Document:

EX-10.12

 Exhibit 10.12 
  

 
 CDN.$1,030,000,000 REVOLVING TERM
CREDIT FACILITY 
  
  

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

BETWEEN 
 ENBRIDGE INC.

 as Borrower 

AND 
 THE FINANCIAL
INSTITUTIONS AND OTHER PERSONS 
 SET FORTH ON SCHEDULE A HERETO, 

and such other persons 

as become parties hereto as lenders, 

as Lenders 
 AND 

THE TORONTO-DOMINION BANK 

as Agent of the Lenders 

MADE AS OF SEPTEMBER 4, 1997, 

AMENDED AND RESTATED AS OF DECEMBER 18, 2007 

AND FURTHER AMENDED AND RESTATED AS OF JULY 28, 2016 
  

 
 TD Securities, The Bank of Nova
Scotia, Citigroup Global Markets, Inc. and RBC Capital Markets 
 as Joint Bookrunners 

TD Securities, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, RBC Capital 

Markets, and Citibank N.A. 

as Co-Lead Arrangers 

The Toronto-Dominion Bank 

as Administrative Agent 

The Bank of Nova Scotia 

as Syndication Agent 

Canadian Imperial Bank of Commerce, RBC Capital Markets and Citibank N.A. 

as Co-Documentation Agents 

 Contents 
  

							
	Section	  	 	  	Page	 
	 ARTICLE 1 INTERPRETATION
	  	 	2	  
			
	 1.1
	  	Definitions	  	 	2	  
			
	 1.2
	  	Headings; Articles and Sections	  	 	23	  
			
	 1.3
	  	Number; persons; including	  	 	23	  
			
	 1.4
	  	Accounting Principles	  	 	23	  
			
	 1.5
	  	References to Agreements and Enactments	  	 	24	  
			
	 1.6
	  	Per Annum Calculations	  	 	24	  
			
	 1.7
	  	Schedules	  	 	24	  
			
	 1.8
	  	Amendment and Restatement	  	 	24	  
		
	 ARTICLE 2 THE CREDIT FACILITY
	  	 	25	  
			
	 2.1
	  	The Credit Facility	  	 	25	  
			
	 2.2
	  	Types of Availments	  	 	25	  
			
	 2.3
	  	Purpose	  	 	25	  
			
	 2.4
	  	Availability and Nature of the Credit Facility	  	 	25	  
			
	 2.5
	  	Minimum Drawdowns	  	 	25	  
			
	 2.6
	  	Libor Loan Availability	  	 	26	  
			
	 2.7
	  	Notice Periods for Drawdowns, Conversions and Rollovers	  	 	26	  
			
	 2.8
	  	Conversion Option	  	 	26	  
			
	 2.9
	  	Libor Loan Rollovers; Selection of Libor Interest Periods	  	 	26	  
			
	 2.10
	  	Rollovers and Conversions not Repayments	  	 	27	  
			
	 2.11
	  	Agent’s Obligations with Respect to Canadian Prime Rate Loans, U.S. Base Rate Loans and Libor Loans	  	 	27	  
			
	 2.12
	  	Lenders’ and Agent’s Obligations with Respect to Canadian Prime Rate Loans, U.S. Base Rate Loans and Libor Loans	  	 	27	  
			
	 2.13
	  	Irrevocability	  	 	27	  
			
	 2.14
	  	Optional Cancellation or Reduction of the Credit Facility	  	 	27	  
			
	 2.15
	  	Optional Repayment of the Credit Facility	  	 	28	  
			
	 2.16
	  	Mandatory Repayment of the Credit Facility	  	 	28	  

 Contents 
  

							
	Section	  	 	  	Page	 
	 2.17
	  	Additional Repayment Terms	  	 	28	  
			
	 2.18
	  	Currency Excess	  	 	29	  
			
	 2.19
	  	Extension of Term Out Date	  	 	30	  
			
	 2.20
	  	Takeover Notification	  	 	32	  
			
	 2.21
	  	Replacement of Lenders	  	 	32	  
			
	 2.22
	  	Increase in Credit Facility	  	 	33	  
			
	 2.23
	  	Short Notice Loans	  	 	33	  
		
	 ARTICLE 3 CONDITIONS PRECEDENT TO DRAWDOWNS
	  	 	36	  
			
	 3.1
	  	Conditions for Drawdowns	  	 	36	  
			
	 3.2
	  	Additional Conditions for Amendment and Restatement	  	 	36	  
			
	 3.3
	  	Waiver	  	 	36	  
		
	 ARTICLE 4 EVIDENCE OF DRAWDOWNS
	  	 	36	  
			
	 4.1
	  	Account of Record	  	 	36	  
		
	 ARTICLE 5 PAYMENTS OF INTEREST AND FEES
	  	 	37	  
			
	 5.1
	  	Interest on Canadian Prime Rate Loans	  	 	37	  
			
	 5.2
	  	Interest on U.S. Base Rate Loans	  	 	37	  
			
	 5.3
	  	Interest on Libor Loans	  	 	37	  
			
	 5.4
	  	Interest Act (Canada); Conversion of 360 Day Rates	  	 	37	  
			
	 5.5
	  	Nominal Rates; No Deemed Reinvestment	  	 	38	  
			
	 5.6
	  	Standby Fees	  	 	38	  
			
	 5.7
	  	Agent’s Fees	  	 	38	  
			
	 5.8
	  	Interest on Overdue Amounts	  	 	38	  
			
	 5.9
	  	Waiver	  	 	39	  
			
	 5.10
	  	Maximum Rate Permitted by Law	  	 	39	  
		
	 ARTICLE 6 BANKERS’ ACCEPTANCES
	  	 	39	  
			
	 6.1
	  	Bankers’ Acceptances	  	 	39	  
			
	 6.2
	  	Fees	  	 	39	  

 Contents 
  

							
	Section	  	 	  	Page	 
	 6.3
	  	Form and Execution of Bankers’ Acceptances	  	 	39	  
			
	 6.4
	  	Power of Attorney; Provision of Bankers’ Acceptances to Lenders	  	 	40	  
			
	 6.5
	  	Mechanics of Issuance	  	 	42	  
			
	 6.6
	  	Rollover, Conversion or Payment on Maturity	  	 	42	  
			
	 6.7
	  	Restriction on Rollovers and Conversions	  	 	43	  
			
	 6.8
	  	Rollovers	  	 	43	  
			
	 6.9
	  	Conversion into Bankers’ Acceptances	  	 	43	  
			
	 6.10
	  	Conversion from Bankers’ Acceptances	  	 	43	  
			
	 6.11
	  	BA Equivalent Advances	  	 	44	  
			
	 6.12
	  	Termination of Bankers’ Acceptances	  	 	44	  
		
	 ARTICLE 7 PLACE AND APPLICATION OF PAYMENTS
	  	 	44	  
			
	 7.1
	  	Place of Payment of Principal, Interest and Fees; Payments to Agent	  	 	44	  
			
	 7.2
	  	Designated Accounts of the Lenders	  	 	44	  
			
	 7.3
	  	Funds	  	 	45	  
			
	 7.4
	  	Application of Payments	  	 	45	  
			
	 7.5
	  	Payments Clear of Taxes	  	 	45	  
			
	 7.6
	  	Set Off	  	 	47	  
		
	 ARTICLE 8 REPRESENTATIONS AND WARRANTIES
	  	 	47	  
			
	 8.1
	  	Representations and Warranties	  	 	47	  
			
	 8.2
	  	Deemed Repetition	  	 	49	  
			
	 8.3
	  	Other Documents	  	 	49	  
			
	 8.4
	  	Effective Time of Repetition	  	 	49	  
			
	 8.5
	  	Nature of Representations and Warranties	  	 	50	  
		
	 ARTICLE 9 GENERAL COVENANTS
	  	 	50	  
			
	 9.1
	  	Affirmative Covenants of the Borrower	  	 	50	  
			
	 9.2
	  	Negative Covenants of the Borrower	  	 	52	  
			
	 9.3
	  	Agent May Perform Covenants	  	 	52	  

 Contents 
  

							
	Section	  	 	  	Page	 
	 ARTICLE 10 EVENTS OF DEFAULT AND ACCELERATION
	  	 	53	  
			
	 10.1
	  	Events of Default	  	 	53	  
			
	 10.2
	  	Acceleration	  	 	55	  
			
	 10.3
	  	Conversion on Default	  	 	55	  
			
	 10.4
	  	Remedies Cumulative and Waivers	  	 	55	  
			
	 10.5
	  	Termination of Lenders’ Obligations	  	 	56	  
		
	 ARTICLE 11 CHANGE OF CIRCUMSTANCES
	  	 	56	  
			
	 11.1
	  	Market Disruption Respecting Libor Loans	  	 	56	  
			
	 11.2
	  	Market Disruption Respecting Bankers’ Acceptances	  	 	57	  
			
	 11.3
	  	Change in Law	  	 	58	  
			
	 11.4
	  	Prepayment of Portion	  	 	59	  
			
	 11.5
	  	Illegality	  	 	59	  
		
	 ARTICLE 12 COSTS, EXPENSES AND INDEMNIFICATION
	  	 	60	  
			
	 12.1
	  	Costs and Expenses	  	 	60	  
			
	 12.2
	  	General Indemnity	  	 	60	  
			
	 12.3
	  	Environmental Indemnity	  	 	61	  
			
	 12.4
	  	Judgment Currency	  	 	62	  
		
	 ARTICLE 13 THE AGENT AND ADMINISTRATION OF THE CREDIT FACILITY
	  	 	62	  
			
	 13.1
	  	Authorization and Action	  	 	62	  
			
	 13.2
	  	Procedure for Making Loans	  	 	63	  
			
	 13.3
	  	Remittance of Payments	  	 	63	  
			
	 13.4
	  	Redistribution of Payment	  	 	64	  
			
	 13.5
	  	Duties and Obligations	  	 	65	  
			
	 13.6
	  	Prompt Notice to the Lenders	  	 	66	  
			
	 13.7
	  	Agent’s and Lenders’ Authorities	  	 	66	  
			
	 13.8
	  	Lender Credit Decision	  	 	66	  
			
	 13.9
	  	Indemnification of Agent	  	 	67	  

 Contents 
  

							
	Section	  	 	  	Page	 
	 13.10
	  	Successor Agent	  	 	67	  
			
	 13.11
	  	Taking and Enforcement of Remedies	  	 	67	  
			
	 13.12
	  	Reliance Upon Agent	  	 	68	  
			
	 13.13
	  	No Liability of Agent	  	 	68	  
			
	 13.14
	  	The Agent and the Defaulting Lenders	  	 	68	  
			
	 13.15
	  	Article for Benefit of Agent and Lenders	  	 	69	  
		
	 ARTICLE 14 GENERAL
	  	 	69	  
			
	 14.1
	  	Exchange and Confidentiality of Information	  	 	69	  
			
	 14.2
	  	Nature of Obligation under this Agreement; Defaulting Lenders	  	 	71	  
			
	 14.3
	  	Notices	  	 	72	  
			
	 14.4
	  	Governing Law	  	 	73	  
			
	 14.5
	  	Benefit of the Agreement	  	 	73	  
			
	 14.6
	  	Assignment	  	 	73	  
			
	 14.7
	  	Participations	  	 	73	  
			
	 14.8
	  	Severability	  	 	74	  
			
	 14.9
	  	Whole Agreement	  	 	74	  
			
	 14.10
	  	Amendments and Waivers	  	 	74	  
			
	 14.11
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	74	  
			
	 14.12
	  	Further Assurances	  	 	75	  
			
	 14.13
	  	Attornment and Waiver of Jury Trial	  	 	75	  
			
	 14.14
	  	Time of the Essence	  	 	75	  
			
	 14.15
	  	Credit Agreement Governs	  	 	75	  
			
	 14.16
	  	Counterparts	  	 	75	  
			
	 14.17
	  	AML Legislation and “Know Your Client” Requirements	  	 	76	  

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

THIS AGREEMENT is made as of September 4, 1997, amended and restated as of December 18, 2007 and further amended and restated as of July 28,
2016 
 B E T W E E N: 

ENBRIDGE INC., a corporation subsisting under the laws of 

Canada (hereinafter sometimes referred to as the “Borrower”) 

OF THE FIRST PART 
 - and - 

THE FINANCIAL INSTITUTIONS AND OTHER PERSONS SET FORTH ON SCHEDULE A HERETO, together with such other financial institutions as
become parties hereto as lenders, (hereinafter sometimes collectively referred to as the “Lenders” and sometimes individually referred to as a “Lender”) 

OF THE SECOND PART 
 - and - 

THE TORONTO-DOMINION BANK, a Canadian chartered bank, as agent of the Lenders hereunder (hereinafter referred to as the
“Agent”) 
 OF THE THIRD PART 

WHEREAS the Borrower, the Agent and certain of the Lenders are parties to the credit agreement made as of September 4, 1997 between the Borrower, certain
of the Lenders and the Agent and amended and restated as of December 18, 2007 (as amended and supplemented to the date hereof, the “Existing Credit Agreement”); 

AND WHEREAS the Borrower has requested the Lenders to provide the Credit Facility to the Borrower on the terms and conditions herein set forth; 

AND WHEREAS the parties hereto have agreed to amend and restate the Existing Credit Agreement on the terms and conditions hereinafter set forth; 

AND WHEREAS the Lenders have agreed to provide the Credit Facility to the Borrower on the terms and conditions herein set forth; 

AND WHEREAS the Lenders wish the Agent to act on their behalf with regard to certain matters associated with the Credit Facility; 

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the covenants and agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which is hereby conclusively acknowledged by each of the parties hereto, the parties hereto covenant and agree as follows: 

 ARTICLE 1 

INTERPRETATION 
 1.1 Definitions

 In this Agreement, unless something in the subject matter or context is inconsistent therewith: 

“Additional Compensation” has the meaning set out in Section 11.3(1). 

“Advance” means an advance of funds made by the Lenders or by any one or more of them to the Borrower, but does not include any Conversion or
Rollover. 
 “Affected Loan” has the meaning set out in Section 11.4. 

“Affiliate” means any person which, directly or indirectly, controls, is controlled by or is under common control with another person; and,
for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” or “under common control with”) means the power to direct or cause the direction of the management and
policies of any person, whether through the ownership of shares or other economic interests, the holding of voting rights or contractual rights or otherwise. 

“Agent’s Accounts” means the following accounts maintained by the Agent to which payments and transfers under this Agreement are to be
effected: 
  

	 	(a)	for Canadian Dollars: 

 The Toronto-Dominion Bank 

66 Wellington Street West, 5th Floor 

Toronto, Ontario, Canada M5K 1A2 

SWIFT: TDOMCATTTOR 
 Transit:
00732 
 Cdn.$ Account No.: 0360-01-2301253 

Favour: The Toronto-Dominion Bank, Toronto-Corporate Lending 

Ref: Enbridge Inc.; and 
  

	 	(b)	for United States Dollars: 

 Bank of America 

100 West 33rd Street 

New York, New York 
 ABA:
026-009-593 
 SWIFT: BOFAUS3N 

U.S.$ Account No.: 6550-826-336 

Account with: The Toronto-Dominion Bank, Toronto 

SWIFT: TDOMCATTTOR 
 Favour: The
Toronto-Dominion Bank, Toronto – Corporate Lending 
 U.S.$ Account No.: 0360-01-2301447 

Ref: Enbridge Inc. 
 or such other account or
accounts as the Agent may from time to time designate by notice to the Borrower and the Lenders. 
 “Agreement” means this agreement, as
amended, modified, supplemented or restated from time to time in accordance with the provisions hereof. 

  
 2 

 “Applicable Laws” or “applicable law” means, in relation to any person,
transaction or event: 
  

	 	(a)	all applicable provisions of laws, statutes, rules and regulations from time to time in effect of any Governmental Authority; and 

  

	 	(b)	all Governmental Authorizations to which the person is a party or by which it or its property is bound or having application to the transaction or event. 

“Applicable Pricing Rate” means: 
  

	 	(a)	in the event the Debt Rating is A (low) or higher: in respect of Libor Loans and the acceptance fees for Banker’s Acceptances, 1.00% per annum; in respect of Canadian Prime Rate Loans and U.S. Base Rate Loans,
0.00% per annum; and in respect of the standby fees payable in accordance with Section 5.6, 0.20% per annum; and 

  

	 	(b)	in the event the Debt Rating is BBB (high) or lower: in respect of Libor Loans and the acceptance fees for Banker’s Acceptances, 1.20% per annum; in respect of Canadian Prime Rate Loans and U.S. Base Rate
Loans, 0.20% per annum; and in respect of the standby fees payable in accordance with Section 5.6, 0.24% per annum, 

 provided
that if the Designated Rating Agency is changed after the date hereof from DBRS to another Designated Rating Agency, then the Debt Ratings referenced in this definition will be deemed to be the equivalent rating classifications of such other
Designated Rating Agency. 
 “Approved Securities” means obligations maturing within one year from their date of purchase or other
acquisition by the Borrower or a Subsidiary and which are: 
  

	 	(a)	issued by the Government of Canada or an instrumentality or agency thereof and guaranteed fully as to principal, premium, if any, and interest by the Government of Canada; 

 

	 	(b)	issued by a province of Canada, or an instrumentality or agency thereof, which has a long term debt rating of at least A by S&P, A2 by Moody’s, or A by DBRS; or 

 

	 	(c)	term deposits, guaranteed investment certificates, certificates of deposit, bankers’ acceptances or bearer deposit notes, in each case, of any Canadian chartered bank or other Canadian financial institution which
has a long term debt rating of at least A+ by S&P, A1 by Moody’s, or A (high) by DBRS. 

 “Assigned Interests” has
the meaning set out in Section 2.19. 
 “Assignment Agreement” means an assignment agreement substantially in the form of Schedule B
annexed hereto, with such modifications thereto as may be required from time to time by the Agent, acting reasonably. 
 “Attributable
Debt” means, in respect of any capital lease (under GAAP) entered into by a lessee, the capitalized amount of all obligations under such capital lease that are required to be classified and accounted for as a capitalized lease obligation on
a balance sheet of such lessee in accordance with GAAP. 

  
 3 

 “BA Discount Rate” means: 

 

	 	(a)	in relation to a Bankers’ Acceptance accepted by a Schedule I Lender or CDOR Page Lender, the CDOR Rate; 

  

	 	(b)	in relation to a Bankers’ Acceptance accepted by a Schedule II Lender or Schedule III Lender which is not a CDOR Page Lender, the lesser of: 

 

	 	(i)	the arithmetic average of the Discount Rates then applicable to bankers’ acceptances accepted by the Schedule II/III Reference Lenders having identical issue and comparable maturity dates as the Bankers’
Acceptances proposed to be issued by the Borrower; and 

  

	 	(ii)	the CDOR Rate plus 0.075% per annum, 

 provided that if both such rates are equal then the “BA
Discount Rate” applicable thereto shall be the rate specified in (i) above; and 
  

	 	(c)	in relation to a BA Equivalent Advance: 

  

	 	(i)	made by a Schedule I Lender or CDOR Page Lender, the CDOR Rate; 

  

	 	(ii)	made by a Schedule II Lender or Schedule III Lender which is not a CDOR Page Lender, the rate determined in accordance with subparagraph (b) of this definition; and 

 

	 	(iii)	made by any other Lender, the CDOR Rate plus 0.075% per annum, 

 provided that if the rate as determined
above is less than zero, then the BA Discount Rate will be deemed to be zero. 
 “BA Equivalent Advance” means, in relation to a Drawdown
of, Conversion into or Rollover of Bankers’ Acceptances, an Advance in Canadian Dollars made by a Non-Acceptance Lender as part of such Loan. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any
liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Bankers’ Acceptance” means a draft in Canadian Dollars drawn by the Borrower, accepted by a 

Lender and issued for value pursuant to this Agreement. 

“Banking Day” means, in respect of a Libor Loan, a day on which banks are open for business in Calgary, Alberta, Toronto, Ontario, New York,
New York and London, England, and, for all other purposes, means a day on which banks are open for business in Calgary, Alberta, Toronto, Ontario and New York, New York, but does not in any event include a Saturday or a Sunday. 

“Canadian Dollars” and “Cdn.$” mean the lawful money of Canada. 

  
 4 

 “Canadian Prime Rate” means, for any day, the greater of: 

 

	 	(a)	the rate of interest per annum established from time to time by the Agent as the reference rate of interest for the determination of interest rates that the Agent will charge to customers of varying degrees of
creditworthiness in Canada for Canadian Dollar demand loans in Canada; and 

  

	 	(b)	the rate of interest per annum equal to the average annual yield rate for one month Canadian Dollar bankers’ acceptances (expressed for such purpose as a yearly rate per annum in accordance with Section 5.4)
which rate is shown on the CDOR Page at 10:00 a.m. (Toronto time) on such day or, if such day is not a Banking Day, on the immediately preceding Banking Day, plus 1.00% per annum; 

provided that if both such rates are equal or if such one month bankers’ acceptance rate is unavailable for any reason on any date of determination, then
the “Canadian Prime Rate” shall be the rate specified in (a) above. 
 “Canadian Prime Rate Loan” means an Advance in, or
Conversion into, Canadian Dollars made by the Lenders to the Borrower with respect to which the Borrower has specified or a provision hereof requires that interest is to be calculated by reference to the Canadian Prime Rate. 

“Cash Collateral” has the meaning set out in Section 2.17. 

“Cash Collateral Account” has the meaning set out in Section 2.17. 

“CDOR Page” means the display referred to as the “CDOR Page” (or any display substituted thereof) of Reuters Limited (or any
successor thereto or Affiliate thereof). 
 “CDOR Page Lender” means a Schedule II Lender or Schedule III Lender which has the annual yield
rates for Canadian Dollar bankers’ acceptances accepted by such Lender displayed from time to time on the CDOR Page. 
 “CDOR Rate”
means, on any date which Bankers’ Acceptances are to be issued pursuant hereto, the per annum rate of interest which is the rate determined as being the arithmetic average of the annual yield rates applicable to Canadian Dollar bankers’
acceptances having identical issue and comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the Borrower displayed and identified as such on the CDOR Page as at approximately 10:00 a.m. (Toronto time) on such day, or
if such day is not a Banking Day, then on the immediately preceding Banking Day (as adjusted by the Agent in good faith after 10:00 a.m. (Toronto time) to reflect any error in a posted rate or in the posted average annual rate); provided, however,
if such a rate does not appear on the CDOR Page, then the CDOR Rate, on any day, shall be the arithmetic average of the Discount Rates quoted by the Schedule I Reference Lenders to the Agent (determined as of 10:00 a.m. (Toronto time) on such day)
which would be applicable in respect of an issue of bankers’ acceptances in a comparable amount and with comparable maturity dates to the Bankers’ Acceptances proposed to be issued by the Borrower on such day, or if such day is not a
Banking Day, then on the immediately preceding Banking Day, provided that if the CDOR Rate as determined above is less than zero, then the CDOR Rate will be deemed to be zero. 

“clearing house” has the meaning set out in Section 6.4. 

“Collateral Investment” has the meaning set out in Section 2.17. 

“Commitment” means the commitment of each Lender under the Credit Facility to provide the amount of Canadian Dollars (or the Equivalent
Amount thereof) set forth opposite its name in Schedule A annexed hereto, subject to any reduction in accordance with the provisions hereof. 

  
 5 

 “Consolidated Net Tangible Assets” means, as at any date of determination, all consolidated
assets of the Borrower as shown in a consolidated balance sheet of the Borrower for such date, less the aggregate of the following amounts reflected upon such balance sheet: 
  

	 	(a)	all goodwill, deferred assets, trademarks, copyrights and other similar intangible assets; 

  

	 	(b)	to the extent not already deducted in computing such assets and without duplication, depreciation, depletion, amortization, reserves and any other account which reflects a decrease in the value of an asset or a periodic
allocation of the cost of an asset; provided that no deduction shall be made under this (b) to the extent that such account reflects a decrease in value or periodic allocation of the cost of any asset referred to in (a) above;

  

	 	(c)	minority interests; 

  

	 	(d)	non-cash current assets; and 

  

	 	(e)	Non-Recourse Assets to the extent of the outstanding Non-Recourse Debt financing such assets. 

“Consolidated Shareholders’ Equity” means, on any date, the total amount of shareholders’ equity of the Borrower determined on a
consolidated basis in accordance with GAAP as the same would be set forth in a consolidated balance sheet of the Borrower and includes, in any event and regardless of the characterization pursuant to GAAP which are in effect from time to time,
Preferred Securities issued by the Borrower. 
 “Conversion” means a conversion or deemed conversion of a Loan under the Credit Facility
into another type of Loan under the Credit Facility pursuant to the provisions hereof, provided that, subject to Section 2.8 and to Article 6 with respect to Bankers’ Acceptances, the conversion of a Loan denominated in one currency to a
Loan denominated in another currency shall be effected by repayment of the Loan or portion thereof being converted in the currency in which it was denominated and readvance to the Borrower of the Loan into which such conversion was made. 

“Conversion Date” means the date specified by the Borrower as being the date on which the Borrower has elected to convert, or this Agreement
requires the conversion of, one type of Loan into another type of Loan and which shall be a Banking Day. 
 “Conversion Notice” means a
notice substantially in the form annexed hereto as Schedule C to be given to the Agent by the Borrower pursuant hereto. 
 “Cost of Canadian Funds
Rate” means, for any Short Notice Cdn.$ Loan advanced by a given Short Notice Lender, the rate of interest per annum equal to the sum of the costs of funds rate (expressed as a rate per annum) for Canadian Dollars with a term to maturity
equal to the term of the Short Notice Cdn.$ Loan requested by the Borrower and which such Short Notice Lender quotes to the Borrower on the Drawdown Date of such Loan, plus the Applicable Pricing Rate applicable to Bankers’ Acceptances in
effect on such day. 
 “Cost of U.S. Funds Rate” means, for any Short Notice U.S.$ Loan advanced by a given Short Notice Lender, the rate
of interest per annum equal to the sum of the costs of funds rate (expressed as a rate per annum) for United States Dollars with a term to maturity equal to the term of the Short Notice U.S.$ Loan requested by the Borrower and which such Short
Notice Lender quotes to the Borrower on the Drawdown Date of such Loan, plus the Applicable Pricing Rate applicable to Libor Loans in effect on such day. 

  
 6 

 “Credit Facility” means the credit facility in the maximum principal amount (on the date hereof)
of Cdn.$1,030,000,000 or the Equivalent Amount in United States Dollars to be made available to the Borrower by the Lenders in accordance with the provisions hereof, subject to any reduction in accordance with the provisions hereof. 

“Currency Excess” has the meaning set out in Section 2.18. 

“Currency Excess Deficiency” has the meaning set out in Section 2.18. 

“DBNA” has the meaning set out in Section 6.4. 

“DBRS” means Dominion Bond Rating Service Limited and any successors thereto. 

“Debt” means, with respect to any person (“X”), all obligations in respect of indebtedness for borrowed money of X which, in
accordance with GAAP, would be recorded in the unconsolidated financial statements of X (including the notes thereto) and, in any event, including (without duplication): 
  

	 	(a)	obligations of X arising pursuant or in relation to bankers’ acceptances (including payment and reimbursement obligations in respect thereof) issued thereby or accepted upon the request thereof; 

 

	 	(b)	the undrawn amount under letters of credit, letters of guarantee and surety bonds issued on the request or for the account of X supporting obligations which would otherwise constitute Debt within the meaning of this
definition or indemnities issued in connection therewith; 

  

	 	(c)	all Attributable Debt under any capital leases of X; 

  

	 	(d)	Purchase Money Obligations of X; 

  

	 	(e)	obligations secured by any Security Interest existing on property owned subject to such Security Interest, whether or not the obligations secured thereby shall have been assumed; and 

 

	 	(f)	obligations of X under Guarantees relating to indebtedness or other obligations of any other person which would otherwise constitute Debt within the meaning of this definition (if such other person was X) including,
without limitation, endorsements of bills of exchange (other than for collection or deposit in the ordinary course of business), 

 but
excluding, in any event, Non-Recourse Debt and, if applicable to X, Preferred Securities and Intercompany Borrower Debt; provided that, unless otherwise expressly provided or the context otherwise requires, references herein to “Debt”
shall be and shall be deemed to be references to Debt of the Borrower. 
 “Debt Rating” means the debt rating of the long-term, unsecured,
unsubordinated debt of the Borrower (or its Successor, as applicable). 
 “Default” means any event or condition which, with the giving of
notice, lapse of time or upon a declaration or determination being made (or any combination thereof), would constitute an Event of Default. 

  
 7 

 “Defaulting Lender” means any Lender: 

 

	 	(a)	that has failed to fund any payment or its portion of any Loans required to be made by it hereunder or to purchase any participation required to be purchased by it hereunder and under the other Documents and such Lender
has not cured such failure to fund or to purchase participations within 1 Banking Day; 

  

	 	(b)	that has notified the Borrower, the Agent or any Lender (verbally or in writing) that it does not intend to or is unable to comply with any of its funding obligations under this Agreement or has made a public statement
to that effect or to the effect that it does not intend to or is unable to fund advances generally under credit arrangements to which it is a party; 

  

	 	(c)	that has failed, within 3 Banking Days after request by the Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans; 

 

	 	(d)	that has otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it hereunder within 3 Banking Days of the date when due, unless the subject of a good faith dispute;

  

	 	(e)	in respect of which a Lender Insolvency Event or a Lender Distress Event has occurred in respect of such Lender or its Lender Parent; 

 

	 	(f)	in the case of a Lender or its direct or indirect parent company that is an EEA Financial Institution, become subject to a Bail-In Action; or 

 

	 	(g)	with respect to which the Agent has concluded, acting reasonably, and has advised the Lenders in writing, that it is of the view that it is more likely than not that such Lender shall become a Defaulting Lender pursuant
to subparagraphs (a) to (f), inclusive, of this definition. 

 “Designated Jurisdiction” means any country or territory
to the extent that such country or territory itself is the subject of any Sanction. 
 “Designated Rating Agency” means, from time to time,
any one of the following debt rating agencies (or any of their respective successors) selected in writing by the Borrower and approved in writing by the Majority of the Lenders: 

 

	 	(a)	DBRS; 

  

	 	(b)	S&P; or 

  

	 	(c)	Moody’s; 

 provided that, as of the date hereof, the Designated Rating Agency is DBRS. 

“Discount Proceeds” means the net cash proceeds to the Borrower from the sale of a Bankers’ Acceptance pursuant hereto or, in the case
of BA Equivalent Advances, the amount of a BA Equivalent Advance at the BA Discount Rate, in any case, before deduction or payment of the fees to be paid to the Lenders under Section 6.2. 

“Discount Rate” means, with respect to the issuance of a bankers’ acceptance, the rate of interest per annum, calculated on the basis of
a year of 365 days, (rounded upwards, if necessary, to the nearest whole multiple of 1/100th of one percent) which is equal to the discount exacted by a 

  
 8 

 
purchaser taking initial delivery of such bankers’ acceptance, calculated as a rate per annum and as if the issuer thereof received the discount proceeds in respect of such bankers’
acceptance on its date of issuance and had repaid the respective face amount of such bankers’ acceptance on the maturity date thereof. 

“Documents” means, collectively, this Agreement and all certificates, notices, instruments and other documents delivered or to be delivered
to the Agent or the Lenders, or both, in relation to the Credit Facility pursuant hereto or thereto and, when used in relation to any person, the term “Documents” shall mean and refer to the Documents executed and delivered by such person.

 “Drawdown” means: 
  

	 	(a)	an Advance of a Canadian Prime Rate Loan, U.S. Base Rate Loan, Libor Loan or Short Notice Loan; or 

  

	 	(b)	the issue of Bankers’ Acceptances (or the making of a BA Equivalent Advance in lieu thereof) other than as a result of Conversions or Rollovers. 

“Drawdown Date” means the date on which a Drawdown is made by the Borrower pursuant to the provisions hereof and which shall be a Banking
Day. 
 “Drawdown Notice” means a notice substantially in the form annexed hereto as Schedule D to be given to the Agent by the Borrower
pursuant hereto. 
 “EEA Financial Institution” means, at each relevant time of determination, (a) any credit institution or
investment firm established in any EEA Member Country, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in
an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent, and with respect to each of the preceding clause (a) through
(c), which institution, firm or entity is subject to the supervision of an EEA Resolution Authority. 
 “EEA Member Country” means any of
the member states of the European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative
authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having authority to exercise any Write-Down and Conversion Powers. 

“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, claims, liens, notices of
non-compliance or violation, investigations, inspections, inquiries or proceedings relating in any way to any Environmental Laws or to any permit issued under any such Environmental Laws including, without limitation: 

 

	 	(a)	any claim by a Governmental Authority for enforcement, clean-up, removal, response, remedial or other actions or damages pursuant to any Environmental Laws; and 

 

	 	(b)	any claim by a person seeking damages, contribution, indemnification, cost recovery, compensation or injunctive or other relief resulting from or relating to Hazardous Materials, including any Release thereof, or
arising from alleged injury or threat of injury to human health or safety (arising from environmental matters) or the environment. 

  
 9 

 “Environmental Laws” means all Applicable Laws with respect to the environment or environmental
or public health and safety matters contained in statutes, regulations, rules, ordinances, orders, judgments, approvals, notices, permits or policies, guidelines or directives having the force of law. 

“Equivalent Amount” means, on any date, the equivalent amount in Canadian Dollars or United States Dollars, as the case may be, after giving
effect to a conversion of a specified amount of United States Dollars to Canadian Dollars or of Canadian Dollars to United States Dollars, as the case may be, at the noon rate of exchange for Canadian interbank transactions established by the Bank
of Canada for the day in question, or if such noon rate is for any reason unavailable, at the indicative rate of exchange for Canadian interbank transactions established by the Bank of Canada for the day in question, or if such indicative rate is
for any reason unavailable, at the spot rate quoted for wholesale transactions by the Agent at approximately noon (Toronto time) on that date in accordance with its normal practice. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
Person), as in effect from time to time. 
 “Event of Default” has the meaning set out in Section 10.1. 

“Excluded Taxes” has the meaning set out in Section 7.5(1). 

“Excluded Transaction” means a Transaction wholly between or among the Borrower and any Affiliates of the Borrower. 

“Existing Credit Agreement” has the meaning set out in the recitals hereto. 

“Extending Lender” has the meaning set out in Section 2.19. 

“Extension Request” has the meaning set out in Section 2.19. 

“Federal Funds Rate” means, for any day, the rate of interest per annum equal to (a) the weighted average (rounded upwards, if
necessary, to the next 1/100th of one percent per annum) of the annual rates of interest on overnight Federal funds transactions with members of the Federal Reserve Board of the United States of
America (or any successor thereof) arranged by Federal funds brokers on such day, as published on the next succeeding Banking Day by the Federal Reserve Bank of New York (or any successor thereto) or, (b) if such day is not a Banking Day, such
weighted average for the immediately preceding Banking Day for which the same is published or, (c) if such rate is not so published for any day that is a Banking Day, the average (rounded upwards, if necessary, to the next 1/100th of one percent per annum) of the quotations for such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by the Agent. 

“Federal Reserve Board” or “Federal” means the Board of Governors of the Federal Reserve System of the United States of
America or any successor thereof. 
 “Financial Instrument Obligations” means obligations arising under: 

 

	 	(a)	any interest swap agreement, forward rate agreement, floor, cap or collar agreement, futures or options, insurance or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by the
Borrower where the subject matter of the same is interest rates or the price, value, or amount payable thereunder is dependent or based upon the interest rates or fluctuations in interest rates in effect from time to time (but, for certainty, shall
exclude conventional floating rate debt); 

  
 10 

	 	(b)	any currency swap agreement, cross-currency agreement, forward agreement, floor, cap or collar agreement, futures or options insurance or other similar agreement or arrangement, or any combination thereof, entered into
or guaranteed by the Borrower where the subject matter of the same is currency exchange rates or the price, value or amount payable thereunder is dependent or based upon currency exchange rates or fluctuations in currency exchange rates as in effect
from time to time; and 

  

	 	(c)	any agreement for the making or taking of Petroleum Substances, any commodity swap agreement, floor, cap or collar agreement or commodity future or option or other similar agreements or arrangements, or any combination
thereof, entered into or guaranteed by the Borrower where the subject matter of the same is Petroleum Substances or the price, value or amount payable thereunder is dependent or based upon the price of Petroleum Substances or fluctuations in the
price of Petroleum Substances, 

 to the extent of the net amount due or accruing due from the Borrower thereunder. 

“GAAP” means generally accepted accounting principles in Canada, which shall be deemed to be reference to the recommendations at the relevant
time of the Canadian Institute of Chartered Accountants (or any successor institute thereto) applicable on a consolidated basis (unless otherwise specifically provided or contemplated herein) or, to the extent adopted and permitted by Applicable
Laws, generally accepted accounting principles in the United States, as at the date on which any determination or calculation is made or required to be made in accordance with such principles. 

“Governmental Authority” means any federal, provincial, state, regional, municipal or local government or any department, agency, board,
tribunal or authority thereof or other political subdivision thereof and any entity or person exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, government or the operation thereof. 

“Governmental Authorization” means an authorization, order, permit, approval, grant, license, consent, right, franchise, privilege,
certificate, judgment, writ, injunction, award, determination, direction, decree or demand or the like issued or granted by law or by rule or regulation of any Governmental Authority. 

“Guarantee” means any guarantee, undertaking to assume, endorse, contingently agree to purchase or to provide funds for the payment of, or
otherwise become liable in respect of, any obligation of any person; provided that the amount of each Guarantee shall be deemed to be the amount of the obligation guaranteed thereby, unless the Guarantee is limited to a determinable amount in which
case the amount of such Guarantee shall be deemed to be the lesser of such determinable amount or the amount of such obligation. 
 “Hazardous
Materials” means any substance or mixture of substances which, if released into the environment, would likely cause, immediately or at some future time, harm or degradation to the environment or to human health or safety and includes any
substance defined as or determined to be a pollutant, contaminant, waste, hazardous waste, hazardous chemical, hazardous substance, toxic substance or dangerous good under any Environmental Law. 

“Hostile Acquisition” means an acquisition of securities of a person (the “Target”) pursuant to a take-over bid, as defined
in the Securities Act (Alberta) or in any other applicable securities legislation, where the board of directors, trustees or similar body of the Target whose securities are the subject matter of the take-over bid has neither approved such
take-over bid nor recommended to the security holders of the Target that they tender or sell their securities pursuant to such take-over bid. 

  
 11 

 “Indemnified Parties” means, collectively, the Agent and the Lenders, including a receiver,
receiver-manager or similar person appointed under applicable law, and their respective shareholders, Affiliates, officers, directors, employees and agents, and “Indemnified Party” means any one of the foregoing. 

“Indemnified Third Party” has the meaning set out in Section 12.3. 

“Information” has the meaning set out in Section 14.1. 

“Intercompany Borrower Debt” means Debt or Non-Recourse Debt of the Borrower owing to or in favour of a Subsidiary. 

“Interest Payment Date” means: 
  

	 	(a)	with respect to each Canadian Prime Rate Loan and U.S. Base Rate Loan, the first Banking Day of each calendar month; and 

  

	 	(b)	with respect to each Libor Loan, the last day of each applicable Interest Period and, if any Interest Period is longer than 3 months, the last Banking Day of each 3 month period during such Interest Period,

 provided that, in any case, the Maturity Date or, if applicable, any earlier date on which the Credit Facility is fully cancelled or
permanently reduced in full, shall be an Interest Payment Date with respect to all Loans then outstanding under the Credit Facility. 
 “Interest
Period” means: 
  

	 	(a)	with respect to each Canadian Prime Rate Loan and U.S. Base Rate Loan, the period commencing on the applicable Drawdown Date or Conversion Date, as the case may be, and terminating on the date selected by the Borrower
hereunder for the Conversion of such Loan into another type of Loan or for the repayment of such Loan; 

  

	 	(b)	with respect to each Bankers’ Acceptance, the period selected by the Borrower hereunder and being of 1, 2, 3 or 6 months’ duration, subject to market availability, (or, subject to the agreement of all of the
Lenders, a longer or shorter period) commencing on the Drawdown Date, Rollover Date or Conversion Date of such Loan; and 

  

	 	(c)	with respect to each Libor Loan, the period selected by the Borrower and being of 1, 2, 3, 6, 9 or 12 months’ duration (or, subject to the agreement of all of the Lenders, a longer or shorter period) commencing on
the applicable Drawdown Date, Rollover Date or Conversion Date, as the case may be, 

 provided that in any case: (i) the last day of
each Interest Period shall be also the first day of the next Interest Period whether with respect to the same or another Loan; (ii) the last day of each Interest Period shall be a Banking Day and if the last day of an Interest Period selected
by the Borrower is not a Banking Day the Borrower shall be deemed to have selected an Interest Period the last day of which is the Banking Day next following the last day of the Interest Period selected unless such next following Banking Day falls
in the next calendar month in which event the Borrower shall be deemed to have selected an Interest Period the last day of which is the Banking Day next preceding the last day of the Interest Period selected by the Borrower; and (iii) the last
day of all Interest Periods for Loans outstanding under the Credit Facility shall expire on or prior to the Maturity Date. 

  
 12 

 “Investment Grade” means BBB (high) or higher in the case of the long term debt ratings of DBRS
on the date hereof, or the then equivalent rating of the Designated Rating Agency. 
 “Judgment Conversion Date” has the meaning set out in
Section 12.4. 
 “Judgment Currency” has the meaning set out in Section 12.4. 

“Lender Distress Event” means, in respect of a given Lender, such Lender or its Lender Parent is subject to a forced liquidation, merger,
sale or other change of control supported in whole or in part by guarantees or other support (including, without limitation, the nationalization or assumption of ownership or operating control by the Government of the United States, Canada or any
other Governmental Authority) or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Lender or Lender Parent or their respective assets to be, insolvent or bankrupt; provided that a Lender
shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not impair
and could not reasonably be expected to impair the performance of such Lender’s obligations, or the exercise or enforcement of any rights or remedies against such Lender, in each case under or in respect of this Agreement. 

“Lender Insolvency Event” means, in respect of a given Lender, such Lender or its Lender Parent: 

 

	 	(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(b)	becomes insolvent, is deemed insolvent by applicable law or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

  

	 	(d)	(i) institutes, or has instituted against it by a regulator, supervisor or any similar Governmental Authority with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its
incorporation or organization or the jurisdiction of its head or home office, (A) a proceeding pursuant to which such Governmental Authority takes control of such Lender’s or Lender Parent’s assets, (B) a proceeding seeking a
judgment of insolvency or bankruptcy or any other relief under any bankruptcy, insolvency or winding-up law or other similar law affecting creditors’ rights, or (C) a petition is presented for its winding-up or liquidation by it or such
regulator, supervisor or similar Governmental Authority; or (ii) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy, insolvency or winding-up law or other similar law
affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause (i) above and either (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or
presentation thereof; 

  

	 	(e)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(f)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or a substantial portion of all of its
assets; 

  
 13 

	 	(g)	has a secured party take possession of all or a substantial portion of all of its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or
substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case, within 15 days thereafter; 

 

	 	(h)	causes or is subject to any event with respect to it which, under the applicable law of any jurisdiction, has an analogous effect to any of the events specified in subparagraphs (a) to (g) above, inclusive; or

  

	 	(i)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing. 

“Lender Parent” means any person that directly or indirectly controls a Lender and, for the purposes of this definition, “control”
shall have the same meaning as set forth in the definition of “Affiliate” contained herein. 
 “Lenders’ Counsel” means the
firm of Macleod Dixon LLP or such other firm of legal counsel as the Agent may from time to time designate after consultation with the Borrower. 

“Libor Loan” means an Advance in, or Conversion into, United States Dollars made by the Lenders to the Borrower with respect to which the
Borrower has specified that interest is to be calculated by reference to the Libor Rate, and each Rollover in respect thereof. 
 “Libor
Rate” means, for each Interest Period applicable to a Libor Loan, the rate of interest per annum, expressed on the basis of a year of 360 days (as determined by the Agent and rounded upwards to the next 1/100 of 1%): 

 

	 	(a)	applicable to United States Dollars and appearing on the display referred to as “LIBOR01 Page” (or any display substituted therefor) of Reuters Limited (or any successor thereto or Affiliate thereof) that
displays the ICE Benchmark Administration Limited (or its successor) Interest Settlement Rate applicable to such Interest Period as of 11:00 a.m. (London, England time) on the second Banking Day prior to the first day of such Interest Period; or

  

	 	(b)	if such rate does not appear on such Reuters display, or if such display or rate is not available for any reason, the rate per annum at which United States Dollars are offered by the principal lending office in London,
England of the Agent (or of its Affiliates if it does not maintain such an office) in the London interbank market at approximately 11:00 a.m. (London, England time) on the second Banking Day prior to the first day of such Interest Period,

 in each case in an amount similar to such Libor Loan and for a period comparable to such Interest Period, provided that if the Libor Rate
as determined above is less than zero, then the Libor Rate will be deemed to be zero. 
 “Loan” means a Canadian Prime Rate Loan, U.S. Base
Rate Loan, Libor Loan, Short Notice Loan, Bankers’ Acceptance or BA Equivalent Advance outstanding hereunder. 
 “Majority of the
Lenders” means: 
  

	 	(a)	during the continuance of a Default or an Event of Default, those Lenders the Rateable Portions of all Outstanding Principal of which are, in the aggregate, at least
66 2⁄3% of all Outstanding Principal; and 

  
 14 

	 	(b)	at any other time, those Lenders the Commitments of which are, in the aggregate, at least 66 2⁄3% of the Commitments of all
Lenders hereunder. 

 “Material Adverse Effect” means a material adverse effect on the financial condition of the Borrower
and its Subsidiaries taken as a whole. 
 “Maturity Date” means the date which is the first anniversary of the Term Out Date. 

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

“Non-Acceptance Lender” means (a) a Lender which ceases to or does not accept bankers’ acceptances in the ordinary course of its
business or (b) in respect of Lenders other than Schedule I Lenders, a Lender who, by notice in writing to the Agent and the Borrower, elects thereafter to make BA Equivalent Advances in lieu of accepting Bankers’ Acceptances. 

“Non-Extending Lender” has the meaning set out in Section 2.19. 

“Notice of Non-Extension” has the meaning set out in Section 2.19. 

“Non-Recourse Assets” means the assets created, developed, constructed or acquired with or in respect of which Non-Recourse Debt has been
incurred and any and all receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected with the assets created, developed, constructed or acquired (and, for certainty, shall include the shares
or other ownership interests of a single purpose entity which holds only such assets and other rights and collateral arising from or connected therewith) and to which recourse of the lender of such Non-Recourse Debt (or any agent, trustee, receiver
or other person acting on behalf of such lender) in respect of such indebtedness is limited in all circumstances (other than in respect of false or misleading representations or warranties). 

“Non-Recourse Debt” means any indebtedness in respect of any amounts borrowed, Purchase Money Obligations, obligations secured by a Security
Interest existing on property owned subject to Security Interest (whether or not the obligations secured thereby shall have been assumed) and guarantees, indemnities, endorsements (other than endorsements for collection in the ordinary course of
business) or other contingent obligations in respect of obligations of another person for indebtedness of that other person in respect of any amounts borrowed by them and, in each case, incurred to finance the creation, development, construction or
acquisition of assets and any increases in or extensions, renewals or refundings of any such indebtedness, liabilities and obligations, provided that the recourse of the lender thereof or any agent, trustee, receiver or other person acting on behalf
of the lender in respect of such indebtedness, liabilities and obligations or any judgment in respect thereof is limited in all circumstances (other than in respect of false or misleading representations or warranties) to the assets created,
developed, constructed or acquired in respect of which such indebtedness, liabilities and obligations has been incurred and to any receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising from or connected
with the assets created, developed, constructed or acquired (and, for certainty, shall include the shares or other ownership interests of a single purpose entity which holds only such assets and other rights and collateral arising from or connected
therewith) and to which the lender has recourse. 
 “Obligations” means, at any time and from time to time, all of the obligations,
indebtedness and liabilities (present or future, absolute or contingent, matured or not) of the Borrower to the Lenders or the Agent under, pursuant or relating to the Documents or the Credit Facility and whether the same are from time to time
reduced and thereafter increased or entirely extinguished and thereafter incurred again and including all principal, interest, fees, legal and other costs, charges and expenses, and other amounts payable by the Borrower under this Agreement. 

  
 15 

 “Officer’s Certificate” means a certificate or notice signed by any one of the chief
executive officer, president, chief financial officer, a vice-president, treasurer, assistant treasurer, controller, corporate secretary or assistant secretary of the Borrower; provided, however, that Drawdown Notices, Conversion Notices, Rollover
Notices and Repayment Notices shall be executed on behalf of the Borrower by any one of the foregoing persons or such other persons as may from time to time be designated by written notice from the Borrower to the Agent. 

“Outstanding BAs Collateral” has the meaning set out in Section 2.17. 

“Outstanding Principal” means, at any time, the aggregate of (a) the principal amount of all outstanding Canadian Prime Rate Loans and
Short Notice Cdn.$ Loans, (b) the Equivalent Amount in Canadian Dollars of the principal of all outstanding U.S. Base Rate Loans, Libor Loans and Short Notice U.S.$ Loans and (c) the amounts payable at maturity of all outstanding
Bankers’ Acceptances and BA Equivalent Advances. 
 “Permitted Contest” means action taken by or on behalf of the Borrower in good
faith by appropriate proceedings diligently pursued to contest a Tax, claim or Security Interest, provided that: 
  

	 	(a)	the Borrower has established reasonable reserves therefor if and to the extent required by GAAP; 

  

	 	(b)	proceeding with such contest does not have, and would not reasonably be expected to have, a Material Adverse Effect; and 

  

	 	(c)	proceeding with such contest will not create a material risk of sale, forfeiture or loss of, or interference with the use or operation of, a material part of the property, assets and undertaking of the Borrower.

 “Permitted Encumbrances” means as at any particular time any of the following Security Interests or other encumbrances on
the property or any part of the property of the Borrower: 
  

	 	(a)	any Security Interest existing as of February 23, 1995 or arising thereafter pursuant to contractual commitments entered into prior to such date; 

 

	 	(b)	any Security Interest created, incurred or assumed to secure any Purchase Money Obligation; 

  

	 	(c)	any Security Interest created, incurred or assumed to secure any Non-Recourse Debt; 

  

	 	(d)	any Security Interest in favour of any Affiliate of the Borrower securing obligations which have been subordinated and postponed to the Obligations on terms and conditions satisfactory to the Agent and Lenders’
Counsel; 

  

	 	(e)	any Security Interest on property of a corporation which Security Interest exists at the time such corporation is merged into, or amalgamated or consolidated with, the Borrower or such property is otherwise acquired by
the Borrower; 

  

	 	(f)	any Security Interest securing any Debt to any bank or banks or other lending institution or institutions incurred in the ordinary course of business and for the purpose of carrying on the same, repayable on demand or
maturing within 18 months of the date when such Debt is incurred or the date of any renewal or extension thereof; 

  

	 	(g)	any Security Interest in respect of: 

  
 16 

	 	(i)	liens for taxes and assessments not at the time overdue or any liens securing workmen’s compensation assessments, unemployment insurance or other social security obligations; provided, however, that if any such
obligations are then overdue the Borrower shall be contesting the same by a Permitted Contest, 

  

	 	(ii)	any liens for specified taxes and assessments which are overdue but the validity of which is being contested at the time by the Borrower by a Permitted Contest, 

 

	 	(iii)	any liens or rights of distress reserved in or exercisable under any lease for rent and for compliance with the terms of such lease, 

 

	 	(iv)	any obligations or duties, affecting the property of the Borrower to any municipality or governmental, statutory or public authority, with respect to any franchise, grant, licence or permit and any defects in title to
structures or other facilities arising solely from the fact that such structures or facilities are constructed or installed on lands held by the Borrower under government permits, leases or other grants, which obligations, duties and defects in the
aggregate do not materially impair the use of such property, structures or facilities for the purpose for which they are held by the Borrower, 

  

	 	(v)	any deposits or liens in connection with contracts, bids, tenders or expropriation proceedings, surety or appeal bonds, costs of litigation when required by law, public and statutory obligations, liens or claims
incidental to current construction, builders’, mechanics’, labourers’, materialmen’s, warehousemen’s, carriers’ and other similar liens, 

 

	 	(vi)	the right reserved to or vested in any municipality or governmental or other public authority by any statutory provision or by the terms of any lease, license, franchise, grant or permit, that affects any land, to
terminate any such lease, license, franchise, grant or permit or to require annual or other periodic payments as a condition to the continuance thereof, 

  

	 	(vii)	any undetermined or inchoate liens and charges incidental to the current operations of the Borrower that have not at the time been filed against the Borrower; provided, however, that if any such lien or charge shall
have been filed, the Borrower shall be contesting the same by a Permitted Contest, 

  

	 	(viii)	any Security Interest the validity of which is being contested at the time by the Borrower by a Permitted Contest, 

  

	 	(ix)	any easements, rights of way and servitudes (including, without in any way limiting the generality of the foregoing, easements, rights of way and servitudes for railways, sewers, dykes, drains, gas and water mains or
electric light and power or telephone and telegraph conduits, poles, wires and cables) that in the reasonable opinion of the Borrower will not in the aggregate materially and adversely impair the use or value of the land concerned for the purpose
for which it is held by the Borrower, 

  

	 	(x)	any security to a public utility or any municipality or governmental or other public authority when required by such utility or other authority in connection with the operations of the Borrower, 

  
 17 

	 	(xi)	any Security Interest on or against cash or marketable debt securities pledged to secure Financial Instrument Obligations incurred or transacted for hedging purposes; 

 

	 	(xii)	any liens and privileges arising out of judgments or awards with respect to which the Borrower shall be contesting at the time by a Permitted Contest, and 

 

	 	(xiii)	any other liens of a nature similar to the foregoing which do not in the reasonable opinion of the Borrower materially impair the use of the property subject thereto or the operation of the business of the Borrower or
the value of such property for the purpose of such business; 

  

	 	(h)	any other Security Interest if the amount of obligations secured pursuant to this paragraph (h) does not exceed 5% of Consolidated Net Tangible Assets; 

 

	 	(i)	Security Interests in favour of the Lenders or the Agent on behalf of the Lenders; 

  

	 	(j)	such other Security Interests as may be consented to in writing by the Lenders; and 

  

	 	(k)	any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any Security Interest referred to in the preceding paragraphs (a) to (j) inclusive of this
definition, so long as any such extension, renewal or replacement of such Security Interest is limited to all or any part of the same property that secured the Security Interest extended, renewed or replaced (plus improvements on such property) and
the indebtedness or obligation secured thereby is not increased; 

 provided that nothing in this definition shall in and of itself cause the
Loans and other Obligations to be subordinated in priority of payment to any such Permitted Encumbrance. 
 “Petroleum Substances” means
crude oil, crude bitumen, synthetic crude oil, petroleum, natural gas, natural gas liquids, related hydrocarbons and any and all other substances, whether liquid, solid or gaseous, whether hydrocarbons or not, produced or producible in association
with any of the foregoing, including hydrogen sulphide and sulphur. 
 “Power of Attorney” means a power of attorney provided by the
Borrower to a Lender with respect to Bankers’ Acceptances in accordance with and pursuant to Section 6.4 hereof. 
 “Preferred
Securities” means securities, including debt securities, which at all times have the following characteristics: 
  

	 	(a)	a final maturity extending beyond the Maturity Date; 

  

	 	(b)	no scheduled payments or mandatory reductions of principal thereunder prior to the Maturity Date; 

  

	 	(c)	provision for the deferral of interest payments due and payable thereunder for periods of not less than five years; 

  

	 	(d)	 a default, event of default, acceleration or similar circumstance under any unsubordinated debt of the issuer,
including, in the case of the Borrower, a Default, Event of Default, acceleration of payment of the obligations or enforcement of the rights and remedies of the Lenders under the Documents, shall not (i) cause a default or event of default
(within the passage of time or otherwise) under such 

  
 18 

	 	
securities or the indenture governing the same, or (ii) cause or permit the obligations thereunder to be due and payable prior to the stated maturity thereof; 

	 	(e)	payments of interest due and payable thereunder can be satisfied by delivering common shares, preferred shares not redeemable at the option of the holder thereof, or other non-redeemable equity securities of the issuer
(or any combination thereof) in accordance with the indenture governing such securities; 

  

	 	(f)	all amounts payable in respect to such securities are subordinate and junior in right of payment to the prior payment in full of all obligations under the unsubordinated debt of the issuer upon a payment default on any
such debt in respect of which any applicable grace period has ended and such default has not been cured or waived or ceased to exist or the acceleration of any such debt which has not been rescinded; 

 

	 	(g)	such securities shall not be entitled to any distribution upon the distribution of assets of the issuer to creditors upon its dissolution, bankruptcy or any such similar proceedings, until all obligations under the
unsubordinated debt of the issuer have been paid in full; and 

  

	 	(h)	if the issuer is the Borrower, the holders of such securities do not hold any guarantees, indemnities or other financial assistance in respect of such securities from any Subsidiary; 

provided that: (i) for certainty, Preferred Securities shall include those 7.60% preferred securities due June 30, 2048 issued by the Borrower
pursuant to a trust indenture dated July 8, 1999, except to the extent such preferred securities or such indenture are amended, supplemented or otherwise modified after the date hereof and by reason thereof such preferred securities cease to
have the foregoing characteristics and (ii) in the case of such securities issued by a Subsidiary, such securities shall not constitute Preferred Securities for the purposes hereof to the extent that, and by the amount which, such securities in
aggregate exceed 15.0% of the Total Consolidated Capitalization of the Subsidiary in question (determined, for certainty, after giving effect to the issuance of such securities). 

“Purchase Money Obligation” means any monetary obligation created or assumed as part of the purchase price of real or tangible personal
property, whether or not secured, any extensions, renewals or refundings of any such obligation, provided that the principal amount of such obligation outstanding on the date of such extension, renewal or refunding is not increased and further
provided that any security given in respect of such obligation shall not extend to any property other than the property acquired in connection with which such obligation was created or assumed and fixed improvements, if any, erected or constructed
thereon. 
 “Rateable Portion”, as regards any Lender, with regard to any amount of money, means (subject to Section 6.5 in respect of
the rounding of allocations of Bankers’ Acceptances) in respect of the Credit Facility and Drawdowns, Conversions, Rollovers and Loans and other amounts payable thereunder or in respect thereof, the product obtained by multiplying that amount
by the quotient obtained by dividing (a) that Lender’s Commitment by (b) the aggregate of all of the Lenders’ Commitments; provided that, for certainty, with respect to a given Lender and the payment of all Obligations owing to
such Lender pursuant to Section 2.19 or Section 2.21, the amount of such payment shall be deemed to be such Lender’s Rateable Portion thereof. 

“Release” means any release, spill, emission, leak, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration into
the environment including, without limitation, the movement of Hazardous Materials through ambient air, soil, surface water, ground water, wetlands, land or sub-surface strata. 

  
 19 

 “Repayment Notice” means a notice substantially in the form annexed hereto as Schedule E to be
given to the Agent by the Borrower pursuant hereto. 
 “Rollover” means: 

 

	 	(a)	with respect to any Libor Loan, the continuation of all or a portion of such Loan (subject to the provisions hereof) for an additional Interest Period subsequent to the initial or any subsequent Interest Period
applicable thereto; and 

  

	 	(b)	with respect to Bankers’ Acceptances, the issuance of new Bankers’ Acceptances or the making of new BA Equivalent Advances (subject to the provisions hereof) in respect of all or any portion of Bankers’
Acceptances (or BA Equivalent Advances made in lieu thereof) maturing at the end of the Interest Period applicable thereto, all in accordance with Article 6 hereof. 

“Rollover Date” means the date of commencement of a new Interest Period applicable to a Loan and which shall be a Banking Day. 

“Rollover Notice” means a notice substantially in the form annexed hereto as Schedule F to be given to the Agent by the Borrower pursuant
hereto. 
 “S&P” means the Standard & Poor’s Ratings Group (a division of The McGraw-Hill Companies, Inc.) and any
successors thereto. 
 “Sanction” means any economic or trade sanction imposed or administered by (i) the Canadian government
(including, without limitation, those economic or trade sanctions imposed or administered under the Special Economic Measures Act (Canada) or the United Nations Act (Canada) or any associated regulations); or (ii) any other
sanctions authority of any jurisdiction where the Borrower or any Subsidiary maintains assets or otherwise engages in business, including, if applicable, those economic or trade sanctions imposed or administered by the United States government
(including, without limitation, those economic or trade sanctions imposed or administered by the Office of Foreign Assets Control of the United States Department of the Treasury), the United Nations Security Council, the European Union or her
Majesty’s Treasury. 
 “Schedule I Lender” means a Lender which is a Canadian chartered bank listed on Schedule I to the Bank
Act (Canada). 
 “Schedule II Lender” means a Lender which is a Canadian chartered bank listed on Schedule II to the Bank Act
(Canada). 
 “Schedule III Lender” means a Lender which is an authorized foreign bank listed on Schedule III to the Bank Act
(Canada). 
 “Schedule I Reference Lenders” means two Schedule I Lenders which are designated as such by both the Agent and the Borrower
from time to time (it being agreed that the Agent and the Borrower may at any time terminate the designation of a Lender as a Schedule I Reference Lender and designate another Schedule I Lender as a Schedule I Reference Lender in its place by
delivery to the Lenders of a written notification to such effect executed by both the Borrower and the Agent), provided that, if a person ceases to be a Lender hereunder, then such person shall thereupon cease to be a Schedule I Reference Lender
without further action; as of the date hereof, the Schedule I Reference Lenders are The Bank of Nova Scotia and The Toronto-Dominion Bank. 

“Schedule II/III Reference Lenders” means two Schedule II Lenders or Schedule III Lenders (or one Schedule II Lender and one Schedule III
Lender) which are designated as such by both the Agent and the Borrower from time to time (it being agreed that the Agent and the Borrower may at any time 

  
 20 

 
terminate the designation of a Lender as a Schedule II/III Reference Lender and designate another Schedule II Lender or Schedule III Lender as a Schedule II/III Reference Lender in its place by
delivery to the Lenders of a written notification to such effect executed by both the Borrower and the Agent), provided that, if a person ceases to be a Lender hereunder, then such person shall thereupon cease to be a Schedule II/III Reference
Lender without further action; as of the date hereof, the Schedule II/III Reference Lenders are Société Générale (Canada Branch) and HSBC Bank Canada. 

“Security Interest” means any assignment by way of security, mortgage, charge, pledge, lien, encumbrance, title retention agreement
(including, without limitation, a capital lease) or other security interest whatsoever, howsoever created or arising, fixed or floating, perfected or not, which secures payment or performance of an obligation , but, for certainty, shall exclude
operating leases and factoring or other similar absolute assignments of accounts receivable. 
 “Short Notice Cdn.$ Loan” means an Advance
in Canadian Dollars made by a Short Notice Lender to the Borrower in accordance with Section 2.23. 
 “Short Notice Lenders” means,
collectively, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, and Royal Bank of Canada and “Short Notice Lender” means any one of such Lenders, provided that, for certainty, if a person ceases to be
a Lender hereunder, then such person shall thereupon cease to be a Short Notice Lender without further action. 
 “Short Notice Loans”
means, collectively, Short Notice Cdn.$ Loans and Short Notice U.S.$ Loans and “Short Notice Loan” means any of such Loans. 

“Short Notice U.S.$ Loan” means an Advance in United States Dollars made by a Short Notice Lender to the Borrower in accordance with
Section 2.23 
 “Subsidiary” means, with respect to any person (“X”): 

 

	 	(a)	any corporation of which at least a majority of the outstanding shares having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the
time shares of any other class or classes of such corporation might have voting power by reason of the happening of any contingency, unless the contingency has occurred and then only for as long as it continues) is at the time directly, indirectly
or beneficially owned or controlled by X or one or more of its Subsidiaries, or by X and one or more of its Subsidiaries; 

  

	 	(b)	any partnership of which, at the time, X or one or more of its Subsidiaries, or X and one or more of its Subsidiaries: (i) directly, indirectly or beneficially own or control more than 50% of the income, capital,
beneficial or ownership interests (however designated) thereof; and (ii) is a general partner, in the case of limited partnerships, or is a partner or has authority to bind the partnership, in all other cases; or 

 

	 	(c)	any other person of which at least a majority of the income, capital, beneficial or ownership interests (however designated) are at the time directly, indirectly or beneficially owned or controlled by X, or one or more
of its Subsidiaries, or X and one or more of its Subsidiaries; 

 provided that, unless otherwise expressly provided or the context otherwise
requires, references herein to “Subsidiary” or “Subsidiaries” shall be and shall be deemed to be references to Subsidiaries of the Borrower. 

“Successor” has the meaning set out in Section 9.2(b). 

  
 21 

 “Successor Agent” has the meaning set out in Section 13.10. 

“Syndicated Drawdown” means a Drawdown other than by way of Short Notice Loan. 

“Syndicated Loans” means a Loan other than a Short Notice Loan. 

“Taxes” means all taxes, levies, imposts, stamp taxes, duties, fees, deductions, withholdings, charges, compulsory loans or restrictions or
conditions resulting in a charge which are imposed, levied, collected, withheld or assessed by any country or political subdivision or taxing authority thereof now or at any time in the future, together with interest thereon and penalties, charges
or other amounts with respect thereto, if any, and “Tax” and “Taxation” shall be construed accordingly. 
 “Tax Forms”
has the meaning set out in Section 7.5. 
 “Tax Refund” has the meaning set out in Section 7.5. 

“Term Out Date” means July 27, 2017 or such later date to which the same may be extended in accordance with Section 2.19. 

“Total Consolidated Capitalization” means, without duplication, the sum of: 

 

	 	(a)	shareholders’ equity, including therein, for certainty but without limitation, the amount of preferred share capital; 

  

	 	(b)	the principal amount of Debt; 

  

	 	(c)	the accumulated provision for deferred income taxes; and 

  

	 	(d)	the amount of any minority interests; 

 as determined for the person in question on a consolidated basis in
accordance with GAAP. 
 “Transaction” has the meaning set out in Section 9.2(b). 

“U.S. Base Rate” means, for any day, the greatest of: 
  

	 	(a)	the rate of interest per annum established from time to time by the Agent as the reference rate of interest for the determination of interest rates that the Agent will charge to customers of varying degrees of
creditworthiness in Canada for United States Dollar demand loans in Canada; 

  

	 	(b)	the rate of interest per annum for such day or, if such day is not a Banking Day, on the immediately preceding Banking Day, equal to the sum of the Federal Funds Rate (expressed for such purpose as a yearly rate per
annum in accordance with Section 5.4), plus 1.00% per annum; and 

  

	 	(c)	the Libor Rate for a period of 1 month on such day (or in respect of any day that is not a Banking Day, such Libor Rate in effect on the immediately preceding Banking Day) plus 1.00% per annum, 

provided that if all such rates are equal or if such Federal Funds Rate and such Libor Rate are unavailable for any reason on the date of determination, then
the “U.S. Base Rate” shall be the rate specified in (a) above, and provided further that if the rate as determined above is less than zero, then the U.S. Base Rate will be deemed to be zero. 

  
 22 

 “U.S. Base Rate Loan” means an Advance in, or Conversion into, United States Dollars made by the
Lenders to the Borrower with respect to which the Borrower has specified or a provision hereof requires that interest is to be calculated by reference to the U.S. Base Rate. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA
Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

1.2 Headings; Articles and Sections 
 The division
of this Agreement into Articles and Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof”,
“hereunder” and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement supplemental hereto. Unless something in the subject matter or context is inconsistent
therewith, references herein to Articles and Sections are to Articles and Sections of this Agreement. 
 1.3 Number; persons; including 

Words importing the singular number only shall include the plural and vice versa, words importing the masculine gender shall include the feminine and neuter
genders and vice versa, words importing persons shall include individuals, partnerships, associations, trusts, unincorporated organizations and corporations and vice versa and words and terms denoting inclusiveness (such as “include” or
“includes” or “including”), whether or not so stated, are not limited by their context or by the words or phrases which precede or succeed them. References herein to any person shall, unless the context otherwise requires,
include such person’s successors and permitted assigns. 
 1.4 Accounting Principles 

Where the character or amount of any asset or liability or item of revenue or expense or amount of equity is required to be determined, or any consolidation or
other accounting computation is required to be made for the purpose of this Agreement or any other Document, such determination or calculation shall, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing
by the parties hereto, be made in accordance with GAAP applied on a consistent basis. 
 In the event that any “Accounting Change” (as defined
below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Agent agree to enter into negotiations in order to amend such provisions of
this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the Borrower’s financial condition shall be substantially the same after such Accounting Changes as if such Accounting
Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower and the Agent (with the approval of the Lenders or the Majority of the Lenders, as applicable), all financial covenants, standards
and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the Canadian Institute of Chartered Accountants or the Financial Accounting Standards Board, and in all events including changes resulting from implementation of the International Financial Reporting Standards to the
extent required by the Canadian Accounting Standards Board. 

  
 23 

 1.5 References to Agreements and Enactments 

Reference herein to any agreement, instrument, licence or other document shall be deemed to include reference to such agreement, instrument, licence or other
document as the same may from time to time be amended, modified, supplemented or restated in accordance with the provisions of this Agreement if and to the extent such provisions are applicable; and reference herein to any enactment shall be deemed
to include reference to such enactment as re-enacted, amended or extended from time to time and to any successor enactment. 
 1.6 Per Annum
Calculations 
 Unless otherwise stated, wherever in this Agreement reference is made to a rate “per annum” or a similar expression is
used, such rate shall be calculated on the basis of calendar year of 365 days. 
 1.7 Schedules 

The following are the Schedules annexed hereto and incorporated by reference and deemed to be part hereof: 

 

	
	Schedule A     -     Lenders and Commitments
	Schedule B     -     Assignment Agreement
	Schedule C     -     Conversion Notice
	Schedule D     -    Drawdown Notice
	Schedule E     -     Repayment Notice
	Schedule F     -     Rollover Notice

 1.8 Amendment and Restatement 
  

	(1)	On the date on which all of the conditions set forth in Section 3.2 have been satisfied (or waived in writing by all of the Lenders in accordance with Section 3.3): 

 

	 	(a)	the Existing Credit Agreement shall be and is hereby amended and restated in the form of this Agreement; and 

  

	 	(b)	the Lenders hereby agree to take all steps and actions and execute and deliver all agreements, instruments and other documents as may be required by the Agent (including the assignment of interests in, or the purchase
of participations in, outstanding Loans) to ensure that the aggregate Obligations owing to each Lender are outstanding in proportion to each Lender’s Rateable Portion of all outstanding Obligations. 

 

	(2)	Notwithstanding the foregoing or any other term hereof, all of the covenants, representations and warranties on the part of the Borrower under the Existing Credit Agreement and all of the claims and causes of action
arising against the Borrower in connection therewith, in respect of all matters, events, circumstances and obligations arising or existing prior to the date hereof shall continue, survive and shall not be merged in the execution of this Agreement or
any other Documents or any advance or provision of any Loan hereunder. 

  

	(3)	References herein to the “date hereof” or similar expressions shall be and shall be deemed to be to the date of the execution and delivery hereof, being July 28, 2016. 

  
 24 

 ARTICLE 2 

THE CREDIT FACILITY 
  

	2.1	The Credit Facility 

 Subject to the terms and conditions hereof, each of the Lenders shall make
available to the Borrower such Lender’s Rateable Portion of the Credit Facility. Subject to Section 2.18, the Outstanding Principal under the Credit Facility shall not exceed the maximum principal amount of the Credit Facility. 

2.2 Types of Availments 
 The Borrower may, in
Canadian Dollars, make Drawdowns, Conversions and Rollovers under the Credit Facility of Canadian Prime Rate Loans and Bankers’ Acceptances and may, in United States Dollars, make Drawdowns, Conversions and Rollovers under the Credit Facility
of U.S. Base Rate Loans and Libor Loans. The Borrower shall have the option, subject to the terms and conditions hereof, to determine which types of Loans shall be drawn down and in which combinations or proportions. 

2.3 Purpose 
 The Credit Facility is being made
available for the general corporate purposes of the Borrower including, without limitation, to support the Borrower’s commercial paper program. 

2.4 Availability and Nature of the Credit Facility 
  

	(1)	Subject to the terms and conditions hereof, the Borrower may make Drawdowns under the Credit Facility prior to the Term Out Date. 

  

	(2)	Prior to the Term Out Date, the Credit Facility shall be a revolving credit facility: that is, the Borrower may increase or decrease Loans under the Credit Facility by making Drawdowns, repayments and further Drawdowns.
Subject to Section 2.19, on the Term Out Date, the unutilized portion of the Credit Facility shall be cancelled and the Credit Facility shall become non-revolving: that is, the amount of any Loans under the Credit Facility which are thereafter
repaid may not be re borrowed or utilized again and the Borrower shall not be entitled to make further Drawdowns in respect of such amounts. 

2.5 Minimum Drawdowns 
 Each Drawdown under the
Credit Facility of the following types of Loans shall be in the following amounts indicated: 
  

	 	(a)	Canadian Prime Rate Loans in minimum principal amounts of Cdn.$1,000,000 and Drawdowns in excess thereof in integral multiples of Cdn.$1,000,000; 

 

	 	(b)	Bankers’ Acceptances in minimum aggregate amounts of Cdn.$10,000,000 at maturity and Drawdowns in excess thereof in integral multiples of Cdn.$1,000,000; 

 

	 	(c)	U.S. Base Rate Loans in minimum principal amounts of U.S.$1,000,000 and Drawdowns in excess thereof in integral multiples of U.S.$1,000,000; and 

 

	 	(d)	Libor Loans in minimum principal amounts of U.S.$10,000,000 and Drawdowns in excess thereof in integral multiples of U.S.$1,000,000. 

  
 25 

 2.6 Libor Loan Availability 

Drawdowns of, Conversions into and Rollovers of requested Libor Loans may only be made upon the Agent’s prior favourable determination with respect to the
matters referred to in Section 11.1. 
 2.7 Notice Periods for Drawdowns, Conversions and Rollovers 

Subject to the provisions hereof, the Borrower may make a Drawdown, Conversion or Rollover under the Credit Facility by delivering a Drawdown Notice,
Conversion Notice or Rollover Notice, as the case may be (executed in accordance with the definition of Officer’s Certificate), with respect to a specified type of Loan to the Agent not later than: 

 

	 	(a)	10:00 a.m. (Calgary time) three Banking Days prior to the proposed Drawdown Date, Conversion Date or Rollover Date, as the case may be, for the Drawdown of, Conversion into or the Rollover of Libor Loans;

  

	 	(b)	10:00 a.m. (Calgary time) two Banking Days prior to the proposed Drawdown Date, Conversion Date or Rollover Date, as the case may be, for the Drawdown of, Conversion into or Rollover of Bankers’ Acceptances; and

  

	 	(c)	10:00 a.m. (Calgary time) one Banking Day prior to the proposed Drawdown Date or Conversion Date, as the case may be, for Drawdowns of or Conversions into Canadian Prime Rate Loans and/or U.S. Base Rate Loans.

 2.8 Conversion Option 
 Subject
to the provisions of this Agreement, the Borrower may convert the whole or any part of any type of Loan under the Credit Facility into any other type of permitted Loan under the Credit Facility by giving the Agent a Conversion Notice in accordance
herewith; provided that: 
  

	 	(a)	Conversions of Libor Loans and Bankers’ Acceptances may only be made on the last day of the Interest Period applicable thereto; 

 

	 	(b)	the Borrower may not convert a portion only or the whole of an outstanding Loan unless both the unconverted portion and converted portion of such Loan are equal to or exceed, in the relevant currency of each such
portion, the minimum amounts required for Drawdowns of Loans of the same type as that portion (as set forth in Section 2.5); 

  

	 	(c)	in respect of Conversions of a Loan denominated in one currency to a Loan denominated in another currency, the Borrower shall at the time of the Conversion repay the Loan or portion thereof being converted in the
currency in which it was denominated; and 

  

	 	(d)	a Conversion shall not result in an increase in Outstanding Principal; increases in Outstanding Principal may only be effected by Drawdowns. 

2.9 Libor Loan Rollovers; Selection of Libor Interest Periods 

At or before 10:00 a.m. (Calgary time) three Banking Days prior to the expiration of each Interest Period of each Libor Loan, the Borrower shall, unless it has
delivered a Conversion Notice pursuant to Section 2.8 and/or a Repayment Notice pursuant to Section 2.15 (together with a Rollover Notice if a portion only is to be converted or repaid; provided that a portion of a Libor Loan may be
continued only if the portion which is to remain outstanding is equal to or exceeds the minimum amount required hereunder for Drawdowns of Libor Loans) with respect to the aggregate amount of such 

  
 26 

 
Loan, deliver a Rollover Notice to the Agent selecting the next Interest Period applicable to the Libor Loan, which new Interest Period shall commence on and include the last day of such prior
Interest Period. If the Borrower fails to deliver a Rollover Notice to the Agent as provided in this Section, the Borrower shall be deemed to have given a Conversion Notice to the Agent electing to convert the entire amount of the maturing Libor
Loan into a U.S. Base Rate Loan. 
 2.10 Rollovers and Conversions not Repayments 

Any amount converted shall be a Loan of the type converted to upon such Conversion taking place, and any amount rolled over shall continue to be the same type
of Loan under the Credit Facility as before the Rollover, but such Conversion or Rollover (to the extent of the amount converted or rolled over) shall not of itself constitute a repayment or a fresh utilization of any part of the amount available
under the Credit Facility. 
 2.11 Agent’s Obligations with Respect to Canadian Prime Rate Loans, U.S. Base Rate Loans and Libor Loans

 Upon receipt of a Drawdown Notice, Rollover Notice or Conversion Notice with respect to a Canadian Prime Rate Loan, U.S. Base Rate Loan or Libor Loan,
the Agent shall forthwith notify the Lenders of the requested type of Loan, the proposed Drawdown Date, Rollover Date or Conversion Date, each Lender’s Rateable Portion of such Loan and, if applicable, the account of the Agent to which each
Lender’s Rateable Portion is to be credited. 
 2.12 Lenders’ and Agent’s Obligations with Respect to Canadian Prime Rate Loans, U.S.
Base Rate Loans and Libor Loans 
 Each Lender shall, for same day value on the Drawdown Date specified by the Borrower in a Drawdown Notice with
respect to a Canadian Prime Rate Loan, a U.S. Base Rate Loan or a Libor Loan, credit the applicable Agent’s Account with such Lender’s Rateable Portion of each such requested Loan and for same day value on the same date the Agent shall pay
to the Borrower the full amount of the amounts so credited in accordance with any payment instructions set forth in the applicable Drawdown Notice. 

2.13 Irrevocability 
 A Drawdown Notice, Rollover
Notice, Conversion Notice or Repayment Notice given by the Borrower hereunder shall be irrevocable and, subject to any options the Lenders may have hereunder in regard thereto and the Borrower’s rights hereunder in regard thereto, shall oblige
the Borrower to take the action contemplated on the date specified therein. 
 2.14 Optional Cancellation or Reduction of the Credit Facility

 The Borrower may, at any time, upon giving at least 3 Banking Days’ prior written notice to the Agent, cancel in full or, from time to time,
permanently reduce in part the unutilized portion of the Credit Facility; provided, however, that any such reduction shall be in a minimum amount of Cdn.$1,000,000 and reductions in excess thereof shall be in integral multiples of Cdn.$1,000,000. If
the Credit Facility is so reduced, the Commitments of each of the Lenders under the Credit Facility shall be reduced pro rata in the same proportion that the amount of the reduction in the Credit Facility bears to the amount of the Credit
Facility in effect immediately prior to such reduction and the Agent shall circulate a revised Schedule A to all parties hereto reflecting the reduced Commitments of the Lenders. 

  
 27 

 2.15 Optional Repayment of the Credit Facility 

The Borrower may at any time and from time to time repay, without penalty, to the Agent for the account of the Lenders the whole or any part of any Loan owing
by it together with accrued interest thereon to the date of such repayment provided that: 
  

	 	(a)	the Borrower shall give a Repayment Notice (executed in accordance with the definition of Officer’s Certificate) to the Agent not later than: 

 

	 	(i)	10:00 a.m. (Calgary time) three Banking Days prior to the date of the proposed repayment, for Libor Loans; 

  

	 	(ii)	10:00 a.m. (Calgary time) two Banking Days prior to the date of the proposed repayment, for Banker’s Acceptances; and 

  

	 	(iii)	10:00 a.m. (Calgary time) one Banking Day prior to the date of the proposed repayment, for Canadian Prime Rate Loans and U.S. Base Rate Loans; 

 

	 	(b)	repayments pursuant to this Section may only be made on a Banking Day; 

  

	 	(c)	subject to the following provisions and Section 2.17, each such repayment may only be made on the last day of the applicable Interest Period with regard to a Libor Loan that is being repaid; 

 

	 	(d)	a Bankers’ Acceptance may only be repaid on its maturity unless collateralized in accordance with Section 2.17(2); 

  

	 	(e)	each such repayment shall be in a minimum amount of the lesser of: (i) the minimum amount required pursuant to Section 2.5 for Drawdowns of the type of Loan proposed to be repaid and (ii) the Outstanding
Principal of all Loans outstanding under the Credit Facility immediately prior to such repayment; any repayment in excess of such amount shall be in integral multiples of $1,000,000; and 

 

	 	(f)	the Borrower may not repay a portion only of an outstanding Loan unless the unpaid portion is equal to or exceeds, in the relevant currency, the minimum amount required pursuant to Section 2.5 for Drawdowns of the
type of Loan proposed to be repaid. 

 2.16 Mandatory Repayment of the Credit Facility 

Subject to Section 10.2 and Article 7, the Borrower shall repay or pay, as the case may be, to the Agent, on behalf of each of the Lenders, all Loans and
other Obligations owing to each Lender on or before the Maturity Date. 
 2.17 Additional Repayment Terms 

 

	(1)	 If any Libor Loan is repaid on other than the last day of the applicable Interest Period, the Borrower shall,
within three Banking Days after notice is given by the Agent, pay to the Agent for the account of the Lenders all costs, losses, premiums and expenses incurred by the Lenders by reason of the liquidation or re-deployment of deposits or other funds,
or for any other reason whatsoever, resulting in each case from the repayment of such Loan or any part thereof on other than the last day of the applicable Interest Period. If pursuant to the provisions of this Section or any other provision hereof
the Borrower becomes obliged to pay 

  
 28 

	 	
such costs, losses, premiums and expenses, each Lender shall use reasonable efforts to minimize such costs, losses, premiums and expenses; provided, however, that such Lender shall have no
obligation to expend its own funds, suffer any economic hardship or take any action detrimental to its interests in connection therewith. Any Lender, upon becoming entitled to be paid such costs, losses, premiums and expenses, shall deliver to the
Borrower and the Agent a certificate of the Lender certifying as to such amounts and, in the absence of manifest error, such certificate shall be conclusive and binding for all purposes. 

 

	(2)	With respect to the repayment of unmatured Bankers’ Acceptances pursuant to Section 2.15(d) or otherwise hereunder, it is agreed that the Borrower shall provide for the funding in full of the unmatured
Bankers’ Acceptances to be repaid by paying to and depositing with the Agent cash collateral (the “Cash Collateral”) for such unmatured Bankers’ Acceptances equal to the face amount payable at maturity thereof; such Cash
Collateral deposited by the Borrower shall be invested by the Agent in Approved Securities as may be directed in writing by the Borrower from time to time (the “Collateral Investments”), provided that the Borrower shall direct said
investments so that they mature in amounts sufficient to permit payment of the Obligations for maturing Bankers’ Acceptances on the maturity dates thereof, with interest thereon to be credited to the Borrower. In the event that the Agent is not
provided with instructions from the Borrower to make Collateral Investments as provided herein, the Agent shall hold such Cash Collateral in an interest bearing cash collateral account (the “Cash Collateral Account”) at rates
prevailing at the time of deposit for similar accounts with the Agent. The (a) Cash Collateral, (b) Cash Collateral Accounts, (c) Collateral Investments, (d) any accounts receivable, claims, instruments or securities evidencing
or relating to the foregoing, and (e) any proceeds of any of the foregoing (collectively, the “Outstanding BAs Collateral”) shall be assigned to the Agent as security for the obligations of the Borrower in relation to such
Bankers’ Acceptances and the Security Interest of the Agent thereby created in such Outstanding BAs Collateral shall rank in priority to all other Security Interests and adverse claims against such Outstanding BAs Collateral. Such Outstanding
BAs Collateral shall be applied to satisfy the obligations of the Borrower for such Bankers’ Acceptances as they mature and the Agent is hereby irrevocably directed by the Borrower to apply any such Outstanding BAs Collateral to such maturing
Bankers’ Acceptances. The Outstanding BAs Collateral created herein shall not be released to the Borrower without the consent of all of the Lenders; however, interest on such deposited amounts shall be for the account of the Borrower and may be
withdrawn by the Borrower so long as no Default or Event of Default is then continuing. If, after maturity of the Bankers’ Acceptances for which such Outstanding BAs Collateral is held and application by the Agent of the Outstanding BAs
Collateral to satisfy the obligations of the Borrower hereunder with respect to the Bankers’ Acceptances being repaid, any interest or other proceeds of the Outstanding BAs Collateral remains, such interest or other proceeds shall be promptly
paid and transferred by the Agent to the Borrower so long as no Default or Event of Default is then continuing. 

 2.18 Currency
Excess 
  

	(1)	If the Agent shall determine that the aggregate Outstanding Principal of the outstanding Loans under the Credit Facility exceeds the maximum amount of the Credit Facility (the amount of such excess is herein called the
“Currency Excess”), then, upon written request by the Agent (which request shall detail the applicable Currency Excess), the Borrower shall repay an amount of Canadian Prime Rate Loans or U.S. Base Rate Loans under the Credit
Facility within (a) if the Currency Excess exceeds Cdn.$25,000,000, 5 Banking Days, and (b) in all other cases, 20 Banking Days after receipt of such request, such that, except as otherwise contemplated in Section 2.18(2), the
Equivalent Amount in Canadian Dollars of such repayments is, in the aggregate, at least equal to the Currency Excess. 

  

	(2)	 If, in respect of any Currency Excess, the repayments made by the Borrower have not completely removed such
Currency Excess (the remainder thereof being herein called the 

  
 29 

	 	
“Currency Excess Deficiency”), the Borrower shall within the aforementioned 5 or 20 Banking Days, as the case may be, after receipt of the aforementioned request of the Agent,
place an amount equal to the Currency Excess Deficiency on deposit with the Agent in an interest-bearing account with interest at rates prevailing at the time of deposit for the account of the Borrower, to be assigned to the Agent on behalf of the
Lenders by instrument satisfactory to the Agent and to be applied to maturing Bankers’ Acceptances or Libor Loans (converted if necessary at the exchange rate for determining the Equivalent Amount on the date of such application). The Agent is
hereby irrevocably directed by the Borrower to apply any such sums on deposit to maturing Loans, as provided in the preceding sentence. In lieu of providing funds for the Currency Excess Deficiency, as provided in the preceding provisions of this
Section, the Borrower may within the said period of 5 or 20 Banking Days, as the case may be, provide to the Agent an irrevocable standby letter of credit in an amount equal to the Currency Excess Deficiency and for a term which expires not sooner
than 10 Banking Days after the date of maturity or expiry, as the case may be, of the relevant Bankers’ Acceptances or Libor Loans, as the case may be; such letter of credit shall be issued by a financial institution, and shall be on terms and
conditions, acceptable to the Agent in its sole discretion. The Agent is hereby authorized and directed to draw upon such letter of credit and apply the proceeds of the same to Bankers’ Acceptances or Libor Loans as they mature. Upon the
Currency Excess being eliminated as aforesaid or by virtue of subsequent changes in the exchange rate for determining the Equivalent Amount, then, provided no Default or Event of Default is then continuing, such funds on deposit, together with
interest thereon, or such letters of credit shall be returned to the Borrower, in the case of funds on deposit, or shall be cancelled or reduced in amount, in the case of letters of credit. 

2.19 Extension of Term Out Date 
  

	(1)	In this Section, “Extension Request” means a written request by the Borrower to the Lenders to extend the Term Out Date by up to 364 days, which request shall include an Officer’s Certificate of
the Borrower certifying that no Default or Event of Default has occurred and is continuing. 

  

	(2)	The Borrower may, once in each calendar year, request the Lenders to extend the Term Out Date by up to 364 days by delivering to the Agent an executed Extension Request; provided that, such request may not be made more
than 90 days or less than 45 days before the then current Term Out Date. 

  

	(3)	Upon receipt from the Borrower of an executed Extension Request, the Agent shall promptly deliver to each Lender a copy of such request, and each Lender shall, within 30 days after receipt of the Extension Request by
the Agent, provide to the Agent and the Borrower either (a) written notice that such Lender (each, an “Extending Lender”) agrees, subject to Section 2.19(4) below, to the extension of the current Term Out Date applicable to it
by up to 364 days (as set forth in the Extension Request) from the then current Term Out Date or (b) written notice (each, a “Notice of Non-Extension”) that such Lender (each, a “Non- Extending Lender”) does
not agree to such requested extension; provided that, if any Lender shall fail to so notify the Agent and the Borrower, then such Lender shall be deemed to have delivered a Notice of Non-Extension and shall be deemed to be a Non-Extending Lender.
The determination of each Lender whether or not to extend the Term Out Date shall be made by each individual Lender in its sole discretion. 

  

	(4)	If all of the Lenders are Extending Lenders, then the Term Out Date shall be extended by up to 364 days (as set forth in the Extension Request) from the then current Term Out Date. Subject to Sections 2.19(6) and
2.19(7), if all the Lenders are not Extending Lenders, then the Term Out Date shall not be extended. 

  

	(5)	 This Section shall apply from time to time to facilitate successive extensions and requests for extension of the
Term Out Date. If, as of the date of extension of the Term Out Date, a 

  
 30 

	 	
Default or Event of Default exists, the Term Out Date shall not be extended, notwithstanding any other provision hereof to the contrary, unless the Lenders have waived such Default or Event of
Default in writing. 

  

	(6)	If the Term Out Date has not been extended in accordance with Section 2.19(4), but the Extending Lenders have at least 50% of the aggregate Commitments under the Credit Facility, then with respect to each
Non-Extending Lender: 

  

	 	(a)	the Borrower may require each Non-Extending Lender to assign all of its rights, benefits and interests under the Documents, its Commitment and its Rateable Portion of all Loans and other Obligations outstanding under
the Credit Facility (collectively, the “Assigned Interests”) to (i) any Extending Lenders which have agreed to increase their Commitments under the Credit Facility and purchase Assigned Interests, and (ii) to the extent
the Assigned Interests are not transferred to Extending Lenders, financial institutions selected by the Borrower and acceptable to the Agent and each Short Notice Lender, acting reasonably. Such assignments shall be effective upon execution of
assignment documentation satisfactory to the relevant Non-Extending Lender, the assignee, the Borrower, the Short Notice Lenders and the Agent (each acting reasonably), upon payment to the relevant Non-Extending Lender (in immediately available
funds) by the relevant assignee of an amount equal to its Rateable Portion of all Obligations being assigned and all accrued but unpaid interest and fees hereunder in respect of those portions of the Loans and Commitments being assigned, upon
payment by the relevant assignee to the Agent (for the Agent’s own account) of the recording fee contemplated in Section 14.6, and upon provision satisfactory to the relevant Non-Extending Lender (acting reasonably) being made for
(i) payment at maturity of outstanding Bankers’ Acceptances accepted by it and (ii) any costs, losses, premiums or expenses incurred by such Non-Extending Lender by reason of the liquidation or re deployment of deposits or other funds
in respect of Libor Loans outstanding hereunder. Upon such assignment and transfer, the Non-Extending Lender in question shall have no further right, interest, benefit or obligation in respect of the Credit Facility and the assignee thereof shall
succeed to the position of such Lender as if the same was an original party hereto in the place and stead of such Non- Extending Lender and shall be deemed to be an Extending Lender; for such purpose, to the extent that the assignee is not already a
party hereto, the assignee shall execute and deliver an Assignment Agreement and such other documentation as may be reasonably required by the Agent and the Borrower to confirm its agreement to be bound by the provisions hereof and to give effect to
the foregoing; and 

  

	 	(b)	to the extent that any Non-Extending Lender has not assigned its rights and interests to an Extending Lender or other financial institution as provided in subparagraph (a) above, the Borrower may, provided that no
Default or Event of Default has occurred and is continuing but otherwise notwithstanding any other provision hereof, repay the Non-Extending Lender’s Rateable Portion of all Loans outstanding under the Credit Facility, together with all accrued
but unpaid interest and fees thereon with respect to its Commitment, without making corresponding repayment to the Extending Lenders upon which the Borrower shall cancel such Non-Extending Lender’s Commitment; upon completion of the foregoing,
such Non-Extending Lender shall have no further right, interest, benefit or obligation in respect of the Credit Facility and the Credit Facility shall be reduced by the amount of such Lender’s cancelled Commitment. 

 

	(7)	 If all of the Commitments of and all Obligations outstanding under the Credit Facility to each Non-Extending
Lender have been assigned, fully paid or cancelled, as the case may be, in accordance with Section 2.19(6) by no later than the Banking Day preceding the then current 

  
 31 

	 	
Term Out Date, then the Term Out Date shall be extended by up to 364 days (as set forth in the Extension Request) from the then current Term Out Date; if not, then the current Term Out Date shall
not be extended 

 2.20 Takeover Notification 
  

	(1)	In the event the Borrower wishes to utilize Drawdowns to, or to provide funds to any Subsidiary to, finance a Hostile Acquisition then the following steps shall be followed: 

 

	 	(a)	at least 5 Banking Days prior to the delivery of any notice to the Agent pursuant to Section 2.7 requesting Drawdowns intended to be utilized for such Hostile Acquisition, the president, chief financial officer,
vice president and treasurer or general counsel of the Borrower shall advise a senior official of each Lender and the Agent (designated by each Lender and the Agent at the particular time for such purpose) of the particulars of such Hostile
Acquisition in sufficient detail to enable each Lender to determine whether it has an actual conflict of interest if Drawdowns from such Lender are utilized by the Borrower for such Hostile Acquisition ; and 

 

	 	(b)	within 3 Banking Days of being so advised: 

  

	 	(i)	if a Lender shall not have notified the Borrower and the Agent that an actual conflict of interest exists (such determination to be made by each Lender in the exercise of its sole discretion having regard to such
considerations as it deems appropriate), such Lender shall be deemed to have no such actual conflict of interest; or 

  

	 	(ii)	if a Lender has notified the Borrower and the Agent within such period of 3 Banking Days that such an actual conflict of interest exists, then upon the Borrower and the Agent being so notified, such Lender shall have no
obligation to provide Drawdowns directly or indirectly to finance such Hostile Acquisition notwithstanding any other provision of this Agreement to the contrary. 

  

	(2)	If any notification has been made by a Lender pursuant to Section 2.20(1)(b)(ii), then, except as provided in Section 2.20(3) below, Rateable Portions of any Loans made to finance the Hostile Acquisition in
respect of which such notice was given shall be determined without reference to the Commitment of such Lender; any such notification by a given Lender shall not relieve any other Lender of any of its obligations hereunder, provided that, for
certainty, no Lender shall be obligated by this Section to make or provide Loans in excess of its Commitment. 

  

	(3)	If the conflict of interest giving rise to a notification under Section 2.20(1)(b)(ii) ceases to exist (whether by successful completion of the Hostile Acquisition or otherwise), then the Lender giving such
notification shall, on the next Rollover or Conversion of or, in the case of a Canadian Prime Rate Loan or a U.S. Base Rate Loan, the next Interest Payment Date for, the Loans made to finance the relevant Hostile Acquisition, purchase, and the other
Lenders shall on a rateable basis sell and assign to such Lender, portions of such Loans equal in total to the notifying Lender’s Rateable Portion thereof without regard to Sections 2.20(1) and 2.20(2). 

2.21 Replacement of Lenders 
 In addition to and
not in limitation of or derogation from Section 2.19(6), the Borrower shall have the right, at its option, to (a) replace (by causing a Lender to assign its rights and interests under the Credit Facility to additional financial
institutions or to existing Lenders which have agreed to increase 

  
 32 

 
their Commitments) or (b) provided that no Default or Event of Default has occurred and is continuing, repay the Obligations outstanding and cancel the Commitments of (without corresponding
repayment to or cancellation of the Commitments of other Lenders) or (c) do any combination thereof with respect to: (i) those Lenders which have not agreed to a consent under, waiver of or proposed amendment to the provisions of the
Documents (each, a “Dissenting Lender”) requested by the Borrower, (ii) those Lenders which have notified the Borrower that they have a conflict of interest in respect of a Hostile Acquisition pursuant to Section 2.20,
(iii) those Lenders which have notified the Borrower and the Agent of an entitlement to receive Additional Compensation under Section 11.3, and (iv) those Lenders which, pursuant to Section 11.5, have declared their obligations
under this Agreement in respect of any Loan to be terminated, and, for such purposes, the provisions of Section 2.19(6) shall apply thereto, mutatis mutandis; provided that, notwithstanding the foregoing: 

 

	 	(a)	the Borrower shall not be entitled to replace or repay a Dissenting Lender unless, after doing so, the requested consent, waiver or amendment would be approved in accordance with the Documents; and 

 

	 	(b)	for certainty, the addition of new financial institutions as Lenders shall require the consents of the Agent and each Short Notice Lender, such consent not to be unreasonably withheld. 

2.22 Increase in Credit Facility 
 The Borrower
may, at any time and from time to time, increase the Commitments (the “Additional Commitments”) available hereunder and the maximum principal amount of the Credit Facility by adding additional financial institutions as Lenders
hereunder or by increasing the Commitments of existing Lenders with (in the latter case) the consent of such Lenders, or any combination thereof. The right to increase the Credit Facility by Additional Commitments shall be subject to the following:

  

	 	(a)	no Default or Event of Default shall have occurred and be continuing and the Borrower shall have delivered to the Agent an Officer’s Certificate confirming the same and confirming (i) its corporate
authorization to make such increase, (ii) the truth and accuracy of its representations and warranties hereunder and (iii) that no consents, approvals or authorizations are required for such increase (except as have been unconditionally
obtained and are in full force and effect, unamended), each as at the effective date of such increase; 

  

	 	(b)	after giving effect to any such increase, the maximum principal amount of the Credit Facility shall not exceed Cdn.$1,250,000,000; 

  

	 	(c)	the Agent shall have consented to any additional financial institution becoming a Lender, such consent not to be unreasonably withheld; and 

 

	 	(d)	the Borrower and the existing Lender or the financial institution being added, as the case may be, shall execute and deliver such documentation as is required by the Agent, acting reasonably, to effect the increase in
question (including the partial assignment of Loans or purchase of participations from Lenders to the extent necessary to ensure that, after giving effect to such increase, each Lender holds its Rateable Portion of each outstanding Loan under the
Credit Facility) and, if applicable, to novate such new financial institution as a Lender under the Documents. 

 2.23 Short Notice
Loans 
  

	(1)	 Notwithstanding Section 2.5 and Section 2.7 and any other provision of this Article inconsistent with
this Section, the Borrower may make Drawdowns under the Credit Facility 

  
 33 

	 	
of Short Notice Loans by delivering a duly executed Drawdown Notice to a Short Notice Lender not later than noon (Calgary time) on the proposed Drawdown Date (with a copy to the Agent on such
Drawdown Date). 

  

	(2)	Short Notice Loans shall be made by the Short Notice Lender receiving the relevant Drawdown Notice alone, without assignment to or participation by other Lenders (except as provided in this Section). 

 

	(3)	The Borrower shall pay interest to the relevant Short Notice Lender on each Short Notice Loan owing by it as follows: 

  

	 	(a)	in the case of Short Notice U.S.$ Loans, at the applicable Cost of U.S. Funds Rate; and 

  

	 	(b)	in the case of Short Notice Cdn.$ Loans, at the applicable Cost of Canadian Funds Rate. 

 Such
interest shall accrue daily and be calculated on the number of days such Short Notice Loan is outstanding in a year of 365 days and shall be payable on repayment or maturity of the relevant Short Notice Loan. 

 

	(4)	Each Short Notice Loan shall mature and be repaid by the Borrower on the maturity date selected by the Borrower in the Drawdown Notice requesting such Short Notice Loan; provided that each Short Notice Loan shall mature
within one to seven days after the Drawdown Date thereof. No Repayment Notice shall be required to be given by the Borrower in respect of the repayment of any Short Notice Loan. 

 

	(5)	The aggregate Outstanding Principal of the Short Notice Loans outstanding to any Short Notice Lender shall not exceed such Short Notice Lender’s Commitment less such Lender’s Rateable Portion of all
outstanding Syndicated Loans. 

  

	(6)	The aggregate Outstanding Principal of all outstanding Short Notice Loans shall not exceed Cdn.$300,000,000. 

  

	(7)	If the Borrower shall request a Syndicated Drawdown and any Short Notice Lender’s Rateable Portion of such Drawdown would cause such Short Notice Lender’s Rateable Portion of all Syndicated Loans together with
the Short Notice Loans then outstanding to it to exceed such Lender’s Commitment, then the Borrower shall be deemed to have given a Repayment Notice notifying the Agent of a repayment of such Short Notice Loans to the extent of such excess and
the Borrower shall make such repayment to the Short Notice Lender on the requested date of such Syndicated Drawdown. 

  

	(8)	 The Borrower may make repayments of Short Notice Loans at any time and from time to time without penalty;
provided that, if any Short Notice Loan is repaid on other than the maturity date thereof, the Borrower shall pay to the relevant Short Notice Lender all costs, losses, premiums and expenses incurred by such Lender by reason of the liquidation or
re- deployment of deposits or other funds or for any other reason whatsoever resulting from the repayment of such Loan or any part thereof on other than the maturity date. If pursuant to the provisions of this Section or any other provision hereof
the Borrower becomes obliged to pay such costs, losses, premiums or expenses, each Short Notice Lender shall use reasonable efforts to minimize such costs, losses, premiums and expenses; provided, however, that such Lender shall have no obligation
to expend its own funds, suffer any economic hardship or take any action detrimental to its interests in connection therewith. Any Short Notice Lender, upon becoming entitled to be paid such costs, losses, premiums and expenses, shall deliver to the
Borrower and the Agent a certificate of such Lender 

  
 34 

	 	
certifying as to such amounts and, in the absence of manifest error, such certificate shall be conclusive and binding for all purposes. 

	(9)	All interest payments and principal repayments of or in respect of Short Notice Loans shall be solely for the account of the relevant Short Notice Lender. Subject to Section 2.23(10) and to Article 11 and
Section 12.1, all costs and expenses relating to the Short Notice Loans shall be solely for the account of the relevant Short Notice Lender. 

  

	(10)	Notwithstanding anything to the contrary herein contained, or the contrary provisions of applicable law, rules or regulations, (a) if an Event of Default occurs or (b) if any Short Notice Loan is not repaid in
accordance herewith, then the relevant Short Notice Lender shall give notice thereof to the Agent, who shall forthwith provide a copy of such notice to the other Lenders and, effective on the day of notice to that effect to the other Lenders from
the relevant Short Notice Lender, the Borrower shall be deemed to have requested, and hereby requests, a Drawdown of an amount of Syndicated Loans, in the currency of the relevant Short Notice Loan, sufficient to repay the relevant Short Notice Loan
and accrued and unpaid interest in respect thereof, and on the day of receipt of such notice, the other Lenders shall disburse to the relevant Short Notice Lender their Rateable Portions of such amounts and such amounts shall thereupon be deemed to
have been advanced by the Lenders to the Borrower and to constitute Syndicated Loans (by way of U.S. Base Rate Loans if the relevant Short Notice Loan was so denominated or Canadian Prime Rate Loans if the relevant Short Notice Loan was so
denominated). Such Syndicated Loans shall be deemed to be comprised of principal and accrued and unpaid interest in the same proportions as the corresponding Short Notice Loans. If a Lender does not disburse to the relevant Short Notice Lender its
Rateable Portion of any amount under this Section then: (i) such Lender shall purchase participations from such Short Notice Lender in such Syndicated Loans (without recourse to such Short Notice Lender) for an amount or otherwise effect
transactions to achieve the financial results contemplated by this Section, and (ii) for the purpose only of any distributions or payments to the Lenders (and not, for greater certainty, for purposes of any obligations of the Lenders, including
those under Section 13.9), including any distribution or payment with respect to the Borrower in the event of any enforcement or realization proceedings or any bankruptcy, winding up, liquidation, arrangement, compromise or composition, the
Commitment of such Lender shall be deemed to be nil and the Commitment of the relevant Short Notice Lender shall be increased by the Commitment of such Lender until the amounts owed by the Borrower are outstanding to each Lender in accordance with
its Rateable Portion determined without regard to this sentence. If any amount disbursed by a Lender to the relevant Short Notice Lender under this Section and deemed to have been advanced to the Borrower must be repaid by the relevant Short Notice
Lender or by the relevant Lender to the Borrower then no reduction of the relevant Short Notice Loans as contemplated above shall be deemed to have occurred, but the Lenders shall purchase participations in the relevant Short Notice Loans (without
recourse to the relevant Short Notice Lender) for an amount or otherwise effect transactions to achieve the financial results contemplated by this Section. 

  

	(11)	For certainty, it is hereby acknowledged and agreed that the Lenders shall be obligated to advance their Rateable Portion of the Drawdown contemplated by Section 2.23(10) and to disburse to the relevant Short
Notice Lender their Rateable Portions of the Syndicated Loan referenced therein irrespective of: 

  

	 	(a)	whether a Default or Event of Default is then continuing or whether any other condition in Article 3 is met; and 

  

	 	(b)	whether or not the Borrower has, in fact, actually requested such Drawdown (by delivery of a Drawdown Notice or otherwise). 

  
 35 

 ARTICLE 3 

CONDITIONS PRECEDENT TO DRAWDOWNS 
 3.1
Conditions for Drawdowns 
 On or before each Drawdown hereunder the following conditions shall be satisfied: 

 

	 	(a)	the Agent shall have received a proper and timely Drawdown Notice from the Borrower requesting the Drawdown; 

  

	 	(b)	the representations and warranties set forth in Section 8.1 shall be true and accurate in all material respects on and as of the date of the requested Drawdown; 

 

	 	(c)	no event shall have occurred and be continuing which would constitute an Event of Default or a Default nor shall the requested Drawdown result in the occurrence of any such event; and 

 

	 	(d)	after giving effect to the requested Drawdown, the Outstanding Principal of all Loans outstanding under the Credit Facility shall not exceed the maximum amount of the Credit Facility. 

3.2 Additional Conditions for Amendment and Restatement 

This Agreement shall be effective upon, and the Existing Credit Agreement shall be amended and restated as herein provided upon, the following conditions being
satisfied: 
  

	 	(a)	all fees previously agreed in writing between the Borrower and each of the Lenders shall be paid by the Borrower to the Lenders; and 

 

	 	(b)	no material adverse change in the financial condition of the Borrower shall have occurred up to the date hereof. 

3.3 Waiver 
 The conditions set forth in Sections
3.1 and 3.2 are inserted for the sole benefit of the Lenders and the Agent and may be waived by all of the Lenders, in whole or in part (with or without terms or conditions) without prejudicing the right of the Lenders or Agent at any time to assert
such waived conditions in respect of any subsequent Drawdown. 
 ARTICLE 4 

EVIDENCE OF DRAWDOWNS 
 4.1 Account
of Record 
 The Agent shall open and maintain books of account evidencing all Loans and all other amounts owing by the Borrower to the Lenders
hereunder. The Agent shall enter in the foregoing accounts details of all amounts from time to time owing, paid or repaid by the Borrower hereunder. The information entered in the foregoing accounts shall, absent manifest error, constitute prima
facie evidence of the obligations of the Borrower to the Lenders hereunder with respect to all Loans and all other amounts owing by the Borrower to the Lenders hereunder. After a request by the Borrower, the Agent shall promptly advise the
Borrower of such entries made in such books of account maintained by it. 

  
 36 

 ARTICLE 5 

PAYMENTS OF INTEREST AND FEES 
 5.1
Interest on Canadian Prime Rate Loans 
 The Borrower shall pay interest on each Canadian Prime Rate Loan owing by it during each Interest Period
applicable thereto in Canadian Dollars at a rate per annum equal to the Canadian Prime Rate in effect from time to time during such Interest Period plus the Applicable Pricing Rate. Each determination by the Agent of the Canadian Prime Rate
applicable from time to time during an Interest Period shall, in the absence of manifest error, be prima facie evidence thereof. Such interest shall accrue daily and shall be payable in arrears on each Interest Payment Date for such Loan for
the period from and including the Drawdown Date or the preceding Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and shall be calculated on the principal
amount of the Canadian Prime Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days. Changes in the Canadian Prime Rate shall cause an immediate adjustment of the interest rate applicable
to such Loans without the necessity of any notice to the Borrower. 
 5.2 Interest on U.S. Base Rate Loans 

The Borrower shall pay interest on each U.S. Base Rate Loan owing by it during each Interest Period applicable thereto in United States Dollars at a rate per
annum equal to the U.S. Base Rate in effect from time to time during such Interest Period plus the Applicable Pricing Rate. Each determination by the Agent of the U.S. Base Rate applicable from time to time during an Interest Period shall, in the
absence of manifest error, be prima facie evidence thereof. Such interest shall accrue daily and be payable in arrears on each Interest Payment Date for such Loan for the period from and including the Drawdown Date or the preceding Conversion
Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding such Interest Payment Date and shall be calculated on the principal amount of the U.S. Base Rate Loan outstanding during such period and on the basis
of the actual number of days elapsed in a year of 365 days. Changes in the U.S. Base Rate shall cause an immediate adjustment of the interest rate applicable to such Loans without the necessity of any notice to the Borrower. 

5.3 Interest on Libor Loans 
 The Borrower shall
pay interest on each Libor Loan owing by it during each Interest Period applicable thereto in United States Dollars at a rate per annum, calculated on the basis of a 360-day year, equal to the Libor Rate with respect to such Interest Period plus the
Applicable Pricing Rate. Each determination by the Agent of the Libor Rate applicable to an Interest Period shall, in the absence of manifest error, be prima facie evidence thereof. Such interest shall accrue daily and shall be payable in
arrears on each Interest Payment Date for such Loan for the period from and including the Drawdown Date or the preceding Rollover Date, Conversion Date or Interest Payment Date, as the case may be, for such Loan to and including the day preceding
such Interest Payment Date and shall be calculated on the principal amount of the Libor Loan outstanding during such period and on the basis of the actual number of days elapsed divided by 360. 

5.4 Interest Act (Canada); Conversion of 360 Day Rates 

 

	(1)	Whenever a rate of interest hereunder is calculated 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. 

  
 37 

	(2)	Whenever a rate of interest or other rate per annum hereunder is expressed or calculated on the basis of a year of 360 days, such rate of interest or other rate shall be expressed as a rate per annum, calculated on the
basis of a 365-day year, by multiplying such rate of interest or other rate by 365 and dividing it by 360. 

 5.5 Nominal Rates; No
Deemed Reinvestment 
 The principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement; all
interest payments to be made hereunder shall be paid without allowance or deduction for deemed reinvestment or otherwise, before and after maturity, default and judgment. The rates of interest specified in this Agreement are intended to be nominal
rates and not effective rates. Interest calculated hereunder shall be calculated using the nominal rate method and not the effective rate method of calculation. 

5.6 Standby Fees 
  

	(1)	The Borrower shall pay to the Agent for the account of the Lenders a standby fee in Canadian Dollars in respect of the Credit Facility calculated at a rate per annum equal to the Applicable Pricing Rate on the amount,
if any, by which the amount of the Outstanding Principal under the Credit Facility for each day in the period of determination is less than the maximum amount for each such day of the Credit Facility. Fees determined in accordance with this Section
shall accrue daily from and after the date hereof and be payable by the Borrower quarterly in arrears and on cancellation in full of the Credit Facility and on the Term Out Date. 

 

	(2)	As of: (a) the first day of January, April, July and October in each year, (b) the date of any cancellation in full of the Credit Facility, and (c) the Term Out Date, the Agent shall determine the standby
fees under this Section in respect of the Credit Facility for the period from and including the date hereof or the date of the immediately preceding determination, as the case may be, to but excluding that date of determination and shall deliver to
the Borrower a written request for payment of the standby fees so determined, as detailed therein. The Borrower shall pay to the Agent for the account of the Lenders the standby fees referred to above within 10 Banking Days after receipt of each
such written request. 

  

	(3)	For certainty, no standby fees shall be payable by the Borrower in respect of the Credit Facility for any period of time after the Term Out Date. 

5.7 Agent’s Fees 
 The Borrower shall pay to
the Agent, for its own account, from time to time, until the Credit Facility has been fully cancelled and all Obligations hereunder have been paid in full, a non-refundable annual agency fee in the amount agreed in writing between the Borrower and
the Agent. 
 5.8 Interest on Overdue Amounts 

Notwithstanding any other provision hereof, in the event that any amount due hereunder (including, without limitation, any interest payment) is not paid when
due (whether by acceleration or otherwise), the Borrower shall pay interest on such unpaid amount (including, without limitation, interest on interest), if and to the fullest extent permitted by applicable law, from the date that such amount is due
until the date that such amount is paid in full (but excluding the date of such payment if the payment is received for value at the required place of payment on the date of such payment), and such interest shall accrue daily, be calculated and
compounded monthly and be payable on demand, after as well as before maturity, default and judgment, at a rate per annum that is equal to (a) in respect of amounts due in Canadian Dollars, the rate of interest then payable on Canadian Prime

  
 38 

 
Rate Loans plus 2.0% per annum or (b) in respect of amounts due in United States Dollars, the rate of interest then payable on U.S. Base Rate Loans plus 2.0% per annum. 

5.9 Waiver 
 To the extent permitted by applicable
law, the covenant of the Borrower to pay interest at the rates provided herein shall not merge in any judgment relating to any obligation of the Borrower to the Lenders or the Agent and any provision of the Interest Act (Canada) or
Judgment Interest Act (Alberta) which restricts any rate of interest set forth herein shall be inapplicable to this Agreement and is hereby waived by the Borrower. 

5.10 Maximum Rate Permitted by Law 
 No interest or
fee to be paid hereunder shall be paid at a rate exceeding the maximum rate permitted by applicable law. In the event that such interest or fee exceeds such maximum rate, such interest or fees shall be reduced or refunded, as the case may be, so as
to be payable at the highest rate recoverable under applicable law. 
 ARTICLE 6 

BANKERS’ ACCEPTANCES 
 6.1
Bankers’ Acceptances 
 The Borrower may give the Agent notice that Bankers’ Acceptances will be required under the Credit Facility
pursuant to a Drawdown, Rollover or Conversion. 
 6.2 Fees 

Upon the acceptance by a Lender of a Bankers’ Acceptance, the Borrower shall pay to the Agent for the account of such Lender an acceptance fee in Canadian
Dollars equal to the Applicable Pricing Rate calculated on the principal amount at maturity of such Bankers’ Acceptance and for the period of time from and including the date of acceptance to but excluding the maturity date of such
Bankers’ Acceptance and calculated on the basis of the number of days elapsed in a year of 365 days. 
 6.3 Form and Execution of Bankers’
Acceptances 
 The following provisions shall apply to each Bankers’ Acceptance hereunder: 

 

	 	(a)	the face amount at maturity of each draft drawn by the Borrower to be accepted as a Bankers’ Acceptance shall be a minimum amount of Cdn.$100,000 and integral multiples of Cdn.$1,000 for amounts in excess of such
minimum amount; 

  

	 	(b)	the term to maturity of each draft drawn by the Borrower to be accepted as a Bankers’ Acceptance shall, subject to market availability as determined by all of the Lenders, be 1, 2, 3 or 6 months (or such other
longer or shorter term as agreed by all Lenders), as selected by the Borrower in the relevant Drawdown, Rollover or Conversion Notice, and each Bankers’ Acceptance shall be payable and mature on the last day of the Interest Period selected by
the Borrower for such Bankers’ Acceptance (which, for certainty, pursuant to the definition of “Interest Period” shall be on or prior to the Maturity Date); 

 

	 	(c)	each draft drawn by the Borrower and presented for acceptance by a Lender shall be drawn on the standard form of such Lender in effect at the time; provided, however, that the Agent may require the Lenders to use a
generic form of Bankers’ 

  
 39 

	 	
Acceptance, in a form satisfactory to each Lender, acting reasonably, provided by the Agent for such purpose in place of the Lenders’ own forms; 

 

	 	(d)	subject to Section 6.3(e) below, Bankers’ Acceptances shall be signed by duly authorized officers of the Borrower or, in the alternative, the signatures of such officers may be mechanically reproduced in
facsimile thereon and Bankers’ Acceptances bearing such facsimile signatures shall be binding on the Borrower as if they had been manually executed and delivered by such officers on behalf of the Borrower; notwithstanding that any person whose
manual or facsimile signature appears on any Bankers’ Acceptance may no longer be an authorized signatory for the Borrower on the date of issuance of a Bankers’ Acceptance, such signature shall nevertheless be valid and sufficient for all
purposes as if such authority had remained in force at the time of such issuance and any such Bankers’ Acceptance shall be binding on the Borrower; and 

  

	 	(e)	in lieu of signing Bankers’ Acceptances in accordance with Section 6.3(d) above, the Borrower may provide a Power of Attorney to a Lender; for so long as a Power of Attorney is in force with respect to a given
Lender, such Lender shall execute and deliver Bankers’ Acceptances on behalf of the Borrower in accordance with the provisions thereof and, for certainty, all references herein to drafts drawn by the Borrower, Bankers’ Acceptances executed
by the Borrower or similar expressions shall be deemed to include Bankers’ Acceptances executed in accordance with a Power of Attorney, unless the context otherwise requires. 

6.4 Power of Attorney; Provision of Bankers’ Acceptances to Lenders 

 

	(1)	Unless revoked with respect to a given Lender in accordance herewith, the Borrower hereby appoints each Lender, acting by any authorized signatory of the Lender in question, the attorney of the Borrower:

  

	 	(a)	to sign for and on behalf and in the name of the Borrower as drawer, drafts in such Lender’s standard form which are depository bills as defined in the Depository Bills and Notes Act (Canada) (the
“DBNA”), payable to a “clearing house” (as defined in the DBNA) including CDS Clearing and Depository Services Inc., or its nominee, CDS & Co. (the “clearing house”); 

 

	 	(b)	for drafts which are not depository bills, to sign for and on behalf and in the name of the Borrower as drawer and to endorse on its behalf, Bankers’ Acceptances drawn on the Lender payable to the order of the
undersigned or payable to the order of such Lender; 

  

	 	(c)	to fill in the amount, date and maturity date of such Bankers’ Acceptances; and 

  

	 	(d)	to deposit and/or deliver such Bankers’ Acceptances which have been accepted by such Lender, 

provided that such acts in each case are to be undertaken by the Lender in question strictly in accordance with instructions given to such
Lender by the Borrower as provided in this Section. For certainty, signatures of any authorized signatory of a Lender may be mechanically reproduced in facsimile on Bankers’ Acceptances in accordance herewith and such facsimile signatures shall
be binding and effective as if they had been manually executed by such authorized signatory of such Lender. 
 Instructions from the Borrower
to a Lender relating to the execution, completion, endorsement, deposit and/or delivery by that Lender on behalf of the Borrower of Bankers’ 

  
 40 

 
Acceptances which the Borrower wishes to submit to the Lender for acceptance by the Lender shall be communicated by the Borrower in writing to the Agent by delivery to the Agent of Drawdown
Notices, Conversion Notices and Rollover Notices, as the case may be, in accordance with this Agreement which, in turn, shall be communicated by the Agent, on behalf of the Borrower, to the Lender. 

The communication in writing by the Borrower, or on behalf of the Borrower by the Agent, to a Lender of the instructions set out in the
Drawdown Notices, Conversion Notices and Rollover Notices referred to above shall constitute (a) the authorization and instruction of the Borrower to such Lender to sign for and on behalf and in the name of the Borrower as drawer the requested
Bankers’ Acceptances and to complete and/or endorse Bankers’ Acceptances in accordance with such information as set out above and (b) the request of the Borrower to such Lender to accept such Bankers’ Acceptances and deposit the
same with the clearing house or deliver the same, as the case may be, in each case in accordance with this Agreement and such instructions. The Borrower acknowledges that a Lender shall not be obligated to accept any such Bankers’ Acceptances
except in accordance with the provisions of this Agreement. 
 A Lender shall be and it is hereby authorized to act on behalf of the Borrower
upon and in compliance with instructions communicated to that Lender as provided herein if the Lender reasonably believes such instructions to be genuine. If a Lender accepts Bankers’ Acceptances pursuant to any such instructions, that Lender
shall confirm particulars of such instructions and advise the Agent that it has complied therewith by notice in writing addressed to the Agent and served personally or sent by telecopier in accordance with the provisions hereof. A Lender’s
actions in compliance with such instructions, confirmed and advised to the Agent by such notice, shall be conclusively deemed to have been in accordance with the instructions of the Borrower. 

This power of attorney may be revoked by the Borrower with respect to any particular Lender at any time upon not less than 5 Banking Days’
prior written notice served upon the Lender in question and the Agent, provided that no such revocation shall reduce, limit or otherwise affect the obligations of the Borrower in respect of any Bankers’ Acceptance executed, completed, endorsed,
deposited and/or delivered in accordance herewith prior to the time at which such revocation becomes effective. 
  

	(2)	Unless the Borrower has provided Powers of Attorney to the Lenders, to facilitate Drawdowns, Rollovers or Conversions of Bankers’ Acceptances, the Borrower shall, upon execution of this Agreement and thereafter
from time to time as required by all Lenders, provide to the Agent for delivery to each Lender drafts drawn in blank by the Borrower (pre-endorsed and otherwise in fully negotiable form, if applicable) in quantities sufficient for each Lender to
fulfil its obligations hereunder. Any such pre-signed drafts which are delivered by the Borrower to the Agent or a Lender shall be held in safekeeping by the Agent or such Lender, as the case may be, with the same degree of care as if they were the
Agent’s or such Lender’s property, and shall only be dealt with by the Lenders and the Agent in accordance herewith. No Lender shall be responsible or liable for its failure to make its share of any Drawdown, Rollover or Conversion of
Bankers’ Acceptances required hereunder if the cause of such failure is, in whole or in part, due to the failure of the Borrower to provide such pre-signed drafts to the Agent (for delivery to such Lender) on a timely basis. 

 

	(3)	 By 10:00 a.m. (Calgary time) on the applicable Drawdown Date, Conversion Date or Rollover Date, the Borrower
shall (a) either deliver to each Lender in Toronto, or, if previously delivered, be deemed to have authorized each Lender to complete and accept, or (b) where the Borrower has provided a Power of Attorney to the Lender, be deemed to have
authorized each such Lender to sign on behalf of the Borrower, complete and accept, drafts drawn by the Borrower on such Lender in a principal amount at maturity equal to such Lender’s share of the Bankers’ Acceptances specified by the
Borrower in the relevant Drawdown Notice, 

  
 41 

	 	
Conversion Notice or Rollover Notice, as the case may be, as notified to the Lenders by the Agent. 

6.5 Mechanics of Issuance 
  

	(1)	Upon receipt by the Agent of a Drawdown Notice, Conversion Notice or Rollover Notice from the Borrower requesting the issuance of Bankers’ Acceptances, the Agent shall promptly notify the Lenders thereof and advise
each Lender of the aggregate face amount of Bankers’ Acceptances to be accepted by such Lender, the date of issue and the Interest Period for such Loan; the apportionment among the Lenders of the face amounts of Bankers’ Acceptances to be
accepted by each Lender shall be determined by the Agent by reference and in proportion to the respective Commitment of each Lender, provided that, when such apportionment cannot be evenly made, the Agent shall round allocations amongst such Lenders
consistent with the Agent’s normal money market practices. 

  

	(2)	On each such Drawdown Date, Rollover Date or Conversion Date involving the issuance of Bankers’ Acceptances: 

  

	 	(a)	before 9:00 a.m. (Calgary time) on such date, the Agent shall determine the CDOR Rate and shall obtain quotations from each Schedule II/III Reference Lender of the Discount Rate then applicable to bankers’
acceptances accepted by such Schedule II/III Reference Lender in respect of an issue of bankers’ acceptances in a comparable amount and with comparable maturity to the Bankers’ Acceptances proposed to be issued on such date;

  

	 	(b)	on or about 9:00 a.m. (Calgary time) on such date, the Agent shall determine the BA Discount Rate applicable to each Lender and shall advise each Lender of the BA Discount Rate applicable to it; 

 

	 	(c)	each Lender shall complete and accept, in accordance with the Drawdown Notice, Conversion Notice or Rollover Notice delivered by the Borrower and advised by the Agent in connection with such issue, its share of the
Bankers’ Acceptances to be issued on such date and shall purchase such Bankers’ Acceptances for its own account at a purchase price which reflects the BA Discount Rate applicable to such issue; and 

 

	 	(d)	in the case of a Drawdown, each Lender shall, for same day value on the Drawdown Date, remit the Discount Proceeds or advance the BA Equivalent Advance, as the case may be, payable by such Lender (net of the acceptance
fee payable to such Lender pursuant to Section 6.2) to the Agent for the account of the Borrower; the Agent shall make such funds available to the Borrower for same day value on such date. 

 

	(3)	Each Lender may at any time and from time to time hold, sell, rediscount or otherwise dispose of any or all Bankers’ Acceptances accepted and purchased by it for its own account. 

6.6 Rollover, Conversion or Payment on Maturity 

In anticipation of the maturity of Bankers’ Acceptances, the Borrower shall, subject to and in accordance with the requirements hereof, do one or a
combination of the following with respect to the aggregate face amount at maturity of all such Bankers’ Acceptances: 
  

	 	(a)	 (i) deliver to the Agent a Rollover Notice that the Borrower intends to draw and present for acceptance on
the maturity date new Bankers’ Acceptances in an 

  
 42 

	 	
aggregate face amount up to the aggregate amount of the maturing Bankers’ Acceptances and (ii) on the maturity date pay to the Agent for the account of the Lenders an additional amount
equal to the difference between the aggregate face amount of the maturing Bankers’ Acceptances and the Discount Proceeds of such new Bankers’ Acceptances; 

 

	 	(b)	(i) deliver to the Agent a Conversion Notice requesting a Conversion of the maturing Bankers’ Acceptances to another type of Loan under the Credit Facility and (ii) on the maturity date pay to the Agent for
the account of the Lenders an amount equal to the difference, if any, between the aggregate face amount of the maturing Bankers’ Acceptances and the amount of the Loans into which Conversion is requested; or 

 

	 	(c)	on the maturity date of the maturing Bankers’ Acceptances, pay to the Agent for the account of the Lenders an amount equal to the aggregate face amount of such Bankers’ Acceptances. 

If the Borrower fails to so notify the Agent or make such payments on maturity, the Agent shall effect a Conversion into a Canadian Prime Rate Loan of the
entire amount of such maturing Bankers’ Acceptances as if a Conversion Notice had been given by the Borrower to the Agent to that effect. 
 6.7
Restriction on Rollovers and Conversions 
 Subject to the other provisions hereof, Conversions and Rollovers of Bankers’ Acceptances may
only occur on the maturity date thereof. 
 6.8 Rollovers 

In order to satisfy the continuing liability of the Borrower to a Lender for the face amount of maturing Bankers’ Acceptances accepted by such Lender, the
Lender shall receive and retain for its own account the Discount Proceeds of new Bankers’ Acceptances issued on a Rollover, and the Borrower shall on the maturity date of the Bankers’ Acceptances being rolled over pay to the Agent for the
account of the Lenders an amount equal to the difference between the face amount of the maturing Bankers’ Acceptances and the Discount Proceeds from the new Bankers’ Acceptances, together with the acceptance fees to which the Lenders are
entitled pursuant to Section 6.2. 
 6.9 Conversion into Bankers’ Acceptances 

In respect of Conversions into Bankers’ Acceptances, in order to satisfy the continuing liability of the Borrower to the Lenders for the amount of the
converted Loan, each Lender shall receive and retain for its own account the Discount Proceeds of the Bankers’ Acceptances issued upon such Conversion, and the Borrower shall on the Conversion Date pay to the Agent for the account of the
Lenders an amount equal to the difference between the principal amount of the converted Loan and the aggregate Discount Proceeds from the Bankers’ Acceptances issued on such Conversion, together with the acceptance fees to which the Lenders are
entitled pursuant to Section 6.2. 
 6.10 Conversion from Bankers’ Acceptances 

In order to satisfy the continuing liability of the Borrower to the Lenders for an amount equal to the aggregate face amount of the maturing Bankers’
Acceptances converted to another type of Loan, the Agent shall record the obligation of the Borrower to the Lenders as a Loan of the type into which such continuing liability has been converted. 

  
 43 

 6.11 BA Equivalent Advances 

Notwithstanding the foregoing provisions of this Article, a Non-Acceptance Lender shall, in lieu of accepting Bankers’ Acceptances, make a BA Equivalent
Advance. The amount of each BA Equivalent Advance shall be equal to the Discount Proceeds which would be realized from a hypothetical sale of those Bankers’ Acceptances which, but for this Section, such Lender would otherwise be required to
accept as part of such a Drawdown, Conversion or Rollover of Bankers’ Acceptances. To determine the amount of such Discount Proceeds, the hypothetical sale shall be deemed to take place at the BA Discount Rate for such Loan. Any BA Equivalent
Advance shall be made on the relevant Drawdown Date, Rollover Date or Conversion Date as the case may be and shall remain outstanding for the term of the relevant Bankers’ Acceptances. Concurrent with the making of a BA Equivalent Advance, a
Non-Acceptance Lender shall be entitled to deduct therefrom an amount equal to the acceptance fee which, but for this Section, such Lender would otherwise be entitled to receive as part of such Loan. Subject to Section 6.6, upon the maturity
date for such Bankers’ Acceptances, the Borrower shall pay to each Non-Acceptance Lender an amount equal to the face amount at maturity of the Bankers’ Acceptances which, but for this Section, such Lender would otherwise be required to
accept as part of such a Drawdown, Conversion or Rollover of Bankers’ Acceptances as repayment of the amount of its BA Equivalent Advance plus payment of the interest accrued and payable thereon to such maturity date. 

All references herein to “Loans” and “Bankers’ Acceptances” shall, unless otherwise expressly provided herein or unless the context
otherwise requires, be deemed to include BA Equivalent Advances made by a Non-Acceptance Lender as part of a Drawdown, Conversion or Rollover of Bankers’ Acceptances. 

6.12 Termination of Bankers’ Acceptances 
 If
at any time a Lender ceases to accept bankers’ acceptances in the ordinary course of its business, such Lender shall be deemed to be a Non-Acceptance Lender and shall make BA Equivalent Advances in lieu of accepting Bankers’ Acceptances
under this Agreement. 
 ARTICLE 7 

PLACE AND APPLICATION OF PAYMENTS 
 7.1
Place of Payment of Principal, Interest and Fees; Payments to Agent 
 All payments of principal, interest, fees and other amounts to be made by
the Borrower to the Agent and the Lenders pursuant to this Agreement shall be made to the Agent (for, as applicable, the account of the Lenders or its own account) in the currency in which the Loan is outstanding for value on the day such amount is
due, and if such day is not a Banking Day on the Banking Day next following, by deposit or transfer thereof to the applicable Agent’s Account or at such other place as the Borrower and the Agent may from time to time agree. Notwithstanding
anything to the contrary expressed or implied in this Agreement, the receipt by the Agent in accordance with this Agreement of any payment made by the Borrower for the account of any of the Lenders shall, insofar as the Borrower’s obligations
to the relevant Lenders are concerned, be deemed also to be receipt by such Lenders and the Borrower shall have no liability in respect of any failure or delay on the part of the Agent in disbursing and/or accounting to the relevant Lenders in
regard thereto. 
 7.2 Designated Accounts of the Lenders 

All payments of principal, interest, fees or other amounts to be made by the Agent to the Lenders pursuant to this Agreement shall be made for value on the day
required hereunder, provided the Agent receives funds from the Borrower for value on such day, and if such funds are not so received from the Borrower or if such day is not a Banking Day, on the Banking Day next following, by deposit or transfer
thereof at the time specified herein to the account of each Lender designated by such 

  
 44 

 
Lender to the Agent for such purpose or to such other place or account as each Lender may from time to time notify the Agent. 

7.3 Funds 
 Each amount advanced, disbursed or paid
hereunder shall be advanced, disbursed or paid, as the case may be, in such form of funds as may from time to time be customarily used in Calgary, Alberta, Toronto, Ontario and New York, New York in the settlement of banking transactions similar to
the banking transactions required to give effect to the provisions of this Agreement on the day such advance, disbursement or payment is to be made (for certainty, each such amount advanced, disbursed or paid hereunder shall be advanced, disbursed
or paid, as the case may be, in immediately available funds to the extent possible in the relevant jurisdiction). 
 7.4 Application of
Payments 
 Except as otherwise agreed in writing by all of the Lenders, if any Event of Default shall occur and be continuing, all payments made by
the Borrower to the Agent and the Lenders shall be applied in the following order: 
  

	 	(a)	to amounts due hereunder as fees other than acceptance fees for Bankers’ Acceptances; 

  

	 	(b)	to amounts due hereunder as costs and expenses; (c) to amounts due hereunder as default interest; 

  

	 	(d)	to amounts due hereunder as interest or acceptance fees for Bankers’ Acceptances; and 

  

	 	(e)	to amounts due hereunder as principal (including reimbursement obligations in respect of Bankers’ Acceptances). 

7.5 Payments Clear of Taxes 
  

	(1)	Except as required by law or as expressly provided in this Section 7.5, any and all payments by the Borrower to the Agent or the Lenders hereunder shall be made free and clear of, and without deduction or
withholding for or on account of, any and all present or future Taxes and all liabilities with respect thereto imposed on the Agent or the Lenders, excluding Taxes imposed with respect to such payments by such Governmental Authority or such taxing
authority if such Taxes are imposed on or measured by reference to or in respect of the overall net income or capital of a Lender or any franchise taxes imposed in lieu thereof (such excluded Taxes being collectively referred to herein as
“Excluded Taxes”) and any withholding taxes imposed by a Governmental Authority in Canada by reason of the Lender being a “non-resident” of Canada and dealing at “non-arm’s length” with the Borrower (both
within the meaning of the Income Tax Act (Canada). In addition, the Borrower agrees to pay any present or future stamp, transfer, registration, excise, issues, documentary or other or similar charges or levies which arise from any payment made under
this Agreement or the Loans or in respect of the execution, delivery or registration or the compliance with this Agreement or the other Documents contemplated hereunder. The Borrower shall indemnify and hold harmless the Agent and the Lenders for
the full amount of all of the foregoing Taxes, charges or levies (other than Excluded Taxes or as expressly provided for in this Section 7.5) or other amounts paid or payable by the Agent or the Lenders and any liability (including penalties,
interest, additions to tax and reasonable out of pocket expenses) resulting therefrom or with respect thereto. A certificate of the Agent or such Lender as to 

  
 45 

	    	the amount of such payment or liability delivered to the Borrower by the Agent or such Lender, as the case may be, shall be conclusive absent manifest error. 

 

	(2)	If the Borrower shall be required by law to deduct or withhold any amount from any payment or other amount required to be paid to the Agent or the Lenders hereunder (other than in respect of Excluded Taxes or as
expressly provided for in this Section 7.5) or if any liability in respect of any such withholding or deduction shall be imposed or shall arise from or in respect of any sum payable to the Agent or the Lenders hereunder (other than in respect
of Excluded Taxes or as expressly provided for in this Section 7.5), then the sum payable to the Agent or the Lenders hereunder shall be increased as may be necessary so that after making all required deductions, withholdings, and additional
income tax payments attributable thereto (including deductions, withholdings or income tax payable for additional sums payable under this provision) the Agent or the Lenders, as the case may be, receive an amount equal to the amount they would have
received had no such deductions or withholdings been required to be made or if such additional taxes had not been imposed; in addition, the Borrower shall pay the full amount deducted or withheld for such liabilities to the relevant taxation
authority or other authority in accordance with applicable law, such payment to be made (if the liability is imposed on the Borrower) for its own account or (if the liability is imposed on the Agent or the Lenders) on behalf of and in the name of
the Agent or the Lenders, as the case may be. If the liability is imposed on the Agent or the Lenders, the Borrower shall deliver to the Agent or the Lenders evidence satisfactory to the Agent or the Lenders, acting reasonably, of the payment to the
relevant taxation authority or other authority of the full amount deducted or withheld. 

  

	(3)   (a)	If any Taxes (other than Excluded Taxes) are imposed on or with respect to any payment on or under this Agreement, in consequence of which the Borrower is required to make any indemnification payment to any Lender under
Section 7.5(1) or any additional payment to any Lender under Section 7.5(2), and if such Lender is entitled to a cash refund or to a credit which is applied against Taxes otherwise payable in a taxation year of such Lender and, in either
case, which is both identifiable and quantifiable by such Lender as being attributable to the imposition of such Taxes (a “Tax Refund”), and such Tax Refund may be obtained without increased liability to such Lender by filing one or
more forms, certificates, documents, applications or returns (collectively, the “Tax Forms”), then such Lender shall notify the Borrower and shall, if requested by the Borrower, file such Tax Forms in a timely fashion (provided such
Lender receives such request from the Borrower in a timely fashion). If such Lender subsequently receives a Tax Refund, and such Lender is able to identify the Tax Refund as being attributable, in whole or in part, to the Tax with respect to which
such indemnification payment or additional payment was made, then such Lender shall promptly reimburse the Borrower such amount as such Lender shall determine, acting reasonably and in good faith, to be the proportion of the Tax Refund, together
with any interest received thereon, attributable to such indemnification payment or additional payment as will leave such Lender, after the reimbursement, in the same position as it would have been if the indemnification payment or additional
payment had not been required; provided that, if any Tax Refund reimbursed by a Lender to the Borrower is subsequently disallowed, the Borrower shall repay such Lender such amount (together with interest and, if such refund resulted from a request
by the Borrower, any applicable penalty payable by such Lender to the relevant taxing authority) promptly after receipt of notice by such Lender of such disallowance. The Borrower agrees to reimburse each such Lender for such Lender’s
reasonable out-of-pocket costs and expenses, if any, incurred in complying with any request by the Borrower hereunder and agrees that all costs incurred by such Lender in respect of this Section 7.5(3)(a) may be deducted from the amount of any
reimbursement to the Borrower in respect of any Tax Refund pursuant to this Section 7.5(3)(a). 

  
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	 	(b)	In the event that the Borrower makes any indemnification payment to a Lender under Section 7.5(1) or any additional payment to any Lender under Section 7.5(2) and in the event such Lender determines in its
good faith judgment that it is not liable for the Taxes for which such indemnification payment or additional payment was made, such Lender agrees, if requested by the Borrower, to use reasonable efforts to cooperate with the Borrower in contesting
the liability for such Taxes; provided that, the Borrower shall reimburse such Lender for any reasonable out-of-pocket costs and expenses incurred in providing such cooperation and shall indemnify and hold such Lender harmless from and against any
liabilities incurred as a result of such Lender providing such cooperation or contesting such liability, and provided further that no such cooperation shall be required if such contest shall, in such Lender’s good faith judgment, subject it to
any liability not covered by such indemnity, and provided further that no Lender shall have any obligation to expend its own funds, suffer any economic hardship or take any action detrimental to its interests (as determined by the relevant Lender,
acting reasonably) in connection therewith unless it shall have received from the Borrower payment therefor or an indemnity with respect thereto, satisfactory to it. 

7.6 Set Off 
  

	(1)	In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence of an Event of Default which remains unremedied (whether or not the Loans have
been accelerated hereunder), the Agent and each Lender shall have the right (and are hereby authorized by the Borrower) at any time and from time to time to combine all or any of the Borrower’s accounts with the Agent or such Lender, as the
case may be, and to set off and to appropriate and to apply any and all deposits (general or special, term or demand) including, but not limited to, indebtedness evidenced by certificates of deposit whether matured or unmatured, and any other
indebtedness at any time held by the Borrower or owing by such Lender or the Agent, as the case may be, to or for the credit or account of the Borrower against and towards the satisfaction of any Obligations owing by the Borrower, and may do so
notwithstanding that the balances of such accounts and the liabilities are expressed in different currencies, and the Agent and each Lender are hereby authorized to effect any necessary currency conversions at the noon spot rate of exchange
announced by the Bank of Canada on the Banking Day before the day of conversion. 

  

	(2)	The Agent or the applicable Lender, as the case may be, shall notify the Borrower of any such set-off from the Borrower’s accounts within a reasonable period of time thereafter, although the Agent or the Lender, as
the case may be, shall not be liable to the Borrower for its failure to so notify. 

 ARTICLE 8 

REPRESENTATIONS AND WARRANTIES 
 8.1
Representations and Warranties 
 The Borrower represents and warrants as follows to the Agent and to each of the Lenders and acknowledges and
confirms that the Agent and each of the Lenders is relying upon such representations and warranties: 
  

	 	(a)	Corporate Status and Authority 

 It is a corporation duly incorporated or amalgamated, as the case may be, and
validly existing under the laws of its jurisdiction of incorporation or amalgamation, as the case may be, and has all necessary corporate power and authority to carry on its business as presently carried on and

  
 47 

 
is duly licensed, registered or qualified in all jurisdictions where a failure to be so licensed, registered or qualified has or would reasonably be expected to have a Material Adverse Effect.

  

	 	(b)	Valid Authorization 

 It has taken all necessary corporate action to authorize the creation, execution,
delivery and performance of this Agreement and each of the other Documents to which it is a party and to observe and perform the provisions of each in accordance with its terms. 

 

	 	(c)	Enforceability 

 Assuming enforceability against the Agent and the Lenders, this Agreement and each of the
other Documents to which it is a party constitutes valid and legally binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms subject to the qualifications referred to in the opinion of
Borrower’s counsel delivered pursuant to Section 3.2(c). 
  

	 	(d)	No Resulting Violation 

 Neither the execution and delivery of this Agreement and the other Documents to which
it is a party, nor compliance with the terms and conditions hereof or thereof (i) will result in a violation of the articles or by-laws of the Borrower or any resolutions passed by the board of directors or shareholders of the Borrower or any
applicable law, order, judgment, injunction, award or decree; (ii) will result in a breach of, or constitute a default under, any loan agreement, indenture, trust deed or any other material agreement or instrument to which the Borrower is a
party or by which it or its assets are bound, except to the extent that such breach or default does not have and would not reasonably be expected to have a Material Adverse Effect; or (iii) requires any approval or consent of any Governmental
Authority having jurisdiction, except such as have already been obtained and are in full force and effect and except to the extent that failure to have the same does not have and would not reasonably be expected to have a Material Adverse Effect.

  

	 	(e)	Financial Condition 

 The audited consolidated financial statements of the Borrower for its fiscal year ending
December 31, 2015 were prepared in accordance with GAAP consistently applied, and fairly present in all material respects, the financial condition of the Borrower as at the date thereof, and from December 31, 2015 to the date of this Agreement
there has been no material adverse change in the financial condition of the Borrower. 
  

	 	(f)	Litigation 

 As of the date of this Agreement, there are no actions, suits or proceedings pending or, to the
knowledge of the Borrower, threatened against or affecting it or any of its undertakings, property and assets, at law, in equity or before any arbitrator or before or by any Governmental Authority having jurisdiction in respect of which there is a
reasonable possibility of a determination adverse to the Borrower and which, if determined adversely, would reasonably be expected to have a Material Adverse Effect. 
  

	 	(g)	Compliance with Laws 

 It and its businesses and operations are in compliance with all applicable laws
(including, without limitation, all applicable Environmental Laws), except to the extent that non-compliance does not have and would not reasonably be expected to have a Material Adverse Effect. 

  
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	 	(h)	No Security Interests 

 Except for Permitted Encumbrances or except as otherwise permitted hereby, there are no
Security Interests against, on or affecting any or all of its properties or assets, of whatsoever nature or kind, and it has not given any undertaking to grant or create any such Security Interests or otherwise entered into any agreement pursuant to
which any person may have or be entitled to any such Security Interest. 
  

	 	(i)	Remittances Up to Date 

 All of the material remittances required to be made by it to the federal, provincial
and municipal governments have been made, are currently up to date and there are no outstanding arrears, except to the extent that the failure to make or pay the same does not have and would not reasonably be expected to have a Material Adverse
Effect. Without limiting the generality of the foregoing, all material employee source deductions (including deductions for income taxes, unemployment insurance and Canada Pension Plan contributions), sales tax, corporate income tax and workers
compensation dues applicable to it are currently paid and up to date, except to the extent that the failure to make or pay the same does not have and would not reasonably be expected to have a Material Adverse Effect. 

 

	 	(j)	No Default 

 No event has occurred and is continuing which constitutes a Default or an Event of Default. 

8.2 Deemed Repetition 
 On the date of delivery by
the Borrower of a Drawdown Notice to the Agent, and again on the date of any Drawdown made by the Borrower pursuant thereto: 
  

	 	(a)	except those representations and warranties which the Borrower has notified the Agent in writing cannot be repeated for such Drawdown and in respect of which all of the Lenders have waived in writing (with or without
terms or conditions) the application of the condition precedent in Section 3.1(b) for such Drawdown, each of the representations and warranties contained in Section 8.1 shall be deemed to be repeated; and 

 

	 	(b)	the Borrower shall be deemed to have represented to the Agent and the Lenders that, except as has otherwise been notified to the Agent in writing and has been waived in accordance herewith, no event has occurred and
remains outstanding which would constitute a Default or an Event of Default nor will any such event occur as a result of the aforementioned Drawdown. 

8.3 Other Documents 
 All representations,
warranties and certifications of the Borrower contained in any other Document delivered pursuant hereto or thereto shall be deemed to constitute representations and warranties made by the Borrower to the Agent and the Lenders under Section 8.1
of this Agreement; provided that, such deemed representations and warranties shall not be deemed to be repeated pursuant to Section 8.2. 
 8.4
Effective Time of Repetition 
 All representations and warranties, when repeated or deemed to be repeated hereunder, shall be construed with
reference to the facts and circumstances existing at the time of repetition, unless they are stated herein to be made as at the date hereof. 

  
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 8.5 Nature of Representations and Warranties 

The representations and warranties set out in this Agreement or deemed to be made pursuant hereto shall survive the execution and delivery of this Agreement
and the making of each Drawdown, notwithstanding any investigations or examinations which may be made by the Agent, the Lenders or Lenders’ Counsel. Such representations and warranties shall survive until this Agreement has been terminated,
provided that the representations and warranties relating to environmental matters shall survive the termination of this Agreement. 

ARTICLE 9 
 GENERAL
COVENANTS 
 9.1 Affirmative Covenants of the Borrower 

So long as any Obligation is outstanding or the Credit Facility is available hereunder, the Borrower covenants and agrees with each of the Lenders and the
Agent that, unless (subject to Section 14.10) a Majority of the Lenders otherwise consent in writing, it shall: 
  

	 	(a)	Punctual Payment and Performance 

 Duly and punctually pay the principal of all Loans, all interest thereon and
all fees and other amounts required to be paid by the Borrower hereunder in the manner specified hereunder and the Borrower shall maintain, perform and observe all of its obligations under this Agreement and under any other Document to which it is a
party. 
  

	 	(b)	Financial Statements 

 Deliver to the Agent with sufficient copies for each of the Lenders: 

 

	 	(i)	Annual Financials – as soon as available and, in any event, within 90 days after the end of each of its fiscal years, copies of its audited annual financial statements on a consolidated basis consisting of a
statement of financial position, statement of earnings and statement of cash flows for each such year, together with the notes thereto, all prepared in accordance with GAAP consistently applied together with a report of its auditors thereon;

  

	 	(ii)	Quarterly Financials – as soon as available and, in any event within 45 days after the end of each of its first, second and third fiscal quarters, copies of its unaudited quarterly financial statements on a
consolidated basis, in each case consisting of a statement of financial position, statement of earnings and statement of cash flows for each such period all in reasonable detail and stating in comparative form the figures for the corresponding date
and period in the previous fiscal year, all prepared in accordance with GAAP consistently applied; and 

  

	 	(iii)	Unconsolidated Annual Financials – as soon as available, and in any event, within 90 days after the end of each of its fiscal years, copies of unaudited annual financial statements for the Borrower on an
unconsolidated basis consisting of a statement of financial position, statement of earnings and statement of cash flows for each such year, together with the notes thereto, all prepared in accordance with GAAP consistently applied.

  
 50 

	 	(c)	Notice of Other Enforcement 

 Upon becoming actually aware of its occurrence, promptly advise the Agent of any
realization or enforcement proceeding taken by another lender or lenders to recover amounts, in aggregate, in excess of 2.5% of Consolidated Shareholders’ Equity outstanding to such other lender or lenders. 

 

	 	(d)	Notice of Material Adverse Effect or Event of Default 

 Upon becoming actually aware of its occurrence,
promptly advise the Agent of the happening or the expected happening of any event which would reasonably be expected to have a Material Adverse Effect or the occurrence of any Event of Default including, without limitation, any breach or alleged
breach of Environmental Laws which has or would reasonably be expected to have a Material Adverse Effect. 
  

	 	(e)	Maintain Existence 

 Subject to the provisions of Section 9.2(b) below, cause to be done all things
necessary to maintain in good standing its corporate existence. 
  

	 	(f)	Compliance with Laws 

 Observe, perform and comply with all applicable laws including, without limitation, all
Environmental Laws, except to the extent that non-compliance does not have and would not reasonably be expected to have a Material Adverse Effect. 
  

	 	(g)	Books and Records 

 Keep proper books of record and account in which complete and correct entries will be made
of its transactions in accordance with GAAP. 
  

	 	(h)	Sanctions 

 The Borrower will not use the proceeds of any Loan hereunder, or lend, contribute or
otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of, or business with, any individual or entity, or in any Designated Jurisdiction, that, at the time of such
funding, is the subject of a Sanction, or in any manner that will result in a violation of a Sanction by the Borrower or Subsidiary or, to the knowledge of the Borrower or any Subsidiary, by any other person. 

 

	 	(i)	Insurance 

 Maintain business and property insurance in connection with its assets and business and liability
insurance with respect to claims for personal injury, death or property damage in relation to the operation of its business, all with reasonable and reputable insurance companies in such amounts and with such deductibles as are customary in the case
of businesses of established reputation engaged in the same or similar businesses. The Borrower may self-insure to the extent that it determines, acting reasonably and in accordance with good insurance practices, that it has the capacity to do so.

 9.2 Negative Covenants of the Borrower 
 So
long as any Obligation is outstanding or the Credit Facility is available hereunder, the Borrower covenants and agrees with each of the Lenders and the Agent that, unless (subject to Section 14.10) a Majority of the Lenders otherwise consent in
writing, it shall not: 

  
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	 	(a)	Negative Pledge 

 Unless in the opinion of legal counsel acceptable to the Agent, acting reasonably, the
Obligations shall be secured equally and rateably therewith (either by the same instrument or by other instrument), create, assume or otherwise have outstanding Security Interests on or over its assets (present or future) except for Permitted
Encumbrances. 
  

	 	(b)	Amalgamation, Mergers, etc. 

 Except for Excluded Transactions, enter into any transaction (each, a
“Transaction”) whereby all or substantially all of its undertaking, property and assets would become the property of any other person (herein called a “Successor”), whether by way of reconstruction, reorganization,
recapitalization, consolidation, amalgamation, merger, transfer, sale or otherwise, unless: 
  

	 	(i)	the Agent has been provided with 21 days’ prior notice thereof together with such financial and other information as may be reasonably required by the Agent to satisfy paragraphs (ii) to (iv) below;

  

	 	(ii)	immediately prior to such Transaction, no Default or Event of Default shall have occurred and be continuing; 

  

	 	(iii)	immediately subsequent to such Transaction, no Default or Event of Default would occur; 

  

	 	(iv)	such Transaction would not result in an adverse impact on the debt rating of the Borrower’s unsecured, unsubordinated long term debt such that the relevant debt rating would be less than Investment Grade; and

  

	 	(v)	prior to or contemporaneously with the consummation of such Transaction the Borrower and/or the Successor shall have executed such instruments and done such things as, in the reasonable opinion of Lenders’ Counsel,
are necessary or advisable to establish that upon the consummation of such Transaction: 

  

	 	(A)	the Successor will have assumed all the covenants and obligations of the Borrower under the Documents to which the Borrower is a party; and 

 

	 	(B)	the Documents to which the Borrower is a party will be valid and binding obligations of the Successor entitling the Lenders and the Agent, as against the Successor, to exercise all their rights under such Documents.

 9.3 Agent May Perform Covenants 

If the Borrower fails to perform any covenants on its part herein contained, subject to any consents or notice or cure periods required by Section 10.1,
the Agent may give notice to the Borrower of such failure and if such covenant remains unperformed, the Agent may, in its discretion but need not, perform any such covenant capable of being performed by the Agent and if the covenant requires the
payment or expenditure of money, the Agent may, upon having received approval of all Lenders, make such payments or expenditure and all sums so expended shall be forthwith payable by the Borrower to the Agent on behalf of the Lenders and shall bear
interest at the applicable interest rate provided in Section 5.8 for amounts due in Canadian Dollars or United States Dollars, as the case may be. No such performance, payment or expenditure by the Agent shall be deemed to relieve the Borrower
of any default hereunder or under the other Documents. 

  
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 ARTICLE 10 

EVENTS OF DEFAULT AND ACCELERATION 

10.1 Events of Default 
 The occurrence of any one
or more of the following events (each such event being herein referred to as an “Event of Default”) shall constitute a default under this Agreement: 
  

	 	(a)	Principal Default: if the Borrower fails to pay the principal of any Loan hereunder when due and payable; 

  

	 	(b)	Other Payment Default: if the Borrower fails to pay: 

  

	 	(i)	any interest (including, if applicable, default interest) due on any Loan; 

  

	 	(ii)	any acceptance fee with respect to a Bankers’ Acceptance; or 

  

	 	(iii)	any other amount not specifically referred to in paragraph (a) above or in this paragraph (b) payable by the Borrower hereunder; 

in each case when due and payable, and such default is not remedied within 5 Banking Days after written notice thereof is given by the Agent to
the Borrower specifying such default and requiring the Borrower to remedy or cure the same; 
  

	 	(c)	Breach of Other Covenants: if the Borrower fails to observe or perform any covenant or obligation herein or in any Document contained on its part to be observed or performed (other than a covenant or condition
whose breach or default in performance is specifically dealt with elsewhere in this Section 10.1) and, after notice has been given by the Agent to the Borrower specifying such default and requiring the Borrower to remedy or cure the same, the
Borrower shall fail to remedy such default within a period of 30 Banking Days after the giving of such notice, unless the Majority of the Lenders (having regard to the subject matter of the default) shall have agreed to a longer period, and in such
event, within the period agreed to by the Majority of the Lenders; 

  

	 	(d)	Incorrect Representations: if any representation or warranty made by the Borrower in this Agreement or in any certificate or other document at any time delivered hereunder to the Agent shall prove to have been
incorrect or misleading in any material respect on and as of the date made and such misrepresentation is not remedied within 30 Banking Days after the Agent notifies the Borrower of same; provided that if it is impossible to remedy such
misrepresentation, the true facts that exist have or would reasonably be expected to have a Material Adverse Effect; 

  

	 	(e)	Involuntary Insolvency: if a decree or order of a court of competent jurisdiction is entered adjudging the Borrower a bankrupt or insolvent or approving as properly filed a petition seeking the winding up of the
Borrower under the Companies’ Creditors Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada), the Winding-up and Restructuring Act (Canada) or any other bankruptcy, insolvency or analogous laws or ordering
the winding up or liquidation of its affairs, and any such decree or order continues unstayed and in effect for a period of 10 Banking Days; 

  

	 	(f)	 Voluntary Insolvency: if the Borrower makes any assignment in bankruptcy or makes any other assignment for
the benefit of creditors, makes any proposal under the Bankruptcy and Insolvency Act (Canada) or any comparable law, seeks relief 

  
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under the Companies’ Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) or any other bankruptcy, insolvency or analogous law, files a petition or
proposal to take advantage of any act of insolvency, consents to or acquiesces in the appointment of a trustee, receiver, receiver and manager, interim receiver, custodian, sequestrator or other person with similar powers with respect to the
Borrower or of all or any substantial portion of its assets, or files a petition or otherwise commences any proceeding seeking any reorganization, arrangement, composition, administration or readjustment under any applicable bankruptcy, insolvency,
moratorium, reorganization or other similar law affecting creditors’ rights or consents to, or acquiesces in, the filing of such a petition; 

  

	 	(g)	Dissolution: except in accordance with Section 9.2(b), if proceedings are commenced for the dissolution, liquidation or winding up of the Borrower unless such proceedings are being actively and diligently
contested in good faith to the satisfaction of the Majority of the Lenders; 

  

	 	(h)	Security Realization: if creditors of the Borrower having a Security Interest against or in respect of the property and assets thereof, or any part thereof, (other than Non- Recourse Assets) realize upon or
enforce any such security against such property and assets or any part thereof having an aggregate fair market value in excess of 2.5% of Consolidated Shareholders’ Equity and such realization or enforcement shall continue in effect and not be
released, discharged or stayed for more than 30 Banking Days; 

  

	 	(i)	Seizure: if property and assets of the Borrower or any part thereof (other than Non- Recourse Assets) having an aggregate fair market value in excess of 2.5% of Consolidated Shareholders’ Equity is seized or
otherwise attached by anyone pursuant to any legal process or other means, including, without limitation, distress, execution or any other step or proceeding with similar effect and such attachment, step or other proceeding shall continue in effect
and not be released, discharged or stayed for more than 30 Banking Days; 

  

	 	(j)	Judgment: if one or more judgments, decrees or orders (other than in respect of Non-Recourse Debt) shall be rendered against the Borrower for the payment of money in excess of 2.5% of Consolidated
Shareholders’ Equity in the aggregate and any of such judgments, decrees or orders shall continue unsatisfied and in effect for a period of 30 Banking Days without being vacated, discharged, satisfied or stayed pending appeal;

  

	 	(k)	Payment Cross-Default: if the Borrower defaults in the payment when due (whether at maturity, upon acceleration, or otherwise) of Debt thereof in an aggregate principal amount in excess of 2.5% of Consolidated
Shareholders’ Equity (or the Equivalent Amount thereof or the equivalent thereof in any other currency) and such default continues after the expiry of any applicable cure periods, unless such default has been remedied or waived in accordance
with the provisions of the relevant indentures, credit agreements, instruments or other agreements evidencing or relating to such Debt; or 

  

	 	(l)	 Event Cross Acceleration: if a default, event of default or other similar condition or event (however
described) in respect of the Borrower occurs or exists under any indentures, credit agreements, instruments or other agreements evidencing or relating to Debt thereof (individually or collectively) in an aggregate principal amount in excess of 2.5%
of Consolidated Shareholders’ Equity (or the Equivalent Amount thereof or the equivalent thereof in any other currency) and such default, event or condition has resulted in such Debt becoming due and payable thereunder before it would otherwise
have been due and payable, unless such default, event or condition 

  
 54 

	 	
has been remedied or waived in accordance with the provisions of the relevant indentures, credit agreements, instruments or other agreements and the acceleration of Debt resulting therefrom has
been rescinded. 

 10.2 Acceleration 

If any Event of Default shall occur and for so long as it is continuing: 
  

	 	(a)	the entire principal amount of all Loans then outstanding from the Borrower and all accrued and unpaid interest thereon; 

  

	 	(b)	an amount equal to the face amount at maturity of all Bankers’ Acceptances issued by the Borrower which are unmatured; and 

  

	 	(c)	all other Obligations outstanding hereunder, 

 shall, at the option of the Agent in accordance with
Section 13.11 or upon the request of a Majority of the Lenders, become immediately due and payable upon written notice to that effect from the Agent to the Borrower, all without any other notice and without presentment, protest, demand, notice
of dishonour or any other demand whatsoever (all of which are hereby expressly waived by the Borrower). In such event and if the Borrower does not immediately pay all such amounts upon receipt of such notice, either the Lenders (in accordance with
the proviso in Section 13.11(i)) or the Agent on their behalf may, in their discretion, exercise any right or recourse and/or proceed by any action, suit, remedy or proceeding against the Borrower authorized or permitted by law for the recovery
of all the indebtedness and liabilities of the Borrower to the Lenders and proceed to exercise any and all rights hereunder and under the other Documents and no such remedy for the enforcement of the rights of the Lenders shall be exclusive of or
dependent on any other remedy but any one or more of such remedies may from time to time be exercised independently or in combination. 
 10.3
Conversion on Default 
 Upon the occurrence of an Event of Default in respect of the Borrower, the Agent on behalf of the Lenders may convert, at
the Equivalent Amount, if applicable, a U.S. Base Rate Loan or Libor Loan owing by the Borrower, to a Canadian Prime Rate Loan. Interest shall accrue on each such Canadian Prime Rate Loan at the rate specified in Section 5.1 with interest on
all overdue interest at the same rate, such interest to be calculated daily and payable on demand. 
 10.4 Remedies Cumulative and Waivers

 For greater certainty, it is expressly understood and agreed that the rights and remedies of the Lenders and the Agent hereunder or under any other
Document are cumulative and are in addition to and not in substitution for any rights or remedies provided by law or by equity; and any single or partial exercise by the Lenders or by the Agent of any right or remedy for a default or breach of any
term, covenant, condition or agreement contained in this Agreement or other Document shall not be deemed to be a waiver of or to alter, affect or prejudice any other right or remedy or other rights or remedies to which any one or more of the Lenders
and the Agent may be lawfully entitled for such default or breach. Any waiver by, as applicable, the Majority of the Lenders, the Lenders or the Agent of the strict observance, performance or compliance with any term, covenant, condition or other
matter contained herein and any indulgence granted, either expressly or by course of conduct, by, as applicable, the Majority of the Lenders, the Lenders or the Agent shall be effective only in the specific instance and for the purpose for which it
was given and shall be deemed not to be a waiver of any rights and remedies of the Lenders or the Agent under this Agreement or any other Document as a result of any other default or breach hereunder or thereunder. 

  
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 10.5 Termination of Lenders’ Obligations 

The occurrence of a Default or Event of Default shall relieve the Lenders of all obligations to provide any further Drawdowns, Rollovers or Conversions to the
Borrower hereunder during the continuance of the same; provided that the foregoing shall not prevent the Lenders or the Agent from disbursing money or effecting any Conversion which, by the terms hereof, they are entitled to effect, or any
Conversion or Rollover requested by the Borrower and acceptable to all of the Lenders and the Agent. 
 ARTICLE 11 

CHANGE OF CIRCUMSTANCES 
 11.1 Market
Disruption Respecting Libor Loans 
 If at any time subsequent to the giving of a Drawdown Notice, Rollover Notice or Conversion Notice to the Agent
by the Borrower with regard to any requested Libor Loan: 
  

	 	(a)	the Agent (acting reasonably) determines that by reason of circumstances affecting the London interbank market, adequate and fair means do not exist for ascertaining the rate of interest with respect to, or deposits are
not available in sufficient amounts in the ordinary course of business at the rate determined hereunder to fund, a requested Libor Loan during the ensuing Interest Period selected; 

 

	 	(b)	the Agent (acting reasonably) determines that the making or continuing of the requested Libor Loan by the Lenders has been made impracticable by the occurrence of an event which materially adversely affects the London
interbank market generally; or 

  

	 	(c)	the Agent is advised by Lenders holding at least 25% of the Commitments of all Lenders hereunder by written notice (each, a “Lender Libor Suspension Notice”), such notice received by the Agent no later than
2:00 p.m. (Toronto time) on the third Banking Day prior to the date of the requested Drawdown, Rollover or Conversion, as the case may be, that such Lenders have determined (acting reasonably) that the Libor Rate will not adequately reflect the cost
of funds to such Lenders of United States Dollar deposits in such market for the relevant Interest Period, 

 then the Agent shall give notice
thereof to the Lenders and the Borrower as soon as possible after such determination or receipt of such Lender Libor Suspension Notice, as the case may be, and the Borrower shall, within one Banking Day after receipt of such notice and in
replacement of the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, previously given by the Borrower, give the Agent a Drawdown Notice or a Conversion Notice, as the case may be, which specifies the Drawdown of any other
Loan or the Conversion of the relevant Libor Loan on the last day of the applicable Interest Period into any other Loan which would not be affected by the notice from the Agent pursuant to this Section 11.1. In the event the Borrower fails to
give, if applicable, a valid replacement Conversion Notice with respect to the maturing Libor Loans which were the subject of a Rollover Notice, such maturing Libor Loans shall be converted on the last day of the applicable Interest Period into U.S.
Base Rate Loans as if a Conversion Notice had been given to the Agent by the Borrower pursuant to the provisions hereof. In the event the Borrower fails to give, if applicable, a valid replacement Drawdown Notice with respect to a Drawdown
originally requested by way of a Libor Loan, then the Borrower shall be deemed to have requested a Drawdown by way of a U.S. Base Rate Loan in the amount specified in the original Drawdown Notice and, on the originally requested Drawdown Date, the
Lenders (subject to the other provisions hereof) shall make available the requested amount by way of a U.S. Base Rate Loan. 

  
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 11.2 Market Disruption Respecting Bankers’ Acceptances 

If: 
  

	 	(a)	the Agent (acting reasonably) makes a determination, which determination shall be conclusive and binding upon the Borrower, and notifies the Borrower, that there no longer exists an active market for bankers’
acceptances accepted by the Lenders; or 

  

	 	(b)	the Agent is advised by Lenders holding at least 25% of the Commitments of all Lenders hereunder by written notice (each, a “Lender BA Suspension Notice”) that such Lenders have determined (acting
reasonably) that the BA Discount Rate will not or does not accurately reflect the cost of funds of such Lenders or the discount rate which would be applicable to a sale of Bankers’ Acceptances accepted by such Lenders in the market;

 then: 
  

	 	(c)	the right of the Borrower to request Bankers’ Acceptances or BA Equivalent Advances from any Lender shall be suspended until the Agent determines that the circumstances causing such suspension no longer exist, and
so notifies the Borrower and the Lenders; 

  

	 	(d)	any outstanding Drawdown Notice requesting a Loan by way of Bankers’ Acceptances or BA Equivalent Advances shall be deemed to be a Drawdown Notice requesting a Loan by way of Canadian Prime Rate Loans in the amount
specified in the original Drawdown Notice; 

  

	 	(e)	any outstanding Conversion Notice requesting a Conversion of a Loan by way of U.S. Base Rate Loans or Libor Loans into a Loan by way of Bankers’ Acceptances or BA Equivalent Advances shall be deemed to be a
Conversion Notice requesting a Conversion of such Loan into a Loan by way of Canadian Prime Rate Loans; and 

  

	 	(f)	any outstanding Rollover Notice requesting a Rollover of a Loan by way of Bankers’ Acceptances or BA Equivalent Advances, shall be deemed to be a Conversion Notice requesting a Conversion of such Loans into a Loan
by way of Canadian Prime Rate Loans. 

 The Agent shall promptly notify the Borrower and the Lenders of any suspension of the Borrower’s
right to request the Bankers’ Acceptances or BA Equivalent Advances and of any termination of any such suspension. A Lender BA Suspension Notice shall be effective upon receipt of the same by the Agent if received prior to 2:00 p.m. (Toronto
time) on a Banking Day and if not, then on the next following Banking Day, except in connection with a Drawdown Notice, Conversion Notice or Rollover Notice previously received by the Agent, in which case the applicable Lender BA Suspension Notice
shall only be effective with respect to such previously received Drawdown Notice, Conversion Notice or Rollover Notice if received by the Agent prior to 2:00 p.m. (Toronto time) two Banking Days prior to the proposed Drawdown Date, Conversion Date
or Rollover Date (as applicable) applicable to such previously received Drawdown Notice, Conversion Notice or Rollover Notice, as applicable. 
 11.3
Change in Law 
  

	(1)	 If the adoption of any applicable law, regulation, treaty or official directive (whether or not having the force
of law) or any change therein or in the interpretation or application thereof by any court or by any Governmental Authority or any other entity charged with the interpretation or administration thereof or compliance by a Lender with any request or

  
 57 

	 	
direction (whether or not having the force of law) of any such authority or entity in each case after the date hereof: 

 

	 	(a)	subjects such Lender to, or causes the withdrawal or termination of a previously granted exemption with respect to, any Taxes (other than Excluded Taxes), or changes the basis of taxation of payments due to such Lender,
or increases any existing Taxes (other than Excluded Taxes) on payments of principal, interest or other amounts payable by the Borrower to such Lender under this Agreement; 

 

	 	(b)	imposes, modifies or deems applicable any reserve, liquidity, special deposit, regulatory or similar requirement against assets or liabilities held by, or deposits in or for the account of, or loans by such Lender, or
any acquisition of funds for loans or commitments to fund loans or obligations in respect of undrawn, committed lines of credit or in respect of Bankers’ Acceptances accepted by such Lender; 

 

	 	(c)	imposes on such Lender or requires there to be maintained by such Lender any capital adequacy or additional capital requirements (including, without limitation, a requirement which affects such Lender’s allocation
of capital resources to its obligations) in respect of any Loan or obligation of such Lender hereunder, or any other condition with respect to this Agreement; or 

  

	 	(d)	directly or indirectly affects the cost to such Lender of making available, funding or maintaining any Loan or otherwise imposes on such Lender any other condition or requirement affecting this Agreement or any Loan or
any obligation of such Lender hereunder; 

 and the result of (a), (b), (c) or (d) above, in the sole determination of such Lender
acting in good faith, is: 
  

	 	(e)	to increase the cost to such Lender of performing its obligations hereunder with respect to any Loan; 

  

	 	(f)	to reduce any amount received or receivable by such Lender hereunder or its effective return hereunder or on its capital in respect of any Loan or the Credit Facility; or 

 

	 	(g)	to cause such Lender to make any payment with respect to or to forego any return on or calculated by reference to, any amount received or receivable by such Lender hereunder with respect to any Loan or the Credit
Facility; 

 such Lender shall determine that amount of money which shall compensate the Lender for such increase in cost, payments to be made
or reduction in income or return or interest foregone (herein referred to as “Additional Compensation”). Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act
and all regulations, requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States, Canadian or other regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in applicable law for the purposes of this
Section 11.3(1), regardless of the date enacted, adopted or issued. Upon a Lender having determined that it is entitled to Additional Compensation in accordance with the provisions of this Section, such Lender shall promptly so notify the
Borrower and the Agent. The relevant Lender shall provide the Borrower and the Agent with a photocopy of the relevant law, rule, guideline, regulation, treaty or official directive (or, if it is impracticable to provide a photocopy, a written
summary of the same) and a certificate of a duly authorized officer of such Lender setting forth the Additional Compensation and the basis of calculation therefor, which shall be 

  
 58 

 
conclusive evidence of such Additional Compensation in the absence of manifest error. The Borrower shall pay to such Lender within 10 Banking Days of the giving of such notice such Lender’s
Additional Compensation. Each of the Lenders shall be entitled to be paid such Additional Compensation from time to time to the extent that the provisions of this Section are then applicable notwithstanding that any Lender has previously been paid
any Additional Compensation. 
  

	(2)	Each Lender agrees that it will not claim Additional Compensation from the Borrower under Section 11.3(1): 

  

	 	(a)	if it is not generally claiming similar compensation from its other customers in similar circumstances; 

  

	 	(b)	in respect of any period greater than 90 days prior to the delivery of notice in respect thereof by such Lender, unless the adoption, change or other event or circumstance giving rise to the claim for Additional
Compensation is retroactive or is retroactive in effect; or 

  

	 	(c)	to the extent (but only to the extent) the claim for Additional Compensation would duplicate additional amounts such Lender is already receiving pursuant to Section 7.5 in respect of the same adoption, change or other
event or circumstance giving rise to the claim for Additional Compensation. 

 11.4 Prepayment of Portion 

In addition to the other rights and options of the Borrower hereunder and notwithstanding any contrary provisions hereof, if a Lender gives the notice provided
for in Section 11.3 with respect to any Loan (an “Affected Loan”), the Borrower may, upon 2 Banking Days’ notice to that effect given to such Lender and the Agent (which notice shall be irrevocable), prepay in full without
penalty such Lender’s Rateable Portion of the Affected Loan outstanding together with accrued and unpaid interest on the principal amount so prepaid up to the date of such prepayment, such Additional Compensation as may be applicable to the
date of such payment and all costs, losses and expenses incurred by such Lender by reason of the liquidation or re-deployment of deposits or other funds or for any other reason whatsoever resulting from the repayment of such Affected Loan or any
part thereof on other than the last day of the applicable Interest Period, and upon such payment being made that Lender’s obligations to make such Affected Loans to the Borrower under this Agreement shall terminate. 

11.5 Illegality 
 If a Lender determines, in good
faith, that the adoption of any applicable law, regulation, treaty or official directive (whether or not having the force of law) or any change therein or in the interpretation or application thereof by any court or by any Governmental Authority or
any other entity charged with the interpretation or administration thereof or compliance by a Lender with any request or direction (whether or not having the force of law) of any such authority or entity, now or hereafter makes it unlawful or
impossible for any Lender to make, fund or maintain a Loan under the Credit Facility or to give effect to its obligations in respect of such a Loan, such Lender may, by written notice thereof to the Borrower and to the Agent declare its obligations
under this Agreement in respect of such Loan to be terminated whereupon the same shall forthwith terminate, and the Borrower shall, within the time required by such law (or at the end of such longer period as such Lender at its discretion has
agreed), either effect a Conversion of such Loan in accordance with the provisions hereof (if such Conversion would resolve the unlawfulness or impossibility) or prepay the principal of such Loan together with accrued interest, such Additional
Compensation as may be applicable with respect to such Loan to the date of such payment and all costs, losses and expenses incurred by the Lenders by reason of the liquidation or re-deployment of deposits or other funds or for any other reason
whatsoever resulting from the repayment of such Loan or any part thereof on other than the last day of the applicable Interest Period. If any such change shall only affect a portion of such Lender’s obligations under this Agreement which is, in
the opinion of such Lender and the Agent, severable 

  
 59 

 
from the remainder of this Agreement so that the remainder of this Agreement may be continued in full force and effect without otherwise affecting any of the obligations of the Agent, the other
Lenders or the Borrower hereunder, such Lender shall only declare its obligations under that portion so terminated. 
 ARTICLE 12 

COSTS, EXPENSES AND INDEMNIFICATION 

12.1 Costs and Expenses 
 The Borrower shall pay
promptly upon notice from the Agent all reasonable out-of-pocket costs and expenses of the Agent in connection with the Documents and the establishment and initial syndication of the Credit Facility, including, without limitation, in connection with
preparation, printing, execution and delivery of this Agreement and the other Documents whether or not any Drawdown has been made hereunder, and also including, without limitation, the reasonable fees and out-of-pocket costs and expenses of
Lenders’ Counsel with respect thereto and with respect to advising the Agent and the Lenders as to their rights and responsibilities under this Agreement and the other Documents. Except for ordinary expenses of the Lenders and the Agent
relating to the day-to-day administration of this Agreement, the Borrower further agrees to pay within 30 days of demand by the Agent all reasonable out-of-pocket costs and expenses in connection with the preparation or review of waivers, consents
and amendments pertaining to this Agreement, and in connection with the establishment of the validity and enforceability of this Agreement and the preservation or enforcement of rights of the Lenders and the Agent under this Agreement and other
Documents, including, without limitation, all reasonable out-of-pocket costs and expenses sustained by the Lenders and the Agent as a result of any failure by the Borrower to perform or observe any of its obligations hereunder or in connection with
any action, suit or proceeding (whether or not an Indemnified Party is a party or subject thereto), together with interest thereon from and after such 30th day if such payment is not made by such time. 

12.2 General Indemnity 
 In addition to any
liability of the Borrower to any Lender or the Agent under any other provision hereof, the Borrower shall indemnify each Indemnified Party and hold each Indemnified Party harmless against any losses, claims, costs, damages or liabilities (including,
without limitation, any expense or cost incurred in the liquidation and re-deployment of funds acquired to fund or maintain any portion of a Loan and reasonable out-of-pocket expenses and reasonable legal fees on a solicitor and his own client
basis) incurred by the same as a result of or in connection with: 
  

	 	(a)	any cost or expense incurred by reason of the liquidation or re-deployment in whole or in part of deposits or other funds required by any Lender to fund any Bankers’ Acceptance or to fund or maintain any Loan as a
result of the Borrower’s failure to complete a Drawdown or to make any payment, repayment or prepayment on the date required hereunder or specified by it in any notice given hereunder; 

 

	 	(b)	subject to permitted or deemed Rollovers and Conversions, the Borrower’s failure to provide for the payment to the Agent for the account of the Lenders of the full principal amount of each Bankers’ Acceptance
on its maturity date; 

  

	 	(c)	the Borrower’s failure to pay any other amount, including without limitation any interest or fee, due hereunder on its due date after the expiration of any applicable grace or notice periods (subject, however, to
the interest obligations of the Borrower hereunder for overdue amounts); 

  

	 	(d)	the Borrower’s repayment or prepayment of a Libor Loan otherwise than on the last day of its Interest Period; 

  
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	 	(e)	the prepayment of any outstanding Bankers’ Acceptance before the maturity date of such Bankers’ Acceptance; 

  

	 	(f)	the Borrower’s failure to give any notice required to be given by it to the Agent or the Lenders hereunder; 

  

	 	(g)	the failure of the Borrower to make any other payment due hereunder; 

  

	 	(h)	any inaccuracy or incompleteness of the Borrower’s representations and warranties contained in Article 8; 

  

	 	(i)	any failure of the Borrower to observe or fulfil its obligations under Article 9; 

  

	 	(j)	any failure of the Borrower to observe or fulfil any other Obligation not specifically referred to above; or 

  

	 	(k)	the occurrence of any Default or Event of Default, 

 provided that this Section shall not apply to any losses,
claims, costs, damages or liabilities that arise by reason of the gross negligence or wilful misconduct of the Indemnified Party claiming indemnity hereunder. The provisions of this Section shall survive repayment of the Obligations. 

12.3 Environmental Indemnity 
 The Borrower shall
indemnify and hold harmless the Indemnified Parties forthwith on demand by the Agent from and against any and all claims, suits, actions, debts, damages, costs, losses, liabilities, penalties, obligations, judgments, charges, expenses and
disbursements (including without limitation, all reasonable legal fees and disbursements on a solicitor and his own client basis) of any nature whatsoever, suffered or incurred by the Indemnified Parties or any of them in connection with the Credit
Facility, whether as beneficiaries under the Documents, as successors in interest of the Borrower or any of its Subsidiaries, or voluntary transfer in lieu of foreclosure, or otherwise howsoever, with respect to any Environmental Claims relating to
the property of the Borrower or any of its Subsidiaries arising under any Environmental Laws as a result of the past, present or future operations of the Borrower or any of its Subsidiaries (or any predecessor in interest to the Borrower or its
Subsidiaries) relating to the property of the Borrower or its Subsidiaries, or the past, present or future condition of any part of the property of the Borrower or its Subsidiaries owned, operated or leased by the Borrower or its Subsidiaries (or
any such predecessor in interest), including any liabilities arising as a result of any indemnity covering Environmental Claims given to any person by the Lenders or the Agent or a receiver, receiver-manager or similar person appointed hereunder or
under applicable law (collectively, the “Indemnified Third Party”); but excluding any Environmental Claims or liabilities relating thereto to the extent that such Environmental Claims or liabilities arise by reason of the gross
negligence or wilful misconduct of the Indemnified Party or the Indemnified Third Party claiming indemnity hereunder. The provisions of this Section shall survive the repayment of the Obligations. 

12.4 Judgment Currency 
  

	(1)	If for the purpose of obtaining or enforcing judgment against the Borrower in any court in any jurisdiction, it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section
referred to as the “Judgment Currency”) an amount due in Canadian Dollars or United States Dollars under this Agreement, the conversion shall be made at the rate of exchange prevailing on the Banking Day immediately preceding:

  
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	 	(a)	the date of actual payment of the amount due, in the case of any proceeding in the courts of any jurisdiction that will give effect to such conversion being made on such date; or 

 

	 	(b)	the date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction (the date as of which such conversion is made pursuant to this Section being hereinafter in this Section
referred to as the “Judgment Conversion Date”). 

  

	(2)	If, in the case of any proceeding in the court of any jurisdiction referred to in Section 12.4(1)(b), there is a change in the rate of exchange prevailing between the Judgment Conversion Date and the date of actual
payment of the amount due, the Borrower shall pay such additional amount (if any) as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the
amount of Canadian Dollars or United States Dollars, as the case may be, which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment Conversion
Date. 

  

	(3)	Any amount due from the Borrower under the provisions of Section 12.4(2) shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of this
Agreement. 

  

	(4)	The term “rate of exchange” in this Section 12.4 means the Equivalent Amount of the Judgment Currency. 

ARTICLE 13 
 THE AGENT
AND ADMINISTRATION OF THE CREDIT FACILITY 
 13.1 Authorization and Action 

 

	(1)	Each Lender hereby irrevocably appoints and authorizes the Agent to be its agent in its name and on its behalf to exercise such rights or powers granted to the Agent or the Lenders under this Agreement to the extent
specifically provided herein and on the terms hereof, together with such powers as are reasonably incidental thereto and the Agent hereby accepts such appointment and authorization. As to any matters not expressly provided for by this Agreement, the
Agent shall not be required to exercise any discretion or take any action, but, subject to Section 14.10, shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the
instructions of the Majority of the Lenders and such instructions shall be binding upon all Lenders; provided, however, that the Agent shall not be required to take any action which exposes the Agent to liability in such capacity or which could
result in the Agent’s incurring any costs and expenses, without provision being made for indemnity of the Agent by the Lenders against any loss, liability, cost or expense incurred, or to be incurred or which is contrary to this Agreement or
applicable law. 

  

	(2)	The Lenders agree that all decisions as to actions to be or not to be taken, as to consents or waivers to be given or not to be given, as to determinations to be made and otherwise in connection with this Agreement and
the Documents, shall be made upon the decision of the Majority of the Lenders except in respect of a decision or determination where it is specifically provided in this Agreement that “all of the Lenders” or “all Lenders” or
words to similar effect, or the Agent alone, is to be responsible for same. Each of the Lenders shall be bound by and agrees to abide by and adopt all decisions made as aforesaid and covenants in all communications with the Borrower to act in
concert and to join in the action, consent, waiver, determination or other matter decided as aforesaid. 

  
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	13.2	Procedure for Making Loans 

  

	(1)	The Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with
Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or
causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the
Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced
hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.

  

	(2)	Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make
available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in
accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so
made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection
therewith together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of
interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such
Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to
the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie
evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any
Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no
Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be. 

 

	13.3	Remittance of Payments 

 Except for amounts payable to the Agent for its own account and subject
to Section 2.23, forthwith after receipt of any repayment pursuant hereto or payment of interest or fees pursuant to Article 5 or payment pursuant to Article 7, the Agent shall remit to each Lender its Rateable Portion of such payment; provided
that, if the Agent, on the assumption that it will receive on any particular date a payment of principal, interest or fees hereunder, remits to a Lender its Rateable Portion of such payment and the Borrower fails to make such payment, each of the
Lenders on receipt of such remittance from the Agent agrees to repay to the Agent forthwith on demand an amount equal to the 

  
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remittance together with all reasonable costs and expenses incurred by the Agent in connection therewith and interest thereon at the rate and calculated in the manner applicable to the Loan in
respect of which such payment is made, or, in the case of a remittance in respect of Bankers’ Acceptances, at the rate of interest applicable to Canadian Prime Rate Loans for each day from the date such amount is remitted to the Lenders without
prejudice to any right such Lender may have against the Borrower. The exact amount of the repayment required to be made by the Lenders pursuant hereto shall be as set forth in a certificate delivered by the Agent to each Lender, which certificate
shall be conclusive and binding for all purposes in the absence of manifest error. 
 13.4 Redistribution of Payment 

Each Lender agrees that: 
  

	 	(a)	if such Lender exercises any security against or right of counter-claim, set off or banker’s lien or similar right with respect to the property of the Borrower or if under any applicable bankruptcy, insolvency or
other similar law it receives a secured claim and collateral for which it is, or is entitled to exercise any set-off against, a debt owed by it to the Borrower, such Lender shall apportion the amount thereof proportionately between:

  

	 	(i)	such Lender’s Rateable Portion of all outstanding Obligations owing by the Borrower (including the face amounts at maturity of Bankers’ Acceptances accepted by the Lenders), which amounts shall be applied in
accordance with Section 13.4(b); and 

  

	 	(ii)	amounts otherwise owed to such Lender by the Borrower, 

 provided that (i) any cash
collateral account held by such Lender as collateral for a letter of credit or bankers’ acceptance (other than a Bankers’ Acceptance) issued or accepted by such Lender on behalf of the Borrower may be applied by such Lender to such amounts
owed by the Borrower to such Lender pursuant to such letter of credit or in respect of any such bankers’ acceptance without apportionment and (ii) these provisions do not apply to: 

 

	 	(iii)	a right or claim which arises or exists in respect of a loan or other debt in respect of which the relevant Lender holds a Security Interest which is a Permitted Encumbrance; 

 

	 	(iv)	cash collateral provided, or the exercise of rights of counterclaim, set-off or banker’s lien or similar rights, in respect of account positioning arrangements for the Borrower and its Subsidiaries provided by a
Lender in the ordinary course of business or in respect of other cash management services provided by a Lender in the ordinary course of business; or 

  

	 	(v)	any payment to which a Lender is entitled as a result of any credit derivative or other form of credit protection obtained by such Lender; 

 

	 	(b)	 if, in the aforementioned circumstances, such Lender, through the exercise of a right, or the receipt of a
secured claim described in Section 13.4(a) above or otherwise, receives payment of a proportion of the aggregate amount of Obligations due to it hereunder which is greater than the proportion received by any other Lender in respect of the
aggregate Obligations due to the Lenders (having regard to the respective Rateable Portions of the Lenders), such Lender receiving such proportionately greater payment shall purchase, on a non-recourse basis at par, and make payment for a
participation (which shall be deemed to have been done 

  
 64 

	 	
simultaneously with receipt of such payment) in the outstanding Loans of the other Lender or Lenders so that their respective receipts shall be pro rata to their respective Rateable
Portions; provided, however, that if all or part of such proportionately greater payment received by such purchasing Lender shall be recovered by or on behalf of the Borrower or any trustee, liquidator, receiver or receiver-manager or person with
analogous powers from the purchasing Lender, such purchase shall be rescinded and the purchase price paid for such participation shall be returned to the extent of such recovery, but without interest unless the purchasing Lender is required to pay
interest on such amount, in which case each selling Lender shall reimburse the purchasing Lender pro rata in relation to the amounts received by it. Such Lender shall exercise its rights in respect of such secured claim in a manner consistent
with the rights of the Lenders entitled under this Section to share in the benefits of any recovery on such secured claims; and 

  

	 	(c)	if such Lender does, or is required to do, any act or thing permitted by Section 13.4(a) or (b) above, it shall promptly provide full particulars thereof to the Agent. 

 

	13.5	Duties and Obligations 

 Neither the Agent nor any of its directors, officers, agents or employees
(and, for purposes hereof, the Agent shall be deemed to be contracting as agent and trustee for and on behalf of such persons) shall be liable to the Lenders for any action taken or omitted to be taken by it or them under or in connection with this
Agreement except for its or their own gross negligence or wilful misconduct. Without limiting the generality of the foregoing, the Agent: 
  

	 	(a)	may assume that there has been no assignment or transfer by any means by the Lenders of their rights hereunder, unless and until the Agent receives written notice of the assignment thereof from such Lender and the Agent
receives from the assignee an executed Assignment Agreement providing, inter alia, that such assignee is bound hereby as it would have been if it had been an original Lender party hereto; 

 

	 	(b)	may consult with legal counsel (including receiving the opinions of Borrower’s counsel and Lenders’ Counsel required hereunder), independent public accountants and other experts selected by it and shall not be
liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; 

  

	 	(c)	shall incur no liability under or in respect of this Agreement by acting upon any notice, consent, certificate or other instrument or writing (which may be by telegram, cable, telecopier or telex) believed by it to be
genuine and signed or sent by the proper party or parties or by acting upon any representation or warranty of the Borrower made or deemed to be made hereunder; 

  

	 	(d)	may assume that no Default or Event of Default has occurred and is continuing unless it has actual knowledge to the contrary; 

  

	 	(e)	may rely as to any matters of fact which might reasonably be expected to be within the knowledge of any person upon a certificate signed by or on behalf of such person; 

 

	 	(f)	 shall not be bound to disclose to any other person any information relating to the Borrower, any of its
Subsidiaries or any other person if such disclosure would or 

  
 65 

	 	
might in its opinion constitute a breach of any applicable law, be in default of the provisions hereof or be otherwise actionable at the suit of any other person; and 

 

	 	(g)	may refrain from exercising any right, power or discretion vested in it which would or might in its reasonable opinion be contrary to any applicable law or any directive or otherwise render it liable to any person, and
may do anything which is in its reasonable opinion necessary to comply with such applicable law. 

 Further, the Agent (i) does not make
any warranty or representation to any Lender nor shall it be responsible to any Lender for the accuracy or completeness of the representations and warranties of the Borrower herein or the data made available to any of the Lenders in connection with
the negotiation of this Agreement, or for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; (ii) shall not have any duty to ascertain or to enquire as to the performance or
observance of any of the terms, covenants or conditions of this Agreement on the part of the Borrower or to inspect the property (including the books and records) of the Borrower or any of its Subsidiaries; and (iii) shall not be responsible to
any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any instrument or document furnished pursuant hereto. 

13.6 Prompt Notice to the Lenders 
 Notwithstanding
any other provision herein, the Agent agrees to provide to the Lenders, with copies where appropriate, all information, notices and reports required to be given to the Agent by the Borrower, promptly upon receipt of same, excepting therefrom
information and notices relating solely to the role of Agent hereunder. 
 13.7 Agent’s and Lenders’ Authorities 

With respect to its Commitment and the Drawdowns, Rollovers, Conversions and Loans made by it as a Lender, the Agent shall have the same rights and powers
under this Agreement as any other Lender and may exercise the same as though it were not the Agent. Subject to the express provisions hereof relating to the rights and obligations of the Agent and the Lenders in such capacities, the Agent and each
Lender may accept deposits from, lend money to, and generally engage in any kind of business with the Borrower and its Subsidiaries or any corporation or other entity owned or controlled by any of them and any person which may do business with any
of them without any duties to account therefor to the Agent or the other Lenders and, in the case of the Agent, all as if it was not the Agent hereunder. 

13.8 Lender Credit Decision 
 It is understood and
agreed by each Lender that it has itself been, and will continue to be, solely responsible for making its own independent appraisal of and investigations into the financial condition, creditworthiness, condition, affairs, status and nature of the
Borrower and its Subsidiaries. Each Lender represents to the Agent that it is engaged in the business of making and evaluating the risks associated with commercial revolving loans or term loans, or both, to corporations similar to the Borrower, that
it can bear the economic risks related to the transaction contemplated hereby, that it has had access to all information deemed necessary by it in making such decision (provided that this representation shall not impair its rights against the
Borrower) and that it is entering into this Agreement in the ordinary course of its commercial lending business. Accordingly, each Lender confirms with the Agent that it has not relied, and will not hereafter rely, on the Agent (i) to check or
enquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrower or any other person under or in connection with this Agreement or the transactions herein contemplated (whether or not such information has
been or is hereafter distributed to such Lender by the Agent), or (ii) to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrower or any of its Subsidiaries. Each
Lender acknowledges that a copy of this Agreement has been made available to it for review and 

  
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each Lender acknowledges that it is satisfied with the form and substance of this Agreement. Each Lender hereby covenants and agrees that, subject to Section 13.4, it will not make any
arrangements with the Borrower for the satisfaction of any Loans or other Obligations without the consent of all the other Lenders. 
 13.9
Indemnification of Agent 
 The Lenders hereby agree to indemnify the Agent (to the extent not reimbursed by the Borrower), on a pro rata
basis in accordance with their respective Commitments as a proportion of the aggregate of all outstanding Commitments, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Agent in any way relating to or arising out of this Agreement or any action taken or omitted by the Agent under or in respect of this
Agreement in its capacity as Agent; provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs expenses or disbursements resulting from the Agent’s
gross negligence or wilful misconduct. If the Borrower subsequently repays all or a portion of such amounts to the Agent, the Agent shall reimburse the Lenders their pro rata shares (according to the amounts paid by them in respect thereof)
of the amounts received from the Borrower. Without limiting the generality of the foregoing, each Lender agrees to reimburse the Agent promptly upon demand for its portion (determined as above) of any out-of-pocket expenses (including counsel fees)
incurred by the Agent in connection with the preservation of any rights of the Agent or the Lenders under, or the enforcement of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the Agent is not
reimbursed for such expenses by the Borrower. 
 13.10 Successor Agent 

The Agent may, as hereinafter provided, resign at any time by giving 45 days’ prior written notice thereof to the Lenders and the Borrower. Upon any such
resignation, the Lenders shall, after soliciting the views of the Borrower, have the right to appoint another Lender as a successor agent (the “Successor Agent”) who shall be acceptable to the Borrower, acting reasonably. If no
Successor Agent shall have been so appointed by the Lenders and shall have accepted such appointment within 30 days after the retiring Agent’s giving of notice of resignation, then the retiring Agent shall, on behalf of the Lenders, appoint a
Successor Agent who shall be a Lender acceptable to the Borrower, acting reasonably. Upon the acceptance of any appointment as Agent hereunder by a Successor Agent, such Successor Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall thereupon be discharged from its further duties and obligations as Agent under this Agreement. After any retiring Agent’s resignation hereunder as Agent,
the provisions of this Article shall continue to enure to its benefit as to any actions taken or omitted to be taken by it as Agent or in its capacity as Agent while it was Agent hereunder. 

13.11 Taking and Enforcement of Remedies 
 Each of
the Lenders hereby acknowledges that, to the extent permitted by applicable law, the remedies provided hereunder to the Lenders are for the benefit of the Lenders collectively and acting together and not severally and further acknowledges that its
rights hereunder are to be exercised not severally, but collectively by the Agent upon the decision of the Majority of the Lenders regardless of whether acceleration was made pursuant to Section 10.2. Notwithstanding any of the provisions
contained herein, each of the Lenders hereby covenants and agrees that it shall not be entitled to individually take any action with respect to the Credit Facility, including, without limitation, any acceleration under Section 10.2, but that
any such action shall be taken only by the Agent with the prior written agreement or instructions of the Majority of the Lenders; provided that, notwithstanding the foregoing, if (i) the Agent, having been adequately indemnified against costs
and expenses of so doing by the Lenders, shall fail to carry out any such instructions of a Majority of the Lenders, any Lender may do so on behalf of all Lenders and shall, in so doing, be entitled to the benefit of all

  
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protections given the Agent hereunder or elsewhere, and (ii) in the absence of instructions from the Majority of the Lenders and where in the sole opinion of the Agent the exigencies of the
situation warrant such action, the Agent may without notice to or consent of the Lenders or any of them take such action on behalf of the Lenders as it deems appropriate or desirable in the interests of the Lenders. Each of the Lenders hereby
further covenants and agrees that upon any such written consent being given by the Majority of the Lenders, or upon a Lender or the Agent taking action as aforesaid, it shall cooperate fully with the Lender or the Agent to the extent requested by
the Lender or the Agent in the collective realization including, without limitation, and, if applicable, the appointment of a receiver, or receiver and manager to act for their collective benefit. Each Lender covenants and agrees to do all acts and
things and to make, execute and deliver all agreements and other instruments, including, without limitation, any instruments necessary to effect any registrations, so as to fully carry out the intent and purpose of this Section; and each of the
Lenders hereby covenants and agrees that, subject to Section 5.7, Section 13.4 and Section 9.2(a) it has not heretofore and shall not seek, take, accept or receive any security for any of the obligations and liabilities of the
Borrower hereunder or under any other document, instrument, writing or agreement ancillary hereto and shall not enter into any agreement with any of the parties hereto or thereto relating in any manner whatsoever to the Credit Facility, unless all
of the Lenders shall at the same time obtain the benefit of any such security or agreement. 
 With respect to any enforcement, realization or the taking of
any rights or remedies to enforce the rights of the Lenders hereunder, the Agent shall be a trustee for each Lender, and all monies received from time to time by the Agent in respect of the foregoing shall be held in trust and shall be trust assets
within the meaning of applicable bankruptcy or insolvency legislation and shall be considered for the purposes of such legislation to be held separate and apart from the other assets of the Agent, and each Lender shall be entitled to their Rateable
Portion of such monies. In its capacity as trustee, the Agent shall be obliged to exercise only the degree of care it would exercise in the conduct and management of its own business and in accordance with its usual practice concurrently employed or
hereafter instituted for other substantial commercial loans. 
 13.12 Reliance Upon Agent 

The Borrower shall be entitled to rely upon any certificate, notice or other document or other advice, statement or instruction provided to it by the Agent
pursuant to this Agreement, and the Borrower shall generally be entitled to deal with the Agent with respect to matters under this Agreement which the Agent is authorized to deal with without any obligation whatsoever to satisfy itself as to the
authority of the Agent to act on behalf of the Lenders and without any liability whatsoever to the Lenders for relying upon any certificate, notice or other document or other advice, statement or instruction provided to it by the Agent,
notwithstanding any lack of authority of the Agent to provide the same. 
 13.13 No Liability of Agent 

The Agent shall have no responsibility or liability to the Borrower on account of the failure of any Lender to perform its obligations hereunder (unless such
failure was caused, in whole or in part, by the Agent’s failure to observe or perform its obligations hereunder), or to any Lender on account of the failure of the Borrower or any Lender to perform its obligations hereunder. 

13.14 The Agent and the Defaulting Lenders 
  

	(1)	Each Defaulting Lender shall be required, to the extent permitted by applicable law, to provide to the Agent cash in an amount, as shall be determined from time to time by the Agent in its discretion, equal to all
obligations of such Defaulting Lender that are owing or, in the case of contingent obligations, may become owing, to the Agent, in its capacity as Agent, pursuant to this Agreement, including such Defaulting Lender’s obligation to pay its
Rateable Portion of any indemnification or expense reimbursement amounts not paid by the Borrower. Such cash shall be held by the Agent in one or more cash collateral accounts, which accounts shall be in the name of the Agent and shall not be
required to be interest bearing. The Agent shall be entitled to apply the foregoing cash in accordance with Section 13.9. 

  
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	(2)	The Agent shall be entitled to set off any Defaulting Lender’s Rateable Portion of all payments received from the Borrower against such Defaulting Lender’s obligations to fund payments and Loans required to be
made by it and to purchase participations required to be purchased by it in each case under this Agreement and the other Documents. To the extent permitted by law, the Agent shall be entitled to withhold and deposit in one or more non- interest
bearing cash collateral accounts in the name of the Agent all amounts (whether principal, interest, fees or otherwise) received by the Agent and due to a Defaulting Lender pursuant to this Agreement, for so long as such Lender is a Defaulting
Lender, which amounts shall be used by the Agent: 

  

	 	(a)	first, to reimburse the Agent for any amounts owing to it, in its capacity as Agent, by the Defaulting Lender pursuant to any Document; 

 

	 	(b)	second, to repay on a pro rata basis the incremental portion of any Loans made by a Lender pursuant to Section 14.2(4) in order to fund a shortfall created by a Defaulting Lender and, upon receipt of such
repayment, each such Lender shall be deemed to have assigned to the Defaulting Lender such incremental portion of such Loans; 

  

	 	(c)	third, to cash collateralize all other contingent obligations of such Defaulting Lender to the Agent, in its capacity as Agent, owing pursuant to this Agreement in such amount as shall be determined from time to time by
the Agent in its discretion; and 

  

	 	(d)	fourth, to fund from time to time the Defaulting Lender’s Rateable Portion of Loans. 

  

	(3)	For greater certainty and in addition to the foregoing, neither the Agent nor any of its Affiliates nor any of their respective shareholders, officers, directors, employees, agents or representatives shall be liable to
any Lender (including, without limitation, a Defaulting Lender) for any action taken or omitted to be taken by it in connection with amounts payable by the Borrower to a Defaulting Lender and received and deposited by the Agent in a cash collateral
account and applied in accordance with the provisions of this Agreement, save and except for the gross negligence or wilful misconduct of the Agent as determined by a final non-appealable judgement of a court of competent jurisdiction.

  

	13.15	Article for Benefit of Agent and Lenders 

 The provisions of this Article 13 which relate to the
rights and obligations of the Lenders to each other or to the rights and obligations between the Agent and the Lenders shall be for the exclusive benefit of the Agent and the Lenders, and, except to the extent provided in Sections 13.1, 13.2, 13.6,
13.10, 13.11, 13.12, 13.13, 13.14 and this Section 13.15, the Borrower shall not have any rights or obligations thereunder or be entitled to rely for any purpose upon such provisions. Any Lender may waive in writing any right or rights which it
may have against the Agent or the other Lenders hereunder without the consent of or notice to the Borrower. 
 ARTICLE 14 

GENERAL 
  

	14.1	Exchange and Confidentiality of Information 

  

	(1)	 The Borrower agrees that the Agent and each Lender may provide any assignee or participant or any bona
fide prospective assignee or participant pursuant to Sections 14.6 or 14.7 with any information concerning the financial condition of the Borrower and its 

  
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Subsidiaries provided such party agrees with the Agent or such Lender for the benefit of the Borrower to be bound by a like duty of confidentiality to that contained in this Section.

  

	(2)	Each of the Agent and the Lenders acknowledges the confidential nature of the financial, operational and other information and data provided and to be provided to them by the Borrower pursuant hereto (the
“Information”) and agrees to use all reasonable efforts to prevent the disclosure thereof provided, however, that: 

  

	 	(a)	the Agent and each of the Lenders may disclose all or any part of the Information if, in their reasonable opinion, such disclosure is required in connection with any actual or threatened judicial, administrative or
governmental proceedings (including proceedings initiated under or in respect of this Agreement) or upon the request of its independent auditors or a Governmental Authority having jurisdiction over it; 

 

	 	(b)	the Agent and each of the Lenders shall incur no liability in respect of any Information required to be disclosed by any applicable law or regulation, or by applicable order, policy or directive having the force of law,
to the extent of such requirement; 

  

	 	(c)	the Agent and each of the Lenders may provide Lenders’ Counsel and their other agents and professional advisors and insurers and reinsurers and any actual or prospective counterparty (or its advisors) to any
securitization, swap or derivative transaction relating to the Borrower, its Subsidiaries and the Obligations with any Information; provided that such persons shall be under a like duty of confidentiality to that contained in this Section;

  

	 	(d)	the Agent and each of the Lenders shall incur no liability in respect of any Information: (i) which is or becomes readily available to the public (other than by a breach hereof) or which has been made readily
available to the public by the Borrower or its Subsidiaries, (ii) which the Agent or the relevant Lender can show was, prior to receipt thereof from the Borrower, lawfully in the Agent’s or Lender’s possession and not then subject to
any obligation on its part to the Borrower to maintain confidentiality, or (iii) which the Agent or the relevant Lender received from a third party who was not, to the knowledge of the Agent or such Lender, under a duty of confidentiality to
the Borrower at the time the information was so received; 

  

	 	(e)	the Agent and each Lender may provide any Affiliate thereof with the Information to the extent reasonably required to be disclosed thereto; provided that each such Affiliate shall be under a like duty of confidentiality
to that contained in this Section 14.1 and further provided that the Agent or the Lender, as the case may be, providing the Information shall be responsible for any breach by its Affiliate of the aforementioned like duty of confidentiality;

  

	 	(f)	the Agent and each of the Lenders may disclose the Information to other financial institutions and other persons in connection with the syndication by the Agent or Lenders of the Credit Facility or the granting by a
Lender of an actual or prospective assignment of or participation in the Credit Facility where such financial institution or other person agrees to be under a like duty of confidentiality to that contained in this Section; 

 

	 	(g)	the Agent and each Lender may provide any Affiliate thereof with the Information to the extent reasonably required to be disclosed thereto; provided that each such Affiliate shall be under a like duty of confidentiality
to that contained in this Section 14.1 and further provided that the Agent or the Lender, as the case may be, providing the Information shall be responsible for any breach by its Affiliate of the aforementioned like duty of confidentiality; and

  
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	 	(h)	the Agent and each of the Lenders may disclose all or any part of the Information so as to enable the Agent and the Lenders to initiate any lawsuit against the Borrower or to defend any lawsuit commenced by the Borrower
the issues of which touch on the Information, but only to the extent such disclosure is necessary to the initiation or defense of such lawsuit. 

  

	(3)	With respect to each Lender, the provisions of this Article 14 shall survive repayment of the Obligations to such Lender and shall continue for a period of two (2) years after such Lender ceases to be a Lender
hereunder. 

  

	14.2	Nature of Obligation under this Agreement; Defaulting Lenders 

  

	(1)	The obligations of each Lender and of the Agent under this Agreement are several. The failure of any Lender to carry out its obligations hereunder shall not relieve the other Lenders, the Agent or the Borrower of any of
their respective obligations hereunder. 

  

	(2)	Without derogating from the operation of Section 13.14 and this Section 14.2, neither the Agent nor any Lender shall be responsible for the obligations of any other Lender hereunder. 

 

	(3)	Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

 

	 	(a)	the standby fees payable pursuant to Section 5.6 shall cease to accrue on the unused portion of the Commitment of such Defaulting Lender; 

 

	 	(b)	a Defaulting Lender shall not be included in determining whether, and the Commitment and the Rateable Portion of the Outstanding Principal of such Defaulting Lender shall not be included in determining whether all
Lenders or the Majority of the Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 14.10), provided that any waiver, amendment or modification requiring the consent of all
Lenders or each affected Lender that affects such Defaulting Lender differently than other affected Lenders or that increases the Commitment, extends the Maturity Date or decreases the Applicable Pricing Rate with respect to such Defaulting Lender
shall require the consent of such Defaulting Lender; and 

  

	 	(c)	for the avoidance of doubt, the Borrower shall retain and reserve its other rights and remedies respecting each Defaulting Lender. 

  

	(4)	If the Agent has actual knowledge that a Lender is a Defaulting Lender at the time that the Agent receives a Drawdown Notice or a Conversion Notice that will result in a currency conversion, then each other Lender shall
fund its Rateable Portion of such affected Loan (and, in calculating such Rateable Portion, the Agent shall ignore the Commitments of each such Defaulting Lender); provided that, for certainty, no Lender shall be obligated by this Section to make or
provide Loans in excess of its Commitment. If the Agent acquires actual knowledge that a Lender is a Defaulting Lender at any time after the Agent receives a Drawdown Notice or a Conversion Notice that will result in a currency conversion, then the
Agent shall promptly notify the Borrower that such Lender is a Defaulting Lender (and such Lender shall be deemed to have consented to such disclosure). Each Defaulting Lender agrees to indemnify each other Lender for any amounts paid by such Lender
under this Section 14.2(4) and which would otherwise have been paid by the Defaulting Lender if its Commitment had been included in determining the Rateable Portions of such affected Loans. 

  
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	(5)	If any Lender shall cease to be a Defaulting Lender, then, upon becoming aware of the same, the Agent shall notify the other Lenders and (in accordance with the written direction of the Agent) such Lender (which has
ceased to be a Defaulting Lender) shall purchase, and the other Lenders shall on a rateable basis sell and assign to such Lender, portions of such Loans equal in total to such Lender’s Rateable Portion thereof without regard to Section 14.2(4).

  

	14.3	Notices 

 Any demand, notice or communication to be made or given hereunder shall be in writing
and may be made or given by personal delivery or by transmittal by telecopy or other electronic means of communication addressed to the respective parties as follows: 

To the Borrower: 
 Enbridge Inc.

 200 Fifth Avenue Place 
 425
– 1st Street S.W. 
 Calgary, Alberta 

T2P 3L8 

Attention:            Vice President, Treasury 

Facsimile:           (403) 231-4848 

To the Agent, if applicable: 
 The
Toronto-Dominion Bank, as Agent 
 E& Y Tower 

222 Bay Street, 15th Floor 

Toronto, Ontario M5K 1A2 

Attention:            Director, Loan Syndications- Agency 

Facsimile:           (416) 982-5535 

E-mail:                tdsagencyadmin@tdsecurities.com

 with a copy, in the case of each demand, notice or communication to the Agent other than Drawdown Notices, Conversion Notices, Rollover
Notices and Repayment Notices, to: 
 The Toronto-Dominion Bank, As Agent 

TD Bank Tower 
 66 Wellington
Street West, 9th Floor 
 Toronto, Ontario M5K 1A2 

Attention:            Director, Loan Syndications-Agency 

E-mail:                feroz.haq@tdsecurities.com 

To each Lender: As set forth in the most recent administrative questionnaire or other written notification provided to the Agent by such Lender
(a copy of which shall be provided to the Borrower upon request to the Agent) 
 or to such other address or telecopy number as any party may from time to
time notify the others in accordance with this Section. Any demand, notice or communication made or given by personal delivery or by telecopier or other electronic means of communication during normal business hours at the place of receipt on a
Banking Day shall be conclusively deemed to have been made or given at the time of actual delivery or transmittal, as the case may be, on such Banking Day. Any demand, 

  
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notice or communication made or given by personal delivery or by telecopier or other electronic means of communication after normal business hours at the place of receipt or otherwise than on a
Banking Day shall be conclusively deemed to have been made or given at 9:00 a.m. (Calgary time) on the first Banking Day following actual delivery or transmittal, as the case may be. 

 

	14.4	Governing Law 

 This Agreement shall be governed by and construed in accordance with the laws of
the Province of Alberta and the laws of Canada applicable therein, without prejudice to or limitation of any other rights or remedies available under the laws of any jurisdiction where property or assets of the Borrower may be found. 

14.5 Benefit of the Agreement 
 This Agreement
shall enure to the benefit of and be binding upon the Borrower, the Lenders, the Agent and their respective successors and permitted assigns. 
  

	14.6	Assignment 

 Any Lender may, without consent during the continuance of an Event of Default and at
all other times with the prior written consent of each of the Borrower, the Short Notice Lenders and the Agent, which consents shall not be unreasonably withheld or delayed, sell, assign, transfer or grant an interest in its Commitment, its Rateable
Portion of the Loans and its rights under the Documents; provided that, except during the continuance of an Event of Default, without the consent of the Borrower and the Agent, no Lender shall sell, assign, transfer or grant an interest in any
Commitment, Loan or Document if the effect thereof would be to have a Lender with a Commitment of less than Cdn.$25,000,000 (such amount to be reduced in proportion to any partial reductions in the Credit Facility), and further provided that, it
shall be a precondition to any such sale, assignment, transfer or grant that the contemplated assigning Lender shall have paid to the Agent, for the Agent’s own account, a transfer fee of Cdn.$3,500.00. Upon any such sale, assignment, transfer
or grant, the assigning Lender shall have no further obligation hereunder with respect to such interest. Upon any such sale, assignment, transfer or grant, the assigning Lender, the new Lender, the Agent and the Borrower shall execute and deliver an
Assignment Agreement. Subject to the provisions of Section 9.2(b), the Borrower shall not assign its rights or obligations hereunder without the prior written consent of all of the Lenders. Notwithstanding the foregoing, any Lender may at any
time grant a Security Interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any Security Interest to secure obligations to a U.S. Federal Reserve Bank; provided that no such
grant of a Security Interest shall release a Lender from any of its obligations hereunder or substitute any holder of such Security Interest for such Lender as a party hereto. 

14.7 Participations 
 Any Lender may, without the
consent of the Borrower, grant one or more participations in its Commitment and its Rateable Portion of the Loans to other persons, provided that the granting of such a participation: (a) shall be at such Lender’s own cost and
(b) shall not affect the obligations of such Lender hereunder nor shall it increase the costs to the Borrower hereunder or under any of the other Documents. For certainty, no participant of a Lender shall have any rights or benefits hereunder,
nor shall the consent or approval of such participant be required for any consent, approval or waiver from such Lender. 

  
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	14.8	Severability 

 Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall not invalidate the remaining provisions hereof and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

14.9 Whole Agreement 
 This Agreement and the other
Documents constitute the whole and entire agreement between the parties hereto regarding the subject matter hereof and thereof and cancel and supersede any prior agreements (including, without limitation, any commitment letters), undertakings,
declarations, commitments, representations, written or oral, in respect thereof. 
 14.10 Amendments and Waivers 

Any provision of this Agreement may be amended only if the Borrower and the Majority of the Lenders so agree in writing and, except as otherwise specifically
provided herein, may be waived only if the Majority of the Lenders so agree in writing, but: 
  

	 	(a)	an amendment or waiver which changes or relates to (i) the amount or type of the Loans available hereunder or any Lender’s Commitment, (ii) decreases in the rates of or deferral of the dates of payment of
interest, Bankers’ Acceptance fees, or mandatory repayments of principal, (iii) decreases in the amount of or deferral of the dates of payment of fees hereunder (other than fees payable for the account of Agent), (iv) the definition
of “Majority of the Lenders”, (v) any provision hereof contemplating or requiring consent, approval or agreement of “all Lenders”, “all of the Lenders” or similar expressions or permitting waiver of conditions or
covenants or agreements by “all Lenders”, “all of the Lenders” or similar expressions, (vi) the definition of “Event of Default”, (vii) the conditions precedent to Drawdowns, (viii) the notice
requirements for Drawdowns, Rollovers, Conversions or voluntary repayments, (ix) any provision of Section 2.19, (x) any other definition to the extent relevant to any of the foregoing provisions of this Section, or (xi) this
Section, shall require the agreement or waiver of all of the Lenders and also (in the case of an amendment) of the other parties hereto; and 

  

	 	(b)	an amendment or waiver which changes or relates to the rights and/or obligations of the Agent shall also require the agreement of the Agent thereto. 

Any such waiver and any consent by the Agent, any Lender, the Majority of the Lenders or all of the Lenders under any provision of this Agreement must be in
writing and may be given subject to any conditions thought fit by the person giving that waiver or consent. Any waiver or consent shall be effective only in the instance and for the purpose for which it is given. 

 

	14.11	Acknowledgement and Consent to Bail-In of EEA Financial Institutions 

 Notwithstanding anything to
the contrary in any Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Document, to the extent such liability
is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
  

	 	(a)	the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

  
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	 	(b)	the effects of any Bail-in Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such
liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership
will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Document; or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion
Powers of any EEA Resolution Authority. 

  

	14.12	Further Assurances 

 The Borrower, the Lenders and the Agent shall promptly cure any default by it
in the execution and delivery of this Agreement, the other Documents or any of the agreements provided for hereunder to which it is a party. The Borrower, at its expense, shall promptly execute and deliver to the Agent, upon request by the Agent
(acting reasonably), all such other and further deeds, agreements, opinions, certificates, instruments, affidavits, registration materials and other documents reasonably necessary for the Borrower’s compliance with, or accomplishment of the
covenants and agreements of the Borrower hereunder or more fully to state the obligations of the Borrower as set out herein or to make any registration, recording, file any notice or obtain any consent, all as may be reasonably necessary or
appropriate in connection therewith. 
  

	14.13	Attornment and Waiver of Jury Trial 

  

	(1)	The parties hereto each hereby attorn and submit to the jurisdiction of the courts of the Province of Alberta in regard to legal proceedings relating to the Documents. For the purpose of all such legal proceedings, this
Agreement shall be deemed to have been performed in the Province of Alberta and the courts of the Province of Alberta shall have jurisdiction to entertain any action arising under this Agreement. Notwithstanding the foregoing, nothing in this
Section shall be construed nor operate to limit the right of any party hereto to commence any action relating hereto in any other jurisdiction, nor to limit the right of the courts of any other jurisdiction to take jurisdiction over any action or
matter relating hereto. 

  

	(2)	The parties hereto each hereby waive any right they may have to, or to apply for, trial by jury in connection with any matter, action, proceeding, claim or counterclaim arising out of or relating to the Documents or any
of the transactions contemplated thereby. 

  

	14.14	Time of the Essence 

 Time shall be of the essence of this Agreement. 

 

	14.15	Credit Agreement Governs 

 In the event of any conflict or inconsistency between the provisions of
this Agreement and the provisions of the other Documents, the provisions of this Agreement, to the extent of the conflict or inconsistency, shall govern and prevail. 
  

	14.16	Counterparts 

 This Agreement may be executed in any number of counterparts, each of which shall
be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Delivery
of an executed counterpart of a signature page of this 

  
 75 

 
Agreement by facsimile transmittal or other means of electronic communication shall be effective as delivery of a manually executed counterpart of this Agreement. 

 

	14.17 AML	Legislation and “Know Your Client” Requirements 

  

	(1)	Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
(Canada), the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA) or any other applicable anti-money laundering, anti-terrorist financing, government sanction and “know
your client” Applicable Laws (collectively, including any guidelines or orders thereunder, “AML Legislation”), it may be required to obtain, verify and record information that identifies the Borrower and its Subsidiaries, which
information includes the name and address of each such person and such other information that will allow such Lender or the Agent, as applicable, to identify each such person in accordance with AML Legislation (including, information regarding such
person’s directors, authorized signing officers, or other Persons in control of each such person). The Borrower shall provide to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Agent
or any Lender in order to assist the Agent and the Lenders in maintaining compliance with AML Legislation. The Borrower shall promptly provide all such information, including supporting documentation and other evidence, as may be reasonably
requested by any Lender or the Agent (for itself and not on behalf of any Lender), or any prospective assignee of a Lender or the Agent, in order to comply with any applicable AML Legislation, whether now or hereafter in existence.

  

	(2)	If, upon the written request of any Lender, the Agent (for itself and not on behalf of any Lender) has ascertained the identity of the Borrower or any of its Subsidiaries or any authorized signatories of such person for
the purposes of applicable AML Legislation on such Lender’s behalf, then the Agent: 

  

	 	(a)	shall be deemed to have done so as an agent for such Lender, and this Agreement shall constitute a “written agreement” in such regard between such Lender and the Agent within the meaning of applicable AML
Legislation; and 

  

	 	(b)	shall provide to such Lender copies of all information obtained in such regard without any representation or warranty as to its accuracy or completeness. 

 

	(3)	Notwithstanding anything to the contrary in this Section 14.16, each of the Lenders agrees that the Agent has no obligation to ascertain the identity of the Borrower or any of its Subsidiaries or any authorized
signatories of such person, on behalf of any Lender, or to confirm the completeness or accuracy of any information it obtains from any such person or any such authorized signatory in doing so. 

[The remainder of this page has intentionally been left blank.] 

  
 76 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement. 

 

			
	ENBRIDGE INC.
		
	By:    	 	  /s/ Patrick R. Murray
		 	  Patrick R. Murray
		 	  Vice President, Treasury
		
	By:    	 	  /s/ Tyler W. Robinson
		 	  Tyler W. Robinson
		 	  Vice President & Corporate Secretary

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

			
	LENDERS:
	
	THE TORONTO-DOMINION BANK
		
	By:    	 	  /s/ David Radomsky
		 	  Name: David Radomsky
		 	  Title: Managing Director
		
	By:    	 	  /s/ Glen Cameron
		 	  Name: Glen Cameron
		 	  Title: Director
	
	THE BANK OF NOVA SCOTIA
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	CITIBANK, N.A., CANADIAN BRANCH
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	LENDERS:
	
	THE TORONTO-DOMINION BANK
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	THE BANK OF NOVA SCOTIA
		
	By:    	 	  /s/ Chris Freeman
		 	  Name: Chris Freeman
		 	  Title:   Director
		
	By:    	 	  /s/ Olga Waiand
		 	  Name: Olga Waiand
		 	  Title:   Associate
	
	CITIBANK, N.A., CANADIAN BRANCH
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	LENDERS:
	
	THE TORONTO-DOMINION BANK
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	THE BANK OF NOVA SCOTIA
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	CITIBANK, N.A., CANADIAN BRANCH
		
	By:    	 	  /s/ Jonathan Cain
		 	  Name: Jonathan Cain
		 	  Title:   Authorized Signatory
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	DEUTSCHE BANK AG, CANADA BRANCH
		
	By:    	 	  /s/ David Gynn
		 	  Name: David Gynn
		 	  Title:   Chief Financial Officer
		
	By:    	 	  /s/ Jon Bak
		 	  Name: Jon Bak
		 	  Title:  Assistant Vice President
	
	EXPORT DEVELOPMENT CANADA
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	CANADIAN IMPERIAL BANK OF COMMERCE
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	DEUTSCHE BANK AG, CANADA BRANCH
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	EXPORT DEVELOPMENT CANADA
		
	By:    	 	  /s/ Hivda Morissette
		 	   Name: Hivda Morissette

		 	  Title:   Sr. Asset Manager
		
	By:    	 	  /s/ Vivianne Bouchard
		 	  Name: Vivianne Bouchard
		 	  Title:   Sr. Asset Manager
	
	CANADIAN IMPERIAL BANK OF COMMERCE
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	 DEUTSCHE BANK AG,
 CANADA
BRANCH

		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	EXPORT DEVELOPMENT CANADA
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	CANADIAN IMPERIAL BANK OF COMMERCE
		
	By:    	 	  /s/ Tarah Masniuk
		 	  Name: Tarah Masniuk
		 	  Title:   Director
		
	By:    	 	  /s/ Randy Geislinger
		 	  Name: Randy Geislinger
		 	  Title:   Managing Director

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	HSBC BANK CANADA
		
	By:    	 	  /s/ Adam Lamb
		 	  Name: Adam Lamb
		 	  Title: Assistant Vice President
		
	By:    	 	  /s/ Ronald Cheung
		 	  Name: Ronald Cheung
		 	  Title: Associate
	
	SOCIÉTÉ GÉNÉRALE
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	MIZUHO BANK, LTD.
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	HSBC BANK CANADA
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	SOCIÉTÉ GÉNÉRALE
		
	By:    	 	  /s/ Richard Bernal
		 	  Name: Richard Bernal
		 	  Title: Managing Director
	
	MIZUHO BANK, LTD.
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	HSBC BANK CANADA
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	SOCIÉTÉ GÉNÉRALE
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	MIZUHO BANK, LTD.
		
	By:    	 	  /s/ Brad C. Crilly
		 	  Name: Brad C. Crilly
		 	  Title: Senior Vice President
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	NATIONAL BANK OF CANADA
		
	By:    	 	  /s/ John Niedermier
		 	  Name: John Niedermier
		 	  Title:   Authorized Signatory
		
	By:    	 	  /s/ Rahul Rahul
		 	  Name: Rahul Rahul
		 	  Title:   Authorized Signatory
	
	BNP PARIBAS
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	LA CAISSE CENTRALE DESJARDINS DU QUÉBEC
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	NATIONAL BANK OF CANADA
		
	By:	 	 
		 	Name:
		 	Title:
		
	 By:
	 	 
		 	Name:
		 	Title:

  

			
	BNP PARIBAS
		
	By:	 	/s/ Michael Gosselin
		 	Name: Michael Gosselin
		 	Title: Managing Director
		
	 By:
	 	/s/ Evan lvanov
		 	Name: Evan lvanov
		 	Title: Director

  

			
	LA CAISSE CENTRALE DESJARDINS DU
QUÉBEC
		
	By:	 	 
		 	Name:
		 	Title:
		
	 By:
	 	 
		 	Name:
		 	Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	NATIONAL BANK OF CANADA
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	BNP PARIBAS
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	LA CAISSE CENTRALE DESJARDINS DU
QUÉBEC
		
	By:	 	/s/ Oliver Sumugod
		 	Name: Oliver Sumugod
		 	Title: Director
		
	By:	 	/s/ Matt van Remmen
		 	Name: Matt van Remmen
		 	Title: Managing Director

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	SUMITOMO MITSUI BANKING
CORPORATION OF CANADA
		
	By:	 	/s/ Alfred Lee
		 	Name: Alfred Lee
		 	Title: Managing Director
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	ROYAL BANK OF CANADA
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 BANK OF AMERICA, N.A.,

CANADA BRANCH

		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	SUMITOMO MITSUI BANKING
CORPORATION OF CANADA
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	ROYAL BANK OF CANADA
		
	By:	 	/s/ Tim VandeGriend
		 	Name: Tim VandeGriend
		 	Title: Authorized Signatory
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 BANK OF AMERICA, N.A.,

CANADA BRANCH

		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	SUMITOMO MITSUI BANKING
CORPORATION OF CANADA
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	ROYAL BANK OF CANADA
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 BANK OF AMERICA, N.A.,

CANADA BRANCH

		
	By:	 	/s/ Adrian Plummer
		 	Name: Adrian Plummer
		 	Title: Assistant Vice President
		
	By:	 	 
		 	Name:
		 	Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	BARCLAYS BANK PLC
		
	By:  	 	 /s/ Ronnie Glenn

 

		 	  Name: Ronnie Glenn
		 	  Title: Vice President
		
	By:	 	  

		 	  Name:
		 	  Title:
	
	 UNITED OVERSEAS BANK LIMITED,

VANCOUVER BRANCH

		
	By:	 	  

		 	  Name:
		 	  Title:
		
	By:	 	  

		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	BARCLAYS BANK PLC
		
	By:  	 	  

		 	  Name:
		 	  Title:
		
	By:	 	  

		 	  Name:
		 	  Title:
	
	 UNITED OVERSEAS BANK LIMITED,

VANCOUVER BRANCH

		
	By:	 	   /s/ John Gleason

 

		 	  Name:   John Gleason
		 	  Title:     ED and GM
		
	By:	 	  

		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	CREDIT SUISSE AG, TORONTO BRANCH
		
	By:  	 	   /s/ SZYMON ORDYS

 

		 	  Name: SZYMON ORDYS
		 	  Title:   AUTHORIZED SIGNATORY
		
	By:	 	   /s/ Chris Gage

 

		 	  Name: Chris Gage
		 	  Title:   Authorized Signatory
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:	 	  

		 	  Name:
		 	  Title:
		
	By:	 	  

		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 
			
	CREDIT SUISSE AG, TORONTO BRANCH
		
	By:  	 	  

		 	  Name:
		 	  Title:
		
	By:	 	  

		 	  Name:
		 	  Title:
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:	 	   /s/ GARY HERZOG

 

		 	  Name: GARY HERZOG
		 	  Title:   MANAGING DIRECTOR
		
	By:	 	   /s/ Myra Martinez

 

		 	  Name: Myra Martinez
		 	  Title:   Vice President

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

			
	BANK OF CHINA (CANADA)
		
	By:  	 	   /s/ Li Jieuo

 

		 	  Name: Li Jieuo
		 	  Title: Branch Manager, Calgary
		
	By:	 	  

		 	  Name:
		 	  Title:
	
	STATE BANK OF INDIA (CANADA)
		
	By:	 	  

		 	  Name:
		 	  Title:
		
	By:	 	  

		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

			
	BANK OF CHINA (CANADA)
		
	By:    	 	 
		 	  Name:
		 	  Title:
		
	By:    	 	 
		 	  Name:
		 	  Title:
	
	STATE BANK OF INDIA (CANADA)
		
	By:    	 	  /s/ PANKAJ SHARMA
		 	  Name: PANKAJ SHARMA
		 	  Title: VICE PRESIDENT (CREDIT) TL (CPC)
		
	By:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

			
	AGENT:
	
	 THE TORONTO-DOMINION BANK,

In its capacity as Agent

		
	Per:    	 	  /s/ Feroz Haq
		 	  Name: Feroz Haq
		 	  Title: Director, Loan Syndications – Agency

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

			
	SHORT NOTICE LENDERS:
	
	 THE TORONTO-DOMINION BANK,

in its capacity as Short Notice Lender

		
	Per:    	 	  /s/ David Radomsky
		 	  Name: David Radomsky
		 	  Title: Managing Director
		
	Per:    	 	  /s/ Glen Cameron
		 	  Name: Glen Cameron
		 	  Title: Director
	
	THE BANK OF NOVA SCOTIA,
	in its capacity as a Short Notice Lender
		
	Per:    	 	 
		 	  Name: Name
		 	  Title: Title
	
	CANADIAN IMPERIAL BANK OF COMMERCE,
	in its capacity as a Short Notice Lender
		
	Per:    	 	 
		 	  Name: Name
		 	  Title: Title
	
	ROYAL BANK OF CANADA,
	in its capacity as a short notice lender
		
	Per:    	 	 
		 	  Name: Name
		 	  Title: Title

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

			
	SHORT NOTICE LENDERS:
	
	 THE TORONTO-DOMINION BANK,

in its capacity as Short Notice Lender

		
	Per:    	 	 
		 	  Name:
		 	  Title:
	
	 THE BANK OF NOVA SCOTIA,

in its capacity as a Short Notice Lender

		
	Per:    	 	  /s/ Chris Freeman
		 	  Name: Chris Freeman
		 	  Title: Director
	
	 CANADIAN IMPERIAL BANK OF COMMERCE,

in its capacity as a Short Notice Lender

		
	Per:    	 	 
		 	  Name:
		 	  Title:
	
	 ROYAL BANK OF CANADA,

in its capacity as a Short Notice Lender

		
	Per:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

			
	SHORT NOTICE LENDERS:
	
	 THE TORONTO-DOMINION BANK,

in its capacity as Short Notice Lender

		
	Per:    	 	 
		 	  Name:
		 	  Title:
	
	 THE BANK OF NOVA SCOTIA,

in its capacity as a Short Notice Lender

		
	Per:    	 	 
		 	  Name:
		 	  Title:
	
	 CANADIAN IMPERIAL BANK OF COMMERCE,

in its capacity as a Short Notice Lender

		
	Per:    	 	  /s/ Tarah Masniuk
		 	  Name: Tarah Masniuk
		 	  Title: Director
		
	Per:    	 	  /s/ Randy Gelsinger
		 	  Name: Randy Gelsinger
		 	  Title: Managing Director
	
	 ROYAL BANK OF CANADA,

in its capacity as a Short Notice Lender

		
	Per:    	 	 
		 	  Name:
		 	  Title:

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

			
	SHORT NOTICE LENDERS:
	
	 THE TORONTO-DOMINION BANK,

in its capacity as Short Notice Lender

		
	Per:    	 	 
		 	  Name:
		 	  Title:
	
	 THE BANK OF NOVA SCOTIA,

in its capacity as a Short Notice Lender

		
	Per:    	 	 
		 	  Name:
		 	  Title:
	
	 CANADIAN IMPERIAL BANK OF COMMERCE,

in its capacity as a Short Notice Lender

		
	Per:    	 	 
		 	  Name:
		 	  Title:
	
	 ROYAL BANK OF CANADA,

in its capacity as a Short Notice Lender

		
	Per:    	 	  /s/ Tim VandeGriend
		 	  Name: Tim VandeGriend
		 	  Title: Authorized Signatory

  

 Enbridge Inc. – 364 Day – Second Amended and Restated Credit Agreement 

 SCHEDULE A 

LENDERS AND COMMITMENTS 
  

					
	 Lender
	  	Commitment	 
	 HSBC Bank Canada
	  	Cdn.$	140,000,000	  
	 Bank of China (Canada)
	  	Cdn.$	100,000,000	  
	 Deutsche Bank AG, Canada Branch
	  	Cdn.$	75,000,000	  
	 Export Development Canada
	  	Cdn.$	70,000,000	  
	 Société Générale
	  	Cdn.$	67,000,000	  
	 National Bank of Canada
	  	Cdn.$	55,000,000	  
	 The Toronto-Dominion Bank
	  	Cdn.$	54,000,000	  
	 The Bank of Nova Scotia
	  	Cdn.$	51,000,000	  
	 Mizuho Bank, Ltd.
	  	Cdn.$	48,000,000	  
	 Citibank, N.A., Canadian branch
	  	Cdn.$	50,000,000	  
	 Canadian Imperial Bank of Commerce
	  	Cdn.$	45,000,000	  
	 La Caisse centrale Desjardins Du Québec
	  	Cdn.$	45,000,000	  
	 Royal Bank of Canada
	  	Cdn.$	30,000,000	  
	 Bank of America, N.A., Canada Branch
	  	Cdn.$	25,000,000	  
	 Barclays Bank PLC
	  	Cdn.$	25,000,000	  
	 BNP Paribas
	  	Cdn.$	25,000,000	  
	 Credit Agricole Corporate and Investment Bank
	  	Cdn.$	25,000,000	  
	 Credit Suisse AG, Toronto Branch
	  	Cdn.$	25,000,000	  
	 State Bank of India (Canada)
	  	Cdn.$	25,000,000	  
	 Sumitomo Mitsui Banking Corporation of Canada
	  	Cdn.$	25,000,000	  
	 United Overseas Bank Limited, Vancouver Branch
	  	Cdn.$	25,000,000	  
	 Total:
	  	Cdn.$	1,030,000,000	  

  

 SCHEDULE B 

LENDER ASSIGNMENT AGREEMENT 
 THIS
LENDER ASSIGNMENT AGREEMENT is made as of the ● day of ●,● 
 BETWEEN: 

 
 ● 

(hereinafter referred to as the “Assignor”), 

OF THE FIRST PART, 
 -and- 

 
 ● 

(hereinafter referred to as the “Assignee”), 

OF THE SECOND PART, 
 -and- 

ENBRIDGE INC., a corporation subsisting under the laws of Canada 

(hereinafter sometimes referred to as the “Borrower”), 

OF THE THIRD PART, 
 -and- 

THE TORONTO-DOMINION BANK, a Canadian chartered bank, as 

agent of the Lenders (hereinafter referred to as the “Agent”), 

OF THE FOURTH PART. 
 WHEREAS the
Assignor is a Lender under the Amended and Restated Credit Agreement made as of September 4, 1997, amended and restated as of December 18, 2007 and further amended and restated as of July 28, 2016 between the Borrower, the Lenders and
the Agent, (as further amended, modified, supplemented or restated from time to time, the “Credit Agreement”); 
 AND
WHEREAS the Assignor has agreed to assign and transfer to the Assignee certain rights under the Credit Agreement in compliance with the Credit Agreement, and the Assignee has agreed to accept such rights and assume certain obligations of the
Assignor under the Credit Agreement; 

  

  
 -2- 

 AND WHEREAS this Agreement is delivered pursuant to Section 14.6 of the Credit Agreement.

 NOW THEREFORE, in consideration of the premises and other good and valuable consideration (the receipt and sufficiency of which are
hereby conclusively acknowledged), the parties hereby agree as follows: 
  

	1.	INTERPRETATION 

  

	 	(a)	In this Agreement, including the recitals, capitalized terms used herein, and not otherwise defined herein, shall have the same meanings attributed thereto as set forth in the Credit Agreement. In addition, the
following terms shall have the following meanings: 

  

	 	(i)	“Assigned Commitment” has the meaning set forth in Section 2 hereof; 

  

	 	(ii)	“Assigned Interests” has the meaning set forth in Section 2 hereof; and 

  

	 	(iii)	“Assumed Obligations” has the meaning set forth in Section 4 hereof. 

  

	 	(b)	The division of this Agreement into Articles, Sections, paragraphs and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation
hereof. 

  

	 	(c)	In this Agreement: 

  

	 	(i)	the terms “this Agreement”, “hereof”, “herein”, “hereunder” and similar expressions refer, unless otherwise specified, to this Lender Assignment Agreement taken as a whole and not
to any particular section, subsection or paragraph; 

  

	 	(ii)	words importing the singular number or masculine gender shall include the plural number or the feminine or neuter genders, and vice versa; and 

 

	 	(iii)	words and terms denoting inclusiveness (such as “include” or “includes” or “including”), whether or not so stated, are not limited by their context or by the words or phrases which precede
or succeed them. 

  

	 	(d)	This Agreement shall be governed by and interpreted in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein. The parties hereby irrevocably submit to the non-exclusive
jurisdiction of the courts of the Province of Alberta, without prejudice to the rights of the parties to take proceedings in any other jurisdictions. 

  

	 	(e)	If any provision of this Agreement shall be invalid, illegal or unenforceable in any respect in any jurisdiction, it shall not affect the validity, legality or enforceability of any such provision in any other
jurisdiction or the validity, legality or enforceability of any other provision of this Agreement. 

  
 -3- 

  

	2.	ASSIGNMENT OF RIGHTS BY ASSIGNOR 

 Effective as of the date hereof, the Assignor hereby
absolutely assigns and transfers to the Assignee: 
  

	 	(a)	subject as provided in Section 3(a) hereof, [all OR ●% of all] of the Assignor’s right, title and interest in, to and under each of the outstanding Loans and other Obligations owing by the Borrower to
the Assignor under the Credit Facility; and 

  

	 	(b)	[all OR ●%] of the Assignor’s Commitment, being Cdn. $● of such Commitment (the “Assigned Commitment”); 

together with all of the Assignor’s other rights under the Credit Agreement and the other Documents but only insofar as such other rights relate to
(a) and (b) above (collectively, the “Assigned Interests”). 
  

	3.	OUTSTANDING LIBOR LOANS AND ASSIGNOR BAs 

  

	 	(a)	The parties hereby acknowledge that, on the date hereof, Libor Loans and Bankers’ Acceptances accepted by the Assignor and each having terms to maturity ending on or after the date hereof may be outstanding
(collectively, the “Outstanding Libor Loans and Assignor BAs”). Notwithstanding any provision of the Credit Agreement or this Agreement, the Assignee shall have no right, title, benefit or interest in or to any Outstanding Libor
Loans and Assignor BAs. The Assignee shall assume no liability or obligation to the Assignor in respect of such Outstanding Libor Loans and Assignor BAs, including in respect of the failure of the Borrower to reimburse the Assignor for any such
Bankers’ Acceptances accepted by the Assignor on the maturity thereof or any fees or other amounts due in respect thereof. 

  

	 	(b)	From time to time, as the Outstanding Libor Loans and Assignor BAs mature and Rollovers and Conversions are made by the Borrower in respect ·thereof, the Assignee shall participate in the Loans effecting such
Rollovers and Conversions to the full extent of its Assigned Commitment in its capacity as a Lender. 

  

	4.	ASSUMPTION OF OBLIGATIONS BY ASSIGNEE 

 The Assignee assumes and covenants and agrees to
be responsible for all obligations relating to the Assigned Interests to the extent such obligations arise or accrue on or after the date hereof (collectively, the “Assumed Obligations”) and agrees that it will be bound by the
Credit Agreement and the other Documents to the extent of the Assumed Obligations as fully as if it had been an original party to the Credit Agreement. 
  

	5.	CREDIT AGREEMENT REFERENCES; NOTICES 

 Effective as of the date hereof: 

  
 -4- 

  

	 	(a)	the Assignee shall be a Lender for all purposes of the Credit Agreement and the other Documents and all references therein to “Lenders” or “a Lender” shall be deemed to include the Assignee;

  

	 	(b)	the Commitment of the Assignee shall be the Assigned Commitment and all references in the Credit Agreement to “Commitment” of the Assignee shall be deemed to be to the Assigned Commitment; 

 

	 	(c)	any demand, notice or communication to be given to the Assignee in accordance with section 14.3 of the Credit Agreement shall be made or given to the following address or telecopy number (until the Assignee otherwise
gives notice in accordance with such section 14.3): ●; and 

  

	 	(d)	Schedule A to the Credit Agreement shall be deemed to be and is hereby amended to the extent necessary to give effect to the assignment of the Assigned Commitment contemplated hereby and to give effect to Sections 5(a),
5(b) and 5(c) hereof. 

  

	6.	THE AGENT 

 Without in any way limiting the provisions of Section 4 hereof, the
Assignee irrevocably appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Documents as are delegated to the Agent by the terms thereof, together with such
powers as are reasonably incidental thereto, all in accordance with the provisions of the Credit Agreement. 
  

	7.	NO ENTITLEMENT TO PRIOR INTEREST OR OTHER FEES 

 Except as otherwise agreed in writing
between the Assignor and the Assignee, notwithstanding any provision of the Credit Agreement or other Documents or any other provision of this Agreement, the Assignee shall have no right, title or interest in or to any interest or fees paid or to be
paid to the Assignor under, pursuant to or in respect of: 
  

	 	(a)	the fees paid to the Assignor in respect of the establishment of the Credit Facility; 

  

	 	(b)	[the fees payable to the Agent pursuant to section 5.7 of the Credit Agreement; or] [Note: Section 7(b) to be inserted for any assignment by the Lender which is also acting as the Agent.] 

 

	 	(c)	the Loans, the Credit Facility or the Credit Agreement for any period of time or in respect of any event or circumstance prior to the date hereof, including, without limitation, any standby fees pursuant to section 5.6
of the Credit Agreement. 

  

	8.	CONSENT OF BORROWER AND AGENT 

 The Borrower and the Agent hereby consent to the
assignment of the Assigned Interests to the Assignee and the assumption of the Assumed Obligations by the Assignee and agree to recognize the Assignee as a Lender under the Credit Agreement as fully as if the Assignee had

  
 -5- 

 been an original party to the Credit Agreement. The Borrower and the Agent agree that the Assignor shall have no
further liability or obligation in respect of the Assumed Obligations. 
  

	9.	REPRESENTATIONS AND WARRANTIES 

 Each of the parties hereby represents and warrants to
the other parties as follows: 
  

	 	(a)	it is duly incorporated and validly subsisting under the laws of its governing jurisdiction; 

  

	 	(b)	it has all necessary corporate power and authority to enter into this Agreement and to perform its obligations hereunder and under the Credit Agreement and the other Documents; 

 

	 	(c)	the execution, delivery, observance and performance on its part of this Agreement has been duly authorized by all necessary corporate and other action and this Agreement constitutes a legal, valid and binding obligation
of such party enforceable against it in accordance with its terms; and 

  

	 	(d)	all Governmental Authorizations, if any, required for the execution, delivery, observance and performance by it of this Agreement, the Credit Agreement and the other Documents have been obtained and remain in full force
and effect, all conditions have been duly complied with and no action by, and no notice to or other filing or registration with any Governmental Authority is required for such execution, delivery, observance or performance. 

The Assignor represents and warrants to the Assignee that it has the right to sell to the Assignee the Assigned Interests and that the same
are free and clear of all Security Interests. The Assignor also represents and warrants to the Assignee that it has not received written notice of any Default or Event of Default having occurred under the Credit Agreement which is continuing. 

The representations and warranties set out in this Agreement shall survive the execution and delivery of this Agreement and notwithstanding
any examinations or investigations which may be made by the parties or their respective legal counsel. 
 Except as expressly provided
herein, the Assignee confirms that this Agreement is entered into by the Assignee without any representations or warranties by the Assignor or the Agent on any matter whatsoever, including, without limitation, on the effectiveness, validity,
legality, enforceability, adequacy or completeness of the Credit Agreement or any Document delivered pursuant thereto or in connection therewith or any of the terms, covenants and conditions therein or on the financial condition, creditworthiness,
condition, affairs, status or nature of the Borrower. 
  

	10.	ASSIGNEE CREDIT DECISION 

 The Assignee acknowledges to the Assignor and the Agent that
the Assignee has itself been, and will continue to be, solely responsible for making its own independent appraisal of and 

  
 -6- 

 investigations into the financial condition, creditworthiness, condition, affairs, status and nature of the
Borrower and its Subsidiaries, all of the matters and transactions contemplated herein and in the Credit Agreement and other Documents and all other matters incidental to the Credit Agreement and the other Documents. The Assignee confirms with the
Assignor and the Agent that it does not rely, and it will not hereafter rely, on the Agent or the Assignor: 
  

	 	(a)	to check or inquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrower, any Subsidiary or any other person under or in connection with the Credit Agreement and other
Documents or the transactions therein contemplated (whether or not such information has been or is hereafter distributed to the Assignee by the Agent); or 

  

	 	(b)	to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrower and its Subsidiaries. 

The Assignee acknowledges that a copy of the Credit Agreement (including a copy of the Schedules) has been made available to it for review and further
acknowledges and agrees that it has received copies of such other Documents and such other information that it has requested for the purposes of its investigation and analysis of all matters related to this Agreement, the Credit Agreement, the other
Documents and the transactions contemplated hereby and thereby. The Assignee acknowledges that it is satisfied with the form and substance of the Credit Agreement and the other Documents. 

 

	11.	PAYMENTS 

 The Assignor and the Assignee acknowledge and agree that all payments under
the Credit Agreement in respect of the Assigned Interests from and after the date hereof received by the Agent on or after the date hereof shall be the property of the Assignee and the Agent shall be entitled to treat the Assignee as solely entitled
thereto. 
  

	12.	AMENDMENTS AND WAIVERS 

 Any amendment or modification or waiver of any right under any
provision of this Agreement shall be in writing (in the case of an amendment or modification, signed by the parties) and any such waiver shall be effective only for the specific purpose for which given and for the specific time period, if any,
contemplated therein. No failure or delay by any party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof and any waiver of any breach of the provisions of this Agreement shall be without prejudice to
any rights with respect to any other or further breach. 
  

	13.	GENERAL PROVISIONS 

  

	 	(a)	The parties hereto shall from time to time and at all times do all such further acts and things and execute and deliver all such documents as are required in order to fully perform and carry out the terms of this
Agreement. 

  

	 	(b)	The provisions of this Agreement shall enure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns. 

  
 -7- 

  

	 	(c)	This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one full
set of counterparts. 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed by its duly
authorized representative(s) as of the date first above written. 
  

			
	●, as Assignor
		
	Per:	 	  

		 	●
		
	Per:	 	  

		 	●
	
	●, as Assignee
		
	Per:	 	  

		 	●
		
	Per:	 	  

		 	●
	
	ENBRIDGE INC.
		
	Per:	 	  

		 	●
		
	Per:	 	  

		 	●
	
	 THE TORONTO-DOMINION BANK,

in its capacity as Agent

		
	Per:	 	  

		 	●
		
	Per:	 	  

		 	●

 SCHEDULE C 

CONVERSION NOTICE 
  

					
	 TO:
	  	    The Toronto-Dominion Bank, in its capacity as agent of the Lenders (the “Agent”)
			
	  

DATE:    
	  	  
	  	

  

	1.	This Conversion Notice is delivered to you pursuant to the terms and conditions of the Amended and Restated Credit Agreement made as of September 4, 1997, amended and restated as of December 18, 2007 and
further amended and restated as of July 28, 2016 between Enbridge Inc., as Borrower, The Toronto-Dominion Bank, The Bank of Nova Scotia and the other persons party thereto in their capacity as Lenders and the Agent and relating to the
establishment of a certain credit facility in favour of the Borrower (as further amended, modified, supplemented or restated, the “Credit Agreement”). Unless otherwise expressly defined herein, capitalized terms set forth in this
Conversion Notice shall have the respective meanings set forth in the Credit Agreement. 

  

	2.	The Borrower hereby requests a Conversion as follows: 

  

					
	(a)        	  	Conversion Date:        	 	  

 

							
	(b)        	  	Conversion of the following Loans under the Credit Facility:
			
		  	(i)        	  	Type of Loan:
		  	  

   

			
		  	(ii)	  	Amount being converted (specify aggregate face amount at maturity in the case of Bankers’ Acceptances):
		  	  

   

				
		  	(iii)	  	Interest Period maturity (for Libor Loans and Bankers’ Acceptances): 	 	  

		  	  

   

			
		  	INTO the following Loan:	 	

 
							
				
		  	(iv)       	 	Type of Loan:      	  	  

 
							
				
		  	(v)       	  	Interest Period (specify term of Libor Loans or Bankers’ Acceptances): 	 	  

		  	  

   

  

  
 -2- 

					
	(c)        	  	Payment, delivery or issuance instructions (if any):      	 	  

		  	  

   

  

			
	Yours very truly,
	
	ENBRIDGE INC.
		
	Per:    	 	  

		 	Name:
		 	Title:
		
	Per:	 	  

		 	Name:
		 	Title:

 SCHEDULE D 

DRAWDOWN NOTICE 
  

					
	 TO:
	  	    The Toronto-Dominion Bank, in its capacity as agent of the Lenders (the “Agent”)
			
	  

DATE:    
	  	  
	  	

  

	1.	This Drawdown Notice is delivered to you pursuant to the terms and conditions of the Amended and Restated Credit Agreement made as of September 4, 1997, amended and restated as of December 18, 2007 and further
amended and restated as of July 28, 2016 between Enbridge Inc., as Borrower, The Toronto-Dominion Bank, The Bank of Nova Scotia and the other persons party thereto in their capacity as Lenders and the Agent and relating to the establishment of
a certain credit facility in favour of the Borrower (as further amended, modified, supplemented or restated, the “Credit Agreement”). Unless otherwise expressly defined herein, capitalized terms set forth in this Drawdown Notice
shall have the respective meanings set forth in the Credit Agreement. 

  

	2.	The Borrower hereby requests a Drawdown as follows: 

  

					
	(a)	  	Drawdown Date:    	  	  

 

					
	(b)	  	Amount of Drawdown (specify aggregate face amount at maturity in the case of Bankers’ Acceptances):	  	  

			
	(c)	  	Type of Loan:	  	  

 

					
	(d)	  	Interest Period (specify term for Libor Loans and Bankers’ Acceptances):
	  

   

 

					
	(e)	  	Payment, delivery or issuance instructions (if any):    	  	  

	  

   

  

			
	Yours very truly,
	
	ENBRIDGE INC.
		
	Per:    	 	  

		 	Name:
		 	Title:
		
	Per:	 	  

		 	Name:
		 	Title:

  

 SCHEDULE E 

REPAYMENT NOTICE 
  

					
	 TO:
	  	    The Toronto-Dominion Bank, in its capacity as agent of the Lenders (the “Agent”)
			
	 DATE:    
	  	  
	  	

  

	1.	This Repayment Notice is delivered to you pursuant to the terms and conditions of the Amended and Restated Credit Agreement made as of September 4, 1997, amended and restated as of December 18, 2007 and
further amended and restated as of July 28, 2016 between Enbridge Inc., as Borrower, The Toronto-Dominion Bank, The Bank of Nova Scotia and the other persons party thereto in their capacity as Lenders and the Agent and relating to the
establishment of a certain credit facility in favour of the Borrower (as further amended, modified, supplemented or restated, the “Credit Agreement”). Unless otherwise expressly defined herein, capitalized terms set forth in
this Repayment Notice shall have the respective meanings set forth in the Credit Agreement. 

  

	2.	The Borrower hereby gives notice of a repayment as follows: 

  

					
	(a)	  	Date of repayment:    	  	  

 

					
	(b)	  	Loan(s):                                   
         	  	  

 

					
	(c)	  	Interest Period maturity (specify for Libor Loans and Bankers’ Acceptances):
			
		  		  	  

 

					
	(d)	  	Amount being repaid (specify aggregate face amount at maturity in the case of Bankers’ Acceptances):	  	  

 

					
	(e)	  	Repayment instructions (if any):
			
		  		  	  

  

  
 -2- 

			
	Yours very truly,
	
	ENBRIDGE INC.
		
	Per:    	 	  

		 	Name:
		 	Title:
		
	Per:	 	  

		 	Name:
		 	Title:

 SCHEDULE F 

ROLLOVER NOTICE 
  

					
	 TO:
	  	The Toronto-Dominion Bank, in its capacity as agent of the Lenders (the “Agent”)
			
	 DATE:    
	  	  
	  	

  

	1.	This Rollover Notice is delivered to you pursuant to the terms and conditions of the Amended and Restated Credit Agreement made as of September 4, 1997, amended and restated as of December 18, 2007 and further
amended and restated as of July 28, 2016 between Enbridge Inc., as Borrower, The Toronto-Dominion Bank, The Bank of Nova Scotia and the other persons party thereto in their capacity as Lenders and the Agent and relating to the establishment of
a certain credit facility in favour of the Borrower (as further amended, modified, supplemented or restated, the “Credit Agreement”). Unless otherwise expressly defined herein, capitalized terms set forth in this Rollover Notice
shall have the respective meanings set forth in the Credit Agreement. 

  

	2.	The Borrower hereby requests a Rollover as follows: 

  

					
	(a)	  	Rollover Date:      	  	  

 

					
	(b)	  	Amount of Rollover:      	  	  

 

					
	(c)	  	Type of Loan (specify aggregate face amount at maturity in the case of Bankers’ Acceptances):	  	  

 

					
	(d)	  	New Interest Period (specify term of Libor Loans and Bankers’ Acceptances):	  	

 
					
		  		  	  

 

					
	(e)	  	Payment, delivery or issuance instructions (if any):    	  	  

	
	  

  

			
	Yours very truly,
	
	ENBRIDGE INC.
		
	Per:    	 	  

		 	Name:
		 	Title:
		
	Per:	 	  

		 	Name:
		 	Title:Exhibit
4.1

 

 

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC

 

as Issuer

 

SHIRE
PLC

 

as Guarantor

 

AND

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS

 

as Trustee

 

 

 

INDENTURE

 

Dated
as of September 23, 2016

 

 

     

     

    

CROSS-REFERENCE
TABLE

 

Reconciliation
and tie showing the location in the Indenture dated as of September 23, 2016 of the provisions inserted pursuant to Sections 310
to 318(a), inclusive, of the Trust Indenture Act of 1939, as amended. This reconciliation and tie shall not, for any purpose,
be deemed to be a part of the Indenture.

 

	Trust Indenture Act of 1939 Section	Indenture Section
	310(a)(1)	 	‎7.09
	(a)(2)	 	‎7.09
	(a)(5)	 	‎7.09
	(b)	 	‎7.08
    and ‎7.10
	312(a)	 	‎5.01
	313(a)	 	‎5.03
	(c)	 	‎5.03
	314(a)	 	‎5.02
	(c)(1)	 	‎15.07
	(c)(2)	 	‎15.07
	(e)	 	‎15.07
	315(a)	 	‎7.01
	(b)	 	‎6.08
	(c)	 	‎7.01
	(d)	 	‎7.01
	(e)	 	‎6.09
	316(a)(1)	 	‎6.01
    and ‎6.07
	(b)	 	‎6.04
	(c)	 	‎8.02
	317(a)	 	‎6.02
	(b)	 	‎4.04(a)
	318(a)	 	‎15.10
	 	 	 

     

     

    

TABLE
OF CONTENTS

 

 

Page

 

	Article
    1 

Definitions
	Section
    1.01.  Definitions	1
	Article
    2 

Description, Execution, Registration and Exchange of Securities
	Section
    2.01.  Forms	7
	Section
    2.02.  Amount Unlimited; Issuable in Series	8
	Section
    2.03.  Authentication	10
	Section
    2.04.  Date and Denomination of Securities	12
	Section
    2.05.  Execution of Securities	13
	Section
    2.06.  Exchange and Registration of Transfer of Securities	13
	Section
    2.07.  Global Securities	15
	Section
    2.08.  Mutilated, Destroyed, Lost or Stolen Securities	17
	Section
    2.09.  Temporary Securities	17
	Section
    2.10.  Cancellation of Securities Paid, etc	18
	Section
    2.11.  Computation of Interest	18
	Section
    2.12.  Form of Legend for Global Securities	19
	Section
    2.13.  CUSIP Numbers	19
	Article
    3 

Redemption of Securities; Sinking Funds
	Section
    3.01.  Applicability of Article	19
	Section
    3.02.  Notice of Redemption; Selection of Securities	20
	Section
    3.03.  Payment of Securities Called for Redemption	21
	Section
    3.04.  Satisfaction of Mandatory Sinking Fund Payments with Securities	22
	Section
    3.05.  Redemption of Securities for Sinking Fund	22
	Section
    3.06.  Repayment at the Option of the Holder	24
	Article
    4 

Particular Covenants of the Company
	Section
    4.01.  Payment of Principal, Premium and Interest	24
	Section
    4.02.  Offices for Notices and Payments, etc	24
	Section
    4.03.  Appointment to Fill Vacancies in Trustee’s Office	25
	Section
    4.04.  Provision as to Paying Agent	25
	Section
    4.05.  Statement as to Compliance	26
	Section
    4.06.  Additional Amounts	26

     

     

    

	Article
    5 

Securityholder Lists and Reports by the Company and the Trustee
	Section
    5.01.  Securityholder Lists	27
	Section
    5.02.  Reports by the Company and the Guarantor	28
	Section
    5.03.  Reports by the Trustee	28
	Article
    6 

Remedies of the Trustee and Securityholders on Event of Default
	Section
    6.01.  Events of Default	28
	Section
    6.02.  Payment of Securities on Default; Suit Therefor	31
	Section
    6.03.  Application of Moneys Collected by Trustee	33
	Section
    6.04.  Proceedings by Securityholders	34
	Section
    6.05.  Proceedings by Trustee	35
	Section
    6.06.  Remedies Cumulative and Continuing	35
	Section
    6.07.  Direction of Proceedings and Waiver of Defaults by Securityholders	35
	Section
    6.08.  Notice of Defaults	36
	Section
    6.09.  Undertaking to Pay Costs	36
	Article
    7 

Concerning The Trustee
	Section
    7.01.  Duties and Responsibilities of Trustee	37
	Section
    7.02.  Reliance on Documents, Opinions, etc	38
	Section
    7.03.  No Responsibility for Recitals, etc	40
	Section
    7.04.  Ownership of Securities	41
	Section
    7.05.  Moneys to be Held in Trust	41
	Section
    7.06.  Compensation and Expenses of Trustee	41
	Section
    7.07.  Officer’s Certificate as Evidence	42
	Section
    7.08.  Disqualification:  Conflicting Interests for the Trustee	42
	Section
    7.09.  Eligibility of Trustee	42
	Section
    7.10.  Resignation or Removal of Trustee	43
	Section
    7.11.  Acceptance by Successor Trustee	44
	Section
    7.12.  Succession by Merger, etc	45
	Section
    7.13.  Appointment of Authenticating Agent	46
	Article
    8 

Concerning The Securityholders
	Section
    8.01.  Action of Securityholders	48
	Section
    8.02.  Proof of Execution by Securityholders	48
	Section
    8.03.  Who Are Deemed Absolute Owners	48
	Section
    8.04.  Company-Owned Securities Disregarded	49
	Section
    8.05.  Revocation of Consents; Future Holders Bound	49

    ii 

     

    

	Article
    9 

    Securityholders’ Meetings
	Section
    9.01.  Purposes of Meetings	50
	Section
    9.02.  Call of Meetings by Trustee	50
	Section
    9.03.  Call of Meetings by Company or Securityholders	50
	Section
    9.04.  Qualifications for Voting	51
	Section
    9.05.  Quorum; Adjourned Meetings	51
	Section
    9.06.  Regulations	52
	Section
    9.07.  Voting	52
	Section
    9.08.  No Delay of Rights by Meeting	53
	Article
    10 

    Supplemental Indentures
	Section
    10.01.  Supplemental Indentures without Consent of Securityholders	53
	Section
    10.02.  Supplemental Indentures with Consent of Securityholders	55
	Section
    10.03.  Compliance with Trust Indenture Act; Effect of Supplemental Indentures	57
	Section
    10.04.  Notation on Securities	57
	Section
    10.05.  Evidence of Compliance of Supplemental Indenture to be Furnished Trustee	57
	Article
    11 

    Consolidation, Merger, Sale or Conveyance
	Section
    11.01.  Company and Shire May Not Consolidate, etc	57
	Section
    11.02.  Successor Person to be Substituted	58
	Section
    11.03.  Documents to be Given Trustee	59
	Article
    12 

    Satisfaction and Discharge of Indenture; Defeasance
	Section
    12.01.  Discharge of Indenture	59
	Section
    12.02.  Legal Defeasance	60
	Section
    12.03.  Covenant Defeasance	61
	Section
    12.04.  Deposited Moneys to be Held in Trust by Trustee; Miscellaneous Provisions	62
	Section
    12.05.  Paying Agent to Repay Moneys Held	62
	Section
    12.06.  Return of Unclaimed Moneys	62
	Section
    12.07.  Reinstatement	63
	Article
    13 

    Guarantee
	Section
    13.01.  Guarantee	63
	Section
    13.02.  Subrogation; Ranking	64
	Section
    13.03.  Limitation on Liability	64

    iii 

     

    

	Section
    13.04.  Successors and Assigns	65
	Section
    13.05.  No Waiver	65
	Section
    13.06.  Termination of Guarantee	65
	Article
    14 

Immunity of Incorporators, Stockholders, Officers, Directors, Employees and Agents
	Section
    14.01.  Indenture and Securities Solely Corporate Obligations	65
	Article
    15 

Miscellaneous Provisions
	Section
    15.01.  Provisions Binding on Company’s Successors	66
	Section
    15.02.  Official Acts by Successor Person	66
	Section
    15.03.  Addresses for Notices, Notice to Holders, Waiver	66
	Section
    15.04.  Governing Law	67
	Section
    15.05.  Process Agent	68
	Section
    15.06.  Waiver of Trial by Jury	68
	Section
    15.07.  Evidence of Compliance with Conditions Precedent	68
	Section
    15.08.  Legal Holidays	68
	Section
    15.09.  Securities in a Specified Currency other than Dollars	69
	Section
    15.10.  Trust Indenture Act to Control	69
	Section
    15.11.  Table of Contents, Headings, etc	69
	Section
    15.12.  Execution in Counterparts	70
	Section
    15.13.  Separability; Benefits	70

    iv 

     

    

THIS INDENTURE,
dated as of September 23, 2016, is among SHIRE ACQUISITIONS INVESTMENTS IRELAND DAC, an Irish designated activity company (the
“Company”), as Issuer, SHIRE PLC, a Jersey public limited company and parent of the Company (“Shire”),
as Guarantor, and DEUTSCHE BANK TRUST COMPANY AMERICAS (the “Trustee”), as Trustee.

 

RECITALS
OF THE COMPANY

 

WHEREAS,
the Company has duly authorized the issue from time to time of its unsecured debentures, notes or other evidences of indebtedness
to be issued in one or more series (each, a “Security,” and collectively, the “Securities”)
up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture;
and to provide, among other things, for the authentication, delivery and administration thereof, the Company has duly authorized
the execution and delivery of this Indenture,

 

WHEREAS,
all things necessary to make this Indenture a valid indenture and legally binding agreement of the Company according to its terms
have been done;

 

RECITALS
OF SHIRE

 

WHEREAS,
Shire desires to make a Guarantee (as defined herein) of the Securities as provided for herein, and has determined that such Guarantee
is necessary and convenient to the conduct of the business of the Company, a wholly-owned subsidiary of Shire;

 

WHEREAS,
Shire has duly authorized the execution and delivery of this Indenture to provide for the issuance of its Guarantee as Guarantor
(as defined herein) of the Securities as set forth in this Indenture;

 

WHEREAS,
all things necessary to make Shire’s Guarantee and this Indenture a valid indenture and legally binding agreement of Shire
according to its terms have been done;

 

NOW, THEREFORE,
THIS INDENTURE WITNESSETH:

 

That, in
consideration of the premises and the purchase of the Securities by the holders thereof, the Company, Shire and the Trustee mutually
covenant and agree, for the equal and proportionate benefit of the respective holders from time to time of the Securities of each
series thereof, as follows:

 

Article
1

Definitions

 

Section
1.01. 
Definitions. The terms defined in this ‎Section
1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture
shall have the respective

 

     

     

    

meanings
specified in this ‎Section 1.01. All other terms used
in this Indenture which are defined in the Trust Indenture Act, or which are by reference therein defined in the Securities Act
(except as herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to
such terms in said Trust Indenture Act and in said Securities Act as in force at the date of this Indenture as originally executed.
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.

 

“Additional
Securities” shall have the meaning specified in ‎Section
2.02.

 

“Agent”
means any Security Registrar, Paying Agent or Authenticating Agent.

 

“Agent
Members” shall have the meaning specified in ‎Section
2.07(g).

 

“Applicable
Law” shall have the meaning specified in ‎Section
7.02(n).

 

“Applicable
Tax Law” shall have the meaning specified in ‎Section
7.02(o).

 

“Authenticating
Agent” shall mean any Person authorized by the Trustee pursuant to ‎Section
7.13 to act on behalf of the Trustee to authenticate Securities.

 

“Beneficial
Owner” shall mean a Person who is the beneficial owner of a beneficial interest in a Global Security as reflected on
the books of the Depositary or on the books of a Person maintaining an account with such Depositary (directly as a Depositary
participant or as an indirect participant, in each case in accordance with the rules of such Depositary).

 

“Board
of Directors” shall mean the Board of Directors of the Company or the Guarantor, as the case may be, or any Committee
of such Board or specified officers and employees of the Company or the Guarantor, as the case may be, to which the powers of
such Board have been lawfully delegated.

 

“Business
Day” shall mean, unless otherwise specified, any calendar day that is not a Saturday, Sunday or a day on which commercial
banking institutions are not required to be open for business in The City of New York, New York.

 

“Company”
shall mean Shire Acquisitions Investments Ireland DAC, an Irish designated activity company, until any successor designated activity
company, corporation or limited liability company shall have become such pursuant to the provisions of ‎Article
11, and thereafter “Company” shall mean such successor, except as otherwise provided in ‎Section
11.02.

 

“Corporate
Trust Office” shall mean, the corporate trust office of the Trustee, currently located at (i) for purposes of surrender,
transfer or exchange of any Note, Deutsche Bank Trust Company Americas, c/o DB Services Americas, Inc., 5022 Gate

 

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Parkway, Suite
200, Jacksonville, FL 32256, Attn: Transfer Department and (ii) for all other purposes, Deutsche Bank Trust Company Americas,
Trust and Agency Services, 60 Wall Street, 16th Floor, Mail Stop: NYC60-1630, New York, New York 10005, USA, Attn: Corporates
Team.

 

“Depositary”
shall mean, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities,
a clearing agency registered under the Exchange Act that is designated to act as depositary for such Securities as contemplated
by ‎Section 2.07.

 

“Dollar”
shall mean the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public
and private debts.

 

“Event
of Default” shall have the meaning specified in ‎Section
6.01.

 

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

 

“Guarantee”
shall mean the guarantee by the Guarantor pursuant to this Indenture of the obligations of the Company pursuant to this Indenture
and pursuant to the Securities of each series issued pursuant to this Indenture.

 

“Guaranteed
Obligations” shall have the meaning specified in ‎Section
13.01.

 

“Guarantor”
shall mean, with respect to the Securities of any series, Shire until a successor designated activity company, corporation or
limited liability company shall have become a successor to Shire pursuant to the applicable provisions of this Indenture, and
thereafter “Guarantor” shall include such successor designated activity company, corporation or limited liability
company.

 

“Global
Security” shall mean a Security that evidences all or part of the Securities of any series and bears the legend set
forth in ‎Section 2.12 (or such other legend as may be specified
for such Securities as contemplated by ‎Section 2.02).

 

“Indenture”
shall mean this instrument as originally executed or as it may be amended or supplemented from time to time as herein provided,
and shall include the form and terms of particular series of Securities established as contemplated hereunder.

 

“interest,”
when used with respect to a non-interest bearing Security, means interest payable after the principal thereof has become due and
payable whether at maturity, by declaration of acceleration, by call for redemption, pursuant to a sinking fund, or otherwise.

 

“mandatory
sinking fund payment” shall have the meaning specified in ‎Section
3.01.

 

“Market
Exchange Rate” shall have the meaning set forth in ‎Section
15.09.

 

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“Officer”
shall mean, unless otherwise specified by a provision of this Indenture or the Trust Indenture Act, as applicable, (a) in the
case of Shire, the Chief Executive Officer, the Chief Financial Officer, any Executive Vice President, any Senior Vice President
or any Vice President, the Treasurer or any Assistant Treasurer, the General Counsel, the Company Secretary or any Assistant Company
Secretary of Shire and (b) in the case of the Company, any member of the Board of Directors of the Company.

 

“Officer’s
Certificate” shall mean a certificate signed by an Officer of the Company or the Guarantor, as the case may be, and
delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act and shall include the
statements provided for in ‎Section 15.07 if and to the extent
required by the provisions of the Trust Indenture Act or ‎Section
15.07, as applicable.

 

“Opinion
of Counsel” shall mean a written opinion from legal counsel, who may be an employee of or of counsel to the Company
or to the Guarantor, as the case may be, or may be other counsel, in any case, satisfactory to the Trustee (which may be subject
to customary assumptions, limitations and exceptions). Each such opinion shall comply with Section 314 of the Trust Indenture
Act and shall include the statements provided for in ‎Section
15.07 if and to the extent required by the provisions of the Trust Indenture Act or ‎Section
15.07, as applicable.

 

“optional
sinking fund payment” shall have the meaning specified in ‎Section
3.01.

 

“Original
Issue Discount Security” shall mean any Security which provides for an amount less than the principal amount thereof
to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to ‎Section
6.01.

 

“Outstanding”
shall mean, when used with respect to Securities, subject to the provisions of ‎Section
8.04, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except:

 

(a) 
Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(b) 
Securities, or portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been
deposited in trust with the Trustee or with any Paying Agent (other than the Company or the Guarantor), or shall have been set
aside and segregated in trust by the Company or the Guarantor, as the case may be (if the Company or the Guarantor shall act as
its own Paying Agent), in each case pursuant to ‎Section 12.01; provided that if such Securities are to be redeemed
prior to the maturity thereof, notice of such redemption shall have been mailed (or otherwise delivered in accordance with the
applicable procedures of the Depositary) as provided in ‎Article 3, or provision satisfactory to the Trustee shall
have been made for mailing (or such other delivery) such notice;

 

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(c) 
Securities as to which defeasance has been effected pursuant to ‎Section 12.02; and

 

(d) 
Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered, or which
shall have been paid, pursuant to the terms of ‎Section 2.08, unless proof satisfactory to the Trustee is presented
that any such Securities are held by persons in whose hands any of such Securities is a valid, binding and legal obligation of
the Company.

 

In determining
whether the holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed
to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date
of such determination upon a declaration of acceleration of the maturity thereof pursuant to ‎Section
6.01.

 

“Overdue
Rate” shall mean, with respect to each series of Securities, the rate of interest designated as such in the resolution
of the Board of Directors of the Company or the supplemental indenture, as the case may be, relating to such series as contemplated
by ‎Section 2.02, or if no such rate is specified, the rate
at which such Securities shall bear interest.

 

“Paying
Agent” shall mean any Person authorized by the Company to pay the principal of, premium, if any, and interest, if any,
on any Securities on behalf of the Company.

 

“Person”
shall mean any individual, designated activity company, corporation, limited liability company, limited partnership, partnership,
joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision
thereof.

 

“Principal
Office of the Trustee,” or other similar term, shall mean the designated office of the Trustee at which, at any particular
time, its corporate trust business with respect to this Indenture shall be administered.

 

“record
date” shall have the meaning set forth in ‎Section
2.04.

 

“Responsible
Officer,” when used with respect to the Trustee, shall mean any vice president, any assistant vice president, any senior
associate, any associate, any trust officer or any other officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and who,
in each case, shall have direct responsibility for the administration of this Indenture.

 

“SEC”
shall mean the Securities and Exchange Commission.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended. 

 

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“Security”
and “Securities” shall have the meanings set forth in the recitals to this Indenture.

 

“Security
Register” shall have the meaning set forth in ‎Section
2.06.

 

“Security
Registrar” shall have the meaning set forth in ‎Section
2.06.

 

“Securityholder,”
“holder of Securities,” or other similar terms, shall mean any person in whose name at the time a particular
Security is registered on the books of the Company kept for that purpose in accordance with the terms hereof.

 

“Shire”
shall mean Shire plc, a Jersey public company and parent of the Company, and the Guarantor of the Securities issued pursuant to
this Indenture.

 

“Specified
Currency” shall mean the currency in which a Security is denominated, which may include Dollars, any foreign currency
or any composite of two or more currencies.

 

“Subsidiary”
of any specified Person shall mean (a) any corporation of which such Person directly or indirectly owns or controls at that time
at least a majority of the outstanding Voting Stock or (b) any other Person (other than a corporation) in which such Person directly
or indirectly has at least a majority ownership interest and power to direct the policies, management and affairs thereto.

 

“Trust
Indenture Act” shall mean the Trust Indenture Act of 1939, as it was in force at the date of execution of this Indenture
(except as provided in ‎Section 10.01(e) and ‎Section
10.03).

 

“Trustee”
shall mean the corporation or association named as Trustee in this Indenture and, subject to the provisions of ‎Article
7, shall also include its successors and assigns as Trustee hereunder. If pursuant to the provisions of this Indenture there shall
be at any time more than one Trustee hereunder, the term “Trustee” as used with respect to the Securities of any series
shall mean the Trustee with respect to the Securities of such series.

 

“U.S.
Government Obligations” shall mean:

 

(a) 
any security which is (i) a direct obligation of the United States of America for the payment of which its full faith and
credit is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the
United States of America, which, in each case, is not callable or redeemable at the option of the issuer thereof; and

 

(b) 
any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect
to any U.S. Government Obligation specified in clause (a) above and held by such bank for the account of the holder of such depositary
receipt, or with respect to any specific payment of principal of or interest on any U.S.

 

     6

     

    

Government
Obligation so specified and held; 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 depositary receipt from any amount received by the custodian in respect
of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

 

“Voting
Stock” of any specified Person as of any date shall mean the capital stock of such Person of the class or classes having
general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees
of such Person; provided that, for the purposes hereof, capital stock which carries only the right to vote conditionally
on the happening of an event shall not be considered “Voting Stock” whether or not such event shall have happened.

 

Article
2

Description, Execution, Registration and Exchange of Securities

 

Section
2.01. 
Forms. (a) The Securities of each series shall be in substantially such form as shall be established by or pursuant
to a resolution of the Board of Directors of the Company or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may
have such legends or endorsements placed thereon as the Officer executing the same may approve (execution thereof to be conclusive
evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply
with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which
the Securities of such series may be listed, or to conform to usage.

 

(b) 
The resolutions adopted by the Board of Directors of the Company or one or more indentures supplemental hereto establishing
the form and terms of the Securities of any series pursuant to Sections ‎2.01 and ‎2.02, respectively, of
this Indenture, may provide for issuance of Global Securities. If Securities of a series are so authorized to be issued as Global
Securities, any such Global Security may provide that it shall represent that aggregate amount of Securities from time to time
endorsed thereon, and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to
time be reduced to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any increase or decrease
in the amount or changes in the rights of holders of Securities represented thereby, shall be made in such manner and by such
person or persons as shall be specified therein.

 

(c) 
The Trustee’s Certificate of Authentication on all Securities shall be in substantially the following form:

 

     7

     

    

This is one
of the Securities of the series designated therein described in the within-mentioned Indenture.

 

	 	Deutsche Bank Trust Company Americas, not in its individual capacity but solely
    as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Section
2.02. 
Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited.

 

The Securities
may be issued in one or more series. There shall be established by or pursuant to a resolution of the Board of Directors of the
Company or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

 

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

 

(b) 
any limit upon the aggregate principal amount of the Securities of such series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for,
or in lieu of, other Securities of such series pursuant to Sections ‎2.06, ‎2.08, ‎2.09, ‎3.03,
‎3.06 or ‎10.04);

 

(c) 
the date or dates on which the principal and premium, if any, of the Securities of such series are payable;

 

(d) 
the rate or rates, or the method of determination thereof, at which the Securities of such series shall bear interest,
if any, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable
and, if other than as set forth in ‎Section 2.04, the record dates for the determination of holders to whom interest
is payable;

 

(e) 
in addition to the office or agency of the Company in the Borough of Manhattan, The City of New York required to be maintained
pursuant to ‎Section 4.02, any other place or places where the principal of, and premium, if any, and any interest
on Securities of such series shall be payable;

 

(f) 
the Specified Currency of the Securities of such series;

 

(g) 
the currency or currencies in which payments on the Securities of such series are payable, if other than the Specified
Currency;

 

     8

     

    

(h) 
the price or prices at which, the period or periods within which and the terms and conditions upon which Securities of
such series may be redeemed, in whole or in part, at the option of the Company, pursuant to any sinking fund or otherwise;

 

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

 

(j) 
if other than minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations
in which Securities of such series shall be issuable;

 

(k) 
if other than the principal amount thereof, the portion of the principal amount of Securities of such series which shall
be payable upon declaration of acceleration of the maturity thereof pursuant to ‎Section 6.01;

 

(l) 
if the principal of or interest on the Securities of such series are to be payable, at the election of the Company or a
holder thereof, in a coin or currency other than the Specified Currency, the period or periods within which, and the terms and
conditions upon which, such election may be made;

 

(m) 
if the amount of payments of principal of and interest on the Securities of such series may be determined with reference
to an index based on a coin or currency other than the Specified Currency, the manner in which such amounts shall be determined;

 

(n) 
whether and under what circumstances additional amounts shall be payable in respect of any tax, assessment or governmental
charge withheld or deducted;

 

(o) 
any addition to, or modification of, any Events of Default set forth in ‎Article 6 with respect to the Securities
of such series, and whether any such additional or modified Events of Default shall be subject to covenant defeasance under ‎Section
12.03;

 

(p) 
any addition to, or modification of, the terms of a Guarantee (including provisions relating to seniority or subordination
of such Guarantee and the release of such Guarantee or of the Guarantor of the Securities of such series) of any payment or other
obligations on such Securities, and any additions or changes to this Indenture to permit or facilitate guarantees of such Securities;

 

(q) 
if other than the rate of interest stated in the title of the Securities of such series, the applicable Overdue Rate;

 

(r) 
in the case of any series of non-interest bearing Securities, the applicable dates for purposes of ‎Section
5.01(a);

 

     9

     

    

(s) 
if a Person other than Deutsche Bank Trust Company Americas is to act as Trustee for the Securities of such series, the
name and Principal Office of such Trustee;

 

(t) 
if either or both of Sections ‎12.02 and ‎12.03 do not apply to any Securities of such series;

 

(u) 
if applicable, that any Securities of such series shall be issuable in whole or in part in the form of one or more Global
Securities and, in such case, the name of the respective Depositaries for such Global Securities, the form of any legend or legends
which shall be borne by any such Global Security in addition to or in lieu of that set forth in ‎Section 2.12 and any
circumstances in addition to or in lieu of those set forth in clause ‎(b) of ‎Section 2.06 in which any
such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security
in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a
nominee thereof;

 

(v) 
any addition to, or modification of, any covenants set forth in ‎Article 4 with respect to the Securities of
such series, and whether any such additional or modified covenant shall be subject to covenant defeasance under ‎Section
12.03; and

 

(w) 
any other terms of such series.

 

All Securities
of any one series shall be substantially identical except as to denomination, and except as may otherwise be provided in or pursuant
to such resolution of the Board of Directors of the Company or in any such indenture supplemental hereto.

 

Unless otherwise
expressly provided with respect to a series of Securities, the Company may, from time to time, without the consent of the Securityholders
of Securities of a particular series, issue additional Securities (“Additional Securities”) of such series
having the same ranking and the same interest rate, maturity and other terms as the Securities of such series, except for the
public offering price, the issue date and, if applicable, the initial interest payment date and initial interest accrual date.
Any such Additional Securities, together with the initial Securities of such series, shall constitute a single series of Securities
under this Indenture; provided that if the Additional Securities are not fungible for U.S. federal income tax purposes
with the initial Securities of such series, the Additional Securities shall be issued with a separate CUSIP number. No Additional
Securities may be issued if an Event of Default has occurred and is continuing with respect to the series of Securities of which
such Additional Securities would be a part. Unless the context otherwise requires, for all purposes of this Indenture, references
to the Securities of a series include any Additional Securities of such series actually issued.

 

Section
2.03. 
Authentication. At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Securities of any series executed by the Company to the Trustee for authentication. Except as otherwise provided in
this ‎Article 2, the Trustee shall thereupon authenticate
and deliver said Securities to or upon the written

 

     10

     

    

order
of the Company, signed by an authorized Officer of the Company. In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive and (subject to
‎Section 7.01) shall be fully protected in relying
upon:

 

(a) 
a copy of any resolution or resolutions of the Board of Directors of the Company relating thereto and, if applicable, an
appropriate record of any action taken pursuant to such resolution, in each case certified by the Secretary or an Assistant Secretary
of the Company;

 

(b) 
an executed supplemental indenture, if any, relating thereto;

 

(c) 
an Officer’s Certificate prepared in accordance with ‎Section 15.07 which shall also state to the best
knowledge of the signer of such Certificate that no Event of Default with respect to any series of Securities shall have occurred
and be continuing; and

 

(d) 
an Opinion of Counsel prepared in accordance with ‎Section 15.07 to the effect:

 

(i) 
that the form of such Securities has been established by or pursuant to a resolution of the Board of Directors of the Company,
or by a supplemental indenture as permitted by ‎Section 2.01, in conformity with the provisions of this Indenture;

 

(ii) 
that the terms of such Securities have been established by or pursuant to a resolution of the Board of Directors of the
Company, or by a supplemental indenture as permitted by ‎Section 2.02, in conformity with the provisions of
this Indenture;

 

(iii) 
that the Company has all requisite corporate power and authority to execute and deliver such Securities;

 

(iv) 
that the execution and delivery of such Securities by the Company have been duly authorized by all necessary corporate
action on the part of the Company;

 

(v) 
that such Securities have been duly and validly executed, and when duly authenticated by the Trustee and issued by the
Company, in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute the legal, valid and
binding obligations of the Company, enforceable against it in accordance with their terms, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and
subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith
and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity); and

 

     11

     

    

(vi) 
that the execution and delivery by the Company of such Securities, and the performance by the Company of its obligations
thereunder will not conflict with, constitute a default under or violate any of the terms, conditions or provisions of the organizational
certificate or bylaws of the Company.

 

The Trustee
shall have the right to decline to authenticate and deliver or cause to be authenticated and delivered any Securities under this
‎Section 2.03 if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken or if the Trustee in good faith by its trust committee shall determine that such action
would expose the Trustee to personal liability to existing Securityholders.

 

Section
2.04. 
Date and Denomination of Securities. The Securities of each series shall be issuable in registered form without
coupons in such denominations as shall be specified as contemplated by ‎Section
2.02. In the absence of any such specification with respect to the Securities of any series, the Securities of such series shall
be issuable in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. Securities of each series
shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the Officer of the Company
executing the same may determine.

 

Every Security
shall be dated the date of its authentication.

 

The person
in whose name any Security of a particular series is registered at the close of business on any record date (as hereinafter defined)
with respect to any interest payment date for such series shall be entitled to receive the interest payable on such interest payment
date notwithstanding the cancellation of such Security upon any registration of transfer or exchange subsequent to the record
date and prior to such interest payment date; provided, however, that if and to the extent that the Company shall default
in the payment of the interest due on such interest payment date, such defaulted interest shall be paid to the persons in whose
names Outstanding Securities of such series are registered on a subsequent record date established by notice given by mail by
or on behalf of the Company to the holders of such Securities not less than 15 days preceding such subsequent record date, such
record date to be not less than five days preceding the date of payment of such defaulted interest. Except as otherwise specified
as contemplated by ‎Section 2.02 for Securities of a particular
series, the term “record date” as used in this ‎Section
2.04 with respect to any regular interest payment date, shall mean either (i) the first day of the calendar month in which such
interest payment date occurs if such interest payment date is the fifteenth day of such calendar month or (ii) the fifteenth day
of the calendar month preceding the calendar month in which such interest payment date occurs if such interest payment date is
the first day of a calendar month, whether or not such day shall be a Business Day.

 

Interest
on definitive certificated Securities may at the option of the Company be paid by check mailed to the persons entitled thereto
at their respective addresses as such appear on the Security Register.

 

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Section
2.05. 
Execution of Securities. The Securities shall be signed in the name and on behalf of the Company by the manual or
facsimile signature of an Officer of the Company. Only such Securities as shall bear thereon a certificate of authentication substantially
in the form herein recited, executed by the Trustee by the manual signature of an authorized officer, shall be entitled to the
benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed
by the Company shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture.

 

In case any
Officer of the Company who shall have signed any of the Securities shall cease to be such Officer before the Securities so signed
shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Securities nevertheless may be
authenticated and delivered or disposed of as though the person who signed such Securities had not ceased to be such Officer of
the Company; and any Security may be signed on behalf of the Company by such persons as, at the actual date of the execution of
such Security, shall be the proper Officers of the Company, although at the date of the execution of this Indenture any such person
was not such an Officer.

 

Section
2.06. 
Exchange and Registration of Transfer of Securities. Securities of any series may be exchanged for a like aggregate
principal amount of Securities of the same series of other authorized denominations. Securities to be exchanged shall be surrendered,
at the option of the holders thereof, either at the office or agency designated and maintained by the Company for such purpose
in accordance with the provisions of ‎Section 4.02
or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose in accordance
with the provisions of ‎Section 4.02, and the Company
shall execute and register and the Trustee shall authenticate and deliver in exchange therefor the Security or Securities which
the Securityholder making the exchange shall be entitled to receive. Each person designated by the Company pursuant to the provisions
of ‎Section 4.02 as a person authorized to register
and register transfer of the Securities is sometimes herein referred to as a “Security Registrar.” Deutsche
Bank Trust Company Americas is appointed Security Registrar and Paying Agent.

 

The Company
shall keep, at each such office or agency, a register for each series of Securities issued hereunder (the registers of all Security
Registrars, collectively, the “Security Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall register Securities and shall register the transfer of Securities as in this ‎Article
2 provided. In accordance with the provisions of Section 216 and 1121 of the Companies Act 2014 of Ireland the Security Register
shall be maintained in Ireland by the Company; in addition, a duplicate register may be maintained in the United States of America
by the Security Registrar. The Security Register shall be in written form or in any other form capable of being converted into
written form within a reasonable time. At

 

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all reasonable
times the Security Register shall be open for inspection by the Trustee and any Security Registrar other than the Trustee. Upon
due presentment for registration or registration of transfer of any Security of any series at any designated office or agency,
the Company shall execute and register and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Security or Securities of the same series for an equal aggregate principal amount. Registration or registration of transfer
of any Security by any Security Registrar in the Security Register maintained by such Security Registrar, and delivery of such
Security, duly authenticated, shall be deemed to complete the registration or registration of transfer of such Security. Notwithstanding
anything herein to the contrary, there shall only be one Security Register for each series of Securities.

 

No person
shall at any time be designated as or act as a Security Registrar unless such person is at such time empowered under applicable
law to act as such under and to the extent required by applicable law and regulations.

 

All Securities
presented for registration of transfer or for exchange, redemption or payment shall (if so required by the Company or the Trustee)
be duly endorsed by, or be accompanied by a written instrument or instruments of transfer or exchange in form and substance satisfactory
to the Company and the Trustee duly executed by, the applicable Securityholder or his attorney duly authorized in writing, together
with such documentation as may be reasonably required by the Trustee or the Security Registrar.

 

No service
charge shall be made for any exchange or registration of transfer of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

 

The Company
shall not be required to exchange or register a transfer of (a) any Securities of any series for the period of 15 days next preceding
the selection of Securities of that series to be redeemed and thereafter until the date of the mailing (or other delivery in accordance
with the applicable procedures of the Depositary) of a notice of redemption of Securities of that series selected for redemption,
or (b) any Securities selected, called or being called for redemption in whole or in part except, in the case of any Security
to be redeemed in part, the portion thereof not so to be redeemed.

 

None of the
Trustee or Agents shall have any responsibility or obligation to any beneficial owner of an interest in a Global Security, any
Agent Member or other member of, or a participant in, DTC or other person with respect to the accuracy of the records of DTC or
any nominee or participant or member thereof, with respect to any ownership interest in the Securities or with respect to the
delivery to any Agent Member or other participant, member, beneficial owner or other person (other than DTC) of any notice or
the payment of any amount or delivery of any Securities (or other security or property) under or with respect to such Securities.
All notices and communications to be given to the holders and all payments to be made to holders in respect of the Securities
shall be given or made only to or upon the order of the registered holders (which shall be DTC or its nominee in the case of a
Global Security). The rights of beneficial owners in any Global Security shall be exercised only through DTC, subject to its applicable
rules and

 

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procedures.
The Trustee and Agents may rely and shall be fully protected in relying upon information furnished by DTC with respect to its
Agent Members and other members, participants and any beneficial owners.

 

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

 

Subject to
applicable law, each Securityholder agrees to indemnify the Company and the Trustee against any liability that may result from
the transfer, exchange, or assignment of such Securityholder’s Security in violation of any provision of this Indenture
and/or applicable United States Federal or state securities law.

 

Section
2.07. 
Global Securities. The provisions of this ‎Section
2.07 shall apply only to Global Securities.

 

(a) 
Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for
such Global Security or a nominee thereof and delivered to such Depositary or nominee thereof or custodian therefor, and each
such Global Security shall constitute a single Security for all purposes under this Indenture.

 

(b) 
Notwithstanding any other provision in this Indenture, no Global Security evidencing the Securities of any series may be
exchanged in whole or in part for Securities of such series registered, and no transfer of a Global Security in whole or in part
may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (i)
such Depositary has notified the Company that it is unwilling or unable to continue its services as Depositary for such Global
Security and no successor Depositary has been appointed within 90 days after such notice, (ii) such Depositary ceases to be a
“clearing agency” registered under Section 17A of the Exchange Act when the Depositary is required to be so registered
to act as the Depositary and no successor Depositary has been appointed within 90 days of the Company becoming aware of such failure
to be so registered, (iii) the Company determines at any time that the Securities of such
series shall no longer be represented by Global Securities, in which case the Company shall inform such Depositary of such determination
and participants in such Depositary may elect to withdraw their beneficial interests in the Securities from such Depositary, or
(iv) any event shall have occurred and be continuing which, after notice or lapse
of time, or both, would constitute an Event of Default with respect to such series of Securities, and such exchange is requested
by or on behalf of the Depositary in accordance with customary procedures following the request of a Beneficial Owner seeking
to exercise or enforce its rights under the Securities of such series.

 

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(c) 
Subject to ‎Section 2.07(b), any exchange of a Global Security for other Securities may be made in whole or
in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be in registered form and in
such names as the Depositary for such Global Security shall direct.

 

(d) 
Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global
Security or any portion thereof shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such
Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof.

 

(e) 
Subject to the provisions of ‎Section 2.07(g), the registered Securityholder may 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 Securityholder is entitled to take under this Indenture or the Securities.

 

(f) 
In the event of the occurrence of any of the events specified in ‎Section 2.07(b), (i) the Company shall promptly
make available to the Trustee a reasonable supply of such certificated Securities in definitive, fully registered form, without
interest coupons, and (ii) the Trustee shall promptly exchange each beneficial interest in the applicable Global Security for
one or more certificated Securities in definitive, fully registered form, without interest coupons, in authorized denominations
having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the
Trustee by the Depositary, and thereupon such Global Security will be deemed canceled.

 

(g) 
Neither any members of, or participants in, the Depositary (collectively, the “Agent Members”) nor any
other Persons on whose behalf Agent Members may act, shall have any rights under this Indenture with respect to any Global Security
registered in the name of the Depositary or any nominee thereof, or under any such Global Security, and the Depositary or such
nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent
the Company or the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its
Agent Members and any other Person on whose behalf an Agent Member may act, the operation of customary practices of such Persons
governing the exercise of the rights of a holder of any Security.

 

(h) 
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including
any transfers between or among Agent Members or beneficial owners of interests in any Global Security) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when

 

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expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

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

 

Section
2.08. 
Mutilated, Destroyed, Lost or Stolen Securities. In case any temporary or definitive Security shall become mutilated
or be destroyed, lost or stolen, the Company (in the case of a mutilated Security) shall, and the Company may in its discretion
(in the case of a destroyed, lost or stolen Security), execute and, upon the written request or authorization of any Officer of
the Company, the Trustee shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously
Outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and to the Trustee such security
or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant
shall also furnish to the Company and to the Trustee evidence to their satisfaction of the destruction, loss or theft of such
Security and the ownership thereof.

 

Upon the
issuance of any substituted Security, the Company 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 connected therewith. In case any Security which has matured
or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substituted
Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the
applicant for such payment shall furnish to the Company and to the Trustee such security or indemnity as may be required by them
to save each of them harmless and, in case of destruction, loss or theft, evidence satisfactory to the Company and the Trustee
of the destruction, loss or theft of such Security and the ownership thereof.

 

Every substituted
Security issued pursuant to the provisions of this ‎Section
2.08 by virtue of the fact that any Security is destroyed, lost or stolen shall constitute an additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be found at any time, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder.
All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities and shall preclude (to the extent lawful) any and
all other rights or remedies with respect to the replacement or payment of negotiable instruments or other securities without
their surrender.

 

Section
2.09. 
Temporary Securities. Pending the preparation of definitive Securities of any series the Company may execute and
the Trustee

 

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shall
authenticate and deliver temporary Securities (printed, lithographed or typewritten). Temporary Securities shall be issuable in
any authorized denomination and substantially in the form of the definitive Securities in lieu of which they are issued, but with
such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company.
Every such temporary Security shall be authenticated by the Trustee upon the same conditions and in substantially the same manner,
and with the same effect, as the definitive Securities in lieu of which they are issued. Without unreasonable delay, the Company
shall execute and deliver to the Trustee definitive Securities of such series, and thereupon any or all temporary Securities of
such series may be surrendered in exchange therefor, at the option of the holders thereof, either at the office or agency to be
designated and maintained by the Company for such purpose in accordance with the provisions of ‎Section
4.02 or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose in accordance
with the provisions of ‎Section 4.02, and the Trustee
shall authenticate and deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities
of the same series. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged,
the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of the same series authenticated and delivered hereunder.

 

Section
2.10. 
Cancellation of Securities Paid, etc. All Securities surrendered for the purpose of payment, redemption, repayment,
exchange or registration of transfer or for credit against any sinking fund shall, if surrendered to the Company, any Security
Registrar, any Paying Agent or any other agent of the Company or of the Trustee, be delivered to the Trustee and upon receipt
of written direction from the Company promptly cancelled by it, or, if surrendered to the Trustee, shall be promptly cancelled
by it, and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture.
The Trustee may dispose of cancelled Securities in accordance with its customary practices and procedures in effect from time
to time and, at the written request of the Company, shall deliver confirmation of such cancellation to the Company. If the Company
shall acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

Section
2.11. 
Computation of Interest. Except as otherwise specified as contemplated by ‎Section
2.02 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year
of twelve 30-day months.

 

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Section
2.12. 
Form of Legend for Global Securities. Unless otherwise specified as contemplated by ‎Section
2.02 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form (or such other form as a securities exchange or Depositary may request or require):

 

THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE
AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC.

 

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

 

Section
2.13. 
CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use),
and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Securityholders; provided
that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on
the Securities or as contained in any notice of a redemption, and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
The Company shall promptly notify the Trustee of any changes in the “CUSIP” numbers of any series of Securities.

 

Article
3

Redemption of Securities; Sinking Funds

 

Section
3.01. 
Applicability of Article. The provisions of this ‎Article
3 shall be applicable, as the case may be, (a) to the Securities of any series which are redeemable before their maturity and
(b) to any sinking fund for the retirement of Securities of any series, in either case except as

 

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otherwise
specified as contemplated by ‎Section 2.02 for Securities
of such series.

 

The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an “optional sinking fund payment.”

 

Section
3.02. 
Notice of Redemption; Selection of Securities. In case the Company shall desire to exercise any right to redeem
all, or, as the case may be, any part of, the Securities of any series in accordance with their terms, it shall fix a date for
redemption at least 40 days prior to such redemption date (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such redemption date and the principal amount of such Securities to be redeemed and provide an Officer’s
Certificate and Opinion of Counsel to the Trustee. The Company shall then mail (or otherwise deliver in accordance with the applicable
procedures of the Depositary) a notice of such redemption at least 30 and not more than 60 days prior to the date fixed for redemption
to the holders of Securities of such series so to be redeemed as a whole or in part at their last addresses as the same appear
on the Security Register and to the Trustee, except as the supplemental indenture or resolutions adopted by the Board of Directors
of the Company to establish the terms of any series of Securities may otherwise provide. Such mailing shall be by first class
mail (or otherwise delivered in accordance with applicable Depositary procedures). The notice if mailed (or otherwise delivered
in accordance with applicable Depositary procedures) in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not the holder receives such notice. In any case, failure to give such notice by mail (or otherwise deliver
in accordance with the applicable procedures of the Depositary) or any defect in the notice to the holder of any Security of a
series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of
any other Security of such series.

 

Each such
notice of redemption shall specify (i) the date fixed for redemption, (ii) the redemption price at which the Securities of such
series are to be redeemed (or if not then ascertainable, the manner of calculation thereof), (iii) the place or places of payment,
(iv) that payment will be made upon presentation and surrender of such Securities, (v) that any interest accrued to the date fixed
for redemption will be paid as specified in said notice, (vi) that on and after said date if the redemption price in full has
been deposited by the Company with the Trustee any interest thereon or on the portions thereof to be redeemed will cease to accrue,
(vii) that the redemption is for a sinking fund, if such is the case, (viii) the specific provision of this Indenture pursuant
to which such Securities are to be redeemed, (ix) the CUSIP number, and (x) that no representation is made as to the correctness
of such CUSIP numbers contained in the notice of redemption and that reliance may be placed on the other identification numbers
printed on the Securities, and any redemption shall not be affected by any defect in or omission of such numbers.

 

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Where the redemption
price is not ascertainable at the time the notice of redemption is given as aforesaid, the Company shall notify the Trustee of
said redemption price promptly after the calculation thereof. If less than all the Securities of a series are to be redeemed,
the notice of redemption shall specify the number or numbers of the Securities of that series to be redeemed. In case any Security
of a series is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to
be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or
Securities of that series in principal amount equal to the unredeemed portion thereof will be issued. Notice of redemption of
Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s written request
and with the notice information provided to the Trustee, by the Trustee in the name and at the expense of the Company, and shall
be irrevocable; provided that, in the latter case, the Company shall give the Trustee at least ten days prior notice of
the date of the giving of the notice (unless a shorter notice shall be satisfactory to the Trustee).

 

On or prior
to the redemption date specified in the notice of redemption given as provided in this ‎Section
3.02, the Company shall deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying
Agent, shall segregate and hold in trust as provided in ‎Section
4.04) an amount of money sufficient to redeem on the redemption date all the Securities or portions thereof so called for redemption,
together with accrued interest to the date fixed for redemption. The Company shall give the Trustee written notice not less than
40 days (or such shorter period as may be acceptable to the Trustee) prior to the redemption date as to the aggregate principal
amount of Securities of such series to be redeemed, and in the case of a partial redemption, the Securities shall be selected
pro rata or, in the case of Global Securities, in accordance with the applicable policies and procedures of the Depositary, the
Securities of that series or portions thereof to be redeemed. Securities of a series may be redeemed in part only in multiples
of the smallest authorized denomination of that series.

 

Beneficial
interests in Securities represented by Global Securities shall be selected for redemption by the Depositary therefor in accordance
with its standard procedures. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or (b) pursuant to an election of the Company which is subject to a condition
specified in the terms of such Securities, the Company shall furnish the Trustee with an Officer’s Certificate and an Opinion
of Counsel evidencing compliance with such restriction or condition.

 

Section
3.03. 
Payment of Securities Called for Redemption. Prior to 11:00 a.m., New York City time, on the redemption date, the
Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest on all Securities
or portions thereof to be redeemed on that date. If notice of redemption has been given as provided in ‎Section
3.02 or ‎Section 3.05, the Securities or portions of
Securities of the series with respect to which such notice has been given shall become due and payable on the date and at the
place or places stated in such notice at the

 

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applicable
redemption price, together with any interest accrued to, but excluding, the date fixed for redemption, and on and after said date
(unless the Company shall default in the payment of such Securities or portions of such Securities, together with any interest
accrued to said date) any interest on the Securities of such series or portions of Securities of such series so called for redemption
shall cease to accrue. On presentation and surrender of such Securities at a place of payment in said notice specified, the said
Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together
with any interest accrued thereon to, but excluding, the date fixed for redemption; provided, however, that any regularly
scheduled installment of interest becoming due on or prior to the date fixed for redemption shall be payable to holders of such
Securities registered as such on the relevant record date according to their terms.

 

Upon presentation
of any Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to the holder
thereof, at the expense of the Company, a new Security or Securities of the same series of authorized denominations, in aggregate
principal amount equal to the unredeemed portion of the Security so presented.

 

Section
3.04. 
Satisfaction of Mandatory Sinking Fund Payments with Securities. In lieu of making all or any part of any mandatory
sinking fund payment with respect to any Securities of a series in cash, the Company may at its option (a) deliver to the Trustee
Securities of that series theretofore purchased or otherwise acquired by the Company, or (b) receive credit for the principal
amount of Securities of that series which have been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities; provided
that such Securities have not been previously so credited. Upon the written direction of the Company, such Securities shall
be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through
operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.

 

Section
3.05. 
Redemption of Securities for Sinking Fund. Not less than 10 days prior to each sinking fund payment date for any
series of Securities, the Company shall deliver to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be satisfied through delivery and/or crediting of Securities
of that series pursuant to ‎Section 3.04 and whether
the Company intends to exercise its right to make a permitted optional sinking fund payment with respect to such series. Such
certificate shall be irrevocable, and upon its delivery, the Company shall be obligated to make the payment, delivery and/or crediting

 

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therein
referred to, if any, on or prior to such sinking fund payment date. In the case of the failure of the Company to deliver such
certificate, the sinking fund payment due with respect to the next sinking fund payment date for that series of Securities shall
be paid entirely in cash and shall be made in an amount sufficient to redeem the principal amount of such Securities subject to
a mandatory sinking fund payment without the option to deliver or credit Securities as provided in ‎Section
3.04 and without the right to make any optional sinking fund payment with respect to such series.

 

Any sinking
fund payment or payments (mandatory or optional) made in cash, plus any unused balance of any preceding sinking fund payments
made in cash, which shall equal or exceed $100,000 (or the equivalent amount in the Specified Currency (if other than Dollars)
or currency units in which Securities of the series are payable if applicable), or a lesser sum if the Company shall so request,
with respect to the Securities of any particular series, shall be applied by the Trustee, a Paying Agent or the Company, if it
acts as its own Paying Agent, on the sinking fund payment date next following the date of such payment, to the redemption of such
Securities at the redemption price specified in such Securities for operation of the sinking fund together with accrued interest,
if any, to the sinking fund payment date. Any sinking fund moneys not so applied or allocated to the redemption of Securities
shall be added to the next cash sinking fund payment received by the Trustee or such Paying Agent or set aside and segregated
by the Company for such series and, together with such payment, shall be applied in accordance with the provisions of this ‎Section
3.05. Any and all sinking fund moneys with respect to the Securities of any particular series held by the Trustee, such Paying
Agent or the Company on the last sinking fund payment date with respect to Securities of such series and not held for the payment
or redemption of particular Securities shall be applied by the Trustee, such Paying Agent or the Company, together with other
moneys, if necessary, to be deposited sufficient for the purpose, to the payment of principal of such Securities at maturity.

 

Not more
than 60 days and not less than 30 days prior to each sinking fund payment date, the Securities to be redeemed shall be selected
in the manner specified in the second to last paragraph of ‎Section
3.02. The Company shall cause notice of the redemption thereof to be given not less than 30 nor more than 60 days prior to the
sinking fund payment date in the manner provided in ‎Section
3.02, except that the notice of redemption shall also state that the Securities of such series are being redeemed by operation
of the sinking fund and the sinking fund payment date. Such notice having been duly given, the redemption of such Securities shall
be made on the sinking fund payment date upon the terms and in the manner stated in ‎Section
3.03.

 

On or before
each sinking fund payment date, the Company shall pay to the Trustee or to a Paying Agent in cash (or, if the Company is acting
as its own Paying Agent, shall segregate and hold in trust as provided in ‎Section
4.04(b)) a sum equal to any interest accrued to, but excluding, the date fixed for redemption of Securities or portions thereof
to be redeemed on such sinking fund payment date pursuant to this ‎Section
3.05.

 

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Section
3.06. 
Repayment at the Option of the Holder. Any series of Securities may be made, by provision contained in or established
pursuant to a supplemental indenture or a resolution of the Board of Directors of the Company pursuant to ‎Section
2.02 hereof, subject to repayment, in whole or in part, at the option of the holder on a date or dates specified prior to maturity,
at a price to be set forth therein, together with accrued interest to the date of repayment, on such notice as may be required;
provided, however, that the holder of a Security may only elect partial repayment in an amount that will result in the
portion of such Security that will remain Outstanding after such repayment constituting an authorized denomination, or combination
thereof, of such Securities.

 

Article
4

Particular Covenants of the Company

 

Section
4.01. 
Payment of Principal, Premium and Interest. The Company covenants and agrees for the benefit of each series of Securities
that it shall duly and punctually pay or cause to be paid the principal of, premium, if any, and interest, if any, on each of
the Securities of that series at the places, at the respective times and in the manner provided in such Securities. Prior to 11:00
a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to
pay such principal, premium, if any, and interest, if any. Any payment required to be made on any day that is not a Business Day
will be made on the next succeeding Business Day, provided that no additional interest will accrue for the intervening period
in respect of such payment date.

 

Section
4.02. 
Offices for Notices and Payments, etc. As long as any of the Securities of a series remain Outstanding, the Company
shall designate and maintain in the Borough of Manhattan, The City of New York, an office or agency where the Securities of that
series may be presented for payment, an office or agency within or outside the Borough of Manhattan, The City of New York, where
the Securities of that series may be presented for registration of transfer and for exchange as in this Indenture provided and
an office or agency within or outside the Borough of Manhattan, The City of New York, where notices and demands to or upon the
Company in respect of the Securities of that series or of this Indenture may be served. In addition to such office or offices
or agency or agencies, the Company may from time to time designate and maintain one or more additional offices or agencies within
or outside the Borough of Manhattan, The City of New York, where the Securities of that series may be presented for registration
of transfer or for exchange, and the Company may from time to time rescind such designation, as it may deem desirable or expedient.
The Company shall give to the Trustee written notice of the location of each such office or agency and of any change of location
thereof. In case the Company shall fail to maintain

 

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any
such office or agency in the Borough of Manhattan, The City of New York, or shall fail to give such notice of the location or
of any change in the location thereof, presentations and demands may be made and notices may be served at the Principal Office
of the Trustee.

 

The Company
hereby initially designates for Securities transfer purposes and for purposes of presentment and surrender of any Securities for
final distribution, and for all other purposes, the office of the Trustee located at 60 Wall Street – 16th Floor,
MSNYC60-1630, New York, New York 10005 as the office or agency of the Company in the Borough of Manhattan, The City of New York,
where the Securities of each series may be presented for payment, for registration of transfer and for exchange as provided in
this Indenture and where notices and demands to or upon the Company in respect of the Securities of each series or of this Indenture
may be delivered.

 

Section
4.03. 
Appointment to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy
in the office of Trustee, shall appoint, in the manner provided in ‎Section
7.10, a successor Trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder.

 

Section
4.04. 
Provision as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee with respect
to the Securities of any series, it shall cause such Paying Agent to execute and deliver to the Trustee an instrument in which
such agent shall agree with the Trustee, subject to the provisions of this ‎Section
4.04:

 

(i) 
that it will hold all sums held by it as such agent for the payment of the principal of, premium, if any, or interest,
if any, on the Securities of such series (whether such sums have been paid to it by the Company or by any other obligor on the
Securities of such series) in trust for the benefit of the holders of the Securities of such series;

 

(ii) 
that it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities of such series)
to make any payment of the principal of, premium, if any, or interest, if any, on the Securities of such series when the same
shall be due and payable; and

 

(iii) 
that at any time during the continuance of any failure by the Company (or by any other obligor on the Securities of such
series) specified in the preceding paragraph ‎(ii), such Paying Agent will, upon the written request of the
Trustee, forthwith pay to the Trustee all sums so held in trust by it.

 

(b) 
If the Company shall act as its own Paying Agent with respect to the Securities of any series, it shall, on or before each
due date of the principal of, premium, if any, or interest, if any, on the Securities of such series, set aside, segregate and
hold in trust for the benefit of the holders of such Securities a sum sufficient to pay such principal, premium, if any, or interest,
if any, so becoming due and shall promptly notify

 

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the Trustee
of any failure to take such action and of any failure by the Company (or by any other obligor on the Securities of such series)
to make any payment of the principal of, premium, if any, or interest, if any, on the Securities of such series when the same
shall become due and payable.

 

(c) 
Anything in this ‎Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose
of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all
sums held in trust by it, or any Paying Agent hereunder, as required by this ‎Section 4.04, such sums to be held by
the Trustee upon the trusts herein contained.

 

(d) 
Anything in this ‎Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided
in this ‎Section 4.04 is subject to Sections ‎12.05 and ‎12.06.

 

(e) 
Whenever the Company shall have one or more Paying Agents with respect to the Securities of any series, it shall, prior
to each due date of the principal of, premium, if any, or interest, if any, on the Securities of such series, deposit with a designated
Paying Agent a sum sufficient to pay the principal, premium, if any, and interest, if any, so becoming due, such sum to be held
in trust for the benefit of the persons entitled to such principal, premium, if any, or interest, if any, and (unless such Paying
Agent is the Trustee) the Company shall promptly notify the Trustee of any failure so to act.

 

Section
4.05. 
Statement as to Compliance. The Company shall furnish to the Trustee within 120 days after the end of each fiscal
year (beginning with a certificate within 120 days after the end of the fiscal year of the first date of issuance of any Securities
under this Indenture) a brief certificate as to compliance by the Company and the Guarantor with the conditions and covenants
hereunder (which certificate need not comply with ‎Section 15.07), as required by Section 314(a)(4) of the Trust Indenture
Act, stating whether or not to the best knowledge of the signer thereof each of the Company and the Guarantor is in compliance
(without regard to periods of grace or notice requirements) with all conditions and covenants under this Indenture, and if the
Company or the Guarantor shall not be in compliance, specifying such non-compliance and the nature and status thereof of which
such signer may have knowledge.

 

The Company
shall deliver to the Trustee, as soon as possible and in any event within 20 days after the Company becomes aware of the occurrence
of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an
Officer’s Certificate setting forth the details of such Event of Default or default and the action which the Company proposes
to take with respect thereto.

 

Section
4.06. 
Additional Amounts. If the Securities of a series provide for the payment of additional amounts, at least 10 days
prior to the first interest payment date with respect to that series of Securities and at least 10 days prior to each date of
payment of principal of, premium, if any, or

 

     26

     

    

interest
on the Securities of that series if there has been a change with respect to the matters set forth in the below-mentioned Officer’s
Certificate, the Company shall furnish to the Trustee and the principal Paying Agent, if other than the Trustee, an Officer’s
Certificate instructing the Trustee and such Paying Agent whether such payment of principal of, premium, if any, or interest on
the Securities of that series shall be made to holders of the Securities of that series without withholding or deduction for or
on account of any tax, assessment or other governmental charge described in the Securities of that series. If any such withholding
or deduction shall be required, then such Officer’s Certificate shall specify by country the amount, if any, required to
be withheld or deducted on such payments to such holders and shall certify the fact that additional amounts will be payable and
the amounts so payable to each holder, and the Company shall pay to the Trustee or such Paying Agent the additional amounts required
to be paid by this ‎Section 4.06. The Company covenants
to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably
incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of
them in reliance on any Officer’s Certificate furnished pursuant to this ‎Section
4.06.

 

Whenever
in this Indenture there is mentioned, in any context, the payment of the principal of or any premium, interest or any other amounts
on, or in respect of, any Security of any series, such mention shall be deemed to include mention of the payment of additional
amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, additional
amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of additional
amounts (if applicable) in any provision hereof shall not be construed as excluding the payment of additional amounts in those
provisions hereof where such express mention is not made.

 

Article
5

Securityholder Lists and Reports by the Company and the Trustee

 

Section
5.01. 
Securityholder Lists. If and so long as the Trustee shall not be the Security Registrar for the Securities of any
series, the Company and any other obligor on the Securities shall furnish or cause to be furnished to the Trustee a list in such
form as the Trustee may reasonably require of the names and addresses of the holders of the Securities of such series pursuant
to Section 312 of the Trust Indenture Act (a) semi-annually not more than 15 days after each record date for the payment of interest
on such Securities, as hereinabove specified, as of such record date, and on dates to be determined pursuant to ‎Section
2.02 for non-interest bearing Securities in each year, and (b) at such other times as the Trustee may request in writing, within
thirty days after receipt by the Company of any such request

 

     27

     

    

as
of a date not more than 15 days prior to the time such information is furnished.

 

Section
5.02. 
Reports by the Company and the Guarantor. The Company and the Guarantor covenant to file with the Trustee, within
15 days after the Company or the Guarantor, as the case may be, is required to file the same with the SEC, copies of the annual
reports and of the information, documents and other reports that the Company or the Guarantor, as the case may be, is required
to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act or pursuant to Section 314 of the Trust Indenture
Act. Annual reports, information, documents and reports that are filed by the Company or the Guarantor with the SEC via the EDGAR
system or any successor electronic delivery procedure will be deemed to be filed with the Trustee at the time such documents are
filed via the EDGAR system or such successor procedure. Delivery of such reports, information and documents to the Trustee is
for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s or the Guarantor’s compliance
with any of their respective covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).
The Trustee shall have no obligation to determine whether any such reports have been timely filed with the SEC.

 

Section
5.03. 
Reports by the Trustee. Any Trustee’s report required under Section 313(a) of the Trust Indenture Act shall
be transmitted on or before March 15 in each year beginning March 15, 2017, as provided in Section 313(c) of the Trust Indenture
Act, so long as any Securities are Outstanding hereunder, and shall be dated as of a date convenient to the Trustee no more than
60 days prior thereto. A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the
Trustee with each stock exchange, if any, upon which any Securities are listed, with the SEC and with the Company and the Guarantor.
The Company or the Guarantor shall notify the Trustee, in writing, when any Securities are listed on any stock exchange or delisted
therefrom.

 

Article
6

Remedies of the Trustee and Securityholders on Event of Default

 

Section
6.01. 
Events of Default. The term “Event of Default” whenever used herein with respect to Securities
of any series means any one of the following events, and such other events as may be established with respect to the Securities
of such series as contemplated by ‎Section 2.02 hereof,
continued for the period of time, if any, and after the giving of notice, if any, designated in this Indenture or as may be established
with respect to such Securities as contemplated by ‎Section
2.02 hereof, as the case may be, unless it is either inapplicable or is specifically deleted or modified in the applicable resolution
of the Board of Directors of the Company or in the

 

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supplemental
indenture under which such series of Securities is issued, as the case may be, as contemplated by ‎Section
2.02:

 

(a) 
default in the payment of any installment of interest upon any Security of such series as and when the same shall become
due and payable, and continuance of such default for a period of 30 days; or

 

(b) 
default in the payment of the principal of, or premium, if any, on any Security of such series as and when the same shall
become due and payable, whether at maturity or upon acceleration, redemption, required repurchase, by declaration, repayment or
otherwise; or

 

(c) 
failure on the part of the Company or the Guarantor to observe or perform any other covenant or agreement on the part of
the Company or the Guarantor, as the case may be, in respect of the Securities of such series contained in this Indenture (other
than a covenant or agreement in respect of the Securities of such series a default in whose observance or performance is elsewhere
in this ‎Section 6.01 specifically dealt with), and continuance of such failure for a period of 90 days after the date
on which written notice of such failure, requiring the Company or the Guarantor to remedy the same, shall have been given to the
Company or the Guarantor, as the case may be, by the Trustee by registered mail, or to the Company, the Guarantor and the Trustee
by the holders of at least 25% in aggregate principal amount of the Securities of such series at the time Outstanding; or

 

(d) 
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Company, the Guarantor or their respective debts, or of a substantial part of their respective
assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or the Guarantor
or for a substantial part of their respective assets, and, in any such case, such proceeding or petition shall continue undismissed
for 60 days, or an order or decree or other action approving or ordering any of the foregoing shall be entered;

 

(e) 
the Company or the Guarantor shall:

 

(i) 
voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect; or

 

(ii) 
consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described
in ‎Section 6.01(d); or

 

(iii) 
apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for the Company or the Guarantor, as the case may be, for a substantial part of its assets; or

 

     29

     

    

(iv) 
file an answer admitting the material allegations of a petition filed against it in any such proceeding; or

 

(v) 
make a general assignment for the benefit of creditors; or

 

(vi) 
take any action for the purpose of effecting any of the foregoing; or

 

(vii) 
admit in writing its inability to pay its debts as they become due;

 

(f) 
the Guarantor’s Guarantee with respect to the Securities of any series is held in any judicial proceeding to be unenforceable
or invalid or, except as permitted by the applicable supplemental indenture, ceases for any reason to be in full force and effect,
or the Guarantor denies or disaffirms its obligations under its Guarantee with respect to the Securities of any series; or

 

(g) 
any other Event of Default provided in the applicable resolution of the Board of Directors of the Company or in the supplemental
indenture under which such series of Securities is issued, as the case may be, as contemplated by ‎Section 2.02.

 

If an Event
of Default as contemplated by Section ‎6.01(d) or ‎6.01(e)
occurs, the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such portions of the
principal amount as may be specified in the terms of such series) and all accrued and unpaid interest thereon, if any, with respect
to Securities of all series at the time Outstanding will become and be immediately due and payable, without further action or
notice on the part of the Securityholders or the Trustee. If any other Event of Default with respect to Securities of any series
at the time Outstanding occurs and is continuing, then and in each and every such case, unless the principal of all of the Securities
of such series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate
principal amount of the Securities of such series then Outstanding hereunder, by notice in writing to the Company (and to the
Trustee if given by Securityholders of such series), may declare the principal amount (or, if the Securities of such series are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) and
all accrued and unpaid interest thereon, if any, of all the Securities of such series to be due and payable immediately, and upon
any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Securities
of such series contained to the contrary notwithstanding. This provision, however, is subject to the condition that if, at any
time after the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such portion of
the principal amount as may be specified in the terms of such series) of the Securities of any series shall have been so declared
or otherwise become due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, (i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured
installments of interest, if any, upon all of the Securities of such series and the principal of, and premium, if any, on any
and all Securities of such series which shall have become due otherwise than by acceleration (with interest on overdue installments
of interest (to the extent that payment of such interest is enforceable under

 

     30

     

    

applicable
law) and on such principal at the Overdue Rate applicable to such series, to the date of such payment or deposit), (ii) the Company
shall pay or deposit with the Trustee a sum sufficient to pay all amounts payable to the Trustee pursuant to the provisions of
‎Section 7.06, and (iii) any and all defaults under this Indenture
with respect to such series of Securities, other than the nonpayment of principal of and accrued interest on Securities of such
series which shall have become due solely by acceleration, shall have been remedied, cured or waived or provision shall have been
made therefor to the satisfaction of the Trustee, then and in every such case, the holders of a majority in aggregate principal
amount of the Securities of such series then Outstanding, by written notice to the Company and the Trustee, may waive all defaults
with respect to such series and rescind and annul such declaration or acceleration and its consequences; but no such waiver or
rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon.

 

In case the
Trustee shall have proceeded to enforce any right under this Indenture and such proceeding shall have been discontinued or abandoned
because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and
in every such case the Company and the Trustee shall be restored respectively to their several positions and rights hereunder,
and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceeding had been taken.

 

Section
6.02. 
Payment of Securities on Default; Suit Therefor. The Company covenants that (a) in case default shall be made in
the payment of any installment of interest upon any Security of any series as and when the same shall become due and payable,
and such default shall have continued for a period of 30 days, (b) in case default shall be made in the payment of the principal
of, or premium, if any, on any Security of any series as and when the same shall become due and payable, whether at maturity of
the Securities of that series or upon redemption or by declaration, repayment or otherwise, or (c) in case of default in the making
or satisfaction of any sinking fund payment or analogous obligation when the same becomes due by the terms of the Securities of
any series, then, upon demand of the Trustee, the Company shall pay to the Trustee, for the benefit of the holder of any such
Security (or holders of any series of Securities in the case of clause ‎(c)
above) the whole amount that then shall have become due and payable on any such Security (or Securities of any such series in
the case of clause ‎(c) above) for principal, premium,
if any, and interest, if any, with interest upon the overdue principal and premium, if any, and (to the extent that payment of
such interest is enforceable under applicable law) upon the overdue installments of interest, if any, at the Overdue Rate applicable
to any such Security (or Securities of any such series in the case of clause ‎(c)
above); and, in addition thereto, such further amount as shall be sufficient to cover costs and expenses of collection, and any
further amounts payable to the Trustee pursuant to the provisions of ‎Section
7.06.

 

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In case the
Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of any express
trust, shall be entitled (but shall have no obligation to) and empowered to institute any actions or proceedings at law or in
equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company or any other obligor upon such Securities and collect
in the manner provided by law out of the property of the Company or any other obligor on such Securities wherever situated the
moneys adjudged or decreed to be payable.

 

In case there
shall be pending proceedings for the bankruptcy, for the insolvency or for the reorganization of the Company or any other obligor
on the Securities of any series under the Federal Bankruptcy Code or any other similar applicable Federal or State law, or in
case a receiver or trustee (or other similar official) shall have been appointed for the property of the Company or such other
obligor, or in the case of any other similar judicial proceedings relative to the Company or other obligor on the Securities of
any series, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal
of the Securities of any series 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 pursuant to the provisions of this ‎Section
6.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for
the whole amount of principal (or, if the Securities of any series are Original Issue Discount Securities, such portion of the
principal amount as may be due and payable with respect to such series pursuant to a declaration in accordance with ‎Section
6.01), premium, if any, and interest, if any, owing and unpaid in respect of the Securities of any series and, in case of any
judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee and of the Securityholders of any series allowed in such judicial proceedings relative to the Company
or any other obligor on the Securities of any series, its or their creditors, or its or their property, and to collect and receive
any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of costs
and expenses of collection, and any further amounts payable to the Trustee pursuant to the provisions of ‎Section
7.06 and incurred by it up to the date of such distribution; and any receiver, assignee or trustee (or other similar official)
in bankruptcy or reorganization is hereby authorized by each of the Securityholders 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 Securityholders, to pay to the Trustee
costs and expenses of collection and any further amounts payable to the Trustee pursuant to the provisions of ‎Section
7.06 and incurred by it up to the date of such distribution.

 

Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder
any plan of reorganization, arrangement, adjustment or composition affecting any of the Securities of any series or the rights
of any holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

All rights
of action and of asserting claims under this Indenture, or under the Securities of any series, may be enforced by the Trustee
without the possession of any of

 

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the Securities
of such series or the production thereof in any trial or other proceeding relative thereto, and any such suit or proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the
ratable benefit of the holders of the Securities in respect of which such action was taken. In any proceedings brought by the
Trustee (and also any proceedings in which a declaratory judgment of a court may be sought as to the interpretation or construction
of any provision of this Indenture, to which the Trustee shall be a party) the Trustee shall be held to represent all the holders
of the Securities to which such proceedings relate, and it shall not be necessary to make any holders of such Securities parties
to any such proceedings.

 

Section
6.03. 
Application of Moneys Collected by Trustee. Any moneys collected by the Trustee pursuant to this ‎Article
6 and, if an Event of Default has occurred and is continuing, any money or other property distributable in respect of the Company’s
obligations under this Indenture, shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution
of such moneys, upon presentation of the several Securities in respect of which moneys have been collected, 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 and Agents pursuant to the provisions of ‎Section
7.06;

 

SECOND:
In case the principal of the Outstanding Securities in respect of which such moneys have been collected shall not have become
due (at maturity, upon redemption, by declaration, repayment or otherwise) and be unpaid, to the payment of interest, if any,
on such Securities, in the order of the maturity of the installments of such interest, with interest (to the extent that such
interest has been collected by the Trustee) upon the overdue installments of interest (to the extent that payment of such interest
is enforceable under applicable law) at the Overdue Rate applicable to such Securities, such payments to be made ratably to the
person entitled thereto;

 

THIRD:
In case the principal of the Outstanding Securities in respect of which such moneys have been collected shall have become due
(at maturity, upon redemption, by declaration, repayment or otherwise), to the payment of the whole amount then owing and unpaid
upon such Securities for principal, premium, if any, and interest, if any, with interest on the overdue principal, and premium,
if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest, if any
(to the extent that payment of such interest is enforceable under applicable law), at the Overdue Rate applicable to such Securities;
and in case such moneys shall be insufficient to pay in full the whole amounts so due and unpaid upon such Securities, then to
the payment of such principal, premium, if any, and interest, if any, without preference or priority of principal, and premium,
if any, over interest, if any, or of interest, if any, over principal, and premium, if any, or of any installment of interest,
if any, over any

 

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other installment of
interest, if any, or of any such Security over any other such Security, ratably to the aggregate of such principal, premium, if
any, and accrued and unpaid interest, if any; and

 

FOURTH:
To the payment of the remainder, if any, to the Company, its successors or assigns, or to whosoever may be lawfully entitled to
receive the same, or as a court of competent jurisdiction may direct.

 

Section
6.04. 
Proceedings by Securityholders. No holder of any Security of any series shall have any right by virtue of or by
availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with
respect to this Indenture or for the appointment of a receiver or trustee (or other similar official), or for any other remedy
hereunder, unless (a) such holder previously shall have given to the Trustee written notice of an Event of Default with respect
to Securities of such series and of the continuance thereof, as hereinbefore provided, (b) the holders of not less than 25%
in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee
to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable
security or indemnity as it may require against any loss, liability or expense to be incurred therein or thereby, and (c) the
Trustee, for 60 days after its receipt of such notice, request and offer of reasonable security or indemnity, shall not have received
from the holders of a majority in principal amount of the Securities of such series then Outstanding a direction inconsistent
with that request, and shall have failed to institute any such action, suit or proceeding, it being understood and intended, and
being expressly covenanted by the taker and holder of every Security with every other taker and holder and the Trustee, that no
one or more holders of Securities of such series shall have any right in any manner whatever by virtue or by availing of any provision
of this Indenture to affect, disturb or prejudice the rights of any other holder of Securities of such series, or to obtain or
seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the
matter herein provided and for the equal, ratable and common benefit of all holders of Securities of such series (it being understood
that the Trustee has no affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such
holders).

 

Notwithstanding
any other provisions in this Indenture, however, the right of any holder of any Security to receive payment of the principal of,
premium, if any, and interest, if any, on such Security, on or after the respective due dates expressed in such Security, or upon
redemption, by declaration, repayment or otherwise, or to institute suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such holder, and no provision of the Securities of
any series or of this Indenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to
pay the principal of, premium, if any, and interest, if any, on the Securities of such series at the respective places, at the

 

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respective
times, at the respective rates and in the coin or currency, therein and herein prescribed.

 

Section
6.05. 
Proceedings by Trustee. In case of an Event of Default hereunder, the Trustee may, in its discretion, proceed to
protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem
most effectual to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy
or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise
of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

 

Section
6.06. 
Remedies Cumulative and Continuing. All powers and remedies given by this ‎Article
6 to the Trustee or to the Securityholders of any series shall, to the extent permitted by law, be deemed cumulative and not exclusive
of any thereof or of any other powers and remedies available to the Trustee or the holders of such Securities, by judicial proceedings
or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay
or omission of the Trustee or of any holder of any such Securities to exercise any right or power accruing upon any default occurring
and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or
an acquiescence therein; and, subject to the provisions of ‎Section
6.04, every power and remedy given by this ‎Article
6 or by law to the Trustee or to the Securityholders of any series may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders of such series.

 

Section
6.07. 
Direction of Proceedings and Waiver of Defaults by Securityholders. (a) The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding 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, with respect
to the Securities of such series; provided, however, that (subject to the provisions of ‎Section
7.01) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines
that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith shall determine that the action
or proceeding so directed would be unduly prejudicial to the rights of any other holder of Securities of the applicable series
(it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or proceedings
are unduly prejudicial to such holders) or that would involve the Trustee in personal liability.

 

(b) 
Prior to any acceleration or declaration accelerating the maturity of the Securities of any series, the holders of a majority
in aggregate principal amount of the

 

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Securities
of such series at the time Outstanding may, on behalf of the holders of all of the Securities of such series, waive any past default
or Event of Default with respect to such series and its consequences, except a default in the payment of interest, if any, on,
or the principal of or premium, if any, on any Security of such series, or in the payment of any sinking fund installment or analogous
obligation with respect to Securities of such series, or in respect of a covenant or provision hereof which under ‎Section
10.02 cannot be modified or amended without the consent of the holder of each Security affected. Upon any such waiver, the Company
or any other obligor on the Securities of that series, the Trustee and the holders of the Securities of that series shall be restored
to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default
or Event of Default or impair any right consequent thereon. Whenever any default or Event of Default hereunder shall have been
waived as permitted by this ‎Section 6.07(b), said default or Event of Default shall for all purposes of the Securities
of such series and this Indenture be deemed to have been cured and to be not continuing.

 

Section
6.08. 
Notice of Defaults. The Trustee shall, within 90 days after being notified in writing of a default with respect
to the Securities of any series, mail (or provide notice pursuant to the applicable procedures of the Depositary) to all holders
of Securities of such series, as the names and addresses of such holders appear upon the Security Register, notice of all defaults
with respect to such series known to the Trustee, unless such defaults shall have been cured or waived before the giving of such
notice (the term “defaults” for the purpose of this ‎Section
6.08 being hereby defined to be the events specified in ‎Section
6.01 or established with respect to such Securities as contemplated by ‎Section
2.02, not including the periods of grace, if any, provided for therein or established with respect to such Securities as contemplated
by ‎Section 2.02, and irrespective of the giving of
the notices, if any, provided for therein or established with respect to such Securities as contemplated by ‎Section
2.02); provided, however, that except in the case of default in the payment of the principal of, premium, if any, or interest,
if any, on any of the Securities of such series or in the making of any sinking fund installment or analogous obligation with
respect to such series, the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith
determines that the withholding of such notice is in the interest of the holders of Securities of such series.

 

Section
6.09. 
Undertaking to Pay Costs. All parties to this Indenture agree, and each holder of any Security by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Trustee for any action taken, omitted or suffered by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having
due regard to the merits and good faith of the

 

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claims
or defenses made by such party litigant; but the provisions of this ‎Section
6.09 shall not apply (a) to any suit instituted by the Trustee, (b) to any suit instituted by any Securityholder of any series
or group of such Securityholders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of
such series or (c) to any suit instituted by any Securityholder for the enforcement of the payment of the principal of, premium,
if any, or interest, if any, on any Security (i) on or after the due date expressed in such Security, (ii) on or after the date
fixed for redemption or repayment or (iii) after such Security shall have become due by declaration.

 

Article
7

Concerning The Trustee

 

Section
7.01. 
Duties and Responsibilities of Trustee. (a) In case an Event of Default with respect to the Securities of a series
has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this
Indenture with respect to such series, and use the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own affairs.

 

(b) 
Prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving
of all Events of Default with respect to such series which may have occurred:

 

(i) 
the duties and obligations of the Trustee with respect to the Securities of a series shall be determined solely by the
express provisions of this Indenture, and the Trustee shall take such action with respect to this Indenture as it shall be directed
pursuant to this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are
specifically set forth in this Indenture and as specifically directed under this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and

 

(ii) 
in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any 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 which by any provision hereof are
specifically required to be furnished to the Trustee, 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 need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein);

 

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(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:

 

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

 

(ii) 
the Trustee shall not be liable with respect to any action taken, omitted or suffered to be taken by it in good faith in
accordance with the direction of the holders of Securities of any series pursuant to ‎Section 6.07 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 with respect to Securities of such series;

 

(iii) 
none of the provisions of this Indenture shall be construed as requiring the Trustee to expend or risk its own funds or
otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it; and

 

(iv) 
this clause ‎(c) shall not be construed to limit the effect of clause ‎(b) of this
‎Section 7.01.

 

The provisions
of this ‎Section 7.01 are in furtherance of and subject to
Section 315 of the Trust Indenture Act. 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 7.01.

 

Section
7.02. 
Reliance on Documents, Opinions, etc. In furtherance of and subject to the Trust Indenture Act, and subject to the
provisions of ‎Section 7.01:

 

(a) 
the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party or parties;

 

(b) 
any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an instrument
signed in the name of the Company by an Officer (unless other evidence in respect thereof be herein specifically prescribed);
and any resolution of the Board of Directors of the Company may be evidenced to the Trustee by a copy thereof certified by an
Officer of the Company;

 

(c) 
the Trustee may consult with counsel and any advice or Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken,

 

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omitted or
suffered to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

 

(d) 
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of any of the Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders
shall have offered security and indemnity reasonably satisfactory to the Trustee against any loss, liability or expense which
might be incurred therein or thereby;

 

(e) 
the Trustee shall not be liable for any action taken, omitted or suffered 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;

 

(f) 
the Trustee shall not be bound to make any inquiry or investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or
document unless requested in writing so to do by the holders of a majority in aggregate principal amount of the Securities of
any series affected then Outstanding; provided, however, that if the payment within a reasonable time to the Trustee of
the costs and expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee by the security conferred upon it by the terms of this Indenture, the Trustee may
require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding; and the reasonable expenses
of such investigation shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;

 

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

 

(h) 
the Trustee shall not be deemed to have notice of any default hereunder or Event of Default, unless written notice of such
a default or Event of Default is received by a Responsible Officer of the Trustee at the Principal Office of the Trustee and such
notice references the Securities and this Indenture;

 

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

 

(j) 
in no event shall the Trustee be responsible or liable for special, punitive, indirect, 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;

 

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(k) 
the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of
Officers authorized at such time to take specified actions pursuant to this Indenture, which 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;

 

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

 

(m) 
neither the Trustee nor any of its officers, directors, employees or agents shall be liable for any action taken or omitted
under this Indenture or in connection therewith except to the extent caused by the Trustee’s negligence or willful misconduct,
as determined by the final judgment of a court of competent jurisdiction, no longer subject to appeal or review. The parties each
(for itself and any person or entity claiming through it) hereby releases, waives, discharges, exculpates and covenants not to
sue the Trustee for any action taken or omitted under this Indenture except to the extent caused by the Trustee’s negligence
or willful misconduct; and

 

(n) 
in order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law,”
including Section 326 of the USA PATRIOT Act of the United States), the Trustee and its agents are required to obtain, verify,
record and update certain information relating to individuals and entities that maintain a business relationship with the Trustee
and its agents. Accordingly, each of the parties agrees to provide to the Trustee and its agents, upon their request from time
to time such identifying information and documentation as may be available for such party in order to enable the Trustee and its
agents to comply with Applicable Law.

 

(o) 
In order for the Trustee to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines
and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Tax Law”),
the Company agrees (i) to provide to the Trustee information about holders or other applicable parties and/or transactions (including
any modification to the terms of such transactions) that is (x) within the knowledge of the Company or Shire, (y) not subject
to legally binding confidentiality restrictions and (z) reasonably requested by the Trustee so that the Trustee may determine
whether it has tax related obligations under Applicable Tax Law, and (ii) that the Trustee shall be entitled to make any withholding
or deduction from payments to be made by the Company or Shire to holders under the Indenture to the

 

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extent necessary
to comply with Applicable Tax Law, for which the Trustee shall not have any liability.

 

Section
7.03. 
No Responsibility for Recitals, etc. The recitals contained herein and in the Securities shall be taken as the statements
of the Company (except in the Trustee’s certificates of authentication), and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or the Securities,
provided that the Trustee shall not be relieved of its duty to authenticate Securities only as authorized by this Indenture.
The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds thereof.

 

Section
7.04. 
Ownership of Securities. The Trustee and any agent of the Company or of the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee or such agent.

 

Section
7.05. 
Moneys to be Held in Trust. Subject to the provisions of Sections ‎4.04,
‎12.05 and ‎12.06,
all moneys received by the Trustee or any Paying Agent shall, until used or applied as herein provided, be held in trust for the
purposes for which they were received, but need not be segregated from other funds except to the extent required by law. Neither
the Trustee nor any Paying Agent shall be under any liability for interest on any moneys received by it hereunder except such
as it may agree in writing with the Company to pay thereon. So long as no Event of Default shall have occurred and be continuing,
all interest allowed on any such moneys shall be paid from time to time upon the written order of the Company, signed by an Officer.

 

Section
7.06. 
Compensation and Expenses of Trustee. The Company and the Guarantor each covenant and agree to pay to the Trustee
and Agents from time to time, and the Trustee and Agents shall be entitled to, reasonable compensation (which shall not be limited
by any provision of law in regard to the compensation of a trustee of an express trust) and, except as otherwise expressly provided,
the Company and the Guarantor shall pay or reimburse the Trustee and Agents upon their request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee and Agents in accordance with any of the provisions of this Indenture (including
the reasonable compensation and the expenses and disbursements of its counsel and of all persons not regularly in its employ)
except any such expense, disbursement or advance as may arise from its negligence or willful misconduct. The Company and the Guarantor
also covenant to indemnify the Trustee and Agents and its officers, directors, employees, representatives and agents for, and
to hold them and their officers, directors, employees, representatives and agents harmless against, any losses, liabilities, claims,
expenses, obligations, damages, injuries, penalties, stamp or other similar

 

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taxes,
actions, suits, judgments, reasonable costs and expenses (including reasonable attorney’s and agent’s fees and expenses)
of whatever kind or nature, incurred without negligence, willful misconduct or bad faith on the part of the Trustee and Agents,
arising out of or in connection with the acceptance or administration of this trust and their duties hereunder, including the
costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company and
the Guarantor under this ‎Section 7.06 to compensate
and indemnify the Trustee and Agents and to pay or reimburse the Trustee and Agents for expenses, disbursements and advances shall
constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture and the resignation
or removal of the Trustee and Agents.

 

The Trustee
shall have a lien prior to the Securities as to all property and funds held by it hereunder for any amount owing it or any predecessor
Trustee pursuant to this Section 7.06, except with respect to funds held in trust for the benefit of the holders of particular
Securities.

 

When the
Trustee incurs expenses or renders services in connection with an Event of Default specified in ‎Section
6.01(e) or ‎Section 6.01(f), the expenses (including the reasonable
charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration
under any applicable Federal or state bankruptcy, insolvency or other similar law.

 

Section
7.07. 
Officer’s Certificate as Evidence. Subject to the provisions of Sections ‎7.01
and ‎7.02, whenever in the administration of the provisions
of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting
or suffering any action to be taken hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established
by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of negligence
or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, omitted or suffered by it
under the provisions of this Indenture upon the faith thereof.

 

Section
7.08. 
Disqualification: Conflicting Interests for the Trustee. The Trustee shall comply with the provisions of Section
310(b) of the Trust Indenture Act.

 

Section
7.09. 
Eligibility of Trustee. The Trustee hereunder shall at all times be a corporation organized and doing business under
the laws of the United States or any State, which (a) is authorized under such laws to exercise corporate trust powers and (b)
is subject to supervision or examination by Federal or State authority and (c) shall have at all times a combined capital and
surplus of not less than $50,000,000. If such

 

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corporation
publishes reports of condition at least annually, pursuant to law, or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this ‎Section 7.09,
the combined capital and surplus of such corporation at any time shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. No obligor upon this Indenture of any Securities or person directly
or indirectly controlling, controlled by, or under common control with such obligor shall serve as Trustee. In case at any time
the Trustee shall cease to be eligible in accordance with the provisions of this ‎Section
7.09, the Trustee shall resign immediately in the manner and with the effect specified in ‎Section
7.10.

 

The provisions
of this ‎Section 7.09 are in furtherance of and subject to
Section 310(a) of the Trust Indenture Act.

 

Section
7.10. 
Resignation or Removal of Trustee. (a) The Trustee, or any Trustee or Trustees hereafter appointed, may at any time
resign with respect to any one or more or all series of Securities by giving written notice of resignation to the Company and
Shire and by mailing notice of such resignation to the holders of the applicable series of Securities at their addresses as they
shall appear on the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor
Trustee or Trustees with respect to the applicable series by written instrument, in duplicate, executed in the name of and on
behalf of the Company by a duly authorized Officer, one copy of which instrument shall be delivered to the resigning Trustee and
one copy to the successor Trustee, which instrument shall release the resigning Trustee from its obligations hereunder. If no
successor Trustee shall have been so appointed with respect to any series and have accepted appointment within 60 days after the
giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment
of a successor Trustee, or any Securityholder who has been a bona fide holder of a Security or Securities of the applicable series
for at least six months may, subject to the provisions of ‎Section
6.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.

 

(b) 
In case at any time any of the following shall occur:

 

(i) 
the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to any series
of Securities after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security
or Securities of such series for at least six months; or

 

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(ii) 
the Trustee shall cease to be eligible in accordance with the provisions of ‎Section 7.09 and Section
310(a) of the Trust Indenture Act with respect to any series of Securities and shall fail to resign after written request therefor
by the Company or by any such Securityholder; or

 

(iii) 
the Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt
or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,

 

then, in any such case, the Company
may remove the Trustee with respect to such series and appoint a successor Trustee with respect to such series by written instrument,
in duplicate, executed in the name of and on behalf of the Company by a duly authorized Officer, one copy of which instrument
shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of ‎Section
6.09, any Securityholder who has been a bona fide holder of a Security or Securities of such series for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee with respect to such series. Such court may thereupon, after such notice, if any, as
it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee with respect to such series.

 

(c) 
The holders of a majority in aggregate principal amount of the Securities of one or more series (each series voting as
a class) or all series at the time Outstanding may remove the Trustee with respect to the applicable series or all series, as
the case may be, and appoint with respect to the applicable series or all series, as the case may be, a successor Trustee by 30
days prior written notice of such action to the Company, the Trustee and the successor Trustee.

 

(d) 
Any resignation or removal of the Trustee with respect to any series and any appointment of a successor Trustee with respect
to such series pursuant to any of the provisions of this ‎Section 7.10 shall become effective upon acceptance of appointment
by the successor Trustee as provided in ‎Section 7.11 and payment of all fees, expenses and indemnity amounts owed
to the outgoing Trustee.

 

(e) 
No predecessor Trustee shall be liable for the acts or omissions of any successor Trustee.

 

(f) 
Notwithstanding the replacement of the Trustee pursuant to this ‎Section 7.10, the Company’s obligations
under ‎Section 7.06 shall continue for the benefit of the outgoing Trustee.

 

Section
7.11. 
Acceptance by Successor Trustee. Any successor Trustee appointed as provided in ‎Section
7.10 shall execute, acknowledge and deliver to the Company and to its predecessor Trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or

 

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removal
of the predecessor Trustee with respect to any or all applicable series shall become effective and such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations with respect to such
series of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written
request of the Company or of the successor Trustee, the Trustee ceasing to act shall, upon payment (or due provision therefor)
of any amounts then due it pursuant to the provisions of ‎Section
7.06, execute and deliver an instrument transferring to such successor Trustee all the rights and powers with respect to such
series of the Trustee so ceasing to act. Upon request of any such successor Trustee, the Company shall execute any and all instruments
in writing in order more fully and certainly to vest in and confirm to such successor Trustee all such rights and powers.

 

In case of
the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the predecessor Trustee and each successor Trustee with respect to the Securities of any applicable series shall execute and deliver
an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which
the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee, and shall add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be Trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee.

 

No successor
Trustee with respect to a series of Securities shall accept appointment as provided in this ‎Section
7.11 unless at the time of such acceptance such successor Trustee shall, with respect to such series, be qualified under Section
310(b) of the Trust Indenture Act and eligible under the provisions of ‎Section
7.09.

 

Upon acceptance
of appointment by a successor Trustee with respect to any series as provided in this ‎Section
7.11, the Company shall give notice thereof to the holders of Securities of each series affected, by mailing such notice to such
holders at their addresses as they shall appear on the Security Register. If the Company fails to mail such notice within ten
days after the acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be given at
the expense of the Company.

 

Section
7.12. 
Succession by Merger, etc. 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
to the Trustee hereunder, provided such corporation shall be qualified under Section 310(b) of the Trust Indenture

 

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Act
and eligible under the provisions of ‎Section 7.09,
without the execution or filing of any paper or any further act on the part of any of the parties hereto unless required by law,
anything herein to the contrary notwithstanding.

 

In case at
the time such successor to the Trustee shall succeed to the trust created by this Indenture with respect to one or more series
of Securities, any of such Securities shall have been authenticated but not delivered, any such successor to the Trustee by merger,
conversion or consolidation may adopt the certificate of authentication of any predecessor Trustee, and deliver such Security
so authenticated; and in case at that time any of such Securities shall not have been authenticated, any successor to the Trustee
may authenticate such Securities either in the name of such successor to the Trustee or, if such successor to the Trustee is a
successor by merger, conversion or consolidation, the name of any predecessor hereunder; and in all such cases such certificate
shall have the full force which it is anywhere in such Securities or in this Indenture provided that the certificate of the Trustee
shall have.

 

Section
7.13. 
Appointment of Authenticating Agent. The Trustee may appoint an Authenticating Agent or Agents which shall be authorized
to act on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange, registration of transfer,
or partial conversion or partial redemption or pursuant to ‎Section
2.08, and Securities 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. Wherever reference is made in this Indenture to the authentication
and delivery of Securities 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 Company 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 $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent
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 7.13, the combined
capital and surplus of such Authenticating Agent 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 7.13, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this ‎Section
7.13.

 

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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 the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent,
provided that such corporation shall be otherwise eligible under this ‎Section
7.13, 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, the Company and the Guarantor. The Trustee may at
any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent, the Company
and Shire. 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
7.13, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written
notice of such appointment by first-class mail, postage prepaid, to all Securityholders as their names and addresses appear in
the Security Register. 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
7.13.

 

The Company
agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this ‎Section
7.13.

 

If an appointment
is made pursuant to this ‎Section 7.13, the Securities may
have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication
in the following form:

 

Dated:

 

This is one
of the Securities of the series designated therein described in the within-mentioned Indenture.

 

	 	Deutsche Bank Trust Company Americas,

    not in its individual capacity but solely as Trustee
	 	 
	 	 
	 	AUTHENTICATING AGENT,

    As Authenticating Agent
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

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Article
8

Concerning The Securityholders

 

Section
8.01. 
Action of Securityholders. Whenever in this Indenture it is provided that the holders of a specified percentage
in aggregate principal amount of the Securities of any or all series may take any action (including the making of any demand or
request, the giving of any notice, consent or waiver or the taking of any other action) the fact that at the time of taking any
such action the holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number
of instruments of similar tenor executed by such Securityholders in person or by agent or proxy appointed in writing, or (b) by
the record of such Securityholders of Securities voting in favor thereof at any meeting of such Securityholders duly called and
held in accordance with the provisions of ‎Article
9, or (c) by a combination of such instrument or instruments and any such record of such a meeting of such Securityholders.

 

Section
8.02. 
Proof of Execution by Securityholders. Subject to the provisions of Sections ‎7.01,
‎7.02 and ‎9.06,
proof of the execution of any instrument by a Securityholder or his agent or proxy shall be sufficient if made in accordance with
such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be reasonably satisfactory
to the Trustee. The ownership of Securities shall be proved by the Security Register.

 

The record
of any Securityholders’ meeting shall be proved in the manner provided in ‎Section
9.07.

 

The Company
may set a record date for purposes of determining the identity of Securityholders of Securities of any series entitled to vote
or consent to or revoke any action referred to in ‎Section
8.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case
of any adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or
consent, and thereafter, notwithstanding any other provisions hereof, with respect to Securities of any series, only Securityholders
of Securities of such series of record on such record date shall be entitled to so vote or give such consent or revoke such vote
or consent.

 

Section
8.03. 
Who Are Deemed Absolute Owners. The Company, the Trustee and any agent of the Company or the Trustee may deem the
person in whose name any Security shall be registered upon the books of the Company to be, and may treat him as, the owner of
such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon)
for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to ‎Section
2.04) interest, if any, on such Security and for all other purposes; and neither the Company nor the Trustee nor any agent of
the Company or of the Trustee

 

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shall
be affected by any notice to the contrary. All such payments so made to any holder for the time being, or upon his order, shall
be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon
any such Security.

 

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

 

Section
8.04. 
Company-Owned Securities Disregarded. In determining whether the holders of the requisite aggregate principal amount
of Securities have concurred in any demand, request, notice, direction, consent or waiver under this Indenture, Securities which
are owned by the Company or any other obligor on the Securities with respect to which such determination is being made or by any
person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any
other obligor on the Securities with respect to which such determination is being made shall be disregarded and deemed not to
be Outstanding for the purpose of any such determination; provided that, for the purposes of determining whether the Trustee
shall be protected in relying on any such demand, request, notice, direction, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows are so owned shall be so disregarded. Securities so owned which have been pledged in good
faith may be regarded as Outstanding for the purposes of this ‎Section
8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Securities and that
the pledgee is not a person directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice
of counsel shall be full protection to the Trustee.

 

Section
8.05. 
Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee,
as provided in ‎Section 8.01, of the taking of any
action by the holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may
be, specified in this Indenture in connection with such action, any holder of a Security which is shown by the evidence to be
included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee at
its principal office and upon proof of holding as provided in ‎Section
8.02, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the holder of

 

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any
Security shall be conclusive and binding upon such holder and upon all future holders of such Security, irrespective of whether
or not any notation in regard thereto is made upon such Security or any Security issued in exchange or substitution therefor.

 

Article
9

Securityholders’ Meetings

 

Section
9.01. 
Purposes of Meetings. A meeting of holders of Securities of any or all series may be called at any time and from
time to time pursuant to the provisions of this ‎Article
9 for any of the following purposes:

 

(a) 
to give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving
of any default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders pursuant
to any of the provisions of ‎Article 6;

 

(b) 
to remove the Trustee and nominate a successor trustee pursuant to the provisions of ‎Article 7;

 

(c) 
to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of ‎Section
10.02; or

 

(d) 
to take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount
of the Securities of any or all series, as the case may be, under any other provision of this Indenture or under applicable law.

 

Section
9.02. 
Call of Meetings by Trustee. The Trustee may at any time call a meeting of holders of Securities of any or all series
to take any action specified in ‎Section 9.01, to be
held at such time and at such place in the Borough of Manhattan, The City of New York, as the Trustee shall determine. Notice
of every meeting of the holders of Securities of any or all series, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be mailed to holders of Securities of each series affected
at their addresses as they shall appear on the Security Register. Such notice shall be mailed not less than 10 nor more than 90
days prior to the date fixed for the meeting.

 

Section
9.03. 
Call of Meetings by Company or Securityholders. In case at any time the Company, pursuant to a resolution of its
Board of Directors, or the holders of at least 10% in aggregate principal amount of the Securities then Outstanding of any series
that may be affected by the action proposed to be taken at the meeting, shall have requested the Trustee to call a meeting of
the holders of Securities of all series that may be so affected, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt
of such request, then the Company or

 

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such
Securityholders, in the amount specified above, may determine the time and the place in said Borough of Manhattan, The City of
New York, for such meeting and may call such meeting to take any action authorized in ‎Section
9.01, by mailing notice thereof as provided in ‎Section
9.02.

 

Section
9.04. 
Qualifications for Voting. To be entitled to vote at any meeting of Securityholders a person shall (a) be a holder
of one or more Securities with respect to which such meeting is being held or (b) be a person appointed by an instrument in writing
as proxy by a holder of one or more such Securities. The only persons who shall be entitled to be present or to speak at any meeting
of Securityholders shall be the persons entitled to vote at such meeting and their counsel, any representatives of the Trustee
and its counsel, any representatives of the Guarantor and their respective counsel and any representatives of the Company and
its counsel.

 

Section
9.05. 
Quorum; Adjourned Meetings. The Persons entitled to vote a majority in aggregate principal amount of the Securities
of the relevant series at the time Outstanding shall constitute a quorum for the transaction of all business specified in ‎Section
9.01. No business shall be transacted in the absence of a quorum (determined as provided in this ‎Section
9.05). In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened
at the request of the holders of Securities (as provided in ‎Section
9.03), be dissolved. In any other case the meeting shall be adjourned for a period of not less than ten days as determined by
the chairman of the meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting shall be further
adjourned for a period of not less than ten days as determined by the chairman of the meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in ‎Section
9.02, except that such notice must be mailed not less than five days prior to the date on which the meeting is scheduled to be
reconvened.

 

Subject to
the foregoing, at the second reconvening of any meeting adjourned for lack of a quorum, the Persons entitled to vote 25% in aggregate
principal amount of the Securities of the relevant series then Outstanding shall constitute a quorum for the taking of any action
set forth in the notice of the original meeting. Notice of the reconvening of an adjourned meeting shall state expressly the percentage
of the aggregate principal amount of the Securities of the relevant series then Outstanding which shall constitute a quorum.

 

At a meeting
or any adjourned meeting duly convened and at which a quorum is present as aforesaid, any resolution and all matters (except as
limited by the proviso in ‎Section 10.02) shall be effectively
passed and decided if passed or decided by the Persons entitled to vote the lesser of (a) a majority in aggregate principal amount
of the Securities of the relevant series then Outstanding and (b) 75% in aggregate principal amount of the Securities represented
and voting at the meeting.

 

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Any holder
of a Security who has executed in person or by proxy and delivered to the Trustee an instrument in writing complying with the
provisions of ‎Article 8 shall be deemed to be present for
the purposes of determining a quorum and be deemed to have voted; provided that such holder of a Security shall be considered
as present or voting only with respect to the matters covered by such instrument in writing.

 

Section
9.06. 
Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations
as it may deem advisable for any meeting of Securityholders, in regard to proof of the Securityholder and of the appointment of
proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit.

 

The Trustee
shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Securityholders, as provided in ‎Section
9.03, in which case the Company or the Securityholders calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting.

 

Subject to
the provisions of ‎Section 8.04, at any meeting each Securityholder
with respect to which such meeting is being held or proxy shall be entitled to vote the principal amount (in the case of Original
Issue Discount Securities, such principal amount to be determined as provided in the definition of “Outstanding” in
‎Section 1.01) of such Securities held or represented by such
holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any such Security challenged
as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right
to vote other than by virtue of such Securities held by him or instruments in writing as aforesaid duly designating him as the
person to vote on behalf of other such Securityholders. Any meeting of holders of Securities with respect to which a meeting was
duly called pursuant to the provisions of Sections ‎9.02 or
‎9.03 may be adjourned from time to time by a majority of
those present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.

 

Section
9.07. 
Voting. The vote upon any resolution submitted to any meeting of holders of Securities with respect to which such
meeting is being held shall be by written ballots on which shall be subscribed the signatures of such holders of Securities or
of their representatives by proxy and the principal amount (in the case of Original Issue Discount Securities, such principal
amount to be determined as provided in the definition of “Outstanding” in ‎Section
1.01) and number or numbers of such Securities held or represented by them. The permanent chairman of the meeting shall appoint
two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file
with the secretary

 

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of
the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings
of each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record
the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in
‎Section 9.02. The record shall show the principal
amount of the Securities (in the case of Original Issue Discount Securities, such principal amount to be determined as provided
in the definition of “Outstanding” in ‎Section
1.01) voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee
to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.

 

Any record
so signed and verified shall be conclusive evidence of the matters therein stated.

 

Section
9.08. 
No Delay of Rights by Meeting. Nothing in this ‎Article
9 contained shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Securityholders of any
or all series or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise
of any right or rights conferred upon or reserved to the Trustee or to the Securityholders of any or all such series under any
of the provisions of this Indenture or of the Securities.

 

Article
10

Supplemental Indentures

 

Section
10.01.  Supplemental
Indentures without Consent of Securityholders. The Company, the Guarantor and the Trustee may from time to time and at any
time, without the consent of the holders of the Securities of any series, enter into an indenture or indentures supplemental hereto
for one or more of the following purposes:

 

(a) 
to evidence the succession of another designated activity company, corporation or limited liability company to the Company
or Shire, as the case may be, or successive successions, and the assumption by the successor Person of the covenants, agreements
and obligations of the Company or Shire, as the case may be, pursuant to ‎Article 11 hereof, or to evidence the assumption
by a corporation, as a co-obligor under this Indenture and the Securities, of the covenants, agreements and obligations of the
Company or Shire, as the case may be, pursuant to ‎Article 11;

 

(b) 
to add to the covenants of the Company or the Guarantor such further covenants, restrictions, conditions or provisions
for the protection of the holders of all or any series of Securities (and if such covenants are to be for the benefit of less
than all

 

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series of Securities,
stating that such covenants are expressly being included for the benefit of such series) as the Board of Directors of the Company
shall consider to be for the protection of the holders of such Securities, and to make the occurrence, or the occurrence and continuance,
of a default in any of such additional covenants, restrictions, conditions or provisions a default or an Event of Default permitting
the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, however,
that in respect of any such additional covenant, restriction, condition or provision, such supplemental indenture may provide
for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults)
or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default;

 

(c) 
to establish the forms or terms of Securities of any series as permitted by Sections ‎2.01 and ‎2.02
and any Guarantee thereof;

 

(d) 
to cure any ambiguity, to correct or supplement any provision or provisions contained herein or in any supplemental indenture
that may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, or to create
such other provisions in regard to matters or questions arising under this Indenture or indentures supplemental hereto that do
not, or otherwise amend or supplement this Indenture or indentures supplemental hereto in a manner that does not, adversely affect
the interests of the Securityholders of any Securities of such series in any material respect;

 

(e) 
to modify or amend this Indenture to permit the qualification of this Indenture or any indentures supplemental hereto under
the Trust Indenture Act as then in effect;

 

(f) 
to conform the text of this Indenture, any indenture supplemental hereto, or the terms of any series of debt securities
to any provision of the “Description of Debt Securities and Guarantee” in the prospectus contained in the Registration
Statement of the Company and Shire on Form S-3 filed with the SEC on September 2, 2016 or the “Description of the Notes
and Guarantee” in any related prospectus supplement thereto;

 

(g) 
to provide for the issuance of Additional Securities of any series of Securities;

 

(h) 
to provide for the exchange of any Securities of one or more series in global form represented by one or more Global Securities
for Securities of the same series issued under this Indenture in definitive certificated form in the circumstances permitted by
the terms of this Indenture and such Securities, and to make all appropriate changes to this Indenture for such purpose;

 

(i) 
to add to, change or eliminate any of the provisions contained herein or in any indentures supplemental hereto in respect
of one or more series of Securities; provided that any such addition, change or elimination (i) shall not apply to, or
modify the rights of any holder of, any Security of any series created prior to the execution of

 

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such supplemental
indenture, or (ii) shall become effective only when no Securities of any series created prior to the execution of such supplemental
indenture are Outstanding;

 

(j) 
to add guarantees with respect to the Securities of any series or to secure the Securities of any series; and

 

(k) 
to evidence and provide for the acceptance of appointment hereunder by a successor or separate trustee with respect to
the Securities of one or more series or to add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of ‎Section
7.11 or pursuant to ‎Section 2.02(s).

 

The Trustee
is hereby authorized to join with the Company and the Guarantor in the execution of any such supplemental indenture, to make any
further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer and assignment
of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental
indenture authorized by the provisions of this ‎Section 10.01
may be executed by the Company, the Guarantor and the Trustee without the consent of the holders of any of the Securities at the
time Outstanding, notwithstanding any of the provisions of ‎Section
10.02.

 

Section
10.02.  Supplemental
Indentures with Consent of Securityholders. With the consent (evidenced as provided in Sections ‎8.01
and ‎8.02) of the holders of not less than a majority
in aggregate principal amount of the Securities of all series affected by such supplemental indenture at the time Outstanding,
voting as a single class, the Company and the Guarantor, together with the Trustee, may from time to time and at any time enter
into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the holders
of the Securities or each such series; provided, however, that no such supplemental indenture shall, without the consent
of the holder of each Security so affected:

 

(a) 
change the stated maturity of principal of, or any installment of principal of or interest on, any Security;

 

(b) 
reduce the rate of or extend the time of payment of interest, if any, on any Security, or alter the manner of calculation
of interest payable on any Security (except as part of any remarketing of the Securities of any series or any interest rate reset
with respect to the Securities of any series, in each case in accordance with the terms of the Securities of such series);

 

     55

     

    

(c) 
reduce the principal amount or premium, if any, on any Security;

 

(d) 
reduce the amount payable upon the redemption of any Security or change the time of any mandatory redemption or, in respect
of an optional redemption, the times at which any Security may be redeemed or, once notice of redemption has been given, the time
at which it must thereupon be redeemed;

 

(e) 
make the principal amount or premium, if any, or interest on any Security, payable in any coin or currency other than that
provided in any Security;

 

(f) 
reduce the percentage in principal amount of Securities of any series, the holders of which are required to consent to
any such supplemental indenture or any waiver of any past default or Event of Default pursuant to ‎Section 6.07(b);

 

(g) 
change any place of payment where the Securities of any series or interest thereon is payable;

 

(h) 
modify the interest rate reset provision of any Security;

 

(i) 
impair the right of any holder of a Security to (i) receive payment of the principal of, or premium, if any, or interest
on any Security on or after the respective due dates for such principal, premium or interest, or (ii) institute suit for the enforcement
of any such payment;

 

(j) 
reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration
of the maturity thereof pursuant to ‎Section 6.01, or adversely affect the right of repayment, if any, at the option
of the holder, or extend the time for, or reduce the amount of, any payment to any sinking fund or analogous obligation relating
to any Security; or

 

(k) 
modify any provision of ‎Section 6.07(b) or this ‎Section 10.02 (except to increase the percentage
in principal amount of Securities whose holders must consent to an amendment, or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the holder of each Security affected by the modification or waiver).

 

Notwithstanding
the foregoing, holders of the Securities of any series shall vote as a separate class with respect to modifications or amendments
that affect only the Securities of such series, and the holders of other series of Securities shall not have any voting rights
with respect to such matters as they relate to the Securities of such series.

 

Upon the
request of the Company and the Guarantor, accompanied by a copy of the resolutions of the Board of Directors of each of the Company
and the Guarantor authorizing the execution and delivery of any such supplemental indenture, and upon the filing with the Trustee
of evidence of the consent of Securityholders (evidenced as provided in Sections ‎8.01
and ‎8.02), the Trustee shall join with the Company and the
Guarantor in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights,
duties or immunities under this Indenture or

 

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otherwise,
in which case the Trustee may in its discretion but shall not be obligated to, enter into such supplemental indenture.

 

It shall
not be necessary for the consent of the Securityholders under this ‎Section
10.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall
approve the substance thereof.

 

Section
10.03.  Compliance
with Trust Indenture Act; Effect of Supplemental Indentures. Any supplemental indenture executed pursuant to the provisions
of this ‎Article 10 shall comply with the Trust Indenture
Act, as then in effect. Upon the execution of any supplemental indenture pursuant to the provisions of this ‎Article
10, this Indenture shall be deemed to be modified and amended in accordance therewith and the respective rights, limitations of
rights, obligations, duties and immunities under this Indenture of the Trustee, the Company, the Guarantor and the holders of
the Securities of the applicable series shall thereafter be determined, exercised and enforced hereunder subject in all respects
to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed
to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section
10.04.  Notation
on Securities. Securities authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions
of this ‎Article 10 may bear a notation in form approved
by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification
of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the
Trustee and delivered in exchange for the Securities of such series then Outstanding.

 

Section
10.05.  Evidence
of Compliance of Supplemental Indenture to be Furnished Trustee. The Trustee shall receive an Officer’s Certificate
and an Opinion of Counsel as conclusive evidence and stating that any supplemental indenture executed pursuant hereto complies
with the requirements of this Indenture, is authorized or permitted by this Indenture, and is a legal, valid and binding obligation
of the Company (and the Guarantor, if applicable) enforceable against them in accordance with its terms.

 

Article
11

Consolidation, Merger, Sale or Conveyance

 

Section
11.01.  Company
and Shire May Not Consolidate, etc. The Company and Shire each covenants that it will not, in a single transaction or through
a series of related transactions, (i) merge or consolidate with any

 

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other
Person, or (ii) sell, convey, transfer or otherwise dispose of all or substantially all of its assets to any other Person (other
than a Subsidiary), in each case unless:

 

(a) 
either (i) the Company or Shire, as the case may be, shall be the continuing Person or (ii) if the Company or Shire, as
the case may be, is not the continuing Person, then the successor Person formed by such consolidation or into which the Company
or Shire, as the case may be, is merged or the person to which substantially all of the Company’s or Shire’s assets
are so transferred or otherwise disposed (if other than the Company or Shire, as the case may be) shall be a designated activity
company, corporation or limited liability company organized and existing under the laws of Ireland, Jersey or any other jurisdiction
in the Channel Islands, the United Kingdom, the United States of America or any state thereof or the District of Columbia, Bermuda,
the Cayman Islands, or any jurisdiction that is a member country of the Organization for Economic Co-Operation and Development
as of the date hereof and such successor Person shall expressly assume the due and punctual payment of the principal of, and premium,
if any, and interest, if any, on all the Securities according to their tenor, and the due and punctual performance and observance
of all the covenants and conditions of this Indenture to be performed by the Company or Shire, as the case may be, under this
Indenture and each series of Securities by supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee
by such successor Person;

 

(b) 
immediately after giving pro forma effect to such merger or consolidation, or such sale, conveyance, transfer or other
disposition, the Company or Shire, as the case may be, or such successor Person shall not be in default in the performance of
any covenant or condition under this Indenture, and no Event of Default shall have occurred and be continuing; and

 

(c) 
the Company or Shire, as the case may be, shall have delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that such merger, consolidation, sale, conveyance, transfer or other disposition and supplemental indenture
(if any) comply with this Indenture.

 

In the event
of any such merger, consolidation, sale, conveyance (other than by way of lease), transfer or other disposition, and upon any
such assumption by the successor Person, the predecessor company may be dissolved, wound up or liquidated at any time thereafter.

 

Section
11.02.  Successor
Person to be Substituted. In case of any such merger, consolidation, sale, conveyance (other than by way of lease), transfer
or other disposition, and upon any such assumption by the successor Person, such successor Person shall succeed to and be substituted
for the Company or Shire, as the case may be, with the same effect as if it had been named herein as the Company or Shire, as
the case may be, and the Company or Shire, as the case may be, shall be relieved of any further obligation under this Indenture
and under the Securities. Such successor Person (in the case of a successor to the Company) thereupon may cause to be signed,
and may

 

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issue
either in its own name or in the name of the Company, any or all of the Securities issuable hereunder which theretofore shall
not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor Person, instead of the
Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate
and shall deliver any Securities which previously shall have been signed and delivered by an Officer of the Company to the Trustee
for authentication, and any Securities which such successor Person thereafter shall cause to be signed and delivered to the Trustee
for that purpose. All the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture
as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof.

 

In case of
any such merger, consolidation, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not
in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

Section
11.03.  Documents
to be Given Trustee. The Trustee shall receive an Officer’s Certificate and an Opinion of Counsel from the Company or
Shire, as the case may be, as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition,
and any such assumption, comply with the provisions of this ‎Article
11.

 

Article
12

Satisfaction and Discharge of Indenture; Defeasance

 

Section
12.01.  Discharge
of Indenture. With respect to any series of Securities:

 

(a) 
if either:

 

(i) 
the Company shall deliver to the Trustee for cancellation all Securities of such series theretofore authenticated and not
theretofore cancelled (other than (1) any Securities of such series which shall have been destroyed, lost or stolen or in lieu
of or in substitution for which other Securities of such series shall have been authenticated and delivered, or which shall have
been paid, pursuant to the provisions of ‎Section 2.08 or (2) Securities of such series for whose payment money
has theretofore been deposited in trust and thereafter repaid to the Company as provided in ‎Section 12.06);
or

 

(ii) 
all the Securities of such series not theretofore cancelled or delivered to the Trustee for cancellation shall have become
due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall have irrevocably
deposited with the Trustee, in trust, funds sufficient to pay at maturity or upon

 

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redemption
all of the Securities of such series not theretofore cancelled or delivered to the Trustee for cancellation (other than any (1)
Securities of such series which shall have been destroyed, lost or stolen and in lieu of or in substitution for which other Securities
of such series shall have been authenticated and delivered, or which shall have been paid, pursuant to the provisions of ‎Section
2.08 or (2) Securities of such series for whose payment money has theretofore been deposited in trust and thereafter repaid to
the Company as provided in ‎Section 12.06), including principal, premium, if any, and interest, if any, due
or to become due to such date of maturity or date fixed for redemption, as the case may be; and

 

(b) 
if in either case the Company shall also pay or cause to be paid all other sums payable hereunder by the Company,

 

then this Indenture shall cease
to be of further effect with respect to such series of Securities (except as to (A) rights of registration of transfer and exchange
of Securities, (B) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (C) rights of holders to receive
payments of principal thereof and interest thereon, and remaining rights of the holders to receive mandatory sinking fund payments,
if any, (D) the rights, obligations and immunities of the Trustee hereunder and (E) the rights of the Securityholders as beneficiaries
hereof with respect to the property so deposited with the Trustee payable to all or any of them), and the Trustee, on demand of
the Company, accompanied by an Officer’s Certificate and an Opinion of Counsel to the effect that all conditions precedent
to such satisfaction and discharge have been satisfied and at the cost and expense of the Company, shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture, the Company, however, hereby agreeing to reimburse the Trustee for
any costs or expenses thereafter reasonably and properly incurred by the Trustee in connection with this Indenture, any documents
related hereto, or the Securities.

 

Section
12.02.  Legal
Defeasance. Following the deposit referred to in clause ‎(a)
of this ‎Section 12.02, the Company will be deemed
to have paid and will be discharged from its obligations in respect of the Securities, and the Guarantor will be discharged from
its obligations in respect of the Guarantee, of the series with respect to which such deposit shall have been made and this Indenture
with respect to such Securities and related Guarantee, other than (i) the rights of the Securityholders of Outstanding Securities
of such series to receive, solely from the trust fund described in such clause ‎(a),
payments in respect of the principal of, premium, if any, and interest on such securities when such payments are due and (ii)
its obligations in ‎Article 2 and Sections ‎4.02,
‎7.06, ‎7.10,
‎12.06 and ‎12.07,
provided that each of the following conditions have been satisfied:

 

(a) 
the Company has irrevocably deposited in trust with the Trustee, as trust funds solely for the benefit of the Securityholders
of such series, money in an amount sufficient, or U.S. Government Obligations the scheduled payments of principal of and interest
on which shall be sufficient, or a combination thereof sufficient, in the opinion of

 

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a nationally
recognized firm of independent public accountants expressed in a written certification delivered to the Trustee, without consideration
of any reinvestment, to pay principal of, premium, if any, and interest, if any, on the Securities of such series to maturity
or redemption, as the case may be; provided that any redemption before maturity has been irrevocably provided for under
arrangements satisfactory to the Trustee;

 

(b) 
the deposit will not result in a breach or violation of, or constitute a default under, this Indenture;

 

(c) 
the Company has delivered to the Trustee either (i) a ruling received from the Internal Revenue Service to the effect that
beneficial owners of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as
a result of the defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same
times as would have been the case in the absence of the Company’s exercise of such right or (ii) an Opinion of Counsel,
based on a change in law after the date of this Indenture, to the same effect as the ruling described in clause ‎(i);
and

 

(d) 
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, in each case stating
that all conditions precedent provided for herein relating to the defeasance have been complied with.

 

Following
the deposit referred to in clause ‎(a) of this ‎Section
12.02, the Trustee, upon the request and at the cost and expense of the Company, will acknowledge in writing the discharge of
the Company’s or the Guarantor’s obligations under the Securities of such series and this Indenture with respect to
such series except for the surviving obligations specified above.

 

Section
12.03.  Covenant
Defeasance. Following the deposit referred to in clause ‎(a)
of this ‎Section 12.03 with respect to the Securities
of a series, (i) the Company’s or the Guarantor’s obligations pursuant to each of ‎Section
5.02, ‎Article 11 and any other covenants for such
series of Securities established as contemplated by ‎Section
2.02(v) and expressed to be subject to covenant defeasance pursuant to this ‎Section
12.03, will terminate, and (ii) each of ‎Section 6.01(c)
(solely to the extent relating to the covenants described in clause (i) of this ‎Section
12.03) and any other Event of Default or Events of Default established as contemplated by ‎Section
6.01(g) and expressed to be subject to covenant defeasance pursuant to this ‎Section
12.03, will no longer constitute Events of Default with respect to the Securities of such series, provided the following conditions
have been satisfied:

 

(a) 
the Company or the Guarantor, as the case may be, has complied with Sections ‎12.02(a), ‎12.02(b)
and ‎12.02(d); and

 

(b) 
the Company has delivered to the Trustee an Opinion of Counsel to the effect that (i) the beneficial owners of the Securities
of such series will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will

 

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be subject
to federal income tax on the same amount and in the same manner and at the same times as would have been the case in the absence
of the Company’s exercise of such right, which Opinion of Counsel is based upon a change in the applicable federal tax law
since the date of this Indenture as originally executed.

 

Except as
specifically stated above, none of the Company’s or the Guarantor’s, as the case may be, obligations under this Indenture
will be discharged.

 

Section 12.04. 
Deposited Moneys to be Held in Trust by Trustee; Miscellaneous Provisions. All moneys and U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee pursuant to the provisions of ‎Section
12.02 or ‎12.03 shall be held in trust and applied
by it to the payment of all sums due and to become due thereon for principal, premium, if any, and interest, if any, either directly
or through any Paying Agent (including the Company if acting as its own Paying Agent), to the holders of the Securities of the
applicable series for payment or redemption of which such moneys or U.S. Government Obligations have been deposited with the Trustee.The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to ‎Section 12.01 or ‎12.03
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the holders of the Securities of the applicable series.

 

Anything
in this ‎Article 12 to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon request of the Company any money or U.S. Government Obligations held
by it as provided in ‎Section 12.01 or ‎12.03
with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required
to be deposited to effect the legal defeasance or covenant defeasance, as the case may be, with respect to such Securities.

 

Section
12.05.  Paying
Agent to Repay Moneys Held. Upon the satisfaction and discharge of this Indenture all moneys then held by any Paying Agent
of the Securities (other than the Trustee) shall, upon demand of the Company, be repaid to the Company or paid to the Trustee,
and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

 

Section
12.06.  Return
of Unclaimed Moneys. Any moneys and U.S. Government Obligations deposited with or paid to the Trustee for payment of the principal
of, premium, if any, and interest, if any, on Securities of any series and not applied but remaining unclaimed by the holders
of Securities of such series for one year after the date upon which the principal of, premium, if any, or interest, if any, on
the Securities of such series, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee
on written demand; and the holders of

 

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any
Securities of such series shall thereafter look only to the Company for any payment which such holders may be entitled to collect
and all liability of the Trustee with respect to such money shall thereupon cease.

 

Section
12.07.  Reinstatement.
If and for so long as the Trustee is unable to apply any money or U.S. Government Obligations held in trust pursuant to ‎Section
12.01, ‎12.02 or ‎12.03
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities will be reinstated
as though no such deposit in trust had been made. If the Company makes any payment of principal of or interest on any Securities
because of the reinstatement of its obligations, it will be subrogated to the rights of the Securityholders of such Securities
to receive such payment from the money or U.S. Government Obligations held in trust.

 

Article
13

Guarantee

 

Section
13.01.  Guarantee.
The Guarantor, as primary obligor and not merely as surety, hereby fully, unconditionally and irrevocably guarantees on a senior
unsecured basis, jointly and severally, to each holder of Securities of each series and to the Trustee, the Agents and their respective
successors and assigns (a) the full and punctual payment of principal of, premium, if any, and interest on the Securities
of each such series when due, whether at maturity, by acceleration or otherwise, and all other monetary obligations of the Company
under this Indenture and the Securities of each such series and (b) the full and punctual performance within applicable grace
periods of all other obligations of the Company under this Indenture and the Securities of each such series (all such obligations
set forth in clauses ‎(a) and ‎(b)
above being hereinafter collectively called the “Guaranteed Obligations”). The Guarantor further agrees that
the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from the Guarantor
and that the Guarantor will remain bound under this ‎Article
13 notwithstanding any extension or renewal of any Guaranteed Obligation.

 

The Guarantor
waives presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations and also waives
notice of protest for nonpayment. The Guarantor waives notice of any default under the Securities of any series or the Guaranteed
Obligations. The Guarantor waives all set-offs and counterclaims, notice of acceptance of the Guarantee, diligence, presentment,
demand of payment, filing of claims with a court in the event of merger or insolvency or bankruptcy of the Company, any right
to require a proceeding filed first against the Company, protest or notice with respect to the Securities or the indebtedness
evidenced thereby and all demands whatsoever.

 

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The obligations
of the Guarantor hereunder shall not be affected by (a) the failure of any Securityholder, the Trustee or Agents to assert
any claim or demand or to enforce any right or remedy against the Company, any other guarantor or any other Person under this
Indenture, the Securities of any series or any other agreement or otherwise; (b) any extension or renewal of any obligation
of the Company under the Indenture or any Security, by operation of law or otherwise; (c) any rescission, waiver, amendment
or modification of any of the terms or provisions of this Indenture, the Securities of any series or any other agreement; (d)
any change in the ownership of the Guarantor; or (e) any lack of validity or enforceability of the Indenture, the Securities or
any other agreement or instrument relating thereto.

 

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

 

The Guarantor
further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment,
or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any
Securityholder, the Trustee or Agents upon the bankruptcy or reorganization of the Company or otherwise.

 

The Guarantor
also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee, the Agents
or any Securityholder in enforcing any rights under this ‎Article
13.

 

Section
13.02.  Subrogation;
Ranking.

 

(a) 
The Guarantor shall be subrogated to all rights of the Trustee or the holders of any Securities against the Company in
respect of any amounts paid to the Trustee or such holder by the Guarantor pursuant to the provisions of the Guarantee; provided,
however, that the Guarantor waives any right to enforce, or to receive any payments arising out of, or based upon, such
right of subrogation until all Guaranteed Obligations shall have been paid in full.

 

(b) 
The Guarantor covenants and agrees that its obligation to make payments of the Guaranteed Obligations hereunder constitutes
a direct, unsecured obligation of the Guarantor ranking equally in right of payment with all existing and future unsecured and
unsubordinated obligations of the Guarantor and senior in right of payment to all future obligations of the Guarantor that are
expressly subordinated to the Guaranteed Obligations.

 

Section
13.03.  Limitation
on Liability. The Guarantor, and by its acceptance of Securities of a series, each holder of Securities of each such series,
hereby confirms that it is the intention of all such parties that the Guarantee of the Guarantor (a) does not constitute
a fraudulent transfer or conveyance for purposes of any Federal, state or foreign bankruptcy,

 

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insolvency,
receivership or similar law now or hereafter in effect, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer
Act or any similar foreign, federal or state law to the extent applicable to any Guarantee, and (b) does not result in a
distribution to Securityholders not permitted under the applicable foreign or state law. Any term or provision of this Indenture
to the contrary notwithstanding, the maximum aggregate amount of the obligations guaranteed hereunder by the Guarantor shall not
exceed the maximum amount that can be hereby guaranteed without rendering the Guarantee, as it relates to the Guarantor, voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors
generally.

 

Section
13.04.  Successors
and Assigns. This ‎Article 13 shall be binding
upon the Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee,
the Agents and the Securityholders and, in the event of any transfer or assignment of rights by any Securityholders, the Trustee
or the Agents, the rights and privileges conferred upon that party in this Indenture and in the Securities of the relevant series
shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

 

Section
13.05.  No
Waiver. Neither a failure nor a delay on the part of either the Trustee, the Agents or the Securityholders in exercising any
right, power or privilege under this ‎Article 13 shall
operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right,
power or privilege. The rights, remedies and benefits of the Trustee, the Agents and the Securityholders herein expressly specified
are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this ‎Article
13 at law, in equity, by statute or otherwise.

 

Section
13.06.  Termination
of Guarantee. The Guarantor’s Guarantee shall automatically terminate and be released, and the obligations of the Guarantor
under the Guarantee shall cease to exist, with respect to a particular series of Securities, upon payment in full of the Guaranteed
Obligations with respect to such series of Securities.

 

Article
14

Immunity of Incorporators, Stockholders, Officers, Directors, Employees and Agents

 

Section
14.01.  Indenture
and Securities Solely Corporate Obligations. No recourse for the payment of the principal of, premium, if any, or interest,
if any, on any Security, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation,
covenant or agreement of the Company or the Guarantor, as the case may be, in this Indenture or in any supplemental indenture,
or in any Security, or

 

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because
of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director,
employee or agent, as such, past, present or future, of the Company, the Guarantor or of any of their respective successor corporations,
either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue
of the Securities.

 

Article
15

Miscellaneous Provisions

 

Section
15.01.  Provisions
Binding on Company’s Successors. All the covenants, stipulations, promises and agreements contained in this Indenture
of the Company and the Guarantor shall bind their respective successors and assigns whether so expressed or not.

 

Section
15.02.  Official
Acts by Successor Person. Any act or proceeding authorized or required by any provision of this Indenture to be done or performed
by any board, committee or Officer of the Company or the Guarantor, as the case may be, shall and may be done and performed with
like force and effect by the like board, committee or officer of any corporation that shall at the time be the lawful sole successor
of the Company or the Guarantor, as the case may be.

 

Section
15.03.  Addresses
for Notices, Notice to Holders, Waiver. Any notice or demand which by any provision of this Indenture is required or permitted
to be given or served by the Trustee or by the holders of Securities on the Company or the Guarantor shall be in writing and may
be given or served by being deposited postage prepaid by first class mail in a post office letter box addressed (until another
address is filed by the Company with the Trustee) to Shire plc, 5 Riverwalk, Citywest Business Campus, Dublin, Ireland and confirmed
to it at wrmordan@shire.com, attention of William R. Mordan, General Counsel, with a copy to Davis Polk & Wardwell LLP, 450
Lexington Avenue, New York, New York 10017 and confirmed to it at john.meade@davispolk.com, attention of John B. Meade. Any notice,
direction, request or demand by any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made,
for all purposes, if given or made in writing at the Principal Office of the Trustee, addressed to the attention of its corporate
trust office at 60 Wall Street – 16th Floor, MSNYC60-1630, New York, New York 10005.

 

The Trustee
agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission
or other similar unsecured electronic methods; provided, however, that (a) the party providing such electronic instructions
or directions, subsequent to the transmission thereof, shall provide the

 

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originally
executed instructions or directions to the Trustee in a timely manner and (b) such originally executed instructions or directions
shall be signed by an authorized representative of the party providing such instructions or directions. 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 or directions notwithstanding such instructions or directions conflict or are inconsistent with a subsequent
written instruction or direction or if the subsequent written instruction or direction is never received. The party providing
instructions or directions by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods, as aforesaid,
agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse
by third parties.

 

Where this
Indenture provides for notice of holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each holder affected by such event, at his address as it appears
in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), 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. 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.

 

In case by
reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice
by mail, then such notification as shall be made with approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder.

 

Section
15.04.  Governing
Law. THIS INDENTURE AND EACH SECURITY, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR
ANY SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Each of the
parties hereto hereby submits to the personal jurisdiction of, and each agrees that all proceedings relating hereto may be brought
in, courts located within the City and State of New York. The Company and the Guarantor each waive personal service of process
and consents to service of process by certified or registered mail, return receipt requested, directed to it at the address last
specified for notices hereunder, and such service shall be deemed completed ten (10) calendar days after the same is so mailed.
Any court order shall be accompanied by a legal opinion by counsel for the presenting party satisfactory to the Trustee to the
effect that said opinion is final and nonappealeable.

 

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Section
15.05.  Process
Agent. The Company and Shire irrevocably designate, appoint and empower Shire Human Genetic Therapies, Inc. whose principal
place of business is at 300 Shire Way, Lexington, MA 02421 as their authorized agent to receive and accept for and on behalf of
each of the Company and Shire, and on behalf of their properties, assets and revenues, respectively, service by mail of any and
all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company
or Shire, as the case may be, in any federal or state court in connection with this Indenture.

 

Section
15.06.  Waiver
of Trial by Jury. EACH OF THE COMPANY, THE GUARANTOR, THE TRUSTEE AND EACH HOLDER OF A SECURITY, BY ITS ACCEPTANCE THEREOF,
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES, THE GUARANTEE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
15.07.  Evidence
of Compliance with Conditions Precedent. Upon any application or demand by the Company or the Guarantor to the Trustee to
take any action under any of the provisions of this Indenture, the Company or the Guarantor, as the case may be, shall furnish
to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

 

Each certificate
or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant
provided for in this Indenture shall include: (i) a statement that the person making such certificate or opinion has read such
covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinion contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such person, he has made
such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant
or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such person, such condition
or covenant has been complied with.

 

Section
15.08.  Legal
Holidays. Except as otherwise provided in any Security, in any case where the date of maturity of interest, if any, on or
principal of, or premium, if any, on the Securities or the date fixed for redemption or repayment of any Security will be a date
that is not a Business Day, then payment of such interest, if any, on or principal of or premium, if any, on the Securities 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

 

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the
date of maturity or a date fixed for redemption or repayment, and no interest shall accrue for the period from and after such
date.

 

Section
15.09.  Securities
in a Specified Currency other than Dollars. Unless otherwise specified as contemplated by ‎Section 2.02 with respect
to a particular series of Securities, whenever for purposes of this Indenture any action may be taken by the holders of a specified
percentage in aggregate principal amount of Securities of all series or all series affected by a particular action at the time
Outstanding and, at such time, there are Outstanding any Securities of any series which are denominated in a Specified Currency
other than Dollars, then the principal amount of Securities of such series which shall be deemed to be Outstanding for the purpose
of taking such action shall be that amount of Dollars that could be obtained for such amount of such Specified Currency at the
Market Exchange Rate, on the basis of the most recently available Market Exchange Rate on or before the date such action is taken.
“Market Exchange Rate” shall mean, with respect to a Specified Currency, the noon Dollar buying rate in New
York City for cable transfers of such Specified Currency published by the Federal Reserve Bank of New York. If such Market Exchange
Rate is not available for any reason with respect to such Specified Currency, the Company shall use, in its sole discretion and
without liability on its part, such quotation of the Federal Reserve Bank of New York or such other quotations as the Company
shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect
of Securities of a series denominated in a Specified Currency other than Dollars in connection with any action taken by holders
of Securities pursuant to the terms of this Indenture, including, without limitation, any determination contemplated in ‎Section
6.01(c).

 

All decisions
and determination of the Company regarding the Market Exchange Rate or any alternative determination provided for in the preceding
paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by
law for all purposes and irrevocably binding upon the Company, the Guarantor and all Securityholders. The Trustee shall have no
responsibility to determine the Market Exchange Rate.

 

Section
15.10.  Trust
Indenture Act to Control. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the
duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation
of, Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control.

 

Section
15.11.  Table
of Contents, Headings, etc. The table of contents and the titles and headings of the articles and sections of this Indenture
have been inserted for convenience of reference only, are not to be

 

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considered
a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section
15.12.  Execution
in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument. Signatures delivered by facsimile or in portable document
format (.pdf) by email shall be deemed to be originals for all purposes hereunder.

 

Section
15.13.  Separability;
Benefits. In case any one or more of the provisions contained in this Indenture or in the Securities shall for any reason
be held to be invalid, illegal or unenforceable, in any respect, then, to the extent permitted by law, such invalidity, illegality
or unenforceability of the remaining provisions shall not in any way be affected or impaired thereby. Nothing in this Indenture
or in the Securities, expressed or implied, shall give to any person, other than the parties hereto and their successors hereunder,
and the holders of the Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

[Signature
Page Follows]

 

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

 

	 	GIVEN under the common seal of 

    SHIRE ACQUISITIONS INVESTMENTS IRELAND DAC

    and DELIVERED as a DEED:
	 	 
	 	 
	 	 	 /s/ Michael Garry
	 	 	Name:Michael Garry
	 	 	Title:Director
	 	 	 
	 	 	 

	 	SHIRE PLC, as Guarantor
	 	 
	 	 	 /s/ Jeffrey Poulton
	 	 	Name:Jeffrey Poulton
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Trustee, Security Registrar and Paying Agent
	 	 	 
	 	 	 
	 	By:	Deutsche Bank National Trust Company
	 	 	 
	 	 	 

	 	By:	 /s/ Wanda Camacho
	 	 	Name:Wanda Camacho
	 	 	Title: Vice President
	 	 	 
	 	 	 

	 	By:	 /s/ Annie Jaghatspanyan
	 	 	Name:Annie Jaghatspanyan
	 	 	Title:Vice President

 

 

[Signature
Page to Indenture]

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