EX-4.8



 Exhibit 4.8 

ATLAS FINANCIAL HOLDINGS, INC. 

TO 
 , 

TRUSTEE 
 FORM OF
INDENTURE 
 Dated as of 

Subordinated Debt Securities 







 CROSS REFERENCE SHEET 

Between 
 Provisions of
Sections 310 through 318(a) inclusive of the Trust Indenture Act of 1939 and the Indenture dated as of , between Atlas Financial Holdings, Inc. and , as trustee. 
  

			
	Section of Act	  	Section of Indenture
	 310(a)(1) and (2)
	  	8.09
	 310(a)(3) and (4)
	  	*
	 310(b)
	  	8.08 and 8.10
	 310(c)
	  	*
	 311(a)
	  	8.13
	 311(b)
	  	8.13
	 311(c)
	  	*
	 312(a)
	  	6.01 and 6.02(a)
	 312(b)
	  	6.02(b)
	 312(c)
	  	6.02(c)
	 313(a)(1), (2), (3), (4), (6) and (7)
	  	6.04(a)
	 313(a)(5)
	  	*
	 313(b)(1)
	  	*
	 313(b)(2)
	  	6.04
	 313(c)
	  	6.04
	 313(d)
	  	6.04
	 314(a)(1)
	  	6.03
	 314(a)(2)
	  	6.03
	 314(a)(3)
	  	6.03
	 314(b)
	  	*
	 314(c)(1)
	  	5.05
	 314(c)(2)
	  	15.05
	 314(c)(3)
	  	*
	 314(d)
	  	*
	 314(e)
	  	15.05
	 314(f)
	  	*
	 315(a), (c) and (d)
	  	8.01
	 315(b)
	  	7.08
	 315(e)
	  	7.09
	 316(a)(1)
	  	7.07
	 316(a)(2)
	  	*
	 316(a) last para.
	  	9.03
	 316(b)
	  	7.10
	 317(a)
	  	7.02
	 317(b)
	  	5.04
	 318(a)
	  	15.07

  

	*	Not Applicable. 

 This cross reference sheet shall not, for any purpose, be considered part of the Indenture.








 TABLE OF CONTENTS 

 
  

							
	 	    	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	  
			
	 Section 1.01
	    	Definitions	  	 	1	  
		
	 ARTICLE 2 DEBT SECURITY FORMS
	  	 	7	  
			
	 Section 2.01
	    	Forms Generally	  	 	7	  
			
	 Section 2.02
	    	Forms of Debt Securities	  	 	7	  
			
	 Section 2.03
	    	Form of Trustee’s Certificate of Authentication	  	 	7	  
			
	 Section 2.04
	    	Debt Securities in Global Form	  	 	8	  
		
	 ARTICLE 3 THE DEBT SECURITIES
	  	 	10	  
			
	 Section 3.01
	    	Title and Terms	  	 	10	  
			
	 Section 3.02
	    	Denominations	  	 	12	  
			
	 Section 3.03
	    	Payment of Principal and Interest	  	 	12	  
			
	 Section 3.04
	    	Execution of Debt Securities	  	 	12	  
			
	 Section 3.05
	    	Temporary Debt Securities	  	 	14	  
			
	 Section 3.06
	    	Exchange and Registration of Transfer of Debt Securities	  	 	14	  
			
	 Section 3.07
	    	Mutilated, Destroyed, Lost or Stolen Debt Securities	  	 	16	  
			
	 Section 3.08
	    	Payment of Interest; Interest Rights Preserved	  	 	16	  
			
	 Section 3.09
	    	Persons Deemed Owners	  	 	17	  
			
	 Section 3.10
	    	Cancellation of Debt Securities Paid	  	 	18	  
			
	 Section 3.11
	    	Currency and Manner of Payments	  	 	18	  
			
	 Section 3.12
	    	CUSIP Numbers	  	 	20	  
		
	 ARTICLE 4 REDEMPTION OF DEBT SECURITIES; SINKING FUNDS
	  	 	20	  
			
	 Section 4.01
	    	Applicability of Article	  	 	20	  
			
	 Section 4.02
	    	Notice of Redemption; Selection of Debt Securities	  	 	20	  
			
	 Section 4.03
	    	Payment of Debt Securities Called for Redemption	  	 	22	  
			
	 Section 4.04
	    	Exclusion of Certain Debt Securities from Eligibility for Selection for Redemption	  	 	22	  
			
	 Section 4.05
	    	Provisions with Respect to any Sinking Funds	  	 	23	  
		
	 ARTICLE 5 PARTICULAR COVENANTS OF THE COMPANY
	  	 	24	  
			
	 Section 5.01
	    	Payment of Principal, Premium and Interest	  	 	24	  
			
	 Section 5.02
	    	Offices for Notices and Payments	  	 	24	  
			
	 Section 5.03
	    	Appointments to Fill Vacancies in Trustee’s Office	  	 	25	  
			
	 Section 5.04
	    	Provisions as to Paying Agent	  	 	25	  


  
 i 









 TABLE OF CONTENTS 

(continued) 
  


							
	 	    	 	  	Page	 
			
	 Section 5.05
	    	Certificate to Trustee	  	 	26	  
			
	 Section 5.06
	    	Waivers of Covenants	  	 	26	  
		
	 ARTICLE 6 HOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	  	 	26	  
			
	 Section 6.01
	    	Holders’ Lists	  	 	26	  
			
	 Section 6.02
	    	Preservation and Disclosure of Lists	  	 	27	  
			
	 Section 6.03
	    	Reports by the Company	  	 	27	  
			
	 Section 6.04
	    	Reports by the Trustee	  	 	27	  
		
	 ARTICLE 7 REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT
	  	 	28	  
			
	 Section 7.01
	    	Events of Default	  	 	28	  
			
	 Section 7.02
	    	Payment of Debt Securities Upon Default; Suit Therefor	  	 	30	  
			
	 Section 7.03
	    	Application of Moneys Collected by Trustee	  	 	32	  
			
	 Section 7.04
	    	Proceedings by Holders	  	 	33	  
			
	 Section 7.05
	    	Proceedings by Trustee	  	 	34	  
			
	 Section 7.06
	    	Remedies Cumulative and Continuing	  	 	34	  
			
	 Section 7.07
	    	Direction of Proceedings and Waiver of Defaults by Majority of Holders	  	 	34	  
			
	 Section 7.08
	    	Notice of Defaults	  	 	35	  
			
	 Section 7.09
	    	Undertaking to Pay Costs	  	 	35	  
			
	 Section 7.10
	    	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	35	  
		
	 ARTICLE 8 CONCERNING THE TRUSTEE
	  	 	36	  
			
	 Section 8.01
	    	SECTION 8.01	  	 	36	  
			
	 Section 8.02
	    	Reliance on Documents, Opinions	  	 	37	  
			
	 Section 8.03
	    	No Responsibility for Recitals	  	 	38	  
			
	 Section 8.04
	    	Trustee and Agents May Own Debt Securities	  	 	38	  
			
	 Section 8.05
	    	Moneys to be Held in Trust	  	 	39	  
			
	 Section 8.06
	    	Compensation and Expenses of Trustee	  	 	39	  
			
	 Section 8.07
	    	Officers’ Certificate as Evidence	  	 	40	  
			
	 Section 8.08
	    	Conflicting Interest of Trustee	  	 	40	  
			
	 Section 8.09
	    	Eligibility of Trustee	  	 	40	  


  
 ii 









 TABLE OF CONTENTS 

(continued) 
  


							
	 	    	 	  	Page	 
	 Section 8.10
	    	Resignation or Removal of Trustee	  	 	40	  
			
	 Section 8.11
	    	Acceptance by Successor Trustee	  	 	41	  
			
	 Section 8.12
	    	Succession by Merger	  	 	42	  
			
	 Section 8.13
	    	Limitation on Rights of Trustee as a Creditor	  	 	43	  
			
	 Section 8.14
	    	Authenticating Agents	  	 	43	  
			
	 Section 8.15
	    	Trustee’s Application for Instructions from the Company	  	 	45	  
		
	 ARTICLE 9 CONCERNING THE HOLDERS
	  	 	46	  
			
	 Section 9.01
	    	Action by Holders	  	 	46	  
			
	 Section 9.02
	    	Proof of Execution by Holders	  	 	46	  
			
	 Section 9.03
	    	Company-Owned Debt Securities Disregarded	  	 	46	  
			
	 Section 9.04
	    	Revocation of Consents; Future Holders Bound	  	 	47	  
		
	 ARTICLE 10 HOLDERS’ MEETINGS
	  	 	47	  
			
	 Section 10.01
	    	Purposes of Meetings	  	 	47	  
			
	 Section 10.02
	    	Call of Meetings by Trustee	  	 	48	  
			
	 Section 10.03
	    	Call of Meetings by Company or Holders	  	 	48	  
			
	 Section 10.04
	    	Qualifications for Voting	  	 	48	  
			
	 Section 10.05
	    	Regulations	  	 	48	  
			
	 Section 10.06
	    	Voting	  	 	49	  
			
	 Section 10.07
	    	No Delay of Rights by Meeting	  	 	49	  
		
	 ARTICLE 11 SUPPLEMENTAL INDENTURES
	  	 	50	  
			
	 Section 11.01
	    	Supplemental Indentures without Consent of Holders	  	 	50	  
			
	 Section 11.02
	    	Supplemental Indentures with Consent of Holders	  	 	51	  
			
	 Section 11.03
	    	Effect of Supplemental Indentures	  	 	52	  
			
	 Section 11.04
	    	Notation on Debt Securities	  	 	53	  
			
	 Section 11.05
	    	Evidence of Compliance of Supplemental Indenture to be Furnished Trustee	  	 	53	  
		
	 ARTICLE 12 CONSOLIDATION, MERGER, SALE AND CONVEYANCE
	  	 	53	  
			
	 Section 12.01
	    	Company May Consolidate on Certain Terms	  	 	53	  
			
	 Section 12.02
	    	Successor Entity to be Substituted	  	 	53	  
			
	 Section 12.03
	    	Opinion of Counsel to Be Given to the Trustee	  	 	54	  


  
 iii 









 TABLE OF CONTENTS 

(continued) 
  


							
	 	    	 	  	Page	 
		
	 ARTICLE 13 SATISFACTION, DISCHARGE AND DEFEASANCE OF INDENTURE
	  	 	54	  
			
	 Section 13.01
	    	Satisfaction, Discharge and Legal Defeasance of Debt Securities of any Series	  	 	54	  
			
	 Section 13.02
	    	Covenant Defeasance of Debt Securities of any Series	  	 	55	  
			
	 Section 13.03
	    	Application of Trust Funds; Indemnification	  	 	57	  
			
	 Section 13.04
	    	Return of Unclaimed Moneys	  	 	57	  
			
	 Section 13.05
	    	Reinstatement	  	 	58	  
		
	 ARTICLE 14 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	 	58	  
			
	 Section 14.01
	    	Indenture and Debt Securities Solely Obligations of the Company	  	 	58	  
		
	 ARTICLE 15 MISCELLANEOUS PROVISIONS
	  	 	58	  
			
	 Section 15.01
	    	Provisions Binding on Successors of the Company	  	 	58	  
			
	 Section 15.02
	    	Indenture for Sole Benefit of Parties and Holders of Debt Securities	  	 	59	  
			
	 Section 15.03
	    	Addresses for Notices	  	 	59	  
			
	 Section 15.04
	    	Contract; Waiver of Trial by Jury	  	 	60	  
			
	 Section 15.05
	    	Evidence of Compliance with Conditions Precedent	  	 	60	  
			
	 Section 15.06
	    	Legal Holidays	  	 	60	  
			
	 Section 15.07
	    	Trust Indenture Act of 1939 to Control	  	 	61	  
			
	 Section 15.08
	    	Table of Contents, Headings	  	 	61	  
			
	 Section 15.09
	    	Determination of Principal Amount	  	 	61	  
			
	 Section 15.10
	    	Execution in Counterparts	  	 	61	  
		
	 ARTICLE 16 SUBORDINATION OF DEBT SECURITIES
	  	 	61	  
			
	 Section 16.01
	    	Debt Securities Subordinated to Senior Indebtedness	  	 	61	  
			
	 Section 16.02
	    	Subrogation	  	 	63	  
			
	 Section 16.03
	    	Obligation of the Company Unconditional	  	 	63	  
			
	 Section 16.04
	    	Payments on Debt Securities Permitted	  	 	64	  
			
	 Section 16.05
	    	Effectuation of Subordination by Trustee	  	 	64	  
			
	 Section 16.06
	    	Trustee Has No Fiduciary Duty to Holders of Senior Indebtedness; Knowledge of Trustee	  	 	64	  
			
	 Section 16.07
	    	Trustee May Hold Senior Indebtedness	  	 	65	  
			
	 Section 16.08
	    	Rights of Holders of Senior Indebtedness Not Impaired	  	 	65	  


  
 iv 








 THIS INDENTURE, dated as of , between Atlas Financial Holdings, Inc., a Cayman Islands
corporation (the “Company”), and , as trustee (the “Trustee”). 
 RECITALS OF THE COMPANY

 The Company has duly authorized the execution and delivery of this Indenture to provide for the issue from time to time of its
unsecured subordinated debentures, notes, bonds or other evidences of indebtedness to be issued in one or more series as in this Indenture provided, up to such principal amount or amounts as may from time to time be authorized in or pursuant to one
or more resolutions of the Board of Directors. 
 All things necessary to make this Indenture a valid agreement of the Company, in
accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase or acceptance of the Debt Securities by the Holders thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of the respective Holders from time to time of the Debt Securities or of any 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 and of any indenture supplemental hereto 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 of 1939 or which are by reference therein defined in the Securities Act shall have (except as herein otherwise expressly provided or unless the context otherwise requires) the meanings assigned to such terms in said Trust
Indenture Act of 1939 and in the Securities Act as in force at the date of the execution of this Indenture. All accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally
accepted in the United States for domestic companies at the date of such computation. All references to such terms herein shall be both to the singular or the plural, as the context so requires. Unless the context otherwise requires, any reference
to an “Article” or a “Section” refers to an Article or Section, as the case may be, of this Indenture. 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. The words “including,” “includes” and “include” shall be deemed to be followed by the words “without limitation.” 

(a) The term “Act” has the meaning set forth in Section 9.01. 







 (b) The term “Affiliate”, when used with respect to any specified Person,
means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 (c) The term “Authenticating Agent” means the agent of the Trustee,
if any, which at the time shall be appointed and acting pursuant to Section 8.14. 
 (d) The term “Board of
Directors” means the Board of Directors of the Company or any authorized committee of such Board designated by the Board of Directors or the Memorandum of Association or the Articles of Association of the Company to act for such Board for
purposes of this Indenture. 
 (e) The term “Board Resolution” means a copy of a resolution certified by a
Vice President, the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

(f) The term “Business Day”, when used with respect to any Place of Payment or any other particular location, means
each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions or trust companies in that Place of Payment or other location are authorized or obligated by law, regulation or executive order to close.

 (g) The term “Commission” means the U.S. Securities and Exchange Commission. 

(h) The term “Company” means the party named as the “Company” in the first paragraph of this Indenture until
a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, shall mean such successor. The foregoing sentence shall likewise apply to any subsequent successor or successors. 

(i) The terms “Company Request” and “Company Order” mean, respectively, a written request or order
signed in the name of the Company by its Chairman of the Board, Vice Chairman of the Board, Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer or a Vice President, and by its Treasurer, Secretary, Assistant
Secretary or Assistant Treasurer, and delivered to the Trustee. 
 (j) The term “Conversion Date” has the meaning set
forth in Section 3.11. 
 (k) The term “Corporate Trust Office” means the designated office of the Trustee at
which, at any particular time, its corporate trust business shall be administered, which office at the date hereof is located at , Attention: Corporate Trust Administration unit, or such other address as the Trustee may designate from time to time
by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Company). 

(l) The term “Currency Determination Agent” means the financial institution, if any, from time to time selected by the
Company for purposes of Section 3.11. 

  
 2 








 (m) The terms “Debt Security” or “Debt Securities” means
any notes, debentures or other indebtedness of any series, as the case may be, issued by the Company from time to time, and authenticated and delivered under this Indenture. 

(n) The term “Debt Security Register” has the meaning set forth in Section 3.06. 

(o) The term “Debt Security Registrar” has the meaning set forth in Section 3.06. 

(p) The term “Depository” means, unless otherwise specified by the Company pursuant to Section 3.01, with respect
to Debt Securities of any series issuable or issued as a Global Debt Security, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended, or other applicable statute or regulation. 
 (q) The term
“Dollar” means the coin or currency of the United States of America which as of the time of payment is legal tender for the payment of public and private debts. 

(r) The term “Dollar Equivalent of the Foreign Currency” has the meaning set forth in Section 3.11. 

(s) The term “Event of Default” has the meaning set forth in Section 7.01. 

(t) The term “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(u) The term “Foreign Currency” means a currency issued by the government of any country other than the United States
of America. 
 (v) The term “Global Debt Security” means a Debt Security issued in global form pursuant to
Section 2.04 hereof to evidence all or part of a series of Debt Securities. 
 (w) The term “Government
Obligations” means securities which are (i) direct obligations of the government that issued the currency in which the Debt Securities of a series are denominated or (ii) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the government that issued the currency in which the Debt Securities of such series are denominated, the payment of which obligations is unconditionally guaranteed by such government, and which, in either
case, are full faith and credit obligations of such government, are denominated in the currency in which the Debt Securities of such series are denominated and which are not callable or redeemable at the option of the issuer thereof. 

(x) The term “Holder” means any Person in whose name a Debt Security of any series is registered in the Debt Security
Register applicable to Debt Securities of such series. 
 (y) The term “Indenture” means this instrument as
originally executed and delivered or, if amended or supplemented as herein provided pursuant to the applicable provisions hereof, as so amended or supplemented. 

  
 3 








 (z) The term “Indexed Debt Security” means a Debt Security the terms of
which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance. 

(aa) The term “interest”, when used with respect to an Original Issue Discount Debt Security that by its terms bears
interest only after maturity, means interest payable after maturity. 
 (bb) The term “Interest Payment Date”,
when used with respect to any series of Debt Securities, means the Stated Maturity of an installment of interest on such Debt Securities. 

(cc) The term “Market Exchange Rate” has the meaning set forth in Section 3.11. 

(dd) The term “Officers’ Certificate”, when used with respect to the Company, means a certificate signed by its
Chairman of the Board, Vice Chairman of the Board, Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer or a Vice President and by its Treasurer, Secretary, Assistant Secretary or Assistant Treasurer and delivered to
the Trustee. Each such certificate shall include the statements provided for in Section 15.05 to the extent required by the provisions of such Section. 

(ee) The term “Opinion of Counsel” means an opinion in writing signed by legal counsel who may be an employee of or
counsel to the Company and who shall be reasonably acceptable to the Trustee. Each such opinion shall include the statements provided for in Sections 3.04, 11.05, 12.03, 13.01, 13.02 and 15.05 to the extent required by the provisions of such
Sections. 
 (ff) The term “Original Issue Discount Debt Security” means any Debt 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 7.01. 

(gg) The term “Outstanding”, when used with respect to Debt Securities or Debt Securities of any series, means, as of
the date of determination, all such Debt Securities theretofore authenticated and delivered under this Indenture, except: 
 (1) such
Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (2) such Debt Securities for whose
payment or redemption money in the necessary amount and in the specified currency has been theretofore deposited with the Trustee or any paying agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the
Company shall act as its own paying agent) for the Holders of such Debt Securities, provided, however, that if such Debt Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made; 
 (3) such Debt Securities that have been paid pursuant to Section 3.07 or such Debt
Securities in exchange for or in lieu of which other such Debt Securities have been authenticated and delivered pursuant to this Indenture, unless proof satisfactory to the Trustee is presented that any such Debt Securities are held by Persons in
whose hands any of such Debt Securities are a legal, valid and binding obligation of the Company, and 

  
 4 








 (4) such Debt Securities the indebtedness in respect to which has been discharged in accordance
with Section 13.01; 
 provided, however, that in determining whether the Holders of the requisite principal amount of such Outstanding Debt
Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, such Debt Securities owned by the Company or any other obligor upon such Debt Securities or any Affiliate of the Company or such other obligor
(except in the case in which the Company or such other obligor or Affiliate owns all Debt Securities Outstanding under the Indenture, or all Outstanding Debt Securities of each such series, as the case may be, without regard to this proviso) shall
be disregarded and deemed not to be Outstanding in the manner set forth in Section 9.03. 
 (hh) The term
“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof.
 
 (ii) The term “Place of Payment”, when used with respect to the Debt Securities of any series, means the
place or places where the principal of (premium, if any) and interest on the Debt Securities of that series are payable as specified in accordance with Section 3.01. 

(jj) The term “Predecessor Debt Security” of any particular Debt Security means every previous Debt Security evidencing
all or a portion of the same debt as that evidenced by such particular Debt Security, and for the purposes of this definition, any Debt Security authenticated and delivered under Section 3.07 in lieu of a mutilated, lost, destroyed or stolen
Debt Security shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Debt Security. 
 (kk) The
term “Redemption Date”, when used with respect to any Debt Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 

(ll) The term “Redemption Price”, when used with respect to any Debt Security to be redeemed, means the price specified
in such Debt Security at which it is to be redeemed pursuant to this Indenture. 
 (mm) The term “Regular Record
Date” for the interest payable on any Debt Security on any Interest Payment Date means the date specified in such Debt Security as the “Regular Record Date” as contemplated by Section 3.01. 

(nn) The term “Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee assigned
to the Corporate Trust Administration unit (or any successor division or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration of this Indenture and, for the purposes
of Section 7.07, Section 7.08 and Section 8.01(c)(2), shall also include any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular
subject. 

  
 5 








 (oo) The term “Responsible Officer”, when used with respect to the
Company, means the Chairman of the Board, Vice Chairman of the Board, Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, Treasurer or Secretary, or any Vice President, Assistant Secretary or Assistant Treasurer, in
each case, of the Company. 
 (pp) The term “Securities Act” means the Securities Act of 1933, as amended.

 (qq) The term “Senior Indebtedness” means (i) the principal of and premium, if any, and unpaid interest
on indebtedness for money borrowed, (ii) purchase money and similar obligations, (iii) obligations under capital leases, (iv) guarantees, assumptions or purchase commitments relating to, or other transactions as a result of which the
Company is responsible for the payment of, such indebtedness of others, (v) renewals, extensions and refunding of any such indebtedness, (vi) interest or obligations in respect of any such indebtedness accruing after the commencement of
any insolvency or bankruptcy proceedings; and (vii) obligations associated with derivative products such as interest rate and currency exchange contracts, foreign exchange contracts, commodity contracts, and similar arrangements, unless, in
each case, the instrument by which the Company incurred, assumed or guaranteed the indebtedness or obligations described in clauses (i) through (vii) hereof expressly provides that such indebtedness or obligation is not senior in right of
payment to the Debt Securities.  
 (rr) The term “Special Record Date” for the payment of any Defaulted
Interest (as defined in Section 3.08) means a date fixed by the Trustee pursuant to Section 3.08. 
 (ss) The term
“Stated Maturity” when used with respect to any Debt Security or any installment of principal thereof or of interest thereon, means the date specified in such Debt Security as the fixed date on which the principal of such Debt
Security, or such installment of interest, is due and payable. 
 (tt) The term “Subsidiary” means any Person
of which the Company, or the Company and one or more Subsidiaries, or any one or more Subsidiaries, directly or indirectly own more than 50% of the Voting Stock. 

(uu) The term “Trustee” means the party named as the “Trustee” in the first paragraph of this Indenture until
a successor replaces it pursuant to the applicable provisions of this Indenture and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Debt Securities of any series shall mean the Trustee with respect to the Debt Securities of that series. 

(vv) The term “Trust Indenture Act of 1939” means the Trust Indenture Act of 1939, as amended, as in force at the date
as of which this Indenture was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act of 1939” means to the extent required by any such amendment, the Trust Indenture
Act of 1939 as so amended. 
 (ww) The term “Voting Stock” means outstanding shares of capital stock or
similar equity interests having under ordinary circumstances voting power for the election of directors, managers or the substantial equivalent thereof, whether at all times or only so long as no senior class of stock or similar equity interest has
such voting power by reason of the happening of any contingency. 

  
 6 








 ARTICLE 2 

DEBT SECURITY FORMS. 

SECTION 2.01 Forms Generally. The Debt Securities of each series and the certificates of authentication thereon shall have such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture (the provisions of which shall be appropriate to reflect the terms of each series of Debt Securities, including the currency or
denomination, which may be Dollars or Foreign Currency), and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with the rules of any securities exchange, or
as may, consistently herewith, be determined by the officers executing such Debt Securities, as evidenced by their signing of such Debt Securities. Any portion of the text of any Debt Security may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Debt Security. 
 SECTION 2.02 Forms of Debt Securities. The Debt Securities of
each series shall be in such form or forms (including global form) as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto. 

Prior to the delivery of a Debt Security of any series in any such form to the Trustee for the Debt Securities of such series for
authentication, the Company shall deliver to the Trustee the following: 
 (a) The Board Resolution or indenture supplemental
hereto by or pursuant to which such form of Debt Security has been approved; 
 (b) An Officers’ Certificate dated the
date such Certificate is delivered to the Trustee stating that all conditions precedent provided for in this Indenture relating to the authentication and delivery of Debt Securities in such form have been complied with; and 

(c) The Opinion of Counsel described in Section 3.04. 

The definitive Debt Securities shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced
in any other manner, all as determined by the officers executing such Debt Securities, as evidenced by their execution thereof. 

SECTION 2.03 Form of Trustee’s Certificate of Authentication. The following is the form of the Certificate of
Authentication of the Trustee to be endorsed on all Debt Securities substantially as follows: 
 This is one of the Debt Securities
of the series designated therein issued under the within-mentioned Indenture. 
  

			
	 as Trustee

		
	By:	 	  

		 	Authorized Signatory



  
 7 








 SECTION 2.04 Debt Securities in Global Form. (a) If the Company shall establish
pursuant to Section 3.01 that the Debt Securities of a particular series are to be issued in whole or in part in the form of one or more Global Debt Securities, then the Company shall execute and the Trustee or its agent shall, in accordance
with Section 3.04 and the Company Order delivered to the Trustee or its agent thereunder, authenticate and deliver such Global Debt Security or Global Debt Securities, which (i) shall represent, and shall be denominated in an amount equal
to the aggregate principal amount of, the Outstanding Debt Securities of such series to be represented by such Global Debt Security or Global Debt Securities, or such portion thereof as the Company shall specify in a Company Order, (ii) shall
be registered in the name of the Depository for such Global Debt Security or Global Debt Securities or its nominee, (iii) shall be delivered by the Trustee or its agent to the Depository or pursuant to the Depository’s instruction or held
by the Trustee as custodian for the Depository and (iv) shall bear a legend substantially to the following effect: “Unless this certificate is presented by an authorized representative of the Depository to the Company or its agent for
registration of transfer, exchange, or payment, and any certificate issued is registered in the name of the nominee of the Depository or in such other name as is requested by an authorized representative of the Depository (and any payment is made to
the nominee of the Depository or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, the nominee of the Depository, has an interest herein.” 
 (b) Notwithstanding any other provision of this
Section 2.04 or of Section 3.06, and subject to the provisions of paragraph (c) below, unless the terms of a Global Debt Security expressly permit such Global Debt Security to be exchanged in whole or in part for individual
certificates representing Debt Securities, a Global Debt Security may be transferred, in whole but not in part and in the manner provided in Section 3.06, only to a nominee of the Depository for such Global Debt Security, or to the Depository,
or a successor Depository for such Global Debt Security selected or approved by the Company, or to a nominee of such successor Depository. 

(c) (1) If at any time the Depository for a Global Debt Security notifies the Company that it is unwilling or unable to
continue as Depository for such Global Debt Security or if at any time the Depository for the Global Debt Securities for such series shall no longer be eligible or in good standing under the Exchange Act or other applicable statute or regulation,
the Company shall appoint a successor Depository with respect to such Global Debt Security. If a successor Depository for such Global Debt Security is not appointed by the Company within 90 days after the Company receives such notice or becomes
aware of such ineligibility, the Company will execute, and the Trustee or its agent, upon receipt of a Company Request for the authentication and delivery of certificates representing Debt Securities of such series in exchange for such Global Debt
Security, will authenticate and deliver, certificates representing Debt Securities of such series of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Debt Security in exchange for such Global Debt
Security. 

  
 8 








 (2) The Company may at any time and in its sole discretion (subject, however, to
the procedures of the Depository) determine that the Debt Securities of any series or portion thereof issued or issuable in the form of one or more Global Debt Securities shall no longer be represented by such Global Debt Security or Global Debt
Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Request for the authentication and delivery of certificates representing Debt Securities of such series in exchange in whole or in part for such Global
Debt Security, will authenticate and deliver certificates representing Debt Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Debt Security or Global
Debt Securities representing such series or portion thereof in exchange for such Global Debt Security or Global Debt Securities. 

(3) If an Event of Default with respect to Debt Securities issued or issuable in the form of a Global Debt Security has
occurred and is continuing, the Depository for such Global Debt Security may surrender such Global Debt Security in exchange in whole or in part for certificates representing Debt Securities of such series of like tenor and terms in definitive form
on such terms as are acceptable to the Company and such Depository. Thereupon, the Company shall execute, and the Trustee or its agent shall authenticate and deliver, without a service charge, (A) to each Person specified by the Depository a
certificate or certificates representing Debt Securities of the same series of like tenor and terms and of any authorized denomination as requested by such Person in an aggregate principal amount equal to and in exchange for such Person’s
beneficial interest as specified by the Depository in the Global Debt Security; and (B) to such Depository a new Global Debt Security of like tenor and terms and in an authorized denomination equal to the difference, if any, between the
principal amount of the surrendered Global Debt Security and the aggregate principal amount of certificates representing Debt Securities delivered to Holders thereof. 

(4) In any exchange provided for in any of the preceding three paragraphs, the Company will execute, and the Trustee or its
agent will authenticate and deliver, certificates representing Debt Securities in definitive registered form in authorized denominations for Debt Securities of the same series or any integral multiple thereof. Upon the exchange of the entire
principal amount of a Global Debt Security for certificates representing Debt Securities, such Global Debt Security shall be cancelled by the Trustee or its agent. Except as provided in the preceding paragraph, certificates representing Debt
Securities issued in exchange for a Global Debt Security pursuant to this Section shall be registered in such names and in such authorized denominations for Debt Securities of that series or any integral multiple thereof, as the Depository shall
instruct the Trustee or its agent. The Trustee or the Debt Security Registrar shall deliver at its Corporate Trust Office such certificates representing Debt Securities to the Holders in whose names such Debt Securities are so registered. 

  
 9 








 ARTICLE 3 

THE DEBT SECURITIES. 

SECTION 3.01 Title and Terms. The aggregate principal amount of Debt Securities which may be authenticated and delivered under
this Indenture is unlimited. The Debt Securities may be issued up to the aggregate principal amount of Debt Securities from time to time authorized by or pursuant to a Board Resolution. 

The Debt Securities may be issued in one or more series. All Debt Securities of each series issued under this Indenture shall in all respects
be equally and ratably entitled to the benefits hereof with respect to such series without preference, priority or distinction on account of the actual time or times of the authentication and delivery or maturity of the Debt Securities of such
series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate to the extent not established in a Board Resolution, or established in one or more indentures supplemental hereto, prior to the
issuance of Debt Securities of any series: 
 (a) the title of the Debt Securities of the series (which shall distinguish the
Debt Securities of the series from all other series of Debt Securities); 
 (b) any limit upon the aggregate principal amount
of the Debt Securities of the series which may be authenticated and delivered under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt Securities of
that series pursuant to this Article Three, the second paragraph of Section 4.03, or Section 11.04); 
 (c) the
date or dates (or the manner of calculation thereof) on which the principal of the Debt Securities of the series is payable; 

(d) the rate or rates (or the manner of calculation thereof) at which the Debt Securities of the 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 the Regular Record Date for the interest payable on any Interest Payment Date; 

(e) the Place of Payment; 

(f) the period or periods within which, the price or prices at which, the currency or currency units in which, and the terms
and conditions upon which Debt Securities of the series may be redeemed, in whole or in part, at the option of the Company; 

(g) the obligation, if any, of the Company to redeem or purchase Debt Securities of the series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices in the currency at which, the currency or currency units in which, and the terms and conditions upon which Debt Securities of the
series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

  
 10 








 (h) the denominations in which the Debt Securities of such series shall be
issuable if other than minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof; 
 (i) if other
than Dollars, the currencies in which payments of interest or principal of (and premium, if any, with respect to) the Debt Securities of the series are to be made; 

(j) if the interest on or principal of (or premium, if any, with respect to) the Debt Securities of the series are to be
payable, at the election of the Company or a Holder thereof or otherwise, in a currency other than that in which such Debt Securities are payable, the period or periods within which, and the other terms and conditions upon which, such election may
be made, and the time and manner of determining the exchange rate between the currency in such Debt Securities are denominated or stated to be payable and the currency in which such Debt Securities or any of them are to be so payable; 

(k) whether the amount of payments of interest on or principal of (or premium, if any, with respect to) the Debt Securities of
such series may be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more currencies, commodities, equity indices or other indices), and, if so, the terms and
conditions upon which and the manner in which such amounts shall be determined and paid or payable; 
 (l) the extent to
which any Debt Securities will be issuable in permanent global form, the manner in which any payments on a permanent Global Debt Security will be made, and the appointment of any Depository relating thereto; 

(m) any deletions from, modifications of or additions to the Events of Default or covenants with respect to the Debt Securities
of such series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 

(n) if any of the Debt Securities of such series are to be issuable upon the exercise of warrants, this shall be so established
as well as the time, manner and place for such Debt Securities to be authenticated and delivered; 
 (o) the inapplicability
of any of the provisions of Article 13 with respect to any series of Debt Securities; 
 (p) the terms of any right to
convert the Debt Securities of such series into, or exchange the Debt Securities for, the Company’s ordinary shares (par value is $0.003) or other securities or property or cash in lieu of the Company’s ordinary shares or other securities
or property, or any combination thereof; and 
 (q) any other terms of the series (which terms shall not be inconsistent with
the provisions of this Indenture). 

  
 11 








 All Debt 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 Board Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental hereto. 

Notwithstanding Section 3.01(b) and unless otherwise expressly provided with respect to a series of Debt Securities, the aggregate
principal amount of a series of Debt Securities may be increased and additional Debt Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series as increased. 

If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 

SECTION 3.02 Denominations. The Debt Securities of each series shall be issuable in registered form without coupons in such
denominations as shall be specified as contemplated in Section 3.01. In the absence of any specification with respect to the Debt Securities of any series, the Debt Securities of such series shall be issuable in minimum denominations of $2,000
and any integral multiple of $1,000 in excess thereof, which may be in Dollars or any Foreign Currency. 
 SECTION 3.03
Payment of Principal and Interest. The principal of, premium, if any, and interest on the Debt Securities shall be payable at the office or agency of the Company designated for that purpose in the Place of Payment, as provided in
Section 5.02; provided, however, that interest may be payable at the option of the Company by check mailed to the address of the Person entitled thereto as such address shall appear on the Debt Security Register on the Regular Record Date for
such interest payment. 
 SECTION 3.04 Execution of Debt Securities. The Debt Securities shall be executed manually or by
facsimile in the name and on behalf of the Company by its Chairman of the Board of Directors, its President, one of its Vice Presidents or its Treasurer and by its Secretary or one of its Assistant Secretaries. Only such Debt Securities as shall
bear thereon a certificate of authentication substantially in the form hereinbefore recited, manually executed by the Trustee, shall be entitled to the benefits of this Indenture or be valid or become obligatory for any purpose. Such certificate by
the Trustee upon any Debt Security executed by the Company shall be conclusive evidence that the Debt 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 executed any of the Debt Securities shall cease to be such officer before the Debt
Securities so executed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Debt Securities nevertheless shall be valid and binding and may be authenticated and delivered or disposed of as though the Person
who executed such Debt Securities had not ceased to be such officer of the Company; and any Debt Securities may be executed on behalf of the Company by such Persons as, at the actual date of the execution of such Debt Security, shall be the proper
officers of the Company, although at the date of such Debt Security or of the execution of this Indenture any such Person was not such an officer. 

  
 12 








 At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Debt Securities of any series, properly created in accordance with Section 3.01 and executed by the Company, to the Trustee for authentication; and the Trustee shall authenticate and deliver such Debt Securities upon receipt of a
Company Order. In the event that any other Person performs the Trustee’s duties as Authenticating Agent pursuant to a duly executed agreement, the Company shall notify the Trustee in writing of the issuance of any Debt Securities hereunder,
such notice to be delivered in accordance with the provisions of Section 15.03 on the date such Debt Securities are delivered by the Company for authentication to such other Person. 

Prior to any such authentication and delivery, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, in
addition to the Officers’ Certificates relating to the issuance of any series of Debt Securities pursuant to Sections 2.02, 3.01 (if required by that Section), and Section 15.05, Opinions of Counsel stating that: 

(a) all instruments furnished to the Trustee conform to the requirements of this Indenture and constitute sufficient authority
hereunder for the Trustee to authenticate and deliver such Debt Securities; 
 (b) all laws and requirements with respect to
the form and execution by the Company of the supplemental indenture, if any, have been complied with; the execution and delivery of the supplemental indenture, if any, will not violate the terms of this Indenture; the supplemental indenture has been
duly qualified under the Trust Indenture Act of 1939; the Company has corporate or company power to execute and deliver any such supplemental indenture and has taken all necessary corporate action for those purposes; and any such supplemental
indenture has been executed and delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium or other laws affecting creditors’ rights generally from time to time in effect); 
 (c) the form and terms
of such Debt Securities have been established in conformity with the provisions of this Indenture; and 
 (d) all laws and
requirements with respect to the execution and delivery by the Company of such Debt Securities have been complied with; the authentication and delivery of the Debt Securities by the Trustee will not violate the terms of this Indenture; the Company
has the corporate or company power to issue such Debt Securities; and such Debt Securities have been duly executed on behalf of the Company and, assuming due authentication and delivery by the Trustee, constitute legal, valid and binding obligations
of the Company in accordance with their terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect) and are
entitled to the benefits of this Indenture, equally and ratably with all other Outstanding Debt Securities, if any, of such series. 

  
 13 








 The Trustee shall not be required to authenticate such Debt Securities if the issue thereof will
adversely affect the Trustee’s own rights, duties or immunities under the Debt Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee or such action would expose the Trustee to personal
liability to existing Holders. 
 Unless otherwise provided in the form of Debt Security for any series, all Debt Securities shall be dated
the date of their authentication. 
 No Debt Security shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose, unless there appears on such Debt Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Debt Security shall be conclusive
evidence, and the only evidence, that such Debt Security has been duly authenticated and delivered hereunder. 
 SECTION 3.05
Temporary Debt Securities. Pending the preparation of definitive Debt Securities of any series, the Company may execute, and upon receipt of the documents required by Sections 2.02, 3.01 and 3.04, together with a Company Order, the
Trustee shall authenticate and deliver, such temporary Debt Securities which may be printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denominations, substantially of the tenor of such definitive Debt
Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such temporary Debt Securities may determine, as evidenced by their execution of such temporary
Debt Securities. 
 If temporary Debt Securities of any series are issued, the Company will cause definitive Debt Securities of such series
to be prepared without unreasonable delay. After the preparation of definitive Debt Securities of any series, the temporary Debt Securities of such series shall be exchangeable for definitive Debt Securities of such series, upon surrender of the
temporary Debt Securities of such series at any office or agency maintained by the Company for such purposes as provided in Section 5.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Debt Securities
of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Debt Securities of such series having the same interest rate and Stated Maturity and bearing interest
from the same date of any authorized denominations. Until so exchanged the temporary Debt Securities of such series shall in all respects be entitled to the same benefits under this Indenture as definitive Debt Securities of such series. 

SECTION 3.06 Exchange and Registration of Transfer of Debt Securities. Debt Securities may be exchanged for a like aggregate
principal amount of Debt Securities of such series that are of other authorized denominations. Debt Securities to be exchanged shall be surrendered at any office or agency to be maintained for such purpose by the Company, as provided in
Section 5.02, and the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor the Debt Security or Debt Securities of authorized denominations which the Debt Security Holder making the exchange shall be
entitled to receive. Each agent of the Company appointed pursuant to Section 5.02 as a person authorized to register and register transfer of Debt Securities is sometimes herein referred to as a “Debt Security Registrar.” 

  
 14 








 The Company shall keep, at an office or agency of the Company maintained for such purpose, as
provided in Section 5.02, a register for each series of Debt Securities hereunder (the registers of all Debt Security Registrars being herein sometimes collectively referred to as the “Debt Security Register”) in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Debt Securities and shall register the transfer of Debt Securities as provided in this Article Three. For avoidance of doubt, there shall only be
one Debt Security Register for each series of Debt Securities. At all reasonable times, such Debt Security Register shall be open for inspection by the Trustee and any Debt Security Registrar other than the Trustee. Upon due presentment for
registration of transfer of any Debt Security at any such office or agency, the Company shall execute and cause to be registered and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Debt Security or Debt
Securities of the same series of authorized denominations for an equal aggregate principal amount. Registration or registration of transfer of any Debt Security by any Debt Security Registrar in the registry books maintained by such Debt Security
Registrar, and delivery of such Debt Security, duly authenticated, shall be deemed to complete the registration or registration of transfer of such Debt Security. The Trustee is hereby appointed as Debt Security Registrar for each series of Debt
Securities. 
 No Person shall at any time be appointed as or act as a Debt Security Registrar unless such Person is at such time empowered
under applicable law to act as such and duly registered to act as such under and to the extent required by applicable law and regulations. 

All Debt Securities presented to a Debt Security Registrar for registration of transfer shall be duly endorsed by, or be accompanied by a
written instrument or instruments of transfer in form satisfactory to the Company and such Debt Security Registrar duly executed by the registered Holder or such Holder’s attorney duly authorized in writing. 

No service charge shall be made for any exchange or registration of transfer of Debt Securities, but the Company or the Trustee 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 issue, exchange or register a transfer of (a) any Debt Securities of any series for a period of 15 days next preceding the mailing of a notice of redemption of Debt Securities of such series and ending at the close of
business on the day of the mailing of a notice of redemption of Debt Securities of such series so selected for redemption, or (b) any Debt Securities selected, called or being called for redemption except, in the case of any Debt Security to be
redeemed in part, the portion thereof not so to be redeemed. 
 All Debt Securities issued in exchange for or upon registration of transfer
of Debt Securities shall be valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Debt Securities surrendered for such exchange or registration of transfer. 

None of the Trustee, any agent of the Trustee, any paying agent or the Company 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 Debt Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

  
 15 








 SECTION 3.07 Mutilated, Destroyed, Lost or Stolen Debt Securities. In case any
temporary or definitive Debt Security shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its request the Trustee shall authenticate and deliver, a new Debt Security, bearing a number, letter
or other distinguishing mark not contemporaneously Outstanding, in exchange and substitution for the mutilated Debt Security, or in lieu of and in substitution for the Debt Security so destroyed, lost or stolen. In every case the applicant for a
substituted Debt 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 Debt Security and of the ownership thereof. 

In the absence of notice to the Trustee or the Company that such Debt Security has been acquired by a bona fide purchaser, the Trustee shall
authenticate any such substituted Debt Security and deliver the same upon any Company Request. Upon the issuance of any substituted Debt 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 Debt 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 Debt Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Debt 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 to the Trustee of the destruction, loss or theft of such Debt Security and of the ownership
thereof. 
 Every substituted Debt Security issued pursuant to the provisions of this Section 3.07 by virtue of the fact that any Debt
Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debt 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 Debt Securities duly issued hereunder. All Debt 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 Debt Securities and shall preclude (to the extent permitted by law) any and all other rights or remedies with respect to the replacement or payment of negotiable instruments or other securities without
their surrender. 
 SECTION 3.08 Payment of Interest; Interest Rights Preserved. Interest which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date, on any Debt Security, shall, unless otherwise provided in such Debt Security, be paid to the Person in whose name the Debt Security (or one or more Predecessor Debt Securities) is
registered at the close of business on the Regular Record Date for such interest. 
 Unless otherwise stated in the form of Debt Security of
a series, interest on the Debt Securities of any series shall be computed on the basis of a 360 day year comprised of twelve 30 day months. 

  
 16 








 Any interest on any Debt Security which is payable, but is not punctually paid or duly provided
for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Company, at its election in each case, as provided in Clause (a) or (b) below: 
 (a) The Company may elect
to make payment of any Defaulted Interest to the Persons in whose names any such Debt Securities (or their respective Predecessor Debt Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Debt Security and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the
proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. 

Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not
less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of such Debt Securities, at such Holder’s
address as it appears in the Debt Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names such Debt Securities (or their respective Predecessor Debt Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the
following Clause (b). 
 (b) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Debt Securities of that series may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to
this Clause, such payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section, each Debt
Security delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Debt Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Debt Security. 

SECTION 3.09 Persons Deemed Owners. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name any Debt Security is registered as the owner of such Debt Security for the purpose of receiving payment of principal of, premium, if any, and (subject to Section 3.08) interest on, such Debt Security and for all other purposes
whatsoever whether or not such Debt Security be overdue, and neither the Company, the Trustee, nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

  
 17 








 SECTION 3.10 Cancellation of Debt Securities Paid. All Debt Securities surrendered
for the purpose of payment, redemption, exchange or registration of transfer or delivered in satisfaction in whole or in part of any sinking fund obligation shall, if surrendered to the Company or any agent of the Trustee or the Company under this
Indenture, be delivered to the Trustee and promptly cancelled by it, or, if surrendered to the Trustee, shall be promptly cancelled by it, and no Debt Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions
of this Indenture. The Company may at any time deliver to the Trustee for cancellation any Debt Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee
(or to any other Person for delivery to the Trustee) for cancellation any Debt Securities previously authenticated hereunder which the Company has not issued and sold, and all Debt Securities so delivered shall be promptly cancelled by the Trustee.
The Trustee shall dispose of cancelled Debt Securities in accordance with its customary procedures unless directed by a Company Order. 

SECTION 3.11 Currency and Manner of Payments. (a) With respect to Debt Securities denominated in Dollars or a Foreign
Currency, the following payment provisions shall apply: 
 (1) Except as provided in subparagraph (a)(2) or in paragraph
(c) of this Section 3.11, payment of principal of and premium, if any, on any Debt Securities will be made at the offices established pursuant to Section 5.02 by delivery of a check in the currency in which the Debt Security is
denominated on the payment date against surrender of such Debt Security, and any interest on any Debt Security will be paid at such office by mailing a check in the currency in which the Debt Securities were issued to the Person entitled thereto at
the address of such Person appearing on the Debt Security Register. 
 (2) Payment of the principal of and premium, if any,
and interest on such Debt Security may also, subject to applicable laws and regulations and subject to surrender as aforesaid in the case of principal and premium, if any, be made at such other place or places as may be designated by the Company by
any appropriate method. 
 (b) Not later than the fourth Business Day after the Regular Record Date for such Interest Payment
Date, the paying agent will deliver to the Company a written notice specifying, in the currency in which each series of the Debt Securities are denominated, the respective aggregate amounts of principal of and premium, if any, and interest on the
Debt Securities to be made on such payment date, specifying the amounts so payable in respect of the Debt Securities. The failure of the paying agent to deliver such notice shall not relieve the Company from its obligation to make all payments with
respect to any Debt Security when due. 

  
 18 








 (c) If the Foreign Currency in which any of the Debt Securities are denominated
ceases to be used both by the government of the country which issued such currency and for the settlement of transactions by public institutions of or within the international banking community, then with respect to each date for the payment of
Foreign Currency occurring after the last date on which the Foreign Currency was so used (the “Conversion Date”), the Dollar shall be the currency of payment for use on each such Interest Payment Date. The Dollar amount to be paid
by the Company to the Trustee and by the Trustee or any paying agent to the Holder of such Debt Securities with respect to such payment date shall be the Dollar Equivalent of the Foreign Currency as determined by the Currency Determination Agent in
the manner provided in paragraph (d) below. 
 (d) The “Dollar Equivalent of the Foreign Currency” shall be
determined by the Currency Determination Agent by converting the specified Foreign Currency into Dollars at the Market Exchange Rate as of the Conversion Date. 

(e) The “Market Exchange Rate” shall mean, for any currency, the highest firm bid quotation for U.S. dollars
received by the Currency Determination Agent at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date (or, if no such rate is quoted on such date, the last date on which such rate was quoted,
or under the circumstances described in the foregoing paragraph (c), on the Conversion Date), from three recognized foreign exchange dealers in New York City selected by the Currency Determination Agent and approved by the Company (one of which may
be the Currency Determination Agent) for the purchase by the quoting dealer, for settlement on such payment date, of the aggregate amount of such currency payable on such payment in respect of all Notes denominated in such currency. 

(f) All decisions and determinations of the Currency Determination Agent regarding the Dollar Equivalent of the Foreign
Currency and the Market Exchange Rate shall be in its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon the Company and all Holders of the Debt Securities. In the event that the
Foreign Currency ceases to be used both by the government of the country which issued such currency and for the settlement of transactions by public institutions of or within the international banking community, the Company, after learning thereof,
will promptly give notice thereof to the Trustee (and the Trustee will promptly thereafter give notice in the manner provided in Section 15.03 to the Holders) specifying the Conversion Date. 

(g) The Trustee shall be fully justified and protected in relying on and acting upon the information so received by it from the
Company or the Currency Determination Agent and shall not otherwise have any duty or obligation to determine such information independently. 

(h) If the principal of (and premium, if any) and interest on any Debt Securities is payable in a Foreign Currency and such
Foreign Currency is not available for payment due to the imposition of exchange controls or other circumstances beyond the control of the Company, then the Company shall be entitled to satisfy its obligations


  
 19 








 
to Holders under this Indenture by making such payment in Dollars on the basis of the Market Exchange Rate for such Foreign Currency on the latest date for which such rate was established on or
before the date on which payment is due. Any payment made pursuant to this Section 3.11 in Dollars where the required payment is in a Foreign Currency shall not constitute a default or Event of Default under this Indenture. 

SECTION 3.12 CUSIP Numbers. The Company in issuing the Debt 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 Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Debt 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 Debt Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee of any changes in the “CUSIP” numbers. 
 ARTICLE 4

 REDEMPTION OF DEBT SECURITIES; SINKING FUNDS. 

SECTION 4.01 Applicability of Article. The Company may reserve the right to redeem and pay before Stated Maturity all or any part
of the Debt Securities of any series, either by optional redemption, sinking fund (mandatory or optional) or otherwise, by provision therefor in the form of Debt Security for such series on such terms as are specified in such form or the Board
Resolution or Officers’ Certificate delivered pursuant to Section 3.01 or the indenture supplemental hereto as provided in Section 3.01 with respect to Debt Securities of such series. Redemption of Debt Securities of any series shall
be made in accordance with the terms of such Debt Securities and, to the extent that this Article does not conflict with such terms, in accordance with this Article. 

SECTION 4.02 Notice of Redemption; Selection of Debt Securities. In case the Company shall desire to exercise the right to
redeem all, or, as the case may be, any part of a series of Debt Securities pursuant to Section 4.01, the Company shall fix a date for redemption and the Company, or, at the Company’s request, the Trustee in the name of and at the expense
of the Company, shall mail 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 Debt Securities so to be redeemed as a whole or in part at their last addresses as the same appear
on the Debt Security Register, provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the Redemption Date (or such shorter period as may be acceptable to the Trustee), an Officers’ Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the next succeeding paragraph. Such mailing shall be by first class mail; provided, however, that so long as the Debt
Securities of such series are represented by one or more Global Debt Securities, such notice shall be given in accordance with the procedures of the Depository therefor. The notice if mailed 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 any defect in the notice to the Holder of any Debt Security designated for redemption as a whole or in part shall
not affect the validity of the proceedings for the redemption of any other Debt Security. 

  
 20 








 Notice of redemption shall be given in the name of the Company and shall specify the date fixed
for redemption, the Redemption Price at which Debt Securities of any series are to be redeemed, or if not then ascertainable, the manner of calculation thereof, the place of payment (which shall be at the offices or agencies to be maintained by the
Company pursuant to Section 5.02), that payment of the Redemption Price will be made upon presentation and surrender of such Debt Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that
on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue, and the Section of this Indenture or the paragraph or section of the Debt Securities pursuant to which Debt Securities will be redeemed. In case
less than all Debt Securities of any series are to be redeemed, the notice of redemption shall also identify the particular Debt Securities to be redeemed as a whole or in part and shall state that the redemption is for the sinking fund, if such is
the case. In case any Debt Security 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 Debt Security, a new Debt Security or Debt Securities of such series in aggregate principal amount equal to the unredeemed portion thereof will be issued without charge to the Holder. 

If Debt Securities of any series are to be redeemed, the Company shall give the Trustee notice, at least 45 days (or such shorter period
acceptable to the Trustee) in advance of the date fixed for redemption, as to the aggregate principal amount of Debt Securities to be redeemed and as to the date fixed for redemption. Debt Securities may be redeemed in part in multiples equal to the
minimum authorized denomination for Debt Securities of such series or any multiple thereof. Thereupon the Trustee shall select, in such manner as in its sole discretion it shall deem appropriate and fair, the Debt Securities or portions thereof to
be redeemed, and shall as promptly as practicable notify the Company of the Debt Securities or portions thereof so selected; provided, however, if the Debt Securities of such series are represented by one or more Global Debt Securities, interests in
such Debt Securities shall be selected for redemption by the Depository therefor in accordance with its customary procedures and the Trustee shall have no responsibilities with respect to such selection. For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Debt Securities of any series shall relate, in the case of any Debt Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt
Security which has been or is to be redeemed. In the case of any redemption of Debt Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Debt Securities or elsewhere in this Indenture, or
(b) pursuant to an election of the Company which is subject to a condition specified in the terms of such Debt Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with such restriction or condition. 
 On or prior to the date fixed for redemption specified in the notice of redemption given
as provided in this Section 4.02, the Company will deposit with the Trustee or with the paying agent an amount of money in the currency in which the Debt Securities of such series are payable sufficient to redeem on the date fixed for
redemption all the Debt Securities so called for redemption at the appropriate Redemption Price, together with accrued interest to the date fixed for redemption. 

  
 21 








 The Trustee shall not mail any notice of redemption of any series of Debt Securities during the
continuation of any default in payment of interest on any series of Debt Securities when due or of any Event of Default, except that where notice of redemption with respect to any series of Debt Securities shall have been mailed prior to the
occurrence of such default or Event of Default, the Trustee shall redeem such Debt Securities provided funds are deposited with it for such purpose. 

SECTION 4.03 Payment of Debt Securities Called for Redemption. If notice of redemption has been given as herein provided, the Debt
Securities or portions of Debt Securities with respect to which such notice has been given shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, together with interest accrued to the date
fixed for redemption, and on and after said date (unless the Company shall default in the payment of such Debt Securities or portions thereof at the Redemption Price, together with interest accrued to said date) interest on the Debt Securities or
portions of Debt Securities so called for redemption shall cease to accrue, and such Debt Securities and portions of Debt Securities shall be deemed not to be Outstanding hereunder and shall not be entitled to any benefit under this Indenture except
to receive payment of the Redemption Price, together with accrued interest to the date fixed for redemption. On presentation and surrender of such Debt Securities at the place of payment in said notice specified, the said Debt Securities or the
specified portions thereof shall be paid and redeemed by the Company at the applicable Redemption Price, together with interest accrued thereon to the date fixed for redemption; provided, however, that any installments of interest becoming due on or
prior to the date fixed for redemption shall be payable to the Holders of such Debt Securities, or one or more previous Debt Securities evidencing all or a portion of the same debt as that evidenced by such particular Debt Securities, registered as
such on the relevant record dates according to their terms and the provisions of Section 3.08. 
 Upon presentation and surrender of
any Debt Security redeemed in part only, with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such
Holder’s attorney duly authorized in writing, the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof, at the expense of the Company, a new Debt Security or Debt Securities of the same series having the
same interest rate and Stated Maturity and bearing interest from the same date, of any authorized denominations as requested by such Holder, in aggregate principal amount equal to the unredeemed portion of the Debt Security so presented and
surrendered. 
 SECTION 4.04 Exclusion of Certain Debt Securities from Eligibility for Selection for Redemption. Debt
Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by a Responsible Officer of the Company and delivered to the Trustee at least 45
days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by, either (a) the Company or (b) an entity specifically identified in such written
statement as directly or indirectly controlling or controlled by or under direct or indirect common control with the Company. 

  
 22 








 SECTION 4.05 Provisions with Respect to any Sinking Funds. Unless the form or
terms of any series of Debt Securities shall provide otherwise, in lieu of making all or any part of any mandatory sinking fund payment with respect to such series of Debt Securities in cash, the Company may at its option (a) deliver to the
Trustee for cancellation any Debt Securities of such series theretofore acquired by the Company, or (b) receive credit for any Debt Securities of such series (not previously so credited) acquired by the Company and theretofore delivered to the
Trustee for cancellation or redeemed pursuant to provisions for an optional redemption or optional sinking fund redemption, then Debt Securities so delivered or credited shall be credited at the applicable sinking fund Redemption Price with respect
to the Debt Securities of such series. 
 On or before the 45th day next preceding each sinking fund Redemption Date, the Company
will deliver to the Trustee a certificate signed by the Chief Financial Officer, any Vice President, the Treasurer or any Assistant Treasurer of the Company specifying (i) the portion of the mandatory sinking fund payment to be satisfied by
deposit of cash in the currency in which the Debt Securities of such series are payable, by delivery of Debt Securities theretofore purchased or otherwise acquired by the Company (which Debt Securities shall accompany such certificate) and by credit
for Debt Securities acquired by the Company and theretofore delivered to the Trustee for cancellation or redeemed by the Company pursuant to provisions for optional redemption or optional sinking fund redemption and stating that the credit to be
applied has not theretofore been so applied and the basis for such credit and (ii) whether the Company intends to exercise its right, if any, to make an optional sinking fund payment, and, if so, the amount thereof. Such certificate shall also
state that no Event of Default has occurred and is continuing. Such certificate shall be irrevocable, and upon its delivery, the Company shall be obligated to make the payment or payments therein referred to, if any, on or before the next succeeding
sinking fund payment date. In case of the failure of the Company on or before the 45th day next preceding each sinking fund Redemption Date to deliver such certificate (or to deliver the Debt Securities specified in this paragraph), the sinking fund
payment due on the next succeeding sinking fund payment date shall be paid entirely in cash (in the currency described above) and shall be sufficient to redeem the principal amount of Debt Securities as a mandatory sinking fund payment, without the
option to deliver or credit Debt Securities as provided in the first paragraph of this Section 4.05 and without the right to make an optional sinking fund payment as provided herein. 

If the sinking fund payment or payments (mandatory or optional) with respect to any series of Debt Securities made in cash (in the currency
described above) shall exceed the minimum authorized denomination set forth in an Officers’ Certificate pursuant to Section 3.01 or the equivalent in the currency in which the Debt Securities of such series are payable (or a lesser sum if
the Company shall so request), unless otherwise provided by the terms of such series of Debt Securities, said cash shall be applied by the Trustee on the sinking fund Redemption Date with respect to Debt Securities of such series at the applicable
sinking fund 
 Redemption Price with respect to Debt Securities of such series, together with accrued interest, if any, to the date fixed
for redemption, with the effect provided in Section 4.03. The Trustee shall select, in the manner provided in Section 4.02, for redemption on such sinking fund Redemption Date a sufficient principal amount of Debt Securities of such series
to utilize said cash and shall thereupon cause notice of redemption of the Debt Securities of such series for the 

  
 23 








 
sinking fund to be given in the manner provided in Section 4.02 (and with the effect provided in Section 4.03) for the redemption of Debt Securities in part at the option of the
Company. Debt Securities of any series which are identified by registration and certificate number in an Officers’ Certificate at least 45 days prior to the sinking fund Redemption Date as being beneficially owned by, and not pledged or
hypothecated by, the Company or an entity directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be excluded from Debt Securities of such series eligible for selection for redemption.
Any sinking fund moneys not so applied or allocated by the Trustee to the redemption of Debt Securities of such series shall be added to the next cash sinking fund payment with respect to Debt Securities of such series received by the Trustee and,
together with such payment, shall be applied in accordance with the provisions of this Section 4.05. Any and all sinking fund moneys with respect to Debt Securities of any series held by the Trustee at the maturity of Debt Securities of such
series, and not held for the payment or redemption of particular Debt Securities of such series, shall be applied by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to the payment of the principal
of the Debt Securities of such series at maturity. 
 The Trustee shall not convert any currency in which the Debt Securities of such series
are payable for the purposes of such sinking fund application unless a Company Request is made, and any such conversion agreed to by the Trustee in response to such request shall be for the account and at the expense of the Company and shall not
affect the Company’s obligation to pay the Holders in the currency to which such Holder is entitled. 
 On or before each sinking fund
Redemption Date provided with respect to Debt Securities of any series, the Company shall pay to the Trustee in cash in the currency described above a sum equal to all accrued interest, if any, to the date fixed for redemption on Debt Securities to
be redeemed on such sinking fund Redemption Date pursuant to this Section 4.05. 
 ARTICLE 5 

PARTICULAR COVENANTS OF THE COMPANY. 

SECTION 5.01 Payment of Principal, Premium and Interest. The Company will duly and punctually pay or cause to be paid (in the
currency in which the Debt Securities of such series are payable) the principal of and premium, if any, and interest on each of the Debt Securities at the place (subject to Section 3.03), at the respective times and in the manner provided in
each series of Debt Securities and in this Indenture. 
 SECTION 5.02 Offices for Notices and Payments. (a) So long as the
Debt Securities of any series remain Outstanding, the Company will maintain at the Place of Payment, an office or agency where the Debt Securities may be presented for payment, an office or agency where the Debt Securities may be presented for
registration of transfer and for exchange as provided in this Indenture, and an office or agency where notices and demands to or upon the Company in respect of the Debt Securities or of this Indenture may be served and shall give the Trustee written
notice thereof and any changes in the location thereof. In case the Company shall at any time fail to maintain any such office or agency, or shall fail to give notice to the Trustee of any change in the location thereof, presentation and demand may
be made and notice may be served in respect of the Debt Securities or of this Indenture at said office of the Trustee. The Company hereby appoints the Trustee as its agent for all of the foregoing purposes with respect to the Debt Securities of each
series. 

  
 24 








 (b) In addition to the office or agency maintained by the Company pursuant to
Section 5.02(a), the Company may from time to time designate one or more other offices or agencies where the Debt Securities may be presented for payment and presented for registration of transfer and for exchange in the manner provided in this
Indenture, and the Company may from time to time rescind such designations, as the Company may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to
maintain such office and agency at the Place of Payment, for the purposes abovementioned. The Company will give to the Trustee prompt written notice of (i) any such designation or rescission thereof, and (ii) the location of any such
office or agency outside the Place of Payment and of any change of location thereof. 
 SECTION 5.03 Appointments to Fill Vacancies
in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 8.10, a Trustee, so that there shall at all times be a Trustee hereunder. 

SECTION 5.04 Provisions as to Paying Agent. (a) (1) Whenever the Company shall have one or more paying agents for any
series of Debt Securities other than the Trustee, it will, on or before each due date of the principal of (and premium, if any) or interest on any Debt Securities of such series, deposit with a paying agent a sum sufficient to pay such amount
becoming due, such sum to be held as provided by the Trust Indenture Act of 1939, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

(2) The Company will cause each paying agent other than the Trustee to execute and deliver to the Trustee an instrument in
which such paying agent shall agree with the Trustee, subject to the provisions of this Section, that such paying agent will: (i) comply with the provisions of the Trust Indenture Act of 1939 applicable to it as a paying agent and
(ii) during the continuance of any default by the Company (or any other obligor upon any series of Debt Securities) in the making of any payment in respect of the Debt Securities of such series, upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such paying agent as such. 
 (b) If the Company shall act as its own
paying agent, it will, on or prior to each due date of the principal of and premium, if any, or interest on Debt Securities of any series, set aside, segregate and hold in trust for the benefit of the Holders of such Debt Securities a sum sufficient
to pay such principal and premium, if any, or interest so becoming due and will notify the Trustee of any failure to take such action and of any failure by the Company (or by any other obligor on such series of Debt Securities) to make any payment
of the principal of and premium, if any, or interest on the Debt Securities when the same shall become due and payable. 

  
 25 








 (c) Anything in this Section 5.04 to the contrary notwithstanding, the
Company may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture with respect to any or all series of Debt Securities then Outstanding, or for any other reason, pay or cause to be paid to the Trustee all sums
held in trust by the Company, or any paying agent hereunder, as required by this Section 5.04, such sums to be held by the Trustee upon the trusts herein contained. 

(d) Anything in this Section 5.04 to the contrary notwithstanding, the agreement to hold sums in trust provided in this
Section 5.04 is subject to Section 13.04. 
 SECTION 5.05 Certificate to Trustee. So long as the Debt Securities of
any series remain Outstanding, the Company will deliver to the Trustee on or before 120 days after the end of each fiscal year an Officers’ Certificate stating that such officer has reviewed the covenants of the Indenture with respect to each
outstanding series of Debt Securities and, in the course of the performance by the signers of their duties as officers of the Company, they would normally have knowledge of any default by the Company in the performance or fulfillment or observance
of any covenants or agreements contained herein during the preceding fiscal year, stating whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge and the nature thereof. The
Officers’ Certificate need not comply with Section 15.05. One of the signatories to this Officers’ Certificate shall be the Company’s principal executive officer, principal financial officer or principal accounting officer. 

SECTION 5.06 Waivers of Covenants. Anything in this Indenture to the contrary notwithstanding, the Company may fail or omit, in
respect of any series of Debt Securities, and in any particular instance, to comply with a covenant, agreement or condition contained in Section 5.05 (unless required to be complied with pursuant to Section 314(a)(4) of the Trust Indenture
Act of 1939), or with any additional covenant, agreement or condition contained in a Board Resolution or Officers’ Certificate establishing such series of Debt Securities, any indenture supplemental hereto applicable to such series or any Debt
Security of such series (unless such Board Resolution, Officers’ Certificate, or supplemental indenture provides otherwise) if the Company shall have obtained and filed with the Trustee before or after the time for such compliance the consent
in writing of the Holders of more than 50% in aggregate principal amount of the Debt Securities of the series affected by such waiver at the time Outstanding, either waiving such compliance in such instance or generally waiving compliance with such
covenant or condition, but no such waiver shall extend to or affect any obligation not expressly waived nor impair any right consequent thereon and, until such waiver shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such covenant or condition shall remain in full force and effect. 
 ARTICLE 6 

HOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE. 

SECTION 6.01 Holders’ Lists. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee,
not more than 15 days after each Regular Record Date with respect to the Debt Securities of any series, and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request, a list in such
form as the Trustee may reasonably require of the names and addresses of the Holders of Debt 

  
 26 








 
Securities of such series as of a date not more than 15 days prior to the time such information is furnished; provided, however, that no such list with respect to any particular series of Debt
Securities need be furnished at any such time if the Trustee is in possession thereof by reason of its acting as the Debt Security Registrar for such series designated under Section 3.06 or otherwise. 

SECTION 6.02 Preservation and Disclosure of Lists. (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Holders of Debt Securities contained in the most recent list furnished to it as provided in Section 6.01 or received by the Trustee in the capacity of the Debt Security Registrar
(if so acting) under Section 3.06. The Trustee may destroy any list furnished to it as provided in Section 6.01 upon receipt of a new list so furnished. 

(b) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Debt
Securities of any series or of all Debt Securities, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act of 1939. 

(c) Every Holder of Debt Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither
the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act of 1939. 

SECTION 6.03 Reports by the Company. The Company agrees to file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act of 1939 at the times and in the manner provided pursuant to such Act; provided that any such information, documents or
reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission; provided further that any such
information, documents or reports filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system or any successor thereto shall be deemed to be filed with the Trustee. 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 compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

SECTION 6.04 Reports by the Trustee. (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required pursuant to the Trust Indenture Act of 1939 at the times and in the manner provided pursuant thereto. The interval between transmissions of reports to be transmitted at intervals shall be twelve months
or such shorter time required by the Trust Indenture Act of 1939. If the Trust Indenture Act of 1939 does not specify the date on which a report is due, such report shall be due on July 15 of each year following the first issuance of Debt
Securities and shall be as of a date not more than sixty (60) days prior thereto. 

  
 27 








 (b) A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Trustee with each stock exchange upon which Debt Securities of any series are listed, with the Commission and with the Company. The Company will notify the Trustee when the Debt Securities of any series are listed on any
stock exchange and of any delisting thereof. 
 ARTICLE 7 

REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT. 

SECTION 7.01 Events of Default. “Event of Default”, with respect to any series of Debt Securities, wherever used
herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body), unless such event is either inapplicable to such series or it is specifically deleted or modified in the Board Resolution, Officers’ Certificate or supplemental indenture under
which such series of Debt Securities is issued or in the form of Debt Security for such series: 
 (a) default in the payment
of any installment of interest upon any Debt 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; 

(b) default in the payment of the principal of and premium, if any, on any Debt Security of such series as and when the same
shall become due and payable either at maturity, upon redemption, by declaration of acceleration or otherwise; 
 (c) default
in the payment or satisfaction of any sinking fund payment or analogous obligation, if any, with respect to the Debt Securities of such series as and when the same shall become due and payable by the terms of the Debt Securities of such series, and
continuance of such default for a period of 30 days; 
 (d) failure on the part of the Company duly to observe or perform any
of the covenants, warranties or agreements on the part of the Company in respect of the Debt Securities of such series in this Indenture (other than a covenant, warranty or agreement a default in whose performance or whose breach is specifically
dealt with elsewhere in this Section) continued for a period of 90 days after the date on which written notice of such failure, specifying such failure and requiring the same to be remedied, shall have been given to the Company by the Trustee, by
registered mail, or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Debt Securities of such series; 

(e) if any event of default as defined in any mortgage, indenture or instrument under which there may be issued, or by which
there may be secured or evidenced, any indebtedness of the Company, whether such indebtedness now exists or is hereafter created or incurred, happens and consists of default in the payment of more than $25,000,000 in principal amount of such
indebtedness at the maturity thereof, after giving effect to any applicable grace period, or results in such Indebtedness in principal amount 

  
 28 








 
in excess of $25,000,000 becoming or being declared due and payable prior to the date on which it would otherwise become due and payable, and such default is not cured or such acceleration is not
rescinded or annulled within a period of 30 days after the date on which written notice of such failure, specifying such failure and requiring the same to be remedied, shall have been given to the Company by the Trustee, by registered mail, or to
the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Debt Securities of such series; 

(f) the failure by the Company within 60 days to pay, bond or otherwise discharge any uninsured judgment or court order for the
payment of money in excess of $25,000,000, which is not stayed on appeal or is not otherwise being appropriately contested in good faith; 

(g) a decree or order by a court having jurisdiction in the premises shall have been entered adjudging the Company bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization of the Company under the Federal bankruptcy laws or any other similar applicable Federal or state law, and such decree or order shall have continued undischarged and
unstayed for a period of 60 days; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver or liquidator or trustee or assignee or other similar official in bankruptcy or insolvency of the Company or of
all or substantially all of its property, or for the winding up or liquidation of its affairs, shall have been entered, and such decree or order shall have continued undischarged and unstayed for a period of 60 days; 

(h) the Company shall institute proceedings to be adjudicated a voluntarily bankrupt, or shall consent to the filing of a
bankruptcy proceeding against it, or shall file a petition or answer or consent seeking an arrangement or a reorganization under the Federal bankruptcy laws or any other similar applicable Federal or state law, or shall consent to the filing of any
such petition, or shall consent to the appointment of a receiver or liquidator or trustee or assignee or other similar official in bankruptcy or insolvency of it or of all or substantially all of its property, or shall make an assignment for the
benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; or 
 (i) any
other Event of Default provided in the Board Resolution, Officers’ Certificate or the supplemental indenture under which such series of Debt Securities is issued or in the form of Debt Security for such series; 

then and in each and every such case, so long as such Event of Default with respect to any series of Debt Securities for which there are Debt Securities
Outstanding occurs and is continuing (other than an Event of Default specified in clause (g) or (h) of this Section 7.01) and shall not have been remedied or waived to the extent permitted by the terms of this Indenture, unless the
principal of all of the Debt 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 Outstanding Debt Securities of such series, by notice in
writing to the Company (and to the Trustee if given by Holders), may declare the principal (or, if the Debt Securities of that series are Original Issue Discount Debt Securities, such portion of the principal amount as may be


  
 29 








 
specified in the terms of that series) of all the Debt Securities of such series and the interest accrued thereon 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 Debt Securities of such series contained to the contrary notwithstanding. If an Event of Default specified in clause (g) or (h) of this Section 7.01
occurs and is continuing, then the principal amount of (or, if the Debt Securities of that series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the terms thereof as due and payable upon
acceleration) and any accrued and unpaid interest on that series shall immediately become due and payable without any declaration or other act on the part of the Trustee or any Holder. This provision, however, is subject to the condition that if, at
any time after the principal of the Debt Securities of such series shall have been so declared 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, the
Company shall pay or shall deposit with the Trustee a sum sufficient to pay in the currency in which the Debt Securities of such series are payable all matured installments of interest upon all of the Debt Securities and the principal of and
premium, if any, on any and all Debt Securities of such series which shall have become due otherwise than by such declaration (with interest on overdue installments of interest to the extent that payment of such interest is enforceable under
applicable law and on such principal and premium, if any, at the rate borne by the Debt Securities of such series or as otherwise provided in the form of Debt Security for such series, to the date of such payment or deposit) and all amounts due to
the Trustee under Section 8.06, or provision deemed by the Trustee to be adequate shall have been made therefor, and any and all defaults under this Indenture, other than the nonpayment of principal of and accrued interest on Debt Securities of
such series which shall have become due by such declaration, shall have been cured or shall have been waived in accordance with Section 7.07—then and in every such case the Holders of at least a majority in aggregate principal amount of
the Debt Securities of such series then Outstanding, by written notice to the Company and to the Trustee, may rescind and annul such declaration and its consequences; but no such rescission and annulment shall extend to or shall affect any
subsequent default, or shall impair any right consequent thereon. 
 In case the Trustee or any Holders shall have proceeded to enforce any
right under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the
Company, the Trustee and the Holders shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the Holders shall continue as though no such proceeding had been
taken. 
 SECTION 7.02 Payment of Debt Securities Upon Default; Suit Therefor. The Company covenants that (a) in
case default shall be made in the payment of any installment of interest upon any Debt 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, or (b) in case
default shall be made in the payment of the principal of and premium, if any, on any Debt Security of any series as and when the same shall have become due and payable, whether at maturity of the Debt Security or upon redemption or by declaration or
otherwise or (c) in case default shall be made in the making or satisfaction of any sinking fund payment or analogous obligation with respect to the Debt Securities of any series when the same becomes due by the terms of the Debt Securities 


  
 30 








 
of any series, and such default shall have continued for a period of 30 days—then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the Holders of any such
series, the whole amount that then shall have become due and payable on any such Debt Securities for principal and premium, if any, or interest, or both, as the case may be, 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 at the rate borne by the Debt Securities of such series or as otherwise provided in the form of Debt Security of such series; and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee, its agents, attorneys and counsel, and any expenses or liabilities incurred and advances
made by the Trustee, except compensation or advances arising, or expenses or liabilities incurred, as a result of the Trustee’s gross negligence or bad faith. 

Until such demand is made by the Trustee, the Company may pay the principal of and premium, if any, and interest on the Debt Securities of any
series to the Persons entitled thereto, whether or not the principal of and premium, if any, and interest on the Debt Securities of such series are overdue. 

In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled 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 on such Debt Securities and collect, in the manner provided by law out of the property of the Company or any other obligor on such Debt Securities wherever situated, the moneys
adjudged or decreed to be payable. If any Event of Default with respect to any series of Debt Securities occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Debt
Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy. 
 In case there shall be pending proceedings for the
bankruptcy or for the reorganization of the Company or any other obligor on the Debt Securities of any series under the Federal bankruptcy laws or any other applicable law, or in case a receiver or trustee 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 upon the Debt 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 Debt Securities of such 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 7.02, shall be entitled and empowered by intervention in such proceedings or otherwise, (a) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the
Debt Securities of such 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 Holders of the Debt
Securities of such series allowed in such judicial proceedings relative to the Company or any other obligor on such Debt Securities, its or 

  
 31 








 
their creditors, or its or their property, (b) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of any Debt Securities of any series in any election of a
trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable proceedings, and (c) 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 its charges and expenses; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the Holders of the Debt
Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Holders, to pay to the Trustee such amount as shall be sufficient to cover reasonable
compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred and advances made by the Trustee except compensation or advances arising, or expenses or liabilities incurred, as a result of the
Trustee’s gross negligence or bad faith. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to or accept, or adopt on behalf of any Holder any plan or reorganization, arrangement, adjustment or composition affecting the Debt Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder (except, as aforesaid, for the election of a trustee in bankruptcy or other Person performing similar functions) in any such proceeding. 

All rights of action and of asserting claims under this Indenture, or under any of the Debt Securities of any series, may be enforced by the
Trustee without the possession of any of such Debt Securities, or the production thereof on 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 Debt Securities of such series in respect of which such judgment has been recovered. 

In any proceedings brought by the Trustee (and also any proceedings involving the interpretation 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 Debt Securities in respect to which such action was taken, and it shall not be necessary to make any Holders of such Debt Securities parties to any such
proceedings. 
 SECTION 7.03 Application of Moneys Collected by Trustee. Any moneys collected by the Trustee pursuant to
Section 7.02 and any other money or property distributed in respect of the Company’s obligations under this Indenture after an Event of Default 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 Debt Securities of such series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 

FIRST: To the payment of costs and expenses of collection and reasonable compensation to the Trustee, its agents, attorneys and counsel, and
of all other expenses and liabilities incurred, and all advances made, by the Trustee except compensation or advances arising, or expenses or liabilities incurred, as a result of its gross negligence or bad faith, and any other amounts owing the
Trustee under Section 8.06; 

  
 32 








 SECOND: To the payment of the amounts then due and unpaid to the holders of Senior Indebtedness,
to the extent required by Article Sixteen; 
 THIRD: In case the principal of the Debt Securities of such series shall not have become due
and be unpaid, to the payment of interest on such Debt 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 at the rate borne by such Debt Securities, such payments to be made ratable to the Persons entitled thereto; 
 FOURTH: In case the
principal of the Debt Securities of such series shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon such Debt Securities for principal and premium, if any, and interest, 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 at the rate borne by such Debt Securities; and in case such moneys shall be insufficient to pay
in full the whole amounts so due and unpaid upon such Debt Securities, then, to the payment of such principal and premium, if any, and interest without preference or priority of principal and premium, if any, over interest, or of interest over
principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Debt Security of such series over any other such Debt Security, ratably to the aggregate of such principal and premium, if any, and
accrued and unpaid interest; 
 FIFTH: To the payment of any surplus then remaining to the Company, its successors or assigns, or to
whomsoever may be lawfully entitled to receive the same. 
 SECTION 7.04 Proceedings by Holders. No Holder of any Debt 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 or in bankruptcy or otherwise upon, under or with respect to this Indenture or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of
not less than 25% in aggregate principal amount of the Debt 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 indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall
have neglected or refused to institute any such action, suit or proceeding (and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 7.07), it being understood and intended, and being
expressly covenanted by the taker and Holder of every Debt Security of every series with every other taker and Holder and the Trustee, that no one or more Holders of Debt Securities shall have any right in any manner whatever by virtue of or by
availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of such Debt Securities, 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 manner herein provided and for the equal, ratable and common benefit of all Holders of Debt Securities. 

  
 33 








 SECTION 7.05 Proceedings by Trustee. In case of an Event of Default hereunder the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders 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 7.06
Remedies Cumulative and Continuing. All powers and remedies given by this Article Seven to the Trustee or to the Holders 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, 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 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 7.04, every power and remedy given by this Article Seven or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders. 

SECTION 7.07 Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority in aggregate
principal amount of the Outstanding Debt Securities of any series 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 Debt Securities of such series by this Indenture; provided, however, that (subject to the provisions of Section 8.01) the Trustee shall have the right to decline to follow any such direction if the Trustee shall
determine upon advice of counsel that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or
Responsible Officers shall determine that the action or proceeding so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forbearances specified in or pursuant to such
direction would be unduly prejudicial to the interests of Holders of the Debt Securities of all series not joining in the giving of said directions, it being understood that (subject to Section 8.01) the Trustee shall have no duty to ascertain
whether or not such actions or forbearances are duly prejudicial to such Holders. The Trustee may take any other action deemed proper by the Trustee not inconsistent with such direction. Subject to Section 7.01, the Holders of a majority in
aggregate principal amount of the Outstanding Debt Securities of any series may on behalf of the Holders of all the Debt Securities of such series waive any past default or Event of Default hereunder and its consequences except a default in the
payment of principal of or premium, if any, or interest on such Debt Securities, or a default in the making of any sinking fund payment with respect to such Debt Securities. Upon any such waiver, the Company, the Trustee and the Holders of such Debt
Securities 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 shall have been waived as permitted by this Section 7.07, said default or Event of Default shall for all purposes of the Debt Securities and this Indenture be deemed to have been cured and to be not continuing. 

  
 34 








 This Section 7.07 shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the
Trust Indenture Act of 1939 and such Sections 316(a)(1)(A) and 316(a)(1)(B) are hereby expressly excluded from this Indenture, as permitted by the Trust Indenture Act of 1939. 

SECTION 7.08 Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Debt Securities
of any series, the Trustee shall transmit by first-class by mail, postage prepaid, to all Holders of Debt Securities of such series, as their names and addresses appear in the Debt Security Register, notice of such default hereunder known to the
Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Debt Security of such series or in the payment of any
sinking fund installment with respect to Debt Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible
Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Debt Securities of such series; and provided, further, that in the case of any default of the character specified in
Section 7.01(d) with respect to Debt Securities of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event
which is, or after notice or lapse of time or both would become, an Event of Default with respect to Debt Securities of such series. 

SECTION 7.09 Undertaking to Pay Costs. In any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the
manner and to the extent provided in the Trust Indenture Act of 1939; provided that neither this Section nor the Trust Indenture Act of 1939 shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any
suit instituted by the Company or the Trustee, and any provision of the Trust Indenture Act of 1939 to such effect is hereby expressly excluded from this Indenture, as permitted by the Trust Indenture Act of 1939. 

SECTION 7.10 Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision
in this Indenture, the Holder of any Debt Security shall have the rights, which are absolute and unconditional, to receive payment of the principal of, premium, if any, and (subject to Section 3.08) interest on such Debt Security on the
respective Stated Maturities expressed in such Debt Security (or in the case of redemption or repayment, on the date for redemption or repayment, as the case may be) and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder. 

  
 35 








 ARTICLE 8 

CONCERNING THE TRUSTEE. 

SECTION 8.01. Duties and Responsibilities of Trustee. 

(a) Except during the continuance of an Event of Default, (1) the Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee and (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture, but in the case of any such certificates or opinions which by
any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the certificates and opinions 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). 
 (b) In case an Event of
Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 
 (c) No provision of this Indenture shall be construed to relieve
the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1) this Subsection (c) shall not be construed to limit the effect of Subsection (a) of this Section 8.01; 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Trustee,
unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee shall not be
liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Debt Securities of any series 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 the Debt Securities of such series; and 

(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. 
 (d) 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 8.01. 

  
 36 








 SECTION 8.02 Reliance on Documents, Opinions. Subject to the provisions of
Section 8.01, 
 (a) the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note or other paper 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 Company Request
or Company Order (unless otherwise evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of
the Company; 
 (c) the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and reliance thereon; 

(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 or direction of any of the Holders, pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities
which may be incurred by it in compliance with such request or direction; 
 (e) the Trustee shall not be liable for any
action taken, suffered or omitted to be taken 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 investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note, or other paper or document, unless requested in writing to do so by the Holders of not less than a majority in principal amount of such Debt
Securities then Outstanding; provided, however, that the reasonable expenses of every such investigation shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and provided, further, that if the payment
within a reasonable time to the Trustee of the costs, 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 afforded to it by
the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to so proceeding; 

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

  
 37 








 (h) the Trustee shall not be deemed to have notice or be charged with knowledge
of any default or Event of Default unless written notice of such default or Event of Default from the Company or any Holder is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references
the Debt Securities and this Indenture; 
 (i) the rights, privileges, protections, immunities and benefits given to the
Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(j) the permissive rights of the Trustee enumerated herein shall not be construed as duties; 

(k) in no event shall the Trustee be responsible or liable for special, 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; 

(l) the Trustee may request that the Company deliver an Officers’ 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 Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded; and 
 (m) 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. 

SECTION 8.03 No Responsibility for Recitals. The recitals contained herein and in the Debt Securities (except in the
Trustee’s certificate of authentication) shall be taken as the statements of the Company, 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 of the Debt Securities of any series. The Trustee represents that it is duly authorized to execute and deliver this Indenture. Neither the Trustee nor the Authenticating Agent shall be accountable for the use or application by the
Company of any Debt Securities or the proceeds of any Debt Securities authenticated and delivered by the Trustee hereunder. 

SECTION 8.04 Trustee and Agents May Own Debt Securities. The Trustee, any paying agent, or any agent of the Trustee or the
Company under this Indenture, in its individual or any other capacity, may become the owner or pledgee of Debt Securities of any series with the same rights it would have if it were not Trustee or such agent and, subject to Sections 8.08 and
8.13, if operative, may otherwise deal with the Company and receive, collect, hold, and retain collections from the Company with the same rights it would have if it were not the Trustee or such agent. 

  
 38 








 SECTION 8.05 Moneys to be Held in Trust. Subject to the provisions of
Section 13.04, all moneys received by the Trustee 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, or to invest, any moneys received by it hereunder except such as it may agree with the Company to pay thereon. So long as no Event of Default with respect to the
Debt Securities of any series shall have occurred and be continuing, all interest allowed on any such moneys shall be paid from time to time upon the receipt of a Company Order. 

SECTION 8.06 Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to
time, and the Trustee 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 the Company will pay or reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and
all persons not regularly in its employ and any amounts paid by the Trustee to any Authenticating Agent pursuant to Section 8.14) except any such expense, disbursement or advance as may arise from its gross negligence or bad faith. The Company
also covenants to indemnify the Trustee for, and to hold it harmless against, any loss, damage, claim, liability or expense incurred without gross negligence or bad faith on the part of the Trustee and arising out of or in connection with this
Indenture, including the acceptance or administration of this trust, or the performance of its duties hereunder, including the current payment of all costs and expenses of defending itself against any claim of liability in the premises. The
obligations of the Company under this Section 8.06 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional
indebtedness shall be secured by a lien prior to that of the Debt Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Debt Securities. In addition
to, but without prejudice to its other rights under this indenture or available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 7.01(g) or
Section 7.01(h), 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. 
 “Trustee” for purposes of this Section shall include any predecessor
Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 

The provisions of this Section shall survive the termination of this Indenture, the satisfaction and discharge of this Indenture and the
resignation or removal of the Trustee. 

  
 39 








 SECTION 8.07 Officers’ Certificate as Evidence. Subject to the provisions
of Section 8.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless
other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate conforming to
the requirements of this Indenture delivered to the Trustee, and such Certificate, in the absence of gross negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the
provisions of this Indenture upon the faith thereof. 
 SECTION 8.08 Conflicting Interest of Trustee. If the Trustee has
or shall acquire any conflicting interest within the meaning of the Trust Indenture Act of 1939, the Trustee shall either eliminate such conflicting interest or resign in the manner provided by, and subject to the provisions of, the Trust Indenture
Act of 1939 and this Indenture. 
 SECTION 8.09 Eligibility of Trustee. There shall at all times be a Trustee with respect to
each series of Debt Securities hereunder which shall be a Person organized and doing business under the laws of the United States or any state or territory thereof or of the District of Columbia authorized under such laws to exercise trust powers,
having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal, state, territorial, or District of Columbia authority and willing to act as Trustee hereunder. If such Person 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 8.09, the combined capital and surplus of such Person shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee with respect to any series of Debt Securities shall cease to be eligible in accordance with the provisions of this
Section 8.09, such Trustee shall resign immediately in the manner and with the effect specified in Section 8.10. 

SECTION 8.10 Resignation or Removal of Trustee. (a) The Trustee may at any time resign with respect to any series of
Debt Securities by giving written notice by first class mail of such resignation to the Company and to the Holders of such series of Debt Securities at their addresses as they shall appear on the Debt Security Register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee with respect to such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to the successor trustee. If no successor trustee with respect to such series shall have been so appointed and have accepted appointment within 45 days after the mailing of such notice of resignation to the Holders, the
resigning Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder of such series of Debt Securities who has been a bona fide Holder of a Debt Security or Debt
Securities of such series for at least six months may, subject to the provisions of Section 7.09, on behalf of such Holder and all others similarly situated, petition any such court for 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, appoint such successor trustee. 

(b) In case at any time any of the following shall occur: 

  
 40 








 (1) the Trustee shall fail to comply with the provisions of Section 8.08
after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Debt Security or Debt Securities of such series for at least six months, unless the Trustee’s duty to resign is stayed in accordance with the
provisions of Section 310(b) of the Trust Indenture Act of 1939, 
 (2) the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.09 and shall fail to resign after written request therefor by the Company or by any such Holder of a Debt Security of such series, or 

(3) the Trustee shall become incapable of acting with respect to any series of Debt Securities, or shall be adjudged 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 for such series by Company Order, one
copy of which Company Order shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 7.09, any Holder who has been a bona fide Holder of a Debt Security or Debt Securities of
such series for at least six months may, on behalf of such Holder 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 such Trustee and appoint such successor trustee. 

(c) The Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of any series may at any time
remove the Trustee with respect to such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Company the evidence provided for in Section 9.01 of the action in that regard taken by the Holders, and
nominate a successor Trustee which shall be deemed appointed as successor Trustee unless within ten days after such nomination the Company objects thereto, in which case the Trustee so removed or any Holder of a Debt Security or Debt Securities of
such series, upon the terms and conditions and otherwise as in subsection (a) of this Section 8.10 provided, may petition any court of competent jurisdiction for an appointment of a successor Trustee with respect to such series. 

(d) Any resignation or removal of the Trustee with respect to all or any series of Debt Securities and any appointment of a
successor Trustee pursuant to any of the provisions of this Section 8.10 shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 8.11. 

SECTION 8.11 Acceptance by Successor Trustee. Any successor Trustee appointed as provided in Section 8.10 shall execute,
acknowledge and deliver to the Company and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee shall become effective with respect to all or any series as
to which it is resigning as Trustee, and such successor Trustee, 

  
 41 








 
without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder with respect to all or any such series, with like
effect as if originally named as Trustee herein with respect to all or any such series; nevertheless, on the written request of the Company or of the successor Trustee, the Trustee ceasing to act shall, upon payment of any amounts then due it
pursuant to the provisions of Section 8.06, execute and deliver an instrument transferring to such successor Trustee all the rights and powers of the Trustee with respect to all or any such series so ceasing to act. Upon request of any such
successor Trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor Trustee all such rights and powers. Any Trustee ceasing to act shall, nevertheless, retain a
lien upon all property or funds held or collected by such Trustee with respect to all or any series as to which it is ceasing to act as Trustee, to secure any amounts, including indemnities, then due it pursuant to the provisions of
Section 8.06. 
 No successor Trustee shall accept appointment as provided in this Section 8.11 unless at the time of such
acceptance such successor Trustee shall be qualified under the provisions of Section 8.08 and eligible under the provisions of Section 8.09. 

Upon acceptance of appointment by a successor Trustee with respect to all or any series of Debt Securities as provided in this
Section 8.11, the Company shall mail notice of the succession of such Trustee hereunder to the Holders of Debt Securities of such series at their addresses as they shall appear on the Debt Security Register. If the Company fails to mail such
notice within ten days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Company. 

In case of the appointment hereunder of a successor Trustee with respect to the Debt Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Debt 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 retiring Trustee with respect to the Debt Securities of any series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring 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. 

SECTION 8.12 Succession by Merger. Subject to Sections 8.08 and 8.09, any Person into which the Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

  
 42 








 In case at the time any successor to the Trustee by merger, conversion or consolidation shall
succeed to the trusts created by this Indenture any of the Debt Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such
Debt Securities so authenticated; and in case at that time any of the Debt Securities shall not have been authenticated, any such successor to the Trustee may authenticate such Debt Securities either in the name of the predecessor Trustee or such
successor Trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Debt Securities or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 8.13 Limitation on Rights of Trustee as a Creditor. If and when the Trustee shall be or become a creditor of the
Company (or any other obligor upon the Debt Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act of 1939 regarding the collection of claims against the Company (or any such other obligor). 

SECTION 8.14 Authenticating Agents. There may be an Authenticating Agent or Authenticating Agents appointed by the Trustee from
time to time with power to act on its behalf and subject to its direction in the authentication and delivery of any series of Debt Securities issued upon original issuance, exchange, transfer or redemption thereof as fully to all intents and
purposes as though such Authenticating Agent (or Authenticating Agents) had been expressly authorized to authenticate and deliver such Debt Securities, and Debt Securities so authenticated shall be entitled to the benefits of this Indenture and
shall be valid and obligatory for all purposes as though authenticated by the Trustee hereunder. For all purposes of this Indenture, the authentication and delivery of Debt Securities by any Authenticating Agent pursuant to this Section 8.14
shall be deemed to be the authentication and delivery of such Debt Securities “by the Trustee”, and whenever this Indenture provides that “the Trustee shall authenticate and deliver” Debt Securities or that Debt Securities
“shall have been authenticated and delivered by the Trustee”, such authentication and delivery by any Authenticating Agent shall be deemed to be authentication and delivery by the Trustee. Any such Authenticating Agent shall at all times
be a Person organized and doing business under the laws of the United States of America or of any state or territory thereof or the District of Columbia, with a combined capital and surplus of at least $50,000,000 and authorized under such laws to
act as an authenticating agent, duly registered to act as such, if and to the extent required by applicable law and subject to supervision or examination by Federal or state authority. If such Person publishes reports of its condition at least
annually pursuant to law or the requirements of such authority, then for the purposes of this Section 8.14 the combined capital and surplus of such Person 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 8.14, or to be duly registered if and to the extent required by applicable law and
regulations, it shall resign immediately in the manner and with the effect herein specified in this Section 8.14. 
 Whenever reference
is made in this Indenture to the authentication and delivery of Debt Securities of any series 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 its Authenticating Agent appointed with respect to the Debt Securities of such series and a certificate of authentication executed on behalf of the Trustee by its Authenticating Agent appointed with respect to the Debt Securities of such
series. 

  
 43 








 Any Person into which any Authenticating Agent may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to the authenticating agency business of any Authenticating Agent, shall be the successor
of such Authenticating Agent hereunder, if such successor Person is otherwise eligible under this Section 8.14, without the execution or filing of any paper or any further act on the part of the parties hereto or such Authenticating Agent or
such successor Person. 
 In case at the time such successor to any such agency shall succeed to such agency any of the Debt Securities
shall have been authenticated but not delivered, any such successor to such Authenticating Agent may adopt the certificate of authentication of any predecessor Authenticating Agent and deliver such Debt Securities so authenticated; and in case at
that time any of the Debt Securities shall not have been authenticated, any successor to any Authenticating Agent may authenticate such Debt Securities either in the name of any predecessor hereunder or in the name of the successor Authenticating
Agent; and in all cases such certificate shall have the full force which it is anywhere in the Debt Securities or in this Indenture provided that the certificate of the predecessor Authenticating Agent shall have such force; provided, however, that
the right to adopt the certificate of authentication of any predecessor Authenticating Agent or to authenticate Debt Securities in the name of any predecessor Authenticating Agent shall apply only to its successor or successors by merger, conversion
or consolidation. 
 Any Authenticating Agent may at any time resign as Authenticating Agent with respect to any series of Debt Securities
by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating Agent with respect to any series of Debt Securities by giving written notice of termination to such
Authenticating Agent and to the Company. 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 under this Section 8.14, the Trustee may, and shall,
upon request of the Company, promptly use its best efforts to appoint a successor Authenticating Agent. 
 Upon the appointment, at any time
after the original issuance of any of the Debt Securities, of any successor, additional or new Authenticating Agent, the Trustee shall give written notice of such appointment to the Company and shall at the expense of the Company mail notice of such
appointment to all Holders of Debt Securities of such series as the names and addresses of such Holders appear on the Debt Security Register. 

Any successor Authenticating Agent with respect to any series of Debt Securities upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as though originally named as an Authenticating Agent herein with respect to such series. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 8.14 and duly registered if and to the extent required under applicable law and regulations. 

Any Authenticating Agent by the acceptance of its appointment with respect to any series of Debt Securities shall be deemed to have agreed
with the Trustee that: (a) it will perform and carry out the duties of an Authenticating Agent as herein set forth with respect to such series, including the duties to authenticate and deliver Debt Securities when presented to it in


  
 44 








 
connection with exchanges, registrations of transfer or redemptions thereof; (b) it will keep and maintain, and furnish to the Trustee from time to time as requested by the Trustee
appropriate records of all transactions carried out by it as Authenticating Agent and will furnish the Trustee such other information and reports as the Trustee may reasonably require; (c) it is eligible for appointment as Authenticating Agent
under this Section 8.14 and will notify the Trustee promptly if it shall cease to be so qualified; and (d) it will indemnify the Trustee against any loss, liability or expense incurred by the Trustee and will defend any claim asserted
against the Trustee by reason of any acts or failures to act of the Authenticating Agent with respect to such series but it shall have no liability for any action taken by it at the specific written direction of the Trustee. 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation and expenses for its services, and the
Trustee shall have no liability for such payments. 
 The provisions of Sections 8.02(a), (b), (c), (e) and (f), 8.03, 8.04, 8.06
(insofar as it pertains to indemnification), 3.09, 9.01 and 9.02 shall bind and inure to the benefit of each Authenticating Agent to the same extent that they bind and inure to the benefit of the Trustee. 

If an appointment with respect to one or more series is made pursuant to this Section 8.14, the Debt Securities of such series may have
endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

This is one of the Debt Securities of the series designated therein issued under the within-mentioned Indenture. 

 

			
	 
	As Trustee
		
	By:	 	 
		 	 as Authenticating Agent

		
	By:	 	 
		 	Authorized Officer


 SECTION 8.15 Trustee’s Application for Instructions from the Company. Any
application by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such
action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such
application (which date shall not be less than three Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any
such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted. 

  
 45 








 ARTICLE 9 

CONCERNING THE HOLDERS. 

SECTION 9.01 Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate
principal amount of the Debt Securities of any 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 of such series have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders of such series in person or by agent or proxy appointed
in writing, or (b) by the record of the Holders of such series voting in favor thereof at any meeting of such Holders duly called and held in accordance with the provisions of Article Ten, or (c) by a combination of such instrument or
instruments and any such record of such a meeting of Holders of such series. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of
the Holders signing such instrument or instruments or so voting at any such meeting. 
 SECTION 9.02 Proof of Execution by
Holders. Subject to the provisions of Sections 8.01, 8.02 and 10.05, proof of the execution of any instrument by a Holder or such Holder’s 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 satisfactory to the Trustee. The ownership of Debt Securities shall be provided by the Debt Security Register or by a certificate of the Debt Security Registrar with
respect to a series of Debt Securities. 
 The record of any Holders’ meeting shall be proved in the manner provided in
Section 10.06. 
 SECTION 9.03 Company-Owned Debt Securities Disregarded. In determining whether the Holders of the
requisite aggregate principal amount of Debt Securities of any series have given any request, demand, authorization, direction, notice, consent, or waiver under this Indenture, Debt Securities of such series which are owned by the Company or any
other obligor upon such Debt Securities or any Affiliate of the Company or such other obligor (except in the case in which the Company or such other obligor or Affiliate owns all Debt Securities Outstanding under the Indenture, or all Outstanding
Debt Securities of each such series, as the case may be, without regard to this proviso) shall be disregarded and deemed not to be Outstanding for the purpose of any such determinations; provided, however, that for the purposes of determining
whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent, or waiver only such Debt Securities which a Responsible Officer of the Trustee actually knows are so owned shall be so
disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as Outstanding notwithstanding this Section 9.03 if the pledgee shall establish to the satisfaction of the Trustee the right of the pledgee to act with
respect to such Debt 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. Upon request of the Trustee, the Company


  
 46 








 
shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Debt Securities of a series, if any, known by the Company to be owned or held by or for the account
of the Company or any other obligor on such Debt Securities 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 such Debt Securities; and, subject
to the provisions of Section 8.01, the Trustee shall be entitled to accept such Officers’ Certificates as conclusive evidence of the facts therein set forth and of the fact that all such Debt Securities not listed therein are Outstanding
for the purpose of any such determination. 
 SECTION 9.04 Revocation of Consents; Future Holders Bound. At any time
prior to (but not after) the evidencing to the Trustee, as provided in Section 9.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Debt Securities of any series specified in this Indenture in
connection with such action, any Holder of a Debt Security which is shown by the evidence to be included in the Debt Securities the Holders of which have consented to or are bound by consents to such action, may, by filing written notice with the
Trustee at the Corporate Trust Office and upon proof of holding as provided in Section 9.02, revoke such action so far as concerns such Debt Security. Except as aforesaid any such action taken by the Holder of any Debt Security shall be
conclusive and binding upon such Holder and upon all future Holders and owners of such Debt Security and of any Debt Security issued on registration of transfer thereof or in exchange or substitution therefor, irrespective of whether or not any
notation in regard thereto is made upon any such Debt Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Debt Securities specified in this Indenture in connection with such action shall be conclusively
binding upon the Company, the Trustee and the Holders of all of the Debt Securities affected by such action. 
 ARTICLE 10 

HOLDERS’ MEETINGS. 

SECTION 10.01 Purposes of Meetings. A meeting of Holders of the Debt Securities of all or any series may be called at any time and
from time to time pursuant to the provisions of this Article Ten for any of the following purposes: 
 (a) to give any notice
to the Company or to the Trustee with respect to such series, 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 Holders
pursuant to any of the provisions of Article Seven; 
 (b) to remove the Trustee and nominate a successor trustee pursuant to
the provisions of Article Eight; 
 (c) to consent to the execution of an indenture or indentures supplemental hereto
pursuant to the provisions of Section 11.02; 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 Debt Securities of all or any series, as the case may be, under any other provision of this Indenture or under applicable law. 

  
 47 








 SECTION 10.02 Call of Meetings by Trustee. The Trustee may at any time call a meeting
of Holders of Debt Securities of all or any series to take any action specified in Section 10.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders of Debt Securities of all or any
series, setting forth the time and place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed by the Trustee to Holders of Debt Securities of each series that may be affected by the action proposed to
be taken at such meeting at their addresses as they shall appear on the Debt Security Register. Such notice shall be mailed not less than 20 nor more than 90 days prior to the date fixed for the meeting. 

SECTION 10.03 Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a resolution by the
Board of Directors, or the Holders of at least 10% in aggregate principal amount of the Debt Securities then Outstanding of each series that may be affected by the action proposed to be taken shall have requested the Trustee to call a meeting of
such Holders, 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
such Holders may determine the time and place for such meeting and may call such meeting to take any action authorized in Section 10.01, by mailing notice thereof as provided in Section 10.02. 

SECTION 10.04 Qualifications for Voting. To be entitled to vote at any meeting of Holders of Debt Securities a person shall
(a) be a Holder of one or more Debt Securities of a series affected by the action proposed to be taken or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more such Debt Securities. The rights of Holders
of Debt Securities to have their votes counted shall be subject to the provision in the definition of “Outstanding” in Section 1.01. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Debt
Securities shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

SECTION 10.05 Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders of Debt Securities, in regard to proof of the holding of Debt Securities 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. Except as otherwise permitted or required by any such regulation, the
holding of Debt Securities shall be proved in the manner specified in Section 9.02 and the appointment of any proxy shall be proved in the manner specified in said Section 9.02 or by having the signature of the Person executing the proxy
witnessed or guaranteed by any bank, broker or trust company. 
 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 Holders of Debt Securities as provided in Section 10.03, in which case the Company or the Holders of Debt Securities calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and a secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the Debt Securities represented at the meeting and
entitled to vote. 

  
 48 








 Subject to the provisions of Section 9.03, at any meeting each Holder of a Debt Security of
a series entitled to vote at such meeting or proxy shall be entitled to one vote for each $1,000 principal amount of Debt Securities of such series held or represented by such Holder; provided, however, that no vote shall be cast or counted at any
meeting in respect of any Debt 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 except as a Holder of Debt Securities of such series or
proxy therefor. Any meeting of Holders of Debt Securities duly called pursuant to the provisions of Section 10.02 or 10.03 may be adjourned from time to time and the meeting may be held as so adjourned without further notice. 

At any meeting of Holders of Debt Securities, the presence of Persons holding or representing Debt Securities in an aggregate principal amount
sufficient to take action upon the business for the transaction of which such meeting was called shall be necessary to constitute a quorum; but, if less than a quorum be present, the Persons holding or representing a majority of the Debt Securities
represented at the meeting may adjourn such meeting with the same effect, for all intents and purposes, as though a quorum had been present. 

SECTION 10.06 Voting. The vote upon any resolution submitted to any meeting of Holders of Debt Securities shall be by written
ballots on which shall be subscribed the signatures of the Holders of Debt Securities entitled to vote at such meeting or of their representatives by proxy, and the letter or letters, serial number or numbers or other distinguishing marks of the
Debt Securities held or represented by each such Holder. 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 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 Holders of Debt Securities 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 10.02. 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 10.07 No Delay of Rights by Meeting. Nothing
contained in this Article Ten shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders of Debt Securities 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 Holders of Debt Securities under any of the provisions of this Indenture or of the Debt Securities. 

  
 49 








 ARTICLE 11 

SUPPLEMENTAL INDENTURES. 

SECTION 11.01 Supplemental Indentures without Consent of Holders. The Company, when authorized by a Board Resolution, and
the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act of 1939 as in force at the date of the execution thereof) for one or more
of the following purposes: 
 (a) to evidence the succession of another Person to the Company, or successive
successions, and the assumption by the successor Person of the covenants, agreements and obligations of the Company pursuant to Articles Five and Twelve hereof; 

(b) to add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Board of
Directors shall consider to be for the protection of the Holders of Debt Securities of any or all series, 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 with respect to such series 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 or condition, 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 cure any
ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture or to make any changes hereto
that are required by law; 
 (d) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee; 

(e) to make such other provisions in regard to matters or questions arising under this Indenture as shall not adversely affect
the interests of the Holders of the Debt Securities and to make any change that would provide additional rights or benefits to the Holders of Debt Securities of any or all series or that does not adversely affect the legal rights under this
Indenture of any such Holder of Debt Securities; 
 (f) to evidence and provide for the acceptance of appointment by another
Person as a successor Trustee hereunder with respect to one or more series of Debt Securities and 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 Section 8.11; 

  
 50 








 (g) to modify, amend or supplement this Indenture in such a manner as to permit
the qualification of any indenture supplemental hereto under the Trust Indenture Act of 1939 as then in effect, except that nothing herein contained shall permit or authorize the inclusion in any indenture supplemental hereto of the provisions
referred to in Section 316(a)(2) of the Trust Indenture Act of 1939; 
 (h) to provide for the issuance under this
Indenture of Debt Securities in coupon form (including Debt Securities registrable as to principal only) and to provide for exchangeability of such Debt Securities with Debt Securities of the same series issued hereunder in fully registered form and
to make all appropriate changes for such purpose; 
 (i) to change or eliminate any of the provisions of this Indenture,
provided, however, that any such change or elimination shall become effective only when there is no Debt Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such
provision; or 
 (j) to establish the form of the Debt Securities of a series and to provide for the issuance of Debt
Securities of a series, as permitted by Section 3.01, and to set forth the terms thereof. 
 The Trustee is hereby required to join
with the Company 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, assignment, mortgage or pledge of any property
thereunder, but the Trustee shall not be obligated to 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 11.01 may be executed by the Company and the Trustee without the
consent of the Holders of any of the Debt Securities at the time Outstanding, notwithstanding any of the provisions of Section 11.02. 

SECTION 11.02 Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided in
Section 9.01) of the Holders of greater than 50% in aggregate principal amount of the Outstanding Debt Securities of each series affected by such supplemental indenture (each such series voting as a single and separate class), by Act of said

 Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and 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 of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Debt Securities of each series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holders of all of the Outstanding Debt Securities
of each series affected, (a) change the Stated Maturity of the principal of, or any premium or installment of interest on, any Debt Security of such series or make the principal thereof or interest or premium thereon payable in any coin or
currency other than that provided in the Debt Securities of such series; (b) reduce the principal amount of, or the rate, or modify the calculation of such rate, of interest on, or any premium payable upon the redemption of, any Debt Security
of such series; (c) reduce the amount of the principal of any Original Issue Discount Debt Security that would be due and 

  
 51 








 
payable upon a declaration of acceleration of the maturity thereof or the amount thereof provable in bankruptcy; (d) change the redemption provisions of any Debt Security in a manner adverse
to the rights of the Holders thereof or adversely affect the right of repayment at the option of any Holder of any Debt Security of such series; (e) change the Place of Payment or the coin or currency in which the principal of, any premium or
interest on any Debt Security of such series is payable; (f) impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity of any Debt Security of such series or, in the case of redemption, on or after
the Redemption Date or, in the case of repayment at the option of any Holder, on or after the repayment date; (g) make any change that adversely affects the right to convert or exchange any Debt Security into or for ordinary shares or preferred
shares or other securities, cash or property in accordance with its terms, (h) amend Sections 5.02, 5.03 and 5.04 in any manner that is materially adverse to the rights of Holders of any series of Debt Securities or (i) reduce the
percentage of Debt Securities of such series, the Holders of which are required to: (i) consent to any supplemental indenture, (ii) rescind and annul a declaration that the Debt Securities of such series are due and payable as a result of
the occurrence of an Event of Default, (iii) waive any past Event of Default and its consequences, or (iv) waive compliance with the provisions of this Indenture or with any additional covenant, agreement or condition contained in a Board
Resolution or Officers’ Certificate establishing such series of Debt Securities, any indenture supplemental hereto applicable to such series or any Debt Security of such series. 

Upon the Trustee’s receipt of a Company Request, accompanied by a copy of a Board Resolution certified by its Secretary or Assistant
Secretary authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Holders of Debt Securities as aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such
supplemental indenture. 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has
expressly been included solely for the benefit of one or more particular series of Debt Securities, or which modifies the rights of the Holders of Debt Securities of such series with respect to such covenant or other provision, shall be deemed not
to affect the rights under this Indenture of the Holders of Debt Securities of any other series. 
 It shall not be necessary for the
consent of the Holders of Debt Securities under this Section 11.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

SECTION 11.03 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the
provisions of this Article Eleven, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the
Company and the Holders of Debt Securities 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. 

  
 52 








 SECTION 11.04 Notation on Debt Securities. Debt Securities authenticated and
delivered after the execution of any supplemental indenture pursuant to the provisions of this Article Eleven 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 Debt 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 Outstanding Debt Securities of such series. 

SECTION 11.05 Evidence of Compliance of Supplemental Indenture to be Furnished Trustee. The Trustee, subject to the
provisions of Sections 8.01 and 8.02, shall receive, and shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies
with the requirements of this Article Eleven and is authorized and permitted by this Indenture. 
 ARTICLE 12 

CONSOLIDATION, MERGER, SALE AND CONVEYANCE. 

SECTION 12.01 Company May Consolidate on Certain Terms. Nothing contained in this Indenture or in any of the Debt
Securities shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor or successors shall be a
party or parties, or shall prevent any sale, conveyance or lease of all or substantially all of the property of the Company to any other Person (whether or not affiliated with the Company) authorized to acquire and operate the same; provided,
however, and the Company hereby covenants and agrees, that any such consolidation, merger, sale, conveyance or lease shall be upon the condition that (a) immediately after such consolidation, merger, sale, conveyance or lease, the Person
(whether the Company or such other Person) formed by or surviving any such consolidation or merger, or to which such sale, conveyance or lease shall have been made, shall not be in default in the performance or observance of any of the terms,
covenants and conditions of this Indenture to be kept or performed by the Company; and (b) the due and punctual payment of the principal of and premium, if any, and interest on all of the Debt Securities, according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by the Company, shall be expressly assumed, by supplemental indenture satisfactory in form to the Trustee, executed and
delivered to the Trustee by the Person (if other than the Company) formed by such consolidation, or into which the Company shall have been merged, or by the Person which shall have acquired or leased such property. 

SECTION 12.02 Successor Entity to be Substituted. In case of any such consolidation, merger, sale, conveyance or lease and
upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and premium, if any, and interest on all of
the Debt Securities and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to performed or observed by the Company, such successor Person shall succeed to and be substituted for the Company, with
the same effect as if it had been named herein as the party of the first part, and (except in the event of a conveyance by way of lease) the predecessor Person shall be relieved of any further obligation under this Indenture and the Debt
Securities. 

  
 53 








 In case of any such consolidation, merger, sale, conveyance or lease such changes in phraseology
and form (but not in substance) may be made in the Debt Securities thereafter to be issued as may be appropriate. 

SECTION 12.03 Opinion of Counsel to Be Given to the Trustee. The Trustee, subject to Sections 8.01 and 8.02, shall
receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale conveyance or lease and any such assumption complies with the provisions of this Article Twelve and that all conditions precedent herein provided relating
to such transactions have been complied with. 
 ARTICLE 13 

SATISFACTION, DISCHARGE AND DEFEASANCE OF INDENTURE. 

SECTION 13.01 Satisfaction, Discharge and Legal Defeasance of Debt Securities of any Series. The Company shall be deemed to
have paid and discharged the entire indebtedness on all the Debt Securities of a series, the provisions of this Indenture (except as to (x) the rights of Holders of Debt Securities of such series to receive, from the money, in the currency
required, and Government Obligations deposited with the Trustee pursuant to Section 13.02(a) or the interest and principal received by the Trustee in respect of such Government Obligations, payment of the principal of (and premium, if any) and
any installment of principal of (and premium, if any) or interest on such Debt Securities on the Stated Maturities thereof or upon the Redemption Dates for Debt Securities required to be redeemed pursuant to any mandatory sinking fund or analogous
provisions relating to Debt Securities of that series or pursuant to any call for redemption relating to Debt Securities of that series, (y) the Company’s rights and obligations with respect to such Debt Securities under
Sections 3.06, 3.07, 5.01, 5.02, 5.03, 5.04, 8.06, 8.10, 8.11, 13.03 and 13.04, and (z) the rights, powers, trusts, duties and immunities of the Trustee with respect to the Debt Securities of such series) as it relates to such Debt
Securities shall no longer be in effect, and the Trustee, at the expense of the Company, shall, upon Company Request, execute proper instruments acknowledging the same if: 

(a) (1) all Debt Securities of such series therefor authenticated and delivered (other than (A) Debt Securities which
have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.07 and (B) Debt Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Sections 13.03 and 13.04) have been delivered to the Trustee for cancellation; 

(2) the Company has paid or caused to be paid in the currency required all other sums payable under this Indenture in respect
of the Debt Securities of such series, including all amounts owing to the Trustee under Section 8.06; and 

  
 54 








 (3) the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction of the entire indebtedness of all Debt Securities of any such series and the discharge of the Indenture as it relates to such Debt
Securities have been complied with; or 
 (b) (1) all such Debt Securities of such series not theretofore delivered to
the Trustee for cancellation (A) have become due and payable, or (B) will become due and payable at their Stated Maturity within one year, or (C) are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense of the Company; 
 (2) the
condition described in paragraph (a) of Section 13.02 has been satisfied; and 
 (3) the conditions described in
paragraphs (a)(2) and (a)(3) of this Section 13.01 have been satisfied; or 
 (c) (1) the conditions referred to in
Section 13.02 and paragraph (a)(2) of this Section 13.01 have been satisfied; and 
 (2) the Company has delivered
to the Trustee an opinion of a nationally-recognized independent tax counsel confirming that the Company shall have received from, or there shall have been published by, the United States Internal Revenue Service a ruling or since the date of this
Indenture there has been a change in the applicable Federal income tax law, in either case, to the effect that, and based thereon such opinion of counsel will confirm that, Holders of the Debt Securities of such series will not recognize income,
gain or loss for Federal income tax purposes as a result of such deposit and the defeasance contemplated by this paragraph (c) of this Section 13.01 and will be subject to Federal income tax on the same amounts and in the same manner and
at the same times as would have been the case if such deposit and defeasance had not occurred. 
 SECTION 13.02 Covenant Defeasance
of Debt Securities of any Series. The provisions of this Indenture (except as to (x) the rights of Holders of Debt Securities of any series to receive, from the money, in the currency required, and Government Obligations deposited with the
Trustee pursuant to paragraph (a) below or the interest and principal received by the Trustee in respect of such Government Obligations, payment of the principal of (and premium, if any) and any installment of principal of (and premium, if any)
or interest on such Debt Securities on the Stated Maturities thereof or upon the Redemption Dates for Debt Securities required to be redeemed pursuant to any mandatory sinking or analogous provisions relating to Debt Securities of that series or
pursuant to any call for redemption relating to Debt Securities of that series; (y) the Company’s rights and obligations with respect to such Debt Securities under Sections 3.06, 3.07, 5.01, 5.02, 5.03, 5.04, 6.01, Article Seven
(other than subsection (d) of Section 7.01, to the extent relating to the covenants defeased hereby), Sections 8.06, 8.10, 8.11, 13.03, and 13.04; and (z) the rights, powers, trusts, duties and


  
 55 








 
immunities of the Trustee with respect to the Debt Securities of such series) as it relates to Debt Securities of any series shall no longer be in effect, and the Trustee, at the expense of the
Company shall, upon Company Request, execute proper instruments acknowledging the same if: 
 (a) the Company has irrevocably
(subject to Section 13.04) deposited or caused to be deposited with the Trustee as trust funds in trust and specifically pledged as security for, and dedicated solely to, the benefit of the Holders of Debt Securities of such series
(1) Dollars or Foreign Currency, as applicable, in an amount, or (2) Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide on or before the due date of any
payment in respect of such series of Debt Securities funds in an amount, or (3) a combination thereof, sufficient, after payment of all Federal, state and local taxes in respect thereof payable by the Trustee, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, which opinion need only be provided if Government Obligations shall have been deposited, to pay and discharge the principal of
(and premium, if any) and each installment of principal (and premium, if any) and interest on the Outstanding Debt Securities of that series to the Stated Maturity of such principal or installment of principal or interest or to the Redemption Dates
for Debt Securities required to be redeemed pursuant to any mandatory sinking fund or analogous provisions relating to Debt Securities of that series or pursuant to any call for redemption relating to Debt Securities of that series on each day on
which such payments are due and payable in accordance with the terms of the Indenture and such Debt Securities; 
 (b) no
Event of Default or event which with notice or lapse of time would become an Event of Default shall have occurred and be continuing on the date of the deposit referred to in paragraph (a) of this Section 13.02 or, insofar as an Event of
Default described in paragraph (g) or (h) of Section 7.01 are concerned, at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following the expiration date of the longest
preference period applicable to the Company in respect of the deposit (and this condition will not be deemed satisfied until the expiration of such period; provided, however, that should this condition fail to be satisfied on or before such 91st
day, the Trustee shall promptly, upon satisfactory receipt of evidence of such failure, return such deposit to the Company); 

(c) the interest of the Holders in such deposit shall have been duly perfected under the applicable provisions of the
applicable Uniform Commercial Code; 
 (d) such defeasance shall not (A) cause the Trustee to have a conflicting
interest as defined in Section 8.08 or for purposes of the Trust Indenture Act of 1939 with respect to any securities of the Company or (B) result in the trust arising from such deposit to constitute, unless it is qualified as, a regulated
investment company under the Investment Company Act of 1940, as amended; 
 (e) such defeasance shall not result in a breach
or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

  
 56 








 (f) the Company has delivered to the Trustee an opinion of counsel of a
nationally-recognized independent tax counsel confirming that the Holders of the Debt Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and the defeasance contemplated by
this Section 13.02 and will be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 

(g) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided relating to the defeasance contemplated by this Section have been complied with. 
 SECTION 13.03
Application of Trust Funds; Indemnification. (a) Subject to the provisions of Section 13.04, all money and Government Obligations deposited with the Trustee pursuant to Sections 13.01 or 13.02, and all money received by the
Trustee in respect of Government Obligations deposited with the Trustee, shall be held in trust and applied by it, in accordance with the provisions of the Debt Securities and this Indenture, to the payment, either directly or through any paying
agent (including the Company acting as its own paying agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money and Government Obligations have been
deposited with or received by the Trustee as contemplated by Sections 13.01 or 13.02. 
 (b) The Company shall pay and
shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Government Obligations deposited pursuant to Sections 13.01 or 13.02 or the interest and principal received in respect of such obligations, other
than any such tax, fee or other charge payable by or on behalf of Holders. The Company shall be entitled to prompt notice of an assessment or the commencement of any proceeding for which indemnification may be sought hereunder and, at its election,
to contest such assessment or to participate in, assume the defense of, or settle such proceeding. 
 (c) The Trustee shall
deliver or pay to the Company from time to time upon Company Request any Government Obligations or money held by it as provided in Sections 13.01 or 13.02 which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, which opinion need only be provided if Government Obligations shall have been deposited, are then in excess of the amount thereof which then would have been required to be
deposited for the purpose for which such obligations or money were deposited or received. 
 SECTION 13.04 Return of Unclaimed
Moneys. Any moneys deposited with or paid to the Trustee or any paying agent for payment of the principal of and premium, if any, or interest on Debt Securities and not applied but remaining unclaimed by the Holders of Debt Securities for two
years after the date upon which the principal of and premium, if any, or interest on such Debt Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee or such paying agent on Company Request;
and the Holder of any of the Debt Securities entitled to receive such payment shall thereafter look only to the Company for any payment thereof and all liability of the Trustee or such paying agent with respect to such moneys shall thereupon cease.


  
 57 








 SECTION 13.05 Reinstatement. If the Trustee is unable to apply any money or
Government Obligations in accordance with Sections 13.01 or 13.02 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 Debt Securities shall be revived and reinstated as though no deposit had occurred pursuant to Sections 13.01 or 13.02 until such time as the Trustee is permitted to apply all such
money or Government Obligations in accordance with Sections 13.01 or 13.02; provided that, if the Company has made any payment of principal of or interest on the Debt Securities because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Debt Securities to receive such payment from the money or Government Obligations held by the Trustee. 

ARTICLE 14 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS. 
 SECTION 14.01 Indenture and Debt Securities Solely Obligations of the
Company. No recourse under or upon any obligation, covenant or agreement of this Indenture, any supplemental indenture, or of any Debt Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any
incorporator, organizer, stockholder, member, owner, officer, director, manager or employee, as such, past, present or future, of the Company or any Subsidiary or of any predecessor or successor Person, either directly or through the Company,
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 this Indenture and the obligations issued hereunder are solely obligations of the
Company, and that no such personal liability whatever shall attach to, or is or shall be incurred by, any incorporator, organizer, stockholder, member, owner, officer, director, manager or employee, as such, of the Company or of any predecessor or
successor Person, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture, or in any of the Debt Securities or implied thereby; and
that any and all such personal liability, either at common law or in equity or by constitution or statute of, and any and all such rights and claims against, every such incorporator, organizer, stockholder, member, owner, officer, director, manager
or employee, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Debt Securities or implied thereby, are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of such Debt Securities. 

ARTICLE 15 

MISCELLANEOUS PROVISIONS. 

SECTION 15.01 Provisions Binding on Successors of the Company. All of the covenants, stipulations, promises and agreements
in this Indenture contained by the Company shall bind its successors and assigns whether so expressed or not. 

  
 58 








 SECTION 15.02 Indenture for Sole Benefit of Parties and Holders of Debt Securities.
Nothing in this Indenture or in the Debt Securities, expressed or implied, shall give or be construed to give to any Person, firm or corporation, other than the parties hereto, any agent of the Trustee or the Company under this Indenture and the
Holders of the Debt Securities, any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being, subject to the
provisions of Articles Twelve, Fourteen and Sixteen, for the sole benefit of the parties hereto, any agent of the Trustee or the Company under this Indenture and the Holders of the Debt Securities. 

SECTION 15.03 Addresses for Notices. 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 Debt Securities on the Company may be given or served by being deposited, registered or certified mail postage prepaid, in a post office letter box in the United States addressed (until another
address is filed by the Company with the Trustee) to the Company, Atlas Financial Holdings, Inc., 150 Northwest Point Boulevard, Elk Grove Village, Illinois 60007, Telecopier No.: , Attention: , with a copy to , Telecopier No.: , Attention: . Any
notice, direction, request or demand by any Holder of a Debt Security or the Company 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 Corporate Trust Office of the
Trustee, addressed to the attention of its Corporate Trust Department. Any notice, report or other instrument required by any of the provisions of this Indenture to be given by the Trustee to the Holders of Debt Securities of any or all series shall
be deemed to have been sufficiently given, for all purposes, when mailed by first class mail. 
 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 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 that 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 to 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 Debt 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 

  
 59 








 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 the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

SECTION 15.04 Contract; Waiver of Trial by Jury. This Indenture and the Debt Securities shall for all purposes be construed
in accordance with and governed by the laws of the State of . EACH OF THE COMPANY, THE TRUSTEE, AND THE HOLDERS HEREBY IRREVOCABLY WAIVE, 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 DEBT SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 15.05 Evidence
of Compliance with Conditions Precedent. Upon any request to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions
precedent, if any (including any covenant, compliance with which constitutes a condition precedent) 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, except that in the case of any such application or demand as to which the furnishing of such document is specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be furnished. 
 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 (a) a statement that the Person making such certificate or opinion has read such covenant or
condition; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (c) a statement that, in the opinion of such Person,
he or she has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and (d) a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied with. 
 SECTION 15.06 Legal Holidays. In any case where the
date of maturity of interest on or principal of or premium, if any, on any series of Debt Securities or the date fixed for redemption or repayment of any Debt Security or Debt Securities will be a legal holiday or a day on which banking institutions
are legally authorized or obligated to close in New York, New York or any other location where a paying agent appointed pursuant to Section 5.02 is located, then payment of such interest on or principal of and premium, if any, on such Debt
Securities 

  
 60 








 
need not be made by such paying agent on such date but may be made by such paying agent on the next succeeding day that is not a day in such location that is either a legal holiday or a day on
which banking institutions are legally authorized or obligated to close, with the same force and effect as if made on such date of maturity or the date fixed for redemption or repayment and no interest shall accrue for the period from and after such
prior date. 
 SECTION 15.07 Trust Indenture Act of 1939 to Control. If any provision hereof limits, qualifies or conflicts with
the duties imposed by any of Sections 310 through 317 of the Trust Indenture Act of 1939, by the operation of Section 318(c) thereof, such imposed duties shall control, except as, and to the extent, expressly excluded from this Indenture,
as permitted by the Trust Indenture Act of 1939. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act of 1939 that may be so modified or excluded, the latter provision shall be deemed to apply to this
Indenture as so modified or to be excluded, as the case may be. 
 SECTION 15.08 Table of Contents, Headings. 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 considered a part hereof, and shall in no way modify or restrict any of the terms or provisions
hereof. 
 SECTION 15.09 Determination of Principal Amount. In determining whether the Holders of the requisite principal
amount of Outstanding Debt Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, or whether sufficient funds are available for redemption or for any other purpose, (a) the
principal amount of an Original Issue Discount Debt 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 7.01, (b) the principal amount of any Debt Securities denominated in a Foreign Currency that shall be deemed to be Outstanding for such purposes shall be determined by converting
the Foreign Currency into Dollars at the Market Exchange Rate as of the date of such determination and (c) the principal amount of any Indexed Debt Security that shall be deemed to be Outstanding for such purposes shall be the amount of the
principal face amount of such Indexed Debt Security at original issuance, unless otherwise provided in or pursuant to this Indenture. 

SECTION 15.10 Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original and such counterparts shall together constitute but one and the same instrument. hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions hereinabove set forth. 

ARTICLE 16 

SUBORDINATION OF DEBT SECURITIES. 

SECTION 16.01 Debt Securities Subordinated to Senior Indebtedness. The Company covenants and agrees, and each Holder of
Debt Securities, by such Holder’s acceptance thereof, likewise covenants and agrees, that the indebtedness represented by the Debt Securities and the payment of any and all amounts payable in respect of each and all of the Debt Securities is
hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of Senior Indebtedness, whether outstanding on the date of this Indenture or thereafter incurred, assumed or
guaranteed. 

  
 61 








 In the event (x) of any distribution of assets of the Company upon any dissolution, winding
up, liquidation or reorganization of the Company whether in a bankruptcy, insolvency, reorganization or receivership proceeding or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company
or otherwise, except a distribution in connection with a merger or consolidation or a conveyance or transfer of all or substantially all of the properties of the Company which complies with the requirements of Article Twelve, (y) that a default
shall have occurred and be continuing with respect to the payment of any amount payable in respect of any Senior Indebtedness, or (z) that the principal of the Debt Securities of any series shall have been declared due and payable pursuant to
Section 7.01 and such declaration shall not have been rescinded and annulled as provided in Section 7.01, then: 

(a) in a circumstance described in the foregoing clause (x) or (y) the holders of all Senior Indebtedness, and in the
circumstance described in the foregoing clause (z) the holders of all Senior Indebtedness outstanding at the time the principal of such Debt Securities (or in the case of Original Issue Discount Debt Securities, such portion of the principal
amount) shall have been so declared due and payable, shall first be entitled to receive payment of the full amount due thereon, or provision shall be made for such payment in money or money’s worth, before the Holders of any of the Debt
Securities are entitled to receive any payment in respect of the indebtedness evidenced by the Debt Securities; 
 (b) any
payment by, or distribution of assets of, the Company of any kind or character, whether in cash, property or securities (other than securities of the Company as reorganized or readjusted or securities of the Company or any other Person provided for
by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in this Article with respect to the Debt Securities, to the payment of all Senior Indebtedness, provided that the rights of the holders
of the Senior Indebtedness are not altered by such reorganization or readjustment), to which the Holders of any of the Debt Securities would be entitled except for the provisions of this Article shall be paid or delivered by the Person making such
payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any
indenture under which any instrument evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, to the extent
necessary to make payment in full of all Senior Indebtedness remaining unpaid after giving effect to any concurrent payment or distribution (or provision therefor) to the holders of such Senior Indebtedness, before any payment or distribution is
made to the Holders of the indebtedness evidenced by the Debt Securities under this Indenture; and 

  
 62 








 (c) in the event that, notwithstanding the foregoing, any payment by, or
distribution of assets of, the Company of any kind or character, whether in cash, property or securities (other than securities of the Company as reorganized or readjusted or securities of the Company or any other Person provided for by a plan of
reorganization or readjustment the payment of which is subordinate, at least to the extent provided in this Article with respect to the Debt Securities, to the payment of all Senior Indebtedness, provided that the rights of the holders of Senior
Indebtedness are not altered by such reorganization or readjustment), shall be received by the Holders of any of the Debt Securities before all Senior Indebtedness is paid in full, such payment or distribution shall be paid over to the holders of
such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably as aforesaid, for application
to the payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution (or provision therefor) to the holders of such Senior
Indebtedness. 
 SECTION 16.02 Subrogation. Subject to the payment in full of all Senior Indebtedness to which the indebtedness
evidenced by the Debt Securities is in the circumstances subordinated as provided in Section 16.01, the Holders of the Debt Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company applicable to such Senior Indebtedness until all amounts owing on the Debt Securities shall be paid in full, and, as between the Company, its creditors other than holders of such Senior
Indebtedness, and the Holders of the Debt Securities, no such payment or distribution made to the holders of such Senior Indebtedness by virtue of this Article which otherwise would have been made to the Holders of the Debt Securities shall be
deemed to be a payment by the Company on account of such Senior Indebtedness, it being understood that the provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of the Debt Securities,
on the one hand, and the holders of Senior Indebtedness. 
 SECTION 16.03 Obligation of the Company Unconditional. Nothing
contained in this Article or elsewhere in this Indenture or in the Debt Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Debt Securities, the
obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Debt Securities the principal of and interest on and any additional amounts owing in respect of the Debt Securities as and when the same shall become due
and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Debt Securities and creditors of the Company other than the holders of Senior Indebtedness nor shall anything herein or therein
prevent the Trustee or the Holder of any Debt Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness in
respect of cash, property or securities of the Company received upon the exercise of any such remedy. 
 Upon any payment or distribution of
assets of the Company referred to in this Article, the Trustee and the Holders of the Debt Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up,
liquidation or reorganization proceeding affecting the affairs of the Company is pending or upon 

  
 63 








 
a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee or agent or other Person making any payment or distribution, delivered to the
Trustee or to the Holders of the Debt Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof
or payable thereon, the amount paid or distributed thereon and all other facts pertinent thereto or to this Article. The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of
Senior Indebtedness (or an agent or representative of such holder or a trustee under any indenture under which any instruments evidencing any such Senior Indebtedness may have been issued) to establish that such notice has been given by a holder of
such Senior Indebtedness or such agent or representative or trustee on behalf of such holder. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior
Indebtedness to participate in any payment or distribution pursuant to this Article Sixteen, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such
Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the right of such Person under this Article Sixteen, and, if such evidence is not furnished, the Trustee may defer
any payment to such Person pending judicial determination as to the right of such Person to receive such payment or distribution. 

SECTION 16.04 Payments on Debt Securities Permitted. Nothing contained in this Article or elsewhere in this Indenture, or in any
of the Debt Securities, shall affect the obligation of the Company to make, or prevent the Company from making, payment of the principal of or interest on or any additional amounts owing in respect of the Debt Securities in accordance with the
provisions hereof and thereof, except as otherwise provided in this Article. 
 SECTION 16.05 Effectuation of Subordination by
Trustee. Each Holder of Debt Securities, by such Holder’s acceptance thereof, authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in
this Article and appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes. 
 SECTION 16.06 Trustee
Has No Fiduciary Duty to Holders of Senior Indebtedness; Knowledge of Trustee. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set
forth in this Indenture, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of
Senior Indebtedness, and shall not be liable to any such holders if it shall pay over or deliver to the Holders or the Company or any other Person, money or assets to which any holders of Senior Indebtedness shall be entitled by virtue of this
Article or otherwise. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment of moneys to
or by the Trustee in respect of the Debt Securities of any series, or the taking of any other action by the Trustee, unless and until a Responsible Officer of the Trustee shall have received at the Corporate Trust Office of the Trustee written
notice thereof from the Company, any Holder of Debt Securities, any paying or conversion agent of the Company or the holder or representative of any class of 

  
 64 








 
Senior Indebtedness; and before the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that if the Trustee shall not
have received the notice provided for in this Section at least three Business Days prior to the date upon which, by the terms hereof, any money may become payable for any purpose (including the payment of the principal of or interest on, or
additional amounts owing in respect of, any Debt Security) then, anything herein contained to the contrary notwithstanding, the Trustee shall have all power and authority to receive such money and to apply the same to the purpose for which such
money was received and shall not be affected by any notice to the contrary which may be received by it during or after such three Business Day period. Moneys and Government Obligations held by the Trustee under Article Thirteen shall not be subject
to the claims of the holders of Senior Indebtedness. 
 SECTION 16.07 Trustee May Hold Senior Indebtedness. The Trustee in its
individual capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in the Trust Indenture Act
of 1939 or elsewhere in this Indenture shall deprive the Trustee of any of its rights as such holder. 
 Nothing in this Article shall apply
to the claims of, or payments to, the Trustee under or pursuant to Sections 7.03, 8.06 or 13.03(b). 
 SECTION 16.08 Rights of
Holders of Senior Indebtedness Not Impaired. No right of any present or future holder of any Senior Indebtedness to enforce the subordination herein shall at any time or in any way be prejudiced or impaired by any act or failure to act on the
part of the Company or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

  
 65 








 IN WITNESS WHEREOF, ATLAS FINANCIAL HOLDINGS, INC. has caused this Indenture to be executed by
its , and has caused this Indenture to be executed by one of its officers, as of the day and year first written above. 
  

			
	ATLAS FINANCIAL HOLDINGS, INC.
	
	  
 By

	Title	 	  

 

	                                    
                            , as Trustee
	By	 	  

	Title