Common use of Issue of Global Debentures Clause in Contracts

Issue of Global Debentures. (a) The Trust may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a Depository, or its nominee, designated by the Trust in the Written Direction of the Trust delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's instructions; and (iii) bear a legend substantially to the following effect: "This Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture." (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.

Issue of Global Debentures. (a) The Trust Corporation may specify that the Debentures of a series are to be issued in whole or in part part, in the book-based or book-entry system, or as one or more Global Debentures registered in the name of a Depository, or its nominee, designated by the Trust Corporation in the Written Direction of the Trust Corporation delivered to the Debenture Trustee at the time of issue of such Debentures, and in such . In the event the Trust Corporation specifies that the Debentures of a series are to be issued as a Global Debenture, the Corporation shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's ’s instructions; and (iii) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person Person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture."” (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.

Issue of Global Debentures. (a) The Trust Issuer may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a DepositoryDepositary, or its nominee, designated by the Trust Issuer in the Written Direction of the Trust Issuer delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust Issuer shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository Depositary or pursuant to such Depository's Depositary’s instructions; and (iii) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Indenture herein hereinafter referred to and is registered in the name of a Depository Depositary or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person Person other than the Depository Depositary or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the this Indenture. Every Debenture authenticated and delivered upon registration of, of transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the this Indenture."” (biv) Each Depository Depositary designated for a Global Debenture must, at the time of its designation and at all times while it serves as such DepositoryDepositary, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository Depositary has its principal offices.

Issue of Global Debentures. (a) The Trust Corporation may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a DepositoryDepositary, or its nominee, designated by the Trust Corporation in the Written Direction of the Trust Corporation delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust Corporation shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository Depositary or pursuant to such Depository's instructions; andDepositary’s instructions or held by the Trustee as custodian for such Depositary; (iii) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Indenture herein hereinafter referred to and is registered in the name of a Depository Depositary or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository Depositary or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, of transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture”; and (iv) bear legends substantially to the effect of Section 3.2(c) and, to the extent required, Section 2.14." (b) Each Depository Depositary designated for a Global Debenture must, at the time of its designation and at all times while it serves as such DepositoryDepositary, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository Depositary has its principal offices.

Issue of Global Debentures. (a) The Trust may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name name, of a Depository, or its nominee, designated by the Trust in the Written Direction of the Trust delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's instructions; and (iii) bear a legend substantially to the following effect: "This Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture." (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.

Issue of Global Debentures. (a) The Trust may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a DepositoryDepositary, or its nominee, designated by the Trust in the Written Direction of the Trust delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository Depositary or pursuant to such DepositoryDepositary's instructions; and (iii) bear a legend substantially to the following effect: "This Debenture is a Global Debenture within the meaning of the Indenture herein hereinafter referred to and is registered in the name of a Depository Depositary or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person Person other than the Depository Depositary or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, of transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture." (biv) Each Depository Depositary designated for a Global Debenture must, at the time of its designation and at all times while it serves as such DepositoryDepositary, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository Depositary has its principal offices.

Issue of Global Debentures. (a) The Trust REIT may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a Depository, or its nominee, designated by the Trust REIT in the Written Direction of the Trust REIT delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust REIT shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's ’s instructions; and (iii) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Indenture herein hereinafter referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person Person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, of transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture."” (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.

Issue of Global Debentures. (a) The Trust Corporation may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a Depository, or its nominee, designated by the Trust Corporation in the Written Direction of the Trust Corporation delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust Corporation shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's ’s instructions; and (iii) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture. Unless this Debenture is presented by an authorized representative of The Canadian Depository for Securities Limited (“CDS”) to Gastar Exploration Ltd. or its agent for registration of transfer, exchange or payment, and any Debenture issued in respect thereof is registered in the name of CDS & Co., or in such other name as is requested by an authorized representative of CDS, (and any payment is made to CDS & Co. or to such entity as is requested by an authorized representative of CDS) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE OR TO ANY PERSON IS WRONGFUL since as the registered holder hereof, CDS & Co. has an interest herein."” (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.

Issue of Global Debentures. (a) The Trust Corporation may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures, subject to Section 3.4(f). Global Debentures shall be registered in the name of a Depository, or its nominee, designated by the Trust Corporation in the Written Direction of the Trust Corporation delivered to the Debenture Trustee at the time of issue of such Debenture. In the event Debentures are issued as Global Debentures, and in such event the Trust Corporation shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's ’s instructions; and (iii) bear a legend substantially to the following effect: "effect (or as otherwise requested by the Depository): “This Debenture is a Global Debenture within the meaning of the Indenture herein hereinafter referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, of transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture."” (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.

Issue of Global Debentures. (a) The Trust may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a Depository, or its nominee, designated by the Trust in the Written Direction of the Trust delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's ’s instructions; and (iii) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture."” (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where in which the Depository has its principal offices.

Issue of Global Debentures. (a) The Trust Company may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a DepositoryDepositary, or its nominee, designated by the Trust Company in the Written Direction Order of the Trust Company delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust Company shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (ia) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (iib) be delivered by the Debenture Trustee to such Depository Depositary or pursuant to such Depository's Depositary’s instructions; and (iiic) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Trust Indenture herein hereinafter referred to and is registered in the name of a Depository Depositary or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository Depositary or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Trust Indenture. Every Debenture authenticated and delivered upon registration of, of transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Trust Indenture." (b) ” Each Depository Depositary designated for a Global Debenture must, at the time of its designation and at all times while it serves as such DepositoryDepositary, be a clearing agency registered or designated under the securities legislation of the jurisdiction where applicable to the Depository has its principal officesissue of such Debentures, and under any other applicable legislation.

Issue of Global Debentures. (a) The Trust Corporation may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a DepositoryDepositary, or its nominee, designated by the Trust Corporation in the Written Direction of the Trust Corporation delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust shall Corporation must execute and the Debenture Trustee shall must certify and deliver one or more Global Debentures that shallwill: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository Depositary or pursuant to such Depository's Depositary’s instructions; and (iii) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository Depositary or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository Depositary or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall must be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture."” (b) Each Depository Depositary designated for a Global Debenture must, at the time of its designation and at all times while it serves as such DepositoryDepositary, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository Depositary has its principal offices.

Issue of Global Debentures. (a) The Trust may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a Depository, or its nominee, designated by the Trust in the Written Direction of the Trust delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's ’s instructions; and (iii) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture."” (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.

Issue of Global Debentures. (a) 2.18.1 The Trust Company may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a Depository, or its nominee, designated by the Trust Company in the Written Direction of the Trust delivered writing to the Debenture Trustee at the time of issue of such Debentures, which shall initially be The Canadian Depository for Securities Limited, and in such event the Trust Company shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (ia) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (iib) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's instructions; and (iiic) bear a legend substantially to the following effect: "This Debenture is a Global Debenture within the meaning of the Indenture indenture herein referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person Person, other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indentureindenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indentureindenture." (b) 2.18.2 Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices. 2.18.3 The Company shall cause to be kept by and at the principal offices of the Trustee in Vancouver, British Columbia and Toronto, Ontario and by the Trustee or such other registrar as the Company, with the approval of the Trustee, may appoint at such other place or places, if any, as the Company may designate with the approval of the Trustee, a register in which shall be entered the name and address of the holder of each such Global Debenture (being the Depository, or its nominee, for such Global Debenture) as holder thereof and particulars of the Global Debenture held by it, and of all transfers thereof. If the Debentures are at any time not Global Debentures, the provisions of section 2.13 shall govern with respect to registrations and transfers of such Debentures. 2.18.4 Notwithstanding any other provision of this Indenture, a Global Debenture may not be transferred by the registered holder thereof and accordingly, no definitive fully registered certificates shall be issued to Beneficial Holders except in the following circumstances or as otherwise specified in a resolution of the directors of the Company, Officers' Certificate or supplemental indenture relating to the Debentures: (a) Global Debentures may be transferred by a Depository to a nominee of such Depository or by a nominee of a Depository to such Depository or to another nominee of such Depository or by a Depository or its nominee to a successor Depository or its nominee; (b) Global Debentures may be transferred at any time after the Depository for such Global Debentures (i) has notified the Trustee, or the Company has notified the Trustee, that it is unwilling or unable to continue as Depository for such Global Debentures, or (ii) ceases to be eligible to be a Depository under subsection 2.18.2, provided that at the time of such transfer the Company has not appointed a successor Depository for such Global Debentures; (c) Global Debentures may be transferred at any time after the Company has determined, in its sole discretion, to terminate the book-entry only registration system in respect of such Global Debentures and has communicated such determination to the Trustee in writing; (d) Global Debentures may be transferred at any time after the Trustee has determined that an event of default has occurred and is continuing with respect to the Debentures issued as a Global Debenture, provided that Beneficial Holders representing, in the aggregate, not less than 25% of the aggregate principal amount of the Debentures advise the Depository in writing, through the Depository Participants, that the continuation of the book-entry only registration system for such Debentures is no longer in their best interest and also provided that at the time of such transfer the Trustee has not waived the event of default pursuant to section 8.3; (e) Global Debentures may be transferred if required by applicable law; or (f) Global Debentures may be transferred if the book-entry only registration system ceases to exist. 2.18.5 With respect to the Global Debentures, unless and until fully registered definitive certificates have been issued to Beneficial Holders pursuant to subsection 2.18.4: (a) the Company and the Trustee may deal with the Depository for all purposes (including paying interest on the Debentures) as the sole holder of such series of Debentures and the authorized representative of the Beneficial Holders; (b) the rights of the Beneficial Holders shall be exercised only through the Depository and shall be limited to those established by law and agreements between such Beneficial Holders and the Depository or the Depository Participants; (c) the Depository will make book entry transfers among the Depository Participants; and (d) whenever this indenture requires or permits actions to be taken based upon instructions or directions of Debenture holders evidencing a specified percentage of the outstanding Debentures, the Depository shall be deemed to be counted in that percentage only to the extent that it has received instructions to such effect from the Beneficial Holders or the Depository Participants, and has delivered such instructions to the Trustee. 2.18.6 Whenever a notice or other communication is required to be provided to Debenture holders, unless and until definitive fully registered certificate(s) have been issued to Beneficial Holders pursuant to subsection 2.18.4, the Trustee shall provide all such notices and communications to the Depository and the Depository shall deliver such notices and communications to such Beneficial Holders in accordance with applicable securities laws. Upon the termination of the book-entry only registration system on the occurrence of one of the conditions specified in subsection 2.18.4 with respect to Debentures issued hereunder, the Trustee shall notify all applicable Beneficial Holders, through the Depository, of the availability of definitive Debenture certificates. Upon surrender by the Depository of the certificate(s) representing the Global Debentures and receipt of new registration instructions from the Depository, the Trustee shall deliver the definitive Debenture certificates for such Debentures to the holders thereof in accordance with the new registration instructions and thereafter, the registration and transfer of such Debentures will be governed by section 2.13 and the remaining sections of this Article 2.

Issue of Global Debentures. (a) The Trust Company may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures Debenture(s) registered in the name of a Depository, or its nominee, designated by the Trust Company in the Written Direction of the Trust Company delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust Company shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures Debenture(s) that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global DebenturesDebenture(s); (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's ’s instructions; and (iii) bear a legend substantially to the following effect: "“This Debenture is a Global Debenture within the meaning of the Trust Indenture herein referred to dated as of February 11, 2009 between TimberWest Forest Corp. and Valiant Trust Company (the “Indenture”) and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture."” (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.

Issue of Global Debentures. (a) The Trust Corporation may specify that the Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a Depository, or its nominee, designated by the Trust Corporation in the Written Direction of the Trust Corporation delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust Corporation shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's ’s instructions; and (iii) bear a legend substantially to the following effect: "effect (or as otherwise requested by the Depository): “This Debenture is a Global Debenture within the meaning of the Corporation Indenture herein hereinafter referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Trust Indenture. Every Debenture authenticated and delivered upon registration of, of transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Trust Indenture."” (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.

Issue of Global Debentures. (a) The Trust Corporation may specify that the any Debentures of a series are to be issued in whole or in part as one or more Global Debentures registered in the name of a Depository, or its nominee, designated by the Trust Corporation in the Written Direction of the Trust Corporation delivered to the Debenture Trustee at the time of issue of such Debentures, and in such event the Trust Corporation shall execute and the Debenture Trustee shall certify and deliver one or more Global Debentures that shall: (i) represent an aggregate amount equal to the principal amount of the such outstanding Debentures of such series to be represented by one or more Global Debentures; (ii) be delivered by the Debenture Trustee to such Depository or pursuant to such Depository's instructions; and (iii) bear a legend substantially to the following effect: "This Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository or a nominee thereof. This Debenture may not be transferred to or exchanged for Debentures registered in the name of any person Person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every Debenture authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, this Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture." (b) Each Depository designated for a Global Debenture must, at the time of its designation and at all times while it serves as such Depository, be a clearing agency registered or designated under the securities legislation of the jurisdiction where the Depository has its principal offices.