recently published statistical release designated “H.15(519)” or any successor publication which is published
weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury
securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding
to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining life of the Notes, yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury
Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), or (2) if
such release (or any successor release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated
using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for the applicable Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the applicable
Redemption Date.

 

“Comparable
Treasury Issue” means, with respect to any Redemption Date for the Notes, the United States Treasury security selected
by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes
to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed.

 

    A-5

     

    

 

“Comparable
Treasury Price” means, with respect to any Redemption Date for the Notes:

 

(i)          the
average of five Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or

 

(ii)         if
the Issuer obtains fewer than five but more than one such Reference
Treasury Dealer Quotations for such Redemption Date, the average of all such quotations,
or

 

(iii)        if
the Issuer obtains only one such Reference Treasury Dealer
Quotation for such Redemption Date, that Reference
Treasury Dealer Quotation.

 

“Independent
Investment Banker” means, with respect to any Redemption Date for the Notes, an independent investment banking institution
of national standing appointed by the Issuer with respect to such Redemption Date.

 

“Reference
Treasury Dealer” means (1) J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and
(2) any three other Primary Treasury Dealers selected by the Issuer; provided, however, that if any Reference Treasury
Dealers referred to in clause (1) above ceases to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”),
the Issuer will substitute therefor another Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Notes,
the average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case
as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m., New
York City time, on the third Business Day preceding the applicable redemption date.

 

SECTION 6.   [Reserved].

 

SECTION 7.   Notice
of Redemption. Notice of redemption will be mailed by first class mail at least 30 days but not more than 60 days before the
redemption date to each Holder of Notes to be redeemed at its registered address. Notes in denominations larger than $2,000 may
be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state
the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon cancellation of the original Note. On and after the Redemption Date interest
ceases to accrue on Notes or portions thereof called for redemption.

 

SECTION 8.   Mandatory
Redemption. The Issuer shall not be required to make mandatory redemption payments with respect to the Notes.

 

SECTION 9.   Additional
Notes. The Issuer may, from time to time, without the consent of the Holders of the Notes, create and issue additional notes
(the “Additional Notes”) ranking pari passu with the Initial Notes in all respects (or in all respects except
for the public

 

    A-6

     

    

 

offering price
of the Additional Notes, the issue date thereof, the payment of interest accruing on the Additional Notes prior to the issue date
thereof or except for the first payment of interest on the Additional Notes following the issue date thereof). The Additional
Notes shall be treated as a single class with the Initial Notes and have the same terms as to status, redemption or otherwise
as the Initial Notes, provided that if such Additional Notes are not fungible with the Initial Notes for U.S. federal income tax
purposes, such Additional Notes will have a separate CUSIP or ISIN number.

 

SECTION 10. Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer and the
Registrar are not required to transfer or exchange any Note selected for redemption. Also, the Issuer and the Registrar are not
required to transfer or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed.

 

SECTION 11. Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

SECTION 12. Amendment,
Supplement and Waiver. Subject to certain exceptions set forth in the Indenture, the Indenture, the Notes and the Subsidiary
Guarantees may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal
amount of the Notes then outstanding, and any existing Default or compliance with any provision may be waived with the consent
of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any
Holder, the parties thereto may also amend or supplement the Indenture, the Notes and the Subsidiary Guarantees under the limited
circumstances provided in the Indenture.

 

SECTION 13. Defaults
and Remedies. If a Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the
then outstanding Notes generally may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in
the case of a Default arising from certain events of bankruptcy or insolvency as set forth in the Indenture, with respect to the
Issuer, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce
the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal
amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the Notes notice of any continuing Default if it determines that withholding notice is in their interest. The Holders
of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders
of all of the Notes waive any existing Default and its consequences under the Indenture except a continuing Default in the payment
of interest on, or the principal of, or the premium on, the Notes.

 

SECTION 14. Restrictive
Covenants. The Indenture contains certain covenants that, among other things, limit the ability of the Issuer and its Subsidiaries
to incur indebtedness

 

    A-7

     

    

 

or to consolidate,
merge or sell all or substantially all of its assets, and require the Issuer and its Subsidiaries, on a consolidated basis, to
maintain a minimum ratio of Total Unencumbered Assets to Unsecured Indebtedness. The limitations are subject to a number of important
qualifications and exceptions. The Issuer must annually report to the Trustee on compliance with such limitations and other provisions
in the Indenture.

 

SECTION 15. No
Recourse Against Others. No director, officer, employee, incorporator, stockholder, member or manager or controlling person
of the Issuer or any Subsidiary Guarantor shall have any liability for any obligations of the Issuer under the Notes or the Indenture,
or of any Subsidiary Guarantor under its Subsidiary Guarantee or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes.

 

SECTION 16. Subsidiary
Guarantees. This Note will be entitled to the benefits of certain Subsidiary Guarantees made for the benefit of the Holders.
Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations
thereunder of the Subsidiary Guarantors, the Trustee and the Holders.

 

SECTION 17. Trustee
Dealings with the Issuer. Subject to certain terms, the Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with the Issuer, their Subsidiaries or their respective Affiliates
as if it were not the Trustee.

 

SECTION 18. Authentication.
This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

SECTION 19. Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

SECTION 20. CUSIP
and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP or ISIN numbers in notices
of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the
Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

SECTION 21. Governing
Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York.

 

The Issuer
will furnish to any Holder upon written request and without charge a copy of the Indenture.

 

    A-8

     

    

 

ASSIGNMENT
FORM

 

I or we assign and transfer this
Note to

 

	 
	 
	 
	(Print or type name, address and zip code of assignee or transferee)

 

	 
	(Insert Social Security or other identifying number of assignee or transferee)

 

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

 

	Dated:  _________________	Signed:	 
	 	 	(Sign exactly as name appears on
	 	 	the other side of this Note)

 

	 	 
	Signature Guarantee:	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
    program reasonably acceptable to the Trustee)

 

    A-9

     

    

 

SCHEDULE
OF PRINCIPAL AMOUNTb

 

The initial
principal amount at maturity of this Global Note shall be $            .
The following decreases/increases in the principal amount at maturity of this Global Note have been made:

 

	Date of

                                         Decrease/Increase
	Amount of decrease

                                         in Principal Amount

                                         of this Global Note
	Amount of increase in 

                                         Principal Amount of 

                                         this Global Note
	Principal Amount of

                                         this Global Note

                                         following such

                                         decrease (or increase)
	Signature of

                                         authorized officer of

                                         Trustee or Note

                                         Custodian

	 	 	 	 	 

 

 

		b	This
                                         schedule should be included only if the Note is issued in global form.

  

    A-10

     

    

 

EXHIBIT B

 

FORM OF LEGENDS

 

Each Global
Note authenticated and delivered hereunder shall bear the following legend:

 

THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY IN CUSTODY FOR THE BENEFICIAL OWNERS HEREOF.

 

THIS
NOTE IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE OR THE REGISTRAR MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.02 OF THE INDENTURE, (B) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 2.15(b) OF THE INDENTURE, (C) EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15(b) OF THE INDENTURE, THIS
GLOBAL NOTE MAY BE TRANSFERRED IN WHOLE, BUT NOT IN PART, ONLY (X) BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, (Y) BY A
NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR (Z) BY THE DEPOSITORY OR ANY NOMINEE TO A
SUCCESSOR DEPOSITORY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITORY, AND (D) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.

 

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

 

    B-1

     

    

 

EXHIBIT C

 

SUBSIDIARY
GUARANTEE

 

For value received,
each of the undersigned (including any successor Person under the Indenture) hereby unconditionally guarantees, jointly and severally,
to the extent set forth in the Indenture (as defined below) to the Holder of this Note the payment of principal, premium, if any,
and interest on this Note in the amounts and at the times when due and interest on the overdue principal, premium, if any, and
interest, if any, of this Note when due, if lawful, and, to the extent permitted by law, the payment or performance of all other
obligations of the Issuer under the Indenture or the Notes, to the Holder of this Note and the Trustee, all in accordance with
and subject to the terms and limitations of this Note, the Indenture, including Article Ten thereof, and this Subsidiary Guarantee.
This Subsidiary Guarantee will become effective in accordance with Article Ten of the Indenture and its terms shall be evidenced
therein. The validity and enforceability of any Subsidiary Guarantee shall not be affected by the fact that it is not affixed
to any particular Note.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Indenture dated as of July 12, 2016, among Omega
Healthcare Investors, Inc., a Maryland corporation (the “Issuer”), the Subsidiary Guarantors named therein
and U.S. Bank National Association, as trustee (the “Trustee”), as amended or supplemented (the “Indenture”).

 

The obligations
of the undersigned to the Holders of Notes and to the Trustee pursuant to this Subsidiary Guarantee and the Indenture are expressly
set forth in Article Ten of the Indenture and reference is hereby made to the Indenture for the precise terms of the Subsidiary
Guarantee and all of the other provisions of the Indenture to which this Subsidiary Guarantee relates.

 

No director,
officer, employee, incorporator, stockholder, member or manager or controlling person of any Subsidiary Guarantor, as such, shall
have any liability for any obligations of such Subsidiary Guarantor under such Subsidiary Guarantor’s Subsidiary Guarantee
or the Indenture or for any claim based on, in respect of, or by reason of, such obligation or its creation.

 

This Subsidiary
Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York.

 

This Subsidiary
Guarantee is subject to release upon the terms set forth in the Indenture.

 

    C-1

     

    

 

IN WITNESS
WHEREOF, each Subsidiary Guarantor has caused its Subsidiary Guarantee to be duly executed.

 

Date:

 

	 	[                             ]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-2

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