Document:

PROMISSORY NOTE

 

	$3,500.00	July 8, 2019

 

FOR VALUE RECEIVED,
the undersigned, Magna-Lab Inc., a New York corporation (“Borrower”), HEREBY PROMISES TO PAY to
the order of Magna Acquisition LLC or its registered assigns ( “Lender”), in lawful money of the United
States of America, in the manner and at the times provided hereinafter, the principal sum of Three Thousand Five Hundred Dollars
(US$3,500), together with Interest (as hereinafter defined) and Default Interest (as hereinafter defined) and all other amounts
due and payable pursuant to and in accordance with terms of this Note.

 

Interest shall accrue
on the unpaid principal amount of this Note from the date hereof until such principal amount is paid in full. “Interest”
shall mean ten percent (10%) per annum. Interest shall be computed on the actual number of days elapsed, predicated on a year consisting
of three hundred and sixty (360) days.

 

Default Interest, if
any, shall be payable on demand. “Default Interest” shall mean interest computed at twelve percent (12%) per
annum, on (i) the entire principal balance of this Note from time to time unpaid from and after such amounts becomes due and payable
(whether upon maturity, by acceleration or otherwise), and (ii) any and all other unpaid amounts due pursuant to the terms and
provisions of this Note (including, but not limited to, accrued and unpaid Interest) from and after the respective date(s) on which
those amounts become due and payable, whether upon maturity, by acceleration or otherwise; in each case from and after the expiration
of any applicable grace period. Default Interest shall be computed on the actual number of days elapsed, predicated on a year consisting
of three hundred and sixty (360) days. Notwithstanding anything to the contrary contained herein, for any period in which Default
Interest is accruing on the entire unpaid principal balance hereunder, Interest shall not accrue. Default Interest shall compound
on an annual basis.

 

Unless otherwise accelerated
pursuant to the terms hereof, this Note shall mature and all outstanding and unpaid principal and Interest shall be due and payable
on the date that is 120 days from and after the date hereof.

 

This Note may be prepaid,
in whole or in part, at any time by Borrower without premium or penalty. Any prepayment of this Note shall be accompanied by payment
of any Interest accrued and unpaid through the date of such prepayment, and all Default Interest, if any, accrued and unpaid through
the date of such prepayment.

 

Notwithstanding anything
to the contrary contained herein, upon the occurrence of any one or more of: (i) a default in the payment of any amounts due hereunder
and a failure to cure such default within five (5) business days, or (ii) a default hereunder, and the expiration of any grace
period applicable to any default as set forth herein, then at the sole option and discretion of Lender, and without further demand
or notice of any kind, the following shall become immediately due and payable:

 

		1.	the aggregate principal amount of this Note outstanding and remaining unpaid hereunder;

 

		2.	unpaid Interest;

 

		3.	Default Interest; and

 

		4.	all other indebtedness evidence by this Note.

 

    

    

    

 

The following shall constitute events of
default hereunder: (i) the assignment for the benefit of creditors by Borrower; (ii) the application for the appointment of a receiver
for Borrower or for the property of Borrower; (iii) the filing of a petition in bankruptcy by or against Borrower; (iv) the issuance
of an attachment or the entry of a judgment against Borrower; (v) a default by Borrower with respect to any other indebtedness
due to Lender; (vi) the making or sending of a notice of an intended bulk sale by Borrower; (vii) the merger, consolidation, termination
of existence, dissolution or insolvency of Borrower; (viii) the good faith determination by Lender that it deems itself insecure
or that a material adverse change in the financial condition of Borrower has occurred since the date hereof and that Lender’s
prospect of payment hereunder has been impaired; or (ix) any breach or default under any indebtedness of Borrower to any banking
or financial institution, and the expiration of any grace period applicable to such breach or default.

 

If Borrower fails to
pay any amounts when due hereunder, whether at maturity, by acceleration or otherwise, or if there occurs any event which entitles
Lender to accelerate the indebtedness due under this Note and any grace period applicable to any such failure to pay or event as
set forth herein expires, then Lender shall have all of the rights and remedies provided to it hereunder, and at law or in equity.
The remedies of Lender, as provided herein, shall be cumulative and concurrent, and may be pursued singularly, successively, or
otherwise, at the sole discretion of Lender, and may be exercised as often as occasion therefor shall arise. Lender may resort
for payment hereunder to any of security for, or any guaranty of, this Note whether or not Lender shall have resorted for payment
hereunder to any other security for or guaranty of this Note. No act or omission of Lender, including specifically any failure
to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be
effected only through a written document executed by Lender and then only to the extent specifically recited therein. A waiver
or release with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any
subsequent right, remedy, or recourse as to a subsequent event. If this Note is placed in the hands of an attorney for collection
or is collected on advice of counsel or through any legal proceeding, Borrower promises to pay, to the extent permitted by law,
court costs and reasonable attorneys’ fees incurred by Lender. Borrower hereby waives presentment, demand, notice of dishonor
or nonpayment, protest and notice of protest in connection therewith.

 

If any provision of
this Note is unenforceable, invalid or contrary to law, or its inclusion herein would affect the validity, legality or enforcement
of this Note, such provision shall be limited to the extent necessary to render the same valid or shall be excised from this Note,
as the circumstances require, and this Note shall be construed as if said provision had been incorporated herein as so limited
or as if said provision had not been included herein, as the case may be.

 

Time is of the essence
of this Note.

 

Upon maturity or following
the occurrence of any event which entitles Lender to accelerate the indebtedness evidenced hereby, all payments received on account
of the indebtedness evidenced hereby shall be applied, in whatever order, combination and amounts as Lender, in its sole and absolute
discretion, decides, to all costs, expenses and other indebtedness, if any, owing to Lender by reason of this Note; Default Interest,
Interest; and principal.

 

This Note, and the
terms and provisions hereof, shall be binding upon Borrower and its successors, administrators, and assigns, and shall inure to
the benefit of any holder hereof.

 

All amounts due hereunder
shall be paid without deduction, set-off or counterclaim, Borrower expressly waiving any such rights to deduction, set-off or counterclaim.

 

    2

    

    

 

Notwithstanding any
provisions to the contrary contained in this Note or in any of the other documents or instruments referred to in this Note, if
at any time or times the interest and any sums considered for such purposes to be interest, payable under or by reason of this
Note or any such other documents or instruments, should exceed the maximum which, by the laws of the State having jurisdiction,
may be charged with respect to the loan evidenced hereby, given the nature and all of the pertinent circumstances of such loan,
than all such sums in excess of such maximum shall be deemed not to be interest, but rather to be payments on account of principal,
and without further agreement of the parties shall be so applied without regard to any other provision of this Note, provided that
Lender may elect instead that no sums shall be payable in excess of such maximum, whereupon this Note, and such other documents
and instruments hall be deemed amended accordingly without further action by any party.

 

This Note shall inure
to the benefit of Lender and its successors and assigns and shall be governed by, and construed in accordance with, the laws of
the State of Delaware.

 

	 	MAGNA-LAB INC., a New York corporation
	 	 
	 	By /s/ Lawrence A Minkoff
	 	      Name: Lawrence A. Minkoff
	 	      Title: Chairman and President

 

 

3Exhibit 4.1

 

Strictly Confidential

 

TELESAT CANADA,

as Issuer

 

TELESAT LLC,

as Co-Issuer

 

Guarantors Party hereto

 

and

 

THE BANK OF NEW YORK MELLON,

as Trustee

 

Indenture

Dated as of October 11, 2019

 

 

 

6.500% Senior Notes due 2027

 

     

     

    

 

TABLE OF CONTENTS

	 		Page
	Article
    One
	 	 	 
	DEFINITIONS AND OTHER
    PROVISIONS OF GENERAL APPLICATION
	 	 	 
	section
    101.	Rules of Construction	1
	section
    102.	Definitions	2
	section
    103.	Compliance Certificates and Opinions	46
	section
    104.	Form of Documents Delivered to Trustee	47
	section
    105.	Acts of Holders	47
	section
    106.	Notices, Etc., to Trustee, Company, Any Guarantor and Agent	48
	section
    107.	Notice to Holders; Waiver	49
	section
    108.	Effect of Headings and Table of Contents	49
	section
    109.	Successors and Assigns	49
	section
    110.	Separability Clause	49
	section
    111.	Benefits of Indenture	50
	section
    112.	Governing Law	50
	section
    113.	Legal Holidays	50
	section
    114.	No Personal Liability of Directors, Officers, Employees and Stockholders	50
	section
    115.	Counterparts	50
	section
    116.	Regulatory Matters	50
	section
    117.	Agent for Service; Submission to Jurisdictions; Waiver of Immunities;
    Waiver of Jury Trial	51
	section
    118.	Conversion of Currency	52
	section
    119.	Limited Condition Transactions.	53
	 	 	
	Article
    Two
	 	 	
	NOTE FORMS
	 
	section
    201.	Form and Dating	54
	section
    202.	Execution, Authentication, Delivery and Dating	55
	 	 	
	Article
    Three
	 	 	
	THE NOTES
	 
	section
    301.	Title and Terms	56
	section
    302.	Denominations	57
	section
    303.	Temporary Notes	57
	section
    304.	Registration, Registration of Transfer and Exchange	57
	section
    305.	Mutilated, Destroyed, Lost and Stolen Notes	58
	section
    306.	Payment of Interest; Interest Rights Preserved	59

 

    -i-

     

    

 

	Section 307.	Persons Deemed Owners	59
	Section 308.	Cancellation	59
	Section 309.	Computation of Interest	60
	Section 310.	Transfer and Exchange	60
	Section 311.	CUSIP, ISIN and Common Code Numbers	60
	Section 312.	Issuance of Additional Notes	60
	 	 	
	Article Four
	 	 	
	SATISFACTION AND DISCHARGE
	 
	Section 401.	Satisfaction and Discharge of Indenture	61
	Section 402.	Application of Trust Money	62
	 	 	
	Article Five
	 	 	
	REMEDIES
	 
	Section 501.	Events of Default	63
	Section 502.	Acceleration of Maturity; Rescission and Annulment	65
	Section 503.	Collection of Indebtedness and Suits for Enforcement by Trustee	67
	Section 504.	Trustee May File Proofs of Claim	68
	Section 505.	Trustee May Enforce Claims Without Possession of Notes	68
	Section 506.	Application of Money Collected	69
	Section 507.	Limitation on Suits	69
	Section 508.	Unconditional Right of Holders to Receive Principal, Premium and Interest	70
	Section 509.	Restoration of Rights and Remedies	70
	Section 510.	Rights and Remedies Cumulative	70
	Section 511.	Delay or Omission Not Waiver	70
	Section 512.	Control by Holders	70
	Section 513.	Waiver of Past Defaults	71
	Section 514.	Waiver of Stay or Extension Laws	71
	 	 	
	Article Six
	 	 	
	THE TRUSTEE
	 
	Section 601.	Duties of the Trustee	72
	Section 602.	Notice of Defaults	73
	Section 603.	Certain Rights of Trustee	73
	Section 604.	Trustee Not Responsible for Recitals or Issuance of Notes	75
	Section 605.	May Hold Notes	76
	Section 606.	Money Held in Trust	76
	Section 607.	Compensation and Reimbursement	76
	Section 608.	Corporate Trustee Required; Eligibility	77
	Section 609.	Resignation and Removal; Appointment of Successor	77

 

    -ii-

     

    

 

	Section 610.	Acceptance of Appointment by Successor	78
	Section 611.	Merger, Conversion, Consolidation or Succession to Business	78
	Section 612.	Appointment of Authenticating Agent	79
	Section 613.	Force Majeure	80
	 	 	
	Article Seven
	 	 	
	HOLDERS LISTS
	 
	Section 701.	Company to Furnish Trustee Names and Addresses	80
	Section 702.	Holder List	81
	Section 703.	[Reserved].	81
	 	 	
	Article Eight
	 	 	
	MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS
	 
	Section 801.	Company May Consolidate, Etc., Only on Certain Terms	81
	Section 802.	Guarantors and Co-Issuers May Consolidate, Etc., Only on Certain Terms	82
	Section 803.	Successor Substituted	84
	 	 	
	Article Nine
	 	 	
	SUPPLEMENTAL INDENTURES
	 
	Section 901.	Amendments or Supplements Without Consent of Holders	84
	Section 902.	Amendments, Supplements or Waivers with Consent of Holders	86
	Section 903.	Execution of Amendments, Supplements or Waivers	87
	Section 904.	Revocation and Effect of Consents	87
	Section 905.	[Reserved].	87
	Section 906.	Notation on or Exchange of Notes	87
	Section 907.	Notice of Supplemental Indentures	87
	 	 	
	Article Ten
	 	 	
	COVENANTS
	 
	Section 1001.	Payment of Principal, Premium, if any, and Interest	88
	Section 1002.	Maintenance of Office or Agency	88
	Section 1003.	Money for Notes Payments to Be Held in Trust	88
	Section 1004.	Existence	89
	Section 1005.	Payment of Taxes and Other Claims	90
	Section 1006.	[Reserved].	90
	Section 1007.	Maintenance of Insurance	90
	Section 1008.	Statement by Officers as to Default	92
	Section 1009.	Reports and Other Information	92

 

    -iii-

     

    

 

	Section 1010.	Limitation on Restricted Payments	95
	Section 1011.	Limitation on Incurrence of Indebtedness	101
	Section 1012.	Limitation on Liens	108
	Section 1013.	Limitations on Transactions with Affiliates	108
	Section 1014.	Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	111
	Section 1015.	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	112
	Section 1016.	[Reserved]	113
	Section 1017.	Change of Control Triggering Event	113
	Section 1018.	Asset Sales	116
	Section 1019.	Suspension of Covenants	120
	Section 1020.	[Reserved]	121
	Section 1021.	Limitation on Activities of the Co-Issuer	121
	Section 1022.	Additional Amounts	121
	 	 	
	Article Eleven
	 	 	
	REDEMPTION OF NOTES
	 
	Section 1101.	Right of Redemption	123
	Section 1102.	Applicability of Article	124
	Section 1103.	Election To Redeem; Notice to Trustee	124
	Section 1104.	Selection by Trustee of Notes to Be Redeemed	125
	Section 1105.	Notice of Redemption	125
	Section 1106.	Deposit of Redemption Price	127
	Section 1107.	Notes Payable on Redemption Date	127
	Section 1108.	Notes Redeemed in Part	127
	Section 1109.	Redemption for Changes in Withholding Taxes	127
	Section 1110.	Offers to Repurchase by Application of Proceeds	128
	Section 1111.	Mandatory Redemption; Open Market Purchases	130
	 	 	
	Article Twelve
	 	 	
	GUARANTEES
	 
	Section 1201.	Guarantees	130
	Section 1202.	Severability	132
	Section 1203.	Restricted Subsidiaries	132
	Section 1204.	Limitation of Guarantors’ Liability	132
	Section 1205.	Contribution	133
	Section 1206.	Subrogation	133
	Section 1207.	Reinstatement	133
	Section 1208.	Release of a Guarantor	133
	Section 1209.	Benefits Acknowledged	134
	Section 1210.	Matters of Brazilian Law	134

 

    -iv-

     

    

 

	Article Thirteen
	 	 	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section 1301.	Issuer’s Option To Effect Legal Defeasance or Covenant Defeasance	134
	Section 1302.	Legal Defeasance and Discharge	135
	Section 1303.	Covenant Defeasance	135
	Section 1304.	Conditions to Legal Defeasance or Covenant Defeasance	136
	Section 1305.	Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions	137
	Section 1306.	Reinstatement	138

 

APPENDIX & EXHIBITS

Rule 144A/Regulation S/IAI Appendix

EXHIBIT 1 to Rule 144A/Regulation S/IAI Appendix – Form of
Note

EXHIBIT 2 to Rule 144A/Regulation S/IAI Appendix – Form of
Transferee Letter of Representation

EXHIBIT A – Form of Supplemental Indenture

EXHIBIT B - Form of Incumbency Certificate

 

    -v-

     

    

 

INDENTURE dated as of October 11, 2019 (this “Indenture”),
among Telesat Canada, a Canadian corporation (the “Issuer” or “Company”), Telesat LLC, a
Delaware limited liability company and a Wholly-Owned Subsidiary of the Issuer (the “Co-Issuer,” and together
with the Issuer, the “Co-Issuers”), having its principal office at 160 Elgin Street, Suite 2100, Ottawa, Ontario,
Canada K2P 2P7, and certain of the Issuer’s direct and indirect Subsidiaries (as defined below), each named in the signature
pages hereto (each, a “Guarantor” and, collectively, the “Guarantors”), and THE BANK OF NEW
YORK MELLON, a New York banking corporation, as Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Co-Issuers have duly authorized the execution
and delivery of this Indenture to provide for the issuance of (i) their 6.500% Senior Notes due 2027 to be issued on the date hereof
(the “Initial Notes”) and (ii) any additional notes (“Additional Notes” and, together with
the Initial Notes, the “Notes”) that may be issued after the Issue Date.

 

Each Guarantor has duly authorized its Guarantee
of the Initial Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Indenture.

 

All things necessary have been done to make the
Notes, when executed by the Co-Issuers and authenticated and delivered hereunder and duly issued by the Co-Issuers, the valid and
legally binding obligations of the Co-Issuers and to make this Indenture a valid and legally binding agreement of the Co-Issuers,
in accordance with their and its terms.

 

All things necessary have been done to make the
Guarantees, upon execution and delivery of this Indenture, the valid obligations of each Guarantor and to make this Indenture a
valid and legally binding agreement of each Guarantor, in accordance with their and its terms.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the
purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and ratable benefit of all Holders,
as follows:

 

Article
One

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
101. Rules of Construction.

 

(a) For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

(1) the terms defined in this Article
have the meanings assigned to them in this Article, and words in the singular include the plural and words in the plural include
the singular;

 

    1

     

    

 

(2) all accounting terms not otherwise
defined herein have the meanings assigned to them in accordance with GAAP (as herein defined);

 

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

 

(4) all references to Articles, Sections,
Exhibits and Appendices shall be construed to refer to Articles and Sections of, and Exhibits and Appendices to, this Indenture;

 

(5) “or” is not exclusive;

 

(6) “including” means
including without limitation;

 

(7) all references to the date the
Notes were originally issued shall refer to the Issue Date; and

 

(8) all references, in any context,
to any interest or other amount payable on or with respect to the Notes shall be deemed to include any Additional Amounts (as herein
defined).

 

(b) [reserved].

 

Section
102. Definitions.

 

“Acceptable Commitment” has
the meaning specified in Section 1018 of this Indenture.

 

“Acquired EBITDA” means, with
respect to any Acquired Entity or Business or any Converted Restricted Subsidiary (any of the foregoing, a “Pro Forma
Entity”) for any period, the amount for such period of Consolidated EBITDA of such Pro Forma Entity (determined using
such definitions as if references to the Issuer and its Subsidiaries therein were to such Pro Forma Entity and its Subsidiaries),
all as determined on a consolidated basis for such Pro Forma Entity in accordance with GAAP.

 

“Acquired Entity or Business”
has the meaning provided in the definition of the term “Consolidated EBITDA.”

 

“Acquired Indebtedness” means,
with respect to any specified Person,

 

(1) Indebtedness of any other Person
existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, including
Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Restricted
Subsidiary of such specified Person, and

 

    2

     

    

 

(2) Indebtedness secured by a Lien
encumbering any asset acquired by such specified Person.

 

“Act,” when used with respect
to any Holder, has the meaning specified in Section 105 of this Indenture.

 

“Additional Amounts” has the
meaning specified in Section 1022 of this Indenture.

 

“Additional Notes” means any
Notes issued by the Company pursuant to Section 312.

 

“Adjusted Net Assets” has the
meaning specified in Section 1205 of this Indenture.

 

“Advance Offer” has the meaning
specified in Section 1018 of this Indenture.

 

“Advance Portion” has the meaning
specified in Section 1018 of this Indenture.

 

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

 

“Affiliate Transaction” has
the meaning specified in Section 1013 of this Indenture.

 

“Agent” means any Note Registrar,
co-registrar, transfer agent, Paying Agent or additional paying agent.

 

“Ancillary Agreement” means
the Ancillary Agreement, dated as of August 7, 2007, among Loral, Skynet, PSP and the Issuer, as amended.

 

“Applicable Amount” means the
sum of (A) (x) cumulative Consolidated EBITDA from and after October 1, 2016, to the most recently completed fiscal quarter for
which internal financial statements are available immediately preceding the date of the proposed action (for the avoidance of doubt,
such cumulative Consolidated EBITDA shall include the Consolidated EBITDA for any such quarters, whether negative or positive)
minus (y) 1.4 times Cumulative Interest Expense plus (without duplication) (B):

 

(1) the aggregate net cash proceeds,
and the Fair Market Value of marketable securities or other property other than cash, received by the Issuer from the issue or
sale (other than to a Restricted Subsidiary) of any class of Equity Interests, including Retired Capital Stock, in the Issuer after
November 17, 2016, other than (A) Disqualified Stock, (B) Equity Interests to the extent the net cash proceeds therefrom are
applied as provided for in clause (4) of the second paragraph of Section 1010, (C) Refunding Capital Stock and (D) Excluded Contributions;
plus

 

    3

     

    

 

(2) 100% of any cash and the Fair
Market Value of marketable securities or other property other than cash received by the Issuer as a capital contribution from its
shareholders subsequent to November 17, 2016 other than any Excluded Contributions; plus

 

(3) the principal amount (or accreted
amount (determined in accordance with GAAP), if less) of any Indebtedness, or the liquidation preference or maximum fixed repurchase
price, as the case may be, of any Disqualified Stock, of the Issuer or any Restricted Subsidiary issued after November 17, 2016
(other than any such Indebtedness or Disqualified Stock to the extent issued to a Restricted Subsidiary), which has been converted
into or exchanged for Equity Interests in the Issuer (other than Disqualified Stock); plus

 

(4) to the extent not already included
in Consolidated EBITDA, 100% of the aggregate amount of cash and the Fair Market Value of marketable securities or other property
other than cash received by the Issuer or a Restricted Subsidiary since November 17, 2016 from (A) Investments (other than Cash
Equivalents), whether through interest payments, principal payments, returns, profits, distributions, income and similar amounts,
dividends or other distributions, repayments and payments, or the sale or other disposition (other than to the Issuer or a Restricted
Subsidiary) thereof made by the Issuer and its Restricted Subsidiaries and (B) cash dividends from, or the sale (other than to
the Issuer or a Restricted Subsidiary) of the stock of, an Unrestricted Subsidiary; plus

 

(5) if any Unrestricted Subsidiary
is or was redesignated as a Restricted Subsidiary after November 17, 2016, the Fair Market Value of all Investments by the Issuer
and its Restricted Subsidiaries after November 17, 2016 in such Unrestricted Subsidiary as determined in good faith by the Board
of Directors of the Issuer at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary other than
to the extent such Investment constituted a Permitted Investment or was made pursuant to clause (14) of the second paragraph of
Section 1010; plus

 

(6) US$100,000,000;

 

less the amount of any Applicable Amount applied pursuant
to any permitted usage under this Indenture.

 

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

 

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

 

    4

     

    

 

(2) the excess, if any, of:

 

(a) the present value at such Redemption
Date of (i) the redemption price of the Note at the First Call Date (such redemption price being set forth in the table appearing
in Section 1101), plus (ii) all required interest payments due on the Note through the First Call Date (excluding accrued
but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date
plus 50 basis points; over

 

(b) the principal amount of the Note.

 

“Applicable Premium Deficit”
has the meaning specified in Section 401(1)(B) of this Indenture.

 

“APT Security Agreement” means,
collectively, (a) the APT Parental Guarantee dated as of December 23, 2015, as amended, by and among APT Satellite Holdings Limited
and Telesat International Limited and (b) the Declaration of Trust, dated as of February 5, 2016, as amended, by Telesat International.

 

“Asset Sale” means:

 

(1) the sale, conveyance, transfer
or other disposition, whether in a single transaction or a series of related transactions, of property or assets (including by
way of a Sale and Lease Back Transaction) of the Issuer or any Restricted Subsidiary (each referred to in this definition as a
“disposition”), or

 

(2) the issuance or sale of Equity
Interests of any Restricted Subsidiary (other than preferred stock issued pursuant to Section 1011), whether in a single transaction
or a series of related transactions, in each case, other than:

 

(a) a disposition of cash or Cash Equivalents,
obsolete or worn out property or equipment, inventory, Excluded Satellites or other assets that in the reasonable judgment of the
Issuer are no longer useful in the conduct of the business of the Issuer and its Restricted Subsidiaries and that in each case
are disposed of in the ordinary course of business;

 

(b) the disposition of all or substantially
all of the assets of the Issuer or any of the Restricted Subsidiaries in a manner permitted pursuant to Article Eight or any disposition
that constitutes a Change of Control pursuant to this Indenture;

 

(c) the making of any Restricted Payment
or Permitted Investment that is permitted to be made, and is made, under Section 1010;

 

(d) any disposition of assets or issuance
or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of transactions with an aggregate Fair Market
Value not exceeding US$25,000,000 for any such transaction or series of transactions;

 

    5

     

    

 

(e) any disposition of property or assets
or issuance of securities by a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted Subsidiary to the Co-Issuer
or a Guarantor;

 

(f)   to the extent allowable under
Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding any boot thereon) for use in a Similar
Business;

 

(g) the lease, assignment or sublease
of any real or personal property in the ordinary course of business;

 

(h) any issuance or sale of Equity Interests
in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(i)   foreclosures on or
expropriations of assets;

 

(j)   any financing transaction
with respect to property built, repaired, improved or acquired by the Issuer or any Restricted Subsidiary after the Issue Date,
including Sale and Lease-Back Transactions and asset securitizations, permitted by this Indenture;

 

(k) any Event of Loss;

 

(l)   dispositions of accounts
receivable in connection with the collection or compromise thereof in the ordinary course of business and consistent with past
practice;

 

(m)
any transfer of transponders or the corresponding interest in the common elements on the Telstar 18 VANTAGE satellite to APT Satellite
Company Limited (“APT”) or its affiliates effected pursuant to a Satellite Transponder Agreement dated as of
December 23, 2015 between Telesat International Limited and APT or a letter agreement dated December 31, 2015 between Telesat International
Limited and APT, as amended from time to time;

 

(n) the granting of a Lien permitted
under Section 1012;

 

(o) contractual arrangements under long-term
contracts with customers entered into by the Issuer and the Restricted Subsidiaries in the ordinary course of business which are
treated as sales for accounting purposes; provided that there is no transfer of title in connection with such contractual
arrangement;

 

(p) additional dispositions of assets
(taken together with all such dispositions made pursuant to this clause (p)) since the Issue Date with an aggregate Fair Market
Value not exceeding US$50,000,000;

 

(q) the licensing or sub-licensing of
intellectual property or other general intangibles in the ordinary course of business or that is immaterial;

 

    6

     

    

 

(r)   the unwinding or termination
of any Swap Agreement (unless entered into for speculative purposes) and allowing for the expiration of any options agreement with
respect to any real property or personal property;

 

(s)   the disposition of any of
the property or assets of The SpaceConnection, Inc. or Infosat Communications LP; and

 

(t)   any Spectrum Repurposing.

 

In the event that a transaction (or any portion thereof) meets the
criteria of a permitted Asset Sale and would also be a permitted Restricted Payment or Permitted Investment, the Issuer, in its
sole discretion, shall be entitled to divide and classify such transaction (or a portion thereof) as an Asset Sale and/or one or
more of the types of permitted Restricted Payments or Permitted Investments.

 

“Asset Sale Offer” has the
meaning specified in Section 1018 of this Indenture.

 

“Attorney Costs” means and
includes all reasonable and documented or invoiced fees, expenses and disbursements of any law firm or other external counsel.

 

“Authorized Officers” has the
meaning specified in Section 603(13) of this Indenture.

 

“Bankruptcy Law” means the
Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-Up Restructuring Act
(Canada), Title 11, United States Bankruptcy Code of 1978, or any similar United States federal or state law or Canadian federal
or provincial law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors
or any amendment to, succession to or change in any such law.

 

“Base Currency” has the meaning
specified in Section 118(a)(i) of this Indenture.

 

“Board of Directors” means,
with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii) in the case of any
limited liability company, the board of managers of such Person, (iii) in the case of any partnership, the Board of Directors of
the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing.

 

“Board Resolution” means, with
respect to the Issuer or the Co-Issuer, a duly adopted resolution of the Board of Directors of the Issuer or the Co-Issuer, as
applicable, or any committee thereof.

 

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

 

“Capital Stock” means:

 

(1) in the case of a corporation,
corporate stock;

 

    7

     

    

 

(2) in the case of an association
or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate
stock;

 

(3) in the case of a partnership or
limited liability company, partnership or membership interests (whether general or limited); and

 

(4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing
Person.

 

“Cash Equivalents” means:

 

(1) securities or obligations issued
or unconditionally guaranteed by the United States government, the Government of Canada or any agency or instrumentality thereof,
in each case having maturities of not more than 24 months from the date of acquisition thereof;

 

(2) securities or obligations issued
by any state of the United States of America, any province of Canada or any political subdivision of any such state or province,
or any public instrumentality thereof, having maturities of not more than 24 months from the date of acquisition thereof and,
at the time of acquisition, having an investment grade rating generally obtainable from either S&P or Moody’s (or, if
at any time neither S&P nor Moody’s shall be rating such obligations, then from another nationally recognized rating
service);

 

(3) commercial paper and variable
or fixed rate notes issued by any lender under the Senior Credit Facilities or any bank holding company owning any lender under
the Senior Credit Facilities or any variable rate notes issued by, or guaranteed by, any domestic corporation not an Affiliate
of the Issuer rated (x) A-1 (or the equivalent thereof) or better by S&P, or (y) P-1 (or the equivalent thereof) or better
by Moody’s, and maturing within one year of the date of acquisition;

 

(4) commercial paper maturing no more
than 12 months after the date of creation thereof and, at the time of acquisition, having a rating of at least A-2 or P-2 from
either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent
rating from another nationally recognized rating service);

 

(5) domestic and LIBOR certificates
of deposit or bankers’ acceptances maturing no more than two years after the date of acquisition thereof issued by any lender
under the Senior Credit Facilities or any other bank having combined capital and surplus of not less than US$250,000,000 in the
case of domestic banks and US$100,000,000 (or the U.S. dollar equivalent thereof) in the case of foreign banks;

 

(6) auction rate securities rated
at least Aa3 by Moody’s and AA- by S&P (or, if at any time either S&P or Moody’s shall not be rating such obligations,
an equivalent rating from another nationally recognized rating service);

 

    8

     

    

 

(7) repurchase agreements with a term
of not more than 30 days for underlying securities of the type described in clauses (1), (2) and (5) above entered into with any
bank meeting the qualifications specified in clause (5) above or securities dealers of recognized national standing;

 

(8) repurchase obligations with respect
to any security that is a direct obligation or fully guaranteed as to both credit and timeliness by the Government of Canada or
any agency or instrumentality thereof, the obligations of which are backed by the full faith and credit of the Government of Canada,
in either case entered into with any Canadian I or II bank or any trust company (acting as principal);

 

(9) repurchase agreements with a term
of not more than one year with a bank or trust company (including any of the lenders under the Senior Credit Facilities) or recognized
securities dealer having capital and surplus in excess of US$250,000,000 for direct obligations issued by or fully guaranteed by
the United States of America in which the Issuer or one or more of its Restricted Subsidiaries shall have a perfected first priority
security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least 100%
of the amount of the repurchase obligations;

 

(10)
marketable short-term money market and similar funds (x) either having assets in excess of US$250,000,000 or (y) having a rating
of at least A-2 or P-2 from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating
such obligations, an equivalent rating from another nationally recognized rating service in the United States);

 

(11)
shares of investment companies that are registered under the Investment Company Act of 1940 and 95% of the investments of which
are one or more of the types of securities described in clauses (1) through (10) above;

 

(12)
any other investments used by the Issuer and its Restricted Subsidiaries as temporary investments permitted by the Trustee in writing
in its sole discretion; and

 

(13)
in the case of investments by the Issuer or any Subsidiary organized or located in a jurisdiction other than the United States
(or any political subdivision or territory thereof), or in the case of investments made in a country outside the United States
of America, other customarily utilized high-quality investments in the country where such Subsidiary is organized or located or
in which such Investment is made, all as reasonably determined in good faith by the Issuer.

 

“Cash Management Obligations”
means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person in respect of cash management
services (including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management
arrangements) provided by any cash management bank to the Issuer or any of its Restricted Subsidiaries, including obligations for
the payment of agreed interest and reasonable fees, charges, expenses, Attorney Costs and disbursements in connection therewith.

 

    9

     

    

 

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

 

(1) the sale, lease or transfer, in
one or a series of related transactions, of all or substantially all of the assets of the Issuer and its Subsidiaries, taken as
a whole, to any Person other than a Permitted Holder; or

 

(2) the Issuer becomes aware of (by
way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the
acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor
provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of
Rule 13d-5(b)(1) under the Exchange Act) other than the Permitted Holders, in a single transaction or in a related series of transactions,
by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act, or any successor provision) of more than 50% of the total voting power of the Voting Stock of the Issuer
or any company that holds directly or indirectly more than 50% of the total voting power of the Voting Stock of the Issuer.

 

Notwithstanding the foregoing, at any time in connection with, or
after, a Qualified IPO, a transaction in which the Issuer becomes a Subsidiary of another Person (other than a Person that is an
individual) shall not constitute a Change of Control if (a) the shareholders of the Issuer immediately prior to such transaction
beneficially own (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), directly or indirectly
through one or more intermediaries, more than 50% of the total voting power of the outstanding Voting Stock of the Issuer, immediately
following the consummation of such transaction or (b) immediately following the consummation of such transaction, no Person (within
the meaning of Section 13(d)(3) of the Exchange Act, or any successor provision), other than such Person or its direct or indirect
Subsidiaries (including, in each case, the holders of the Equity Interests of such other Person) or the Permitted Holders, beneficially
owns (as such term is defined above), directly or indirectly through one or more intermediaries, more than 50% of the voting power
of the outstanding Voting Stock of the Issuer.

 

In addition, notwithstanding the preceding or any provision of Section
13(d) or 14(d) of the Exchange Act (or any successor provision), (i) a Person, entity or “group” shall not be deemed
to beneficially own securities subject to an equity or asset purchase agreement, merger agreement or similar agreement (or voting
or option or similar agreement related thereto) until the consummation of the transactions contemplated by such agreement, (ii)
if any “group” includes one or more Permitted Holders, the issued and outstanding Voting Stock of the Issuer beneficially
owned, directly or indirectly, by any Permitted Holders that are part of such “group” shall not be treated as being
beneficially owned by any other member of such “group” for purposes of determining whether a Change of Control has
occurred and (iii) a Person, entity or “group” will not be deemed to beneficially own the Voting Stock of another Person
as a result of its ownership of Voting Stock or other securities of such other Person’s parent entity (or related contractual
rights) unless it owns more than 50% of the total voting power of the Voting Stock of such parent entity. For purposes of this
definition, except with respect to clause (1) of this definition hereunder, and any related definition to the extent used for purposes
of this definition, at any time when more than 50% of the total voting power of the Voting Stock of the Issuer is directly or indirectly
owned by a parent entity, all references to the Issuer shall be deemed to refer to its ultimate parent entity (but excluding (x)
any Permitted Holder and (y) in the case where the entity that engaged in a Qualified IPO is a limited partnership, the general
partner of which is owned by a convenience party, such as a trust for the benefit of a charity, such general partner and such convenience
party (but not any other Person or “group” who has the right to direct the general partner in its capacity as such)
that directly or indirectly owns such Voting Stock).

 

    10

     

    

 

“Change of Control Offer” has
the meaning specified in Section 1017 of this Indenture.

 

“Change of Control Payment”
has the meaning specified in Section 1017 of this Indenture.

 

“Change of Control Payment Date”
has the meaning specified in Section 1017(2) of this Indenture.

 

“Change of Control Triggering Event”
means both (i) the occurrence of a Change of Control and (ii) on a pro forma basis after giving effect to such Change of Control
and any transaction or series of transactions taken in connection therewith or reasonably incidental thereto (including, without
limitation, the incurrence of any Indebtedness and any use of proceeds thereof), the Issuer’s Total Net Leverage Ratio for
the Test Period immediately preceding the first public notice by the Issuer or another Person seeking to effect a transaction that
would be a Change of Control shall be greater than 4.50 to 1.00.

 

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

 

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

 

“Company Request” or “Company
Order” means a written request or order signed in the name of the Company by an officer thereof, and delivered to the
Trustee.

 

“consolidated” or “Consolidated”
means, with respect to any Person, such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted
Subsidiary.

 

“Consolidated Depreciation and Amortization
Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization expense,
including the amortization of deferred financing fees, of such Person and its Restricted Subsidiaries for such period on a consolidated
basis and otherwise determined in accordance with GAAP; provided that, in the event any item that represents an accrual
or reserve for a cash expenditure in a future period is included in Consolidated Depreciation and Amortization Expense, the actual
cash expenditure in such future period shall reduce Consolidated EBITDA.

 

    11

     

    

 

“Consolidated EBITDA” means,
with respect to the Issuer and the Restricted Subsidiaries on a consolidated basis, for any period, an amount equal to Consolidated
Net Income for such period

 

(1) increased (without duplication)
by:

 

(a) Consolidated Income Tax Expense
accrued for such period to the extent deducted in determining Consolidated Net Income for such period; plus

 

(b) Consolidated Interest Expense for
such period to the extent deducted in determining Consolidated Net Income for such period; plus

 

(c) Consolidated Depreciation and Amortization
Expense of such Person for such period to the extent such depreciation and amortization were deducted in computing Consolidated
Net Income; plus

 

(d) to the extent deducted in arriving
at Consolidated Net Income, foreign withholding Taxes paid or accrued in such period; plus

 

(e) any expenses or charges related
to any Qualified IPO, Investment permitted by this Indenture, acquisition, disposition, issuance of Indebtedness permitted to be
incurred by this Indenture, any Change of Control that is not a Change of Control Triggering Event, any refinancing transaction
or any amendment or other modification of any debt instrument (whether or not successful), including any fees, expenses and charges
related thereto and deducted in computing Consolidated Net Income; plus

 

(f)   the amount of any restructuring
charges or reserves deducted in such period in computing Consolidated Net Income, including any one-time costs incurred in connection
with acquisitions and costs related to closure of facilities; plus

 

(g) any other non-cash charges reducing
Consolidated Net Income for such period, excluding any such charge that represents an accrual or reserve for a cash expenditure
for a future period; plus

 

(h) the amount of any minority interest
expense deducted in calculating Consolidated Net Income (less the amount of any cash dividends paid to the holders of such minority
interests); plus

 

(i)   to the extent deducted
in arriving at Consolidated Net Income, the annual consulting fee payable pursuant to the Consulting Services Agreement as in effect
on the Issue Date pursuant to clause (12) of Section 1013; plus

 

(j)   Transaction Expenses;
plus

 

    12

     

    

 

(k) solely for purposes of clause (12)
of Section 1013, the Total Net Leverage Ratio and the Senior Secured Net Leverage Ratio, in the event of any loss of any Satellite
during the applicable Test Period, 90% of the contracted for revenues that would reasonably have been expected to be realized but
for such loss for that portion of the period following such loss attributable to such Satellite (less revenue actually realized
in respect of such Satellite during such period after such event of loss) so long as insurance for such Satellite required to be
maintained pursuant to Section 1007 is maintained in accordance with the terms thereof and the Issuer or a Restricted Subsidiary
has filed a notice of loss with the applicable insurers and believes in good faith that the insurers will pay funds (and the applicable
insurer(s) have not indicated that they will not pay such funds) in amounts that the Issuer reasonably believes will be sufficient,
together with cash on hand (other than cash resulting from drawings under the revolving facility under the Senior Credit Facilities)
and cash from operations, to replace such Satellite with a replacement Satellite that generates annual revenues for the Issuer
and its Restricted Subsidiaries not less than the revenue generated by such replaced Satellite during the four-quarter period ended
immediately prior to such event of loss; but such amounts may only be added to Consolidated EBITDA so long as the Issuer or the
applicable Restricted Subsidiary intends promptly to replace such Satellite and is working reasonably to do so (provided that the
amount added to Consolidated EBITDA under this clause (k) shall not exceed US$100,000,000 for any Test Period); plus

 

(l)   pro forma adjustments,
including pro forma “run rate” cost savings, operating expense reductions, and other synergies related to mergers,
business combinations, acquisitions, dispositions and other similar transactions, or related to restructuring initiatives, cost
savings initiatives and other initiatives, in each case, projected by the Issuer in good faith to result from actions that have
been taken, actions with respect to which substantial steps have been taken or actions that are expected to be taken (in each case,
in the good faith determination of the Issuer), in any such case, within six fiscal quarters after the date of consummation of
such merger, business combination, acquisition, disposition or other similar transaction or the initiation of such restructuring
initiative, cost savings initiative or other initiative; provided that the aggregate amount of all such pro forma adjustments
pursuant to this clause (l) in any Test Period that are included in Consolidated EBITDA for such Test Period shall not exceed 20%
of Consolidated EBITDA for such Test Period (in each case, calculated before giving effect to any such adjustment); provided,
further, that, for the purpose of this clause (l), (i) any such adjustments shall be added to Consolidated EBITDA for each
Test Period until fully realized and shall be calculated on a pro forma basis as though such adjustments had been realized on the
first day of the relevant Test Period and shall be calculated net of the amount of actual benefits realized from such actions,
(ii) any such adjustments shall be reasonably identifiable and factually supportable and (iii) no such adjustments shall be added
pursuant to this clause (l) to the extent duplicative of any items related to adjustments included in the definition of Consolidated
Net Income (it being understood that for purposes of the foregoing “run rate” shall mean the full recurring benefit
that is associated with any such action); plus

 

    13

     

    

 

(m)
[reserved];

 

(n) non-cash charges related to stock
compensation expense and non-cash pension expenses determined in accordance with GAAP; plus

 

(o) management fees paid to the Permitted
Holders and other management, monitoring, consulting and advisory fees and related expenses paid directly by the Co- Issuers or
any Restricted Subsidiary pursuant to clause (12) of Section 1013; plus

 

(p) losses on asset sales (other than
asset sales in the ordinary course of business) and losses from the early extinguishment of Indebtedness or hedging obligations
or other derivative instruments; plus

 

(q) to the extent not already included
in items (a) through (p) above, extraordinary losses (or minus the amount of any gains related thereto) and unusual or nonrecurring
charges (or minus the amount of any gains related thereto) (including, but not limited to, impairment losses, cost of debt retirement,
restructuring, severance, relocation costs and one-time compensation charges); and

 

(2) decreased by (without duplication):
non-cash gains increasing Consolidated Net Income of the Issuer and the Restricted Subsidiaries for such period, excluding any
items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period, and including
gains on asset sales (other than asset sales in the ordinary course of business) and gains from the early extinguishment of Indebtedness
or hedging obligations or other derivative instruments;

 

(3) increased or decreased by any
net non-cash loss or gain resulting from Swap Obligations and, other than for purposes of calculating the Applicable Amount, any
cash loss or gain resulting from Swap Obligations; and

 

(4) increased or decreased by any
non-cash loss or gain on changes in fair value of financial instruments and non-cash loss or gains resulting from changes in foreign
exchange rates;

 

in each case, as determined on a consolidated basis for the Issuer
and the Restricted Subsidiaries in accordance with GAAP, provided that

 

(i)   there shall be excluded
from Consolidated Net Income and the determination of Consolidated EBITDA for any period the effects of significant changes in
accounting or reporting principles or practices since the time of this Indenture; provided that, notwithstanding the foregoing,
to the extent the functional or presentation currency is changed, any related effects shall not be excluded; and

 

    14

     

    

 

(ii)  
[reserved];

 

(iii)      
there shall be excluded from Consolidated Net Income and the determination of Consolidated EBITDA for any period the effects of
adjustments in component amounts required or permitted by ASC 805, ASC 350 and related or similar authoritative pronouncements
pursuant to IFRS, as a result of an acquisition of assets, capital stock or other equity interest by the Issuer or any Restricted
Subsidiary in accordance with the terms of this Indenture or the amortization or write-off of any amounts in connection therewith
and related financings thereof; and

 

(iv)
(x) there shall be included in determining Consolidated EBITDA for any period the Acquired EBITDA of any Person, property, business
or asset (other than an Unrestricted Subsidiary) acquired to the extent not subsequently sold, transferred or otherwise disposed
of (but not including the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired) by
the Issuer or any Restricted Subsidiary during such period (each such Person, property, business or asset acquired and not subsequently
so disposed of, an “Acquired Entity or Business”), and the Acquired EBITDA of any Unrestricted Subsidiary that
is converted into a Restricted Subsidiary during such period (each, a “Converted Restricted Subsidiary”), in
each case based on the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such period
(including the portion thereof occurring prior to such acquisition or conversion) and (y) for purposes of determining the Total
Net Leverage Ratio and the Senior Secured Net Leverage Ratio, there shall be excluded in determining Consolidated EBITDA for any
period the Disposed EBITDA of any Person, property, business or asset (other than an Unrestricted Subsidiary) sold, transferred
or otherwise disposed of, closed or classified as discontinued operations by the Issuer or any Restricted Subsidiary during such
period (each such Person, property, business or asset so sold or disposed of, a “Sold Entity or Business”),
and the Acquired EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each,
a “Converted Unrestricted Subsidiary”), in each case based on the actual Acquired EBITDA of such Sold Entity
or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer,
disposition or conversion); and

 

(v) (i) except as provided in clause
(iv) above, there shall be excluded from Consolidated EBITDA for any period the income or loss from continuing operations before
income taxes and extraordinary items of all Unrestricted Subsidiaries for such period to the extent otherwise included in Consolidated
Net Income, except to the extent any such income is actually received in cash by the Issuer or its Restricted Subsidiaries or such
losses funded by the Issuer or a Restricted Subsidiary in cash, in each case during such period through dividends or other distributions
and (ii) to the extent not covered in (i) above, there shall be included in calculating Consolidated EBITDA, the amount of any
cash dividends or other cash distributions paid by any Unrestricted Subsidiary or joint venture to the Issuer or any Restricted
Subsidiary.

 

    15

     

    

 

“Consolidated Income Tax Expense”
means, with respect to the Issuer and the Restricted Subsidiaries for any period, the provision for federal, state, local and foreign
taxes based on income or profits (including franchise taxes) payable by the Issuer and the Restricted Subsidiaries for such period
as determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Interest Expense”
means, for any period, the cash interest expense (including that attributable to Finance Lease Obligations in accordance with GAAP),
net of cash interest income earned on cash and Cash Equivalents, of the Issuer and the Restricted Subsidiaries on a consolidated
basis with respect to all outstanding Indebtedness of the Issuer and the Restricted Subsidiaries, including all commissions, discounts
and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and all income or costs
under Swap Agreements (other than currency swap agreements, currency future or option contracts and other similar agreements unrelated
to interest expense) and any cash dividends paid on any Disqualified Stock and including, without duplication, capitalized interest
in connection with the purchase of Satellites to the extent paid in cash and interest expense related to Satellite performance
incentive payments, but excluding, however, amortization of deferred financing costs and any other amounts of noncash interest,
all as calculated on a consolidated basis in accordance with GAAP and excluding, for avoidance of any doubt, any interest in respect
of items excluded from Indebtedness in the proviso to the definition thereof; provided that, there shall be excluded from
Consolidated Interest Expense for any period the cash interest expense (or cash interest income earned on cash and Cash Equivalents)
of all Unrestricted Subsidiaries for such period to the extent otherwise included in Consolidated Interest Expense. For purposes
of this definition, interest on a Finance Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by such Person to be the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP.

 

“Consolidated Net Income” means,
for any period, the consolidated net income (or loss) after the deduction of income taxes of the Issuer and the Restricted Subsidiaries,
determined on a consolidated basis in accordance with GAAP.

 

“Consolidated Total Indebtedness”
means, as of any date of determination, the sum of (i) all Indebtedness of the Issuer and the Restricted Subsidiaries for borrowed
money (adjusted (up or down) for the effects of currency swap agreements) outstanding on such date and (ii) all Finance Lease Obligations
of the Issuer and the Restricted Subsidiaries outstanding on such date, all calculated on a consolidated basis in accordance with
GAAP.

 

“Consolidated Total Secured Debt”
means all Consolidated Total Indebtedness secured by a Lien on property or assets of the Issuer or a Restricted Subsidiary.

 

“Consulting Services Agreement”
means the Consulting Services Agreement between Loral and the Issuer as amended from time to time.

 

“Converted Restricted Subsidiary”
has the meaning provided in the definition of the term “Consolidated EBITDA.”

 

“Converted Unrestricted Subsidiary”
has the meaning provided in the definition of the term “Consolidated EBITDA.”

 

    16

     

    

 

“Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which
office at the date of the execution of this instrument is located at 240 Greenwich Street, Floor 7 East, New York, New York 10286,
Attention: Corporate Trust Division Corporate Finance Unit, or such other address as the Trustee may designate from time to time
by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor
Trustee may designate from time to time by notice to the Company).

 

“Covenant Defeasance” has the
meaning specified in Section 1303 of this Indenture.

 

“Covenant Suspension Event”
has the meaning specified in Section 1019 of this Indenture.

 

“Credit Facilities” means,
with respect to the Issuer or any of its Restricted Subsidiaries, one or more debt facilities, including the Senior Credit Facilities,
or commercial paper facilities with banks or other institutional lenders or investors or indentures providing for revolving credit
loans, term loans, receivables financing, including through the sale of receivables to such lenders or to special purpose entities
formed to borrow from such lenders against receivables, letters of credit or other long-term indebtedness, including any notes,
guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, waivers, supplements,
modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper
facilities with banks or other institutional lenders or investors that replace, refund, refinance or otherwise restructure all
or any part of the loans, notes, other credit facilities or commitments thereunder or any successor or replacement loans, notes,
other credit facilities or commitments thereunder, including any such replacement, refunding, refinancing or other restructuring
facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof.

 

“CRTC” means the Canadian Radio-Television
and Telecommunications Commission or any successor authority of the Government of Canada substituted therefor.

 

“Cumulative Interest Expense”
means, in respect of any Restricted Payment, the sum of the aggregate amount of Consolidated Interest Expense of the Issuer and
the Restricted Subsidiaries for the period from and after October 1, 2016, to the most recently completed fiscal quarter for which
internal financial statements are available immediately preceding the proposed Restricted Payment.

 

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

 

“Derivative Instrument” with
respect to a Person, means any contract, instrument or other right to receive payment or delivery of cash or other assets to which
such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment
in the Notes (other than a Screened Affiliate) is a party (whether or not requiring further performance by such Person), the value
and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes
and/or the creditworthiness of the Performance References.

 

    17

     

    

 

“Depositary” means DTC.

 

“Designated Noncash Consideration”
means the Fair Market Value of noncash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset
Sale that is so designated as Designated Noncash Consideration pursuant to an Officer’s Certificate, setting forth the basis
of such valuation, executed by an executive vice president and the principal financial officer of the Issuer, less the amount of
cash or Cash Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration.

 

“Disposed EBITDA” means, with
respect to any Sold Entity or Business or Converted Unrestricted Subsidiary for any period, the amount for such period of Consolidated
EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary (determined as if references to the Issuer and the
Restricted Subsidiaries in the definition of the term “Consolidated EBITDA” (and in the component financial definitions
used therein) were references to such Sold Entity or Business and its Subsidiaries or to such Converted Unrestricted Subsidiary
and its Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business.

 

“Disqualified Stock” means,
with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it
is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable,
other than as a result of a change of control or asset sale, pursuant to a sinking fund obligation or otherwise, or is redeemable
at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part, in each
case prior to the date 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding;
provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of the Issuer or
its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because
it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

 

“Dividend Obligations” means
obligations of the Issuer to a shareholder of the Issuer in connection with the receipt by such shareholder of cash or other assets
on account of dividends or distributions on Capital Stock of the Issuer; provided, however, that (i) the making of
such dividend or distribution is permitted by the provisions of this Indenture described below under Section 1010, (ii) such obligations
have a final scheduled maturity date of not more than 12 months from the date of incurrence thereof, (iii) such obligations are
incurred within 90 days of receipt by such shareholder of such dividend or distribution, (iv) the principal amount of any such
obligations shall not exceed the cash or other assets to be received by such shareholder in connection with the applicable dividend
or distribution, (v) such obligations are unsecured, are not guaranteed by any Subsidiary of the Issuer and are subordinated in
right of payment to the Notes, (vi) for the avoidance of doubt, the Applicable Amount shall not be increased by the amount of such
obligations, (vii) in no event shall any such obligations be refinanced or reclassified and (viii) such obligations are designated
as “Dividend Obligations” pursuant to an Officer’s Certificate on the date of their incurrence.

 

    18

     

    

 

“Documentary Taxes” has the
meaning specified in Section 1022 of this Indenture.

 

“DTC” means the Depository
Trust Company, its nominees and their respective successors.

 

“Electronic Means” shall mean
the following communications methods: S.W.I.F.T., email, facsimile transmission, secure electronic transmission containing applicable
authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee
as available for use in connection with its services hereunder.

 

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

 

“Equity Offering” means any
public or private sale of common stock or preferred stock of the Issuer, or any of its direct or indirect parent companies (excluding
Disqualified Stock), other than

 

(1) public offerings with respect
to the Issuer’s or any direct or indirect parent company’s common stock registered on Form S-8 (or the equivalent thereof)
and

 

(2) any public or private sale that
constitutes an Excluded Contribution.

 

“Event of Default” has the
meaning specified in Section 501 of this Indenture.

 

“Event of Loss” has the meaning
specified in Section 1007(d) of this Indenture.

 

“Event of Loss Proceeds” means,
with respect to any Event of Loss, all Satellite insurance proceeds received by the Issuer or any of the Restricted Subsidiaries
in connection with such Event of Loss, after

 

(1) provision for all income or other
taxes measured by or resulting from such Event of Loss;

 

(2) payment of all reasonable legal,
accounting and other reasonable fees and expenses related to such Event of Loss;

 

(3) payment of amounts required to
be applied to the repayment of Indebtedness secured by a Lien on the Satellite that is the subject of such Event of Loss;

 

(4) provision for payments to Persons
who own an interest in the Satellite (including any transponder thereon) in accordance with terms of the agreement(s) governing
the ownership of such interest by such Person (other than payments to insurance carriers required to be made based on the future
revenues generated from such Satellite); and

 

    19

     

    

 

(5) deduction of appropriate amounts
to be provided by the Issuer or such Restricted Subsidiary as a reserve, in accordance with GAAP, against any liabilities associated
with the Satellite that was the subject of the Event of Loss.

 

“Excess Proceeds” has the meaning
specified in Section 1018 of this Indenture.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Excluded Contribution” means
net cash proceeds, marketable securities or Qualified Proceeds received by the Issuer from:

 

(1) contributions to its common equity
capital, and

 

(2) the sale (other than to a Subsidiary
of the Issuer or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement
of the Issuer) of Capital Stock (other than Disqualified Stock) of the Issuer,

 

in each case designated as Excluded Contributions pursuant to an
Officer’s Certificate executed by a vice president and the principal financial officer of the Issuer on the date such capital
contributions are made or the date such Equity Interests are sold, as the case may be, which are excluded from the calculation
set forth in the definition of the term “Applicable Amount.”

 

“Excluded Satellites” means
(a) the Satellites owned by the Issuer and its Restricted Subsidiaries commonly referred to as Anik F1, Anik F1R, Nimiq 1, Nimiq
2, Telstar 12, Telstar 14R and the transponders for which the Issuer or its Restricted Subsidiaries have a right to use on
Eutelsat 113West A, (b) any other Satellite, other than a Named Satellite, that (i) is not expected or intended, in the good
faith determination of the Issuer to earn future revenues from the operation of such Satellite in excess of US$35,000,000 in any
fiscal year and (ii) has a book value of less than US$75,000,000, (c) any other Satellite, other than a Named Satellite, with one
year or less of in-orbit life remaining (it being understood and agreed that such Satellite shall be deemed to have “in-orbit
life” only for so long as it is maintained in station kept orbit), (d) any other Satellite that, in the good faith determination
of the Issuer, (A) the procurement of In-Orbit Insurance therefor in the amounts and on the terms required hereby would not be
available for a price that is, and on other terms and conditions that are, commercially reasonable or (B) the procurement of such
In-Orbit Insurance therefor would be subject to exclusions or limitations of coverage that would make the terms of the insurance
commercially unreasonable (including because such Satellite’s performance and/or operating status has been adversely affected
by anomalies or component exclusions or there are systemic failures or anomalies applicable to Satellites of the same model).

 

“Existing Indebtedness” means
Indebtedness of the Issuer or the Restricted Subsidiaries in existence on the Issue Date, plus interest accruing thereon.

 

“Fair Market Value” means,
with respect to any asset or property, as determined by the Issuer, the price which could be negotiated in an arm’s length,
free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure
or compulsion to complete the transaction.

 

    20

     

    

 

“FCC” means the Federal Communications
Commission or any governmental authority in the United States substituted therefor.

 

“FCC Licenses” means all authorizations,
orders, licenses and permits issued by the FCC to the Issuer or any of its Subsidiaries, under which the Issuer or any of its Subsidiaries
is authorized to launch and operate any of its Satellites or to operate any of its transmit only, receive only or transmit and
receive earth stations.

 

“Finance Lease Obligations”
means, as applied to any Person, an obligation that is required to be accounted for as a financing or capital lease (and, for the
avoidance of doubt, not a straightline or operating lease) on both the balance sheet and income statement for financial reporting
purposes in accordance with GAAP. At the time any determination thereof is to be made, the amount of the liability in respect of
a financing or capital lease would be the amount required to be reflected as a liability on such balance sheet (excluding the footnotes
thereto) in accordance with GAAP.

 

“First Call Date” has the meaning
specified in Section 1101 of this Indenture.

 

“Fitch” means Fitch Ratings,
Inc., and any successor to its rating agency business.

 

“Funding Guarantor” has the
meaning specified in Section 1205 of this Indenture.

 

“GAAP” means Generally Accepted
Accounting Principles as adopted by the Issuer and the Restricted Subsidiaries from time to time to prepare their published financial
statements in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards
Board (“IFRS”) in effect from time to time.

 

“Government Securities” means
securities that are:

 

(1) direct obligations of, or obligations
fully and unconditionally guaranteed by, the United States of America for the timely payment of which its full faith and credit
is pledged, or

 

(2) obligations of a Person controlled
or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable
at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest
on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment
of principal of or interest on the Government Securities evidenced by such depository receipt.

 

    21

     

    

 

“Governmental Authority” means
any federal, state, provincial, local or foreign court or tribunal or governmental agency, authority, instrumentality or regulatory
or legislative body.

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in
any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness
or other obligations.

 

“Guarantee” means the guarantee
by any Guarantor of the Co-Issuers’ obligations under the Notes and this Indenture.

 

“Guarantee Obligations” means,
as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any other Person (the
“primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person, whether
or not contingent, (a) to purchase any such Indebtedness or any property constituting direct or indirect security therefor, (b)
to advance or supply funds (i) for the purchase or payment of any such Indebtedness or (ii) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase property,
securities or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor
to make payment of such Indebtedness or (d) otherwise to assure or hold harmless the owner of such Indebtedness against loss
in respect thereof; provided, however, that the term “Guarantee Obligations” shall not include endorsements
of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation shall be deemed
to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such Guarantee Obligation is
made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is
required to perform thereunder) as determined by such Person in good faith.

 

“Guarantor” means each Subsidiary
of the Issuer (other than the Co-Issuer) that executes a Guarantee, provided that upon release or discharge of such Subsidiary
from its Guarantee in accordance with this Indenture, such Subsidiary shall cease to be a Guarantor.

 

“Holder” means, at any time,
a Person in whose name a Note is at such time registered on the Note Registrar’s books.

 

“IFRS” has the meaning provided
in the definition of the term “GAAP.”

 

“incur” has the meaning specified
in Section 1011 of this Indenture.

 

“incurrence” has the meaning
specified in Section 1011 of this Indenture.

 

    22

     

    

 

“Indebtedness” means, with
respect to any Person, (a) all indebtedness of such Person for borrowed money (including, without limitation, BAs under the Senior
Credit Facilities but excluding the impact of capitalized financing costs and prepayment options), (b) the deferred purchase
price of assets or services that in accordance with GAAP would be included as liabilities in the balance sheet of such Person,
(c) the face amount of all letters of credit issued for the account of such Person and, without duplication, all drafts drawn thereunder,
(d) all Indebtedness of a second Person secured by any Lien on any property owned by such first Person, whether or not such Indebtedness
has been assumed (excluding any Lien created pursuant to the APT Security Agreement), (e) all Finance Lease Obligations of such
Person, (f) all net obligations of such Person under interest rate swap, cap or collar agreements, interest rate future or
option contracts, currency swap agreements, currency future or option contracts, commodity price protection agreements or other
commodity price hedging agreements and other similar agreements, (g) without duplication, all Guarantee Obligations of such Person
in respect of the foregoing and (h) any Disqualified Stock; provided that Indebtedness shall not include (i) trade payables
and accrued expenses, in each case payable directly or through a bank clearing arrangement and arising in the ordinary course of
business, (ii) obligations to make progress or incentive payments under Satellite Purchase Agreements and Launch Services Agreements,
in each case, not overdue by more than 90 days, (iii) deferred or prepaid revenue, (iv) purchase price holdbacks in respect of
a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller, (v)
obligations to make payments to one or more insurers under satellite insurance policies in respect of premiums or the requirement
to remit to such insurer(s) a portion of the future revenues generated by a Satellite which has been declared a constructive total
loss, in each case in accordance with the terms of the insurance policies relating thereto, (vi) Indebtedness of any parent entity
appearing on the balance sheet of the Issuer or any Restricted Subsidiary solely by reason of “pushdown” accounting
under GAAP, (vii) Non-Finance Lease Obligations or other obligations under or in respect of straight-line leases, operating leases
or Sale and Lease-Back Transactions (except resulting in Finance Lease Obligations) and (viii) customer deposits made in connection
with the construction or acquisition of a Satellite being constructed or acquired at the request of one or more customers. The
amount of Indebtedness of any Person for purposes of clause (d) shall be deemed to be equal to the lesser of (x) the aggregate
unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby as reasonably determined by
such Person in good faith. The amount of Indebtedness of any Person for purposes of clause (h) shall be deemed to be equal to the
greater of the voluntary or involuntary liquidation preference and maximum fixed repurchase price in respect of such Disqualified
Stock. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock that does not have a fixed
repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were
purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is
based upon, or measured by, the fair market value of such Disqualified Stock, such fair market value shall be determined reasonably
and in good faith by the Board of Directors of the Issuer.

 

“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof.

 

“Independent Director” means,
with respect to the Board of Directors of the Issuer, a member of such board who is not an officer, director, employee or appointee
of Loral or its Affiliates (other than the Issuer and its Subsidiaries).

 

“Initial Notes” has the meaning
stated in the first recital of this Indenture.

 

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“In-Orbit Contingency Protection”
means transponder capacity that, in the good faith determination of the Issuer, is available on a contingency basis from the Issuer
or its Restricted Subsidiaries, or any Subsidiary of any parent of the Issuer, directly or from another satellite operator pursuant
to a contractual arrangement, to accommodate the transfer of traffic representing at least 25% of the revenue-generating capacity
with respect to any Satellite (or, if the entire Satellite is not owned by the Issuer or any of its Restricted Subsidiaries, as
the case may be, the portion of the Satellite it owns or for which it has risk of loss) that may suffer actual or constructive
total loss and that meets or exceeds the contractual performance specifications for the transponders that had been utilized by
such traffic; it being understood that the Satellite (or portion, as applicable) shall be deemed to be insured for a percentage
of the Satellite’s (or applicable portion’s) net book value for which In-Orbit Contingency Protection is available.

 

“In-Orbit Insurance” means
with respect to any Satellite (or, if the entire Satellite is not owned by the Issuer or any of its Restricted Subsidiaries, as
the case may be, the portion of the Satellite it owns or for which it has risk of loss), insurance (subject to a right of coinsurance
or deductible in an amount up to US $75,000,000) or other contractual arrangement providing for coverage against the risk of loss
of or damage to such Satellite (or portion, as applicable) attaching upon the expiration of the Launch Insurance therefor (or,
if Launch Insurance is not procured, upon the initial completion of in-orbit testing) and attaching, during the commercial in-orbit
service of such Satellite (or portion, as applicable), upon the expiration of the immediately preceding corresponding policy or
other contractual arrangement, as the case may be, subject to the terms and conditions set forth herein.

 

“Instructions” has the meaning
specified in Section 603(13) of this Indenture.

 

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

 

“Investment Grade Rating” means
a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P and BBB- (or the
equivalent) by Fitch, or an equivalent rating by any other Rating Agency.

 

“Investments” means, with respect
to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel and similar
advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for
consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required
by GAAP to be classified on the balance sheet (excluding the footnotes) of the Issuer in the same manner as the other investments
included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the
definition of “Unrestricted Subsidiary” and Section 1010,

 

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(1)
“Investments” shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of
the Fair Market Value of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted
Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer
shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to:

 

(x) the Issuer’s “Investment”
in such Subsidiary at the time of such redesignation, less

 

(y) the portion (proportionate to the
Issuer’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of
such redesignation; and

 

(2) any property transferred to or
from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.

 

The amount of any Investment outstanding at any time shall be the
original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment or other
amount received in Cash Equivalents by the Issuer or a Restricted Subsidiary in respect of such Investment to the extent such amounts
do not increase any other baskets under this Indenture.

 

“ISED Canada” means Innovation,
Science and Economic Development Canada or any successor department of the Government of Canada substituted therefor.

 

“ISED Canada Authorizations”
means all authorizations, orders, licenses and exemptions issued by ISED Canada to the Issuer or any of its Subsidiaries, pursuant
to authority under the Radiocommunication Act or the Telecommunications Act, as amended, under which the Issuer or
any of its Subsidiaries is authorized to launch and operate any of its Satellites or to operate any of its transmit only, receive
only or transmit and receive earth stations or any ancillary terrestrial communications facilities.

 

“Issue Date” means October
11, 2019.

 

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

 

“Judgment Currency” has the
meaning set forth in Section 118(a)(i) of this Indenture.

 

“Launch” means, with respect
to any Satellite, the point in time before lift-off of such Satellite at which risk of loss of such Satellite passes to the applicable
Satellite Purchaser under the terms of the applicable Satellite Purchase Agreement, unless risk of loss thereunder is to pass to
such Satellite Purchaser after lift-off, in which case “Launch” shall mean the intentional ignition of the first stage
engines of the launch vehicle that has been integrated with such Satellite.

 

    25

     

    

 

“Launch Insurance” means, with
respect to any Satellite, insurance for risks of loss of and damage to such Satellite attaching not later than the time of Launch
and continuing at least until the successful or unsuccessful attempt to achieve physical separation of such Satellite from the
launch vehicle that had been integrated with such Satellite.

 

“Launch Services Agreement”
means, with respect to any Satellite, the agreement between the applicable Satellite Purchaser and the applicable Launch Services
Provider relating to the launch of such Satellite.

 

“Launch Services Provider”
means, with respect to any Satellite, the provider of launch services for such Satellite pursuant to the terms of the Launch Services
Agreement related thereto.

 

“LCT Election” has the meaning
specified in Section 118 of this Indenture.

 

“LCT Test Date” has the meaning
specified in Section 118 of this Indenture.

 

“Legal Defeasance” has the
meaning specified in Section 1302 of this Indenture.

 

“Legal Holiday” means a Saturday,
a Sunday or a day on which banking institutions in New York City or Toronto are authorized or required by law to remain closed.

 

“Lien” means, with respect
to any asset, any mortgage, lien, pledge, hypothec, charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing
of or agreement to give any financing statement under the Uniform Commercial Code or Personal Property Security Act (or equivalent
statutes) of any jurisdiction; provided that in no event shall any lease (other than a Finance Lease Obligation) entered
into in the ordinary course of business be deemed to constitute a Lien. For the avoidance of doubt, in no event shall a Non-Finance
Lease Obligation be deemed to be a Lien.

 

“Limited Condition Transaction”
means (1) any Investment or acquisition (whether by merger, amalgamation, consolidation or other business combination or the acquisition
of Capital Stock or otherwise), whose consummation is not conditioned on the availability of, or on obtaining, third-party financing,
(2) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or preferred
stock requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment
and (3) any Restricted Payment requiring irrevocable notice in advance thereof.

 

“Long Derivative Instrument”
means a Derivative Instrument (i) the value of which generally increases, and/or the payment or delivery obligations under which
generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or
the payment or delivery obligations under which generally increase, with negative changes to the Performance References.

 

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“Loral” means Loral Space &
Communications Inc.

 

“Market Capitalization” means
an amount equal to (i) the total number of issued and outstanding shares of Capital Stock of the Issuer or any parent entity of
the Issuer so long as the Issuer is a Wholly-Owned Subsidiary of such entity on a fully diluted basis on the date of the declaration
of the relevant dividend multiplied by (ii) the arithmetic mean of the closing prices per share of such Capital Stock on the principal
securities exchange on which such common Capital Stock is traded for the 30 consecutive trading days immediately preceding the
date of declaration of such Restricted Payment.

 

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

 

“Mezzanine Securities” means
the securities periodically issued by the Issuer in favor of Loral as satisfaction of the Issuer’s payments under the Consulting
Services Agreement.

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor to its rating agency business.

 

“Named Satellites” means the
Satellites commonly referred to as Anik F2, Anik F3, Telstar 11N, Nimiq 4, Nimiq 5, Nimiq 6, Anik G1, Telstar 12 VANTAGE, Telstar
18 VANTAGE and Telstar 19 VANTAGE.

 

“Nationally Recognized Independent Financial
Advisor” means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that
is, in the good faith judgment of the Issuer, qualified to perform the task for which it has been engaged.

 

“Net Proceeds” means, with
respect to any Asset Sale, (a) the gross cash proceeds (including payments from time to time in respect of installment obligations,
if applicable) received by or on behalf of the Issuer or any of the Restricted Subsidiaries in respect of such Asset Sale less
(b) the sum of:

 

(1) the amount, if any, of all Taxes
paid or estimated to be payable by the Issuer or any of the Restricted Subsidiaries in connection with such Asset Sale,

 

(2) the amount of any reasonable reserve
established in accordance with GAAP against any liabilities (other than any Taxes deducted pursuant to clause (1) above) (x) associated
with the assets that are the subject of such Asset Sale and (y) retained by the Issuer or any of the Restricted Subsidiaries;
provided that the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect
of any such liability) shall be deemed to be Net Proceeds of such an Asset Sale occurring on the date of such reduction,

 

(3) the amount of any Indebtedness
(other than Indebtedness described in clause (1) of the second paragraph of Section 1018) secured by a Lien on the assets that
are the subject of such Asset Sale to the extent that the instrument creating or evidencing such Indebtedness requires that such
Indebtedness be repaid upon consummation of such Asset Sale, and

 

    27

     

    

 

(4) reasonable and customary fees,
commissions, expenses, issuance costs, discounts and other costs paid by the Issuer or any of the Restricted Subsidiaries, as applicable,
in connection with such Asset Sale (other than those payable to the Issuer or any Subsidiary of the Issuer), in each case only
to the extent not already deducted in arriving at the amount referred to in clause (a) above.

 

“Net Short” means, with respect
to a Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments exceeds
the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such date of determination
or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as
defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Co-Issuers or any Guarantor immediately
prior to such date of determination.

 

“Non-Finance Lease Obligations”
means a lease obligation that is not required to be accounted for as a financing or capital lease on both the balance sheet and
the income statement for financial reporting purposes in accordance with GAAP. For avoidance of doubt, a straight-line or operating
lease shall be considered a Non-Finance Lease Obligation.

 

“Non-Successor Person” has
the meaning specified in Section 802 of this Indenture.

 

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

 

“Note Register” and “Note
Registrar” have the respective meanings specified in Section 304.

 

“Notes” has the meaning stated
in the first recital to this Indenture and more particularly means any Notes authenticated and delivered under this Indenture.
The Initial Notes and the Additional Notes shall be treated as a single class for all purposes of this Indenture, and unless the
context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.

 

“Obligations” means any principal,
interest, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit
and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties,
fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness.

 

“Offer Amount” has the meaning
specified in Section 1110(b) of this Indenture.

 

“Offer Period” has the meaning
specified in Section 1110(b) of this Indenture.

 

“Offering Memorandum” shall
mean the Offering Memorandum, dated September 27, 2019, relating to the sale of the Initial Notes.

 

“Officer” means the Chairman
of the Board of Directors, the Chief Executive Officer, the President, any Executive Vice President, Senior Vice President or Vice
President, the Treasurer or the Secretary of the Issuer or, if acting in connection with the Co-Issuer, the Co-Issuer.

 

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“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer of the Issuer or on behalf of any other Person, as the case may
be, that meets the requirements set forth in this Indenture and is delivered to the Trustee.

 

“Opinion of Counsel” means
a written opinion from legal counsel, who may be an employee of or counsel to the Issuer, which opinion may be subject to customary
assumptions and exclusions.

 

“Outstanding,” when used with
respect to Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture,
except:

 

(1) Notes theretofore cancelled by
the Trustee or delivered to the Trustee for cancellation;

 

(2) Notes, or portions thereof, for
whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other
than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent)
for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3) Notes, except to the extent provided
in Sections 1302 and 1303, with respect to which the Issuer has effected Legal Defeasance or Covenant Defeasance as provided in
Article Thirteen; and

 

(4) Notes which have been paid pursuant
to Section 305 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture,
other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such
Notes are held by a Protected Purchaser in whose hands the Notes are valid obligations of the Issuer;

 

provided, however, that in determining whether the
Holders of the requisite principal amount of Outstanding Notes have given any request, demand, authorization, direction, consent,
notice or waiver hereunder, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or such
other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected
in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Notes which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded.

 

“Pari Passu Indebtedness” means
with respect to any Person:

 

(1) Indebtedness of such Person, whether
outstanding on the Issue Date or thereafter incurred; and

 

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(2) all other Obligations of such
Person (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to such
Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause (1) above

 

unless, in the case of clauses (1) and (2), in the instrument creating
or evidencing the same or pursuant to which the same is outstanding, it is provided that such Indebtedness or other Obligations
are subordinate in right of payment to the Notes or the Guarantee of such Person, as the case may be; provided, however,
that Pari Passu Indebtedness shall not include:

 

(A)
any obligation of such Person to the Issuer or any Subsidiary;

 

(B)  
any liability for federal, state, local or other taxes owed or owing by such Person;

 

(C)  
any accounts payable or other liability to trade creditors arising in the ordinary course of business; or

 

(D)
any Indebtedness or other Obligation of such Person which is subordinate or junior in any respect to any other Indebtedness or
other Obligation of such Person.

 

“Paying Agent” means any Person
(including the Issuer acting as Paying Agent) authorized by the Issuer to pay the principal of (and premium, if any) or interest
on any Notes on behalf of the Issuer.

 

“Performance References” means
each of the Co-Issuers and/or any one or more of the Guarantors.

 

“Permitted Asset Swap” means
the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or
Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person.

 

“Permitted Debt” has the meaning
specified in Section 1011 of this Indenture.

 

“Permitted Holders” means each
of (a) (i) Loral, (ii) PSP, (iii) MHR Fund Management LLC, (iv) Intelsat, Ltd., (v) SES SA, (vi) Eutelsat Communications SA, (vii) EchoStar
Corporation, (viii) Dish Network Corporation, (ix) Inmarsat plc and (x) their respective Affiliates (including, for the avoidance
of doubt, any limited partnership, the general partner of which is owned by a convenience party, such as a trust for the benefit
of a charity, such general partner, any trust controlling such general partner, and such convenience party), (b) members of
management of the Issuer who are shareholders of the Issuer on the Issue Date and (c) any Person, entity or “group”
(within the meaning of Section 13(d) or 14(d) of the Exchange Act (or any successor provision)) the members of which include any
of the Permitted Holders specified in clauses (a) and (b) above (a “Permitted Holder Group”); provided that,
in the case of any Permitted Holder Group, the Permitted Holders specified in clauses (a) and (b) above collectively own, directly
or indirectly, without giving effect to the existence of such group, Equity Interests having more than 50% of the total voting
power of the Voting Stock of the Issuer held by such Permitted Holder Group; provided, further, that, in the case
of clauses (a)(iv) through (a)(ix) (and clause (a)(x) solely with respect to clauses (a)(iv) through (a)(ix)) of this definition,
a Rating Decline shall not have occurred in connection with the transaction (including any incurrence of Indebtedness used to finance
the acquisition thereof) involving such Permitted Holder that would have resulted in a Change of Control (but for the terms of
this definition) and provided, further, that the notice referred to in the definition of Rating Decline has been given to
each of the Rating Agencies.

 

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“Permitted Investments” means:

 

(1) any Investment in (x) the Issuer
or any Guarantor or (y) in a Restricted Subsidiary that is not a Guarantor, in the case of this clause (y) in an aggregate amount
since the Issue Date not to exceed the greater of US$180,000,000 and 4% of Total Assets at the time of such Investment, plus,
to the extent such amounts are not otherwise applied to clause (B)(4) of the definition of the term “Applicable Amount,”
the amount of any returns (including dividends, payments, interest, distributions, returns of principal, profits on sale, repayments,
income and similar amounts) on or in respect of such Investments;

 

(2) any Investment in cash and Cash
Equivalents;

 

(3) any Investment by the Issuer or
any Restricted Subsidiary of the Issuer in a Person that is engaged in a Similar Business, if, as a result of such Investment:

 

(a) such Person becomes a Restricted
Subsidiary, or

 

(b) such Person, in one transaction
or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys substantially
all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary;

 

(4) any Investment in securities or
other assets not constituting cash or Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 1018,
or any other disposition of assets not constituting an Asset Sale;

 

(5) any Investment existing on the
Issue Date;

 

(6) any Investment acquired by the
Issuer or any Restricted Subsidiary

 

(a) in exchange for any other Investment
or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy,
workout, reorganization or recapitalization of the Issuer or such Restricted Subsidiary of such other Investment or accounts receivable
or

 

(b) as a result of a foreclosure by
the Issuer or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured
Investment in default;

 

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(7) Swap Obligations permitted under
clause (j) of the second paragraph of Section 1011;

 

(8) Investments the payment for which
consists of Equity Interests of the Issuer, or any of its direct or indirect parent companies (exclusive of Disqualified Stock);
provided, however, that such Equity Interests shall not increase the amount available for Restricted Payments under
the calculation set forth in the definition of the term “Applicable Amount”;

 

(9) guarantees of Indebtedness permitted
under Section 1011;

 

(10)
any transaction to the extent it constitutes an investment that is permitted and made in accordance with the provisions of the
second paragraph of Section 1013 (except transactions described in clauses (2) and (4) of such paragraph of Section 1013);

 

(11)
Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment;

 

(12)
if no Default or Event of Default has occurred and is continuing, additional Investments having an aggregate Fair Market Value,
taken together with all other Investments made pursuant to this clause (12) (without giving effect to the sale of an Unrestricted
Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities), not to exceed since the Issue
Date the greater of US$150,000,000 and 3.25% of Total Assets at the time of such Investments (with the Fair Market Value of each
Investment being measured at the time made and without giving effect to subsequent changes in value) plus, to the extent
such amounts are not otherwise applied to clause (B)(4) of the definition of the term “Applicable Amount,” the
amount of any returns (including dividends, payments, interest, distributions, returns of principal, profits on sale, repayments,
income and similar amounts) on or in respect of such Investments;

 

(13)
advances to employees not in excess of the greater of US$10,000,000 and 0.25% of Total Assets outstanding at any one time, in the
aggregate;

 

(14)
loans and advances to officers, directors and employees for business-related travel expenses, moving expenses and other similar
expenses, in each case incurred in the ordinary course of business; and

 

(15)
additional Investments, so long as on a pro forma basis after giving effect to such Investment and the incurrence of any related
Indebtedness, the Total Net Leverage Ratio for the Test Period immediately preceding such date shall be less than or equal to 3.50
to 1.00.

 

“Permitted Liens” means, with
respect to any Person:

 

(1) pledges or deposits by such Person
under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection
with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits
to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal
bonds to which such Person is a party, or deposits as security for the payment of rent, in each case incurred in the ordinary course
of business;

 

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(2) Liens imposed by law, such as
carriers’, landlords’ liens, warehousemen’s, storers’, repairers’ and mechanics’ Liens and
other similar Liens arising in the ordinary course of business, in each case for sums not yet due or being contested in good faith
by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person
shall then be proceeding with an appeal or other proceedings for review;

 

(3) Liens for taxes, assessments or
other governmental charges not yet due or payable or which are being contested in good faith by appropriate proceedings;

 

(4) Liens in favor of issuers of performance
and surety bonds or bid bonds or with respect to other regulatory requirements or letters of credit issued pursuant to the request
of and for the account of such Person in the ordinary course of its business;

 

(5) minor survey exceptions, minor
encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph
and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental,
to the conduct of the business of such Person or to the ownership of its properties which were not incurred in connection with
Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their
use in the operation of the business of such Person;

 

(6) Liens securing Indebtedness permitted
to be incurred pursuant to clause (a), (d) or (m) of the definition of Permitted Debt; provided that in the case of such
clause (d) such Liens shall not extend to any assets other than the specified asset being financed (and insurance proceeds related
thereto) and additions and improvements thereon and in the case of such clause (m) such Liens shall not attach to any assets other
than the specified asset being financed (including satellite, launch and related revenue contracts and insurance proceeds);

 

(7) Liens existing on the Issue Date;

 

(8) Liens on property or shares of
stock of a Person at the time such Person becomes a Subsidiary; provided, however, such Liens are not created or
incurred in connection with, or in contemplation of, such other Person becoming such a subsidiary; provided, further,
however, that such Liens may not extend to any other property owned by the Issuer or any Restricted Subsidiary;

 

(9) Liens on property at the time
the Issuer or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger, amalgamation or consolidation
with or into the Issuer or any Restricted Subsidiary; provided, however, that such Liens are not created or incurred
in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may
not extend to any other property owned by the Issuer or any Restricted Subsidiary;

 

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(10)
Liens placed upon the capital stock of any Restricted Subsidiary acquired in an acquisition or similar transaction permitted by
this Indenture to secure Indebtedness incurred pursuant to clause (o)(y) of the definition of “Permitted Debt” and/or
Liens placed upon the assets of any such Restricted Subsidiary so acquired to secure a guarantee by such Restricted Subsidiary
of any such Indebtedness of the Issuer or any other Restricted Subsidiary;

 

(11)
Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary
permitted to be incurred in accordance with Section 1011 hereof;

 

(12)
Liens securing Swap Obligations (including Liens in favor of a counterparty to a swap or similar agreement on the Issuer’s
or any Restricted Subsidiary’s rights under such agreement) and Cash Management Obligations, in each case so long as the
related Indebtedness is permitted to be incurred under this Indenture;

 

(13)
Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect
of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage
of such inventory or other goods;

 

(14)
leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Issuer
or any of the Restricted Subsidiaries;

 

(15)
Liens arising from Uniform Commercial Code or Personal Property Security Act financing statement filings regarding operating leases
entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business;

 

(16)
Liens (including Liens in connection with Sale and Lease-Back Transactions) in favor of the Co-Issuers or any Guarantor;

 

(17)
Liens on equipment of the Issuer or any Restricted Subsidiary granted in the ordinary course of business to a client of the Issuer
or a Restricted Subsidiary at which such equipment is located;

 

(18)
Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions,
renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses
(6), (7), (8), (9), (10), (11), (12) and (16); provided, however, that (x) such new Lien shall be limited to
all or part of the same property that secured the original Lien (plus improvements on such property), and (y) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or,
if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9), (10), (11), (12) and (16) at the time
the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including
premiums, related to such refinancing, refunding, extension, renewal or replacement;

 

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(19)
deposits made in the ordinary course of business to secure liability to insurance carriers;

 

(20)
reservations, limitations, provisos and conditions expressed in any original grant from the Canadian Crown or other grants of real
or immovable property, or interests therein;

 

(21)
the right reserved to or vested in any Governmental Authority by the terms of any lease, license, franchise, grant or permit acquired
by the Issuer or any of its Restricted Subsidiaries or by any statutory provision to terminate any such lease, license, franchise,
grant or permit, or to require annual or other payments as a condition to the continuance thereof;

 

(22)
security given to a public utility or any Governmental Authority when required by such utility or authority in connection with
the operations of the Issuer or any of its Restricted Subsidiaries in the ordinary course of its business;

 

(23)
subdivision agreements, site plan control agreements, development agreements, servicing agreements, cost sharing, reciprocal and
other similar agreements with municipal and other Governmental Authorities affecting the development, servicing or use of a property;
provided the same are complied with in all material respects except as such non-compliance does not interfere in any material
respect as determined in good faith by the Issuer with the business of the Issuer and its Subsidiaries taken as a whole;

 

(24)
facility cost sharing, servicing, reciprocal or other similar agreements related to the use and/or operation of a property in the
ordinary course of business, provided the same are complied with in all material respects;

 

(25)
Liens in favor of customers on Satellites or portions thereof (including insurance proceeds relating thereto) or the satellite
construction or acquisition agreement being related thereto in the event such Satellites or portions thereof are being constructed
or acquired at the request of one or more customers to secure repayment of deposits and related amounts;

 

(26)
restrictions in condosat agreements or revenue agreements (as any such condosat agreements or revenue agreements may from time
to time be modified, supplemented, amended, renewed or replaced, the “Subject Agreements”) relating to transponders
that restrict sales, dispositions, leases or security interests on satellites to any third party purchaser, lessee or secured party
unless such purchaser or lessee of such satellite agrees to (or, in the case of a security interest in such satellite, the secured
party agrees pursuant to a non-disturbance agreement that in connection with the enforcement of any such security interest or the
realization upon any such security interest, such secured party agrees that, prior to or concurrently with the transfer becoming
effective, the person to whom the satellite bus shall be transferred shall agree that such transferee shall) be subject to the
terms of the applicable Subject Agreement and provided that, with respect to any Subject Agreement entered into after the
Issue Date, the Issuer and/or the applicable Restricted Subsidiaries shall have used their commercially reasonable efforts in negotiating
such Subject Agreement so that such Subject Agreement does not contain such restrictions;

 

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(27)
deemed trusts created by operation of law in respect of amounts which are (i) not yet due and payable, (ii) immaterial, (iii) being
contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with
GAAP or (iv) unpaid due to inadvertence after exercising due diligence;

 

(28)
[reserved];

 

(29)
other Liens so long as the aggregate principal amount of the obligations so secured does not exceed the greater of US$150,000,000
and 3.25% of Total Assets at any one time outstanding;

 

(30)
ground leases in respect of real property on which facilities owned or leased by the Issuer or any of its Subsidiaries are located;

 

(31)
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation of goods;

 

(32)
any interest or title of a lessor or secured by a lessor’s interest under any lease permitted by this Indenture (other than
in respect of a Finance Lease Obligation), together with all Liens of whatsoever nature permitted or created by such lessor or
any fee owner of the property or any predecessor in title, including in connection with any Sale and Lease-Back Transaction;

 

(33)
Liens on goods the purchase price of which is financed by a documentary letter of credit issued for the account of the Issuer or
any of its Subsidiaries; provided that such Lien secures only the obligations of the Issuer or such Subsidiaries in respect
of such letter of credit to the extent permitted under Section 1011; and

 

(34)
Liens created in the ordinary course of business in favor of banks and other financial institutions over credit balances of any
bank accounts of the Issuer and the Restricted Subsidiaries held at such banks or financial institutions, as the case may be, to
facilitate the operation of cash pooling and/or interest set-off arrangements in respect of such bank accounts in the ordinary
course of business.

 

For purposes of this definition, the term “Indebtedness”
shall be deemed to include interest on such Indebtedness.

 

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

 

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“Personal Property Security Act”
means the Personal Property Security Act (Ontario) and any successor or replacement legislation thereto.

 

“Predecessor Note” of any particular
Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for
the purposes of this definition, any Note authenticated and delivered under Section 305 in exchange for a mutilated Note or in
lieu of a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen
Note.

 

“primary obligor” has the meaning
provided in the definition of the term “Guarantee Obligations.”

 

“Prospective Purchaser” has
the meaning specified in Section 1009 of this Indenture.

 

“Protected Purchaser” has the
meaning specified in Section 305 of this Indenture.

 

“PSP” means Public Sector Pension
Investment Board, a Canadian federal special Act corporation.

 

“Public Debt” means any Indebtedness
consisting of bonds, debentures, notes or other similar debt securities issued in (a) a public offering registered under the Securities
Act or (b) a private placement to institutional investors that is underwritten for resale in accordance with Rule 144A or Regulation
S of the Securities Act, whether or not it includes registration rights entitling the holders of such debt securities to registration
thereof with the SEC. The term “Public Debt” (i) shall not include the Initial Notes (or any Additional Notes) and
(ii) for the avoidance of doubt, shall not be construed to include any Indebtedness issued to institutional investors in a direct
placement of such Indebtedness that is not underwritten by an intermediary (it being understood that, without limiting the foregoing,
a financing that is distributed to not more than ten Persons (provided that multiple managed accounts and affiliates of any such
Persons shall be treated as one Person for the purposes of this definition) shall be deemed not to be underwritten), or any Indebtedness
under the Senior Credit Facilities, commercial bank or similar Indebtedness, Finance Lease Obligation or recourse transfer of any
financial asset or any other type of Indebtedness Incurred in a manner not customarily viewed as a “securities offering.”

 

“Purchase Date” has the meaning
specified in Section 1110(b) of this Indenture.

 

“Qualified IPO” means a public
offering (other than a public offering pursuant to a registration statement on Form S-8) of the Voting Stock of the Issuer or any
other direct or indirect parent entity thereof pursuant to an effective registration statement filed with the SEC in accordance
with the Securities Act or a final prospectus for which a receipt has been issued by one or more securities commissions or regulatory
authorities in the provinces or territories of Canada (in each case, whether alone or in connection with a secondary public offering),
and also includes any transaction whereby the Issuer or any other direct or indirect parent entity thereof becomes a reporting
issuer in any province or territory in Canada.

 

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“Qualified Proceeds” means
the Fair Market Value of assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.

 

“Qualifying Trustee” has the
meaning specified in Section 1305 of this Indenture.

 

“rate(s) of exchange” has the
meaning specified in Section 118 of this Indenture.

 

“Rating Agency” means Moody’s,
S&P and Fitch or if Moody’s, S&P and/or Fitch shall not make a rating on the Notes (or the applicable security) publicly
available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer (in the case
of the Notes, as certified by a Board Resolution) which shall be substituted for Moody’s, S&P and/or Fitch, as the case
may be.

 

“Rating Decline” means the
occurrence on any date from and after the date of the public notice by the Issuer or another Person seeking to effect a transaction
that would be a Change of Control (but for the definition of Permitted Holder) or an arrangement that, in the good faith judgment
of the Issuer, would be expected to result in a Change of Control (but for the definition of Permitted Holder) until the end of
the 30-day period following such public notice or the abandonment of the proposed transaction (which period shall be extended an
additional 30 days if the rating of the Notes is under publicly announced consideration for possible downgrade by any Rating Agency
at the end of the initial 30-day period) of: (1) a decline in the rating of the Notes by any Rating Agency by at least one notch
in the gradation of the rating scale (e.g., + or – for S&P or 1, 2 and 3 for Moody’s) or of the credit outlook
with respect thereto from such Rating Agency’s rating of the Notes; or (2) withdrawal by any Rating Agency of such Rating
Agency’s rating of the Notes.

 

“Record Date” has the meaning
specified in Section 301 of this Indenture.

 

“Redemption Date,” when used
with respect to any Note to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to Section
1101 of this Indenture.

 

“Redemption Price,” when used
with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Refinancing Indebtedness”
has the meaning specified in Section 1011(n) of this Indenture.

 

“Refunding Capital Stock” has
the meaning specified in Section 1010 of this Indenture.

 

“Reinvestment Period” has the
meaning specified in Section 1018 of this Indenture.

 

“Related Business Assets” means
assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided that any assets received by
the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be
deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person,
such Person would become a Restricted Subsidiary.

 

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“Relevant Taxing Jurisdiction”
has the meaning specified in Section 1022 of this Indenture.

 

“Replacement Commitment” has
the meaning specified in Section 1018 of this Indenture.

 

“Responsible Officer,” when
used with respect to the Trustee, any officer assigned to the Corporate Trust Division Corporate Finance Unit (or any successor
division or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for
the administration of this Indenture, and for the purposes of Section 601(c)(2) and Section 602 shall also include any other officer
of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with
the particular subject.

 

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

 

“Restricted Payments” has the
meaning specified in Section 1010 of this Indenture.

 

“Restricted Subsidiary” means,
at any time, any direct or indirect Subsidiary of the Issuer that is not then an Unrestricted Subsidiary; provided, however,
that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included
in the definition of “Restricted Subsidiary.”

 

“Retired Capital Stock” has
the meaning specified in Section 1010 of this Indenture.

 

“Reversion Date” has the meaning
specified in Section 1019 of this Indenture.

 

“S&P” means Standard &
Poor’s Ratings Group, Inc. and any successor to its rating agency business.

 

“Sale and Lease-Back Transaction”
means any arrangement with any Person providing for the leasing by the Issuer or any Restricted Subsidiary of any real or tangible
personal property, which property has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to such
Person in contemplation of such leasing.

 

“Satellite” means any satellite
owned by, leased to or for which a contract to purchase has been entered into by, the Issuer or any of its Subsidiaries, whether
such satellite is in the process of manufacture, has been delivered for launch or is in orbit (whether or not in operational service).

 

“Satellite Manufacturer” means,
with respect to any Satellite, the prime contractor and manufacturer of such Satellite.

 

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“Satellite Purchase Agreement”
means, with respect to any Satellite, the agreement between the applicable Satellite Purchaser and either (i) the applicable Satellite
Manufacturer relating to the manufacture, testing and delivery of such Satellite or (ii) the applicable seller relating to the
purchase and sale of such Satellite.

 

“Satellite Purchaser” means
the Issuer or a Restricted Subsidiary that is a party to a Satellite Purchase Agreement or Launch Services Agreement, as the case
may be.

 

“Screened Affiliate” means
any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and any other Affiliate of such Holder
that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other
Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to
the Co-Issuers or their Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of
such Holder that is acting in concert with such Holder in connection with its investment in the Notes, and (iv) whose investment
decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in
concert with such Holders in connection with its investment in the Notes.

 

“SEC” means the Securities
and Exchange Commission, or any successor thereto.

 

“Secured Indebtedness” means
any Indebtedness secured by a Lien on property or assets of the Issuer or a Restricted Subsidiary.

 

“Securities Act” means the
Securities Act of 1933, as amended and the rules and regulations of the SEC promulgated thereunder.

 

“SEDAR” has the meaning specified
in Section 1009 of this Indenture.

 

“Senior Credit Facilities”
means the Credit Agreement dated as of March 28, 2012 (as amended by that certain Amendment No. 1 thereto, dated as of April 2,
2013, as further amended by that certain Amendment No. 2 thereto, dated as of November 17, 2016, as further amended by that certain
Amendment No. 3 thereto, dated as of December 19, 2016, as further amended by that certain Amendment No. 4 thereto, dated as of
February 1, 2017 and as further amended by that certain Amendment No. 5 thereto, dated as of April 26, 2018) by and among the Co-Issuers,
the guarantors party thereto, the lenders party thereto in their capacities as lenders thereunder, JPMorgan Chase Bank, N.A, as
Administrative Agent and Collateral Agent, J.P. Morgan Securities LLC (“JPM Securities”) and Credit Suisse Securities
(USA) LLC (“CS Securities”), Goldman Sachs Bank USA (“Goldman”) and Morgan Stanley Senior
Funding, Inc. (“MS”) as Joint Lead Arrangers and Joint Book Runners with respect to the term loan facility,
Canadian Imperial Bank of Commerce (“CIBC”), BMO Capital Markets Corp. (“BMO”), RBC Capital
Markets (“RBC”) and TD Bank, N.A. (“TD Bank”) as joint lead arrangers and joint bookrunners
with respect to the revolving credit facility, CIBC, BMO, RBC and TD Bank as Co-Managers and Co-Documentation Agents with respect
to the term loan facility, JPM Securities, CS Securities, Goldman and MS as Co-Managers and Co-Documentation Agents with respect
to the revolving credit facility, and the other parties thereto, including any guarantees, collateral documents, instruments and
agreements executed in connection therewith, and any amendments, waivers, supplements, modifications, extensions, renewals, restatements,
refundings or other restructuring thereof and any indentures or credit facilities or commercial paper facilities with banks or
other institutional lenders or investors that replace, refund, refinance or otherwise restructure all or any part of the loans,
notes, other credit facilities or commitments thereunder or any successor or replacement loans, notes, other credit facilities
or commitments thereunder, including any such replacement, refunding, refinancing or other restructuring facility or indenture
that increases the amount borrowable thereunder, alters the maturity thereof or alters the parties thereto.

 

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“Senior Secured Net Leverage Ratio”
means, as of any date of determination, the ratio of (a) Consolidated Total Secured Debt as of the last day of the Test Period
most recently ended on or prior to such date of determination, minus up to US$100,000,000 of cash and Cash Equivalents of
the Issuer and its Restricted Subsidiaries to the extent not designated as restricted cash on the consolidated balance sheet of
the Issuer and its Restricted Subsidiaries in accordance with GAAP to (b) Consolidated EBITDA for such Test Period. The Issuer
may elect, pursuant to an Officer’s Certificate delivered to the Trustee, to treat all or any portion of a revolving commitment
under any Credit Facility as incurred and outstanding Indebtedness for borrowed money at the time of such election and for so long
as such revolving commitments remain outstanding, regardless of whether fully drawn at the time of such election. As a result of
any such election, any subsequent incurrence of Indebtedness under such revolving commitment shall not be deemed an incurrence
of additional Indebtedness or an additional Lien at such subsequent time. As of the Issue Date, the Senior Secured Net Leverage
Ratio will be calculated using a Canadian Dollar equivalent for Consolidated Total Secured Debt. If the Issuer changes its functional
currency to U.S. dollars, the Senior Secured Net Leverage Ratio will be calculated using a U.S. dollar equivalent for Consolidated
Total Secured Debt.

 

“Short Derivative Instrument”
means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations under which
generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or
the payment or delivery obligations under which generally decrease, with negative changes to the Performance References.

 

“Significant Subsidiary” means
any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation
S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date.

 

“Similar Business” means any
business conducted or proposed to be conducted by the Issuer and its Restricted Subsidiaries on the Issue Date or any business
that is similar, reasonably related, incidental or ancillary thereto.

 

“Skynet” means Loral Skynet
Corporation, a Delaware corporation.

 

“Sold Entity or Business” has
the meaning provided in the definition of the term “Consolidated EBITDA.”

 

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“Spectrum Repurposing” means
the diminution of the Issuer or any Restricted Subsidiary’s rights to the use of orbital spectrum or market access rights,
directly or indirectly, by any Government Authority, including, without limitation, Issuer or its Restricted Subsidiary’s
FCC Licenses or ISED Canada Authorizations, directly or indirectly, as result of the FCC proceeding Expanding Flexible Use of
the 3.7-4.2 GHz Band, GN Docket No. 18-122, Order and Notice of Proposed Rulemaking, 33 FCC Rcd 6915 (2018) or the ISED Canada
Consultation on Revisions to the 3500 MHz Band to Accommodate Flexible Use and Preliminary Consultation on Changes to the 3800
MHz Band, ISED Canada’s Decision on Revisions to the 3500 MHz Band to Accommodate Flexible Use and Decisions on Changes
to the 3800 MHz Band, or any similar proceedings.

 

“Stated Maturity,” when used
with respect to any Note or any installment of principal thereof or interest thereon, means the date specified in such Notes as
the fixed date on which the principal of such Notes or such installment of principal or interest is due and payable.

 

“Subject Agreements” has the
meaning provided in the definition of the term “Permitted Liens.”

 

“Subordinated Indebtedness”
means:

 

(1) with respect to any Co-Issuer,
any Indebtedness of such Co-Issuer which is by its terms subordinated in right of payment to the Notes, and

 

(2) with respect to any Guarantor,
any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to the Guarantee of such Guarantor.

 

“Subsidiary” means, with respect
to any Person,

 

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

 

(2) any partnership, joint venture,
limited liability company or similar entity of which:

 

(x) more than 50% of the capital accounts,
distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof
whether in the form of membership, general, special or limited partnership or otherwise, and

 

(y) such Person or any Restricted Subsidiary
of such Person is a controlling general partner or otherwise controls such entity.

 

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“Successor Company” has the
meaning specified in Section 801(1) of this Indenture.

 

“Successor Person” has the
meaning specified in Section 802 of this Indenture.

 

“Suspended Covenants” has the
meaning specified in Section 1019 of this Indenture.

 

“Suspension Date” has the meaning
specified in Section 1019 of this Indenture.

 

“Suspension Period” has the
meaning specified in Section 1019 of this Indenture.

 

“Swap Agreement” means any
agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled
by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or
pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these
transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided
by current or former directors, officers, employees or consultants of the Issuer or any of its Subsidiaries shall be a Swap Agreement.

 

“Swap Obligations” means obligations
under or with respect to Swap Agreements.

 

“Tax” means any tax, duty,
levy, impost, assessment or similar governmental charge (including penalties, interest and any other liabilities related thereto)
and, for the avoidance of doubt, including any withholding or deduction for or on account of any of the foregoing.

 

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

 

“Test Period” means, on any
date of determination, the period of four consecutive fiscal quarters of the Issuer then most recently ended (taken as one accounting
period) for which internal financial statements are available.

 

“The SpaceConnection, Inc.”
means The SpaceConnection, Inc., a Nevada corporation, and its successors.

 

“Total Assets” means the total
assets of the Issuer and the Restricted Subsidiaries, as shown on the most recent balance sheet of the Issuer and its Restricted
Subsidiaries provided to the Trustee and Holders, in conformity with GAAP.

 

“Total Net Leverage Ratio”
means, as of any date of determination, the ratio of (a) Consolidated Total Indebtedness as of the last day of the Test Period
most recently ended on or prior to such date of determination, minus up to US$100,000,000 of cash and Cash Equivalents of
the Issuer and its Restricted Subsidiaries to the extent not designated as restricted cash on the consolidated balance sheet of
the Issuer and its Restricted Subsidiaries in accordance with GAAP to (b) Consolidated EBITDA for such Test Period. As of the Issue
Date, the Total Net Leverage Ratio will be calculated using a Canadian Dollar equivalent for Consolidated Total Debt. If the Issuer
changes its functional currency to U.S. dollars, the Total Net Leverage Ratio will be calculated using a U.S. dollar equivalent
for Consolidated Total Secured Debt.

 

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“Transaction Expenses” means
any fees or expenses incurred or paid by the Issuer or any of its Subsidiaries in connection with the Transactions, the Initial
Notes, the Senior Credit Facilities and the related loan documents and the transactions contemplated thereby.

 

“Transactions” means, collectively,
(a) the issuance of the Initial Notes, (b) the redemption of the existing 8.875% Senior Notes due 2024 and (c) the payment of all
fees and expenses to be paid on or prior to the Issue Date and owing in connection with the foregoing.

 

“Treasury Rate” means, as of
any the date of any redemption notice, the weekly average for each Business Day of the most recent week that has ended at least
two Business Days prior to the Redemption Date of the yield to maturity at the time of computation of United States Treasury securities
with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (or, if such Federal
Reserve Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to
the period from the date of the notice of redemption to the First Call Date; provided, however, that if the period
from the date of the notice of redemption to the First Call Date is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used.

 

“Trustee” means The Bank of
New York Mellon, a New York banking corporation, until a successor replaces it and, thereafter, means the successor.

 

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

 

“Unrestricted Subsidiary” means:

 

(1) any Subsidiary of the Issuer (other
than any Co-Issuer) that at the time of determination is an Unrestricted Subsidiary (as designated by the Board of Directors of
the Issuer, as provided below);

 

(2) the LEO Entity, Telesat U.S. Services
Holdings Corporation and Telesat U.S. Services, LLC; provided that any such Subsidiary shall cease to be an Unrestricted
Subsidiary if the Board of Directors designates such Subsidiary as a Restricted Subsidiary as set forth below; and

 

(3) any Subsidiary of an Unrestricted
Subsidiary.

 

The Board of Directors of the Issuer
may designate any Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary)
to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of,
or owns or holds any Lien on, any property of, the Issuer or any of its Subsidiaries (other than any Subsidiary of the Subsidiary
to be so designated), provided that

 

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(a) any Subsidiary to be so designated
must be an entity of which shares of the capital stock or other equity interests (including partnership interests) entitled to
cast at least a majority of the votes that may be cast by all shares or equity interests having ordinary voting power for the election
of directors or other governing body are owned, directly or indirectly, by the Issuer,

 

(b) such designation complies with
Section 1010, and

 

(c) each of

 

(1) the Subsidiary to be so designated
and

 

(2) its Subsidiaries

 

has not at the time of designation, and does not thereafter,
create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant
to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary.

 

The Board of Directors of the Issuer
may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that (1) immediately after giving effect
to such designation no Default or Event of Default shall have occurred and be continuing and (2) the Issuer could incur at
least US$1.00 of additional Indebtedness pursuant to the Total Net Leverage Ratio test described in the first paragraph of Section
1011.

 

Any such designation by the Board
of Directors of the Issuer shall be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the Board
Resolution giving effect to such designation and an Officer’s Certificate certifying that such designation complied with
the foregoing provisions.

 

“Unrestricted Subsidiary Support Transactions”
means transactions, agreements and arrangements entered into and performed by (i) the Issuer and any of its Restricted Subsidiaries
and (ii) any Unrestricted Subsidiary pursuant to which the Issuer and any of its Restricted Subsidiaries provide a common salesforce
(including cross-selling) and/or selling, general and administrative services, including employment and related services, to such
Unrestricted Subsidiary, in each case, at a cost of not less than 105% of the cost incurred by the Issuer or the relevant Restricted
Subsidiary related to such service.

 

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

 

“Vice President,” when used
with respect to the Issuer, the Co-Issuer or the Trustee, means any vice president, whether or not designated by a number or a
word or words added before or after the title “vice president.”

 

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“Voting Stock” of any Person
as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors
of such Person; provided, however, that, with respect to the Issuer, the term “Voting Stock” shall not
include preferred shares of the Issuer that have a nominal dividend and return of capital and vote only for the election of directors,
for so long as such shares are held and voted by directors nominated by a committee consisting of members of the Board of Directors
of the Issuer or by PSP or by Loral.

 

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

 

“Wholly-Owned Restricted Subsidiary”
means a Restricted Subsidiary that is a direct or indirect Wholly-Owned Subsidiary of the Issuer.

 

“Wholly-Owned Subsidiary” of
any Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other
than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries
of such Person or would be owned upon exchange of all outstanding securities of such Person in accordance with their terms.

 

Section
103.   Compliance Certificates and Opinions. Upon any application or quest
by the Co-Issuers to the Trustee to take or refrain from taking any action under this Indenture, the Co-Issuers shall furnish
to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture (including
any covenant compliance which constitutes a condition precedent) relating to the proposed action have been complied with and,
other than in connection with the issuance, authentication and delivery of the Initial Notes on the Issue Date and the addition
of a new Guarantor or parent guarantor, an Opinion of Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture relating to such particular application or request,
no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than pursuant to Section 1008) shall include:

 

(1) a statement that each individual
signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(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 each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an
informed opinion as to whether or not such covenant or condition has been complied with; and

 

    46

     

    

 

(4) a statement as to whether, in
the opinion of each such individual, such condition or covenant has been complied with.

 

The Trustee shall have no responsibility or liability
with respect to any matters that would have been covered by the Opinion of Counsel that are not permitted by this Section.

 

Section
104.   Form of Documents Delivered to Trustee. In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such
matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as
to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer of the
Issuer or Co-Issuer, as the case may be, may be based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel. Any such certificate or opinion may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the Issuer or Co-Issuer, as the case may be, stating
that the information with respect to such factual matters is in the possession of the Issuer or Co-Issuer, as the case may be.

 

Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

Section
105. Acts of Holders.

 

(a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section
105.

 

(b) The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a
notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other
than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date
of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any
other manner that the Trustee deems sufficient.

 

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(c) The principal amount and serial numbers of
Notes held by any Person, and the date of holding the same, shall be proved by the Note Register.

 

(d) If the Issuer shall solicit from the Holders
any request, demand, authorization, direction, notice, consent, waiver or other Act, the Issuer may, at its option, fix in advance
a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent,
waiver or other Act, but the Issuer shall have no obligation to do so. Such record date shall be a date not earlier than the date
30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation
is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
Act may be given before or after such record date, but only the Holders of record at the close of business on such record date
shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Notes
have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act,
and for that purpose the Outstanding Notes shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to
the provisions of this Indenture not later than eleven months after the record date. Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of
every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done,
omitted or suffered to be done by the Trustee, the Co-Issuers or any Guarantor in reliance thereon, whether or not notation of
such action is made upon such Note.

 

Section
106.   Notices, Etc., to Trustee, Company, Any Guarantor and Agent. Any
request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by
this Indenture to be made upon, given or furnished to, or filed with,

 

(1) the Trustee by any Holder or by
the Co-Issuers or any Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (via
facsimile, email in PDF format, mailed, first-class postage prepaid, or delivered by recognized overnight courier) to or with the
Trustee at The Bank of New York Mellon, 240 Greenwich Street, Floor 7 East, New York, New York, 10286, Attention: Corporate Trust
Division — Corporate Finance Unit; or

 

(2) either of the Co-Issuers or any
Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if made, given, furnished or delivered in writing (via facsimile, email in PDF format, mailed, first-class postage prepaid, or
delivered by recognized overnight courier) to the Issuer addressed to it at the address of its principal office specified in the
first paragraph, Attention: General Counsel, or at any other address previously furnished in writing to the Trustee by the Issuer
or such Guarantor.

 

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A copy of all notices to any Agent shall be sent
to the Trustee at the address shown above. Any Person may change its address by giving notice of such change as set forth herein.

 

Section
107.   Notice to Holders; Waiver. Where this Indenture provides for notice
of any event to Holders by the Co-Issuers or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and delivered electronically or mailed, first-class postage prepaid, to each Holder affected by such event,
at such Holder’s address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders. Notices given by publication (including posting of information as contemplated by Section 1009 of this
Indenture) will be deemed given on the first date on which publication is made; notices given by first-class mail, postage prepaid,
will be deemed given five calendar days after mailing; notices sent by overnight delivery service will be deemed given when delivered;
and notices given electronically will be deemed given when sent. Notices otherwise given in accordance with the procedures of
DTC will be deemed given on the date sent to DTC. Any notices required to be given to the Holders of Notes that are in global
form will be given to DTC in accordance with its customary procedures therefor.

 

In case by reason of the suspension of or irregularities
in regular mail service or by reason of any other cause, it shall be impracticable to mail notice of any event to Holders when
such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall
be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice for every purpose hereunder.

 

Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Section
108.   Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience of reference only, are not intended to be considered a part hereof
and shall not affect the construction hereof.

 

Section
109.   Successors and Assigns. All agreements of each of the Co-Issuers
in this Indenture and the Notes will bind their respective successors. All agreements of the Trustee in this Indenture will bind
its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section
1208 hereof.

 

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

 

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Section
111.   Benefits of Indenture. Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Note Registrar and their successors
hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section
112.   Governing Law. This Indenture, the Notes and any Guarantee will
be governed by and construed in accordance with the laws of the State of New York.

 

Section
113.   Legal Holidays. In any case where any Interest Payment Date, Redemption
Date, Change of Control Payment Date, or Stated Maturity or Maturity of any Note shall not be a Business Day, then (notwithstanding
any other provision of this Indenture or of the Notes) payment of principal (or premium, if any) or interest need not be made
on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment
Date, Redemption Date, Change of Control Payment Date, or at the Stated Maturity or Maturity; provided that no interest
shall accrue for purposes of such payment for the period from and after such Interest Payment Date, Redemption Date, Change of
Control Payment Date, Stated Maturity or Maturity, as the case may be.

 

Section
114.   No Personal Liability of Directors, Officers, Employees and Stockholders.
No director, officer, employee, incorporator or stockholder of the Issuer, the Co-Issuer or any Guarantor or any of their parent
companies (other than the Issuer and the Guarantors) shall have any liability for any obligations of the Co-Issuers or the Guarantors
under the Notes, the Guarantees or this Indenture or for any claim based on, in respect of, or by reason of such obligations or
their creation to the extent permitted by applicable law. Each Holder 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
115.   Counterparts. This Indenture may be executed in any number of counterparts,
each of which shall be original; but such counterparts shall together constitute but one and the same instrument. One signed copy
is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes.

 

Section
116.  Regulatory Matters.

 

The Issuer agrees to take any action which any
Holder or the Trustee may reasonably request in order to obtain from the FCC, the U.S. Department of Justice, ISED Canada, the
CRTC or any other relevant Governmental Authority such approval as may be necessary to enable the Holders and the Trustee to exercise
the full rights and benefits granted to them pursuant to this Indenture.

 

Notwithstanding anything herein, in the Offering
Memorandum or in the Notes to the contrary, prior to the occurrence of an Event of Default and the consent of the FCC, the U.S.
Department of Justice, ISED Canada, the CRTC and of any other applicable Governmental Authority to the assignment or transfer of
control of FCC Licenses, ISED Canada Authorizations, CRTC licenses or approvals or other governmental permits, licenses, or other
authorizations, including those of any other Governmental Authority, this Indenture, and the transactions contemplated hereby and
thereby may not be effectuated if and to the extent they would constitute, create, or have the effect of constituting or creating,
directly or indirectly, actual or practical ownership of any FCC Licenses, ISED Canada Authorizations, CRTC licenses or approvals
or other governmental permits, licenses or other authorizations, including those of any other Governmental Authority, by the Holders
or the Trustee or control, affirmative or negative, direct or indirect, by Holders or the Trustee over the management or any other
aspect of the operation of any FCC Licenses, ISED Canada Authorizations, CRTC licenses or approvals or other governmental permits,
licenses, or other authorizations, including those of any other Governmental Authority.

 

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Section
117. Agent for Service; Submission to Jurisdictions; Waiver of Immunities; Waiver of Jury Trial.

 

By the execution and delivery of this Indenture,
each of the Issuer, Co-Issuer and each Guarantor (i) acknowledges that it has irrevocably designated and appointed Corporation
Service Company, 251 Little Falls Drive, Wilmington, Delaware, 19808 as its authorized agent upon which process may be served in
any suit or proceeding arising out of or relating to the Notes, the Guarantees or this Indenture that may be instituted in any
federal or New York state court located in The Borough of Manhattan, The City of New York, or brought by the Trustee (whether in
its individual capacity or in its capacity as Trustee hereunder), (ii) irrevocably submits to the non-exclusive jurisdiction
of any such court in any such suit or proceeding, and (iii) agrees that service of process upon Corporation Service Company and
written notice of said service to the Issuer (mailed or delivered to the Issuer in accordance with Section 106, attention: General
Counsel, at its principal office at 160 Elgin Street, Suite 2100, Ottawa, Ontario, Canada K2P 2P7), shall be deemed in every respect
effective service of process upon the Company in any such suit or proceeding. The Issuer, Co-Issuer and each Guarantors each further
agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be
necessary to continue such designation and appointment of Corporation Service Company in full force and effect so long as this
Indenture shall be in full force and effect.

 

To the extent that any of the Issuer, Co-Issuer
or any Guarantor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through
service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself
or its property, it hereby irrevocably waives such immunity in respect of its obligations under this Indenture and the Note or
Guarantees, as applicable, to the extent permitted by law.

 

Each of the Issuer, Co-Issuer and each Guarantor
irrevocably and unconditionally waives, to the fullest extent permitted by law, any obligation that it may now or hereafter have
to the laying of venue of any such action, suit or proceeding in any such court or any appellate court with respect thereto. Each
of the Issuer, Co-Issuer and each Guarantor irrevocably waives, to the fullest extent permitted by law, the defense of any inconvenient
forum to the maintenance of such action, suit or proceeding in any such court.

 

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EACH PARTY HERETO, AND EACH HOLDER OF A SECURITY
BY ITS ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.

 

Section
118. Conversion of Currency.

 

(a) Each
of the Issuer, Co-Issuer and each Guarantor covenants and agrees that the following provisions shall apply to conversion of currency
in the case of the Notes, Guarantees and this Indenture:

 

(i) If
for the purposes of obtaining judgment in, or enforcing the judgment of, any court in any country, it becomes necessary to convert
into a currency (the “Judgment Currency”) an amount due or contingently due in any other currency under the
Notes of any series and this Indenture (the “Base Currency”), then the conversion shall be made at the rate
of exchange prevailing on the Business Day before the day on which a final judgment is given or the order of enforcement is made,
as the case may be (unless a court shall otherwise determine).

 

(ii) If
there is a change in the rate of exchange prevailing between the Business Day before the day on which the judgment referred to
in (i) above is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine), and
the date of receipt of the amount due, the Issuer, Co-Issuer and Guarantors, as applicable, shall pay such additional (or, as the
case may be, such lesser) amount, if any, as may be necessary so that the amount paid in the Judgment Currency when converted at
the rate of exchange prevailing on the date of receipt will produce the amount in the Base Currency originally due.

 

(b) In
the event of the winding-up of any of the Issuer, Co-Issuer or Guarantors at any time while any amount or damages owing under the
Notes, Guarantees and this Indenture, or any judgment or order rendered in respect thereof, shall remain outstanding, the Co-Issuers
and the Guarantors shall indemnify and hold the Holders and the Trustee harmless against any deficiency arising or resulting from
any variation in rates of exchange between (1) the date as of which the equivalent of the amount in the Base Currency due
or contingently due under the Notes, Guarantees and this Indenture (other than under this subsection (b)) is calculated for the
purposes of such winding-up and (2) the final date for the filing of proofs of claim in such winding-up. For the purpose of this
subsection (b) the final date for the filing of proofs of claim in the winding-up of any of the Issuer, Co-Issuer or Guarantors
shall be the date fixed by the liquidator or otherwise in accordance with the relevant provisions of applicable law as being the
latest practicable date as at which liabilities of the Issuer, Co-Issuer or Guarantors, as applicable may be ascertained for such
winding-up prior to payment by the liquidator or otherwise in respect thereto.

 

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(c) The
obligations contained in subsections (a)(ii) and (b) of this Section 118 shall constitute separate and independent obligations
of the each of the Issuer, Co-Issuer and each Guarantor from its other obligations under the Notes, Guarantees and this Indenture,
shall give rise to separate and independent causes of action against the Issuer, Co-Issuer or Guarantors, as applicable, shall
apply irrespective of any waiver or extension granted by any Holder or the Trustee or either of them from time to time and shall
continue in full force and effect notwithstanding any judgment or order or the filing of any proof of claim in the winding-up of
the Issuer, Co-Issuer or Guarantors, as applicable, for a liquidated sum in respect of amounts due hereunder (other than under
subsection (b) above) or under any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss
suffered by the Holders or the Trustee, as the case may be, and no proof or evidence of any actual loss shall be required by the
Issuer, Co-Issuer or Guarantors, as applicable or its liquidator. In the case of subsection (b) above, the amount of such deficiency
shall not be deemed to be increased or reduced by any variation in rates of exchange occurring between the said final date and
the date of any liquidating distribution.

 

The term “rate(s) of exchange”
shall mean the rate of exchange quoted by a Canadian chartered bank as may be designated in writing by the Issuer to the Trustee
from time to time, at its central foreign exchange desk in its main office in Toronto at 12:00 noon (Toronto time) on the relevant
date for purchases of the Base Currency with the Judgment Currency and includes any premiums and costs of exchange payable.

 

Section
119. Limited Condition Transactions.

 

When calculating the availability under any
basket or ratio under this Indenture or compliance with any provision of this Indenture in connection with any Limited Condition
Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence or issuance of
Indebtedness, Disqualified Stock or preferred stock and the use of proceeds thereof, the incurrence of Liens, repayments and Restricted
Payments), in each case, at the option of the Issuer (the Issuer’s election to exercise such option, an “LCT Election”),
the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted
(or any requirement or condition therefor is complied with or satisfied (including as to the absence of any continuing Default
or Event of Default)) under this Indenture shall be deemed to be the date (the “LCT Test Date”) either (a) the
definitive agreements for such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable
notice, declaration of a Restricted Payment or similar event), or (b) solely in connection with an acquisition to which the United
Kingdom City Code on Takeovers and Mergers applies, the date on which a “Rule 2.7 announcement” of a firm intention
to make an offer is published on a regulatory information service in respect of a target of a Limited Condition Transaction and,
in each case, if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions related thereto
(including acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock and the
use of proceeds thereof, the incurrence of Liens, repayments and Restricted Payments) and any related pro forma adjustments, the
Issuer or any of its Restricted Subsidiaries would have been permitted to take such actions or consummate such transactions on
the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and conditions), such ratio,
test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied) for all
purposes (in the case of Indebtedness, for example, whether such Indebtedness is committed, issued or incurred at the LCT Test
Date or at any time thereafter); provided, that (a) if financial statements for one or more subsequent fiscal quarters shall have
become available, the Issuer may elect, in its sole discretion, to redetermine all such ratios, tests or baskets on the basis of
such financial statements, in which case, such date of redetermination shall thereafter be deemed to be the applicable LCT Test
Date for purposes of such ratios, tests or baskets and (b) except as contemplated in the foregoing clause (a), compliance with
such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at any time after
the applicable LCT Test Date for such Limited Condition Transaction and any actions or transactions related thereto (including
acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock and the use of proceeds
thereof, the incurrence of Liens, repayments, Restricted Payments and Asset Sales).

 

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For the avoidance of doubt, if the Issuer
has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance was determined or tested as of the LCT
Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result
of fluctuations in any such ratio, test or basket, including due to fluctuations in Consolidated EBITDA or Total Assets of the
Issuer or the Person subject to such Limited Condition Transaction, such baskets, tests or ratios will not be deemed to have been
exceeded or failed to have been complied with as a result of such fluctuations; (2) if any related requirements and conditions
(including as to the absence of any continuing Default or Event of Default) for which compliance or satisfaction was determined
or tested as of the LCT Test Date would at any time after the LCT Test Date not have been complied with or satisfied (including
due to the occurrence or continuation of an Default or Event of Default), such requirements and conditions will not be deemed to
have been failed to be complied with or satisfied (and such Default or Event of Default shall be deemed not to have occurred or
be continuing); and (3) in calculating the availability under any ratio, test or basket in connection with any action or transaction
unrelated to such Limited Condition Transaction following the relevant LCT Test Date and prior to the earlier of the date on which
such Limited Condition Transaction is consummated or the date that the definitive agreement or date for redemption, purchase or
repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or passes, as applicable,
without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving
pro forma effect to such Limited Condition Transaction.

 

The Trustee shall not be responsible, or have
any liability, for the calculation of any basket or ratio under this Indenture or compliance with any provision of this Indenture
in connection with any Limited Condition Transaction or any LCT Election.

 

Article
Two

NOTE FORMS

 

Section
201. Form and Dating. Provisions relating to the Initial Notes are set forth in the Rule 144A/Regulation S/IAI Appendix
attached hereto (the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture.
The Initial Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit 1 to the
Appendix which is hereby incorporated in, and expressly made a part of, this Indenture. The Notes may have notations, legends
or endorsements required by law, stock exchange rule, agreements to which the Co-Issuers are subject, if any, or usage (provided
that any such notation, legend or endorsement is in a form reasonably acceptable to the Issuer). Each Note shall be dated
the date of its authentication. The terms of the Note set forth in the Appendix are part of the terms of this Indenture.

 

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Section
202. Execution, Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Co-Issuers by
at least one Officer of each Co-Issuer. The signature of any Officer on the Notes may be manual or facsimile signatures of the
present or any future such authorized officer and may be imprinted or otherwise reproduced on the Notes.

 

Notes bearing the manual or facsimile signatures
of individuals who were at any time the proper officers of the Co-Issuers shall bind the Co-Issuers, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

 

At any time and from time to time after the
execution and delivery of this Indenture, the Co-Issuers may deliver Notes executed by the Co-Issuers to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Notes.

 

On the Issue Date, the Co-Issuers shall deliver
the Initial Notes in the aggregate principal amount of US$550,000,000 executed by the Co-Issuers to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes, directing the Trustee to authenticate the Notes,
and the Trustee in accordance with such Company Order shall authenticate and deliver such Initial Notes. At any time and from time
to time after the Issue Date, the Co-Issuers may deliver Additional Notes executed by the Co-Issuers to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Additional Notes, directing the Trustee to authenticate
the Additional Notes, and certifying that the issuance of such Additional Notes is in compliance with Article Ten hereof, and the
Trustee in accordance with such Company Order shall authenticate and deliver such Additional Notes. In each case, the Trustee shall
receive an Officer’s Certificate and an Opinion of Counsel of the Co-Issuers in connection with such authentication of Notes;
provided that no Opinion of Counsel under Section 103 shall be required in connection with the authentication of the Initial
Notes. Such Company Order shall specify the amount of Notes to be authenticated and the date on which the original issue of Notes
is to be authenticated.

 

Each Note shall be dated the date of its authentication.

 

No Note shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially
in the form provided for herein duly executed by the Trustee by manual signature of an authorized signatory, and such certificate
upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture.

 

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In case any of the Co-Issuers or any Guarantor,
pursuant to Article Eight of this Indenture, shall be consolidated, amalgamated, merged with or into or wound up into any other
Person or shall sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets
in one or more related transactions to any Person, and the successor Person resulting from such consolidation or amalgamation,
or surviving such merger, or into which such Co-Issuer or such Guarantor shall have been merged or wound up into, or the Person
which shall have received a sale, assignment, transfer, lease, conveyance or other disposition as aforesaid, shall have executed
a supplemental indenture hereto with the Trustee pursuant to Article Eight of this Indenture, any of the Notes authenticated or
delivered prior to such consolidation, amalgamation, merger, sell, assignment, transfer, lease, conveyance or other disposition
may, from time to time, at the request of the successor Person, be exchanged for other Notes executed in the name of the successor
Person with such changes in phraseology and form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered
for such exchange and of like principal amount; and the Trustee, upon Company Request of the successor Person, shall authenticate
and deliver Notes as specified in such request for the purpose of such exchange. If Notes shall at any time be authenticated and
delivered in any new name of a successor Person pursuant to this Section 202 in exchange or substitution for or upon registration
of transfer of any Notes, such successor Person, at the option of the Holders but without expense to them, shall provide for the
exchange of all Notes at the time Outstanding for Notes authenticated and delivered in such new name.

 

Article
Three

THE NOTES

 

Section
301. Title and Terms. The aggregate principal amount of Notes which may be authenticated and issued under this Indenture
is not limited; provided, however, that any Additional Notes issued under this Indenture are issued in accordance
with Sections 202 and 1011 hereof, as part of the same series as the Initial Notes.

 

The Notes shall be known and designated as
the “6.500% Senior Notes due 2027” of the Co-Issuers. The Stated Maturity of the Notes shall be October 15, 2027, and
the Notes shall bear interest at the rate of 6.500% per annum from the Issue Date, or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, payable semi-annually in arrears on April 15 and October 15 in each year,
commencing on April 15, 2020, and at said Stated Maturity, until the principal thereof is paid or duly provided for and to the
Person in whose name the Note (or any predecessor Note) is registered at the close of business on April 1 and October 1 immediately
preceding such Interest Payment Date (each, a “Record Date”). 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 the Issue Date.

 

The principal of (and premium, if any) and
interest on the Notes shall be payable at the office or agency of the Issuer maintained for such purpose within the City and State
of New York or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders of the Notes at their
respective addresses set forth in the Note Register of Holders; provided that all payments of principal, premium, if any,
and interest with respect to Notes represented by one or more permanent Global Notes registered in the name of or held by DTC or
its nominee will be made in accordance with DTC’s applicable procedures. 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.

 

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Holders shall have the right to require the
Co-Issuers to purchase their Notes, in whole or in part, in the event of a Change of Control Triggering Event pursuant to Section
1017. The Notes shall be subject to repurchase pursuant to an Asset Sale Offer as provided in Section 1018.

 

The Notes shall be redeemable as provided
in Article Eleven.

 

The due and punctual payment of principal
of, premium, if any, and interest on the Notes payable by the Issuer is irrevocably unconditionally guaranteed, to the extent set
forth herein, by each of the Guarantors.

 

Section
302. Denominations. The Notes shall be issuable only in registered, global form without coupons and only in denominations
of US$2,000 and integral multiples of US$1,000 in excess of US$2,000.

 

Section
303. Temporary Notes. Pending the preparation of definitive Notes, the Company may execute, and upon Company Order
the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued
and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine,
as conclusively evidenced by their execution of such Notes.

 

If temporary Notes are issued, the Company
will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary
Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company designated
for such purpose pursuant to Section 1002, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Notes, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of
definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the
same benefits under this Indenture as definitive Notes.

 

Section
304. Registration, Registration of Transfer and Exchange. The Co-Issuers shall cause to be kept at the Corporate
Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency designated pursuant
to Section 1002 being herein sometimes referred to as the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Co-Issuers shall provide for the registration of Notes and of transfers of Notes. The Note
Register shall be in written form or any other form capable of being converted into written form within a reasonable time. At
all reasonable times, the Note Register shall be open to inspection by the Trustee. The Trustee is hereby initially appointed
as note registrar (the “Note Registrar”) for the purpose of registering Notes and transfers of Notes as herein
provided.

 

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Upon surrender for registration of transfer
of any Note at the office or agency of the Co-Issuers designated pursuant to Section 1002, the Co-Issuers shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized
denomination or denominations of a like aggregate principal amount.

 

At the option of the Holder, Notes may be
exchanged for other Notes of any authorized denomination and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the Co-Issuers shall execute, and
the Trustee shall authenticate and deliver, the Notes which the Holder making the exchange is entitled to receive.

 

All Notes issued upon any registration of
transfer or exchange of Notes shall be the valid obligations of the Co-Issuers, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 

Every Note presented or surrendered for registration
of transfer or for exchange shall (if so required by either of the Co-Issuers or the Note Registrar) be duly endorsed, or be accompanied
by written instruments of transfer, in form satisfactory to the Co-Issuers and the Note Registrar, duly executed by the Holder
thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any registration
of transfer or exchange or redemption of Notes, but the Co-Issuers may require payment of a sum sufficient to cover any taxes,
fees or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other
than exchanges pursuant to Sections 202, 303, 906, 1017, 1018, or 1108 not involving any transfer.

 

Section
305. Mutilated, Destroyed, Lost and Stolen Notes. If (1) any mutilated Note is surrendered to the Trustee, or (2)
the Co-Issuers and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and there
is delivered to the Co-Issuers and the Trustee such security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Co-Issuers or the Trustee that such Note has been acquired by a Protected Purchaser (as
defined in Section 8-303 of the Uniform Commercial Code) (a “Protected Purchaser”), the Co-Issuers shall execute
and upon Company Order the Trustee shall authenticate and deliver, in exchange for any such mutilated Note or in lieu of any such
destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost
or stolen Note has become or is about to become due and payable, the Co-Issuers in their discretion may, instead of issuing a new
Note, pay such Note.

 

Upon the issuance of any new Note under this
Section 305, the Co-Issuers may require the payment of a sum sufficient to cover any tax or other governmental charge that may
be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

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Every new Note issued pursuant to this Section
305 in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Co-Issuers and each Guarantor, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly
issued hereunder.

 

The provisions of this Section 305 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes.

 

Section
306. Payment of Interest; Interest Rights Preserved.

 

(a) Interest
on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person
in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the Record Date for such interest
at the office or agency of the Co-Issuers maintained for such purpose pursuant to Section 1002; provided, however,
that, subject to Section 301 hereof, each installment of interest may at the Co-Issuers’ option be paid by (1) mailing a
check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 307, to the address
of such Person as it appears in the Note Register or (2) transfer to an account located in the United States maintained by the
payee.

 

(b) [Reserved].

 

(c) Subject
to the foregoing provisions of this Section 306, each Note delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried
by such other Note.

 

(d) Whenever
interest is computed on the basis of a year (the “deemed year”) which contains fewer days than the actual number of
days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the Interest
Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing
it by the number of days in the deemed year. For the purposes of the Interest Act (Canada), the principle of deemed reinvestment
of interest will not apply to any interest calculation under this Indenture or the Notes, and the rates of interest stipulated
in this Indenture or the Notes are intended to be nominal rates and not effective rates or yields.

 

Section
307. Persons Deemed Owners. Prior to the due presentment of a Note for registration of transfer, the Co-Issuers,
any Guarantor, the Trustee and any agent of either of the Co-Issuers or the Trustee may treat the Person in whose name such Note
is registered as the owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and (subject
to Sections 304 and 306) interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and
none of the Co-Issuers, the Trustee or any agent of either of the Co-Issuers or the Trustee shall be affected by notice to the
contrary.

 

Section
308. Cancellation. All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Co-Issuers
may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee)
for cancellation any Notes previously authenticated hereunder which the Co-Issuers have not issued and sold, and all Notes so
delivered shall be promptly cancelled by the Trustee. If any of the Co-Issuers shall so acquire any of the Notes, however, 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. No Notes shall be authenticated in lieu of or in exchange for any Notes
cancelled as provided in this Section 308, except as expressly permitted by this Indenture. All cancelled Notes held by the Trustee
shall be disposed of by the Trustee in accordance with its customary procedures unless by Company Order the Co-Issuers shall direct
that cancelled Notes be returned to it.

 

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Section
309. Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

Section
310. Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the
surrender of a Note for registration of transfer. When a Note is presented to the Note Registrar or a co-registrar with a request
to register a transfer, the Note Registrar shall register the transfer as requested if the requirements of this Indenture and
Section 8-401(a) of the Uniform Commercial Code are met. When Notes are presented to the Note Registrar or a co-registrar with
a request to exchange them for an equal principal amount of Notes of other denominations, the Note Registrar shall make the exchange
as requested if the same requirements are met.

 

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

 

Section
312. Issuance of Additional Notes. The Co-Issuers may, subject to Section 1011 of this Indenture, issue additional
Notes having identical terms and conditions to the Initial Notes issued on the Issue Date (the “Additional Notes”),
except, if applicable, the initial Interest Payment Date and the initial interest accrual date. The Initial Notes issued on the
Issue Date and any Additional Notes subsequently issued shall be treated as a single class for all purposes under this Indenture,
including waivers, amendments, redemptions and offers to purchase; provided that a separate CUSIP or ISIN shall be issued
for the Additional Notes, unless the Initial Notes and the Additional Notes are treated as fungible for U.S. federal income tax
purposes or Canadian federal income tax purposes.

 

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Article
Four

SATISFACTION AND DISCHARGE

 

Section
401. Satisfaction and Discharge of Indenture. This Indenture shall, upon Company Request and at the Company’s
expense, be discharged and cease to be of further effect as to all Notes issued hereunder (except for any provisions which survive
discharge), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge
of this Indenture (except for any provisions which survive discharge) when:

 

(1) either

 

(A) all
Notes heretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 305 and (ii) Notes for whose payment money has theretofore been deposited in trust
with the Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

(B) all
such Notes not theretofore delivered to the Trustee for cancellation

 

(i) have
become due and payable by reason of the making of a notice of redemption pursuant to Section 1105 or otherwise, or

 

(ii) will
become due and payable within one year, or

 

(iii) are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Co-Issuers,

 

and the Co-Issuers or any Guarantor, in the case of
(i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for
the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts
as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such
Notes not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and accrued but unpaid interest
to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date,
as the case may be; provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited
shall be sufficient for purposes of this Indenture 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 redemption (any such amount,
the “Applicable Premium Deficit”) only required to be deposited with the Trustee on or prior to the Redemption
Date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously
with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward
such redemption;

 

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(2) no
Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit) with respect to
this Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a result of such
deposit and such deposit shall not result in a breach or violation of, or constitute a default under the Senior Credit Facilities
or any other material agreement or instrument (other than this Indenture) to which each of the Co-Issuers or any Guarantor is a
party or by which the Issuer, the Co-Issuer or any Guarantor is bound;

 

(3) the
Co-Issuers have paid or caused to be paid all sums payable by it under this Indenture;

 

(4) the
Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of such Notes at the Stated Maturity or the Redemption Date, as the case may be; and

 

(5) the
Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein to the satisfaction and discharge of this Indenture have been complied with. Such Opinion of Counsel may rely
on such Officer’s Certificate as to matters of fact, including clauses (1), (2), (3) and (4).

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Co-Issuers to the Trustee under Section 607, the obligations of the Issuer to any authenticating
agent under Section 612 and, if money or Government Securities shall have been deposited with the Trustee pursuant to subclause
(B) of clause (1) of this Section 401, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003
shall survive such satisfaction and discharge.

 

Section
402. Application of Trust Money. Subject to the provisions of the last paragraph of Section 1003, all money or Government
Securities deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium,
if any) and interest for whose payment such money or Government Securities has been deposited with the Trustee; but such money
or Government Securities need not be segregated from other funds except to the extent required by law.

 

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If the Trustee or Paying Agent is unable to
apply any money or Government Securities in accordance with Section 401 by reason of any legal proceeding or by reason of any order
or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s,
the Co-Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 401 until such time as the Trustee or Paying Agent is permitted to apply
all such money or Government Securities in accordance with Section 401; provided that if the Co-Issuers have made any payment
of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Co-Issuers shall
be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by
the Trustee or Paying Agent.

 

Article
Five

REMEDIES

 

Section
501. Events of Default. “Event of Default,” wherever used herein, means any one of the following
events (whatever the reason for such Event of Default and whether it shall be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1) default
in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the Notes
issued under this Indenture;

 

(2) default
for 30 days or more in the payment when due of interest or Additional Amounts on or with respect to the Notes issued under this
Indenture;

 

(3) failure
by the Issuer to comply with its obligations under Section 801;

 

(4) failure
by the Issuer, the Co-Issuer or any Guarantor for 45 days after receipt of written notice given by the Trustee or the Holders of
not less than 25% in principal amount of the Notes then outstanding and issued under this Indenture to comply with any of its obligations,
covenants or other agreements (other than a default referred to in clauses (1), (2) or (3) above) contained in this Indenture or
the Notes;

 

(5) default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
by the Issuer or any Restricted Subsidiary or the payment of which is guaranteed by the Issuer or any Restricted Subsidiary, other
than Indebtedness owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created
after the issuance of the Notes, if

 

(A) such
default either

 

(i) results
from the failure to pay any such Indebtedness at its stated final maturity (after giving effect to any applicable grace periods)
or

 

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(ii) relates
to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in
the holder or holders of such Indebtedness causing such Indebtedness to become due prior to its stated maturity;

 

(B) the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been
so accelerated, aggregate US$110,000,000 or more at any one time outstanding; and

 

(C) in
the case of the occurrence of a default described in (A)(ii) above, such default results in (x) the acceleration of such Indebtedness
prior to the final maturity thereof or (y) the commencement of judicial proceedings to foreclose upon, or to exercise remedies
under applicable law or applicable security documents to take ownership of, the assets securing such Indebtedness;

 

(6) failure
by the Issuer or any Significant Subsidiary to pay final judgments aggregating in excess of US$110,000,000 or its foreign currency
equivalent (net of any amounts which are covered by insurance policies from creditworthy insurers), which final judgments remain
undischarged, unwaived and unstayed for a period of more than 60 days after such judgment becomes final;

 

(7) any
of the following events with respect to the Issuer or any Significant Subsidiary:

 

(A) the
Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(i) commences
proceedings to be adjudicated bankrupt or insolvent;

 

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

 

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

 

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

 

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

 

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

 

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(ii) appoints
a custodian of the Company or any Significant Subsidiary or for all or substantially all of its property; or

 

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

 

the order or decree remains unstayed and in effect
for 60 days; or

 

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

 

Section
502. Acceleration of Maturity; Rescission and Annulment.

 

(a) If
any Event of Default (other than an Event of Default specified in Section 501(7) above) occurs and is continuing, then and in every
such case the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes issued under this Indenture may
declare the principal, premium, if any, interest and any other monetary obligations on all the Outstanding Notes to be due and
payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by Holders); provided that no such
declaration may occur with respect to any action taken, and reported publicly or to Holders, more than two years prior to the date
of such declaration. The Trustee shall have no obligation to accelerate the Notes if in the best judgment of the Trustee acceleration
is not in the best interest of the Holders. The Trustee shall have no obligation to determine when or if any Holders have been
notified of any such action or to track when such two-year period starts or concludes. Any time period to cure any actual or alleged
Default or Event of Default may be extended or stayed by a court of competent jurisdiction.

 

Any notice of Default, notice of acceleration
or instruction to the Trustee to provide a notice of Default, notice of acceleration or take any other action (a “Noteholder
Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by
a written representation from each such Holder delivered to the Co-Issuers and the Trustee that such Holder is not (or, in the
case such Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners that have represented
to such Holder that they are not) Net Short (a “Position Representation”), which representation, in the case
of a Noteholder Direction relating to the delivery of a notice of Default shall be deemed a continuing representation until the
resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder
is deemed, at the time of providing a Noteholder Direction, to covenant to provide the Co-Issuers with such other information as
the Co-Issuers may reasonably request from time to time in order to verify the accuracy of such Noteholder’s Position Representation
within five Business Days of request therefor (a “Verification Covenant”). In any case in which the Holder is
DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial
owner of the Notes in lieu of DTC or its nominee, and DTC shall be entitled to conclusively rely on such Position Representation
and Verification Covenant in delivering its direction to the Trustee.

 

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If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Notes, the Co-Issuers determine in good faith that there is a reasonable basis to believe
a Directing Holder was, at any relevant time, in breach of its Position Representation and provide to the Trustee an Officer’s
Certificate stating that the Co-Issuers have initiated litigation in a court of competent jurisdiction seeking a determination
that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of
Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically
stayed and the cure period with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending
a final and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Notes, the Co-Issuers provide to the Trustee an Officer’s Certificate stating
that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be automatically
stayed and the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be
automatically reinstituted and any remedy stayed pending satisfaction of such Verification Covenant. Any breach of the Position
Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without
the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction
would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio (other
than any indemnity such Directing Holder may have offered the Trustee), with the effect that such Event of Default shall be deemed
never to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any
notice of such Default or Event of Default.

 

Notwithstanding anything in the preceding
two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the pendency of an Event of Default specified
in Section 501(7) shall not require compliance with the foregoing paragraphs of this Section 502(a). For the avoidance of doubt,
the Trustee shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance with this Indenture,
shall have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification
Covenant, verify any statements in any Officer’s Certificate delivered to it, or otherwise make calculations, investigations
or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments
or otherwise. The Trustee shall have no liability to the Co-Issuers, any Holder or any other Person in acting in good faith on
a Noteholder Direction.

 

(b) Upon
the effectiveness of such declaration, such principal and interest will be due and payable immediately. Notwithstanding the foregoing,
if an Event of Default specified in Section 501(7) above occurs, then the principal amount of all Outstanding Notes shall ipso
facto become and be immediately due and payable without any notice, declaration or other act on the part of the Trustee or any
Holder.

 

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(c) At
any time after a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in aggregate principal amount of the
Outstanding Notes, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences,
so long as such rescission and annulment would not conflict with any judgment of a court of competent jurisdiction, if:

 

(1) the
Co-Issuers have paid or deposited with the Trustee a sum sufficient to pay:

 

(A) all
overdue interest on all Outstanding Notes,

 

(B) all
unpaid principal of (and premium, if any, on) any Outstanding Notes which has become due otherwise than by such declaration of
acceleration, and interest on such unpaid principal at the rate borne by the Notes,

 

(C) to
the extent that payment of such interest is lawful, interest on overdue interest at the rate borne by the Notes, and

 

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

 

(2) Events
of Default, other than the non-payment of amounts of principal of (or premium, if any, on) or interest on Notes which have become
due solely by such declaration of acceleration, have been cured or waived as provided in Section 513, provided that no such
rescission shall affect any subsequent default or impair any right consequent thereon.

 

Section
503. Collection of Indebtedness and Suits for Enforcement by Trustee. The Co-Issuers covenant that if:

 

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

 

(2) default
is made in the payment of the principal of (or premium, if any, on) any Note at the Maturity thereof,

 

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

 

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

 

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If an Event of Default occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders under this Indenture
and the Guarantees by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such
rights, including seeking recourse against any Guarantor, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy, including seeking
recourse against any Guarantor.

 

Section
504. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Co-Issuers or any other obligor
including any Guarantor, upon the Notes or the property of either of the Co-Issuers or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Co-Issuers for the payment of overdue principal,
premium, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

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

 

(2) to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay the Trustee
any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 607.

 

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.

 

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

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Section
506. Application of Money Collected. Any money or property collected by the Trustee pursuant to this Article and
any money or other property distributable in respect of obligations of the Co-Issuers under this Indenture after the occurrence
of an Event of Default shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal (or premium, if any) or interest, upon presentation of the Notes and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of
all amounts due the Trustee (including any predecessor Trustee) under Section 607;

 

SECOND: To the payment
of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Notes in respect of which or for
the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Notes for principal (and premium, if any) and interest, respectively; and

 

THIRD: The balance, if
any, to the Co-Issuers or as a court of competent jurisdiction may direct in writing; provided that all sums due and owing
to the Holders and the Trustee have been paid in full as required by this Indenture.

 

Section
507. Limitation on Suits. Except to enforce the right to receive payment of principal, premium (if any) or interest
when due, no Holder shall pursue any remedy with respect to this Indenture or the Notes, unless:

 

(1) such
Holder has previously given the Trustee notice that an Event of Default is continuing;

 

(2) Holders
of at least 25% in principal amount of the outstanding Notes have requested the Trustee to pursue the remedy;

 

(3) such Holders have offered
the Trustee reasonable security or indemnity against any loss, liability or expense;

 

(4) the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity; and

 

 

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(5) Holders
of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request
within such 60-day period,

 

it being understood and intended that no one or more Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or the Guarantees
to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture or the Guarantees, except in the manner herein provided and for
the equal and ratable benefit of all the Holders (it being further understood that the Trustee does not have an affirmative duty
to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders).

 

Section
508. Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision
in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment, as provided
herein (including, if applicable, Article Eleven) and in such Note of the principal of (and premium, if any) and (subject to Section
306) interest on such Note on the respective Stated Maturities expressed in such Note (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment on or after such respective dates, and such rights shall not
be impaired without the consent of such Holder.

 

Section
509. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any
right or remedy under this Indenture or the Guarantees and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in
such proceeding, the Co-Issuers, any Guarantor, any other obligor of the Notes, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders
shall continue as though no such proceeding had been instituted.

 

Section
510. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Notes in the last paragraph of Section 305, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section
511. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.

 

Section
512. Control by Holders. Subject to the Trustee’s rights under Article Six hereof, the Holders of not less
than a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, provided
that:

 

(1) such
direction shall not be in conflict with any rule of law or with this Indenture,

 

(2) subject
to all applicable laws, rules and regulations, the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and

 

(3) the Trustee need not take
any action which might involve it in personal liability or which the Trustee determines is unduly prejudicial to the rights of
any Holders not consenting.

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Section
513. Waiver of Past Defaults. Subject to Sections 508 and 902, the holders of at least a majority in aggregate principal
amount of the Outstanding Notes issued under this Indenture by notice to the Trustee may on behalf of the Holders of all of such
Notes waive any existing or past Default or Event of Default hereunder and its consequences under this Indenture (except a continuing
Default or Event of Default in respect of the payment of interest on, premium, if any, or the principal of any such Note held
by a non-consenting Holder, or in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended
without the consent of the Holder of each Outstanding Note affected) and rescind any acceleration and its consequences with respect
to the Notes; provided such rescission would not conflict with any judgment of a court of competent jurisdiction and the
Trustee has been paid any amounts owed to it in connection with such Default or Event of Default. In the event of any Event of
Default specified in clause (5) of Section 501, such Event of Default and all consequences thereof (excluding any resulting payment
default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without
any action by the Trustee or the Holders, if within 20 days after such Event of Default arose:

 

(1) the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or

 

(2) the
requisite holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such
Event of Default; or

 

(3) the
default that is the basis for such Event of Default has been cured.

 

Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but
no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

Section
514. Waiver of Stay or Extension Laws. Each of the Co-Issuers, the Guarantors and any other obligor on the Notes
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture; and each of the Co-Issuers, the Guarantors and any other
obligor on the Notes (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted.

 

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Article
Six

THE TRUSTEE

 

Section
601. Duties of the Trustee.

 

(a) Except
during the continuance of an Event of Default,

 

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

 

(2) in
the absence of bad faith, gross negligence or willful misconduct on its part, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee
and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions specifically required
by any provision hereof to be provided to it, the Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture, but not to verify the contents thereof or any conclusions therein.

 

(b) If
an Event of Default has occurred and is continuing of which a Responsible Officer of the Trustee has actual knowledge (in the case
of an Event of Default under clause (1) or (2) of Section 501 hereof) or (in the case of any other Event of Default) of which written
notice of such Event of Default shall have been given to a Responsible Officer of the Trustee by the Issuer, any other obligor
of the Notes or by any Holder, 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 such person’s own affairs.

 

(c) No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that

 

(1) this
paragraph (c) shall not be construed to limit the effect of paragraphs (a) or (d) of this Section 601;

 

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

 

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(3) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of a majority in aggregate principal amount of the Outstanding Notes relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture.

 

(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 in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

(e) Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 601.

 

Section
602. Notice of Defaults. Notwithstanding anything herein to the contrary (including Section 502(a) hereof), within
30 days after the receipt from the Issuer of notice of the occurrence of any Default or Event of Default hereunder, the Trustee
shall transmit notice of such Default or Event of Default hereunder, unless such Default or Event of Default shall have been cured
or waived; provided, however, that, except in the case of a Default or Event of Default in the payment of the principal
of (or premium, if any, on) or interest on any Note, the Trustee shall be protected in withholding such notice if and so long
as a trust committee of Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in
the interest of the Holders.

 

Section
603. Certain Rights of Trustee. Subject to the provisions of Sections 601 and 602:

 

(1) the
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document (whether in original or facsimile form) believed by it to be genuine and to have been signed or presented
by the proper party or parties;

 

(2) any
request or direction of the Co-Issuers mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and
any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(3) whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, conclusively rely upon an Officer’s Certificate;

 

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(4) the
Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance on the advice or opinion of such counsel;

 

(5) the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable indemnity or
security against any loss, liability or expense which might be incurred by it in compliance with such request or direction;

 

(6) the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
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
to examine the books, records and premises of the Issuer, personally or by agent or attorney at the expense of the Issuer and shall
incur no liability of any kind by reason of such inquiry or investigation;

 

(7) the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

 

(8) the
Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s
conduct does not constitute willful misconduct or gross negligence.

 

(9) 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 each agent, custodian and other Person employed
to act hereunder;

 

(10) the
Trustee may request that the Co-Issuers deliver an Incumbency Certificate substantially in the form of Exhibit B hereto setting
forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture,
which Incumbency Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded;

 

(11) anything
in this Indenture notwithstanding, in no event shall the Trustee be responsible or liable for special, indirect, incidental, punitive,
or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether
the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and

 

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(12) the
Trustee shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless a Responsible
Officer of the Trustee shall have received written notice from the Issuer or Holders describing such Default or Event of Default,
and stating that such notice is a notice of Default.

 

(13) The
Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”)
given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Co-Issuers and
Guarantors shall each provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions
(“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate
shall be amended whenever a person is to be added or deleted from the listing. If any of the Co-Issuers or Guarantors elect to
give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the
Trustee’s understanding of such Instructions shall be deemed controlling. The Co-Issuers and Guarantors each understand and
agree that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively
presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to
the Trustee have been sent by such Authorized Officer. The Co-Issuers and Guarantors shall each be responsible for ensuring that
only Authorized Officers transmit such Instructions to the Trustee and that the Co-Issuers and Guarantors and all Authorized Officers
are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication
keys upon receipt by the Co-Issuers or Guarantors, respectively. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such
directions conflict or are inconsistent with a subsequent written instruction. The Co-Issuers and Guarantors each agree: (i) to
assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation
the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that
it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee
and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Co-Issuers or Guarantors;
(iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a
commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee
immediately upon learning of any compromise or unauthorized use of the security procedures.

 

Section
604. Trustee Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes,
except for the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application
by the Issuer of Notes or the proceeds thereof.

 

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Section
605. May Hold Notes. The Trustee, any Paying Agent, any Note Registrar or any other agent of the Issuer or of the
Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer
with the same rights it would have if it were not the Trustee, Paying Agent, Note Registrar or such other agent; provided,
however, that, if it acquires any conflicting interest, it must eliminate such conflict within 90 days or resign.

 

Section
606. Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except
to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except
as otherwise agreed in writing with the Issuer.

 

Section
607. Compensation and Reimbursement. The Co-Issuers and the Guarantors, jointly and severally, agree:

 

(1) to
pay to the Trustee from time to time such compensation as shall be agreed in writing between the Issuer and the Trustee for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);

 

(2) except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel and of all Persons not regularly employed by the Trustee), except
any such expense, disbursement or advance as shall be determined to have been caused by its own negligence, bad faith or willful
misconduct; and

 

(3) to
indemnify the Trustee and any predecessor Trustee and their officers, agents, directors, and employees for, and to hold them harmless
against, any and all loss, liability, claim, damage or expense, including taxes (other than the taxes based on the income of the
Trustee) incurred without negligence, bad faith, or willful misconduct on its part, arising out of or in connection with the acceptance
or administration of this trust, including the documented and reasonable compensation, expenses and disbursements of its agents
and counsel related thereto and the costs of enforcing the terms of this Indenture, including the indemnification provided herein,
and defending itself against any claim, regardless of whether the claim is asserted by the Issuer, a Guarantor, a Holder or any
other Person, or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

The obligations of the Co-Issuers and Guarantors
under this Section 607 to compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances and
to indemnify and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture and resignation or removal of the Trustee. As security for the performance of such obligations
of the Co-Issuers and Guarantors, the Trustee shall have a claim prior to the Notes upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular
Notes.

 

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When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 501(7), the expenses (including the reasonable charges and
expenses of its counsel) of and the compensation for such services are intended to constitute expenses of administration under
any applicable Bankruptcy Law.

 

“Trustee” for purposes
of this Section 607 shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct
or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

The provisions of this Section 607 shall survive
the satisfaction and discharge of this Indenture.

 

Section
608. Corporate Trustee Required; Eligibility. There shall be at all times a Trustee hereunder which shall have a
combined capital and surplus of at least US$50,000,000. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of federal, State, territorial or District of Columbia supervising or examining authority,
then for the purposes of this Section 608, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section 608, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

 

Section
609. Resignation and Removal; Appointment of Successor.

 

(a) No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 610.

 

(b) The
Trustee may resign at any time by giving written notice thereof to the Issuer. Upon receiving such notice of resignation, the Issuer
shall promptly appoint a successor trustee by written instrument, a copy of which shall be delivered to the resigning Trustee and
a copy to the successor Trustee. If the instrument of acceptance by a successor Trustee required by Section 610 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of removal, the removed Trustee may petition, at the
expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee.

 

(c) The
Trustee may be removed with 30 days’ notice at any time by Act of the Holders of not less than a majority in principal amount
of the Outstanding Notes, delivered to the Trustee and to the Issuer. If the instrument of acceptance by a successor Trustee required
by Section 610 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor
Trustee.

 

(d) [Reserved].

 

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(e) If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, the Issuer shall promptly appoint a successor Trustee. If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a majority in principal amount
of the Outstanding Notes delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment, become the successor Trustee and supersede the successor Trustee appointed by the Issuer.
If no successor Trustee shall have been so appointed by the Issuer or the Holders and accepted appointment in the manner hereinafter
provided, the resigning Trustee or any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf
of himself, and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee at the sole cost and expense of the Issuer.

 

(f) The
Issuer shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to the
Holders in the manner provided for in Section 107. Each notice shall include the name of the successor Trustee and the address
of its Corporate Trust Office.

 

Section
610. Acceptance of Appointment by Successor.

 

(a) Every
successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee; but, on request of the Issuer or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee
and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder
subject to the lien provided for in Section 607. Upon request of any such successor Trustee, the Issuer shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts.

 

(b) No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article.

 

Section
611. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified
and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties
hereto. In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated
with the same effect as if such successor Trustee had itself authenticated such Notes. In case at that time any of the Notes shall
not have been authenticated, any successor Trustee may authenticate such Notes either in the name of any predecessor hereunder
or in the name of the successor Trustee. In all such cases such certificates shall have the full force and effect which this Indenture
provides for the certificate of authentication of the Trustee shall have; provided, however, that the right to adopt
the certificate of authentication of any predecessor Trustee or to authenticate Notes in the name of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or consolidation.

 

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Section
612. Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding, the Trustee may
appoint an authenticating agent or agents with respect to the Notes which shall be authorized to act on behalf of the Trustee
to authenticate Notes and the Trustee shall give written notice of such appointment to all Holders with respect to which such
authenticating agent will serve, in the manner provided for in Section 107. Notes so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment
shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, and a copy of such instrument shall
be promptly furnished to the Issuer. Wherever reference is made in this Indenture to the authentication and delivery of Notes
by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an authenticating agent and a certificate of authentication executed on behalf of the
Trustee by an authenticating agent. Each authenticating agent shall be acceptable to the Issuer and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized
under such laws to act as authenticating agent, having a combined capital and surplus of not less than US$50,000,000 and subject
to supervision or examination by Federal or state authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 612,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time an authenticating agent shall cease to be eligible in accordance
with the provisions of this Section 612, it shall resign immediately in the manner and with the effect specified in this Section
612.

 

Any corporation into which an authenticating
agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such authenticating agent shall be a party, or any corporation succeeding to all or substantially all
the corporate agency or corporate trust business of an authenticating agent, shall continue to be an authenticating agent, provided
such corporation shall be otherwise eligible under this Section 612, without the execution or filing of any paper or any further
act on the part of the Trustee or the authenticating agent.

 

An authenticating agent may resign at any
time by giving written notice thereof to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of an
authenticating agent by giving written notice thereof to such authenticating agent and to the Issuer. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such authenticating agent shall cease to be eligible in accordance
with the provisions of this Section 612, the Trustee may appoint a successor authenticating agent which shall be acceptable to
the Issuer and shall give written notice of such appointment to all Holders, in the manner provided for in Section 107. Any successor
authenticating agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of
its predecessor hereunder, with like effect as if originally named as an authenticating agent. No successor authenticating agent
shall be appointed unless eligible under the provisions of this Section 612.

 

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The Issuer agrees to pay to each authenticating
agent from time to time such compensation for its services under this Section 612 as shall be agreed in writing between the Issuer
and such authenticating agent.

 

If an appointment is made pursuant to this
Section 612, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate
certificate of authentication in the following form:

 

This is one of the Notes designated therein
referred to in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON as Trustee
	 	 
		By:	 
	 	 	as Authenticating Agent

 

		By:	
	 	 	as Authorized Officer

 

Section
613. Force Majeure. The Trustee shall not be responsible or liable for any failure or delay in the performance of
its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its control, including,
without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics;
riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents;
labor disputes; acts of civil or military authority and governmental action.

 

Article
Seven

HOLDERS LISTS

 

Section
701. Company to Furnish Trustee Names and Addresses. The Issuer will furnish or cause to be furnished to the Trustee:

 

(1) semiannually,
not more than 10 days after each Record Date, a list, in such form as the Trustee may reasonably require, of the names and addresses
of the Holders as of such Record Date; and

 

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(2) at
such other times as the Trustee may reasonably request in writing, within 30 days after receipt by the Issuer of any such request,
a list of similar form and content to that in clause (1) hereof as of a date not more than 15 days prior to the time such list
is furnished;

 

provided, however, that if and so long as the
Trustee shall be the Note Registrar, no such list need be furnished.

 

Section
702. Holder List. 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 Note Registrar, the Issuers, on their own behalf
and on behalf of each of the Guarantors, shall furnish or cause the Note Registrar to furnish to the Trustee, in writing at least
five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in
such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders.

 

Section
703. [Reserved].

 

Article
Eight

MERGER, CONSOLIDATION OR SALE OF ALL OR

SUBSTANTIALLY ALL ASSETS

 

Section
801. Company May Consolidate, Etc., Only on Certain Terms.

 

The Issuer may not consolidate, amalgamate
or merge with or into or wind up into (whether or not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey
or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person
unless:

 

(1) the
Issuer is the surviving, resulting or continuing Person, or the Person formed by, continuing or resulting from or surviving any
such consolidation, amalgamation, merger or winding up (if other than the Issuer) or to which such sale, assignment, transfer,
lease, conveyance or other disposition will have been made is a corporation, limited liability company or partnership organized
or existing under the laws of Canada, any province or territory thereof, the United States, any state thereof or the District of
Columbia (such Person, as the case may be, being herein called the “Successor Company”); provided that,
if the Successor Company is a limited liability company or partnership, then such Successor Company shall have a co-issuer that
is a corporation organized or existing under the laws of Canada, any province or territory thereof, the United States, any state
thereof or the District of Columbia;

 

(2) the
Successor Company, if other than the Issuer, expressly assumes all the obligations of the Issuer under this Indenture and the Notes
pursuant to supplemental indentures in form reasonably satisfactory to the Trustee;

 

(3) immediately
after such transaction no Default or Event of Default exists;

 

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(4) immediately
after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable Test
Period, (A) the Successor Company would be permitted to incur at least US$1.00 of additional Indebtedness pursuant to the Total
Net Leverage Ratio test set forth in the first paragraph of Section 1011 or (B) the Total Net Leverage Ratio for the Successor
Company and the Restricted Subsidiaries would be equal to or less than such Total Net Leverage Ratio for the Issuer and the Restricted
Subsidiaries immediately prior to such transaction;

 

(5) each
Guarantor, unless it is the other party to the transactions described above, in which case clause (2) of the second to last paragraph
of this Section 801 shall apply, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s
obligations under this Indenture and the Notes; and

 

(6) the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
amalgamation, merger, winding up, sale, assignment, transfer, lease, conveyance or other disposition and such supplemental indentures,
if any, comply with this Indenture.

 

For purposes of this Section 801, any Indebtedness
of the Successor Company which was not Indebtedness of the Issuer immediately prior to the transaction shall be deemed to have
been incurred in connection with such transaction.

 

The Successor Company will succeed to, and
be substituted for, the Issuer under this Indenture (and all references to the Issuer will be deemed references to the Successor
Company, unless the context otherwise requires) and the Notes and the Issuer will automatically be released and discharged from
its obligations under this Indenture and the Notes. 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 Restricted Subsidiaries, the Equity Interests of which constitute 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.

 

Section
802. Guarantors and Co-Issuers May Consolidate, Etc., Only on Certain Terms.

 

Subject to Section 1208 hereof, no Guarantor
nor the Co-Issuer will, and the Issuer will not permit any Guarantor or the Co-Issuer to, consolidate, amalgamate or merge with
or into or wind up into (whether or not such Guarantor or the Co-Issuer is the surviving Person), or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any
Person unless:

 

(A) (1)
(x) such Guarantor or the Co-Issuer, as applicable, is the surviving, resulting or continuing Person or (y) the Person formed by,
continuing or resulting from or surviving any such consolidation, amalgamation, merger or winding up (if other than such Guarantor
or the Co-Issuer, as applicable) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have
been made is a corporation, limited liability company or partnership organized or existing under the laws of Canada, any province
or territory thereof (except that in the case of the Co-Issuer, such surviving Person shall be organized or existing under the
laws of the United States, any state thereof, the District of Columbia, or any territory thereof) (such Guarantor or the Co-Issuer
or such Person, as the case may be, being herein called the “Successor Person”) (provided that, in the
case of clause (y), if the Guarantor or Co-Issuer, as applicable, that is not the Successor Person of such transaction (a “Non-Successor
Person”) had, immediately prior to such transaction, been formed, organized or existing under the laws of a jurisdiction
other than those referenced immediately above and/or existed in or was organized as a legal entity other than a corporation, limited
liability company or partnership, then the Successor Person of such transaction may be formed, organized or existing under the
laws of the same jurisdiction as such Non-Successor Person had then been and may be of the same corporate or other organizational
type as such Non-Successor Person had then been);

 

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(2) the
Successor Person, if other than such Guarantor or the Co-Issuer, as applicable, expressly assumes all the obligations of such Guarantor
or the Co-Issuer, as applicable, under this Indenture and, in the case of a Guarantor, such Guarantor’s Guarantee, pursuant
to supplemental indentures in form reasonably satisfactory to the Trustee;

 

(3) immediately
after such transaction no Default or Event of Default exists; and

 

(4) the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, winding up, sale, assignment, transfer, lease, conveyance or other disposition and such supplemental indentures, if any,
comply with this Indenture; or

 

(B) in
the case of a Guarantor, the transaction is made in compliance with Section 1018.

 

Subject to Section 1208 hereof, the Successor
Person will succeed to, and be substituted for, such Guarantor or the Co-Issuer, as applicable, under this Indenture and such Guarantor’s
Guarantee (and references to such Guarantor or the Co-Issuer, as applicable, will be deemed references to the Successor Person,
unless the context requires otherwise), as applicable, and such Guarantor will automatically be released and discharged from its
obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding the foregoing, any Guarantor may merge into,
amalgamate or consolidate with, wind up into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its
properties and assets to another Guarantor or the Issuer.

 

Notwithstanding anything to the contrary in
this Indenture:

 

(a) any
Restricted Subsidiary may consolidate, amalgamate with, merge into or transfer all or part of its properties and assets to the
Issuer or any Guarantor;

 

(b) the
Issuer, the Co-Issuer or any Guarantor may merge or amalgamate with an Affiliate of the Issuer solely for the purpose of reincorporating
the Issuer, the Co-Issuer or such Guarantor in another jurisdiction of the United States or Canada so long as the amount of Indebtedness
of the Issuer and the Restricted Subsidiaries is not increased thereby; and

 

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(c) The
Issuer and any of its direct or indirect parent companies, if any, may combine (whether by consolidation, amalgamation, merger
or otherwise) if the beneficial owners of the Issuer’s Voting Stock and the resulting or continuing entity’s Voting
Stock are the persons set forth in clauses (i), (ii), (iii), (x) (as it relates to clause (i), (ii) or (iii)), or (xi) of the definition
of “Permitted Holders” and the aggregate principal amount of Indebtedness of the resulting or continuing entity is
no greater than that of the Issuer immediately prior thereto or is permitted to be incurred under Section 1011.

 

Section
803. Successor Substituted. Upon any consolidation, amalgamation, merger or winding up, or any sale, assignment,
transfer, lease, conveyance or disposition of all or substantially all of the assets or properties of the Issuer, Co-Issuer or
any Guarantor in accordance with Sections 801 and 802 hereof, the successor Person formed by such consolidation or into which
the Issuer, Co-Issuer or such Guarantor, as the case may be, is merged or would up into or the successor Person to which such
sale, assignment, transfer, lease, conveyance or disposition is made, shall succeed to, and be substituted for, and may exercise
every right and power of, the Issuer, Co-Issuer or such Guarantor, as the case may be, under this Indenture or the Guarantees,
as the case may be, with the same effect as if such successor Person had been named as the Issuer, Co-Issuer or such Guarantor,
as the case may be, herein or the Guarantees, as the case may be. When a successor Person assumes all obligations of its predecessor
hereunder, the Notes or the Guarantees, as the case may be, such predecessor shall be released from all obligations; provided
that in the event of a lease, the predecessor shall not be released from the payment of principal and interest or other obligations
on the Notes or the Guarantees, as the case may be.

 

Article
Nine

SUPPLEMENTAL INDENTURES

 

Section
901. Amendments or Supplements Without Consent of Holders. Without the consent of any Holders, the Co-Issuers, any
Guarantor (with respect to a Guarantee or this Indenture to which it is a party), and the Trustee, at any time and from time to
time, may amend or supplement this Indenture, any Guarantee or the Notes for any of the following purposes:

 

(1) to
cure any ambiguity, omission, mistake, defect or inconsistency;

 

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

 

(3) to
comply with Article Eight hereof;

 

(4) to
provide the assumption of the Co-Issuers’ or any Guarantor’s obligations to Holders;

 

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(5) to
make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal
rights under this Indenture of any such Holder;

 

(6) to
add or modify covenants for the benefit of the Holders or to surrender any right or power conferred in this Indenture, any Guarantee
or the Notes upon the Issuer, the Co-Issuer or any Guarantor;

 

(7) [reserved];

 

(8) to
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee or a successor Paying Agent
thereunder pursuant to the requirements of Sections 609 and 610 hereof;

 

(9) to
add a Guarantor or obligor of the Notes under this Indenture;

 

(10) to
conform the text of this Indenture, Guarantees or the Notes to any provision of the “Description of notes” section
of the Offering Memorandum to the extent that such provision in the “Description of notes” was intended to be a verbatim
recitation of a provision of this Indenture, the Guarantees or the Notes;

 

(11) to
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes; provided, however,
that (A) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities
Act or any applicable securities law and (B) such amendment does not materially and adversely affect the rights of Holders to transfer
Notes;

 

(12) to
provide for the issuance of Additional Notes in accordance with the terms of this Indenture;

 

(13) to
secure the Notes and/or the related Guarantees; or

 

(14) to
release any Guarantor from its Guarantee pursuant to this Indenture when permitted or required by this Indenture and to release
and discharge any Lien securing the Notes when permitted or required by this Indenture.

 

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Section
902. Amendments, Supplements or Waivers with Consent of Holders. With the consent of the Holders of at least a majority
in principal amount of the Outstanding Notes (including consents obtained in connection with the purchase of, or tender offer
or exchange offer for, the Notes), by Act of said Holders delivered to the Issuer and the Trustee, the Co-Issuers, any Guarantor
(with respect to any Guarantee or this Indenture to which it is a party), and the Trustee may amend or supplement this Indenture,
any Guarantee or the Notes for the purpose of adding any provisions hereto or thereto, changing in any manner or eliminating any
of the provisions or of modifying in any manner the rights of the Holders hereunder or thereunder (including consents obtained
in connection with a purchase of, or tender offer or exchange offer for, the Notes) and any existing Default, Event of Default
or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of at least a majority
in principal amount of the Outstanding Notes, other than Notes beneficially owned by the Issuer or its Affiliates (including consents
obtained in connection with a purchase of or tender offer or exchange offer for Notes); provided, however, without
the consent of each Holder affected, an amendment, supplement or waiver may not, with respect to any Notes issued under this Indenture
and held by a non-consenting Holder:

 

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

 

(2) reduce
the principal of or change the Maturity of any such Note or alter or waive the provisions with respect to the redemption of the
Notes (other than Sections 1017 and 1018);

 

(3) reduce
the rate of or change the time for payment of interest on any Note;

 

(4) waive
a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes issued under this Indenture,
except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes
and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision contained in
this Indenture or any guarantee which cannot be amended or modified without the consent of all Holders;

 

(5) make
any Note payable in money other than that stated in the Notes;

 

(6) make
any change in Section 513 or the rights of Holders to receive payments of principal of or premium, if any, or interest on the Notes;

 

(7) make
any change in these amendment and waiver provisions;

 

(8) release
the Issuer or any Guarantor that is a Significant Subsidiary from any of its obligations under its Guarantee or this Indenture,
except as permitted by this Indenture;

 

(9) modify
or change any provision of this Indenture or the related definitions to affect the ranking of the Notes or any Guarantee in a manner
that adversely affects the Holders; or

 

(10) amend
the contractual right expressly set forth in this Indenture or the Notes of any Holder to receive payment of principal of, or interest
on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with
respect to such Holder’s Notes.

 

The consent of the Holders is not necessary
under this Indenture or the Notes to approve the particular form of any proposed amendment. It is sufficient if such consent approves
the substance of the proposed amendment.

 

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Section
903. Execution of Amendments, Supplements or Waivers. In executing, or accepting the additional trusts created by,
any amendment, supplement or waiver permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be provided with, and shall be fully protected in relying upon, an Officer’s Certificate and (other than
in the case of an amendment or supplement for the purpose of adding a Guarantor or a obligor under this Indenture in accordance
with Section 901(9)) Opinion of Counsel stating that the execution of such amendment, supplement or waiver is authorized or permitted
by this Indenture. Guarantors may, but shall not be required to, execute supplemental indentures that do not modify such Guarantor’s
Guarantee. The Trustee may, but shall not be obligated to, enter into any such amendment, supplement or waiver which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise. The Trustee shall have no responsibility or
liability with respect to any matters that would have been covered by the Opinions of Counsel that are not permitted by this Section.

 

Section
904. Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to
it by a Holder of a Note is a continuing consent by the Holder of a Note 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 of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives
written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or
waiver becomes effective in accordance with its terms (or if silent as to effectiveness, on the date on which the Trustee receives
an Officer’s Certificate certifying that the Holders of the requisite principal amount of Notes have consented (and not
theretofore revoked such consent) to such amendment, supplement or waiver) and thereafter binds every Holder.

 

The Co-Issuers 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. If
a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their
duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke
any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall
be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders has been
obtained.

 

Section
905. [Reserved].

 

Section
906. Notation on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement
or waiver on any Note thereafter authenticated. The Co-Issuers in exchange for all Notes may issue and the Trustee shall, upon
receipt of a Company Order (an “Authentication Order”), authenticate new Notes that reflect the amendment,
supplement or waiver.

 

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
907. Notice of Supplemental Indentures. Promptly after the execution by the Co-Issuers, any Guarantor and the Trustee
of any supplemental indenture pursuant to the provisions of Section 902, the Issuer shall give notice thereof to the Holders of
each Outstanding Note affected, in the manner provided for in Section 107, setting forth in general terms the substance of such
supplemental indenture; provided that failure to give such notice shall not impair the validity of such supplemental indenture.

 

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Article
Ten

COVENANTS

 

Section
1001. Payment of Principal, Premium, if any, and Interest. The Co-Issuers covenant and agree for the benefit of
the Holders that they will duly and punctually pay the principal of (and premium, if any) and interest and Additional Amount,
if any, on the Notes in accordance with the terms of the Notes and this Indenture.

 

The Co-Issuers shall pay interest on overdue
principal at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest, Additional
Amounts, if any, at the same rate to the extent lawful.

 

Section
1002. Maintenance of Office or Agency. The Co-Issuers will maintain in The City of New York, an office or agency
where Notes may be presented for registration of transfer or for exchange, where Notes may be presented for payment and where
notices and demands to or upon the Co-Issuers in respect of the Notes and this Indenture may be served. The designated office
of the Trustee shall be such office or agency of the Co-Issuers, unless the Issuer shall designate and maintain some other office
or agency for one or more of such purposes. The Issuer will give prompt written notice to the Trustee of any change in the location
of any such office or agency. If at any time the Co-Issuers 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 Corporate Trust Office of the Trustee, and the Co-Issuers hereby appoint the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.

 

The Issuer may also from time to time designate
one or more other offices or agencies (in or outside of The City of New York) where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind any such designation; provided, however, that no such
designation or rescission shall in any manner relieve the Co-Issuers of their obligation to maintain an office or agency in The
City of New York for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission
and any change in the location of any such other office or agency.

 

Section
1003. Money for Notes Payments to Be Held in Trust. If the Co-Issuers shall at any time act as their own Paying
Agent, they will, on or before each due date of the principal of (or premium, if any) or interest on any of the Notes, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal of (or premium, if any)
or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.

 

Whenever the Co-Issuers shall have one or
more Paying Agents for the Notes, they will, on or before each due date of the principal of (or premium, if any) or interest on
any Notes, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due,
such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying
Agent is the Trustee) the Issuer will promptly notify the Trustee of such action or any failure so to act.

 

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The Co-Issuers will cause each Paying Agent
(other than the Trustee) to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee,
subject to the provisions of this Section 1003, that such Paying Agent will:

 

(1) hold
all sums held by it for the payment of the principal of (and premium, if any) or interest on Notes in trust for the benefit of
the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

 

(2) give
the Trustee notice of any Default by the Co-Issuers (or any other obligor upon the Notes) in the making of any payment of principal
(and premium, if any) or interest; and

 

(3) at
any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

The Co-Issuers may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

Any money deposited with the Trustee or any
Paying Agent, or then held by the Issuer, in trust for the payment of the principal of (or premium, if any) or interest on any
Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to
the Issuer on Company Request, or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note
shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Issuer as Trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, shall
at the expense of the Issuer cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the Issuer.

 

Section
1004. Existence. Except as permitted by Article Eight, Section 1018 and Section 1208, the Issuer will do or cause
to be done all things necessary to preserve and keep in full force and effect its existence and that of each Co-Issuer and Guarantor
and the rights (based on organization documents and statute) and franchises of each Co-Issuer and Guarantor; provided,
however, that the Issuer shall not be required to preserve any such existence, right or franchise if the Issuer shall determine
in its judgment that the preservation thereof is no longer desirable in the conduct of the business of the Issuer and its Subsidiaries
taken as a whole. For the avoidance of doubt, subject to compliance with Article Eight, the Co-Issuers and the Guarantors will
be permitted to change their organizational form.

 

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Section
1005. Payment of Taxes and Other Claims. The Issuer will pay or discharge or cause to be paid or discharged, before
the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the Issuer or any
Restricted Subsidiary or upon the income, profits or property of the Issuer or any Restricted Subsidiary and (2) all lawful claims
for labor, materials and supplies, which, if unpaid, might by law become a lien upon the property of the Issuer or any Restricted
Subsidiary; provided, however, that the Issuer shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount, applicability or validity (x) is being contested in good faith
by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment of management of the Issuer)
are being maintained in accordance with GAAP or (y) would not reasonably be expected to cause a material adverse effect on the
results of operations or financial condition of the Issuer and its Subsidiaries taken as a whole.

 

Section
1006. [Reserved].

 

Section
1007. Maintenance of Insurance.

 

(a) Generally.
The Issuer will, and will cause each of the Restricted Subsidiaries to, at all times maintain in full force and effect, with insurance
companies that the Issuer believes (in the good faith judgment of the management of the Issuer) are financially sound and responsible
at the time the relevant coverage is placed or renewed, insurance in at least such amounts and against at least such risks (and
with such risk retentions) as are usually insured against in the same general area by companies engaged in the same or a similar
business.

 

(b) Covered
Satellites. The Issuer will, and the Issuer will cause each of its Restricted Subsidiaries to, obtain, maintain and keep in
full force and effect at all times (i) with respect to each Satellite procured by the Issuer or any of its Restricted Subsidiaries
for which the risk of loss passes to the Issuer or such Restricted Subsidiary at or before launch, and for which launch insurance
or commitments with respect thereto are not in place as of the Issue Date, launch insurance with respect to each such Satellite
covering the launch of such Satellite and a period of time thereafter and with such industry standard terms (including exclusions,
limitations on coverage, co-insurance and deductibles) as are generally available on commercially reasonable terms, (ii) with respect
to each Satellite it currently owns or for which it has risk of loss (or, if the entire Satellite is not owned, the portion it
owns or for which it has risk of loss), other than any Excluded Satellite, In-Orbit Insurance and (iii) at all times subsequent
to the coverage period of the launch insurance described in clause (i) above, if any, or if launch insurance is not procured, at
all times subsequent to the initial completion of in-orbit testing, in each case with respect to each Satellite it then owns or
for which it has risk of loss (or portion, as applicable), other than any Excluded Satellite, In-Orbit Insurance; provided,
however, that at any time with respect to a Satellite that is not an Excluded Satellite, none of the Issuer or any of its
Subsidiaries shall be required to maintain In-Orbit Insurance in excess of 33% of the aggregate net book value of any individual
and 50% of the aggregate net book value of all in-orbit Satellites (and portions it owns or for which it has risk of loss) insured
(it being understood that any Satellite (or portion, as applicable) protected by In-Orbit Contingency Protection shall be deemed
to be insured for a percentage of its net book value as set forth in the definition of “In-Orbit Contingency Protection”).
In the event that the expiration and non-renewal of In-Orbit Insurance for such a Satellite (or portion, as applicable) resulting
from a claim of loss under such policy causes a failure to comply with the proviso in the immediately preceding sentence, the Issuer
and its Restricted Subsidiaries shall be deemed to be in compliance with such proviso for the 120 days immediately following such
expiration or nonrenewal; provided that the Issuer or any of its Restricted Subsidiaries, as the case may be, procures such
In-Orbit Insurance or provides such In-Orbit Contingency Protection as necessary to comply with such proviso within such 120-day
period. In the event of the unavailability of any In-Orbit Contingency Protection for any reason, the Issuer or any of its Restricted
Subsidiaries, as the case may be, shall, subject to the first proviso above, within 120 days of such unavailability, be required
to have in effect In-Orbit Insurance complying with clause (ii) or (iii) above, as applicable, with respect to all Satellites (or
portions, as applicable), other than Excluded Satellites that the unavailable In-Orbit Contingency Protection was intended to protect
and for so long as such In-Orbit Contingency Protection is unavailable; provided that the Issuer and its Restricted Subsidiaries
shall be considered in compliance with this Section 1007 for the 120 days immediately following such unavailability.

 

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(c) Procurement
of Insurance by Trustee. Without limiting the obligations of the Issuer or any Restricted Subsidiary hereunder, in the event
the Issuer or any Restricted Subsidiary shall fail to maintain in full force and effect insurance as required by this Section 1007
and an Event of Default arises therefrom, then the Trustee, acting pursuant to instructions of Holders holding not less than 25%
of the aggregate principal amount of Notes, upon receipt of adequate security or indemnity from such Holders, may, but shall have
no obligation to, or Holders holding not less than 25% of the aggregate principal amount of Notes may themselves, in either case
upon reasonable prior notice to the Issuer of an intention to do so, procure insurance covering the interests of the Holders in
such amounts and against such risks as are required hereby, and the Issuer shall reimburse the Holders or the Trustee in respect
of any premiums or other fees or expenses paid by the Holders or Trustee in respect thereof.

 

(d) In
the event that the Issuer or its Restricted Subsidiaries receive net cash proceeds in excess of US $10,000,000 from any Satellite
insurance covering any Satellite owned by the Issuer or any of its Restricted Subsidiaries, or in the event that the Issuer or
any of its Restricted Subsidiaries receives net cash proceeds in excess of US$10,000,000 from any insurance maintained for it by
a Satellite Manufacturer or any Launch Services Provider covering any of such Satellites (the event resulting in the payment of
such proceeds, an “Event of Loss”), all Event of Loss Proceeds in respect of such Event of Loss shall be applied
in the manner provided for in the second paragraph under Section 1018.

 

(e) The
Issuer will, and will cause each of the Restricted Subsidiaries to, notify the Trustee promptly whenever any separate insurance
concurrent in form or contributing in the Event of Loss with that required to be maintained under this Section 1007 is taken out
by the Issuer or any of the Restricted Subsidiaries; and promptly deliver to the Trustee a duplicate original copy of such policy
or policies, or an insurance certificate with respect thereto.

 

(f) Notwithstanding
anything herein, the Trustee shall have no obligation to monitor whether the Issuer or any Restricted Subsidiary is maintaining
the insurance required under this Indenture and the Trustee makes no representations or warranties and will not provide any advice
as to whether any insurance is adequate for purposes of the business of the Issuer and its Subsidiaries or the protection of the
Holders’ interests.

 

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(g) In
connection with the covenants set forth in this Section 1007, it is understood and agreed that

 

(1) neither
the Trustee nor any Holder nor any of their respective agents or employees shall be liable for any loss or damage insured by the
insurance policies required to be maintained under this Section 1007, it being understood that (A) the Issuer and its Restricted
Subsidiaries shall look solely to their insurance companies or any other parties other than the aforesaid parties for the recovery
of such loss or damage and (B) such insurance companies shall have no rights of subrogation against the Trustee or any Holder
or any of their respective agents or employees (it being understood and agreed that the Issuer shall only be required to use commercially
reasonable efforts to seek such waiver of subrogation rights against such parties, but in no event shall such efforts require the
making of payments or material concessions in exchange for such consent). If, however, the insurance policies do not provide waiver
of subrogation rights against such parties, then the Issuer hereby agrees, to the extent permitted by law, to waive, and to cause
its Subsidiaries to waive, its right of recovery, if any, against the Trustee, the Holders and their respective agents and employees;

 

(2) the
designation of any form, type or amount of insurance coverage under this Section 1007 shall in no event be deemed a representation,
warranty or advice by the Trustee or the Holders that such insurance is adequate for the purposes of the business of the Issuer
and its Subsidiaries or the protection of their properties; and

 

(3) all
references to book value set forth herein shall be measured with respect to the entity which owns or leases the applicable Satellite,
provided that if the entity leases the applicable Satellite from an Affiliate then such references shall be measured with
respect to the book value of such Affiliate.

 

Section
1008. Statement by Officers as to Default.

 

When any Default or Event of Default has occurred
and is continuing under this Indenture, the Issuer shall deliver to the Trustee by registered or certified mail, email in PDF format
or facsimile transmission a statement specifying such Default of Event or Default within twenty Business Days of becoming aware
of its occurrence.

 

Section
1009. Reports and Other Information.

 

Whether or not required by the rules and regulations
of the SEC, so long as any Notes are outstanding, the Issuer shall furnish:

 

(a) (1)
within 90 days of the end of each fiscal year, annual audited financial statements for such fiscal year and (2) within 45 days
of the end of each of the first three fiscal quarters of every fiscal year, unaudited financial statements for the interim period
as of, and for the period ending on, the end of such fiscal quarter, in each case, including “Business,” “Legal
Proceedings,” “Defaults Upon Senior Securities,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” “Accounting Standards” and “Related Party Transactions” disclosures
with respect to the periods presented to the extent such disclosures would be required in a Form 20-F or 40-F for such period and,
with respect to the annual information only, a report on the annual financial statements by the Issuer’s certified independent
accountants (all of the foregoing financial information to be prepared on a basis substantially consistent with (i), and subject
to exceptions substantially consistent with, the corresponding financial information included in the Offering Memorandum or (ii)
the then applicable SEC requirements); and

 

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(b) promptly
from time to time after the occurrence of an event required to be therein reported, such other reports (in each case, without exhibits)
containing substantially the same information required to be contained in a Current Report on Form 8-K under the Exchange Act (other
than Items 1.04 (Mine safety — reporting of shutdowns and patterns of violations), 3.01 (Notice of delisting or failure to
satisfy a continued listing rule or standard; transfer of listing), 3.02 (Unregistered sales of equity securities), 3.03 (material
modifications to rights of security holders) (other than as relates to debt securities), 5.03(a) (Amendments to Articles of Incorporation
or Bylaws), 5.04 (Temporary suspension of trading under registrant’s employee benefit plans), 5.05 (Amendments to the Registrant’s
Code of Ethics, or Waiver of a Provision of the Code of Ethics), 5.06 (Change in shell company status), 5.07 (Submission of matters
to a vote of security holders), 5.08 (Shareholder director nominations), all items in Section 6 thereof and 8.01 (Other events));
provided, however, that no such report shall be required to be furnished if the Issuer determines in its good faith
judgment that such event is not material to the Holders or the business, assets, operations, financial positions or prospects of
the Issuer and its Restricted Subsidiaries; provided, however, that in no event shall such reports be required to
comply with Regulation G under the Exchange Act or Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-GAAP
(non-IFRS) financial measures contained therein.

 

For any quarterly or annual period during
which (a) any of the Issuer’s Subsidiaries are Unrestricted Subsidiaries and (b) any of the revenues, assets and liabilities
of the Unrestricted Subsidiaries, in the aggregate, exceed 5% of the total revenues, Total Assets, or total liabilities, respectively,
of the Issuer on a consolidated basis, then the quarterly and annual financial information required by the preceding paragraph
will include a reasonably detailed presentation, on the face of the financial statements, in the footnotes thereto or in “Management’s
Discussion and Analysis of Financial Condition and Results of the Operations” or other comparable section, of the financial
condition and results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results
of operations of the Unrestricted Subsidiaries of the Issuer.

 

The Issuer will (1) distribute such reports
and information electronically to the Trustee and (2) make available, or arrange with the Trustee for the Trustee to make available,
such reports and information to any Holder, any bona fide prospective purchaser of the Notes (a “Prospective Purchaser”),
any bona fide security analyst or any bona fide market maker by posting such reports and information on Intralinks or any comparable
password protected online data system or on a public website; provided that the Issuer shall only be required to make readily
available any password or other login information to any such Holder, Prospective Purchaser, security analyst or market maker.

 

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Notwithstanding the foregoing, (i) none of
the reports, financial statements or other materials furnished pursuant to clauses (a) and (b) of the first paragraph of this Section
1009 shall be required to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308
of Regulation S-K promulgated by the SEC and (ii) the Issuer will be deemed to have furnished such reports referred to above if
it or any parent company that has provided a full and unconditional guarantee of the Notes has filed such reports with either the
SEC via the EDGAR filing system or the System for Electronic Document Analysis and Retrieval (SEDAR) in Canada or any successor
systems thereto and such reports are publicly available via the EDGAR filing system or SEDAR or any successor systems thereto.

 

So long as any Notes are outstanding, the
Issuer will also: (1) as promptly as reasonably practicable after furnishing to the Trustee the annual and quarterly reports required
by clause (a) of the first paragraph of this Section 1009 or such earlier time after the completion of such reporting period, hold
a conference call to discuss the results of operations for the relevant reporting period; and (2) issue a press release to the
appropriate nationally recognized wire services prior to the date of the conference call required to be held in accordance with
clause (1) of this paragraph, announcing the time and date of such conference call and either including all information necessary
to access the call or informing Holders, Prospective Purchasers, market makers and securities analysts how they can obtain such
information.

 

In addition, to the extent not satisfied by
the foregoing, the Issuer shall, for so long as any Notes are outstanding, furnish to prospective investors, upon their request,
any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely
transferable under the Securities Act.

 

Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual
or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s
compliance with any of the covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on Officer’s
Certificates).

 

Notwithstanding the requirements to furnish
reports, financial statements and other materials pursuant to clauses (a) and (b) of the first paragraph of this Section 1009,
in the event that the Issuer, or any parent or successor thereto, is a “reporting issuer” (or its equivalent) in any
province of Canada, (i) all reports, financial statements and other materials required to be furnished to the Trustee and Holders
will be deemed to have been provided to the Trustee and the Holders in satisfaction of the requirements above if the Issuer, or
any parent or successor thereto has filed all documents required to be filed pursuant to National Investment 51-102 — Continuous
Disclosure Obligations on the System for Electronic Document Analysis and Retrieval (“SEDAR”) or any successor
system thereto; provided, that the Trustee shall not be required to monitor whether such documents are so posted and shall
not be required to retrieve such documents, and (ii) if the Issuer holds a quarterly conference call for its equity holders within
fifteen Business Days of filing a financial report on SEDAR or any successor system thereto, the Issuer will no longer be required
to hold a separate conference call in respect of such financial report for the Holders as described in the fifth paragraph of this
Section 1009.

 

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Section
1010. Limitation on Restricted Payments.

 

The Issuer will not, and will not permit any
Restricted Subsidiary to, directly or indirectly:

 

(a) declare
or pay any dividend or make any distribution on account of the Issuer’s or any Restricted Subsidiary’s Equity Interests,
including any dividend or distribution payable on account of the Issuer’s or any Restricted Subsidiary’s Equity Interests
in connection with any merger or consolidation other than:

 

(1) dividends
or distributions by the Issuer payable in Equity Interests (other than Disqualified Stock) of the Issuer or in options, warrants
or other rights to purchase such Equity Interests, or

 

(2) dividends
or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of
any class or series of securities issued by a Subsidiary other than a Wholly-Owned Subsidiary, the Issuer or a Restricted Subsidiary
receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or
series of securities;

 

(b) purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or indirect parent of
the Issuer, including any dividend or distribution payable in connection with any merger, amalgamation or consolidation;

 

(c) make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value in each case, prior to any scheduled
repayment, sinking fund payment or maturity, any Subordinated Indebtedness, other than the purchase, repurchase or other acquisition
of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final
maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or

 

(d) make
any Restricted Investment

 

(all such payments and other actions set forth in clauses (a)
through (d) above being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted
Payment:

 

(1) no
Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

 

(2) the
Issuer can incur at least US$1.00 of additional Indebtedness pursuant to the provisions of the first paragraph of Section 1011;
and

 

(3) such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
after the Issue Date (including Restricted Payments permitted by clauses (1), (5) and (17) of the next succeeding paragraph, but
excluding all other Restricted Payments permitted by the next succeeding paragraph), is less than the Applicable Amount.

 

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The foregoing provisions will not prohibit:

 

(1) the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
thereof or the giving of such irrevocable notice, as applicable, if, at the date of declaration or the giving of such notice, such
payment would have complied with the provisions of this Indenture (assuming, in the case of a redemption payment, the giving of
the notice of such redemption payment would have been deemed to be a Restricted Payment at such time);

 

(2) the
redemption, repurchase, retirement, defeasance or other acquisition of any Equity Interests (“Retired Capital Stock”)
or Subordinated Indebtedness of the Issuer, in exchange for, or out of the proceeds of the substantially concurrent sale (other
than to a Restricted Subsidiary) of, Equity Interests of the Issuer (in each case, other than any Disqualified Stock) (“Refunding
Capital Stock”);

 

(3) the
redemption, repurchase, defeasance, exchange or other acquisition or retirement of Subordinated Indebtedness of the Issuer or any
Restricted Subsidiary made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of
the Issuer or any Restricted Subsidiary which is incurred in compliance with Section 1011 so long as:

 

(A) the
principal amount (or accreted value, in the case of Indebtedness issued at a discount) of such new Indebtedness does not exceed
the principal amount (or accreted value, if applicable) of the Subordinated Indebtedness being so redeemed, repurchased, acquired,
defeased, exchanged or retired, plus the amount of any reasonable fees, expenses and premium incurred or paid in connection with
such redemption, repurchase, acquisition, defeasance, exchange or retirement and the incurrence of such new Indebtedness;

 

(B) such
new Indebtedness is subordinated to the Notes at least to the same extent as such Subordinated Indebtedness so redeemed, repurchased,
defeased, exchanged, acquired or retired; provided that this subclause (B) need not be satisfied if (i) such new Indebtedness
can be incurred pursuant to the first paragraph of Section 1011 or (ii) the amount of such new Indebtedness shall not exceed the
Applicable Amount (it being understood that if amounts available under the Applicable Amount are used to redeem, repurchase, defease,
exchange, acquire or retire such Subordinated Indebtedness, then the Applicable Amount shall be reduced by such amounts);

 

(C) such
new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated
Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired or retired;

 

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(D) such
new Indebtedness has a Weighted Average Life to Maturity at the time incurred which is not less than the shorter of (i) the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired
or retired and (ii) the Weighted Average Life to Maturity that would result if all payments of principal on the Indebtedness being
so redeemed, repurchased, defeased, acquired or retired that were due on or after the date one year following the maturity date
of any Notes then outstanding were instead due on such date one year following the maturity date of such Notes; and

 

(E) the
obligor of such Indebtedness does not include any Person (other than the Co-Issuers or any Guarantor) that is not an obligor of
the Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired or retired;

 

(4) a
Restricted Payment to pay for the repurchase, redemption, retirement, defeasance or other acquisition of Equity Interests of the
Issuer or any of its direct or indirect parent companies held by any future, present or former employee, director, officer or consultant
of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any management equity plan
or stock option plan or any other management or employee benefit plan or agreement; provided, however, that the aggregate
Restricted Payments made under this clause (4) do not exceed in any calendar year US$15,000,000 (which shall increase to US$30,000,000
subsequent to the consummation of a Qualified IPO) with unused amounts in any calendar year in an amount not to exceed US$30,000,000
(which shall increase to US$60,000,000 subsequent to the consummation of a Qualified IPO) being carried over to the succeeding
calendar years; provided, further that such amount in any calendar year may be increased by an amount not to exceed:

 

(A) the
cash proceeds from the sale of Equity Interests of the Issuer and, to the extent contributed to the Issuer, Equity Interests of
any of the Issuer’s direct or indirect parent companies, in each case to members of management, directors or consultants
of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies that occurs or occurred after the Issue
Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of
Restricted Payments by virtue of clause (B)(3) of the definition of the term “Applicable Amount”; plus

 

(B) the
cash proceeds of key man life insurance policies received by the Issuer (or any direct or indirect parent company of the Issuer
to the extent contributed to the Issuer) and its Restricted Subsidiaries after the Issue Date; less

 

(C) the
amount of any Restricted Payments previously made since the Issue Date pursuant to clauses (A) and (B) of this clause (4);

 

and provided, further that cancellation
of Indebtedness owing to the Issuer, Co-Issuer or any Guarantor from members of management of the Issuer, any of its direct or
indirect parent companies or any Restricted Subsidiary in connection with a repurchase of Equity Interests of the Issuer or any
of its direct or indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of this Section 1010
or any other provision of this Indenture;

 

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(5) the
declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or
any other Restricted Subsidiary issued in accordance with Section 1011 to the extent such dividends are included in the definition
of Cumulative Interest Expense;

 

(6) repurchases
of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of
the exercise price or taxes payable in respect of such options or warrants;

 

(7) Restricted
Payments that are made with Excluded Contributions;

 

(8) the
repurchase, redemption or other acquisition of Equity Interests deemed to occur in connection with paying cash in lieu of fractional
shares in connection with any dividend (including in connection with the exercise of warrants, options or other securities convertible
into or exchangeable for Equity Interests), share split, reverse share split or combination thereof or any acquisition or other
Investment and to honor any conversion request by a holder of convertible Indebtedness and make cash payments in lieu of fractional
shares in connection with any such conversion and may make payments on convertible Indebtedness in accordance with its terms;

 

(9) the
repurchase, redemption, defeasance, exchange or other acquisition or retirement for value of any Subordinated Indebtedness pursuant
to the provisions similar to those described under Sections 1017 and 1018; provided that all Notes tendered by Holders in
connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or otherwise acquired
for value;

 

(10) the
Issuer making and paying dividends:

 

(A) for
any taxable period ending after the Issue Date for which the Issuer is a member of a consolidated, combined, unitary or aggregate
income tax group (a “Tax Group”) of which a direct or indirect parent company of the Issuer is the common parent,
the proceeds of which shall be used to pay (or to make dividends to allow any parent entity of the Issuer to pay) any income Tax
liability of such Tax Group in respect of taxable income attributable to the Issuer and its Subsidiaries, but not in excess of
the Tax liability that the Issuer would incur if it filed tax returns as the parent of a Tax Group for itself and its Subsidiaries
(and net of any payment already made and to be made by the Issuer to a taxing authority to satisfy such Tax liability); provided
that a dividend attributable to any Taxes attributable to an Unrestricted Subsidiary shall be permitted only to the extent
such Unrestricted Subsidiary distributed cash to the Issuer or its Restricted Subsidiaries for such purpose,

 

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(B) the
proceeds of which shall be used to pay (or to make dividends to allow any parent entity of the Issuer to pay) its operating expenses
incurred in the ordinary course (including related to maintenance of organizational existence), general administrative costs and
other overhead costs and expenses (including customary salary, bonus and other benefits payable to present or former officers and
employees of any parent entity and administrative, legal, accounting, professional and similar fees and expenses provided by third
parties, including the Issuer’s proportionate share of such amount relating to such parent entity being a public company,
if applicable), plus any indemnification claims made by employees, managers, consultants, independent contractors, directors
or officers of any parent entity of the Issuer; and

 

(C) the
proceeds of which shall be used to pay (or to make dividends to allow any parent entity of the Issuer to pay) franchise, excise
and similar taxes and other fees, taxes and expenses, in each case, required to maintain its (or any of its parent entities’)
corporate or other legal existence;

 

(11) Restricted
Payments made to fund payments made in accordance with clause (7) or (12) of the second paragraph of Section 1013; and

 

(12) the
declaration and payment of dividends or distributions to, or repurchase or redemption of shares from, the equity holders of the
Issuer in an amount equal to the greater of (x) 6% per annum of the net proceeds received by the Issuer, as applicable, from any
Qualified IPO and (y) 5% per annum of Market Capitalization;

 

(13) the
prepayment, repurchase, redemption or other retirement or defeasance of the Mezzanine Securities at any time, so long as no Default
or Event of Default has occurred and is continuing;

 

(14) Investments
in Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made pursuant to
this clause (14) that are at that time outstanding, not to exceed the greater of US$500,000,000 and 11% of Total Assets at the
time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect
to subsequent changes in value); plus, to the extent such amounts are not otherwise applied to clause (B)(4) of the definition
of the term “Applicable Amount,” the amount of any returns (including dividends, payments, interest, distributions,
returns of principal, profits on sale, repayments, income and similar amounts) on or in respect of such Investments;

 

(15) the
distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted Subsidiary
by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents);

 

(16) any
Investment in respect of an Unrestricted Subsidiary Support Transaction;

 

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(17) other
Restricted Payments, so long as on a pro forma basis after giving effect to such Restricted Payment and the incurrence of any related
Indebtedness, the Total Net Leverage Ratio for the Test Period immediately preceding such date shall be less than or equal to 3.25
to 1.00;

 

(18) payments
by the Issuer or any Restricted Subsidiary in respect of withholding or similar taxes payable or expected to be payable by any
future, current or former employee, director, manager, consultant or independent contractor (or any of their respective immediate
family members) of the Issuer, any parent entity of the Issuer or any other Subsidiary in connection with the exercise or vesting
of Equity Interests or other equity awards or any repurchases, redemptions, acquisitions, retirements or withholdings of Equity
Interests in connection with any exercise of Equity Interests or other equity options or warrants or the vesting of Equity Interests
or other equity awards if such Equity Interests represent all or a portion of the exercise price of, or withholding obligation
with respect to, such options or, warrants or other Equity Interests or equity awards;

 

(19) the
payment, on or after the Issue Date, of one or more dividends to the shareholders and/or option holders of the Issuer in an aggregate
amount not to exceed US$10,000,000;

 

(20) the
repayment, redemption, repurchase, defeasance, exchange or other acquisition or retirement of Dividend Obligations (excluding the
payment of any interest (in the form of accretion, PIK, cash or otherwise), expenses or premium related thereto); and

 

(21) payment
of dividends by the Issuer on director voting preferred shares in an amount not to exceed US$50,000 per year.

 

For purposes of determining compliance with
this Section 1010, in the event that a proposed Restricted Payment or Investment (or a portion thereof) meets the criteria of more
than one of the categories of Restricted Payments described in the preceding clauses (1) through (21) above and/or one or more
of the clauses contained in the definition of “Permitted Investments,” or is entitled to be made pursuant to the first
paragraph of this covenant the Issuer shall be entitled to divide or classify (or later divide, classify or reclassify in whole
or in part in its sole discretion) such Restricted Payment or Investment (or portion thereof) among such clauses (1) through (21)
and such first paragraph and/or one or more of the clauses contained in the definition of “Permitted Investments,”
in a manner that otherwise complies with this Section 1010.

 

The Issuer will not permit any Unrestricted
Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes
of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted
Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in an amount
determined as set forth in the last sentence of the definition of “Investment.” Such designation will be permitted
only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to the this Section 1010 or the
definition of “Permitted Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
Unrestricted Subsidiaries will not be subject to any of the restrictive covenants set forth in this Indenture and will not guarantee
the Notes.

 

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Section
1011. Limitation on Incurrence of Indebtedness. The Issuer will not, and will not permit any Restricted Subsidiary
to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently
or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any
Indebtedness (including Acquired Indebtedness) and the Issuer will not permit any Restricted Subsidiary to issue any shares of
preferred stock; provided, however, that the Issuer and the Co-Issuer may incur Indebtedness (including Acquired
Indebtedness), any Restricted Subsidiary may incur Indebtedness and issue shares of preferred stock (including Acquired Indebtedness)
if as of the date any such Indebtedness is incurred or preferred stock is issued, on a pro forma basis after giving effect to
the incurrence and application of the proceeds of such Indebtedness, the Issuer’s Total Net Leverage Ratio for the Test
Period immediately preceding such date shall be less than or equal to 4.50 to 1.00; provided, further that the aggregate
principal amount (or liquidation preference) of Indebtedness incurred or preferred stock issued pursuant to the foregoing together
with any Refinancing Indebtedness in respect thereof incurred pursuant to clause (n) below and amounts under clauses (i) and (o)
of this Section 1011 (together with any Refinancing Indebtedness in respect thereof incurred pursuant to clause (n) below) by
Restricted Subsidiaries that are not Guarantors shall not exceed the greater of US$300,000,000 and 6.5% of Total Assets at any
time outstanding.

 

The foregoing limitations will not apply to
(“Permitted Debt”):

 

(a) the
incurrence of Indebtedness under Credit Facilities by the Issuer or any of the Restricted Subsidiaries and the issuance and creation
of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed
to have a principal amount equal to the face amount thereof), (x) up to the greater of (1) an aggregate principal amount of US$2,650,000,000
and (2) an aggregate principal amount of Secured Indebtedness (with all Indebtedness incurred under this clause (a) being deemed
Secured Indebtedness for purposes of making the determination hereunder) outstanding at any one time that does not cause the Senior
Secured Net Leverage Ratio to exceed 3.50 to 1.00, determined on a pro forma basis (including a pro forma application of the net
proceeds therefrom) and (y) without duplication, Indebtedness incurred to refund, refinance or replace any Indebtedness incurred
pursuant to clause (a)(x) plus accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance costs,
underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred in
connection with such refinancing;

 

(b) the
incurrence by the Co-Issuers and any Guarantor of Indebtedness represented by the Notes (including any Guarantee) (other than any
Additional Notes);

 

(c) Existing
Indebtedness (other than Indebtedness described in clauses (a) and (b));

 

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(d) Indebtedness
(including Finance Lease Obligations and Indebtedness related to Sale and Lease-Back Transactions) and preferred stock incurred
by the Issuer or any of its Restricted Subsidiaries, to finance the purchase, lease, construction or improvement (including, without
limitation, the cost of design, development, construction, acquisition, transportation, installation, improvement and migration)
of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of
assets or the Capital Stock of any Person owning such assets, in an aggregate principal amount which, when aggregated with the
principal amount of all other Indebtedness and preferred stock then outstanding and incurred pursuant to this clause (d) and including
all Refinancing Indebtedness incurred to refund, refinance or replace any other Indebtedness and preferred stock incurred pursuant
to this clause (d), does not exceed the greater of (x) US$150,000,000 and (y) 3.25% of Total Assets at the time of incurrence;

 

(e) Indebtedness
incurred by the Issuer or any Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit issued
in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, or other Indebtedness
with respect to reimbursement type obligations regarding workers’ compensation claims; provided, however, that
upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 days
following such drawing or incurrence;

 

(f) Indebtedness
arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or
similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets
or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring or disposing of all or any portion of such
business, assets or a Subsidiary for the purpose of financing such acquisition; provided, however, that

 

(1) such
Indebtedness is not to be reflected on the balance sheet of the Issuer or any Restricted Subsidiary prepared in accordance with
GAAP (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet
will not be deemed to be reflected on such balance sheet for purposes of this clause (f)(1)) and

 

(2) the
maximum assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds including noncash proceeds
(the Fair Market Value of such noncash proceeds being measured at the time received and without giving effect to any subsequent
changes in value) actually received by the Issuer and the Restricted Subsidiaries in connection with such disposition;

 

(g) Indebtedness
(including Indebtedness related to Sale and Lease-Back Transactions) or preferred stock of the Issuer to a Restricted Subsidiary;
provided that any such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor is subordinated in right of
payment to the Notes; provided, further that any subsequent issuance or transfer of any Capital Stock or any other
event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of
any such Indebtedness (except to the Issuer or another Restricted Subsidiary) shall be deemed in each case to be an incurrence
of such Indebtedness;

 

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(h) Indebtedness
(including Indebtedness related to Sale and Lease-Back Transactions) or preferred stock of a Restricted Subsidiary to the Issuer
or another Restricted Subsidiary; provided that

 

(1) any
such Indebtedness is made pursuant to an intercompany note and

 

(2) if
a Guarantor incurs such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor such Indebtedness is subordinated
in right of payment to the Guarantee of such Guarantor; provided, further that any subsequent transfer of any such
Indebtedness (except to the Issuer or another Restricted Subsidiary) shall be deemed in each case to be an incurrence of such Indebtedness;

 

(i) Indebtedness
or preferred stock of Restricted Subsidiaries that are not Guarantors, provided, however, that the aggregate principal
amount of Indebtedness or liquidation preference of preferred stock incurred under this clause (i), when aggregated with the principal
amount of all other Indebtedness then outstanding and incurred pursuant to this clause (i) and any refinancings in respect of any
of the foregoing (including any Refinancing Indebtedness incurred pursuant to clause (n) below), does not exceed the greater of
US$120,000,000 and 2.75% of Total Assets at the time of incurrence; provided, further that the aggregate principal
amount (or liquidation preference) of Indebtedness incurred or preferred stock issued pursuant to this clause (i) together with
such amounts incurred or issued by Restricted Subsidiaries that are not Guarantors pursuant to clause (o) below, the first paragraph
of this covenant and any Refinancing Indebtedness in respect of the foregoing incurred pursuant to clause (n) below) shall not
exceed the greater of US$300,000,000 and 6.5% of Total Assets at any one time outstanding;

 

(j) (x)
Swap Obligations entered into for bona fide (non-speculative) business purposes and (y) Indebtedness in respect of Cash Management
Obligations;

 

(k) obligations
in respect of performance, bid, appeal and surety bonds and completion guarantees provided by the Issuer or any Restricted Subsidiary
in the ordinary course of business, including guarantees or obligations of the Issuer or any Restricted Subsidiary with respect
to letters of credit supporting such performance, bid, appeal or surety obligations (in each case other than for an obligation
for money borrowed);

 

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(l) (a)
Indebtedness or preferred stock of the Co-Issuers or any Guarantor not otherwise permitted hereunder in an aggregate principal
amount or liquidation preference of 100% of the net cash proceeds received by the Issuer since immediately after the Issue Date
from the issue or sale of Equity Interests of the Issuer or cash contributed to the capital of the Issuer (in each case, other
than Excluded Contributions or sales of Equity Interests to the Issuer or any of its Subsidiaries) as determined in accordance
with clauses (B)(1) and (B)(2) of the definition of Applicable Amount to the extent such net cash proceeds or cash have not been
applied pursuant to such clauses to make Restricted Payments or to make other Investments, payments or exchanges pursuant to the
second paragraph of Section 1010 or to make Permitted Investments (other than Permitted Investments specified in clauses (1), (2)
and (3) of the definition thereof) and (b) Indebtedness or preferred stock of the Co-Issuers or any Guarantor not otherwise permitted
hereunder in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation
preference of all other Indebtedness or preferred stock then outstanding and incurred pursuant to this clause (l)(b) together with
any Refinancing Indebtedness in respect thereof incurred pursuant to clause (n) below, does not at any one time outstanding exceed
the greater of (x) US$200,000,000 or (y) 4.5% of Total Assets as of the time of incurrence (it being understood that any Indebtedness
or preferred stock incurred pursuant to this clause (l)(b) shall cease to be deemed incurred or outstanding for purposes of this
clause (l)(b) but shall be deemed incurred for the purposes of the first paragraph of this Section 1011 from and after the first
date on which the Co-Issuers or such Guarantor could have incurred such Indebtedness under the first paragraph of this Section
1011 without reliance on this clause (l)(b));

 

(m) Indebtedness
or preferred stock incurred in connection with project financings and export credit financings (it being understood that the Issuer
may determine in good faith the purpose for which Indebtedness was incurred) and any refinancing, refunding, renewal or extension
of any such Indebtedness; provided that the aggregate amount of Indebtedness or preferred stock incurred pursuant to this
clause (m) together with any Refinancing Indebtedness in respect thereof incurred pursuant to clause (n) below shall not exceed
the greater of US$700,000,000 and 15.1% of Total Assets at any time outstanding;

 

(n) the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness or preferred stock which serves to refund or refinance any
Indebtedness or preferred stock incurred as permitted under the first paragraph of this Section 1011 and clauses (b), (c), (d),
(i), (l)(b) and (m) above, this clause (n) and clause (o) below or any Indebtedness or preferred stock issued to so refund or refinance
such Indebtedness or preferred stock including additional Indebtedness or preferred stock incurred to pay accrued but unpaid interest,
dividends, premiums (including tender premiums), defeasance costs, underwriting discounts, fees, costs and expenses (including
original issue discount, upfront fees or similar fees) incurred in connection with such refinancing (the “Refinancing
Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness

 

(1) has
a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is not less than the remaining Weighted
Average Life to Maturity of the Indebtedness being refunded or refinanced,

 

(2) to
the extent such Refinancing Indebtedness refinances Subordinated Indebtedness, such Refinancing Indebtedness is subordinated to
the Notes or such Guarantee at least to the same extent as the Indebtedness being refinanced or refunded; provided that
this subclause (2) need not be satisfied if the amount of such Refinancing Indebtedness shall not exceed the Applicable Amount
(it being understood that if amounts available under the Applicable Amount are used to refinance such Subordinated Indebtedness,
then the Applicable Amount shall be reduced by such amount), and

 

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(3) shall
not include

 

(x) Indebtedness
of a Subsidiary of the Issuer that refinances Indebtedness of the Issuer,

 

(y) Indebtedness
of a Subsidiary of the Issuer that is not a Guarantor or a Co-Issuer that refinances Indebtedness of a Guarantor or a Co-Issuer
or

 

(z) Indebtedness
of the Issuer or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary;

 

(o) (x)
Indebtedness or preferred stock of Persons that are acquired by the Issuer or any Restricted Subsidiary or consolidated, amalgamated
or merged with or into or wound up into a Restricted Subsidiary in accordance with the terms of this Indenture, provided that
in the case of this clause (x) immediately and after giving effect to such acquisition, amalgamation, consolidation, winding up
or merger either (1) the Issuer would be permitted to incur at least US$1.00 of additional Indebtedness pursuant to the Total
Net Leverage Ratio set forth in the first paragraph of this Section 1011 or (2) the Issuer’s Total Net Leverage Ratio is
less than or equal to the amount thereof immediately prior to such acquisition, amalgamation or merger; or

 

(y) Indebtedness
or preferred stock incurred in connection with or in contemplation of the acquisition of Persons that are acquired by the Issuer
or any Restricted Subsidiary or consolidated, amalgamated or merged with or into or wound up into a Restricted Subsidiary in accordance
with the terms of this Indenture, provided that in the case of this clause (y) immediately after giving effect to such acquisition,
consolidation, amalgamation or merger either (1) the Issuer would be permitted to incur at least US$1.00 of additional Indebtedness
pursuant to the Total Net Leverage Ratio set forth in the first paragraph of this Section 1011 or (2) the Issuer’s Total
Net Leverage Ratio is less than or equal to the amount thereof immediately prior to such acquisition, consolidation, amalgamation
or merger; provided, further that the principal amount of any such Indebtedness and liquidation preference of any
such preferred stock of any Restricted Subsidiaries that are not Guarantors permitted to remain outstanding pursuant to this clause
(o) together with the aggregate principal amount of Indebtedness incurred and liquidation preference of preferred stock issued
in each case by Restricted Subsidiaries that are not Guarantors pursuant to the first paragraph of this Section 1011, clause (i)
above or any Refinancing Indebtedness incurred pursuant to clause (n) above in respect of amounts incurred or issued by Restricted
Subsidiaries that are not Guarantors under this clause (o) or the first paragraph of this covenant shall not exceed an amount of
the greater of US$300,000,000 and 6.50% of Total Assets at any one time outstanding;

 

(p) Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business, provided that such Indebtedness is extinguished within two Business Days of its
incurrence;

 

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(q) Indebtedness
of the Issuer or any Restricted Subsidiary supported by a letter of credit issued pursuant to the Credit Facilities, in a principal
amount not in excess of the stated amount of such letter of credit;

 

(r) (1)
any guarantee by the Co-Issuers or a Guarantor of Indebtedness or other obligations of any Restricted Subsidiary so long as the
incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture,

 

(2) any guarantee
by a Restricted Subsidiary of Indebtedness of the Co-Issuers or any Guarantor, provided that such guarantee is incurred
in accordance with Section 1015;

 

(s) (i)
Mezzanine Securities issued pursuant to clause (12)(a) of the second paragraph of Section 1013 or existing as of the Issue Date,
including pay-in-kind interest payments issued thereon, in each case in accordance with the terms of the Mezzanine Securities as
in effect on the Issue Date; and (ii) any refinancings of the foregoing so long as (x) the principal amount of such refinancing
shall not exceed the principal amount of such Mezzanine Securities being refinanced together with any accrued interest and fees
(including any amendment or consent fees thereon) and (y) such refinancing shall, as determined by the Issuer in good faith, have
terms material to the interests of the Holders no materially less advantageous to the Holders than the existing terms of such Mezzanine
Securities being refinanced; or

 

(t) the
incurrence of additional Indebtedness or other obligations by the Issuer not otherwise permitted under this Section 1011; provided
that such Indebtedness or other obligations (x) satisfy the definition of Dividend Obligations, (y) do not bear any interest
(in the form of accretion, PIK, cash or otherwise) and (z) shall not result in a decline in the rating of the Notes by any Rating
Agency by at least one notch in the gradation of the rating scale (e.g., + or – for S&P or 1, 2 and 3 for Moody’s)
or of the credit outlook with respect thereto from such Rating Agency’s rating of the Notes.

 

For purposes of determining compliance with
this Section 1011:

 

(1) in
the event that an item of Indebtedness or preferred stock meets the criteria of more than one of the categories of permitted Indebtedness
or preferred stock described in clauses (a) through (t) above or is entitled to be incurred pursuant to the first paragraph of
this Section 1011, the Issuer, in its sole discretion, will classify or reclassify such item of Indebtedness or preferred stock
(or any portion thereof) and will only be required to include the amount and type of such Indebtedness or preferred stock in one
of the above clauses; provided that all Indebtedness outstanding under the Senior Credit Facilities on the Issue Date will
be treated as incurred on the Issue Date under clause (a) of the preceding paragraph and the Issuer shall not be permitted to reclassify
all or any portion of such Indebtedness outstanding on the Issue Date;

 

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(2) at
the time of incurrence, the Issuer will be entitled to divide and classify an item of Indebtedness or preferred stock in more than
one of the types of Indebtedness or preferred stock described above;

 

(3) the
principal amount of Indebtedness or preferred stock outstanding under any clause of this Section 1011 shall be determined after
giving effect to the application of proceeds of any such Indebtedness or preferred stock; and

 

(4) the
U.S. dollar equivalent principal amount of Indebtedness or preferred stock denominated in a foreign currency shall be calculated
based on the relevant currency exchange rate in effect on the date such Indebtedness or preferred stock was incurred, in the case
of term debt, or first committed or first incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving
credit debt; provided that (x) if such Indebtedness or preferred stock is incurred to refinance other Indebtedness or preferred
stock denominated in the same foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction
to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount in such currency of such refinancing Indebtedness
or preferred stock does not exceed the principal amount in such currency of such Indebtedness or preferred stock being refinanced,
plus the aggregate amount of accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance costs,
underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred in
connection with such refinancing and (y) if such Indebtedness or preferred stock is incurred to refinance other Indebtedness or
preferred stock denominated in a different currency from the Indebtedness or preferred stock being refinanced, the principal amount
of any such Indebtedness or preferred stock shall be calculated based on the currency exchange rate applicable to the currencies
in which such respective Indebtedness or preferred stock is denominated that is in effect on the date of such refinancing.

 

Accrual of interest, the accretion of accreted
value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional
Indebtedness or preferred stock will not be deemed to be an incurrence of Indebtedness or preferred stock for purposes of this
Section 1011. If Indebtedness or preferred stock originally incurred in reliance upon a percentage of Total Assets under this covenant
is being refinanced and such refinancing would cause the maximum amount of Indebtedness or preferred stock thereunder to be exceeded
at such time, then such refinancing will nevertheless be permitted thereunder and such additional Indebtedness or preferred stock
will be deemed to have been incurred under the applicable provision so long as the principal amount or liquidation preference
of such refinancing Indebtedness or preferred stock does not exceed the principal amount or liquidation preference of Indebtedness
or preferred stock being refinanced plus amounts permitted by the next sentence. Any Indebtedness or preferred stock permitted
to be incurred to refinance Indebtedness or preferred stock above shall be permitted to include additional Indebtedness, Disqualified
Stock or preferred stock incurred to pay accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance
costs, underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred
in connection with such refinancing.

 

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Section
1012. Limitation on Liens. The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly,
create, incur, assume or suffer to exist any Lien (except Permitted Liens) that secures any Obligations under any Indebtedness
of the Issuer or a Restricted Subsidiary against or on any asset or property now owned or hereafter acquired by the Issuer or
any such Restricted Subsidiary, or any income or profits therefrom, or assign or convey any right to receive income therefrom,
unless:

 

(1) in
the case of Liens securing Indebtedness that is Subordinated Indebtedness, the Notes or the Guarantee of such Restricted Subsidiary,
if any, are secured by a Lien on such property or assets that is senior in priority to such Liens; and

 

(2) in
all other cases, the Notes or the Guarantee of such Restricted Subsidiary, if any, are secured equally and ratably with or prior
to such Liens; provided that any Lien which is granted to secure the Notes or the Guarantee of such Restricted Subsidiary
under this Section 1012 shall be discharged at the same time as the discharge of the Lien that gave rise to the obligation to so
secure the Notes or the Guarantee of such Restricted Subsidiary, as the case may be.

 

Section
1013. Limitations on Transactions with Affiliates.

 

The Issuer will not, and will not permit any
Restricted Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets
to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding,
loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate
Transaction”) in any one or series of related transactions involving aggregate payments or consideration in excess of
US$15,000,000, unless:

 

(a) such
Affiliate Transaction is on terms that are not materially less favorable to the Issuer or the relevant Restricted Subsidiary than
those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person
(or, in the event that there are no comparable transactions involving Persons who are not Affiliates of the Issuer or the relevant
Restricted Subsidiary to apply for comparative purposes, is otherwise on terms that, taken as a whole, the Issuer has determined
to be fair to the Issuer or the relevant Restricted Subsidiary), and

 

(b) the
Issuer delivers to the Trustee (x) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate payments or consideration in excess of US$35,000,000, a resolution adopted by the majority of the Board of Directors
of the Issuer (and a majority of the Independent Directors) approving such Affiliate Transaction and set forth in an Officer’s
Certificate certifying that such Affiliate Transaction complies with clause (a) above and (y) with respect to any Affiliate Transaction
or series of related Affiliate Transactions involving aggregate payments or consideration in excess of US$75,000,000, a written
opinion of a Nationally Recognized Independent Financial Advisor stating that such Affiliate Transaction meets the requirements
of clause (a).

 

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The foregoing provisions will not apply to
the following:

 

(1) transactions
between or among the Issuer or any of the Restricted Subsidiaries; provided that in the case of non-Wholly-Owned Restricted
Subsidiaries, no Affiliate of the Issuer (other than another Restricted Subsidiary) owns more than 10% of the Equity Interests
in such Restricted Subsidiary;

 

(2) (x)
Restricted Payments permitted by Section 1010 and (y) Permitted Investments;

 

(3) the
payment of reasonable and customary fees paid to, and indemnities provided on behalf of, and ordinary course employment and severance
agreements entered into with, officers, directors, employees or consultants of the Issuer, any of its direct or indirect parent
companies or any Restricted Subsidiary;

 

(4) transactions
in which the Issuer or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from a Nationally Recognized
Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial
point of view or meets the requirements of clause (a) of the preceding paragraph;

 

(5) other
than in respect of the Consulting Services Agreement (which is addressed in clause (12) below), any agreement as in effect as of
the Issue Date, or any amendment thereto (so long as any such agreement, together with all amendments thereto, taken as a whole,
is not more disadvantageous as determined by the Issuer to the Holders in any material respect than the agreement in effect as
of the Issue Date) or any transactions contemplated thereby;

 

(6) the
existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under the terms of, any
stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party
as of the Issue Date and any similar agreements which it may enter into thereafter; provided, however, that the existence
of, or the performance by the Issuer or any Restricted Subsidiary of obligations under any future amendment to any such existing
agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (6) to the extent
that the terms of any such agreement, together with all amendments thereto, taken as a whole, or new agreement are not more disadvantageous
as determined by the Issuer to the Holders or the Issuer and its Restricted Subsidiaries in any material respect than the agreement
in effect as of the Issue Date;

 

(7) any
payments of tax distributions in accordance with Section 3.7 of the Ancillary Agreement and clause (10)(A) of the second paragraph
of Section 1010 that do not exceed US$2,000,000 per calendar year;

 

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(8) any
transaction with a joint venture or similar entity which would constitute an Affiliate Transaction solely because the Issuer or
a Restricted Subsidiary owns an equity interest in or otherwise controls such joint venture or similar entity; provided that
no Affiliate of the Issuer or any of its Subsidiaries other than the Issuer or a Restricted Subsidiary shall have a beneficial
interest in such joint venture or similar entity;

 

(9) the
issuance of Equity Interests (other than Disqualified Stock) of the Issuer to any Person;

 

(10) payments
or loans (or cancellation of loans) to employees or consultants of the Issuer, any of its direct or indirect parent companies or
any Restricted Subsidiary which are approved by a majority of the Board of Directors of the Issuer in good faith;

 

(11) any
Spectrum Repurposing;

 

(12) (a)
the annual fee of US$5,000,000 to be paid to Loral pursuant to the Consulting Services Agreement as in effect on the Issue Date,
which fee may be payable in the form of cash or Mezzanine Securities, (b) reimbursements for payments to non-affiliated third parties
made by any Permitted Holders on behalf of the Issuer and/or its Restricted Subsidiaries pursuant to the Consulting Services Agreement
not to exceed US$2,000,000 in the aggregate in any calendar year, (c) payment for services rendered under the Consulting Services
Agreement as in effect on the Issue Date not to exceed US$5,000,000 per calendar year to the extent such payments are approved
by the Independent Directors in accordance with the provisions of the Consulting Services Agreement as in effect on the Issue Date
and (d) the payment to any purchaser who purchases all or a majority of the Equity Interests of the Issuer in accordance with the
terms of this Indenture (and such purchase is not a Change of Control Triggering Event) of reasonable management, monitoring, consulting
and advisory fees, indemnities and related expenses, as reasonably determined by the Issuer and such purchaser in an aggregate
amount pursuant to this clause (d) not to exceed 2% of Consolidated EBITDA in any year;

 

(13) any
Unrestricted Subsidiary Support Transaction;

 

(14) pledges
of Equity Interests of Unrestricted Subsidiaries;

 

(15) transactions
permitted by, and complying with, the provisions of Article Eight;

 

(16) any
contribution of capital to the Issuer;

 

(17) (a)
transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise relating
to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with
the terms of this Indenture, which are fair to the Issuer and its Restricted Subsidiaries in the reasonable determination of the
Board of Directors or the senior management of the Issuer, or are on terms at least as favorable as might reasonably have been
obtained at such time from an unaffiliated party or (b) transactions with joint ventures or Unrestricted Subsidiaries entered into
in the ordinary course of business; and

 

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(18) the
incurrence by the Issuer of Dividend Obligations and payments of interest and principal related thereto.

 

Section
1014. Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

The Issuer will not, and will not permit any
Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual
encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to:

 

(a) (1) pay dividends or make
any other distributions to the Issuer or any Restricted Subsidiary:

 

		●	on its Capital Stock or

 

		●	with respect to any other interest or participation in, or measured by, its profits or

 

(2) pay
any Indebtedness owed to the Issuer or any Restricted Subsidiary;

 

(b) make
loans or advances to the Issuer or any Restricted Subsidiary; or

 

(c) sell,
lease or transfer any of its properties or assets to the Issuer or any Restricted Subsidiary,

 

except (in each case) for such encumbrances or restrictions
existing under or by reason of:

 

(1) contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to the Senior Credit Facilities and related documentation
as in effect on the Issue Date;

 

(2) this
Indenture, the Notes and Guarantees;

 

(3) purchase
money obligations and Finance Lease Obligations for property acquired in the ordinary course of business that impose restrictions
of the nature discussed in clause (c) above on the property so acquired or leased;

 

(4) applicable
law or any applicable rule, regulation or order;

 

(5) any
agreement or other instrument of a Person acquired by the Issuer or any Restricted Subsidiary in existence at the time of such
acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the
properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired;

 

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(6) contracts
for the sale of assets, including customary restrictions with respect to a Subsidiary pursuant to an agreement that has been entered
into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary;

 

(7) Secured
Indebtedness otherwise permitted to be incurred pursuant to Section 1011 and Section 1012 that limit the right of the debtor to
dispose of the assets securing such Indebtedness;

 

(8) restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

 

(9) customary
provisions in joint venture agreements and other similar agreements;

 

(10) customary
provisions contained in leases and other agreements entered into in the ordinary course of business;

 

(11) other
Indebtedness of the Issuer or any Restricted Subsidiary that is incurred subsequent to the Issue Date pursuant to Section 1011;
provided that such encumbrances or restrictions (1) are no less favorable to the Issuer or such Restricted Subsidiary, taken
as a whole, than those included in the Senior Credit Facilities as in effect as of the Issue Date (as determined by the Issuer
in good faith) or (2) will not materially affect the Co-Issuers’ ability to make anticipated principal or interest payments
on the Notes (as determined by the Issuer in good faith); and

 

(12) any
encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above imposed by any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations
referred to in clauses (1) through (11) above, provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are, as determined by the Issuer in good faith, not materially more restrictive
with respect to such encumbrance and other restrictions than those prior to such amendment, modification, restatement, renewal,
increase, supplement, refunding, replacement or refinancing.

 

Section
1015. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.

 

The Issuer will not permit any Restricted
Subsidiary, other than a Guarantor, to guarantee the payment of the Senior Credit Facilities or any Public Debt issued by the Issuer
or a Restricted Subsidiary, unless:

 

(a) such
Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to this Indenture providing for a Guarantee
by such Restricted Subsidiary, except that with respect to a guarantee of Indebtedness of any Issuer or any Guarantor if such Indebtedness
is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the Notes, any such
guarantee of such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Restricted
Subsidiary’s Guarantee substantially to the same extent as such Indebtedness is subordinated to the Notes or such Guarantor’s
Guarantee;

 

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(b) such
supplemental indenture shall provide that such Restricted Subsidiary waives and will not in any manner whatsoever claim or take
the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Issuer or any
other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee until all amounts then
due and payable by the Co-Issuers with respect to the Notes shall have been paid in full; and

 

(c) such
Restricted Subsidiary shall have delivered to the Trustee an Officer’s Certificate stating that all conditions precedent
provided for or relating to the execution of the supplemental indenture providing for a Guarantee have been complied with;

 

provided that this Section 1015 shall not be applicable
to any guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred
in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. The Issuer may elect, in its sole discretion,
to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor, in which case such Subsidiary shall
not be required to comply with the 30 day period described in clause (a) above.

 

Each Guarantee shall be released in accordance with the provisions
of Section 1208 of this Indenture.

 

Section
1016. [Reserved].

 

Section
1017. Change of Control Triggering Event. If a Change of Control Triggering Event occurs after the Issue Date, unless,
prior to, or concurrently with, the time the Co-Issuers are required to make a Change of Control Offer, the Co-Issuers have previously
or concurrently mailed or delivered, or otherwise sent through electronic transmission, a redemption notice with respect to all
the outstanding Notes as described in Section 401 or 1105 of this Indenture, the Co-Issuers will make an offer to repurchase all
of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price (as calculated
by the Issuer) in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the date of repurchase, subject to the right
of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date falling on or prior
to the Change of Control Payment Date. Within 30 days following any Change of Control Triggering Event, the Issuer will send notice
of such Change of Control Offer electronically or by first class mail, with a copy to the Trustee, to each Holder to the address
of such Holder appearing in the Note Register or otherwise in accordance with the procedures of DTC, with the following information:

 

(1) that
a Change of Control Offer is being made pursuant to this Section 1017 and that all Notes properly tendered pursuant to such Change
of Control Offer will be accepted for payment;

 

(2) the
repurchase price and the repurchase date, which will be no earlier than 15 days nor later than 60 days from the date such notice
is sent (the “Change of Control Payment Date”), except in the case of a conditional Change of Control Offer
made in advance of a Change of Control Triggering Event as described below;

 

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(3) that
any Note not properly tendered will remain outstanding and continue to accrue interest;

 

(4) that,
unless the Co-Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change
of Control Offer will cease to accrue interest on the Change of Control Payment Date;

 

(5) that
Holders electing to have any Notes repurchased pursuant to a Change of Control Offer will be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Repurchase” on the reverse of the Notes completed or otherwise in accordance
with the procedures of DTC, to the Paying Agent specified in the notice at the address specified in the notice prior to the close
of business on the third Business Day preceding the Change of Control Payment Date;

 

(6) that
Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to repurchase such Notes, provided
that the Paying Agent receives, not later than the close of business on the second Business Day prior to the Change of Control
Payment Date, a facsimile or other electronic transmission or letter setting forth the name of the Holder or otherwise in accordance
with the procedures of DTC, the principal amount of Notes tendered for repurchase, and a statement that such Holder is withdrawing
such Holder’s tendered Notes and such Holder’s election to have such Notes repurchased;

 

(7) that
Holders whose Notes are being repurchased only in part will be issued new Notes equal in principal amount to the unrepurchased
portion of the Notes surrendered, which unrepurchased portion must be equal to US$2,000 or a US$1,000 integral multiple in excess
thereof;

 

(8) if
such notice is sent prior to the occurrence of a Change of Control Triggering Event, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control Triggering Event and any other conditions and describing each such condition,
and, if applicable, stating that, in the Co-Issuers’ discretion, the Change of Control Payment Date may be delayed until
such time (including more than 60 days after the notice is mailed or delivered, including by electronic transmission) as any or
all such conditions shall be satisfied, or that such purchase may not occur and such notice may be rescinded in the event that
the Co-Issuers shall determine that the Change of Control Triggering Event will not occur by the Change of Control Payment Date,
or by the Change of Control Payment Date as so delayed; and

 

(9) such
other instructions, as determined by the Co-Issuers, consistent with this Section 1017, that a Holder must follow.

 

If the Notes are in global form and the Co-Issuers
make an offer to repurchase all of the Notes pursuant to the Change of Control Offer, a Holder may exercise its option to elect
for the repurchase of the Notes through the facilities of DTC, subject to its rules and regulations.

 

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The notice, if sent in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (a) the notice is sent in
a manner herein provided and (b) any Holder fails to receive such notice or a Holder receives such notice but it is defective,
such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase
of the Notes as to all other Holders that properly received such notice without defect.

 

The Co-Issuers will comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations
are applicable in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions
of any securities laws or regulations conflict with the provisions of this Indenture, the Co-Issuers will comply with the applicable
securities laws and regulations and shall not be deemed to have breached their obligations described in this Indenture by virtue
thereof.

 

On the Change of Control Payment Date, the
Co-Issuers will, to the extent permitted by law,

 

(1) accept
for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer,

 

(2) deposit
with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof so
tendered and

 

(3) deliver,
or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate stating
that such Notes or portions thereof have been tendered to and repurchased by the Co-Issuers.

 

The Paying Agent will promptly send to each
Holder of Notes that were properly tendered and not withdrawn the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and deliver to each Holder a new Note equal in principal amount to any unrepurchased portion of the Notes
surrendered, if any, provided that each such new Note will be in a principal amount of US$2,000 or a US$1,000 integral multiple
in excess thereof.

 

The Co-Issuers will not be required to make
a Change of Control Offer if a third party makes such Change of Control Offer contemporaneously with or upon a Change of Control
Triggering Event in the manner, at the times and otherwise in compliance with the requirements of this Indenture and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein,
a Change of Control Offer may be made in advance of a Change of Control Triggering Event, and conditioned upon and settlement delayed
until such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control at the time of making
such a Change of Control Offer.

 

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Notwithstanding any other provision hereof,
in connection with any tender offer, Change of Control Offer or Asset Sale Offer, if Holders of not less than 90% in aggregate
principal amount of the then-Outstanding Notes validly tender and do not validly withdraw such Notes in such offer and the Co-Issuers,
or any third-party making such offer in lieu of the Co-Issuers, purchases all of the Notes validly tendered and not validly withdrawn
by such Holders, the Co-Issuers or such third-party will have the right upon not less than 15 days nor more than 60 days’
prior notice, given not more than 60 days following such purchase date, to redeem all Notes that remain Outstanding following such
purchase at a price equal to the price offered to each other Holder in such offer (which may be less than par) plus, to the extent
not included in the offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the redemption date, subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling
prior to or on the Redemption Date.

 

Section
1018. Asset Sales.

 

The Issuer will not, and will not permit any
Restricted Subsidiary to, cause, make or suffer to exist an Asset Sale, unless:

 

(a) the
Issuer or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal
to the Fair Market Value (measured at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed
of; and

 

(b) except
in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Issuer or such Restricted Subsidiary,
as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of:

 

(1) any
liabilities (as shown on the Issuer’s, or such Restricted Subsidiary’s, most recent balance sheet or in the footnotes
thereto or if incurred, accrued or increased subsequent to the date of such balance sheet, such liabilities that would have been
reflected on the Issuer’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence,
accrual or increase had taken place on or prior to the date of such balance sheet, as determined by the Issuer) of the Issuer or
any Restricted Subsidiary, other than liabilities that are by their terms subordinated in right of payment to the Notes, that are
assumed by the transferee of any such assets (or are directly associated with such assets and are otherwise extinguished in connection
with the transactions relating to such Asset Sale) and for which the Issuer and all Restricted Subsidiaries have been unconditionally
released by all creditors or their representatives in writing,

 

(2) any
notes or other obligations or securities or assets received by the Issuer or such Restricted Subsidiary from such transferee that
are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied
for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following
the closing of such Asset Sale, and

 

(3) any
Designated Noncash Consideration received by the Issuer or any Restricted Subsidiary in such Asset Sale having an aggregate Fair
Market Value, taken together with all other Designated Noncash Consideration received pursuant to this clause (3) that is at that
time outstanding, not to exceed an amount equal to the greater of US$120,000,000 or 2.75% of Total Assets at the time of the receipt
of such Designated Noncash Consideration, with the Fair Market Value of each item of Designated Noncash Consideration being measured
at the time received and without giving effect to subsequent changes in value,

 

shall be deemed to be Cash Equivalents for purposes
of this provision and for no other purpose.

 

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Within 395 days after the Issuer’s or
any Restricted Subsidiary’s receipt of the Net Proceeds of any Asset Sale (or Event of Loss Proceeds) (such 395 day period,
the “Reinvestment Period”), the Issuer or such Restricted Subsidiary, at its option, may apply the Net Proceeds
from such Asset Sale (together with any Event of Loss Proceeds required to be applied as provided in Section 1007(d)):

 

(1) to
repay:

 

(a) Obligations
under Secured Indebtedness of the Co-Issuers or a Restricted Subsidiary (and, in the case of revolving obligations, to correspondingly
permanently reduce commitments with respect thereto);

 

(b) Obligations
under the Notes (at a price equal to or greater than the aggregate principal amount of Notes purchased) or any other Pari Passu
Indebtedness (and in the case of revolving obligations to correspondingly permanently reduce commitments with respect thereto);
provided that if the Issuer or any Restricted Subsidiary shall so repay any Pari Passu Indebtedness other than the Notes,
the Issuer will either (1) reduce Obligations under the Notes on a pro rata basis by, at its option, (A) redeeming Notes as described
in Section 1101 of this Indenture or (B) purchasing Notes through open market purchases at a price equal to or greater than the
aggregate principal amount of Notes purchased, or (2) make an offer (in accordance with the procedures set forth below for
an Asset Sale Offer) to all Holders to purchase their Notes on a ratable basis with such other Pari Passu Indebtedness for no less
than 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, thereon; or

 

(c) Indebtedness
of a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the Issuer or another Restricted Subsidiary;

 

(2) to
make an investment in (a) any one or more businesses, provided that such investment in any business is in the form of the
acquisition of Capital Stock and results in the Issuer or a Restricted Subsidiary, as the case may be, owning an amount of the
Capital Stock of such business such that it constitutes a Restricted Subsidiary, (b) capital expenditures or (c) acquisitions
of other assets, in each of (a), (b) and (c), used or useful in a Similar Business,

 

(3) to
make an investment in (a) any one or more businesses engaged in a Similar Business, provided that such investment in any
business is in the form of the acquisition of Capital Stock and results in the Issuer or a Restricted Subsidiary, as the case may
be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary, (b) properties used
or useful in a Similar Business or (c) other assets used or useful in a Similar Business that, in each of (a), (b) and (c), replace
the businesses, properties and assets that are the subject of such Asset Sale; or

 

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(4) any
combination of the foregoing.

 

provided that, in the case of clauses (2) and (3) above,
a binding commitment entered into prior to the end of the Reinvestment Period shall be treated as a permitted application of the
Net Proceeds (or Event of Loss Proceeds, as applicable) from the date of such commitment so long as the Issuer or such Restricted
Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds (or Event of Loss Proceeds, as applicable)
will be applied to satisfy such commitment (an “Acceptable Commitment”) and, in the event any Acceptable Commitment
is later canceled or terminated for any reason before such Net Proceeds (or Event of Loss Proceeds, as applicable) are so applied,
the Issuer or such Restricted Subsidiary enters into another Acceptable Commitment (a “Replacement Commitment”)
within nine months of such cancellation or termination; provided, further that if any Replacement Commitment is later
cancelled or terminated for any reason before such Net Proceeds (or Event of Loss Proceeds, as applicable) are applied, then such
Net Proceeds shall constitute Excess Proceeds.

 

Any Net Proceeds from the Asset Sale (or Event
of Loss Proceeds) that are not invested or applied as provided and within the Reinvestment Period will be deemed to constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds US$25,000,000, the Co-Issuers shall
make an offer to all Holders, and, if required by the terms of any Pari Passu Indebtedness, to the holders of such Pari Passu Indebtedness
(an “Asset Sale Offer”), to purchase the maximum principal amount of Notes and such Pari Passu Indebtedness
that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, but excluding, the date fixed for the closing of such offer, in accordance with the
procedures set forth in this Indenture and, if applicable, the other documents governing the applicable Pari Passu Indebtedness.
The Co-Issuers will commence an Asset Sale Offer with respect to Excess Proceeds within fifteen Business Days after the date that
Excess Proceeds exceed US$25,000,000 by transmitting electronically or mailing the notice required pursuant to the terms of this
Indenture, with a copy to the Trustee. The Co-Issuers may satisfy the foregoing obligation with respect to such Net Proceeds from
an Asset Sale by making an Asset Sale Offer prior to the expiration of the Reinvestment Period (the “Advance Offer”)
with respect to all or a part of the available Net Proceeds (the “Advance Portion”) in advance of being required
to do so by this Indenture.

 

To the extent that the aggregate amount of
Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds (or, in the case
of an Advance Offer, the Advance Portion), the Issuer may use any remaining Excess Proceeds (or, in the case of an Advance Offer,
the Advance Portion) in any manner not prohibited by this Indenture. If the aggregate principal amount of Notes or the Pari Passu
Indebtedness surrendered by such holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes (subject
to applicable DTC procedures as to global notes) and the Issuer or the representative of such Pari Passu Indebtedness shall select
such Pari Passu Indebtedness to be purchased or repaid on a pro rata basis based on the accreted value or principal amount of the
Notes or such Pari Passu Indebtedness tendered in accordance with Section 1110. Upon completion of any such Asset Sale Offer, the
amount of Excess Proceeds shall be reset at zero (regardless of whether there are any remaining Excess Proceeds upon such completion),
and in the case of an Advance Offer, the amount of Net Proceeds the Co-Issuers are offering to apply in such Advance Offer shall
be excluded in subsequent calculations of Excess Proceeds. Additionally, upon consummation or expiration of any Advance Offer,
any remaining Net Proceeds shall not be deemed Excess Proceeds and the Issuer may use such Net Proceeds in any manner not otherwise
prohibited by this Indenture.

 

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Pending the final application of any Net Proceeds
(or Event of Loss Proceeds) pursuant to this Section 1018, the Issuer or the applicable Restricted Subsidiary may apply such Net
Proceeds (or Event of Loss Proceeds) temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise
use such Net Proceeds (or Event of Loss Proceeds) in any manner not prohibited by this Indenture. The Co-Issuers will comply with
the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such
laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent
that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Co-Issuers will comply
with the applicable securities laws and regulations and shall not be deemed to have breached their obligations described in this
Indenture by virtue thereof.

 

If less than all of the Notes or such Pari
Passu Indebtedness is to be redeemed at any time, selection of such Notes for redemption, will be made by the Trustee on a pro
rata basis to the extent practicable; provided that if the Notes are represented by global notes, interests on the Notes
shall be selected for redemption or purchase by DTC in accordance with its standard procedures; provided, further, that
no Notes of US$2,000 or less shall be purchased or redeemed in part.

 

Notices of purchase or redemption shall be
delivered electronically or mailed by first class mail, postage prepaid, at least 15 but not more than 60 days before the purchase
or redemption date to each Holder of Notes to be purchased or redeemed at such Holder’s registered address or otherwise in
accordance with the procedures of DTC, with a copy to the Trustee, except that redemption notices may be delivered or mailed more
than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of this Indenture. If any Note is to be purchased or redeemed in part only, any notice of purchase or redemption
that relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased or redeemed.

 

A new Note in principal amount equal to the
unpurchased or unredeemed portion of any Note purchased or redeemed in part will be issued in the name of the Holder thereof upon
cancellation of the original Note. Notes called for redemption or purchase become due on the date fixed for redemption or purchase,
unless such redemption or purchase is conditioned on the happening of a future event. On and after the purchase or redemption date,
unless the Co-Issuers default in payment of the purchase or Redemption Price, interest shall cease to accrue on Notes or portions
thereof purchased or called for redemption, unless such redemption remains conditioned upon the happening of a future event.

 

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Section
1019. Suspension of Covenants.

 

During any period of time that: (1) the Notes
have Investment Grade Ratings from at least two of the Rating Agencies and (2) no Default or Event of Default has occurred and
is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (1) and (2) being collectively
referred to as a “Covenant Suspension Event”), the Issuer and the Restricted Subsidiaries will not be subject
to the following provisions of this Indenture:

 

(A) Section
1007;

 

(B) Section
1010;

 

(C) Section
1011;

 

(D) Section
1013;

 

(E) Section
1014;

 

(F) Section
1015;

 

(G) Section
1018; and

 

(H) clause
(4) of the first paragraph of Section 801.

 

(collectively, the “Suspended Covenants”).
Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Net Proceeds (and Event of Loss Proceeds)
shall be set at zero. In addition, the Guarantees of the Guarantors will also be suspended as of such date (the “Suspension
Date”). The Issuer shall provide prompt written notice to the Trustee of the occurrence of the Suspension Date. In the
absence of such notice, the Trustee shall assume that a Suspension Date has not occurred. In the event that the Issuer and the
Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on
any subsequent date (the “Reversion Date”) one or more of the Rating Agencies withdraw their Investment Grade
Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating and as a result less than two Rating Agencies
have assigned an Investment Grade Rating to the Notes, then the Issuer and the Restricted Subsidiaries will thereafter again be
subject to the Suspended Covenants with respect to future events and the Guarantees will be reinstated. The period of time between
the Suspension Date and the Reversion Date is referred to in this description as the “Suspension Period.” Notwithstanding
that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred as a result of a
failure to comply with the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after
that time based solely on events that occurred during the Suspension Period). Solely for the purpose of determining compliance
with Section 1012 during the Suspension Period, it shall be assumed that the provisions of Section 1011 are applicable during such
period as if the applicable Covenant Suspension Event had not occurred.

 

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On the Reversion Date, all Indebtedness incurred
during the Suspension Period (or deemed incurred or issued in connection with a Limited Condition Transaction entered into during
the Suspension Period) will be classified to have been incurred pursuant to the first paragraph of Section 1011. To the extent
such Indebtedness would not be so permitted to be incurred or issued pursuant to the first paragraph of Section 1011, such Indebtedness
will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under clause (c) of the second
paragraph of Section 1011. Calculations made after the Reversion Date of the amount available to be made as Restricted Payments
under Section 1010 will be made as though Section 1010 had been in effect since the Issue Date, but not during the Suspension Period
(including with respect to a Limited Condition Transaction entered into during the Suspension Period). Accordingly, Restricted
Payments made during the Suspension Period will not reduce the amount available to be made as Restricted Payments under the first
paragraph of Section 1010. Any Affiliate Transaction entered into after such reinstatement pursuant to an agreement entered into
during any Suspension Period shall be deemed to be permitted pursuant to clause (6) of the second paragraph of Section 1013. Any
encumbrance or restriction on the ability of any Restricted Subsidiary that is not the Issuer or a Guarantor to take any action
described in clauses (a) through (c) of the first paragraph of Section 1014 that becomes effective during any Suspension Period
shall be deemed to be permitted pursuant to clause (1) of Section 1014. All Investments made during the Suspension Period (or deemed
made in connection with a Limited Condition Transaction entered into during the Suspension Period) will be classified to have been
made under clause (5) of the definition of “Permitted Investments.” Notwithstanding anything contained in the definition
of “Unrestricted Subsidiary,” during a Suspension Period the Issuer may not designate any Subsidiary as an Unrestricted
Subsidiary.

 

Section
1020. [Reserved].

 

Section
1021. Limitation on Activities of the Co-Issuer. The Co-Issuer may not hold any material assets, become liable for
any material obligations, engage in any trade or business, or conduct any business activity, other than (1) the issuance of its
Equity Interests to the Issuer or any Wholly-Owned Restricted Subsidiary of the Issuer, (2) the incurrence of Indebtedness as
a co-obligor or guarantor, as the case may be, of the Notes, the Senior Credit Facilities and any other Indebtedness that is permitted
to be incurred by the Issuer under Section 1011; provided that the net proceeds of such Indebtedness are not retained by
the Co-Issuer, and (3) activities incidental thereto. Neither the Issuer nor any Restricted Subsidiary shall engage in any transactions
with the Co-Issuer in violation of the immediately preceding sentence.

 

Section
1022. Additional Amounts. All payments made by a Co-Issuer or a Guarantor under or with respect to the Notes or
the Guarantees will be made free and clear of and without withholding or deduction for or on account of any present or future
Taxes imposed or levied by or on behalf of any Taxing Authority in any jurisdiction in which a Co-Issuer or Guarantor is incorporated
or organized or is (or is deemed to be) resident or doing business for tax purposes or any jurisdiction from or through which
payment is made (each a “Relevant Taxing Jurisdiction”), unless any such withholding or deduction is required
by law. If any withholding or deduction for or on account of any Taxes imposed by a Relevant Taxing Jurisdiction is required from
any payment made under or with respect to the Notes or the Guarantees, (a) the applicable withholding agent will make such withholding
or deduction and remit the full amount deducted or withheld to the relevant authority in accordance with and in the time required
under applicable law, and (b) the applicable Co-Issuer or Guarantor will pay such additional amounts (“Additional Amounts”)
as may be necessary so that the net amount received by each Holder or beneficial owner of the Notes after such withholding or
deduction (including any withholding or deduction attributable to Additional Amounts) will equal the amount the Holder or beneficial
owner would have received if such Taxes had not been withheld or deducted; provided, however, that no Additional
Amounts will be payable with respect to any estate, inheritance, gift, sales, capital gains, or personal property Tax or any similar
Tax, or any Tax that would not have been imposed, payable or due:

 

(1) but
for the existence of any present or former connection between the Holder (or the beneficial owner of, such Notes) and the Relevant
Taxing Jurisdiction (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent
establishment in, the Relevant Taxing Jurisdiction) other than the mere acquisition, ownership, holding or disposition of the Notes
or enforcement of rights thereunder or the receipt of payments in respect thereof;

 

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(2) but
for the failure by the Holder or beneficial owner to satisfy any certification, identification or other reporting requirements
whether imposed by statute, treaty, regulation or administrative practice; provided, however, that the Issuer and/or
Co-Issuer has delivered a request to the Holder or beneficial owner to comply with such requirements at least 30 days prior to
the date by which such compliance is required and such Holder or beneficial owner can legally comply with such requirements;

 

(3) if
the presentation of Notes (where presentation is required) for payment had occurred within 30 days after the date such payment
was due and payable or was duly provided for, whichever is later, but only to the extent such Additional Amounts would not have
been required had the note been presented on the last day of the applicable 30 day period;

 

(4) but
for the fact that the Holder does not deal at arm’s length (within the meaning of the Income Tax Act (Canada)) with the Issuer,
the Co-Issuer or a Guarantor;

 

(5) but
for the requirements of Sections 1471 through 1474 of the United States Internal Revenue Code of 1986, as of the Issue Date (or
any amended or successor version that is substantively comparable and not materially more onerous to comply with), any regulations
or official interpretations thereof, or any intergovernmental agreements implementing the foregoing; or

 

(6) but
for any combination of the items listed above.

 

Each of the Co-Issuers and the Guarantors
will indemnify and hold harmless each Holder and beneficial owner from and against (x) any Taxes (other than Taxes excluded by
clauses (1) through (6) above) levied or imposed on a Holder or beneficial owner as a result of payments made under or with respect
to the Notes or any Guarantee (including any such Tax imposed under Part XIII of the Income Tax Act (Canada) and arising on an
assignment (other than an assignment that is not effected in accordance with the provisions of this Indenture) of a note to a person
resident of or deemed resident of Canada (other than a person with whom the Holder does not deal at arm’s length for purposes
of the Income Tax Act (Canada)) that is withheld from or levied or imposed on a Holder or beneficial owner), and (y) any Taxes
(other than Taxes excluded by clauses (1) through (6) above) so levied or imposed with respect to any indemnification payments
under the foregoing clause (x) or this clause (y) such that the net amount received by such Holder or beneficial owner after such
indemnification payments will not be less than the net amount the Holder or beneficial owner would have received if the Taxes described
in clauses (x) and (y) above had not been imposed.

 

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In any context, the payment of amounts based
upon the principal amount of the Notes or of principal, interest or of any other amount payable under or with respect to any of
the Notes or Guarantees, shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof.

 

Upon request, the Issuer will provide the
Trustee with documentation evidencing the payment of the Taxes giving rise to the Additional Amounts.

 

The Co-Issuers will pay any present or future
stamp, registration, court or documentary taxes, or any other excise, property or similar taxes, charges or levies (including any
interest and penalties related thereto) that arise in any Relevant Taxing Jurisdiction from the execution, issuance, delivery,
or registration, or in any jurisdiction from the enforcement of, the Notes or Guarantees or any other document or instrument referred
to therein, or the receipt of any payments with respect to the Notes or Guarantees (“Documentary Taxes”).

 

The obligation to pay Additional Amounts and
Documentary Taxes under the terms and conditions described above will survive any termination, defeasance or discharge of this
Indenture and will apply mutatis mutandis to any successor to any Co-Issuer or Guarantor and to any jurisdiction in which
any such successor is incorporated or organized or is (or is deemed to be) resident or doing business for tax purposes, or from
or through which such successor makes any payment under or with respect to the Notes or the Guarantees.

 

At least 30 days prior to each date on which
any payment under, or with respect to, the Notes is due and payable or such later date as agreed by the Trustee (unless such obligation
to pay Additional Amounts arises after the 30th day prior to the date on which payment under or with respect to the Notes is due
and payable, in which case it will be promptly thereafter), if the Co-Issuers will be obligated to pay Additional Amounts with
respect to such payment, the Issuer will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts
will be payable and the amounts so payable and setting forth such other information as is necessary to enable the Trustee to pay
such Additional Amounts to the Holders of such Notes on the payment date.

 

Article
Eleven

REDEMPTION OF NOTES

 

Section
1101. Right of Redemption. At any time prior to October 15, 2022, the Co-Issuers may on one or more occasions redeem
the Notes, in whole or in part, upon not less than 15 nor more than 60 days’ prior notice delivered electronically to each
Holder or mailed by first-class mail, postage prepaid, to each Holder of the Notes to the address of such Holder appearing in
the Note Register, in each case with a copy to the Trustee, at a redemption price equal to 100% of the principal amount of Notes
redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Amounts, if any, to, but excluding,
the date of redemption (the “Redemption Date”), subject to the rights of Holders on the relevant record date
to receive interest due on the relevant interest payment date falling on or prior to the Redemption Date.

 

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On and after October 15, 2022 (the “First
Call Date”), the Co-Issuers may on one or more occasions redeem the Notes, in whole or in part, upon not less than 15
nor more than 60 days’ prior notice delivered electronically to each Holder or mailed by first class mail, postage prepaid,
to each Holder of the Notes to the address of such Holder appearing in the Note Register, in each case with a copy to the Trustee,
at the Redemption Prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued
and unpaid interest thereon and Additional Amounts, if any, to, but excluding, the applicable Redemption Date, subject to the right
of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling on or prior
to the Redemption Date, if redeemed during the twelve-month period beginning on October 15 of each of the years indicated below:

 

	Year	 	Percentage	 
	2022	 	 	103.250	%
	2023	 	 	101.625	%
	2024 and thereafter	 	 	100.000	%

 

In addition, prior to October 15, 2022, the
Co-Issuers may on one or more occasions, at their option, redeem up to 40% of the aggregate principal amount of Notes (including
Additional Notes) issued under this Indenture at a redemption price equal to 106.500% of the aggregate principal amount thereof,
plus accrued and unpaid interest thereon and Additional Amounts, if any, to, but excluding, the applicable Redemption Date, subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling
on or prior to the Redemption Date, with the net cash proceeds of one or more Equity Offerings of the Issuer or any direct or indirect
parent of the Issuer to the extent such net cash proceeds are contributed to the Issuer; provided that at least 50% of the
aggregate principal amount of Notes originally issued under this Indenture remains outstanding immediately after the occurrence
of each such redemption; provided, further that each such redemption occurs within 180 days of the date of closing
of each such Equity Offering.

 

Section
1102. Applicability of Article. Redemption of Notes at the election of the Company or otherwise, as permitted or
required by any provision of this Indenture, shall be made in accordance with such provision and this Article Eleven.

 

Section
1103. Election To Redeem; Notice to Trustee. In case of any redemption at the election of the Company, the Company
shall, at least five Business Days before notice of redemption is required to be sent to Holders pursuant to Section 1105 hereof
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal
amount of Notes to be redeemed and shall deliver to the Trustee such documentation and records as shall enable the Trustee to
select the Notes to be redeemed pursuant to Section 1104.

 

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Section
1104. Selection by Trustee of Notes to Be Redeemed. If less than all of the Notes or such Pari Passu Indebtedness
is to be redeemed at any time, selection of such Notes for redemption, will be made by the Trustee on a pro rata basis to the
extent practicable; provided that if the Notes are represented by Global Notes, interests in the Notes shall be selected
for redemption or purchase by DTC in accordance with its standard procedures; provided, further, that no Notes of
US$2,000 or less shall be purchased or redeemed in part.

 

Notices of purchase or redemption shall be
delivered electronically or mailed by first class mail, postage prepaid, at least 15 but not more than 60 days before the purchase
or redemption date to each Holder of Notes to be purchased or redeemed at such Holder’s registered address or otherwise in
accordance with the procedures of DTC, with a copy to the Trustee, except that redemption notices may be delivered or mailed more
than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of this Indenture. If any Note is to be purchased or redeemed in part only, any notice of purchase or redemption
that relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased or redeemed.

 

A new Note in principal amount equal to the
unpurchased or unredeemed portion of any Note purchased or redeemed in part will be issued in the name of the Holder thereof upon
cancellation of the original Note. Notes called for redemption or purchase become due on the date fixed for redemption or purchase,
unless such redemption or purchase is conditioned on the happening of a future event. On and after the purchase or Redemption Date,
unless the Co-Issuers default in payment of the purchase or Redemption Price, interest shall cease to accrue on Notes or portions
thereof purchased or called for redemption, unless such redemption remains conditioned upon the happening of a future event.

 

Section
1105. Notice of Redemption. Notice of redemption shall be given in the manner provided for in Section 107 not less
than 15 nor more than 60 days prior to the Redemption Date, to each Holder to be redeemed.

 

All notices of redemption shall state:

 

(1) the
Redemption Date,

 

(2) the
Redemption Price, or if not then ascertainable, the manner of calculation thereof,

 

(3) in
the case of certificated Notes, if less than all Outstanding Notes are to be redeemed, the identification (and, in the case of
a partial redemption, the principal amounts) of the particular Notes to be redeemed,

 

(4) in
case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and after the Redemption
Date, upon surrender of such Note, the Holder will receive, without charge, a new Note or Notes of authorized denominations for
the principal amount thereof remaining unredeemed,

 

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(5) that
on the Redemption Date, the Redemption Price (and accrued but unpaid interest, if any, to, but not including, the Redemption Date
payable as provided in Section 1107) will become due and payable upon each such Note, or the portion thereof, to be redeemed, and
that interest thereon will cease to accrue on and after the Redemption Date,

 

(6) any
condition precedent to the redemption,

 

(7) the
place or places where such Notes are to be surrendered for payment of the Redemption Price and accrued but unpaid interest, if
any,

 

(8) the
name and address of the Paying Agent,

 

(9) that
Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price,

 

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

 

(11) the
paragraph of the Notes pursuant to which the Notes are to be redeemed.

 

Notice of redemption of Notes to be redeemed
at the election of the Co-Issuers shall be given by the Co-Issuers or, at the Co-Issuers’ request, by the Trustee in the
name and at the expense of the Co-Issuers.

 

Notice of any redemption of the Notes (including
upon an Equity Offering or in connection with another transaction (or series of related transactions) or an event that constitutes
a Change of Control Triggering Event) may, at the Co-Issuers’ discretion, be given prior to the completion or the occurrence
thereof and any such redemption or notice may, at the Co-Issuers’ discretion, be subject to one or more conditions precedent,
including, but not limited to, completion or occurrence of the related Equity Offering or other transaction or event, as the case
may be. In addition, if such redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice
shall describe each such condition, and if applicable, shall state that, in the Co-Issuers’ discretion, the Redemption Date
may be delayed until such time (including more than 60 days after the date the notice of redemption was mailed or delivered, including
by electronic transmission) as any or all such conditions shall be satisfied, or such redemption or purchase may not occur and
such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date,
or by the Redemption Date as so delayed, or such notice may be rescinded at any time in the Co-Issuers’ discretion if in
the good faith judgment of the Co-Issuers any or all of such conditions will not be satisfied. In addition, the Co-Issuers may
provide in such notice that payment of the redemption price and performance of the Co-Issuers’ obligations with respect to
such redemption may be performed by another Person.

 

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If any such condition precedent has not been
satisfied, the Company shall provide written notice to the Trustee thereof. Upon receipt, the Trustee shall provide such notice
to each Holder of the Notes in the same manner in which the notice of redemption was given.

 

Section
1106. Deposit of Redemption Price. On or prior to any Redemption Date, the Co-Issuers shall deposit with the Trustee
or with a Paying Agent (or, if the Co-Issuers is acting as its own Paying Agent, segregate and hold in trust as provided in Section
1003) an amount of money sufficient to pay the Redemption Price of, and accrued but unpaid interest, if any, on, all the Notes
which are to be redeemed on such Redemption Date.

 

Section
1107. Notes Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Notes so to be
redeemed shall, on the Redemption Date, become due and payable, unless such redemption is conditioned on the happening of a future
event, at the Redemption Price therein specified (together with accrued but unpaid interest, if any, to the Redemption Date),
and from and after such Redemption Date (unless the Co-Issuers shall default in the payment of the Redemption Price and accrued
but unpaid interest, if any) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance
with said notice, such Note shall be paid by the Co-Issuers at the Redemption Price, together with accrued but unpaid interest,
if any, to, but not including, the Redemption Date and such Notes shall be canceled by the Trustee; provided, however,
that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such
Notes, or one or more Predecessor Notes, registered as such at the close of business on the relevant Record Date according to
their terms and the provisions of Section 306.

 

If any Note called for redemption shall not
be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate borne by the Notes.

 

Section
1108. Notes Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this
Article Eleven) shall be surrendered at the office or agency of the Co-Issuers maintained for such purpose pursuant to Section
1002 (with, if the Co-Issuers or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Co-Issuers and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing),
and the Co-Issuers shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without service charge,
a new Note or Notes, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Note so surrendered.

 

Section
1109. Redemption for Changes in Withholding Taxes. In addition, the Co-Issuers may, at their option, redeem all
(but not less than all) of the Notes then outstanding, in each case at 100% of the principal amount of the Notes, plus accrued
and unpaid interest, if any, to, but excluding, the Redemption Date, if any Co-Issuer or a Guarantor has become or would become
obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts (or
make indemnity payments) as a result of any change in law of a Relevant Taxing Jurisdiction (including any regulations promulgated
thereunder) or in the official interpretation or administration of law or relevant position or policy of any applicable taxing
authority of a Relevant Taxing Jurisdiction, if such change is announced and becomes effective on or after the Issue Date (or,
if the Relevant Taxing Jurisdiction did not become a Relevant Taxing Jurisdiction until after the Issue Date, after such later
date); provided that the obligation to pay such Additional Amounts or indemnification payments cannot be avoided by the
use of reasonable measures available to it (including, for the avoidance of doubt, the appointment of a new Paying Agent or payment
through another Co-Issuer or Guarantor). Notice of any such redemption must be given not less than 15 nor more than 60 days prior
to the date fixed for redemption pursuant to this paragraph; provided that no such notice will be given earlier than 90
days prior to the earliest date on which such Co-Issuer or Guarantor would be obliged to pay such Additional Amounts.

 

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Prior to giving any notice of redemption of
the Notes pursuant to this Section 1109, the Issuer will deliver to the Trustee:

 

(1) an
Officer’s Certificate stating that the Co-Issuers are entitled to effect such redemption and setting forth a statement of
facts showing that the conditions precedent to the right of the Co-Issuers so to redeem have occurred; and

 

(2) a
written opinion of recognized independent tax counsel in the Relevant Taxing Jurisdiction acceptable to the Trustee, that the Issuer,
Co-Issuer or any Guarantor, as the case may be, has or will become obliged to pay Additional Amounts as a result of such change
as described above. Such certificate and opinion will be made available for inspection by the Holders.

 

Section
1110. Offers to Repurchase by Application of Proceeds.

 

(a) In
the event that, pursuant to Section 1018 hereof, the Co-Issuers shall be required to commence an Asset Sale Offer, they shall follow
the procedures specified below.

 

(b) The
Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the extent
that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after
the termination of the Offer Period (the “Purchase Date”), the Co-Issuers shall apply all Excess Proceeds (the
“Offer Amount”) to the purchase of Notes and, if required, Pari Passu Indebtedness (on a pro rata basis,
if applicable), or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in response
to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made.

 

(c) If
the Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest
and additional interest, if any, up to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered
at the close of business on such Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant
to the Asset Sale Offer.

 

(d) Upon
the commencement of an Asset Sale Offer, the Co-Issuers shall electronically deliver or send, by first-class mail, a notice to
each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such
Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders and holders of Pari
Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state:

 

(1) that
the Asset Sale Offer is being made pursuant to this Section 1110 and Section 1018 hereof and the length of time the Asset Sale
Offer shall remain open;

 

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(2) the
Offer Amount, the purchase price and the Purchase Date;

 

(3) that
any Note not tendered or accepted for payment shall continue to accrue interest;

 

(4) that,
unless the Co-Issuers default in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease
to accrue interest on and after the Purchase Date;

 

(5) that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral multiples
of US$2,000 only;

 

(6) that
Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form
entitled “Option of Holder to Elect Repurchase” attached to the Note completed, or transfer such Note by book-entry
transfer, to the Issuer, the Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in the notice at
least three days before the Purchase Date;

 

(7) that
Holders shall be entitled to withdraw their election if the Co-Issuers, the Depositary or the Paying Agent, as the case may be,
receive, not later than the expiration of the Offer Period, a telegram, facsimile transmission or letter setting forth the name
of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing
his election to have such Note purchased;

 

(8) that,
if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds the Offer Amount,
the Trustee shall select the Notes and the Co-Issuers, or, if so elected by the Co-Issuers, the agent for such Pari Passu Indebtedness,
shall select such Pari Passu Indebtedness to be purchased on a pro rata basis based on the accreted value or principal amount
of the Notes or such Pari Passu Indebtedness tendered (with such adjustments as may be deemed appropriate by the Trustee so that
only Notes in denominations of US$2,000, or integral multiples of US$1,000 in excess thereof, shall be purchased); and

 

(9) that
Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased.

 

(e) On
or before the Purchase Date, the Co-Issuers shall, to the extent lawful, (1) accept for payment, on a pro rata basis to
the extent necessary, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Asset Sale Offer, or if less
than the Offer Amount has been tendered, all Notes tendered and (2) deliver or cause to be delivered to the Trustee the Notes properly
accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof so tendered.

 

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(f) The
Co-Issuers, the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder an
amount equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Co-Issuers for purchase, and
the Co-Issuers shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate and
mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that, notwithstanding
anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate is required for the Trustee to
authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered
representing the same indebtedness to the extent not repurchased; provided that each such new Note shall be in a principal
amount of US$2,000 or an integral multiple of US$1,000 in excess thereof. Any Note not so accepted shall be promptly mailed or
delivered by the Co-Issuers to the Holder thereof. The Co-Issuers shall publicly announce the results of the Asset Sale Offer on
or as soon as practicable after the Purchase Date.

 

Other than as specifically provided in this
Section 1110 or Section 1018 hereof, any purchase pursuant to this Section 1110 shall be made pursuant to the applicable provisions
of this Article Eleven.

 

Section
1111. Mandatory Redemption; Open Market Purchases. The Co-Issuers shall not be required to make any mandatory redemption
or sinking fund payments with respect to the Notes. The Co-Issuers may at any time and from time to time acquire Notes by means
other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise.

 

Article
Twelve

GUARANTEES

 

Section
1201. Guarantees. The Guarantors hereby jointly and severally irrevocably and unconditionally guarantee, on an unsubordinated
basis, the Notes and obligations of the Co-Issuers hereunder and thereunder, and guarantee to each Holder of a Note authenticated
and delivered by the Trustee, and to the Trustee for itself and on behalf of such Holder, that: (1) the principal of (and premium,
if any) and interest on the Notes will be paid in full when due, whether at Stated Maturity, by acceleration or otherwise (including
the amount that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Law), together
with interest on the overdue principal, if any, interest on any overdue interest, to the extent lawful, expenses, indemnification
and all other obligations of the Co-Issuers to the Holders or the Trustee hereunder or thereunder will be paid in full or performed,
all in accordance with the terms hereof and thereof; and (2) in case of any extension of time of payment or renewal of any Notes
or of any such other obligations, the same shall be 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, subject, however, in the case of clauses (1) and (2) above,
to the limitation set forth in Section 1204 hereof.

 

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Each Guarantor hereby agrees that its 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 with respect to any provisions hereof or thereof,
any release of any other Guarantor, 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 Guarantor hereby waives (to the extent
permitted by law) the benefits of diligence, presentment, demand for 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 or any other Person, protest, notice and
all demands whatsoever and covenants that the Guarantee of such Guarantor shall not be discharged as to any Note except by complete
performance of the obligations contained in such Note, this Indenture and such Guarantee. Each Guarantor acknowledges that the
Guarantee is a guarantee of payment, performance and compliance when due and not of collection. Each of the Guarantors hereby agrees
that, in the event of a default in payment of principal (or premium, if any) or interest on such Note, whether at its Stated Maturity,
by acceleration, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such
Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Guarantors to enforce such
Guarantor’s Guarantee without first proceeding against the Issuer or any other Guarantor. Each Guarantor agrees that if,
after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable
law from exercising their respective rights to accelerate the Maturity of the Notes, to collect interest on the Notes, or to enforce
or exercise any other right or remedy with respect to the Notes, such Guarantor shall pay to the Trustee for the account of the
Holder, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted
to be exercised by the Trustee or any of the Holders.

 

If any Holder or the Trustee is required by
any court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee, liquidator or other similar official
acting in relation to either the Issuer or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the Guarantee
of each of the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further
agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee on the other hand, (1) subject to this
Article Twelve, the Maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five hereof for the
purposes of the Guarantee of such Guarantor notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (2) in the event of any acceleration of such obligation as provided in Article
Five hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the
purpose of the Guarantee of such Guarantor.

 

Each Guarantee shall remain in full force
and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization,
should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed
for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be
effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable
law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes, whether as a “voidable
preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made.
In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest
extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

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Section
1202. Severability. In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby to the extent permitted
by applicable law.

 

Section
1203. Restricted Subsidiaries. The Issuer shall cause any Restricted Subsidiary required to guarantee payment of
the Notes pursuant to the terms and provisions of Section 1015 to execute and deliver to the Trustee a supplement to this Indenture
substantially in the form of Exhibit A hereto (or otherwise as agreed by the Issuer and the Trustee) in accordance with the provisions
of Article Nine of this Indenture pursuant to which such Restricted Subsidiary shall guarantee all of the obligations on the Notes,
whether for principal, premium, if any, interest (including interest accruing after the filing of, or which would have accrued
but for the filing of, a petition by or against the Issuer under any Bankruptcy Law, whether or not such interest is allowed as
a claim after such filing in any proceeding under such law) and other amounts due in connection therewith (including any fees,
expenses and indemnities), on an unsecured senior basis. Upon the execution of any such amendment or supplement, the obligations
of the Guarantors and any such Restricted Subsidiary under their respective Guarantees shall become joint and several and each
reference to the “Guarantor” in this Indenture shall, subject to Section 1207, be deemed to refer to all Guarantors,
including such Restricted Subsidiary. Such Guarantee shall be released in accordance with Section 803 and Section 1208.

 

Section
1204. Limitation of Guarantors’ Liability. Each Guarantor and by its acceptance hereof each Holder confirms
that it is the intention of all such parties that the guarantee by each such Guarantor pursuant to its Guarantee not constitute
a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal, provincial or state law or the provisions of its local law relating to fraudulent transfer
or conveyance. To effectuate the foregoing intention, the Holders and each such Guarantor hereby irrevocably agree that the obligations
of such Guarantor under its Guarantee shall be limited to an amount not to exceed the maximum amount, after giving effect to all
other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or
on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to this
Section 1204, that can be guaranteed by the applicable Guarantor without rendering the Guarantee, as it relates to such Guarantor,
voidable under applicable Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act, the Fraudulent
Conveyances Act or any similar applicable federal, provincial or state law or the provisions of its local law relating to fraudulent
transfer or conveyance. Each Guarantor that makes a payment under its Guarantee will be entitled upon payment in full of all guaranteed
Obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s
pro rata portion of such payment based on the respective net assets of all of the Guarantors at the time of such payment determined
in accordance with GAAP.

 

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Section
1205. Contribution. In order to provide for just and equitable contribution among the Guarantors, the Guarantors
agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”)
under a Guarantee, such Funding Guarantor shall be entitled to a contribution from all other Guarantors in a pro rata amount based
on the Adjusted Net Assets (as defined below) of each Guarantor (including the Funding Guarantor) for all payments, damages and
expenses incurred by that Funding Guarantor in discharging the Issuer’s obligations with respect to the Notes or any other
Guarantor’s obligations with respect to the Guarantee of such Guarantor. “Adjusted Net Assets” of such
Guarantor at any date shall mean the lesser of (1) the amount by which the fair value of the property of such Guarantor exceeds
the total amount of liabilities, including contingent liabilities (after giving effect to all other fixed and contingent liabilities
incurred or assumed on such date), but excluding liabilities under the Guarantee of such Guarantor at such date and (2) the amount
by which the present fair salable value of the assets of such Guarantor at such date exceeds the amount that will be required
to pay the probable liability of such Guarantor on its debts (after giving effect to all other fixed and contingent liabilities
incurred or assumed on such date), excluding debt in respect of the Guarantee of such Guarantor, as they become absolute and matured.

 

Section
1206. Subrogation . Each Guarantor shall be subrogated to all rights
of Holders against the Co-Issuers in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 1201;
provided, however, that, each Guarantor waives and will not in any manner whatsoever claim or take the benefit or
advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Issuer or any other Restricted
Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee until all amounts then due and payable
by the Co-Issuers with respect to the Notes shall have been paid in full.

 

Section
1207. Reinstatement. Each Guarantor hereby agrees (and each Person who becomes a Guarantor shall agree) that the
Guarantee provided for in Section 1201 shall continue to be effective or be reinstated, as the case may be, if at any time, payment,
or any part thereof, of any obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Issuer
upon the bankruptcy or insolvency of the Issuer or any Guarantor.

 

Section
1208. Release of a Guarantor. Any Guarantee by a Restricted Subsidiary of the Notes shall be automatically and unconditionally
released and discharged upon:

 

(1) (A) any sale, exchange,
transfer or other disposition (by merger, amalgamation or otherwise) of the Issuer’s and/or Restricted Subsidiary’s
Capital Stock in such Guarantor following which the applicable Guarantor is no longer a Restricted Subsidiary or all or substantially
all the assets of such Guarantor (other than any sale, exchange or transfer to the Issuer, any Guarantor and/or any Restricted
Subsidiary), which sale, exchange or transfer is made in compliance with the applicable provisions of this Indenture;

 

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(B) the
release or discharge of the guarantee by such Guarantor of the Senior Credit Facilities or the other guarantee which resulted in
the creation of such Guarantee, except a discharge or release by or as a result of payment under such guarantee;

 

(C) (i)
if the Issuer properly designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary upon effectiveness
of such designation or (ii) when any Restricted Subsidiary that is a Guarantor first ceases to be a Restricted Subsidiary;

 

(D) exercise
of the option of Legal Defeasance of the Notes under Section 1302 hereof, or the option of Covenant Defeasance of the Notes under
Section 1303 hereof, or if the Co-Issuers’ obligations under this Indenture are discharged in accordance with Section 401;
or

 

(E) the
merger, amalgamation or consolidation of any Guarantor with and into the Issuer or another Guarantor that is the surviving, continuing
or resulting Person in such merger, amalgamation or consolidation, or upon the liquidation of a Guarantor following the transfer
of all of its assets to the Issuer or another Guarantor; and

 

(2) the
Issuer’s and such Guarantor’s delivery to the Trustee of an Officer’s Certificate and Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the release and discharge of the Guarantee have been complied
with.

 

Section
1209. Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Indenture and from its guarantee and waivers pursuant to its Guarantees under
this Article Twelve.

 

Section
1210. Matters of Brazilian Law. As it relates to any Person party to this denture that is incorporated or formed
under Brazilian law, the transactions contemplated hereby have been proposed by the Trustee for the purposes of paragraph 2 of
Article 9 of the Brazilian Decree-Law No. 4,657 dated September 4, 1942 and for no other purpose or reason whatsoever.

 

Article
Thirteen

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section
1301. Issuer’s Option To Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option, at
any time, with respect to the Notes, elect to have either Section 1302 or Section 1303 be applied to all Outstanding Notes upon
compliance with the conditions set forth below in this Article Thirteen.

 

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Section
1302. Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 1301 of the option applicable
to this Section 1302, each of the Co-Issuers and the Guarantors shall be deemed to have been discharged from their respective
obligations with respect to all Outstanding Notes and the Guarantees on the date the conditions set forth in Section 1304 are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that each of the
Co-Issuers and the Guarantors shall be deemed to have paid and discharged the entire indebtedness represented by the Outstanding
Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1305 and the other Sections
of this Indenture referred to in (1) and (2) below, and the Guarantees and to have satisfied all its other obligations under such
Notes, the Guarantees and this Indenture insofar as such Notes are concerned (and the Trustee, at the expense of the Issuer, shall
execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or
discharged hereunder: (1) the rights of Holders of Outstanding Notes to receive payments in respect of the principal of, premium,
if any, and interest on such Notes when such payments are due, solely out of the trust described in Section 1304 (including, but
not limited to the Issuer’s obligation to pay an Applicable Premium Deficit, if applicable), (2) the Issuer’s and/or
the Co-Issuer’s obligations with respect to such Notes under Sections 303, 304, 305, 1002 and 1003, (3) the rights, powers,
trusts, duties and immunities of the Trustee hereunder (including Section 607), and the obligations of each of the Co-Issuers
and the Guarantors in connection therewith and (4) this Article Thirteen. Subject to compliance with this Article Thirteen, the
Issuer may exercise its option under this Section 1302 notwithstanding the prior exercise of its option under Section 1303 with
respect to the Notes.

 

Section
1303. Covenant Defeasance. Upon the Issuer’s exercise under Section 1301 of the option applicable to this
Section 1303, each of the Co-Issuers and the Guarantors shall be released from their respective obligations under any covenant
contained in Sections 801, 802, 1005, 1006, 1007 and 1009 through and including 1018 with respect to the Outstanding Notes on
and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the
Notes shall thereafter be deemed not to be “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. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Notes,
the Issuer or any Guarantor, as applicable, 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 a Default or an Event of Default under Sections 501(3), 501(4), 501(5), 501(6) and 501(8)
and, with respect to only the Issuer or any Significant Subsidiary and not the Issuer, Section 501(7), but, except as specified
above, the remainder of this Indenture and such Notes shall be unaffected thereby.

 

    135

     

    

 

Section
1304. Conditions to Legal Defeasance or Covenant Defeasance. The following shall be the conditions to application
of either Section 1302 or Section 1303 to the Outstanding Notes:

 

(1) the
Issuer shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 608 who shall agree to comply with the provisions of this Article Thirteen applicable to it) as trust funds in trust
for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to the benefit of
the Holders of such Notes; (A) cash in U.S. dollars, or (B) non-callable Government Securities, or (C) a combination thereof (without
consideration of any reinvestment of interest), in such amounts as will be sufficient, in the opinion of a nationally recognized
firm of independent public accountants (solely with respect to a deposit of assets other than cash in U.S. dollars), to pay and
discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of (and
premium, if any) and interest on the Outstanding Notes on the Stated Maturity (or Redemption Date, if applicable) of such principal
(and premium, if any) or, interest due on the Notes; provided that the Trustee shall have been irrevocably instructed to
apply such cash or the proceeds of such Government Securities to said payments with respect to the Notes. Before such a deposit,
the Company may give to the Trustee, in accordance with Section 1103 hereof, a notice of its election to redeem all of the Outstanding
Notes at a future date in accordance with Article Eleven hereof, which notice shall be irrevocable. Such irrevocable redemption
notice, if given, shall be given effect in applying the foregoing; provided that upon any redemption that requires the payment
of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture 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 Redemption Date (any such amount, the “Applicable Premium Deficit”) only required to be deposited
with the Trustee on or prior to the Redemption Date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate
delivered to the Trustee (upon which the Trustee may conclusively rely) simultaneously with the deposit of such Applicable Premium
Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

 

(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, subject to customary assumptions and exclusions,

 

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

 

(B) since
the issuance of the Notes, there has been a change in the applicable U.S. Federal income tax law,

 

in either case to the effect that, and based thereon
such Opinion of Counsel in the United States shall confirm that, subject to customary assumptions and exclusions, the holders of
the Outstanding Notes 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) (x)
in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States confirming
that, subject to customary assumptions and exclusions, the holders of the Outstanding Notes 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 such tax on the same amounts,
in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; and (y) in the
case of Covenant Defeasance or Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in Canada
confirming that the holders will not recognize income, gain or loss for Canadian federal tax purposes as a result of such Covenant
Defeasance or Legal Defeasance and will be subject to Canadian federal tax on the same amounts and in the same manner and at the
same times as would have been the case if such Covenant Defeasance or Legal Defeasance had not occurred;

 

    136

     

    

 

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

 

(5) such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under the Senior
Credit Facilities or any other material agreement or instrument (other than this Indenture) to which, the Issuer or any Guarantor
is a party or by which the Issuer or any Guarantor is bound;

 

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

 

(7) the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel in the United States (which
Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided
for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

 

Section
1305. Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions. Subject to
the provisions of the last paragraph of Section 1003, all cash and Government Securities (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1305, the “Qualifying Trustee”)
pursuant to Section 1304 in respect of the Outstanding Notes shall be held in trust and applied by the Qualifying Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including
the Issuer acting as its own Paying Agent) as the Qualifying Trustee may determine, to the Holders of such Notes of all sums due
and to become due thereon in respect of principal (and premium, if any) and interest, but such money or Government Securities
need not be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify the Qualifying
Trustee against any tax, fee or other charge imposed on or assessed against the Government Securities deposited pursuant to Section
1304 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 Thirteen to the contrary
notwithstanding, the Qualifying Trustee shall deliver or pay to the Issuer from time to time upon Company Request any money or
Government Securities held by it as provided in Section 1304 which are in excess of the amount thereof which would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance, as applicable, in accordance with this Article
Thirteen.

 

Section
1306. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or Government Securities in
accordance with Section 1305 by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the Issuer’s and each Guarantor’s obligations under this Indenture
and the Outstanding Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 1302 or 1303,
as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Securities
in accordance with Section 1305; provided, however, that if the Issuer makes any payment of principal of (or premium,
if any) or interest on any Note following 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 money or Government Securities held by the Trustee or Paying Agent.

 

    137

     

    

 

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

  

	 	TELESAT CANADA
	 	 	 
	 	TELESAT SATELLITE GP, LLC
	 	 	By:	Telesat Canada, as sole member
	 	 	 
	 	TELESAT SATELLITE LP
	 	 	By: 	Telesat Satellite GP, LLC, as general partner
	 	 	By:	Telesat Canada, as sole member

 

	 	By:	/s/ Christopher S. DiFrancesco
	 	 	Name: 	Christopher S. DiFrancesco
	 	 	Title:	Vice President, General Counsel, and Secretary

  

[Signature Page to Indenture]

 

     

     

    

 

	 	SKYNET
    SATELLITE CORPORATION
	 	 
	 	TELESAT
    INTERNATIONAL, L.L.C.
	 	 
	 	 	By:	Skynet
    Satellite Corporation, as sole member
	 	 	 	 
	 	TELESAT
    BRAZIL HOLDINGS LLC
	 	 
	 	 	By:	Skynet
    Satellite Corporation, as sole member
	 	 	 	 
	 	TELESAT
    NETWORK SERVICES, INC.
	 	 
	 	TELESAT
    LLC
	 	 
	 	TELESAT
    NETWORK SERVICES HOLDINGS L.L.C.
	 	 
	 	 	By:	Telesat
    Network Services, Inc., as sole member
	 	 	 	 
	 	TELESAT
    SATELLITE HOLDINGS CORPORATION
	 	 
	 	INFOSAT
    ABLE HOLDINGS, INC.
	 	 
	 	INFOSAT
    COMMUNICATIONS GP INC.
	 	 
	 	INFOSAT
    COMMUNICATIONS LP
	 	 
	 	TELESAT
    2016 ULC
	 	 
	 	 	By:	Infosat
    Communications GP Inc., as general partner

 

	 	By:  	/s/
    Christopher S. DiFrancesco
	 	 	Name: 
    	Christopher
    S. DiFrancesco
	 	 	Title:
    	Secretary

  

[Signature
Page to Indenture]

 

     

     

    

 

	 	TELESAT
    SPECTRUM GENERAL PARTNERSHIP
	 	 
	 	 	By:	Telesat
    Canada, as general partner 
	 	 	 	 
	 	By:  	/s/
    Christopher S. DiFrancesco
	 		Name:
    	Christopher
    S. DiFrancesco 
	 		Title:	Vice
    President, General Counsel, and Secretary
	 	 	 	 
	 	By:	Telesat
    2016 ULC, as general partner
	 	 	 
	 	By:  	/s/
    Christopher S. DiFrancesco 
	 		Name:	Christopher
    S. DiFrancesco 
	 		Title:	Secretary 

 

[Signature
Page to Indenture]

 

     

     

    

 

	 	TELESAT
    INTERNATIONAL LIMITED
	 	 	 
	 	By:  	/s/
    Clarissa R. Offwood
	 		Name:
    	Clarissa
    R. Offwood
	 		Title:
    	Director

 

[Signature
Page to Indenture]

 

     

     

    

 

	 	TELESAT
    (IOM) LIMITED
	 	 	 	 
	 	By:  	/s/
    Ross Byrne
	 	 	Name: 	Ross
    Byrne
	 	 	Title:	Director
	 	 	 	 
	 	TELESAT
    (IOM) HOLDINGS LIMITED
	 	 	 	 
	 	By:  	/s/
    Ross Byrne
	 	 	Name: 	Ross
    Byrne
	 	 	Title:	Director

 

[Signature
Page to Indenture]

 

     

     

    

 

	 	TELESAT
    SPACE PARTICIPAÇÕES LTDA.
	 	TELESAT
    BRASIL CAPACIDADE DE
	 	SATÉLITES
    LTDA.
	 	TELESAT
    BRASIL LTDA.
	 	TELESAT
    SERVIÇOS DE
	 	TELECOMUNICAÇÃO
    LTDA.
	 	(Signing
    as Guarantors)
	 	 
	 	By:
    	/s/
    Mauro Wajnberg
	 	 	Name:	Mauro
    Wajnberg
	 	 	Title:	Officer

 

[Signature
Page to Indenture]

 

     

     

    

 

	 	THE
    SPACECONNECTION, INC.
	 	 	 
	 	By:	/s/
    Michel Cayouette
	 		Name:	Michel
    Cayouette
	 		Title:
    	Director

 

[Signature
Page to Indenture]

 

     

     

    

 

	 	THE
    BANK OF NEW YORK MELLON,

 as Trustee
	 	 	 
	 	By:  	/s/
    Francine Kincaid
	 	 	Name: 
    	Francine
    Kincaid
	 	 	Title:	Vice
    President

 

[Signature
Page to Indenture]

 

     

     

    

 

Rule
144A / Regulation S / IAI Appendix

 

PROVISIONS
RELATING TO NOTES 

 

1.
Definitions

 

1.1
Definitions.

 

For
the purposes of this Appendix the following terms shall have the meanings indicated below:

 

“Applicable
Procedures” means, with respect to any transfer or transaction involving a Temporary Regulation S Global Note or beneficial
interest therein, the rules and procedures of the Depositary for such a Temporary Regulation S Global Note, to the extent applicable
to such transaction and as in effect from time to time.

 

“Definitive
Note” means a certificated Note bearing, if required, the appropriate restricted notes legend set forth in Section 2.3(e).

 

“Distribution
Compliance Period,” with respect to any Notes, means the period of 40 consecutive days beginning on and including the
later of (i) the day on which such Notes are first offered to Persons other than distributors (as defined in Regulation S under
the Securities Act) in reliance on Regulation S and (ii) the issue date with respect to such Notes.

 

“IAI”
means an institutional “accredited investor,” as defined in Rule 501(a)(1), (2), (3) and (7) of Regulation D under
the Securities Act.

 

“Initial
Purchasers” means (1) with respect to the Initial Notes issued on the Issue Date, Goldman Sachs & Co. LLC, Credit
Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BMO Capital Markets Corp., CIBC World Markets
Corp., ING Financial Markets LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, and (2) with respect
to each issuance of Additional Notes, the Persons purchasing such Additional Notes under the related Purchase Agreement.

 

“Notes”
means (1) US$550,000,000 aggregate principal amount of 6.500% Senior Notes due 2027 issued on the Issue Date and (2) any Additional
Notes, if any, issued in a transaction exempt from the registration requirements of the Securities Act.

 

“Notes
Custodian” means the custodian with respect to a Global Notes (as appointed by the Depositary), or any successor Person
thereto and shall initially be the Trustee.

 

“Purchase
Agreement” means (1) with respect to the Initial Notes issued on the Issue Date, the Purchase Agreement dated September
27, 2019, among the Co-Issuers, the Guarantors party thereto and Goldman Sachs & Co. LLC as Representative (the “Representative”)
on behalf of the Initial Purchasers party thereto, and (2) with respect to each issuance of Additional Notes, the purchase agreement
or underwriting agreement among the Co-Issuers, the Guarantors and the Persons purchasing such Additional Notes.

 

     

     

    

 

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

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Transfer
Restricted Notes” means Notes that bear or are required to bear the legend relating to restrictions on transfer relating
to the Securities Act set forth in Section 2.3(e) hereto.

 

1.2
Other Definitions.

 

	Term
	 	Defined
                                         in Section:

	“Agent
    Members”	 	2.1(b)
	“Global
    Notes”	 	2.1(a)
	“IAI
    Global Note”	 	2.1(a)
	“Permanent
    Regulation S Global Note”	 	2.1(a)
	“Regulation
    S”	 	2.1(a)
	“Regulation
    S Global Note”	 	2.1(a)
	“Rule
    144A”	 	2.1(a)
	“Rule
    144A Global Note”	 	2.1(a)
	“Temporary
    Regulation S Global Note”	 	2.1(a)

 

2.
The Notes.

 

2.1
(a) Form and Dating. The Notes will be offered and sold by the Co-Issuers pursuant to a Purchase Agreement. The Notes will
be resold initially only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii)
Persons other than U.S. Persons (as defined in Regulation S) outside the United States in reliance on Regulation S under the Securities
Act (“Regulation S”). Notes may thereafter be transferred to, among others, QIBs, IAIs and purchasers in reliance
on Regulation S, subject to the restrictions on transfer set forth herein. Notes initially resold pursuant to Rule 144A shall
be issued initially in the form of one or more permanent global Notes in definitive, fully registered form (collectively, the
“Rule 144A Global Note”); Notes initially resold to IAIs shall be issued initially in the form of one or more
permanent global Notes in definitive, fully registered form (collectively, the “IAI Global Note”); and Notes
initially resold pursuant to Regulation S shall be issued initially in the form of one or more temporary global notes in fully
registered form (collectively, the “Temporary Regulation S Global Note”), in each case without interest coupons
and with the global notes legend and the applicable restricted notes legend set forth in Exhibit 1 hereto, which shall be deposited
on behalf of the purchasers of the Notes represented thereby with the Notes Custodian and registered in the name of the Depositary
or a nominee of the Depositary, duly executed by the Co-Issuers and authenticated by the Trustee as provided in this Indenture.
Except as set forth in this Section 2.1(a), beneficial ownership interests in the Temporary Regulation S Global Note will not
be exchangeable for interests in a permanent global note (the “Permanent Regulation S Global Note,” and together
with the Temporary Regulation S Global Note, the “Regulation S Global Note”) or any other Note prior to the
expiration of the Distribution Compliance Period and then, after the expiration of the Distribution Compliance Period, may be
exchanged for interests in a Rule 144A Global Note, an IAI Global Note or the Permanent Regulation S Global Note only upon certification
in form reasonably satisfactory to the Trustee that (i) beneficial ownership interests in such Temporary Regulation S Global Note
are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not require registration
under the Securities Act and (ii) in the case of an exchange for an IAI Global Note, certification that the interest in the Temporary
Regulation S Global Note is being transferred to an institutional “accredited investor” under the Securities Act that
is an institutional accredited investor acquiring the Notes for its own account or for the account of an institutional accredited
investor.

 

    -2-

     

    

 

Beneficial
interests in Temporary Regulation S Global Notes and IAI Global Notes may be exchanged for interests in Rule 144A Global Notes
if (1) such exchange occurs in connection with a transfer of Notes in compliance with Rule 144A and (2) the transferor of the
beneficial interest in the Temporary Regulation S Global Note or the IAI Global Note, as applicable, first delivers to the Trustee
a written certificate (substantially in the form provided in the Indenture) to the effect that the beneficial interest in the
Temporary Regulation S Global Note or the IAI Global Note, as applicable, is being transferred to a Person (a) who the transferor
reasonably believes to be a QIB, (b) purchasing for its own account or the account of a QIB in a transaction meeting the requirements
of Rule 144A, and (c) in accordance with all applicable securities laws of the States of the United States and other jurisdictions.

 

Beneficial
interests in Temporary Regulation S Global Notes and Rule 144A Global Notes may be exchanged for an interest in IAI Global Notes
if (1) such exchange occurs in connection with a transfer of the Notes in compliance with an exemption under the Securities Act
and (2) the transferor of the Regulation S Global Note or Rule 144A Global Note, as applicable, first delivers to the trustee
a written certificate (substantially in the form of Exhibit 2)to the effect that (A) the Regulation S Global Note or Rule 144A
Global Note, as applicable, is being transferred (a) to an “accredited investor” within the meaning of 501(a)(1),(2),(3)
and (7) of Regulation D under the Securities Act that is an institutional investor acquiring the Notes for its own account or
for the account of such an institutional accredited investor, in each case in a minimum principal amount of the Notes of US$250,000,
for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities
Act and (B) in accordance with all applicable securities laws of the States of the United States and other jurisdictions.

 

Beneficial
interests in a Rule 144A Global Note or an IAI Global Note may be transferred to a Person who takes delivery in the form of an
interest in a Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if
the transferor first delivers to the Trustee a written certificate (in the form provided in the Indenture) to the effect that
such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable).

 

The
Rule 144A Global Note, the IAI Global Note and the Regulation S Global Note are collectively referred to herein as 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 and the Depositary or its nominee as hereinafter provided.

 

    -3-

     

    

 

(b)
Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the Depositary.

 

Upon
issuance, the Issuer shall execute and the Trustee shall, in accordance with this Section 2.1(b), authenticate and deliver initially
one or more Global Notes that (a) shall be registered in the name of the Depositary for such Global Note or Global Notes or the
nominee of such Depositary and (b) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s
instructions or held by the Trustee as custodian for the Depositary, in each case for credit to an account of a direct or indirect
participant in the Depositary as described below.

 

Members
of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect
to any Global Note held on their behalf by the Depositary or by the Trustee as the custodian of the Depositary or under such Global
Note, and the Issuer, the Trustee and any agent of the Issuer or the Trustee shall be entitled to treat the Depositary as the
absolute owner of such 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 Depositary or impair, as between the Depositary and its Agent Members, the operation of customary
practices of such Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Note.

 

(c)
Definitive Notes. Except as provided in this Section 2.1 or Section 2.3 or 2.4, owners of beneficial interests in Global
Notes shall not be entitled to receive physical delivery of Definitive Notes.

 

2.2
Authentication. The Trustee shall authenticate and deliver: (1) on the Issue Date, an aggregate principal amount of US$550,000,000
6.500% Senior Notes due 2027 and (2) any Additional Notes for an original issue in an aggregate principal amount specified in
the written order of the Issuer pursuant to Section 202 of the Indenture. Such order shall specify the amount of the Notes to
be authenticated and the date on which the original issue of Notes is to be authenticated and, in the case of any issuance of
Additional Notes pursuant to Section 312 of the Indenture, shall certify that such issuance is in compliance with Section 1011
of the Indenture.

 

2.3
Transfer and Exchange.

 

(a)
Transfer and Exchange of Definitive Notes. When Definitive Notes are presented to the Note Registrar with a request:

 

(x)
to register the transfer of such Definitive Notes; or

 

(y)
to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized denominations,

 

    -4-

     

    

 

the
Note Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction
are met; provided, however, that the Definitive Notes surrendered for transfer or exchange:

 

(i)
shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the
Note Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and

 

(ii)
if such Definitive Notes are required to bear a restricted notes legend, they are being transferred or exchanged pursuant to an
effective registration statement under the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or (C) below,
and are accompanied by the following additional information and documents, as applicable:

 

(A)
if such Definitive Notes are being delivered to the Note Registrar by a Holder for registration in the name of such Holder, without
transfer, a certification from such Holder to that effect; or

 

(B)
if such Definitive Notes are being transferred to the Issuer, a certification to that effect; or

 

(C)
if such Definitive Notes are being transferred (x) pursuant to an exemption from registration in accordance with Rule 144A, Regulation
S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the Securities Act:
(i) a certification to that effect (in the form set forth on the reverse of the Note) and (ii) if the Issuer so requests, an opinion
of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend
set forth in Section 2.3(e)(i).

 

(b)
Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be
exchanged for a beneficial interest in a Rule 144A Global Note, an IAI Global Note or a Permanent Regulation S Global Note except
upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied
by appropriate instruments of transfer, in form satisfactory to the Trustee, together with:

 

(i)
certification, in the form set forth on the reverse of the Note, that such Definitive Note is either (A) being transferred to
a QIB in accordance with Rule 144A, (B) being transferred to an IAI or (C) being transferred after expiration of the Distribution
Compliance Period by a Person who initially purchased such Note in reliance on Regulation S to a buyer who elects to hold its
interest in such Note in the form of a beneficial interest in the Permanent Regulation S Global Note; and

 

(ii)
written instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its books and records
with respect to such Rule 144A Global Note (in the case of a transfer pursuant to clause (b)(i)(A)), IAI Global Note (in the case
of a transfer pursuant to clause (b)(i)(B)) or Permanent Regulation S Global Note (in the case of a transfer pursuant to clause
(b)(i)(C)) to reflect an increase in the aggregate principal amount of the Notes represented by the Rule 144A Global Note, IAI
Global Note or Permanent Regulation S Global Note, as applicable, such instructions to contain information regarding the Depositary
account to be credited with such increase,

 

    -5-

     

    

 

then
the Trustee shall cancel such Definitive Note and cause, or direct the Notes Custodian to cause, in accordance with the standing
instructions and procedures existing between the Depositary and the Notes Custodian, the aggregate principal amount of Notes represented
by the Rule 144A Global Note, IAI Global Note or Permanent Regulation S Global Note, as applicable, to be increased by the aggregate
principal amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person
specified in such instructions a beneficial interest in the Rule 144A Global Note, IAI Global Note or Permanent Regulation S Global
Note, as applicable, equal to the principal amount of the Definitive Note so canceled. If no Rule 144A Global Notes, IAI Global
Notes or Permanent Regulation S Global Notes, as applicable, are then outstanding, the Issuer shall issue and the Trustee shall
authenticate, upon written order of the Issuer in the form of an Officer’s Certificate of the Issuer, a new Rule 144A Global
Note, IAI Global Note or Permanent Regulation S Global Note, as applicable, in the appropriate principal amount.

 

(c)
Transfer and Exchange of Global Notes.

 

(i)
The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depositary, in accordance
with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary
therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Note Registrar a written order given in
accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to
be credited with a beneficial interest in the Global Note. The Note Registrar shall, in accordance with such instructions instruct
the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in the Global Note
and to debit the account of the Person making the transfer the beneficial interest in the Global Note being transferred.

 

(ii)
If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global
Note, the Note Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global
Note to which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred,
and the Note Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of
the Global Note from which such interest is being transferred.

 

(iii)
Notwithstanding any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a Global Note may
not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee
of such successor Depositary.

 

(iv)
In the event that a Global Note is exchanged for Definitive Notes pursuant to Section 2.4 of this Appendix, such Notes may be
exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including
the certification requirements set forth on the reverse of the Notes intended to ensure that such transfers comply with Rule 144A,
Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as may from
time to time be adopted by the Issuer.

 

    -6-

     

    

 

(d)
Restrictions on Transfer of Temporary Regulation S Global Notes. During the Distribution Compliance Period, beneficial
ownership interests in Temporary Regulation S Global Notes may only be sold, pledged or transferred in accordance with the Applicable
Procedures and only (i) to the Issuer, (ii) in an offshore transaction in accordance with Regulation S (other than a transaction
resulting in an exchange for an interest in a Permanent Regulation S Global Note) or (iii) pursuant to an effective registration
statement under the Securities Act, in each case in accordance with any applicable securities laws of any State of the United
States.

 

(e)
Legend.

 

(i)
Except as permitted by the following paragraph (ii), each Note certificate evidencing the Global Notes (and all Notes issued in
exchange therefor or in substitution thereof), in the case of Notes offered otherwise than in reliance on Regulation S shall bear
a legend in substantially the following form:

 

THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT
THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY
RULE 144A THEREUNDER.

 

THE
HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED,
ONLY (I) TO TELESAT CANADA OR ITS SUBSIDIARIES, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (III) TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND IF SUCH TRANSFER IS
IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES OF AT LEAST US$250,000, (IV) OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS
IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (V) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT IN EACH
OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED
TO IN (A) ABOVE.

 

    -7-

     

    

 

Each
certificate evidencing a Note offered in reliance on Regulation S shall, in addition to the foregoing, bear a legend in substantially
the following form:

 

THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, ANY UNITED STATES PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION
S UNDER THE SECURITIES ACT.

 

Each
Definitive Note shall also bear the following additional legend:

 

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

 

(ii)
Upon any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a Global Note)
pursuant to Rule 144 under the Securities Act, the Note Registrar shall permit the transferee thereof to exchange such Transfer
Restricted Note for a certificated Note that does not bear the legend set forth above and rescind any restriction on the transfer
of such Transfer Restricted Note, if the transferor thereof certifies in writing to the Note Registrar that such sale or transfer
was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Note).

 

(f)
Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have either been exchanged
for Definitive Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Depositary for cancellation or
retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged
for certificated Notes, redeemed, purchased or canceled, the principal amount of Notes represented by such Global Note shall be
reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global
Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction.

 

    -8-

     

    

 

(g)
No Obligation of the Trustee.

 

(i)
None of the Trustee, Paying Agent or Note Registrar shall have any responsibility or obligation to any beneficial owner of a Global
Note, a member of, or a participant in the Depositary or other Person with respect to the accuracy of the records of the Depositary
or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to
the delivery to any participant, member, beneficial owner or other Person (other than the Depositary ) of any notice (including
any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to
be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order
of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial
owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the
Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect
to its members, participants and any beneficial owners. None of the Trustee, the Paying Agent or the Note Registrar shall have
any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Note, for the records
of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global Note, for
any transactions between the Depositary and any Agent Member or between or among the Depositary, any such Agent Member and/or
any holder or owner of a beneficial interest in such Global Note, or for any transfers of beneficial interests in any such Global
Note.

 

(ii)
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under the Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depositary participants, members or beneficial owners 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 the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

2.4
Definitive Notes.

 

(a)
A Global Note deposited with the Depositary or with the Trustee as Notes Custodian for the Depositary pursuant to Section 2.1
shall be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to
the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 hereof
and (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Note and the
Depositary fails to appoint a successor depositary or if at any time such Depositary ceases to be a “clearing agency”
registered under the Exchange Act, and in either case, a successor depositary is not appointed by the Issuer or (ii) an Event
of Default has occurred and is continuing.

 

    -9-

     

    

 

(b)
Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depositary to the Trustee located at the Corporate Trust Office (as defined in the Indenture), to be so transferred, in whole
or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion
of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global
Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations of US$2,000
principal amount and integral multiples of US$1,000 thereof and registered in such names as the Depositary shall direct. Any Definitive
Note delivered in exchange for an interest in the Transfer Restricted Note shall, except as otherwise provided by Section 2.3(e)
hereof, bear the applicable restricted notes legend and definitive notes legend set forth in Exhibit 1 hereto.

 

(c)
Subject to the provisions of Section 2.4(b) hereof, the registered Holder of a Global Note shall be entitled to grant proxies
and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take
any action which a Holder is entitled to take under the Indenture or the Notes.

 

(d)
In the event of the occurrence of one of the events specified in Section 2.4(a) hereof, the Issuer shall promptly make available
to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. In the event
that such Definitive Notes are not issued, the Issuer expressly acknowledges, with respect to the right of any Holder to pursue
a remedy pursuant to the Indenture, including pursuant to Section 507 of the Indenture, the right of any beneficial owner of Notes
to pursue such remedy with respect to the portion of the Global Note that represents such beneficial owner’s Notes as if
such Definitive Notes had been issued.

 

    -10-

     

    

 

EXHIBIT
1

to
Rule 144A / Regulation S / IAI Appendix

 

[FORM
OF FACE OF NOTE]

 

[Global
Notes Legend]

 

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

 

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

 

[[FOR
REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF
SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.]

 

[Restricted
Notes Legend for Notes offered otherwise

than
in Reliance on Regulation S]

 

     

     

    

 

THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER
OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.
THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (I) TO TELESAT CANADA OR ITS SUBSIDIARIES, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A, (III) TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS
IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES OF AT LEAST US$250,000, (IV) OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS
IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (V) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT IN EACH OF
CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED
TO IN (A) ABOVE.

 

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

 

THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, ANY UNITED STATES PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S
UNDER THE SECURITIES ACT.

 

[Temporary
Regulation S Global Note Legend]

 

EXCEPT
AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS
IN THE PERMANENT REGULATION S GLOBAL NOTE OR ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO
NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD”
(WITHIN THE MEANING OF RULE 903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY
SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED
SUCH INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE
PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I)
TO THE COMPANY, (II) OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION
S GLOBAL NOTE WILL NOTIFY ANY PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE.

 

    -2-

     

    

 

AFTER
THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED
FOR INTERESTS IN A RULE 144A GLOBAL NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE NOTES IN COMPLIANCE
WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN
THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL NOTE IS BEING TRANSFERRED (A) TO A PERSON WHO
THE TRANSFEROR REASONABLY BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, (B) TO A PERSON WHO
IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

 

AFTER
THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED
FOR INTERESTS IN AN IAI GLOBAL NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE NOTES IN COMPLIANCE
WITH AN EXEMPTION UNDER THE SECURITIES ACT AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE
A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL NOTE IS BEING TRANSFERRED
(A) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),(2),(3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING
TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE
PRINCIPAL AMOUNT OF NOTES LESS THAN US$250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS.

 

    -3-

     

    

 

BENEFICIAL
INTERESTS IN A RULE 144A GLOBAL NOTE OR AN IAI GLOBAL NOTE MAY BE TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN
INTEREST IN THE REGULATION S GLOBAL NOTE, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD,
ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT
THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF AVAILABLE).

 

[Definitive
Notes Legend]

 

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

 

    -4-

     

    

 

	No.
    [    ]	US$[    ]

 

6.500%
Senior Notes due 2027

 

Telesat
Canada, a Canadian corporation (the “Issuer” or “Company”), and Telesat LLC, a Delaware
limited liability company (the “Co-Issuer,” and together with the Issuer, the “Co-Issuers”),
promise to pay to [      ], or registered assigns, the principal sum of [    ]
US Dollars (US$[   ]) on October 15, 2027 (the “Maturity Date”).

 

Interest
Payment Dates: April 15 and October 15 (each, an “Interest Payment Date”) commencing April 15, 2020.

 

Record
Dates: April 1 and October 1 (each, a “Record Date”).

 

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

 

Dated:

 

	 	TELESAT
    CANADA
	 	 	 
	 	By:	 
	 		Name:
	 		Title:
	 	 	 
	 	TELESAT
    LLC
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

	TRUSTEE’S
    CERTIFICATE OF AUTHENTICATION	 
	 	 
	THE
    BANK OF NEW YORK MELLON	 
	as
    Trustee, certifies that this is one of the	 
	Notes
    referred to in the Indenture.	 
	 	 
	By:	 	 
	 	Authorized
    Signatory	 

 

    -5-

     

    

 

[FORM
OF REVERSE SIDE OF NOTE]

 

6.500%
Senior Note due 2027

 

1.
Principal and Interest.

 

The
Co-Issuers will pay the principal of this Note on October 15, 2027.

 

The
Co-Issuers promise to pay interest and Additional Amounts, if any, on the principal amount of this Note on each Interest Payment
Date, as set forth below, at the rate of 6.500% per annum.

 

Interest
and Additional Amounts, if any, will be payable semi-annually (to the Holders of record of the Notes (or any Predecessor Notes)
at the close of business on the Record Date immediately preceding the applicable Interest Payment Date) on each Interest Payment
Date, commencing April 15, 2020.

 

Interest
on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from October
11, 2019.2 Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

The
Co-Issuers shall pay interest and Additional Amounts, if any, on overdue principal, and interest on overdue installments of interest,
to the extent lawful, at a rate per annum equal to the rate of interest applicable to the Notes.

 

2.
Method of Payment.

 

The
Issuer will pay interest (except defaulted interest) on the principal amount of the Notes on each Interest Payment Date to the
Persons who are Holders (as reflected in the Note Register at the close of business on the Record Date immediately preceding the
applicable Interest Payment Date), in each case, even if the Note is cancelled on registration of transfer or registration of
exchange after such Record Date; provided that, with respect to the payment of principal, the Issuer will make payment
to the Holder that surrenders this Note to any Paying Agent on or after the Maturity Date.

 

The
Issuer will pay principal (premium, if any) and interest in U.S. dollars. The Issuer will make payments in respect of the Notes
represented by the Global Notes (including principal, premium, if any, interest and additional interest, if any) by wire transfer
of immediately available funds to the accounts specified by the Global Note Holder. The Issuer will make all payments of principal,
interest and premium and additional interest, if any, with respect to Certificated Notes by wire transfer of immediately available
funds to the accounts specified by the Holders of the Certificated Notes or, if no such account is specified, by mailing a check
to each such Holder’s registered address. If a payment date is a date other than a Business Day at a place of payment, payment
may be made at that place on the next succeeding day that is a Business Day and no interest shall accrue for the intervening period.

 

 

		2	With
                                         respect to Additional Notes, this form of Note shall be adjusted to either accrue interest
                                         from the date of issuance of such Additional Note (“settle flat”) or for
                                         interest thereunder to be deemed to have accrued since last interest payment date.

 

    -6-

     

    

 

3.
Paying Agent and Note Registrar.

 

Initially,
The Bank of New York Mellon, a New York banking corporation (the “Trustee”) will act as Paying Agent and Note Registrar.
The Issuer may change any Paying Agent or Note Registrar upon written notice thereto. The Co-Issuers, any Subsidiary or any Affiliate
of any of them may act as Paying Agent, Note Registrar or co-registrar.

 

4.
Indenture.

 

The
Co-Issuers issued the Notes under an Indenture dated as of October 11, 2019 (the “Indenture”), among the Co-Issuers,
the Guarantors and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. The
terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to
this Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency
between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control.

 

The
Notes are unsecured unsubordinated obligations of the Co-Issuers. The Indenture does not limit the aggregate principal amount
of the Notes.

 

5.
Redemption.

 

Optional
Redemption. At any time prior to October 15, 2022 the Co-Issuers may on one or more occasions redeem the Notes, in whole or
in part, upon not less than 15 nor more than 60 days’ prior notice delivered electronically to each Holder or mailed by
first-class mail, postage prepaid, to each Holder of the Notes to the address of such Holder appearing in the Note Register, in
each case with a copy to the Trustee, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable
Premium as of, and accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the Redemption Date, subject
to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date falling on
or prior to the Redemption Date.

 

On
and after October 15, 2022, the Co-Issuers may on one or more occasions redeem the Notes, in whole or in part, upon not less than
15 nor more than 60 days’ prior notice delivered electronically to each Holder or mailed by first class mail, postage prepaid,
to each Holder of the Notes to the address of such Holder appearing in the Note Register, in each case with a copy to the Trustee,
at the Redemption Prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued
and unpaid interest thereon and Additional Amounts, if any, to, but excluding, the applicable Redemption Date, subject to the
right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling on
or prior to the Redemption Date, if redeemed during the twelve-month period beginning on October 15 of each of the years indicated
below:

 

	Year	 	Percentage	 
	2022	 	 	103.250	%
	2023	 	 	101.625	%
	2024
    and thereafter	 	 	100.000	%

 

    -7-

     

    

 

In
addition, prior to October 15, 2022, the Co-Issuers may on one or more occasions, at their option, redeem up to 40% of the aggregate
principal amount of Notes issued under the Indenture at a redemption price equal to 106.500% of the aggregate principal amount
thereof, plus accrued and unpaid interest thereon and Additional Amounts, if any, to, but excluding, the applicable Redemption
Date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date falling on or prior to the Redemption Date, with the net cash proceeds of one or more Equity Offerings of the Issuer or any
direct or indirect parent of the Issuer to the extent such net cash proceeds are contributed to the Issuer; provided that
at least 50% of the aggregate principal amount of Notes originally issued under the Indenture remains outstanding immediately
after the occurrence of each such redemption; provided, further that each such redemption occurs within 180 days
of the date of closing of each such Equity Offering.

 

6.
Repurchase upon a Change of Control Triggering Event and Asset Sales.

 

Upon
the occurrence of (a) a Change of Control Triggering Event, the Holders of the Notes will have the right to require that the Co-Issuers
repurchase such Holder’s outstanding Notes, in whole or in part, at a purchase price of 101% of the principal amount thereof,
plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the date of repurchase and (b) Asset Sales
or receipt by the Co-Issuers of any Event of Loss Proceeds, the Co-Issuers may be obligated to make offers to repurchase Notes
and Pari Passu Indebtedness with a portion of the Net Proceeds of such Asset Sales or such Event of Loss Proceeds at a redemption
price of 100% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.
Notwithstanding any other provision of the Indenture in connection with any tender offer, Change of Control Offer or Asset Sale
Offer, if Holders of not less than 90% in aggregate principal amount of the then-outstanding Notes validly tender and do not validly
withdraw such Notes in such offer and the Co-Issuers, or any third-party making such offer in lieu of the Co-Issuers, purchases
all of the Notes validly tendered and not validly withdrawn by such Holders, the Co-Issuers or such third-party will have the
right upon not less than 15 days nor more than 60 days’ prior notice, given not more than 60 days following such purchase
date, to redeem all Notes that remain outstanding following such purchase at a price equal to the price offered to each other
Holder in such offer (which may be less than par) plus, to the extent not included in the offer payment, accrued and unpaid interest,
if any, thereon, to, but excluding, the redemption date, subject to the right of Holders of record on the relevant record date
to receive interest due on the relevant interest payment date falling prior to or on the Redemption Date.

 

7.
Denominations; Transfer; Exchange.

 

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

 

    -8-

     

    

 

8.
Persons Deemed Owners.

 

A
registered Holder may be treated as the owner of a Note for all purposes.

 

9.
Unclaimed Money.

 

If
money for the payment of principal (premium, if any) or interest remains unclaimed for two years, the Trustee and the Paying Agent
will pay the money back to the Issuer at its written request. After that, Holders entitled to the money must look to the Issuer
for payment, unless an abandoned property law designates another Person, and all liability of the Trustee and such Paying Agent
with respect to such money shall cease.

 

10.
Discharge and Defeasance Prior to Redemption or Maturity.

 

If
the Issuer irrevocably deposits, or causes to be deposited, with the Trustee cash in U.S. dollars, or non-callable Government
Securities or a combination thereof (without consideration of any reinvestment of interest), sufficient to pay the then outstanding
principal of (premium, if any) and accrued but unpaid interest on the Notes (a) to Redemption Date or Maturity Date, the Issuer
will be discharged from its obligations under the Indenture and the Notes, except in certain circumstances for certain covenants
thereof, and (b) to the Stated Maturity, the Issuer will be discharged from certain covenants set forth in the Indenture.

 

11.
Amendment; Supplement; Waiver.

 

Subject
to certain exceptions, the Indenture, the Notes or the Guarantees may be amended or supplemented with the consent of the Holders
of at least a majority in aggregate principal amount of the Outstanding Notes, and any existing Default or Event of Default or
compliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the
Outstanding Notes. Without notice to or the consent of any Holder, the parties thereto may amend or supplement the Indenture,
the Notes or the Guarantees to, among other things, cure any ambiguity, omission, mistake, defect or inconsistency and make any
change that does not adversely affect the rights of any Holder.

 

12.
Restrictive Covenants.

 

The
Indenture contains certain covenants, including covenants with respect to the following matters: (i) Restricted Payments; (ii)
Incurrence of Indebtedness; (iii) Liens; (iv) transactions with Affiliates; (v) dividend and other payment restrictions affecting
Restricted Subsidiaries; (vi) guarantees of Indebtedness by Restricted Subsidiaries; (vii) merger and certain transfers of assets;
(viii) purchase of Notes upon a Change of Control Triggering Event; and (ix) disposition of proceeds of Asset Sales.

 

    -9-

     

    

 

13.
Successor Persons.

 

Subject
to Section 803 of the Indenture, when a successor Person or other entity assumes all the obligations of its predecessor under
the Notes or the Guarantees and the Indenture, the predecessor Person will be released from those obligations.

 

14.
Remedies for Events of Default.

 

Subject
to Section 502 of the Indenture, if an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Outstanding Notes may declare all the Notes to be immediately due and payable,
by a notice in writing to the Issuer (and to the Trustee if given by Holders); provided that no such declaration may occur
with respect to any action taken, and reported publicly or to Holders, more than two years prior to the date of such declaration.
If a bankruptcy or insolvency default with respect to the Issuer or any of its Significant Subsidiaries occurs and is continuing,
the Notes automatically become immediately due and payable. Subject to the provisions of the Indenture relating to the duties
of the Trustee, in case an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any
rights or powers under the Indenture at the request or direction of any of the Holders of the Notes unless such Holders have offered
to the Trustee reasonable security or indemnity against any loss, liability or expense. Subject to certain restrictions, the Holders
of a majority in principal amount of the outstanding Notes are given the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee,
however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly
prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability.

 

15.
Guarantees.

 

The
Co-Issuers’ obligations under the Notes are fully, irrevocably and unconditionally guaranteed on an unsecured unsubordinated
basis, to the extent set forth in the Indenture, by each of the Guarantors.

 

16.
Trustee Dealings with Co-Issuers.

 

The
Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may make loans
to, accept deposits from, perform services for, and otherwise deal with, the Co-Issuers and their Affiliates as if it were not
the Trustee.

 

17.
Authentication.

 

This
Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note.

 

    -10-

     

    

 

18.
Abbreviations.

 

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

 

19.
CUSIP Numbers.

 

Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders.
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.

 

20.
Governing Law.

 

THIS
SECURITY WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

The
Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to Telesat
Canada, 160 Elgin Street, Suite 2100, Ottawa, Ontario, Canada K2P 2P7, Attention: General Counsel.

 

Capitalized
terms used herein but not defined herein shall have the meanings given to such terms in the Indenture.

 

    -11-

     

    

 

ASSIGNMENT
FORM

 

To
assign this Note, fill in the form below:

 

I
or we assign and transfer this Note to

 

	 
	(Print
    or type assignee’s name, address and zip code)
	 
	 
	(Insert
    assignee’s soc. sec. or tax I.D. No.)

 

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

 

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

 

Signature
Guarantee:

 

	 	 	 
	Signature
    must be guaranteed	 	Signature

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    -12-

     

    

 

FORM
OF TRANSFER CERTIFICATE

 

In
connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the period
referred to in Rule 144 under the Securities Act after the later of the date of original issuance of such Notes and the last date,
if any, on which such Notes were owned by the Issuer or any Affiliate of the Issuer, the undersigned confirms that such Notes
are being transferred in accordance with its terms:

 

CHECK
ONE BOX BELOW

 

	(1)	☐	to
    the Issuer; or
	 	 	 
	(2)	☐	pursuant
    to an effective registration statement under the Securities Act of 1933; or
	 	 	 
	(3)	☐	inside
    the United States to a person reasonably believed to be a “qualified institutional buyer” (as defined in Rule
    144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional
    buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance
    with Rule 144A under the Securities Act of 1933; or
	 	 	 
	(4)	☐	in
    an offshore transaction in compliance with Rule 903 or Rule 904 of Regulation S under the Securities Act of 1933; or
	 	 	 
	(5)	☐	to
    an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
    Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and agreements
    relating to the transfer of this Note (the form of which can be obtained from the Trustee) and, if such transfer is in respect
    of an aggregate principal amount of notes of at least US$250,000; or
	 	 	 
	(6)	☐	pursuant
    to the exemption from registration provided by Rule 144 under the Securities Act of 1933 or any other available exemption
    from the registration requirement of the Securities Act of 1933.

 

Unless
one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of
any person other than the registered holder thereof; provided, however, that if box (6) is checked, the Trustee
shall be entitled to require, prior to registering any such transfer of the Notes, such legal opinions, certifications and other
information as the Issuer has reasonably requested to confirm that such transfer is being made pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the Securities Act of 1933, such as the exemption provided
by Rule 144 under such Act.

 

TO
BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

 

    -13-

     

    

 

The
undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within
the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule
144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

Dated:

 

	 	 
	 	Notice:  To
    be executed by an executive officer

 

    -14-

     

    

 

FORM
OF EXCHANGE CERTIFICATE

 

Telesat
Canada

160
Elgin Street, Suite 2100

Ottawa,
Ontario, Canada K2P 2P7

 

The
Bank of New York Mellon

240
Greenwich Street, Floor 7 East,

New
York, New York, 10286

Attention:
Corporate Trust Division — Corporate Finance Unit

 

Re:
6.500% Senior Notes due 2027

 

 

Reference
is hereby made to the Indenture, dated as of October 11, 2019 (the “Indenture”), among Telesat Canada, a Canadian
corporation, Telesat LLC, a Delaware limited liability company, the guarantor parties thereto, and the Bank of New York Mellon,
a New York banking corporation, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them
in the Indenture.

 

___________
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $__________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that in connection with the Exchange of the Owner’s [CHECK ONE] [     ]
Regulation S Global Note [    ] IAI Global Note for a beneficial interest in the Rule 144A Global Note, with
an equal principal amount, the Note[s] or interest in such Note[s] specified herein [is][are] being transferred to a Person (A)
who the transferor reasonably believes to be a QIB, (B) purchasing for its own account or the account of a QIB in a transaction
meeting the requirements of Rule 144A, and (C) in accordance with all applicable securities laws of the States of the United States
and other jurisdictions.

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Issuer and are dated ______________________.

 

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

 

Dated:
_______________________

 

    -15-

     

    

 

[TO
BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The
following increases or decreases in this Global Note have been made:

 

	Date
    of Exchange	 	Amount
    of

    decrease in

    Principal

    amount of this

    Global Note	 	 	Amount
    of

increase in

Principal

amount of this

Global Note	 	 	Principal

amount of this

Global Note

following

such decrease

or increase	 	 	Signature
    of

authorized

signatory of

Trustee or

Notes

Custodian	 
	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    -16-

     

    

 

OPTION
OF HOLDER TO ELECT REPURCHASE

 

If
you want to elect to have this Note repurchased by the Issuer pursuant to Section 1017 or 1018 of the Indenture, check the box:
☐

 

☐
If you want to elect to have only part of this Note repurchased by the Issuer pursuant to Section 1017 or 1018 of the
Indenture, state the amount in principal amount: US$ 

 

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

  

	Signature Guarantee:		 
		(Signature
must be guaranteed)	 

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    -17-

     

    

 

EXHIBIT
2

to
Rule 144A / Regulation S / IAI Appendix

 

Form
of

Transferee
Letter of Representation

 

Telesat
Canada

160
Elgin Street, Suite 2100

Ottawa,
Ontario, Canada K2P 2P7

 

In
care of

[                   ]

[                   ]

[                   ]

 

Ladies
and Gentlemen:

 

This
certificate is delivered to request a transfer of US$[     ] principal amount of the 6.500% Senior Notes
due 2027 (the “Notes”) of Telesat Canada, a Canadian corporation (the “Issuer”), and Telesat
LLC, a Delaware limited liability company (the “Co-Issuer” and together with the Issuer, the “Co-Issuers”).

 

Upon
transfer, the Notes would be registered in the name of the new beneficial owner as follows:

 

	Name:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	Taxpayer
    ID Number:	 	 

 

The
undersigned represents and warrants to you that:

 

1.
We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account
of such an institutional “accredited investor” at least US$250,000 principal amount of the Notes, and we are acquiring
the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We,
and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

 

     

     

    

 

2.
We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except
as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing
Notes to offer, sell or otherwise transfer such Notes prior to the date that is two years after the later of the date of original
issue and the last date on which the Issuer or any affiliate of the Issuer was the owner of such Notes (or any predecessor thereto)
(the “Resale Restriction Termination Date”) only (i) to the Issuer, (ii) in the United States to a person whom
the seller reasonably believes is a qualified institutional buyer in a transaction meeting the requirements of Rule 144A, (iii)
to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under
the Securities Act that is an institutional accredited investor purchasing for its own account or for the account of an institutional
accredited investor, in each case in a minimum principal amount of the Notes of US$250,000, (iv) outside the United States in
a transaction complying with the provisions of Rule 904 under the Securities Act, (v) pursuant to an exemption from registration
under the Securities Act provided by Rule 144 (if available) or (vi) pursuant to an effective registration statement under the
Securities Act, in each of cases (i) through (vi) subject to any requirement of law that the disposition of our property or the
property of such investor account or accounts be at all times within our or their control and in compliance with any applicable
state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date.
If any resale or other transfer of the Notes is proposed to be made pursuant to clause (iii) above prior to the Resale Restriction
Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Co-Issuers
and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor”
within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act and that it is acquiring such Notes
for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Co-Issuers
and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date
of the Notes pursuant to clause (iii), (iv) or (v) above to require the delivery of an opinion of counsel, certifications or other
information satisfactory to the Co-Issuers and the Trustee.

 

	 	TRANSFEREE: 	 
	 	 	 
	 	By:	 

  

    -2-

     

    

 

EXHIBIT
A

 

FORM
OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of [    ], 20[    ], among [    ] (the “Guaranteeing
Subsidiary”), a subsidiary of [Telesat Canada (the “Issuer”)] (or its permitted successor), [Telesat LLC]
(or its permitted successor), [a Delaware limited liability company] (the “Co-Issuer” and together with the
Issuer, the “Co-Issuers”), the Co-Issuers and The Bank of New York Mellon, as trustee under the Indenture
referred to below (the “Trustee”).

 

W
I T N E S S E T H

 

WHEREAS,
the Co-Issuers have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of October
11, 2019 providing for the issuance of 6.500% Senior Notes due 2027 (the “Notes”);

 

WHEREAS,
the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Co-Issuers’
Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Guarantee”);

 

WHEREAS,
pursuant to Section 901 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture; and

 

WHEREAS,
the Co-Issuers hereby direct the Trustee to execute and deliver this Supplemental Indenture.

 

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

 

1.
CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.
AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject
to the conditions set forth in the Guarantee and in the Indenture including but not limited to Article Twelve thereof.

 

3.
WAIVER OF BENEFIT OR ADVANTAGE. The Guaranteeing Subsidiary hereby waives and will not in any manner whatsoever claim or take
the benefit or advantage of, any rights or reimbursement, indemnity or subrogation or any other rights against the Issuer or any
other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee until all amount then
due and payable by the Co-Issuers with respect to the Notes shall have been paid in full.

 

    -3-

     

    

 

4.
NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of the
Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Co-Issuers or any Guaranteeing Subsidiary
under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of the 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. Such waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the SEC that such a waiver is against public policy.

 

5.
NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

 

6.
COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement.

 

7.
EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

8.
THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiary and the Co-Issuers.

 

    -4-

     

    

 

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

 

Dated:
                      , 20   

 

	 	[GUARANTEEING
    SUBSIDIARY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	TELESAT
    CANADA
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	TELESAT
    LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	THE
    BANK OF NEW YORK MELLON, as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized
Signatory

 

    -5-

     

    

 

EXHIBIT
B

 

FORM
OF INCUMBENCY CERTIFICATE

 

The
undersigned,                       , being the             of                 (the “Issuer”) does hereby certify that the individuals listed below are qualified
and acting officers of the Issuer as set forth in the right column opposite their respective names and the signatures appearing
in the extreme right column opposite the name of each such officer is a true specimen of the genuine signature of such officer
and such individuals have the authority to execute documents to be delivered to, or upon the request of, The Bank of New York
Mellon, as Trustee under the Indenture dated as of October 11, 2019, by and between the Issuer and The Bank of New York Mellon.

 

	Name	 	Title
	 	Signature

	 	 	 	 	 
	 	 	 	 	 

 

IN
WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate as of the           day of              , 20  .

 

	 	 
	 	Name:
	 	Title:

 

 

-6-

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