Document:

Form of Subordinated Indenture

 EXHIBIT 4.5 
  

 
 FORM OF 
 SUBORDINATED INDENTURE 
 Between 
 SUCCESSFACTORS, INC. 
 and 
                                        
 , AS TRUSTEE 
 Dated as of
                    , 20     
  
  
  

 TABLE SHOWING REFLECTION IN THIS SUBORDINATED INDENTURE OF 
 CERTAIN PROVISIONS OF THE TRUST INDENTURE ACT OF 1939* 
  

			
	 Section of
 Indenture
	  	Section
of
Act
		
	310(a)(1)	  	7.09
	310(a)(2)	  	7.09
	310(a)(3)	  	Inapplicable
	310(a)(4)	  	Inapplicable
	310(a)(5)	  	7.09
	310(b)	  	7.08, 7.10
	310(c)	  	Inapplicable
	311(a)	  	7.13(a), 7.13(c)
	311(b)	  	7.13(b), 7.13(c)
	311(c)	  	Inapplicable
	312(a)	  	5.01, 5.02(a)
	312(b)	  	5.02(b)
	312(c)	  	5.02(c)
	313(a)	  	5.04(a)
	313(b)(1)	  	Inapplicable
	313(b)(2)	  	5.04(b)
	313(c)	  	5.04(c)
	313(d)	  	5.04(d)
	314(a)(1)	  	5.03(a)
	314(a)(2)	  	5.03(b)
	314(a)(3)	  	5.03(c)
	314(a)(4)	  	5.03(d)
	314(b)	  	Inapplicable
	314(c)	  	13.03
	314(d)	  	Inapplicable
	314(e)	  	13.03
	314(f)	  	Omitted
	315(a)	  	7.01
	315(b)	  	6.10
	315(c)	  	7.01
	315(d)	  	7.01
	315(e)	  	6.11
	316(a)(1)	  	6.09
	316(a)(2)	  	Omitted
	316(b)	  	6.06
	316(c)	  	6.09
	317(a)	  	6.02, 6.03
	317(b)	  	4.06
	318(a)	  	13.05

  

	*	This Table is not part of the Subordinated Indenture. 

							
	 ARTICLE ONE
	  	 DEFINITIONS
	  	1
			
		 	SECTION 1.01.    Certain Terms Defined	  	1
				
		 		  	“Affiliate”	  	2
		 		  	“Agent”	  	2
		 		  	“Authenticating Agent”	  	2
		 		  	“Authorized Newspaper”	  	2
		 		  	“Board of Directors”	  	2
		 		  	“Board Resolution”	  	2
		 		  	“Business Day”	  	2
		 		  	“Commission”	  	2
		 		  	“Company”	  	2
		 		  	“Company Order”	  	3
		 		  	“covenant defeasance”	  	3
		 		  	“Coupon”	  	3
		 		  	“Defaulted Interest”	  	3
		 		  	“Depository”	  	3
		 		  	“ECU”	  	3
		 		  	“Euro” or “euro”	  	3
		 		  	“Event of Default”	  	3
		 		  	“Exchange Act”	  	3
		 		  	“Foreign Currency”	  	3
		 		  	“Holder,” “Holder of Subordinated Securities,” “Subordinated Securityholder”	  	3
		 		  	“Interest Payment Date”	  	3
		 		  	“IRS”	  	3
		 		  	“Judgment Currency”	  	4
		 		  	“Officer’s Certificate”	  	4
		 		  	“Opinion of Counsel”	  	4
		 		  	“Original Issue Date”	  	4
		 		  	“Original Issue Discount Subordinated Security”	  	4
		 		  	“Outstanding”	  	4
		 		  	“Paying Agent”	  	5
		 		  	“Periodic Offering”	  	5
		 		  	“Person”	  	5
		 		  	“Predecessor Subordinated Security”	  	5
		 		  	“principal”	  	5
		 		  	“Principal Office of the Trustee”	  	5
		 		  	“Record Date”	  	5
		 		  	“Register”	  	5
		 		  	“Registered Global Subordinated Security”	  	5
		 		  	“Registered Subordinated Security”	  	6
		 		  	“Required Currency”	  	6
		 		  	“Responsible Officer”	  	6
		 		  	“Senior Indebtedness	  	6
		 		  	“Special Record Date”	  	6
		 		  	“Stated Maturity”	  	6

  

 i 

							
		 		  	“Subordinated Indenture”	  	6
		 		  	“Subordinated Security” or “Subordinated Securities”	  	6
		 		  	“Supplemental Subordinated Indenture”	  	7
		 		  	“Trustee”	  	7
		 		  	“Trust Indenture Act”	  	7
		 		  	“United States Dollars”	  	7
		 		  	“Unregistered Subordinated Security”	  	7
		 		  	“U.S. Government Obligations”	  	7
		 		  	“Yield to Maturity”	  	7
			
	ARTICLE TWO	  	 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION, TRANSFER AND EXCHANGE OF SUBORDINATED SECURITIES
	  	7
			
		 	 SECTION 2.01.    Form Of Subordinated Securities and Trustee’s Certificate Of
Authentication
	  	7
			
		 	 SECTION 2.02.    Form of Trustee’s Certificate of Authentication
	  	8
			
		 	 SECTION 2.03.    Amount Unlimited, Issuable in Series
	  	8
			
		 	 SECTION 2.04.    Authentication and Delivery of Subordinated Indentures
	  	11
			
		 	 SECTION 2.05.    Execution of Subordinated Securities
	  	13
			
		 	 SECTION 2.06.    Certificate of Authentication
	  	14
			
		 	 SECTION 2.07.    Denominations; Payment of Interest on Subordinated
Securities
	  	14
			
		 	 SECTION 2.08.    Registration, Transfer and Exchange of Subordinated
Securities
	  	16
			
		 	 SECTION 2.09.    Mutilated, Defaced, Destroyed, Lost and Stolen Subordinated
Securities
	  	18
			
		 	 SECTION 2.10.    Cancellation and Destruction of Surrendered Subordinated
Securities
	  	19
			
		 	 SECTION 2.11.    Temporary Subordinated Securities
	  	19
			
		 	 SECTION 2.12.    Subordinated Securities in Global Form; Depositories
	  	20
			
		 	 SECTION 2.13.    CUSIP Numbers
	  	23
			
		 	 SECTION 2.14.    Series May Include Tranches
	  	23
			
	ARTICLE THREE	  	 REDEMPTION OF SUBORDINATED SECURITIES AND SINKING FUNDS
	  	23
			
		 	 SECTION 3.01.    Applicability of Article
	  	23
			
		 	 SECTION 3.02.    Notice of Redemption; Partial Redemptions
	  	23
			
		 	 SECTION 3.03.    Payment of Subordinated Securities Called for Redemption
	  	25
			
		 	 SECTION 3.04.    Exclusion of Certain Subordinated Securities From Eligibility for Selection
for Redemption
	  	26
			
		 	 SECTION 3.05.    Mandatory and Optional Sinking Funds
	  	26

  

 ii 

							
	ARTICLE FOUR	  	 PARTICULAR COVENANTS OF THE COMPANY
	  	28
			
		 	 SECTION 4.01.    Payment of Principal of and Interest on Subordinated Securities
	  	28
			
		 	 SECTION 4.02.    Corporate Existence of the Company; Consolidation, Merger, Sale or
Transfer
	  	29
			
		 	 SECTION 4.03.    Maintenance of Offices or Agencies for Transfer, Registration, Exchange and
Payment of Subordinated Securities
	  	29
			
		 	 SECTION 4.04.    Appointment to Fill a Vacancy in the Office of Trustee
	  	30
			
		 	 SECTION 4.05.    Duties of Paying Agent
	  	30
			
		 	 SECTION 4.06.    Notice of Default
	  	31
			
		 	 SECTION 4.07.    Maintenance of Properties
	  	31
			
		 	 SECTION 4.08.    Payment of Taxes and Other Claims
	  	31
			
		 	 SECTION 4.09.    Luxembourg Publications
	  	31
			
	ARTICLE FIVE	  	 SUBORDINATED SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	  	32
			
		 	 SECTION 5.01.    Company to Furnish Trustee Information as to the Names and Addresses of
Subordinated Securityholders
	  	32
			
		 	 SECTION 5.02.    Preservation of Information; Communication to Subordinated
Securityholders
	  	32
			
		 	 SECTION 5.03.    Reports by Company
	  	33
			
		 	 SECTION 5.04.    Reports by Trustee
	  	34
			
	ARTICLE SIX	  	 REMEDIES OF THE TRUSTEE AND SUBORDINATED SECURITYHOLDERS ON EVENT OF DEFAULT
	  	36
			
		 	 SECTION 6.01.    Events of Default; Acceleration, Waiver of Default And Restoration of Position
and Rights
	  	36
			
		 	 SECTION 6.02.    Covenant of Company to Pay to Trustee Whole Amount Due on Subordinated
Securities on Default in Payment of Interest or Principal
	  	39
			
		 	 SECTION 6.03.    Trustee May File Proofs of Claim
	  	40
			
		 	 SECTION 6.04.    Trustee May Enforce Claims Without Possession of Subordinated
Securities
	  	40
			
		 	 SECTION 6.05.    Application of Moneys Collected by Trustee
	  	41
			
		 	 SECTION 6.06.    Limitation on Suits by Holders of Subordinated Securities
	  	41
			
		 	 SECTION 6.07.    Rights and Remedies Cumulative
	  	42
			
		 	 SECTION 6.08.     Delay or Omission Not Waiver
	  	43
			
		 	 SECTION 6.09.    Control by Holders; Waiver of Past Defaults
	  	43

  

 iii 

							
		 	SECTION 6.10.    Trustee to Give Notice of Defaults Known to it, But May Withhold in Certain Circumstances	  	43
			
		 	 SECTION 6.11.    Requirement of an Undertaking to Pay Costs in Certain Suits Under the
Subordinated Indenture or Against the Trustee
	  	44
			
		 	 SECTION 6.12.    Waiver of Stay, or Extension Laws
	  	44
			
	ARTICLE SEVEN	  	 CONCERNING THE TRUSTEE
	  	44
			
		 	 SECTION 7.01.    Certain Duties and Responsibilities of Trustee
	  	44
			
		 	 SECTION 7.02.    Certain Rights of Trustee
	  	45
			
		 	 SECTION 7.03.    Trustee Not Responsible for Recitals or Application of Proceeds
	  	46
			
		 	 SECTION 7.04.    Trustee May Own Subordinated Securities or Coupons
	  	47
			
		 	 SECTION 7.05.    Moneys Received by Trustee to be Held in Trust
	  	47
			
		 	 SECTION 7.06.    Trustee Entitled to Compensation, Reimbursement and Indemnity
	  	47
			
		 	 SECTION 7.07.    Right of Trustee to Rely on Officer’s Certificate Where No Other Evidence
Specifically Prescribed
	  	47
			
		 	 SECTION 7.08.    Disqualification; Conflicting Interest
	  	47
			
		 	 SECTION 7.09.    Requirements for Eligibility of Trustee
	  	53
			
		 	 SECTION 7.10.    Resignation and Removal of Trustee; Appointment of Successor
	  	53
			
		 	 SECTION 7.11.    Acceptance of Appointment by Successor Trustee
	  	55
			
		 	 SECTION 7.12.    Successor to Trustee by Merger, Consolidation or Succession to
Business
	  	56
			
		 	 SECTION 7.13.    Preferential Collection of Claims Against Company
	  	56
			
		 	 SECTION 7.14.    Appointment of Authenticating Agent
	  	60
			
	ARTICLE EIGHT	  	 CONCERNING THE SUBORDINATED SECURITYHOLDERS
	  	62
			
		 	 SECTION 8.01.    Evidence of Action by Subordinated Securityholders
	  	62
			
		 	 SECTION 8.02.    Proof of Execution of Instruments and of Holding of Subordinated
Securities
	  	62
			
		 	 SECTION 8.03.    Who May be Deemed Owners of Subordinated Securities
	  	62
			
		 	 SECTION 8.04.    Subordinated Securities Owned by the Company or Controlled or Controlling
Persons Disregarded for Certain Purposes
	  	63
			
		 	 SECTION 8.05.    Instruments Executed by Subordinated Securityholders Bind Future
Holders
	  	64
			
	ARTICLE NINE	  	 SUBORDINATED SECURITYHOLDERS’ MEETINGS
	  	64
			
		 	 SECTION 9.01.    Purposes for Which Meetings May be Called
	  	64

  

 iv 

							
		 	SECTION 9.02.    Manner of Calling Meetings	  	65
			
		 	 SECTION 9.03.    Call of Meeting by the Company or Subordinated Securityholders
	  	65
			
		 	 SECTION 9.04.    Who May Attend and Vote at Meetings
	  	65
			
		 	 SECTION 9.05.    Regulations May be Made by Trustee; Conduct of the Meeting; Voting Rights –
Adjournment
	  	65
			
		 	 SECTION 9.06.    Manner of Voting at Meetings and Record to be Kept
	  	66
			
		 	 SECTION 9.07.    Exercise of Rights of Trustee and Subordinated Securityholders Not to be
Hindered or Delayed
	  	66
			
	ARTICLE TEN	  	 SUPPLEMENTAL SUBORDINATED INDENTURES
	  	67
			
		 	 SECTION 10.01.    Purposes for Which Supplemental Subordinated Indentures May be Entered into
Without Consent of Subordinated Securityholders
	  	67
			
		 	 SECTION 10.02.    Modification of Subordinated Indenture With Consent of Holders of Subordinated
Securities
	  	68
			
		 	 SECTION 10.03.    Effect of Supplemental Subordinated Indentures
	  	69
			
		 	 SECTION 10.04.    Subordinated Securities May Bear Notation of Changes by Supplemental
Subordinated Indentures
	  	70
			
	ARTICLE ELEVEN	  	 DISCHARGE; DEFEASANCE
	  	71
			
		 	 SECTION 11.01.    Satisfaction and Discharge of Subordinated Indenture
	  	71
			
		 	 SECTION 11.02.    Application by Trustee of Funds Deposited for Payment of Subordinated
Securities
	  	74
			
		 	 SECTION 11.03.    Repayment of Moneys Held by Paying Agent
	  	75
			
		 	 SECTION 11.04.    Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two
Years
	  	75
			
		 	 SECTION 11.05.    Indemnity for U.S. Government of Obligations
	  	75
			
	ARTICLE TWELVE	  	 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	75
			
		 	 SECTION 12.01.    Incorporators, Stockholders, Officers and Directors of Company Exempt from
Individual Liability
	  	75
			
	ARTICLE THIRTEEN	  	 MISCELLANEOUS PROVISIONS
	  	76
			
		 	 SECTION 13.01.    Successors and Assigns of the Company Bound by Subordinated
Indenture
	  	76
			
		 	 SECTION 13.02.    Notices; Effectiveness
	  	76
			
		 	 SECTION 13.03.    Compliance Certificates and Opinions
	  	77
			
		 	 SECTION 13.04.    Days on Which Payment to be Made, Notice Given or Other Action
Taken
	  	78

  

 v 

							
		 	SECTION 13.05.    Provisions Required by Trust Indenture Act to Control	  	78
			
		 	 SECTION 13.06.    Governing Law
	  	78
			
		 	 SECTION 13.07.    Effect of Headings
	  	78
			
		 	 SECTION 13.08.    Subordinated Securities in a Foreign Currency or in ECU
	  	78
			
		 	 SECTION 13.09.    Judgment Currency
	  	79
			
		 	 SECTION 13.10.    Provisions of the Subordinated Indenture and Subordinated Securities for the
Sole Benefit of the Parties and the Subordinated Securityholders
	  	80
			
		 	 SECTION 13.11.    Subordinated Indenture May be Executed in Counterparts
	  	80
			
	 ARTICLE FOURTEEN
	  	 SUBORDINATION OF SECURITIES
	  	80
			
		 	 SECTION 14.01.    Securities Subordinated to Senior Indebtedness
	  	80
			
		 	 SECTION 14.02.    Subrogation
	  	81
			
		 	 SECTION 14.03.    Obligation of the Company Unconditional
	  	82
			
		 	 SECTION 14.04.    Payments on Securities Permitted
	  	82
			
		 	 SECTION 14.05.    Effectuation of Subordinated by Trustee
	  	82
			
		 	 SECTION 14.06.    Knowledge of Trustee
	  	82
			
		 	 SECTION 14.07.    Trustee May Hold Senior Indebtedness
	  	83
			
		 	 SECTION 14.08.    Rights of Holder of Senior Indebtedness Not Impaired
	  	83

  

 vi 

 THIS SUBORDINATED INDENTURE, dated as of
                    , 20    , between SUCCESSFACTORS, INC., a Delaware corporation (the
“Company”), and                         , a
                        , as trustee (the “Trustee”). 
 WITNESSETH: 
 WHEREAS, the Company has duly authorized the issuance, sale, execution and delivery, from time to time, of its unsecured evidences of subordinated indebtedness (hereinafter referred to as the “Subordinated Securities”),
without limit as to principal amount, issuable in one or more series, the amount and terms of each such series to be determined as hereinafter provided; and, to provide the terms and conditions upon which the Subordinated Securities are to be
issued, authenticated and delivered, the Company has duly authorized the execution of this Subordinated Indenture; and 
 WHEREAS, all acts and things necessary to make the Subordinated Securities, when executed by the Company and authenticated and delivered by the Trustee as in this Subordinated Indenture provided, the valid, binding and legal subordinated
obligations of the Company, and to constitute this Subordinated Indenture a valid indenture and agreement according to its terms, have been done and performed, and the execution of this Subordinated Indenture and the issuance hereunder of the
Subordinated Securities have in all respects been duly authorized; 
 NOW, THEREFORE, THIS SUBORDINATED INDENTURE 
 WITNESSETH: 
 That
in order to declare the terms and conditions upon which the Subordinated Securities are to be issued, authenticated and delivered, and in consideration of the premises and of the purchase and acceptance of the Subordinated Securities by the Holders
thereof, the Company covenants and agrees with the Trustee, for the equal and proportionate benefit of the respective Holders from time to time of the Subordinated Securities or of any series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS 
 SECTION 1.01. Certain Terms Defined. For all purposes of this Subordinated Indenture, except as
otherwise expressly provided or unless the context otherwise requires: 
 (a) the terms defined in this Article One have the
meanings assigned to them in this Article One, and include the plural as well as the singular; 
 (b) all other terms used
herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (c) all accounting terms not otherwise defined herein shall have the meanings assigned to them and all computations herein provided for shall be made, in accordance with generally accepted accounting
principles, and the term “U.S. generally accepted accounting principles” shall mean such principles as they exist at the date of applicability thereof; and 

 (d) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Subordinated Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) when
used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 “Agent” means any Registrar, Paying Agent, transfer agent or Authenticating Agent. 
 “Authenticating Agent” shall the meaning set forth in Section 7.14. 
 “Authorized Newspaper” means a newspaper (which, in the case of The City of New York, will, if practicable, be The Wall
Street Journal (Eastern Edition) and in the case of London, will, if practicable, be the Financial Times (London Edition) and, in the case of Luxembourg, will, if practicable be the Luxembourg Wort and published in an official language of the
country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in The City of New York, London or Luxembourg, as applicable. If it shall be impractical in the opinion of the
Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof which is made or given with the approval of the Trustee shall constitute a sufficient publication of such
notice. 
 “Board of Directors” shall mean the Board of Directors of the Company, or any duly authorized
committee of such Board of Directors. 
 “Board Resolution” shall mean on or more resolutions of the Board of
Directors of the Company certified by the Secretary or by an Assistant Secretary of the Company to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification. 
 “Business Day” means, with respect to any Subordinated Security, a day that is not a day on which banking institutions in
the city (or in any of the cities, if more than one) in which amounts are payable, as specified in the form of such Subordinated Security, are authorized or required by any applicable law or regulation to be closed. 
 “Commission” shall mean the U.S. Securities and Exchange Commission, as from time to time constituted, created under the
Exchange Act, or if at any time after the execution of this Subordinated Indenture such Commission is not existing and performing the duties theretofore assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

 “Company” shall mean SuccessFactors, Inc., a Delaware corporation, until a successor corporation shall have
become such pursuant to the applicable provisions hereof, and thereafter “Company” shall mean such successor Company. 
  

 2 

 “Company Order” means a written statement, request or order of the Company
signed in its name by the Chairman of the Board of Directors of the Company, the President or Chief Executive Officer, any Vice President or the Treasurer of the Company. 
 “covenant defeasance” shall have the meaning set forth in Section 11.01. 
 “Coupon” means any interest coupon appertaining to an Unregistered Subordinated Security. 
 “Defaulted Interest” shall have the meaning set forth in Section 2.07. 
 “Depository” shall mean, with respect to the Subordinated Securities of any series issuable or issued in whole or in part in the form of one or more Registered Global Subordinated
Securities, the Person designated as Depository by the Company pursuant to Section 2.03 of this Subordinated Indenture until a successor Depository shall have become such pursuant to the applicable provisions of this Subordinated Indenture, and
thereafter the term “Depository” shall mean or include each Person who is then a Depository hereunder, and if at any time there is more than one such Person, “Depository” as used with respect to the Subordinated
Securities of any such series shall mean the Depository with respect to the Subordinated Securities of that series. 
 “ECU” means the European Currency Unit as defined and revised from time to time by the European Monetary System of the European Community and/or Euros. 
 “Euro” or “euro” means the currency adopted by those countries participating in the third stage of the
European Monetary Union. 
 “Event of Default” with respect to Subordinated Securities of any series shall mean
any event specified as such in Section 6.01 and any other event as may be established with respect to the securities of such series as permitted by Section 2.03. An Event of Default shall “exist” if an Event of Default shall have
occurred and be continuing. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Foreign Currency” means a currency issued by the government of a country other than the United States of
America. 
 “Holder,” “Holder of Subordinated Securities,” “Subordinated Securityholder” or
any other similar term means (a) in the case of any Registered Subordinated Security, the person in whose name such Subordinated Security is registered in the Register kept by the Company for that purpose in accordance with the terms hereof,
and (b) in the case of any Unregistered Subordinated Security, the bearer of such Subordinated Security, or any Coupon appertaining thereto, as the case may be. 
 “Interest Payment Date” when used with respect to any Subordinated Security means the Stated Maturity of an installment of interest on such Subordinated Security. 
 “IRS” means the Internal Revenue Service of the United States Department of the Treasury, or any successor entity.

  

 3 

 “Judgment Currency” has the meaning set forth in Section 13.09.

 “Officer’s Certificate” shall mean a certificate signed by the Chairman of the Board of Directors of
the Company, any Vice–Chairman of the Board of Directors of the Company, the President or Chief Executive Officer or any Vice–President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company. Each
such certificate shall include the statements provided for in Section 13.03, if and to the extent required by the provisions of such Section. 
 “Opinion of Counsel” shall mean a written opinion of legal counsel who may be an employee of the Company or other counsel satisfactory to the Trustee. Each such opinion shall include the
statements provided for in Section 13.03, if and to the extent required by the provisions of such Section. 
 “Original Issue Date” of any Subordinated Security (or portion thereof) means the earlier of (a) the date of such Subordinated Security or (b) the date of any Subordinated Security (or portion thereof) for which
such Subordinated Security was issued (directly or indirectly) on registration of transfer, exchange or substitution. 
 “Original Issue Discount Subordinated Security” shall mean (a) any Subordinated Security which provides for an amount less than the principal amount thereof to be due and payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.01 or (b) any other Subordinated Security which for United States Federal income tax purposes would be considered an original issue discount security. 
 “Outstanding” when used with reference to Subordinated Securities shall, subject to the provisions of Section 8.04,
mean, as of the date of determination, all Subordinated Securities theretofore authenticated and delivered under this Subordinated Indenture, except: 
 (a) Subordinated Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Subordinated Securities, or portions thereof, for whose payment or redemption moneys or U.S. Government Obligations (as provided in Section 11.01) in the necessary amount have been theretofore
deposited with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside, segregated and held in trust by the Company (if the Company shall act as its own Paying Agent) in trust for the Holders of such Subordinated
Securities, provided that if such Subordinated Securities or portions thereof, are to be redeemed prior to the Stated Maturity thereof, notice of such redemption has been duly given as provided in Article Three hereof, or provision therefor
satisfactory to the Trustee has been made; 
 (c) Subordinated Securities in exchange for or in lieu of which other Subordinated
Securities shall have been authenticated and delivered under this Subordinated Indenture; and 
 (d) Subordinated Securities
alleged to have been destroyed, lost or stolen which have been paid as provided in Section 2.07 hereof. 
  

 4 

 In determining whether the Holders of the requisite principal amount of Outstanding
Subordinated Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Subordinated 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 as if a declaration of acceleration of the maturity thereof pursuant to Section 6.01 had been made. 
 “Paying Agent” means any Person authorized by the Company to pay the principal of and any interest and premium, if any, on
any Subordinated Securities on behalf of the Company. 
 “Periodic Offering” means an offering of Subordinated
Securities of a series from time to time, the specific terms of which Subordinated Securities, including, without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if
any, with respect thereto, are to be determined by the Company or its agents upon the issuance of such Subordinated Securities. 
 “Person” shall mean an individual, a corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an unincorporated organization, or a government or any agency,
authority or political subdivision thereof. 
 “Predecessor Subordinated Security” of any particular
Subordinated Security means every previous Subordinated Security evidencing all or a portion of the same debt as that evidenced by such particular Subordinated Security; and, for the purposes of this definition, any Subordinated Security
authenticated and delivered under Section 2.04 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Subordinated Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Subordinated
Security. 
 “principal” whenever used with reference to the Subordinated Securities or any Subordinated
Security or any portion thereof, shall be deemed to include “and premium, if any,” provided, however, that such inclusion of premium, if any, shall under no circumstances result in the double counting of such premium for the purpose of any
calculation required hereunder. 
 “Principal Office of the Trustee” shall mean the office
of the Trustee at which at any particular time the trust created by this Indenture shall be administered, except that with respect to presentation of Subordinated Securities for payment such term shall mean any office or agency of the Trustee at
which at any particular time its corporate trust services business shall be conducted. The present address of the Principal Office of the Trustee is administered is 633 West Fifth Street, 24th Floor, Los Angeles, CA 90071, Attention: Corporate Trust Services. 
 “Record Date” for the interest payable on any Interest Payment Date on any series of Subordinated Securities shall mean the
date specified as such in the Subordinated Securities of such series. 
 “Register” shall mean the books for
the registration and transfer of Subordinated Securities which books are kept by the Trustee pursuant to Section 2.08. 
 “Registered Global Subordinated Security” means a Subordinated Security evidencing all or a portion of a series of Registered Subordinated Securities, issued to the Depositary for such series in accordance with
Section 2.12, and bearing the legend prescribed in Section 2.12 and any other legend required by the Depositary for such series. 
  

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 “Registered Subordinated Security” means any Subordinated Security
registered on the Register of the Company. 
 “Required Currency” shall have the meaning set forth in
Section 13.09. 
 “Responsible Officer” when used with respect to the Trustee shall mean an officer in the
Principal Office of the Trustee or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other
officer of the Trustee to whom such matter is referred because of such Person’s knowledge of and familiarity with the particular subject. 
 “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 subordinate or junior in right or payment to any other indebtedness or obligation is
subordinate or junior in right of payment to any other indebtedness or obligations of the Company. 
 “Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 2.07. 
 “Stated Maturity” when used with respect to any Subordinated Security or any installment of interest thereon means the date specified in such Subordinated Security as the fixed date on which the principal of such
Subordinated Security or such installment of interest is due and payable. 
 “Subordinated Indenture” shall
mean this instrument as originally executed, or as it may from time to time be supplemented, modified or amended, as provided herein, and shall include the form and terms of particular series of Subordinated Securities established in accordance with
the provisions of Sections 2.03 and 2.04. 
 “Subordinated Security” or “Subordinated Securities”
shall mean any security or securities of the Company without regard to series, authenticated and delivered under this Subordinated Indenture. 
  

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 “Supplemental Subordinated Indenture” shall mean an indenture supplemental
hereto as such Supplemental Subordinated Indenture may be originally executed, or as it may from time to time be supplemented, modified or amended, as provided herein and therein. 
 “Trustee” shall mean the party named as such in the first paragraph of this Subordinated Indenture until a successor
Trustee shall have become such pursuant to the applicable provisions of this Subordinated Indenture, and thereafter “Trustee” shall mean such successor Trustee. “Trustee” shall also 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 Subordinated Securities of any series shall mean the trustee with respect to the Subordinated Securities of
such series. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended as of the
date of this Subordinated Indenture. 
 “United States Dollars” shall mean the lawful currency of the United
States of America. 
 “Unregistered Subordinated Security” means any Subordinated Security other than a
Registered Subordinated Security. 
 “U.S. Government Obligations” shall have the meaning set forth in
Section 11.01. 
 “Yield to Maturity” means the yield to maturity on a series of securities, calculated at
the time of issuance of such series, or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 
 ARTICLE TWO 
 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION,

 TRANSFER AND EXCHANGE OF SUBORDINATED SECURITIES 
 SECTION 2.01. Form of Subordinated Securities and Trustee’s Certificate of Authentication. The Subordinated Securities of each series and the Coupons, if any, to be attached thereto shall be
substantially in such form (not inconsistent with this Subordinated Indenture) as shall be established by or pursuant to one or more Board Resolutions and as set forth in an Officer’s Certificate or Supplemental Subordinated Indenture, in each
case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Subordinated Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or
endorsements thereon as the Board of Directors may deem appropriate and as are not inconsistent with the provisions of this Subordinated Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any stock exchange on which the Subordinated Securities of such series may be listed, or to conform to usage all as may be determined by the officers executing such Subordinated Securities and Coupons, if any, as
evidenced by their execution of such Subordinated Securities and Coupons. 
 The definitive Subordinated Securities and Coupons,
if any, and each Global Subordinated Security may be printed, lithographed or fully or partly engraved or produced in any other manner, all as determined by the officers executing such Subordinated Securities and Coupons, if any, as evidenced by
their execution thereof. 
  

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 SECTION 2.02. Form of Trustee’s Certificate of Authentication. The
Trustee’s certificate of authentication on all Subordinated Securities shall be in substantially the following form: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Subordinated Securities, of the series designated
herein, referred to in the within–mentioned Subordinated Indenture. 
  

			
	                                       
 , as Trustee
		
	By	 	 
		 	    Authorized Signatory

 SECTION 2.03. Amount Unlimited, Issuable in Series. 
 (a) The aggregate principal amount of Subordinated Securities which may be authenticated and delivered under this Subordinated Indenture is
not limited. The Subordinated Securities may be issued in one or more series. 
 The following terms and provisions of each
series of Subordinated Securities shall be established in or pursuant to one or more Board Resolutions and set forth in an Officer’s Certificate detailing such establishment or established in one or more Supplemental Subordinated Indentures
prior to the issuance of Subordinated Securities of any series: 
 (1) the designation of the series of Subordinated Securities
of the series (which shall distinguish the Subordinated Securities of such series from all other series of Subordinated Securities) and which may be part of a series of Subordinated Securities previously issued; 
 (2) any limit upon the aggregate principal amount of the particular series of Subordinated Securities which may be executed, authenticated
and delivered under this Subordinated Indenture; provided, however, that nothing contained in this Section 2.03 or elsewhere in this Subordinated Indenture or in the Subordinated Securities or in an Officer’s Certificate or in a
Supplemental Subordinated Indenture is intended to or shall limit execution by the Company or authentication and delivery by the Trustee of Subordinated Securities under the circumstances contemplated by Sections 2.08, 2.09, 2.11, 3.03 and 10.04;

 (3) if other than United States Dollars, the coin, currency or currencies or composite currency in which principal of and
interest and any premium on such series of Subordinated Securities shall be payable (including, but not limited to, any Foreign Currency or ECU); 
 (4) the Stated Maturity for payment of principal of such series of Subordinated Securities and any sinking fund or analogous provisions; 
  

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 (5) the rate or rates at which such series of Subordinated Securities shall bear interest,
if any, the date or dates from which such interest shall accrue, on which such interest shall be payable, the terms and conditions of any deferral of interest and the additional interest, if any, thereon, the right, if any, of the Company to extend
the time for payment of interest, the terms and duration of such extension rights and (in the case of Registered Subordinated Securities) the date or dates on which a record shall be taken for the determination of Holders to whom interest is payable
and/or the method by which such rate or rates or date or dates shall be determined; 
 (6) the place or places where the
principal of and any interest on Subordinated Securities of any series shall be payable, where such Subordinated Securities may be surrendered for registration of transfer, where such Subordinated Securities may be surrendered for exchange and where
notice and demands to or upon the Company, in respect of such Subordinated Securities, and this Subordinated Indenture may be served, if other than as provided in Section 4.03; 
 (7) the right, if any, of the Company to redeem Subordinated Securities, in whole or in part, at its option and the period or periods within
which, the price or prices at which and any terms and conditions upon which Subordinated Securities of the series may be so redeemed, pursuant to any sinking fund or otherwise; 
 (8) the obligation, if any, of the Company to redeem, purchase or repay Subordinated Securities of the series pursuant to any mandatory
redemption, sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which and any terms and conditions upon which Subordinated Securities of the series shall be
redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 
 (9) if other than denominations of $1,000 or
[Euro] 1,000, as the case may be, and any integral multiple thereof, in the case of Registered Subordinated Securities, or $1,000 and $5,000 or [Euro] 1,000 and [Euro] 5,000 in the case of Unregistered Subordinated Securities, the denominations in
which such series of Subordinated Securities shall be issuable; 
 (10) the percentage of the principal amount at which the
Subordinated Securities will be issued, and, if other than the principal amount thereof, the portion of the principal amount of such series of Subordinated Securities which shall be payable upon declaration of acceleration of the maturity thereof
pursuant to Section 6.01; 
 (11) if other than the coin, currency or currencies in which the Subordinated Securities of
the series are denominated, the coin, currency or currencies in which payment of the principal of or interest on the Subordinated Securities of such series shall be payable, including composite currencies or currency units; 
 (12) if the principal or interest on the Subordinated Securities of the series are to be payable, at the election of the Company or a Holder
thereof, in a coin or currency other than that in which the Subordinated Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made; 
  

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 (13) if the amount of payments or principal of and interest on the Subordinated Securities
of the series may be determined with reference to an index or formula based on a coin, currency, composite currency or currency unit other than that in which the Subordinated Securities of the series are denominated, the manner in which such amounts
shall be determined; 
 (14) whether the Subordinated Securities of the series will be issuable as Registered Subordinated
Securities (and if so, whether such Subordinated Securities will be issuable as Registered Global Subordinated Securities, the Depository for such Registered Global Securities and any additional terms and conditions relating to such Registered
Global Subordinated Securities not set forth in this Subordinated Indenture) or Unregistered Subordinated Securities (with or without Coupons), or any combination of the foregoing, any restrictions applicable to the offer, sale or delivery of
Unregistered Subordinated Securities or the payment of interest thereon and, if other than as provided in Section 2.08, the terms upon which Unregistered Subordinated Securities of any series may be exchanged for Registered Subordinated
Securities of such series and vice versa; 
 (15) whether and under what circumstances the Company will pay additional amounts
on the Subordinated Securities of the series held by a person who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will have the option to redeem the Subordinated
Securities of the series rather than pay such additional amounts; 
 (16) if the Subordinated Securities of the series are to be
issuable in definitive form (whether upon original issue or upon exchange of a temporary Subordinated Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of
such certificates, documents or conditions; 
 (17) any trustees, depositaries, authenticating or paying agents, transfer agents
or registrars of any other agents with respect to the Subordinated Securities of such series; 
 (18) any additional events of
default or covenants with respect to the Subordinated Securities of a particular series not set forth herein; 
 (19) the terms
of subordination applicable to such series of Subordinated Securities; 
 (20) the terms and conditions, if any, upon which any
Subordinated Securities of such series may or shall be converted or exchanged into common stock or other Securities or other instruments or other forms of property of the Company or its subsidiaries, including without limitation, securities of
another Person held by the Company or its Affiliates, and if so the terms thereof; and 
 (21) any other terms of such series of
Subordinated Securities (which terms shall not be inconsistent with the provisions of this Subordinated Indenture). 
 (b) All
Subordinated Securities of any one series and Coupons, if any, appertaining thereto shall be substantially identical except that any series may have serial maturities and different interest rates for different maturities and except in the case of
Registered Subordinated Securities as to denomination and the differences herein specified between Registered Global

  

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Subordinated Securities and Registered Subordinated Securities issued in definitive form and except as may otherwise be provided in or pursuant to such Board Resolution and set forth in such
Officer’s Certificate or Supplemental Subordinated Indenture relating to such series of Subordinated Securities. All Subordinated Securities of any one series need not be issued at the same time, and, unless otherwise provided in the
Officer’s Certificate or Supplemental Subordinated Indenture relating to such series, a series may be reopened for issuances of additional Subordinated Securities of such series. 
 SECTION 2.04. Authentication and Delivery of Subordinated Indentures. 
 At any time and from time to time after the execution and delivery of this Subordinated Indenture, the Company may deliver any series of
Subordinated Securities having attached thereto appropriate Coupons, if any, executed by the Company to the Trustee for authentication by it together with the applicable documents referred to below in this Section 2.04, and the Trustee shall
thereupon authenticate and deliver said Subordinated Securities (or if only a single Subordinated Security, such Subordinated Security) and Coupons, if any, to or upon the written order of the Company, signed by an officer of the Company, without
any further corporate action. The maturity date, original issue date, interest rate and any other terms of the Subordinated Securities of such series and Coupons, if any, appertaining thereto shall be determined by or pursuant to such Company Order
and procedures. If provided for in such procedures, such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which instructions, if oral, shall
be promptly confirmed in writing. In authenticating such Subordinated Securities and accepting the additional responsibilities under this Subordinated Indenture in relation to such Subordinated Securities, the Trustee shall be entitled to receive
(in the case of subparagraphs (2), (3) and (4) below only at or before the time of the first request of the Company to the Trustee to authenticate Subordinated Securities of such series) and (subject to Section 7.01) shall be fully
protected in relying upon, the following enumerated documents unless and until such documents have been superseded or revoked: 
 (1) a Company Order requesting such authentication and setting forth delivery instructions if the Subordinated Securities and Coupons, if any, are not to be delivered to the Company, provided that, with respect to Subordinated Securities of
a series subject to a Periodic Offering, (a) such Company Order may be delivered by the Company to the Trustee prior to the delivery to the Trustee of such Subordinated Securities for authentication and delivery, (b) the Trustee shall
authenticate and deliver Subordinated Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount established for such series, pursuant to a Company Order or pursuant
to procedures acceptable to the Trustee as may be specified from time to time by a Company Order, (c) the maturity date or dates, original issue date or dates, interest rate or rates and any other terms of Subordinated Securities of such series
shall be determined by a Company Order or pursuant to such procedures and (d) if provided for in such procedures, such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or
its duly authorized agent or agents, which instructions, if oral, shall be promptly confirmed in writing; 
  

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 (2) any Board Resolution, Officer’s Certificate and/or executed Supplemental
Subordinated Indenture referred to in Section 2.01 and 2.03 by or pursuant to which the forms and terms of the Subordinated Securities and Coupons, if any, were established; 
 (3) an Officer’s Certificate setting forth the form or forms and terms of the Subordinated Securities and Coupons, if any, stating that
the form or forms and terms of the Subordinated Securities and Coupons, if any, have been established pursuant to Sections 2.01 and 2.03 and comply with this Subordinated Indenture, and covering such other matters as the Trustee may reasonably
request; and 
 (4) At the option of the Company, either one or more Opinions of Counsel, or a letter addressed to the Trustee
permitting it to rely on one or more Opinions of Counsel, substantially to the effect that: 
 (a) the form or forms of the
Subordinated Securities and Coupons, if any, have been duly authorized and established in conformity with the provisions of this Subordinated Indenture; 
 (b) in the case of an underwritten offering, the terms of the Subordinated Securities have been duly authorized and established in conformity with the provisions of this Subordinated Indenture, and, in
the case of an offering that is not underwritten, certain terms of the Subordinated Securities have been established pursuant to a Board Resolution, an Officer’s Certificate or a Supplemental Subordinated Indenture in accordance with this
Subordinated Indenture, and when such other terms as are to be established pursuant to procedures set forth in a Company Order shall have been established, all such terms will have been duly authorized by the Company and will have been established
in conformity with the provisions of this Subordinated Indenture; 
 (c) this Indenture and such Subordinated Securities, when
executed and issued by the Company and authenticated by the Trustee in accordance with the provisions of this Subordinated Indenture and duly paid for by the purchasers thereof, and subject to any conditions specified in such Opinion of Counsel,
will constitute valid and binding obligations of the Company, except as any rights thereunder may be limited by the effect of bankruptcy, insolvency, reorganization, receivership, conservatorship, arrangement, moratorium or other laws affecting or
relating to the rights of creditors generally; the rules governing the availability of specific performance, injunctive relief or other equitable remedies and general principles of equity, regardless of whether considered in a proceeding in equity
or at law; the effect of applicable court decisions invoking statutes or principles of equity, which have held that certain covenants and provisions of agreements are unenforceable where the breach of such covenants or provisions imposes
restrictions or burdens upon a borrower, and it cannot be demonstrated that the enforcement of such restrictions or burdens is necessary for the protection of the creditor, or which have held that the creditor’s enforcement of such covenants or
provisions under the circumstances would have violated the creditor’s covenants of good faith and fair dealing implied under California law; and the effect of California statutes and rules of law which cannot be waived prospectively by a
borrower, and such counsel need express no opinion with regard to the enforceability of Section 7.06 or of a judgment denominated in a currency other than United States Dollars; and 
  

 12 

 (d) the Company has complied with all applicable Federal laws and requirements in respect
of the execution and delivery of such Subordinated Securities; 
 (5) if the Securities are to be secured, a supplemental
indenture conforming to the requirements of Section 314 of the Trust Indenture Act and such other documents as may be required by Section 314; and 
 (6) if the Securities are to be convertible, a supplemental indenture conforming to the requirements of Section 314 of the Trust Indenture Act and such other documents as may be required by
Section 314. 
 In rendering such opinions, any counsel may qualify any opinions as to enforceability by stating that such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium, fraudulent transfer and other similar laws affecting the rights and remedies of creditors and is subject to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). Such counsel may rely upon opinions of other counsel (copies of which shall be delivered to the Trustee) reasonably satisfactory to the Trustee, in which case the
opinion shall state that such counsel believes he and the Trustee are entitled so to rely. Such counsel may also state that, insofar as such opinion involves factual matters, he has relied, to the extent he deems proper, upon certificates of
officers of the Company and its subsidiaries and certificates of public officials. 
 The Trustee shall have the right to
decline to authenticate and deliver any Subordinated Securities under this section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Company or if the Trustee in good faith by its board of
directors or board of trustees, executive committee or a trust committee of directors or trustees shall determine that such action would expose the Trustee to personal liability to existing Holders or would affect the Trustee’s own rights,
duties or immunities under the Subordinated Securities, this Subordinated Indenture or otherwise. 
 SECTION 2.05. Execution
of Subordinated Securities. The Subordinated Securities and each Coupon appertaining thereto, if any, shall be executed manually or in facsimile, by any two of the Chairman of the Board, Chief Executive Officer, the President, and Vice
President, the Secretary, any Assistant Secretary, the Chief Financial Officer, the Treasurer or any Assistant Treasurer of the Company under its corporate seal (except in the case of Coupons), which may be affixed thereto or printed, engraved or
otherwise reproduced thereon, by facsimile or otherwise. Only such Subordinated Securities or Coupons, if any, as shall bear thereon a certificate of authentication substantially in the form recited herein, executed by the Trustee manually by an
authorized officer, shall be entitled to the benefits of this Subordinated Indenture or be valid or obligatory for any purpose. Such certificate of authentication of the Trustee upon any Subordinated Security or Coupon, if any, executed by the
Company shall be conclusive evidence that the Subordinated Security or Coupon so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Subordinated Indenture. Typographical or other
errors or defects in the seal or facsimile signature on any Subordinated Security or in the text thereof shall not affect the validity or enforceability of such Subordinated Security if it has been duly authenticated and delivered by the Trustee.

  

 13 

 In case any officer of the Company who shall have signed any of the Subordinated Securities
or Coupons, if any, (manually or in facsimile) shall cease to be such officer before the Subordinated Securities or Coupons so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Subordinated
Securities or Coupons nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Subordinated Securities or Coupons had not ceased to be such officer of the Company. Also, any Subordinated Security or Coupon
may be signed on behalf of the Company by such Persons as on the actual date of execution of such Subordinated Security or Coupon shall be the proper officers of the Company, although at the date of the execution of this Subordinated Indenture or on
the nominal date of such Subordinated Security any such Person was not such officer. 
 SECTION 2.06. Certificate of
Authentication. Only such Subordinated Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized officers, shall be
entitled to the benefits of this Subordinated Indenture or be valid or obligatory for any purpose. No Coupon shall be entitled to the benefits of this Subordinated Indenture or shall be valid and obligatory for any purpose until the certificate of
authentication on the Subordinated Security to which such Coupon appertains shall have been duly executed by the Trustee. The execution of such certificate by the Trustee upon any Subordinated Security executed by the Company shall be conclusive
evidence that the Subordinated Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Subordinated Indenture. 
 SECTION 2.07. Denominations; Payment of Interest on Subordinated Securities. 
 (a) The Subordinated Securities of each series may be issued as Registered Subordinated Securities or Unregistered Subordinated Securities
in denominations all as shall be specified as contemplated by Section 2.03. In the absence of such provisions with respect to the Registered Subordinated Securities of any series, the Subordinated Securities of such series (other than any
Registered Global Subordinated Securities) shall be issued in denominations of $1,000 (or [Euro] 1,000, as applicable) and any integral multiple thereof. If denominations of Unregistered Subordinated Securities of any series are not so established,
such Subordinated Securities shall be issuable in denominations of $1,000 and $5,000 (or [Euro] 1,000 and [Euro] 5,000). The Subordinated Securities of each series shall be numbered, lettered or otherwise distinguished in such manner or in
accordance with such plan as the officers of the Company executing the same may determine with the approval of the Trustee, as evidenced by the execution and authentication thereof. 
 (b) If the Subordinated Securities of any series shall bear interest, each Subordinated Security of such series shall bear interest from the
applicable date at the rate per annum specified in the Officer’s Certificate or Supplemental Subordinated Indenture with respect to such series of Subordinated Securities. Unless otherwise specified in the Officer’s Certificate or
Supplemental Subordinated Indenture with respect to the Subordinated Securities of any series, interest on the Subordinated Securities of such series shall be computed on the basis of a 360–day year of twelve 30–day months. Such interest
shall be payable on the Interest Payment Dates specified in the Officer’s Certificate or Supplemental Subordinated Indenture with respect to such series of Subordinated Securities. The Person in whose name any Subordinated Security (or one or
more Predecessor Subordinated Securities) is registered at the close of business on the applicable

  

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Record Date for the series of which such Subordinated Security is a part shall be entitled to receive the interest payable thereon on such Interest Payment Date notwithstanding the cancellation
of such Subordinated Security upon any transfer or exchange thereof subsequent to such Record Date and prior to such Interest Payment Date unless such Subordinated Security shall have been called for redemption on a Redemption Date which is
subsequent to such Record Date and prior to such Interest Payment Date or unless the Company shall default in the payment of interest due on such Interest Payment Date on any Subordinated Security of such series. 
 Any interest on any Subordinated Security of any series 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 Record Date solely by virtue of such Holder having been such Holder; and such Defaulted Interest may be
paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 
 (1) The Company may
elect to make payment of any Defaulted Interest on the Subordinated Securities of any series to the Persons in whose names such Subordinated Securities (or their respective Predecessor Subordinated 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 Subordinated Security
and the date of the proposed payment (which date shall be such as will enable the Trustee to comply with the next sentence hereof), 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 subsection provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 nor 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 a Subordinated Security of such series at such Holder’s address as it appears
in the 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 the Subordinated Securities of such series are registered on such Special Record Date and shall no longer be payable pursuant to the following subsection (2). 
 (2) The Company may make payment of any Defaulted Interest on the Subordinated Securities of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Subordinated Securities 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 subsection, such payment shall be deemed practicable by the Trustee. 
 Interest on Subordinated
Securities of any series that bear interest may be paid by mailing a check to the address of the person entitled thereto as such address shall appear in the Register. 
  

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 Subject to the foregoing provisions of this Section 2.07, each Subordinated Security
delivered under this Subordinated Indenture upon transfer of or in exchange for or in lieu of any other Subordinated Security shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Subordinated
Security and each such Subordinated Security shall bear interest from such date, such that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 
 SECTION 2.08. Registration, Transfer and Exchange of Subordinated Securities. Except as specifically otherwise provided herein with
respect to Registered Global Subordinated Securities, Subordinated Securities of any series may be exchanged for a like aggregate principal amount of Subordinated Securities of the same series of other authorized denominations. Subordinated
Securities to be exchanged shall be surrendered at the offices or agencies to be maintained in accordance with the provisions of Section 4.03 and the Company shall execute the Subordinated Security or Subordinated Securities, and the Trustee
shall authenticate and deliver in exchange therefor the Subordinated Security or Subordinated Securities which the Subordinated Securityholder making the exchange shall be entitled to receive. 
 The Company shall cause the Trustee to keep or cause to be kept, at one or more of the offices or agencies to be maintained by the Trustee
in accordance with the provisions of Section 4.03 with respect to the Subordinated Securities of each series, the Register in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of
the Registered Subordinated Securities of such series and the transfer of Registered Subordinated Securities of such series as in this Article provided. The Register shall be in written form or in any other form capable of being converted into
written form within a reasonable time. At all reasonable times the Register shall be open for inspection by the Trustee and any registrar of the Subordinated Securities of such series other than the Trustee. Upon due presentment for transfer of any
Subordinated Security of any series at the offices or agencies of the Company to be maintained in accordance with Section 4.03 with respect to the Registered Subordinated Securities of such series, the Company shall execute a new Subordinated
Security and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Subordinated Security or Registered Subordinated Securities of the same series for a like aggregate principal amount of authorized
denominations. Notwithstanding any other provisions of this Section 2.08, unless and until it is exchanged in whole or in part for Registered Subordinated Securities in definitive form, a Global Subordinated Security representing all or a
portion of the Registered Subordinated Securities of a series may not be transferred except as a whole by the Depository for such series to a nominee of such Depository or by a nominee of such Depository to such Depository or another nominee of such
Depository or by such Depository or any such nominee to a successor Depository for such series or a nominee of such successor Depository. 
 Unregistered Subordinated Securities (except for any temporary global Unregistered Subordinated Securities) and Coupons (except for Coupons attached to any temporary global Unregistered Subordinated
Securities) shall be transferable by delivery. 
 At the option of the Holder thereof, Registered Subordinated Securities of any
series (other than a Registered Global Subordinated Security, except as set forth below) may be exchanged for a Registered Subordinated Security or Registered Subordinated Securities of such series and tenor having authorized denominations and an
equal aggregate principal amount, upon

  

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surrender of such Registered Subordinated Securities to be exchanged at the agency of the Company that shall be maintained for such purpose in accordance with Section 4.03 and upon payment,
if the Company shall so require, of the charges hereinafter provided. If the Subordinated Securities of any series are issued in both registered and unregistered form, except as otherwise established pursuant to Section 2.03, at the option of
the Holder thereof, Unregistered Subordinated Securities of any series may be exchanged for Registered Subordinated Securities of such series and tenor having authorized denominations and an equal aggregate principal amount, upon surrender of such
Unregistered Subordinated Securities to be exchanged at the agency of the Company that shall be maintained for such purpose in accordance with Section 4.03, with, in the case of Unregistered Subordinated Securities that have Coupons attached,
all unmatured Coupons and all matured Coupons in default thereto appertaining, and upon payment, if the Company shall so require, of the charges hereinafter provided. At the option of the Holder thereof, if Unregistered Subordinated Securities of
any series, maturity date, interest rate and original issue date are issued in more than one authorized denomination, except as otherwise established pursuant to Section 2.03, such Unregistered Subordinated Securities may be exchanged for
Unregistered Subordinated Securities of such series and tenor having authorized denominations and an equal aggregate principal amount, upon surrender of such Unregistered Subordinated Securities to be exchanged at the agency of the Company that
shall be maintained for such purpose in accordance with Section 4.03, with, in the case of Unregistered Subordinated Securities that have Coupons attached, all unmatured Coupons and all matured Coupons in default thereto appertaining, and upon
payment, if the Company shall so require, of the charges hereinafter provided. Registered Subordinated Securities of any series may not be exchanged for Unregistered Subordinated Securities of such series unless (1) otherwise specified pursuant
to Section 2.03 and (2) the Company has delivered to the Trustee an Opinion of Counsel that (x) the Company has received from the IRS a ruling or (y) since the date hereof, there has been a change in the applicable United States
federal income tax law, in either case to the effect that the inclusion of terms permitting Registered Subordinated Securities to be exchanged for Unregistered Subordinated Securities would result in no United States federal income tax effect
adverse to the Company or to any Holder. Whenever any Subordinated Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Subordinated Securities which the Holder making the
exchange is entitled to receive. All Subordinated Securities and Coupons, if any, surrendered upon any exchange or transfer provided for in this Subordinated Indenture shall be promptly cancelled and disposed of by the Trustee, and the Trustee shall
deliver a certificate of disposition thereof to the Company. 
 All Registered Subordinated Securities of any series
presented or surrendered for exchange, transfer, redemption, conversion or payment shall, if so required by the Company or any registrar of the Subordinated Securities of such series, be accompanied by a written instrument or instruments of
transfer, in form satisfactory to the Company and such registrar, duly executed by the registered Holder or by such Person’s attorney duly authorized in writing. 
 No service charge shall be made for any exchange or registration of transfer of Subordinated Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto. 
  

 17 

 The Company shall not be required to exchange or transfer (a) any Subordinated
Securities of any series during a period beginning at the opening of business 15 days before the day of the first publication or the mailing (if there is no publication) of a notice of redemption of Subordinated Securities of such series and ending
at the close of business on the day of such publication or mailing or (b) any Subordinated Securities called or selected for redemption in whole or in part, except, in the case of Subordinated Securities called for redemption in part, the
portion thereof not so called for redemption in whole or in part or during a period beginning at the opening of business on any Record Date for such series and ending at the close of business on the relevant Interest Payment Date therefor.

 SECTION 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Subordinated Securities. In case any temporary or
definitive Subordinated Security or any Coupon appertaining to any Subordinated Security shall be mutilated, defaced, destroyed, lost or stolen, the Company in its discretion may execute and, upon the written request of any officer of the Company,
the Trustee shall authenticate and delivery, a new Subordinated Security of the same series, maturity date, interest rate and original issue date, bearing a number or other distinguishing symbol not contemporaneously outstanding, in exchange and
substitution for the mutilated or defaced Subordinated Security, or in lieu of and in substitution for the Subordinated Security so destroyed, lost or stolen with Coupons corresponding to the Coupons appertaining to the Subordinated Securities so
mutilated, defaced, destroyed, lost or stolen, or in exchange or substitution for the Subordinated Security to which such mutilated, defaced, destroyed, lost or stolen Coupon appertained, with Coupons appertaining thereto corresponding to the
Coupons so mutilated, defaced, destroyed, lost or stolen. In every case the applicant for a substitute Subordinated Security or Coupon shall furnish to the Company and to the Trustee and any agent of the Company or the Trustee such security or
indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Subordinated Security or Coupon
and of the ownership thereof, and in the case of mutilation or defacement shall surrender the Subordinated Security and related Coupons to the Trustee or such agent. 
 Upon the issuance of any substitute Subordinated Security or Coupon, 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 (including the fees and expenses of the Trustee) or its agent connected therewith. In case any Subordinated Security or Coupon which has matured or is about to mature or has been called for redemption in full shall
become mutilated or defaced or be destroyed, lost or stolen, the Company may instead of issuing a substitute Subordinated Security, pay or authorize the payment of the same or the relevant Coupon (without surrender thereof except in the case of a
mutilated or defaced Subordinated Security or Coupon), if the applicant for such payment shall furnish to the Company and to the Trustee and any agent of the Company or the Trustee such security or indemnity as any of them may require 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 and any agent of the Company or the Trustee evidence to their satisfaction of the destruction, loss or theft of
such Subordinated Security or Coupons and of the ownership thereof. 
 Every substitute Subordinated Security or Coupon of any
series issued pursuant to the provisions of this Section by virtue of the fact that any such Subordinated Security or Coupon is

  

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destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Subordinated Security or Coupon shall be at any time
enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Subordinated Indenture equally and proportionately with any and all other Subordinated Securities or Coupons
of such series duly authenticated and delivered hereunder. All Subordinated Securities and Coupons shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the
replacement or payment of mutilated, defaced or destroyed, lost or stolen Subordinated Securities and Coupons and shall preclude any and all other rights or remedies notwithstanding any law or statue existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 
 SECTION
2.10. Cancellation and Destruction of Surrendered Subordinated Securities. All Subordinated Securities and Coupons surrendered for payment, redemption, transfer, conversion or exchange, or for credit against any payment in respect of a
sinking or analogous fund, if any, shall, if surrendered to the Company, the Trustee or any agent of the Company or of the Trustee, be delivered to the Trustee, and the same, together with Subordinated Securities surrendered to the Trustee for
cancellation, shall be canceled by it and thereafter disposed of by it as directed by the Company, and no Subordinated Securities or Coupons shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Subordinated
Indenture. The Trustee shall destroy canceled Subordinated Securities and Coupons and deliver a certificate of destruction thereof to the Company unless by an Officer’s Certificate of the Company, the Company shall direct that canceled
Subordinated Securities be returned to it. If the Company shall purchase or otherwise acquire any of the Subordinated Securities and Coupons, however, such purchase or acquisition shall not operate as a payment, redemption or satisfaction of the
indebtedness represented by such Subordinated Securities or Coupons unless and until the Company, at its option shall deliver or surrender the same to the Trustee for cancellation. 
 SECTION 2.11. Temporary Subordinated Securities. Pending the preparation of definitive Subordinated Securities of any series, the
Company may execute and the Trustee shall authenticate and deliver temporary Subordinated Securities of such series which are printed, lithographed, typewritten or otherwise produced, in each case satisfactory to the Trustee. Temporary Subordinated
Securities of any series shall be issuable as Registered Subordinated Securities without coupons, or as Unregistered Subordinated Securities with or without coupons attached thereto of any authorized denomination, and substantially in the form of
the definitive Subordinated Securities of such series but with such appropriate omissions, insertions, substitutions and other variations as the officers executing such Subordinated Securities may determine, as evidenced by their execution of such
Subordinated Securities. Every such temporary Subordinated Security shall be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with the same effect, as the definitive Subordinated Securities. If
temporary Subordinated Securities are issued, the Company will cause definitive Subordinated Securities to be prepared without unreasonable delay. After the preparation of definitive Subordinated Securities, the temporary Subordinated Securities of
such series shall be exchangeable for definitive Subordinated Securities upon surrender of the temporary Subordinated Securities without charge to the Holder at the offices or agencies to be maintained by the Trustee as provided in Section 4.03
with respect to the Subordinated Securities of such series and in the case of Unregistered Subordinated Securities, at any agency maintained by the

  

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Company for such purpose as specified pursuant to Section 2.03. Upon surrender for cancellation of any one or more temporary Subordinated Securities the Company shall execute and the Trustee
shall authenticate and deliver in exchange for such temporary Subordinated Securities an equal aggregate principal amount of definitive Subordinated Securities of such series and in the case of Unregistered Subordinated Securities, having attached
thereto any appropriate Coupons. Until so exchanged, the temporary Subordinated Securities of any series shall in all respects be entitled to the benefits of this Subordinated Indenture and interest thereon, when and as payable, shall be paid to the
registered owners thereof. The provisions of this Section are subject to any restrictions or limitations on the issue and delivery of temporary Unregistered Subordinated Securities of any series that may be established pursuant to Section 2.03
(including any provision that Unregistered Subordinated Securities of such series initially be issued in the form of a single global Unregistered Subordinated Security to be delivered to a depositary or agency located outside the United States and
the procedures pursuant to which definitive or global Unregistered Subordinated Securities of such series would be issued in exchange for such temporary global Unregistered Subordinated Security). 
 SECTION 2.12. Subordinated Securities in Global Form; Depositories. (a) Each Registered Global Subordinated Security shall:
(i) represent and be denominated in an aggregate amount equal to the aggregate principal amount of the Subordinated Securities of the series to be represented by such Registered Global Subordinated Security, (ii) be registered in the name
of either the Depository for such Registered Global Subordinated Security or the nominee of such Depository, (iii) be delivered by the Trustee to such Depository or pursuant to such Depository’s written instruction and (iv) bear a
legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Subordinated Securities in definitive form, this Registered Global Subordinated Security may not be transferred except as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any nominee to a successor Depository or a nominee of any successor Depository.” The
notation of the record owner’s interest in such Registered Global Subordinated Security upon the original issuance thereof shall be deemed to be delivery in connection with the original issuance of each beneficial owner’s interest in such
Registered Global Subordinated Security. Without limiting the foregoing, the Company and the Trustee shall have no responsibility, obligation or liability with respect to: (x) the maintenance, review or accuracy of the records of the Depository
or of any of its participating organizations with respect to any ownership interest in or payments with respect to such Registered Global Subordinated Security, (y) any communication with or delivery of any notice (including notices of
redemption) with respect to the series of Subordinated Securities represented by the Registered Global Subordinated Security to any Person having any ownership interest in such Registered Global Subordinated Security or to any of the
Depository’s participating organizations or (z) any payment made on account of any beneficial ownership interest in such Registered Global Subordinated Security. 
 (b) If any Subordinated Security of a series is issuable in the form of a Registered Global Subordinated Security or Subordinated
Securities, each such Registered Global Subordinated Security may provide that it shall represent the aggregate amount of Outstanding Subordinated Securities of such series from time to time endorsed thereon and may also provide that the aggregate
amount of Outstanding Subordinated Securities of such series represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a

  

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Registered Global Subordinated Security to reflect the amount of Outstanding Subordinated Securities of a series represented thereby shall be made by the Trustee and in such manner as shall be
specified on such Registered Global Subordinated Security. Any instructions by the Company with respect to a Registered Global Subordinated Security, after its initial issuance, shall be in writing but need not comply with Section 13.03 of this
Subordinated Indenture. 
 (c) Each Depository designated pursuant to the provisions of Section 2.03 of this Subordinated
Indenture for a Registered Global Subordinated Security must, at the time of its designation and at all times while it serves as a depositary, be a clearing agency registered under the Exchange Act, and any other applicable statute or regulation. If
at any time the Depository for the Subordinated Securities of a series notifies the Company that it is unwilling or unable to continue as Depository for the Subordinated Securities of such series or if at any time the Depository for the Subordinated
Securities of such series shall no longer be eligible under this Section 2.12, the Company shall appoint a successor Depository with respect to the Subordinated Securities of such series. If a successor Depository for the Subordinated
Securities of such series is not appointed by the Company within 90 days after the Company receives such notice or learns of such ineligibility, the Company shall execute and the Company shall direct the Trustee to authenticate and deliver
definitive Subordinated Securities of such series in authorized denominations in exchange for the Registered Global Subordinated Security or Subordinated Securities. Upon receipt of such direction, the Trustee shall thereupon authenticate and
deliver the definitive Subordinated Securities of such series in the same aggregate principal amount as the Registered Global Subordinated Security or Subordinated Securities representing such series in exchange for such Registered Global
Subordinated Security or Subordinated Securities, in accordance with the provisions of subsection (e) of this Section 2.12, without any further corporate action by the Company. 
 (d) The Company may at any time and in its sole discretion determine that the Registered Subordinated Securities of any series issued in the
form of one or more Registered Global Subordinated Securities shall no longer be represented by such Registered Global Subordinated Security or Subordinated Securities. In such event, the Company will execute and upon receipt of a written order from
the Company, the Trustee shall thereupon authenticate and deliver Subordinated Securities of such series in definitive form and in authorized denominations in an aggregate principal amount equal to the principal amount of the Registered Global
Subordinated Security or Subordinated Securities representing such series in exchange for such Registered Global Subordinated Security or Subordinated Securities, in accordance with the provisions of subsection (e) of this Section 2.12
without any further corporate action by the Company. 
 (e) Upon any exchange hereunder of the Registered Global Subordinated
Security or Subordinated Securities for Subordinated Securities in definitive form, such Registered Global Subordinated Security or Subordinated Securities shall be canceled by the Trustee. Registered Subordinated Securities issued hereunder in
exchange for the Registered Global Subordinated Security or Subordinated Securities shall be registered in such names and in such authorized denominations as the Depository for such Registered Global Subordinated Security, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such definitive Subordinated Securities in exchange for the Registered Global Subordinated Security or Subordinated Securities to the
persons in whose name such definitive Subordinated Securities have been registered in accordance with the directions of the Depository. 
  

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 (f) Any time the Registered Subordinated Securities of any series are not in the form of
Registered Global Subordinated Securities pursuant to the preceding two paragraphs, the Company agrees to supply the Trustee with a reasonable supply of certified Registered Subordinated Securities without the legend required by this
Section 2.12 and the Trustee agrees to hold such Registered Subordinated Securities in safekeeping until authenticated and delivered pursuant to the terms of this Subordinated Indenture. 
 If established by the Company pursuant to Section 2.03 with respect to any Registered Global Subordinated Security, the Depositary for
such Registered Global Subordinated Security may surrender such Registered Global Subordinated Security in exchange in whole or in part for Subordinated Securities of the same series and tenor in definitive registered form on such terms as are
acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, 
 (i) to the Person specified by such Depositary new Registered Subordinated Securities of the same series and tenor, of any
authorized denominations as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Registered Global Subordinated Security; and 
 (ii) to such Depositary a new Registered Global Subordinated Security in a denomination equal to the difference, if any,
between the principal amount of the surrendered Registered Global Subordinated Security and the aggregate principal amount of Registered Subordinated Securities authenticated and delivered pursuant to clause (i) above. 
 Registered Subordinated Securities issued in exchange for a Registered Global Subordinated Security pursuant to this Section 2.12 shall
be registered in such names and in such authorized denominations as the Depositary for such Registered Global Subordinated Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or an
agent of the Company or the Trustee. The Trustee or such agent shall deliver such Subordinated Securities to or as directed by the Persons in whose names such Subordinated Securities are so registered. 
 All Subordinated Securities issued upon any transfer or exchange of Subordinated Securities shall be valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Subordinated Securities surrendered upon such transfer or exchange. 
 Notwithstanding anything herein or in the forms or terms of any Subordinated Securities to the contrary, none of the Company, the Trustee or any agent of the Company or the Trustee shall be required to
exchange any Unregistered Subordinated Security for a Registered Subordinated Security if such exchange would result in adverse Federal income tax consequences to the Company (such as, for example, the inability of the Company to deduct from its
income, as computed for Federal income tax purposes, the interest payable on the Unregistered Subordinated Securities) under then applicable United States Federal income tax laws. The Trustee and any such agent shall be entitled to rely on an
Officers’ Certificate or an Opinion of Counsel in determining such result. 
  

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 SECTION 2.13. CUSIP Numbers. The Company in issuing the Subordinated Securities may
use “CUSIP” and “CINS” numbers (if then generally in use), and the Trustee shall use CUSIP numbers or CINS numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders and no representation shall
be made as to the correctness of such numbers either as printed on the Subordinated Securities or as contained in any notice of redemption or exchange. 
 SECTION 2.14. Series May Include Tranches. A series of Subordinated Securities may include one or more tranches (each a “tranche”) of Subordinated Securities, including
Subordinated Securities issued in a Periodic Offering. The Subordinated Securities of different tranches may have one or more different terms, including authentication dates and public offering prices, but all the Subordinated Securities within each
such tranche shall have identical terms, including authentication date and public offering price. Notwithstanding any other provisions of this Subordinated Indenture, with respect to Sections 2.05 through 2.12, 3.01 through 3.06, 4.03, 6.01 through
6.12, 10.02 and 11.01 through 11.05, if any series of Subordinated Securities includes more than one tranche, all provisions of such sections applicable to any series of Subordinated Securities shall be deemed equally applicable to each tranche of
any series of Subordinated Securities in the same manner as though originally designated a series unless otherwise provided with respect to such series or tranche pursuant to Section 2.03. In particular, and without limiting the scope of the
next preceding sentence, any of the provisions of such sections which provide for or permit action to be taken with respect to a series of Subordinated Securities shall also be deemed to provide for and permit such action to be taken instead only
with respect to Subordinated Securities of one or more tranches within that series (and such provisions shall be deemed satisfied thereby), even if no comparable action is taken with respect to Subordinated Securities in the remaining tranches of
that series. 
 ARTICLE THREE 
 REDEMPTION OF SUBORDINATED SECURITIES AND SINKING FUNDS 
 SECTION 3.01.
Applicability of Article. The provisions of this Article shall be applicable to the Subordinated Securities of any series which are redeemable before their Stated Maturity or to any sinking fund for the retirement of Subordinated Securities
of a series except as otherwise specified as contemplated by Section 2.03 for Subordinated Securities of such series. 
 SECTION 3.02. Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Registered Subordinated Securities of any series to be redeemed as a whole or in part at the option of the Company shall be given by
mailing notice of such redemption by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Subordinated Securities of such series at their last addresses as they shall
appear upon the Register. Notice of redemption to the Holders of Unregistered Subordinated Securities to be redeemed as a whole or in part, who have filed their names and addresses with the Trustee pursuant to Section 313(c)(2) of the Trust
Indenture Act shall be given by mailing notice of such redemption, by first class mail, postage prepaid, at least 30 days and not more than 60 prior to the date fixed for redemption, to such Holders at such addresses as

  

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were so furnished to the Trustee (and, in the case of any such notice given by the Company, the Trustee shall make such information available to the Company for such purpose). Notice of
redemption to all other Holders of Unregistered Subordinated Securities shall be published in an Authorized Newspaper in the Borough of Manhattan, The City of New York and in an Authorized Newspaper in London (and, if required by Section 4.09,
in an Authorized Newspaper in Luxembourg), in each case, once in each of three successive calendar weeks, the first publication to be not less than 30 nor more than 60 days prior to the date fixed for redemption. Any notice which is mailed in the
manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Subordinated Security of a series
designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of such Subordinated Security of such series. 
 The notice of redemption to each such Holder shall specify the principal amount of each Subordinated Security of such series held by such Holder to be redeemed, the date fixed for redemption, the
redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Subordinated Securities and, in the case of Subordinated Securities with Coupons attached thereto, of all Coupons appertaining
thereto maturing after the date fixed for redemption, that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such
notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. In case any Subordinated Security of a series is to be redeemed in part only the notice of redemption shall state the portion of
the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Subordinated Security, a new Subordinated Security or Subordinated Securities of such series in principal amount
equal to the unredeemed portion thereof will be issued. 
 The notice of redemption of Subordinated Securities of any series to
be redeemed at the option of the Company shall be given by the Company or, at the Company’s request delivered to the Trustee at least five Business Days prior to the intended date of mailing to the Holders, by the Trustee in the name and at the
expense of the Company. 
 On or before the redemption date specified in the notice of redemption given as provided in this
Section, the Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate and holder in trust as provided in Section 4.05) an amount of money sufficient to
redeem on the redemption date all the Subordinated Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. The Company will deliver to the Trustee at
least 70 days prior to the date fixed for redemption, or such shorter period as shall be acceptable to the Trustee, an Officer’s Certificate stating the aggregate principal amount of Subordinated Securities to be redeemed. In case of a
redemption at the election of the Company prior to the expiration of any restriction on such redemption, the Company shall deliver to the Trustee, prior to the giving of any notice of redemption to Holders pursuant to this Section, an Officer’s
Certificate stating that such restriction has been complied with. 
 If less than all the Subordinated Securities of a series
are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair, in its sole discretion, Subordinated Securities of such series to be redeemed in whole or in part. Subordinated

  

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Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Subordinated Securities of such series or any multiple thereof. The Trustee shall promptly notify
the Company in writing of the Subordinated Securities of such series selected for redemption and, in the case of any Subordinated Securities of such series selected for partial redemption, the principal amount thereof to be redeemed. For all
purposes of this Subordinated Indenture, unless the context otherwise requires, all provisions relating to the redemption of Subordinated Securities of any series shall relate, in the case of any Subordinated Security redeemed or to be redeemed only
in part, to the portion of the principal amount of such Subordinated Security which has been or is to be redeemed. 
 SECTION
3.03. Payment of Subordinated Securities Called for Redemption. If notice of redemption has been given as above provided, the Subordinated Securities or portions of Subordinated Securities specified in such notice 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 Subordinated
Securities at the redemption price, together with interest accrued to said date) interest on the Subordinated Securities or portions of Subordinated Securities so called for redemption shall cease to accrue, and the unmatured Coupons, if any,
appertaining thereto shall be void, and, except as provided in Sections 7.05 and 11.04, such Subordinated Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Subordinated
Indenture, and the Holders thereof shall have no right in respect of such Subordinated Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such
Subordinated Securities at a place of payment specified in said notice, together with all Coupons, if any, appertaining thereto maturing after the date fixed for redemption, said Subordinated 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, that payment of interest becoming due on or prior to the date fixed for redemption shall be
payable in the case of Subordinated Securities with Coupons attached thereto, to the Holders of the Coupons for such interest upon surrender thereof, and in the case of Registered Subordinated Securities, to the Holder of such Registered
Subordinated Securities registered as such on the relevant record date, subject to the terms and provisions of Section 2.03 and 2.07 hereof. 
 If any Subordinated Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed for
redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Subordinated Security) borne by such Subordinated Security. 
 If any Subordinated Security with Coupons attached thereto is surrendered for redemption and is not accompanied by all appurtenant Coupons maturing after the date fixed for redemption, the surrender of
such missing Coupon or Coupons may be waived by the Company and the Trustee, if there be furnished to each of them such security or indemnity as they may require to save each of them harmless. 
 Upon presentation of any Subordinated Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and
deliver to or on the order of the Holder thereof, at the expense of the Company, a new Subordinated Security or Subordinated Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the
Subordinated Security so presented. 
  

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 SECTION 3.04. Exclusion of Certain Subordinated Securities From Eligibility for Selection
for Redemption. Subordinated Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in an Officer’s Certificate delivered to the Trustee at least 40 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. 
 SECTION
3.05. Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Subordinated Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of the Subordinated Securities of any series herein referred to as an “optional sinking fund payment.” The date on which a sinking fund payment is to be made
is herein referred to as the “sinking fund payment date.” 
 In lieu of making all or any part of any mandatory
sinking fund payment with respect to any series of Subordinated Securities in cash, the Company may at its option (a) deliver to the Trustee Subordinated Securities of such series theretofore purchased or otherwise acquired (except upon
redemption pursuant to the mandatory sinking fund) by the Company or receive credit for Subordinated Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Company and
delivered to the Trustee for cancellation pursuant to Section 2.10, (b) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this Section, or (c) receive credit for Subordinated Securities of
such series (not previously so credited) redeemed by the Company through any optional redemption provision contained in the terms of such series. Subordinated Securities so delivered or credited shall be received or credited by the Trustee at the
sinking fund redemption price specified in such Subordinated Securities. 
 On or before the 60th day next preceding each sinking fund payment date for any series,
the Company will deliver to the Trustee an Officer’s Certificate (which need not contain the statements required by Section 13.03) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and
the portion to be satisfied by credit of Subordinated Securities of such series and the basis for such credit, (b) stating that none of the Subordinated Securities of such series has theretofore been so credited, (c) stating that no
defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or cured) and are continuing and (d) stating whether or not the Company intends to exercise its right to make an
optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which the Company intends to pay on or before the next succeeding sinking fund payment date. Any Subordinated
Securities of such series to be credited and required to be delivered to the Trustee in order for the Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation
pursuant to Section 2.10 to the Trustee with such Officer’s Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer’s Certificate shall be irrevocable and upon its receipt by the Trustee the

  

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Company shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the
Company, on or before any such 60th day, to deliver such
Officer’s Certificate and Subordinated Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Company (i) that the mandatory sinking fund
payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Subordinated Securities of such series in respect thereof and (ii) that the Company will make no
optional sinking fund payment with respect to such series as provided in this Section. 
 If the sinking fund payment or
payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Foreign
Currency or ECU) or a lesser sum in United States Dollars (or the equivalent thereof in any Foreign Currency or ECU) if the Company shall so request with respect to the Subordinated Securities of any particular series, such cash shall be applied on
the next succeeding sinking fund payment date to the redemption of Subordinated Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount shall be $50,000 (or the
equivalent thereof in any Foreign Currency or ECU) or less and the Company makes no such request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Foreign Currency or ECU) is available. The Trustee
shall select, in the manner provided in Section 3.02, for redemption on such sinking fund payment date a sufficient principal amount of Subordinated Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in
writing by the Company) inform the Company of the serial numbers of the Subordinated Securities of such series (or portions thereof) so selected. Subordinated Securities shall be excluded from eligibility for redemption under this Section if they
are identified by registration and certificate number in an Officer’s Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date 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 Officer’s Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Company. The Trustee, in the name
and at the expense of the Company (or the Company, if it shall so request the Trustee in writing) shall cause notice of redemption of the Subordinated Securities of such series to be given in substantially the manner provided in Section 3.02
(and with the effect provided in Section 3.03) for the redemption of Subordinated Securities of such series in part at the option of the Company. The amount of any sinking fund payments not so applied or allocated to the redemption of
Subordinated Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section. Any and all sinking fund moneys held on
the Stated Maturity date of the Subordinated Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Subordinated Securities of such series shall be applied,
together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of, and interest on, the Subordinated Securities of such series at its Stated Maturity. 
 On or before each sinking fund payment date, the Company shall pay to the Trustee in cash or shall otherwise provide for the payment of all
interest accrued to the date fixed for redemption on Subordinated Securities to be redeemed on the next following sinking fund payment date. 
  

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 The Trustee shall not redeem or cause to be redeemed any Subordinated Securities of a series
with sinking fund moneys or give any notice of redemption of Subordinated Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Subordinated Securities or of any Event of
Default except that, where the giving of notice of redemption of any Subordinated Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Subordinated Securities, provided that it shall have received from
the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall,
during the continuance of such default or Event of Default be deemed to have been collected under Article 5 and held for the payment of all such Subordinated Securities. In case such Event of Default shall have been waived as provided in
Section 6.09 or the default cured on or before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section to the
redemption of such Subordinated Securities. 
 ARTICLE FOUR 
 PARTICULAR COVENANTS OF THE COMPANY 
 SECTION 4.01.
Payment of Principal of and Interest on Subordinated Securities. The Company covenants that it will duly and punctually pay or cause to be paid the principal of and any interest and premium on each of the Subordinated Securities in accordance
with the terms of the Subordinated Securities and in the Coupons, if any, appertaining thereto and this Subordinated Indenture. Except with respect to any Registered Global Subordinated Securities, if the Subordinated Securities of any series bear
interest, each installment of interest on the Subordinated Securities of such series may, at the option of the Company, be paid by mailing a check or checks for such interest payable to the Person entitled thereto pursuant to Section 2.07 to
the address of such Person as it appears on the Register of such series on the applicable Record Date for such interest payment. The interest on Securities with Coupons attached (together with any additional amounts payable pursuant to the terms of
such Securities) shall be payable only upon presentation and surrender of the several Coupons for such interest installments as are evidenced thereby as they severally mature. If any temporary Unregistered Security provides that interest thereon may
be paid while such Security is in temporary form, the interest on any such temporary Unregistered Security (together with any additional amounts payable pursuant to the terms of such Security) shall be paid, as to the installments of interest
evidenced by Coupons attached thereto, if any, only upon presentation and surrender thereof, and, as to the other installments of interest, if any, only upon presentation of such Securities for notation thereon of the payment of such interest, in
each case subject to any restrictions that may be established pursuant to Section 2.03. The interest, if any, on Registered Securities (together with any additional amounts payable pursuant to the terms of such Securities) shall be payable only
to or upon the written order of the Holders thereof and, at the option of the Company, may be paid by wire transfer or by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses as they appear on
the Register of the Company. 
  

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 SECTION 4.02. Corporate Existence of the Company; Consolidation, Merger, Sale or
Transfer. The Company covenants that so long as any of the Subordinated Securities are Outstanding, it will maintain its existence, will not dissolve, sell or otherwise dispose of all or substantially all of its assets and will not consolidate
with or merge into another entity or permit one or more other entities to consolidate with or merge into it; provided that the Company may, without violating the covenants in this Section 4.02 contained, consolidate with or merge into another
entity or permit one or more other entities to consolidate with or merge into it, or sell or otherwise transfer to another entity all or substantially all of its assets as an entirety and thereafter dissolve, if the surviving, resulting or
transferee entity, as the case may be, (i) shall be organized and existing under the laws of one of the States of the United States of America, (ii) assumes, if such entity is not the Company, all of the obligations of the Company
hereunder and (iii) is not, after such transaction, otherwise in default under any provisions hereof. 
 SECTION 4.03.
Maintenance of Offices or Agencies for Transfer, Registration, Exchange and Payment of Subordinated Securities. So long as any of the Subordinated Securities shall remain Outstanding, the Company covenants that it will cause the Trustee to
maintain an office or agency in either The City of New York, State of New York, or the City and County of Los Angeles, State of California, where the Subordinated Securities may be presented for registration, exchange and transfer as in this
Subordinated Indenture provided, and where notices and demands to or upon the Trustee in respect of the Subordinated Securities or of this Subordinated Indenture may be served, and where the Subordinated Securities may be presented for payment. In
case the Trustee shall fail to maintain any such office or agency, presentations and demands may be made and notices may be served at the principal office of the Company. 
 The Company will maintain one or more agencies in a city or cities located outside the United States (including any city in which such an
agency is required to be maintained under the rules of any stock exchange on which the Securities of any series are listed) where the Unregistered Securities, if any, of each series and Coupons, if any, appertaining thereto may be presented for
payment. No payment on any Unregistered Security or Coupon will be made upon presentation of such Unregistered Security or Coupon at an agency of the Company within the United States nor will any payment be made by transfer to an account in, or by
mail to an address in, the United States unless, pursuant to applicable United States laws and regulations then in effect, such payment can be made without adverse tax consequences to the Company. Notwithstanding the foregoing, if full payment in
United States Dollars at each agency maintained by the Company outside the United States for payment on such Unregistered Securities or Coupons appertaining thereto is illegal or effectively precluded by exchange controls or other similar
restrictions, payments in United States Dollars of Unregistered Securities of any series and coupons appertaining thereto which are payable in United States Dollars may be made at an agency of the Company maintained in the City of New York.

 The Company will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to
or upon the Company in respect of the Subordinated Securities of any series, the Coupons appertaining thereto or this Subordinated Indenture may be served. 
 The Company will give to the Trustee written notice of the location of each such office or agency and of any change of location thereof. In case the Company shall fail to maintain any

  

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agency required by this Section to be located in the Borough of Manhattan, The City of New York or the City and County of Los Angeles, or shall fail to give such notice of the location or
for any change in the location of any of the above agencies, presentations and demands may be made and notices may be served at the Principal Office of the Trustee. 
 The Company may from time to time designate one or more additional offices or agencies where the Subordinated Securities of a series and any Coupons appertaining thereto may be presented for payment,
where the Subordinated Securities of that series may be presented for exchange as provided in this Subordinated Indenture and pursuant to Section 2.04 and where the Registered Subordinated Securities of that series may be presented for
registration of transfer as in this Subordinated Indenture provided, and the Company may from time to time rescind any such designation, as the Company may deem desirable or expedient; provided, that no such designation or rescission shall in any
manner relieve the Company of its obligations to maintain the agencies provided for in this Section. The Company shall give to the Trustee prompt written notice of any such designation or rescission thereof. 
 SECTION 4.04. Appointment to Fill a Vacancy in the Office of Trustee. The Company, whenever necessary to avoid or fill a vacancy in
the office of Trustee, covenants that it will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee with respect to the Outstanding Subordinated Securities. 
 SECTION 4.05. Duties of Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee with respect to
Subordinated Securities of any series, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.05 and Section 11.04,

 (1) that it will hold all sums held by it as such agent for the payment of the principal of or interest, if any, on the
Subordinated Securities of such series (whether such sums have been paid to it by the Company or by any other obligor on the Subordinated Securities of such series) in trust for the benefit of the Holders of the Subordinated Securities entitled to
such principal or interest and will notify the Trustee of the receipt of sums to be so held, 
 (2) that it will give the
Trustee notice of any failure by the Company (or by any other obligor on the Subordinated Securities of such series) to make any payment of the principal of or interest on the Subordinated Securities of such series when the same shall be due and
payable, and 
 (3) that it will at any time during the continuance of any Event of Default, upon the written request of the
Trustee, deliver to the Trustee all sums so held in trust by it. 
 (b) Whenever the Company shall have one or more Paying
Agents with respect to the Subordinated Securities of any series, it will, prior to each due date of the principal of or any interest on the Subordinated Securities of such series, deposit with a Paying Agent of such series a sum sufficient to pay
the principal or interest so becoming due, such sum to be held in trust for the benefit of the Holders of Subordinated Securities entitled to such principal or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify
the Trustee of its action or failure so to act. 
  

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 (c) If the Company shall act as its own Paying Agent with respect to the Subordinated
Securities of any series, it will, on or before each due date of the principal of or interest on the Subordinated Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Subordinated Securities of such
series or the Coupons appertaining thereto a sum sufficient to pay such principal or interest so becoming due. The Company will promptly notify the Trustee of any failure to take such action. 
 (d) Anything in this Section 4.05 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a
satisfaction and discharge of this Subordinated Indenture with respect to one or more or all series of Subordinated Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for such series by it,
or any Paying Agent hereunder, as required by this Section 4.05, and such sums are to be held by the Trustee upon the trust herein contained. 
 SECTION 4.06. Notice of Default. The Company covenants that, as soon as is practicable, the Company will furnish the Trustee notice of any event which is an Event of Default or which with the
giving of notice or the passage of time or both would constitute an Event of Default which has occurred and is continuing on the date of such notice, which notice shall set forth the nature of such event and the action which the Company proposes to
take with respect thereto. 
 SECTION 4.07. Maintenance of Properties. The Company will cause all properties used in or
useful in the conduct of its business to be maintained and kept in good condition, repair, and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the judgment of the Company may be necessary, so that the business carried on in connection therewith may be properly and advantageously conducted at all time except to the extent that the Company may be prevented
from so doing by circumstances beyond its control; provided, that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance of any of such properties, or disposing of any of them, if such discontinuance or
disposal is, in the judgment of the Company desirable in the conduct of the business of the Company and not disadvantageous in any material respect to the Subordinated Securityholders. 
 SECTION 4.08. Payment of Taxes and Other Claims. The Company will pay or discharge or cause to be paid or discharged, before the same
shall become delinquent: (a) all taxes, assessments and governmental charges levied or imposed upon the Company or upon the income, profits or property of the Company; and (b) all lawful claims for labor, materials, and supplies, which, if
unpaid, might by law become a lien upon the property of the Company; provided, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or
validity is being contested in good faith by appropriate proceedings; and provided further that the Company shall not be required to cause to be paid or discharged any such tax, assessment, charge or claim if the Company shall determine that such
payment is not advantageous to the conduct of the business of the Company taken as a whole and that the failure so to pay or discharge is not disadvantageous in any material respect to the Subordinated Securityholders. 
 SECTION 4.09. Luxembourg Publications. In the event of the publication of any notice pursuant to Section 3.02, 6.10, 7.10(a),
7.11 and 10.02, the party making such publication in the

  

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Borough of Manhattan, The City of New York and London shall also, to the extent that notice is required to be given to Holders of Subordinated Securities of any series by applicable Luxembourg
law or stock exchange regulation, as evidenced by an Officer’s Certificate delivered to such party, make a similar publication in Luxembourg. 
 ARTICLE FIVE 
 SUBORDINATED SECURITYHOLDERS’ LISTS AND REPORTS 
 BY THE COMPANY AND THE TRUSTEE 
 SECTION 5.01. Company to Furnish Trustee Information as to the Names and Addresses of Subordinated Securityholders. The Company will furnish or cause to be furnished to the Trustee, not less than
45 days nor more than 60 days after each date (month and day) specified as an Interest Payment Date for the Subordinated Securities of the first series issued under this Subordinated Indenture (whether or not any Subordinated Securities of that
series are then Outstanding), but in no event less frequently than semiannually, 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 containing all the information in the possession or control of the Company, or any of its Paying Agents other than the Trustee, as to the names and addresses of the Holders of Subordinated Securities, obtained since the date as of
which the next previous list, if any, was furnished, excluding from any such list the names and addresses received by the Trustee in its capacity as registrar (if so acting). Any such list may be dated as of a date not more than 15 days prior to the
time such information is furnished and need not include information received after such date. 
 SECTION 5.02. Preservation
of Information; Communication to Subordinated Securityholders. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Subordinated Securities of each series
(1) contained in the most recent list furnished to it as provided in Section 5.01, (2) received by the Trustee in the capacity of Paying Agent or registrar (if so acting) and (3) filed with the Trustee within the two preceding
years as provided for in Section 5.04(c). The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 
 (b) If three or more Holders of Subordinated Securities (hereinafter referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each
such applicant has owned a Subordinated Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Subordinated Securities of any
series or with Holders of all Subordinated Securities with respect to their rights under this Subordinated Indenture or under such Subordinated Securities, and is accompanied by a copy of the form of proxy or other communication which such
applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either: 
 (1) afford such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 5.02; or 
 (2) inform such applicants as to the approximate number of Holders of Subordinated Securities of such series or all Subordinated Securities,
as the case may be, whose

  

 32 

 
names and addresses appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 5.02, and as to the approximate
cost of mailing to such Subordinated Securityholders the form of proxy or other communications, if any, specified in such application. 
 If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail to each of the Holders of Subordinated Securities of such series, or all Subordinated
Securities, as the case may be, whose name and address appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 5.02, a copy of the form of proxy or other
communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days
after such tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to
the best interests of the Holders of Subordinated Securities of such series or all Subordinated Securities, as the case may be, or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the
Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such
objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Subordinated
Securityholders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 
 (c) Each and every Holder of the Subordinated Securities, by receiving and holding the same, agrees with the Company and the Trustee that
neither the Company nor the Trustee nor any Paying Agent nor any registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Subordinated Securities in accordance with the
provisions of subsection (b) of this Section 5.02, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under said
subsection (b). 
 SECTION 5.03. Reports by Company. (a) The Company covenants and agrees to file with the Trustee
within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or
reports pursuant to either of such sections, then to file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations. 
  

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 (b) The Company covenants and agrees to file with the Trustee and the Commission, in
accordance with the rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in this
Subordinated Indenture as may be required from time to time by such rules and regulations. 
 (c) The Company covenants and
agrees to transmit to the Holders of Subordinated Securities within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in subsection (c) of Section 5.04 with respect to reports pursuant to
subsection (a) of said Section 5.04, such summaries of any information, documents and reports required to be filed by the Company pursuant to subsections (a) and (b) of this Section 5.03 as may be required by rules and
regulations prescribed from time to time by the Commission. 
 (d) The Company and any other obligor on the Subordinated
Securities each covenant and agree to furnish to the Trustee, not less than annually, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the
Company’s compliance with all conditions and covenants of this Subordinated Indenture (which compliance shall be determined without regard to any period of grace or requirement of notice as provided in this Subordinated Indenture). Such
certificates need not comply with Section 13.03 of this Subordinated Indenture. 
 SECTION 5.04. Reports by Trustee.
(a) On or before the first July 15th following the date of execution of this Subordinated Indenture, and on or before July 15 in every year thereafter, if and so long as any Subordinated Securities are Outstanding hereunder, the
Trustee shall transmit to the Subordinated Securityholders as hereinafter in this Section 5.04 provided, a brief report dated as of the preceding May 15 with respect to any of the following events which may have occurred within the
previous 12 months (but if no such event has occurred within such period no report need be transmitted): 
 (1) any change to
its eligibility under Section 7.09, and its qualifications under Section 7.08; 
 (2) the creation of or any material
change to a relationship specified in paragraph (1) through (10) of Section 7.08(d); 
 (3) the character and
amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making thereof) made by the Trustee (as such) which remain unpaid on the date of such report, and for the reimbursement of which it claims or may claim
a lien or charge, prior to that of the Subordinated Securities of any series, on any property or funds held or collected by it as Trustee, except that the Trustee shall not be required (but may elect) to state such advances if such advances so
remaining unpaid aggregate not more than one–half of one percent of the principal amount of the Subordinated Securities of such series Outstanding on the date of such report; 
 (4) the amount, interest rate and maturity date of all other indebtedness owing by the Company (or by any other obligor on the Subordinated
Securities) to the Trustee in its individual capacity, on the date of such report, with a brief description of any property held as collateral security therefor, except indebtedness based upon a creditor relationship arising in any manner described
in paragraph (2), (3), (4) or (6) of subsection (b) of Section 7.13; 
  

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 (5) any change to the property and funds, if any, physically in the possession of the
Trustee (as such) on the date of such report; 
 (6) any additional issue of Subordinated Securities which the Trustee has not
previously reported; and 
 (7) any action taken by the Trustee in the performance of its duties under this Subordinated
Indenture which it has not previously reported and which in its opinion materially affects the Subordinated Securities, except action in respect of a default, notice of which has been or is to be withheld by it in accordance with the provisions of
Section 6.10. 
 (b) The Trustee shall transmit to the Subordinated Securityholders, as hereinafter provided, a brief
report with respect to the character and amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making thereof) made by the Trustee (as such) since the date of the last report transmitted pursuant to the
provisions of subsection (a) of this Section 5.04 (or if no such report has yet been so transmitted, since the date of execution of this Subordinated Indenture), for the reimbursement of which it claims or may claim a lien or charge prior
to that of the Subordinated Securities of any series on property or funds held or collected by it as Trustee, and which it has not previously reported pursuant to this subsection, except that the Trustee shall not be required (but may elect) to
report such advances if such advances remaining unpaid at any time aggregate ten percent or less of the principal amount of Subordinated Securities of such series Outstanding at such time, such report to be transmitted within 90 days after such
time. 
 (c) Reports pursuant to this Section 5.04 shall be transmitted by mail (i) to all Holders of Subordinated
Securities of any series, as the names and addresses of such Holders shall appear upon the Register of the Subordinated Securities of such series, (ii) to such Holders of Subordinated Securities as have, within the two years preceding such
transmission, filed their names and addresses with the Trustee for that purpose and (iii) except in the case of reports pursuant to subsection (b) of this Section 5.04 to each Holder whose name and address are preserved at the time by
the Trustee as provided in Section 5.02(a) hereof. 
 (d) A copy of each such report shall, at the time of such
transmission to Subordinated Securityholders, be filed by the Trustee with each stock exchange upon which the Subordinated Securities of any series are listed and also with the Commission. The Company will notify the Trustee when and as the
Subordinated Securities of any series become listed on any stock exchange. 
  

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 ARTICLE SIX 
 REMEDIES OF THE TRUSTEE AND SUBORDINATED 
 SECURITYHOLDERS ON EVENT OF DEFAULT

 SECTION 6.01. Events of Default; Acceleration, Waiver of Default and Restoration of Position and Rights. The term
“Event of Default” whenever used herein with respect to any particular series of Subordinated Securities shall mean any one of the following events: 
 (a) default in the payment of any installment of interest on any Subordinated 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 provided however, that an extension of one or more Interest Payment Dates by the Company in accordance with the provisions of any Supplemental Subordinated Indenture, shall not constitute an Event of Default; or 
 (b) default in the payment of all or any part of the principal of or any premium on any Subordinated Security of such series as and when the
same shall become due and payable whether at maturity, by proceedings for redemption, by declaration or otherwise, provided however, that an extension of the Stated Maturity for payment of principal of Subordinated Securities of such series in
accordance with the provisions of any Supplemental Subordinated Indenture, shall not constitute an Event of Default; or 
 (c)
default in the satisfaction of any sinking fund payment obligation relating to such series of Subordinated Securities, when and as such obligation shall become due and payable provided however, that an extension of the Stated Maturity for payment of
any sinking fund payment with respect to Subordinated Securities of such series in accordance with the provisions of any Supplemental Subordinated Indenture, shall not constitute an Event of Default; or 
 (d) failure on the part of the Company to observe or perform in any material respect any other of the covenants or agreements on its part in
the Subordinated Securities or in this Subordinated Indenture (including any Supplemental Subordinated Indenture or pursuant to any Officer’s Certificate, as contemplated by Section 2.03) specifically contained for the benefit of the
Holders of the Subordinated Securities of such series, for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of not less than 25% in
principal amount of the Subordinated Securities of such series and all other series so benefited (all series voting as one class) at the time Outstanding under this Subordinated Indenture a written notice specifying such failure and stating that
such is a “Notice of Default” hereunder; or 
 (e) the entry by a court having jurisdiction in the premises of a
decree or order for relief in respect of the Company in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of the Company or for any substantial part of its property, or ordering the winding up or liquidation of its affairs, if such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

 (f) the commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency or other similar law now
or hereafter in effect, or the Company’s consent to the entry of an order for relief in any involuntary case under any such law, or its consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or similar official) of the Company or for any substantial part of its property, or the making by the Company of any general assignment for the benefit of creditors, or its failure generally to pay its debts as they become due or the
taking by the Company of any corporate action in furtherance of any of the foregoing; or 
  

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 (g) any other Event of Default provided in the Officer’s Certificate or Supplemental
Subordinated Indenture under which such series of Subordinated is issued or in the form of Subordinated Security for such series. 
 If an Event of Default described in clause (a), (b) or (c) shall have occurred and be continuing with respect to any one or more series of Outstanding Subordinated Securities, then and in each and every such case, unless the
principal amount of all the Subordinated Securities of each series as to which there is an Event of Default shall have already become due and payable, either the Trustee or the Holders of not less than 25% in principal amount of the Subordinated
Securities of such series then Outstanding hereunder (each such series voting as a separate class) by notice in writing to the Company (and to the Trustee if given by Subordinated Securityholders) may declare the principal amount (or, if the
Subordinated Securities of any such series are Original Issue Discount Subordinated Securities, such portion of the principal amount as may be specified in the terms of such series) of all the Subordinated Securities of such series, together
with any accrued interest, to be due and payable immediately, and upon any such declaration the same shall be immediately due and payable, anything in this Subordinated Indenture or in the Subordinated Securities of such series contained to the
contrary notwithstanding. 
 Except as otherwise provided in the terms of any series of Subordinated Securities pursuant to
Section 2.03, if an Event of Default described in clause (d) or (g) above with respect to all series of Subordinated Securities then Outstanding, occurs and is continuing, then, and in each and every such case, unless the principal of
all of the Subordinated Securities shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of all of the Subordinated Securities then Outstanding hereunder (treated as one
class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Subordinated Securities of any series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of such series) of all of the Subordinated Securities then Outstanding, and the interest accrued thereon, if any, to be due and payable immediately, and upon such declaration, the same shall become immediately
due and payable. If an Event of Default described in clause (e) or (f) above occurs and is continuing, then the principal amount of all of the Subordinated Securities then Outstanding, and the interest accrued thereon, if any, shall become
and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 If an Event
of Default described in clause (d) or (g) occurs and is continuing, which Event of Default is with respect to less than all series of Subordinated Securities then Outstanding, then, and in each and every such case, except for any series of
Subordinated Securities the principal of which shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Subordinated Securities of each such affected series then
Outstanding hereunder (each such series voting as a separate class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of such series are Original Issue
Discount Securities, such portion of the principal amount as may be specified in

  

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the terms of such series) of all Securities of such series, and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become
immediately due and payable. 
 The foregoing provisions, however, are subject to the condition that if, at any time after the
principal amount (or, if the Subordinated Securities are Original Issue Discount Subordinated Securities, such portion of the principal as may be specified in the terms thereof of the Subordinated Securities of any one or more series (or of all the
Subordinated Securities, as the case may be) shall have been so declared due and payable, and before any judgment or decree for the payment of 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 all matured installments of interest upon all the Subordinated Securities of such series (or upon all the Subordinated Securities, as the case may be) and the principal of any and all Subordinated
Securities of such series (or of any and all the Subordinated Securities, as the case may be) which shall have become due otherwise than by declaration (with interest on overdue installments of interest to the extent permitted by law and on such
principal at the rate or rates of interest borne by, or prescribed therefor in the Subordinated Securities of such series to the date of such payment or deposit) and interest upon such principal and, to the extent that payment of such interest is
enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series (or at the respective
rates of interest or Yields to Maturity of all the Securities, as the case may be) to the date of such payment or deposit; and the amounts payable to the Trustee under Section 7.06 and any and all defaults under the Subordinated Indenture with
respect to Subordinated Securities of such series (or all Subordinated Securities, as the case may be), other than the non– payment of principal of and any accrued interest on Subordinated Securities of such series (or any Subordinated
Securities, as the case may be) which shall have become due by declaration shall have been cured, remedied or waived as provided in Section 6.09 –– then and in every such case the Holders of a majority in principal amount of the
Subordinated Securities of such series (or of all the Subordinated Securities, as the case may be) then Outstanding (such series or all series voting as one class if more than one series are so entitled) 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. 
 For all purposes under this Subordinated Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been
accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be
deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and payable as a result of such
acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 
 In case the Trustee shall have proceeded to enforce any right under this Subordinated Indenture and such proceedings shall have been discontinued or abandoned because of such

  

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rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Trustee and the Holders of the Subordinated
Securities of such series (or of all the Subordinated Securities, as the case may be) shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee and the Holders
of the Subordinated Securities of such series (or of all the Subordinated Securities, as the case may be) shall continue as though no such proceedings had been taken. 
 SECTION 6.02. Covenant of Company to Pay to Trustee Whole Amount Due on Subordinated Securities on Default in Payment of Interest or Principal. The Company covenants that: 
 (a) in case default shall be made in the payment of any installment of interest on any of the Subordinated Securities of any series as and
when the same shall become due and payable and which payment has not been extended in accordance with the provisions of a Supplemental Subordinated Indenture, and such default shall have continued for a period of 30 days; or 
 (b) in case default shall be made in the payment of all or any part of the principal of any of the Subordinated Securities of any series
when the same shall have become due and payable and which payment has not been extended in accordance with the provisions of a Supplemental Subordinated Indenture, whether at the Stated Maturity of such series or by any call for redemption or by
declaration of acceleration or otherwise; or 
 (c) in case default shall be made in the satisfaction of any sinking fund
obligation when and as such obligation becomes due and payable and which payment has not been extended in accordance with the provisions of a Supplemental Subordinated Indenture, upon demand of the Trustee, the Company will pay to the Trustee, for
the benefit of the Holders of the Subordinated Securities of such series, the whole amount that then shall have become due and payable on all such Subordinated Securities of such series and such Coupons, for principal (and any premium) and interest
and for any overdue sinking fund payment together with interest upon the overdue principal and installments of interest (to the extent permitted by law) at the rate or rates of interest borne by or Yield to Maturity (in the case of Original Issue
Discount Subordinated Securities), or prescribed therefor in, the Subordinated Securities of such series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expense of collection, including a reasonable
compensation to the Trustee, its agents and counsel, and any expenses or liabilities incurred, and all advances made, by the Trustee hereunder other than through its negligence or bad faith. 
 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 proceedings to judgment or final decree, and may enforce any
such judgment or final decree against the Company or any other obligor upon such Subordinated Securities, and collect in the manner provided by law out of the property of the Company or any other obligor upon such Subordinated Securities wherever
situated the moneys adjudged or decreed to be payable. 
  

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 If an Event of Default with respect to Subordinated Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Subordinated 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 Subordinated Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 SECTION 6.03. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative to the Company or any other obligor upon the Subordinated Securities or the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Subordinated Securities of any series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the
Company for the payment of overdue principal or interest) shall be entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the
Subordinated Securities (or, if the Subordinated Securities are Original Issue Discount Subordinated Securities, such portion of the principal amount as may be specified in the terms of such Subordinated Securities) and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in
such judicial proceeding; and 
 (b) to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Subordinated Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 6.04. Trustee May Enforce Claims Without Possession of Subordinated Securities. All rights of action and claims under this
Subordinated Indenture or the Subordinated Securities of any series or Coupons appertaining to such Subordinated Securities, may be prosecuted and enforced by the Trustee to the fullest extent permitted by law without the possession of any of the
Subordinated Securities of any series or Coupons appertaining to such

  

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Subordinated Securities, or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Subordinated
Securities or Coupons in respect of which such judgment has been recovered. 
 SECTION 6.05. Application of Moneys Collected
by Trustee. Any moneys collected by the Trustee pursuant to Section 6.02 shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys, upon presentation of the several Subordinated
Securities or Coupons appertaining to such Subordinated Securities in respect of which moneys have been collected, and stamping thereon the payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due to the Trustee under Section 7.06; 
 SECOND: In case the principal of the Outstanding Subordinated Securities in respect of which moneys have been collected shall not have
become due and be unpaid, to the payment of any interest on such Subordinated Securities, in the order of the maturity of the installments of such interest, with interest upon the overdue installments of interest (so far as permitted by law and to
the extent that such interest has been collected by the Trustee at the rate or rates of interest borne by or Yield to Maturity (in the case of Original Issue Discount Subordinated Securities) of such Subordinated Securities or prescribed
therefor therein) such payments to be made ratably to the Persons entitled thereto, without discrimination or preference; 
 THIRD: In case the principal of the Outstanding Subordinated Securities in respect of which such moneys have been collected shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon
such Subordinated Securities for principal and interest, if any, with interest on the overdue principal and any installments of interest (so far as permitted by law and to the extent that such interest has been collected by the Trustee) at the rate
or rates of interest borne by or Yield to Maturity (in the case of Original Issue Discount Subordinated Securities), or prescribed therefor in, such Subordinated Securities; and in case such moneys shall be insufficient to pay in full the whole
amount so due and unpaid upon such Subordinated Securities, then to the payment of such principal and interest or Yield to Maturity, without preference or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity
over principal, or of any installment of interest over any other installment of interest, or of any Subordinated Security over any other Subordinated Security, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to
Maturity; and 
 FOURTH: To the payment of the remainder, with appropriate interest to the Company or its successors or assigns,
or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 
 SECTION
6.06. Limitation on Suits by Holders of Subordinated Securities. No Holder of any Subordinated Security of any series or of any Coupon appertaining thereto shall have any right by virtue or by availing of any provision of this Subordinated
Indenture to institute any suit,

  

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action or proceeding in equity or at law upon or under or with respect to this Subordinated 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 a continuing Event of Default, as hereinbefore provided, and unless also the Holders of not less than 25% in principal amount of the Subordinated 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 (including the reasonable fees of counsel for the Trustee), 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 this Section 6.06; it being understood and intended, and being expressly covenanted by the
taker and Holder of every Subordinated Security or Coupon with every other taker and Holder and the Trustee, that no one or more Holders of Subordinated Securities of any series or Coupons appertaining to such Subordinated Securities shall have any
right in any manner whatever by virtue or by availing of any provision of this Subordinated Indenture to affect, disturb or prejudice the rights of the Holders of any other of such Subordinated Securities or Coupons appertaining to such Subordinated
Securities, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Subordinated Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all
Holders of Subordinated Securities of the applicable series and Coupons appertaining to such Subordinated Securities. For the protection and enforcement of the provisions of this Section 6.06, each and every Holder and the Trustee shall be
entitled to such relief as can be given either at law or in equity. 
 Notwithstanding any other provisions in this Subordinated
Indenture, the right of any Holder of any Subordinated Security or Coupon to receive payment of the principal of and interest on such Subordinated Security or Coupon on or after the respective due dates expressed in such Subordinated Security (or,
in the case of redemption, on or after the date fixed for redemption), or to institute suit for the enforcement of any such payment on or after such respective dates shall not be impaired or affected without the consent of such Holder. 

SECTION 6.07. Rights and Remedies Cumulative. All powers and remedies given by this Article Six 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 Subordinated Indenture, and no delay or omission of the Trustee or of any Holder of any of the Subordinated Securities or Coupons to exercise any right or power accruing upon any default occurring
and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article
Six 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. The assertion or employment of any right or remedy hereunder or otherwise shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

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 SECTION 6.08. Delay or Omission Not Waiver. No delay or omission of the Trustee or of
any Holder of any Subordinated Securities or Coupons to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Subject to
the provisions of Section 6.06, every right and remedy given by this Article Six or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the
case may be. 
 SECTION 6.09. Control by Holders; Waiver of Past Defaults. The Holders of a majority in principal amount
of the Subordinated Securities of all series (voting as one class) at the time Outstanding (determined as provided in Section 8.04) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred on the Trustee; provided, however, that, subject to Section 7.01 the Trustee shall have the right to decline to follow any such direction if the Trustee in reliance upon an Opinion of
Counsel determines that the action so directed may not lawfully be taken, or if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceedings so directed would be illegal or involve it in
personal liability or be unduly prejudicial to the rights of Holders not parties to such direction, and provided further that nothing in this Subordinated Indenture shall impair the right of the Trustee to take any action deemed proper by the
Trustee and which is not inconsistent with such direction by the Holders. 
 The Company may set a special record date for
purposes of determining the identity of the Holders of Subordinated Securities entitled to vote or consent to any action by vote or consent authorized or permitted by this Section 6.09. Such record date shall be the later of 15 days prior to
the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee pursuant to Section 5.01 of this Subordinated Indenture prior to such solicitation. 
 The Holders of not less than a majority in principal amount of the Subordinated Securities of any series at the time Outstanding (determined
as provided in Section 8.04) may on behalf of the Holders of all the Subordinated Securities of such series waive any past Event of Default with respect to such series and its consequences (subject to Section 6.02), except a continuing
Event of Default specified in Section 6.01(a), (b) or (c), or in respect of a covenant or provision of this Subordinated Indenture which under Article Ten cannot be modified or amended without the consent of the Holder of each Subordinated
Security so affected. Upon any such waiver, the Company, the Trustee and the Holders of the Subordinated Securities of such series shall be restored to their former positions and rights hereunder, respectively, and such Event of Default shall be
deemed to have been cured and not continuing for every purpose of this Subordinated Indenture; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon. 
 SECTION 6.10. Trustee to Give Notice of Defaults Known to it, but May Withhold in Certain Circumstances. The Trustee shall, within 90
days after the occurrence of a default with respect to the Subordinated Securities of any series, give notice of all defaults with respect to that series known to the Trustee (i) if any Unregistered Subordinated Securities of that series are
then Outstanding, to the Holders thereof, by publication at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York and at least once in an Authorized Newspaper in London (and, if required by Section 4.09, at
least once in an Authorized Newspaper in

  

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Luxembourg) and (ii) to all Holders of Subordinated Securities of such series in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, unless in each case
such defaults shall have been cured before the mailing or publication of such notice (the term “default” for the purpose of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both
would become, an Event of Default); provided, that, except in the case of default in the payment of the principal of or interest on any of the Subordinated Securities of such series, or in the payment of any sinking fund installment on 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 trustees and/or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interests of the Subordinated Securityholders of such series. 
 SECTION 6.11.
Requirement of an Undertaking to Pay Costs in Certain Suits Under the Subordinated Indenture or Against the Trustee. All parties to this Subordinated Indenture agree, and each Holder of any Subordinated Security by such Holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Subordinated Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 6.11 shall not apply to any suit instituted by the Trustee, to any suit instituted
by any Holder of Subordinated Securities of any series, or group of such Holders, holding in the aggregate more than ten percent in principal amount of the Subordinated Securities of such series Outstanding, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of or any interest or premium on any Subordinated Security, on or after the due date expressed in such Subordinated Security or for such interest (or in the case of any redemption, on or after the
dated fixed for redemption). 
 SECTION 6.12. Waiver of Stay, or Extension Laws. The Company covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereinafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that they will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE SEVEN 
 CONCERNING THE TRUSTEE 
 SECTION 7.01. Certain Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after
the curing, remedying or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Subordinated Indenture. In case an Event of Default has occurred (which
has not been cured, remedied or waived), the Trustee shall exercise such of the rights and powers vested in it by this Subordinated Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under
the circumstances in the conduct of his or her own affairs. 
  

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 No provision of this Subordinated 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, provided, however, that: 
 (a) prior to the occurrence of an Event of Default and after the curing, remedying or waving of all Events of Default which may have occurred: 
 (1) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Subordinated Indenture and the Trustee shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Subordinated Indenture, and no implied covenants or obligations shall be read into this Subordinated Indenture against the Trustee; and 
 (2) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Subordinated Indenture; but in the case of any such certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Subordinated Indenture; 
 (b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (c) 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 Subordinated Securities pursuant to Section 6.09 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 Subordinated Indenture. 
 None of the provisions contained in this Subordinated Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 SECTION 7.02. Certain Rights of Trustee. Except as otherwise provided in Section 7.01: 
 (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, approval, bond, debenture, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  

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 (b) Any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof shall be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a Board Resolution;

 (c) The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such written advice or Opinion of Counsel; 
 (d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Subordinated Indenture at the
request, order or direction of any of the Subordinated Securityholders pursuant to the provisions of this Subordinated Indenture, unless such Subordinated Securityholders shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or thereby; 
 (e) The Trustee shall not be liable for any action
taken or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Subordinated 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 so to do by the Holders of Subordinated Securities pursuant to Section 6.09; provided, however, 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 Subordinated
Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to such proceeding; and provided further, that nothing in this subsection (f) shall require the Trustee to give the Subordinated
Securityholders any notice other than that required by Section 6.10. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be reimbursed by the Company upon demand; 
 (g) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and 
 (h) The Trustee shall be under no responsibility for the approval by it in good faith of any expert for any of the purposes expressed in this Subordinated Indenture. 
 SECTION 7.03. Trustee Not Responsible for Recitals or Application of Proceeds. The recitals contained herein and in the Subordinated
Securities (other than the certificate of authentication on the Subordinated Securities) 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 Subordinated Indenture or of the Subordinated Securities. The Trustee shall not be accountable for the use or application by the Company of any of the Subordinated Securities or of the proceeds thereof.

  

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 SECTION 7.04. Trustee May Own Subordinated Securities or Coupons. The Trustee, any
Paying Agent, registrar or any agent of the Company or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Subordinated Securities or Coupons with the same rights it would have if it were not Trustee, Paying
Agent, registrar or such other agent. 
 SECTION 7.05. Moneys Received by Trustee to be Held in Trust. Moneys held
by the Trustee in trust need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 

SECTION 7.06. Trustee Entitled to Compensation, Reimbursement and Indemnity. The Company agrees to pay to the Trustee from time to
time reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of any 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 connection with the acceptance or administration of its trust under this Subordinated Indenture (including the reasonable compensation and the expenses and disbursements of its counsel
and of all Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or bad faith. The Company also agrees to indemnify the Trustee for, and to hold it harmless against, any loss,
liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against
any claim of liability in the premises. The obligations of the Company under this Section to compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify and hold harmless the Trustee shall
constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Subordinated Indenture. Such additional indebtedness shall be secured by a lien prior to that of the Subordinated Securities upon all property and
funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of or interest or redemption premium on particular Subordinated Securities. 
 SECTION 7.07. Right of Trustee to Rely on Officer’s Certificate Where No Other Evidence Specifically Prescribed. Except as
otherwise provided in Section 7.01, whenever in the administration of the provisions of this Subordinated Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officer’s Certificate of the Company delivered to the Trustee, and such Officer’s Certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or
omitted by it under the provisions of this Subordinated Indenture upon the faith thereof. 
 SECTION 7.08. Disqualification;
Conflicting Interest. (a) If the Trustee has or shall acquire any conflicting interest, as defined in this Section 7.08, it shall, within 90 days after ascertaining that it has such conflicting interest, and if the Event of Default to
which such

  

 47 

 
conflicting interest relates has not been cured or duly waived or otherwise eliminated before the end of such 90–day period, the Trustee shall either eliminate such conflicting interest or,
except as otherwise provided in this Section 7.08, resign in the manner and with the effect specified in Section 7.10, such resignation to become effective upon the appointment of a successor trustee and such successor’s acceptance of
such appointment, and the Company shall take prompt steps to appoint a successor in accordance with Section 7.10. 
 (b) In
the event that the Trustee shall fail to comply with the provisions of subsection (a) of this Section 7.08, the Trustee shall, within ten days after the expiration of such 90–day period, transmit notice of such failure to the
Subordinated Securityholders in the manner and to the extent provided in subsection (c) of Section 5.04 with respect to reports pursuant to subsection (a) of said Section 5.04. 
 (c) Subject to the provisions of Section 6.11 of this Subordinated Indenture, unless the Trustee’s duty to resign is stayed as
provided in subsection (f) of this Section 7.08, any Holder who has been a bona fide Holder of Subordinated Securities for at least six months may, on such Holder’s behalf and on behalf of all other Holders similarly situated,
petition any court of competent jurisdiction for the removal of such Trustee and the appointment of a successor, if such Trustee fails after written request thereof by such Holder to comply with the provisions of subsection (a) of this
Section 7.08. 
 (d) For the purposes of this Section 7.08 the Trustee shall be deemed to have a conflicting interest
with respect to the Subordinated Securities of any series if an Event of Default (exclusive of any period of grace or requirement of notice) has occurred with respect to Subordinated Securities of such series and: 
 (1) the Trustee is trustee under another indenture under which any other securities, or certificates of interest or participation in any
other securities, of the Company or any other obligor on the Subordinated Securities are outstanding or is trustee for more than one outstanding series of securities, as hereinafter defined, under a single indenture of the Company or any other
obligor on the Subordinated Securities, unless such other indenture is a collateral trust indenture under which the only collateral consists of Subordinated Securities issued under this Subordinated Indenture, provided that there shall be excluded
from the operation of this paragraph, this Subordinated Indenture with respect to the Subordinated Securities of any other series Outstanding, and any other indenture or indentures under which other securities, or certificates of interest or
participation in other securities, of the Company or any other obligor on the Subordinated Securities are outstanding, if (A) this Subordinated Indenture is and such other indenture or indentures (and all series of securities issued thereunder)
are wholly unsecured and rank equally, and such other indenture or indentures (and such series) are hereafter qualified under the Trust Indenture Act, unless the Commission shall have found and declared by order pursuant to subsection (b) of
Section 305 or subsection (c) of Section 307 of the Trust Indenture Act, that differences exist between the provisions of this Subordinated Indenture with respect to Subordinated Securities of such series and one or more other series,
or the provisions of this Subordinated Indenture and the provisions of such other indenture or indentures (or such series), which are so likely to involve a material conflict of interest as to make it necessary in the public interest or for the
protection of investors to disqualify the Trustee from acting as such under this Subordinated Indenture with respect to Subordinated Securities of such series and such other series, or under this Subordinated Indenture and such other indenture or
indentures, or (B) the

  

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Company shall have sustained the burden of proving, on application to the Commission and after opportunity for hearing thereon, that the trusteeship under this Subordinated Indenture with respect
to Subordinated Securities of such series and such other series, or under this Subordinated Indenture and such other indenture, is not so likely to involve a material conflict of interest as to make it necessary in the public interest or for the
protection of investors to disqualify the Trustee from acting as such under this Subordinated Indenture with respect to Subordinated Securities of such series and such other series, or under this Subordinated Indenture and one of such indentures;

 (2) the Trustee or any of its directors or executive officers is an underwriter for the Company or any other obligor on the
Subordinated Securities; 
 (3) the Trustee directly or indirectly controls or is directly or indirectly controlled by or is
under direct or indirect common control with an underwriter for the Company or any other obligor on the Subordinated Securities; 
 (4) the Trustee or any of its directors or executive officers is a director, officer, partner, employee, appointee or representative of the Company or any other obligor on the Subordinated Securities, or of an underwriter (other than the
Trustee itself) for the Company or any other obligor on the Subordinated Securities who is currently engaged in the business of underwriting, except that (A) one individual may be a director and/or an executive officer of the Trustee and a
director and/or an executive officer of the Company or any other obligor on the Subordinated Securities, but may not be at the same time an executive officer of both the Trustee and the Company or any other obligor on the Subordinated Securities;
(B) if and so long as the number of directors of the Trustee in office is more than nine, one additional individual may be a director and/or an executive officer of the Trustee and a director of the Company or any other obligor on the
Subordinated Securities; and (C) the Trustee may be designated by the Company or any other obligor on the Subordinated Securities or by an underwriter for the Company or any other obligor on the Subordinated Securities to act in the capacity of
transfer agent, registrar, custodian, paying agent, fiscal agent, escrow agent or depositary, or in any other similar capacity, or, subject to the provisions of paragraph (1) of this subsection (d), to act as trustee whether under an indenture
or otherwise; 
 (5) ten percent or more of the voting securities of the Trustee is beneficially owned either by the Company or
any other obligor on the Subordinated Securities or by any director, partner or executive officer thereof, or 20% or more of such voting securities is beneficially owned, collectively, by any two or more of such Persons; or ten percent or more of
the voting securities of the Trustee is beneficially owned either by an underwriter for the Company or any other obligor on the Subordinated Securities or by any director, partner or executive officer thereof or is beneficially owned, collectively,
by any two or more such Persons; 
 (6) the Trustee is the beneficial owner of, or holds as collateral security for an
obligation which is in default, as hereinafter defined, (A) five percent or more of the voting securities, or ten percent or more of any other class of security, of the Company or any other obligor on the Subordinated Securities, not including
the Subordinated Securities issued under this Subordinated Indenture and securities issued under any other indenture under which the Trustee is also trustee, or (B) ten percent or more of any class of security of an underwriter for the Company
or any other obligor on the Subordinated Securities; 
  

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 (7) the Trustee is the beneficial owner of, or holds as collateral security for an
obligation which is in default, as hereinafter defined, five percent or more of the voting securities of any Person who, to the knowledge of the Trustee, owns ten percent or more of the voting securities of, or controls directly or indirectly or is
under direct or indirect common control with the Company or any other obligor on the Subordinated Securities; 
 (8) the Trustee
is the beneficial owner of, or holds as collateral security for an obligation which is in default, as hereinafter defined, ten percent or more of any class of security of any Person who, to the knowledge of the Trustee, owns 50% or more of the
voting securities of the Company or any other obligor on the Subordinated Securities; 
 (9) the Trustee owns on the date of the
occurrence of such Event of Default (exclusive of any period of grace or requirement of notice) or any anniversary thereof while such Event of Default remains outstanding, in the capacity of executor, administrator, testamentary or inter vivos
trustee, guardian, committee or conservator, or in any other similar capacity an aggregate of 25% or more of the voting securities or of any class of security, of any Person, the beneficial ownership of a specified percentage of which would have
constituted a conflicting interest under paragraph (6), (7) or (8) of this subsection (d). As to any such securities of which the Trustee acquired ownership through becoming executor, administrator or testamentary trustee of an estate
which included them, the provisions of the preceding sentence shall not apply, for a period of two years from the date of such acquisition, to the extent that such securities included in such estate do not exceed 25% of such voting securities or 25%
of any such class of security. Promptly after the date of the occurrence of any such Event of Default and annually in each succeeding year that the Subordinated Securities or any series thereof remain in default, the Trustee shall make a check of
its holdings of such securities in any of the above–mentioned capacities as of such date. If the Company or any other obligor on the Subordinated Securities fails to make payment in full of principal of or interest on any of the Subordinated
Securities when and as the same become due and payable and such failure continues for 30 days thereafter, the Trustee shall make a prompt check of its holdings of such securities in any of the above–mentioned capacities as of the date of the
expiration of such 30–day period, and after such date, notwithstanding the foregoing provisions of this paragraph (9), all such securities so held by the Trustee, with sole or joint control over such securities vested in it, shall, but only so
long as such failure shall continue, be considered as though beneficially owned by the Trustee for the purposes of paragraphs (6), (7) and (8) of this subsection (d); or 
 (10) except under the circumstances described in paragraphs (1), (3), (4), (5) or (6) of Section 7.13(b), the Trustee shall
be or become a creditor of the Company or any other obligor on the Subordinated Securities. 
 The specifications of percentages
in paragraphs (5) to (9), inclusive, of this subsection (d) shall not be construed as indicating that the ownership of such percentages of the securities of a Person is or is not necessary or sufficient to constitute direct or indirect
control for the purposes of paragraph (3) or (7) of this subsection (d). 
 For the purposes of paragraphs (6), (7),
(8) and (9) of this subsection (d) only, (A) the terms “security” and “securities” shall include only such securities as are generally known as corporate securities, but shall not include any
note or other evidence of indebtedness issued to evidence an obligation to repay moneys lent to a Person by one or more banks, trust companies

  

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or banking firms, or any certificate of interest or participation in any such note or evidence of indebtedness; (B) an obligation shall be deemed to be in default when a default in payment
of principal shall have continued for 30 days or more and shall not have been cured; and (C) the Trustee shall not be deemed to be the owner or Holder of (i) any security which it holds as collateral security (as trustee or otherwise) for
an obligation which is not in default as defined in clause (B) above, or (ii) any security which it holds as collateral security under this Subordinated Indenture, irrespective of any default hereunder, or (iii) any security which it
holds as agent for collection, or as custodian, escrow agent or depositary, or in any similar representative capacity. 
 (e)
For the purposes of this Section 7.08: 
 (1) The term “underwriter” when used with reference to the
Company or any other obligor on the Subordinated Securities shall mean every Person who, within one year prior to the time as of which the determination is made, has purchased from the Company or any other obligor on the Subordinated Securities
with a view to, or has offered or sold for the Company or any other obligor on the Subordinated Securities in connection with, the distribution of any security of the Company or any other obligor on the Subordinated Securities outstanding at such
time, or has participated or has had a direct or indirect participation in any such undertaking, or has participated or has had a participation in the direct or indirect underwriting of any such undertaking, but such term shall not include a Person
whose interest was limited to a commission from an underwriter or dealer not in excess of the usual and customary distributors’ or sellers’ commission. 
 (2) The term “director” shall mean any director of a Company or any individual performing similar functions with respect to any organization whether incorporated or unincorporated.

 (3) The term “trust” shall include only a trust where the interest or interests of the beneficiary or
beneficiaries are evidenced by a security. 
 (4) The term “voting security” shall mean any security presently
entitling the owner or Holder thereof to vote in the direction or management of the affairs of a Person, or any security issued under or pursuant to any trust, agreement or arrangement whereby a trustee or trustees or agent or agents for the owner
or Holder of such security are presently entitled to vote in the direction or management of the affairs of a Person. 
 (5) The
term “executive officer” shall mean the president, every vice–president, every trust officer, the cashier, the secretary and the treasurer of a Company, and any individual customarily performing similar functions with respect
to any organization whether incorporated or unincorporated, but shall not include the chairman of the board of directors. 
 (6)
Except for purposes of paragraphs (6), (7), (8) and (9) of subsection (d) of this Section 7.08, the term “security” or “securities” shall mean any note, stock, treasury stock, bond,
debenture, evidence of indebtedness, certificate of interest or participation in any profit–sharing agreement, collateral–trust certificate, pre–organization certificate or subscription, transferable share, investment contract,
voting–trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as a “security” or any certificate of
interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. 
  

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 (7) For the purpose of subsection (d)(1) of this Section 7.08, the term
“series of securities” or “series” means a series, class or group of securities issuable under an indenture pursuant to whose terms Holders of one such series may vote to direct the indenture trustee, or
otherwise take action pursuant to a vote of such holders, separately from holders of another such series; provided, that “series of securities” or “series” shall not include any series of securities issuable under an indenture if
all such series rank equally and are wholly unsecured. 
 The percentages of voting securities and other securities specified in
this Section shall be calculated in accordance with the following provisions: 
 (A) A specified percentage of the voting
securities of the Trustee, the Company or any other Person referred to in this Section 7.08 (each of whom is referred to as a “Person” in this paragraph) means such amount of the outstanding voting securities of such Person as
entitles the Holder or Holders thereof to cast such specified percentage of the aggregate votes which the Holders of all the outstanding voting securities of such Person are entitled to cast in the direction or management of the affairs of such
Person. 
 (B) A specified percentage of a class of securities of a Person means such percentage of the aggregate amount of
securities of the class outstanding. 
 (C) The term “amount”, when used in regard to securities, means the
principal amount if relating to evidences of indebtedness, the number of shares if relating to capital shares, and the number of units if relating to any other kind of security. 
 (D) The term “outstanding” means issued and not held by or for the account of the issuer. The following securities
shall not be deemed outstanding within the meaning of this definition: 
 (i) Subordinated Securities of an issuer held in a
sinking fund relating to securities of the issuer of the same class; 
 (ii) Subordinated Securities of an issuer held in a
sinking fund relating to another class of securities of the issuer, if the obligation evidenced by such other class of securities is not in default as to principal or interest or otherwise; 
 (iii) Subordinated Securities pledged by the issuer thereof as security for an obligation of the issuer not in default as to principal or
interest or otherwise; and 
 (iv) Subordinated Securities held in escrow if placed in escrow by the issuer thereof;

 provided, however, that any voting securities of an issuer shall be deemed outstanding if any Person other than the issuer is entitled to
exercise the voting rights thereof. 
 (E) A security shall be deemed to be of the same class as another security if both
securities confer upon the Holder or Holders thereof substantially the same rights and

  

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privileges, provided, however, that, in the case of secured evidences of indebtedness, all of which are issued under a single indenture, differences in the interest rates or maturity dates of
various series thereof shall not be deemed sufficient to constitute such series different classes, and provided further that, in the case of unsecured evidences of indebtedness, differences in the interest rate or maturity dates thereof shall not be
deemed sufficient to constitute them securities of different classes, whether or not they are issued under a single indenture. 
 (f) Except in the case of a default in the payment of the principal of or interest on any Subordinated Securities, or in the payment of any sinking or purchase fund installment, the Trustee shall not be required to resign as provided by
this Section 7.08 if the Trustee shall have sustained the burden of proving, on application to the Commission and after opportunity for hearing thereon, that (i) the default under this Subordinated Indenture may be cured or waived during a
reasonable period and under the procedures described in such application, and (ii) a stay of the Trustee’s duty to resign will not be inconsistent with the interests of Holders of such series of Subordinated Securities. The filing of such
an application shall automatically stay the performance of the duty to resign until the Commission orders otherwise. Any resignation of the Trustee shall become effective only upon the appointment of a successor trustee and such successor’s
acceptance of such appointment. 
 SECTION 7.09. Requirements for Eligibility of Trustee. There shall always be at least
one Trustee hereunder. The Trustee hereunder shall at all times be a Company organized and doing business as a commercial bank under the laws of the United States of America or any state thereof or of the District of Columbia or a Company or other
Person permitted to act as a trustee by the Commission and, in each case, authorized under such laws to exercise corporate trust powers, having (or, in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a
combined capital and surplus of at least $50,000,000, and subject to supervision or examination by Federal, State or District of Columbia authority. If such Company or bank holding company parent 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, the combined capital and surplus of such Company or bank holding company parent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. No obligor on the Subordinated Securities or Person directly or indirectly controlling, controlled by or under common control with such obligor shall serve as
Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.09, the Trustee shall resign immediately in the manner and with the effect specified in this Article Seven. 
 SECTION 7.10. Resignation and Removal of Trustee; Appointment of Successor. (a) The Trustee, or any trustee or trustees
hereafter appointed, may at any time resign with respect to one or more or all series of Subordinated Securities by giving written notice of resignation to the Company and (i) if any Unregistered Subordinated Securities of a series affected are
then Outstanding, by giving notice of such resignation to the Holders thereof, by publication at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York, and at least once in an Authorized Newspaper in London (and, if
required by Section 4.09, at least once in an Authorized Newspaper in Luxembourg), (ii) if any Unregistered Subordinated Securities of a series affected are then Outstanding, by mailing notice of such resignation to the Holders thereof who
have filed their names and addresses with the Trustee

  

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pursuant to Section 313(c)(2) of the Trust Indenture Act at such addresses as were so furnished to the Trustee and (iii) by mailing notice of such resignation to the Holders of then
Outstanding Registered Securities of each series affected at their addresses as they shall appear on the registry books. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees with respect to
the applicable series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor
trustee shall have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee, or any Subordinated Securityholder who has been a bona fide Holder of a Subordinated Security or Subordinated Securities of the applicable series for at least six months may, subject to the provisions of
Section 5.12, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee. 
 (b) In case at any time any of the following shall occur: 
 (1) the Trustee shall fail to comply with the provisions of subsection (a) of Section 7.08 after written request therefor by the
Company or by any Subordinated Securityholder who has been a bona fide Holder of a Subordinated Security or Subordinated Securities of the applicable series for at least six months; or 
 (2) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written
request therefor by the Company or by any such Subordinated Securityholder; or 
 (3) the Trustee shall become incapable of
acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation; or 
 (4) the Company shall determine that the Trustee has failed to perform its
obligations under this Subordinated Indenture in any material respect, then, in any such case, the Company may remove the Trustee and appoint a successor trustee by written instrument executed by an authorized officer of the Company, one copy of
which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.11, any Subordinated Securityholder who has been a bona fide Holder of a Subordinated Security or
Subordinated Securities of the affected series for at least six months may, on such Person’s behalf and on behalf of all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in principal amount of the Subordinated Securities Outstanding (determined as provided in Section 8.04)
may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments signed by such Holders or their attorneys–in–fact duly authorized, or by the affidavits of the permanent chairman and secretary

  

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of a meeting of the Subordinated Securityholders evidencing the vote upon a resolution or resolutions submitted thereto with respect to such removal and appointment (as provided in Article Nine),
and by delivery thereof to the Trustee so removed, to the successor trustee and to the Company. 
 (d) Any resignation or
removal of the Trustee and any appointment of a successor trustee pursuant to any of the provisions of this Section 7.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 SECTION 7.11. Acceptance of Appointment by Successor Trustee. Any successor trustee appointed as provided in
Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and
such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee
herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an
instrument transferring to such successor trustee all the rights and powers with respect to the trustee so ceasing to act. Upon written 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 to secure any amounts then
due it pursuant to the provisions of Section 7.06. 
 No successor trustee shall accept appointment as provided in this
Section 7.11 unless at the time of such acceptance such successor trustee shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09. 
 Upon acceptance of appointment by a successor trustee as provided in this Section 7.11, the Company shall give notice thereof
(a) if any Unregistered Subordinated Securities of a series affected are then Outstanding, to the Holders thereof, by publication of such notice at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York and at
least once in an Authorized Newspaper in London (and, if required by Section 3.09, at least once in an Authorized Newspaper in Luxembourg), (b) if any Unregistered Subordinated Securities of a series affected are then Outstanding, to the
Holders thereof who have filed their names and addresses with the Trustee pursuant to Section 313(c)(2) of the Trust Indenture Act, by mailing such notice to such Holders at such addresses as were so furnished to the Trustee (and the Trustee
shall make such information available to the Company for such purpose) and (c) to the Holders of Registered Subordinated Securities of each series affected, by mailing such notice to such Holders at their addresses as they shall
appear on the registry books. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 7.10. If the
Company fails to give such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be given at the expense of the Company. 
  

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 SECTION 7.12. Successor to Trustee by Merger, Consolidation or Succession to
Business. Any Company into which the Trustee may be merged or converted or with which it may be consolidated, or any Company resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Company succeeding
to all or substantially all of the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder, provided such Company shall be qualified under the
provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

 In case at the time such successor to the Trustee shall succeed to the trusts created by this Subordinated Indenture any of
the Subordinated 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 Subordinated Securities so authenticated; and in
case at that time any of the Subordinated Securities shall not have been authenticated, any successor to the Trustee may authenticate such Subordinated Securities either in the name of any predecessor hereunder or in the name of the successor
Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Subordinated Securities or in this Subordinated Indenture provided that the certificate of the Trustee shall have; provided, however, that the
right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Subordinated Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 SECTION 7.13. Preferential Collection of Claims Against Company. (a) Subject to the provisions of subsection
(b) of this Section 7.13, if the Trustee shall be or shall become a creditor, directly or indirectly, secured or unsecured, of the Company or any other obligor on the Subordinated Securities within three months prior to a default, as
defined in subsection (c) of this Section 7.13, or subsequent to such a default, then, unless and until such default shall be cured, the Trustee shall set apart and hold in a special account for the benefit of the Trustee individually, the
Holders of the Subordinated Securities for which it is acting as Trustee, and the holders of other indenture securities (as defined in subsection (c) of this Section 7.13): 
 (1) an amount equal to any and all reductions in the amount due and owing upon any claim as such creditor in respect of principal or
interest, effected after the beginning of such three months’ period, and valid as against the Company or such other obligor on the Subordinated Securities and its other creditors, except any such reduction resulting from the receipt or
disposition of any property described in paragraph (2) of this subsection, or from the exercise of any right of set–off which the Trustee could have exercised if a petition in bankruptcy had been filed by or against the Company or such
other obligor on the Subordinated Securities upon the date of such default; and 
 (2) all property received by the Trustee in
respect of any claims as such creditor, either as security therefor, or in satisfaction or composition thereof, or otherwise, after the beginning of such three months’ period, or an amount equal to the proceeds of any such property if disposed
of, subject, however, to the rights, if any, of the Company or such other obligor on the Subordinated Securities and their respective other creditors in such property or such proceeds. 
  

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 Nothing herein contained, however, shall affect the right of the Trustee: 
 (A) to retain for its own account (i) payments made on account of any such claim by any Person (other than the Company or such other
obligor on the Subordinated Securities) who is liable thereon, and (ii) the proceeds of the bona fide sale of any such claim by the Trustee to a third Person, and (iii) distributions made in cash, securities or other property in respect of
claims filed against the Company or such other obligor on the Subordinated Securities in bankruptcy or receivership or in proceedings for reorganization pursuant to Title 11 of the United States Code or applicable State laws; 
 (B) to realize, for its own account, upon any property held by it as security for any such claim, if such property was so held prior to the
beginning of such three months’ period; 
 (C) to realize, for its own account, but only to the extent of the claim
hereinafter mentioned, upon any property held by it as security for any such claim, if such claim was created after the beginning of such three months’ period and such property was received as security therefor simultaneously with the creation
thereof, and if the Trustee shall sustain the burden of proving that at the time such property was so received, the Trustee had no reasonable cause to believe that a default, as defined in subsection (c) of this Section 7.13, would occur
within three months; or 
 (D) to receive payment on any claim referred to in paragraph (B) or (C), against the release of
any property held as security for such claim as provided in such paragraph (B) or (C), as the case may be, to the extent of the fair value of such property. 
 For the purposes of paragraphs (B), (C) and (D), property substituted after the beginning of such three months’ period for property held as security at the time of such substitution shall, to
the extent of the fair value of the property released, have the same status as the property released, and to the extent that any claim referred to in any of such paragraphs is created in renewal of or in substitution for or for the purpose of
repaying or refunding any preexisting claim of the Trustee as such creditor, such claim shall have the same status as such preexisting claim. 
 If the Trustee shall be required to account, the funds and property held in such special account and the proceeds thereof shall be apportioned among the Trustee, the Holders of Subordinated Securities for
which it is acting as Trustee, and the holders of other indenture securities in such manner that the Trustee, such Subordinated Securityholders and the holders of other indenture securities realize, as a result of payments from such special account
and payments of dividends on claims filed against the Company or such other obligor on the Subordinated Securities in bankruptcy or receivership or in proceedings for reorganization pursuant to Title 11 of the United States Code or applicable State
law, the same percentage of their respective claims, figured before crediting to the claim of the Trustee anything on account of the receipt by it from the Company or such other obligor on the Subordinated Securities of the funds and property in
such special account and before crediting to the respective claims of the Trustee, such Subordinated Securityholders, and the holders of other indenture securities dividends on claims filed against the Company or such other obligor on the
Subordinated Securities in bankruptcy or receivership or in proceedings for reorganization pursuant to Title 11 of the United States Code or applicable State law, but after crediting thereon receipts on account of the indebtedness represented by
their respective claims from all sources other than from such

  

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dividends and from the funds and property so held in such special account. As used in this paragraph, with respect to any claim, the term “dividends” shall include any distribution with
respect to such claim in bankruptcy or receivership or in proceedings for reorganization pursuant to Title 11 of the United States Code or applicable State law, whether such distribution is made in cash, securities or other property, but shall not
include any such distribution with respect to the secured portion, if any, of such claim. The court in which such bankruptcy, receivership or proceeding for reorganization is pending shall have jurisdiction (i) to apportion among the Trustee,
such Subordinated Securityholders, and the holders of other indenture securities, in accordance with the provisions of this paragraph, the funds and property held in such special account and the proceeds thereof, or (ii) in lieu of such
apportionment in whole or in part, to give to the provisions of this paragraph due consideration in determining the fairness of the distributions to be made to the Trustee, such Subordinated Securityholders and the holders of other indenture
securities with respect to their respective claims, in which event it shall not be necessary to liquidate or to appraise the value of any securities or other property held in such special account or as security for any such claim, or to make a
specific allocation of such distributions as between the secured and unsecured portions of such claim, or otherwise to apply the provisions of this paragraph as a mathematical formula. 
 Any Trustee who has resigned or been removed after the beginning of such three months’ period shall be subject to the provisions of
this subsection (a) as though such resignation or removal had not occurred. If any Trustee has resigned or been removed prior to the beginning of such three months’ period, it shall be subject to the provisions of this subsection
(a) if and only if the following conditions exist: 
 (i) the receipt of property or reduction of claim which would have
given rise to the obligation to account, if such Trustee had continued, as trustee, occurred after the beginning of such three months’ period; and 
 (ii) such receipt of property or reduction of claim occurred within three months after such resignation or removal. 
 In every case commenced under the Bankruptcy Act of 1898, or any amendment thereto enacted prior to November 6, 1978, all references to periods of three months shall be deemed to be references to
periods of four months. 
 (b) There shall be excluded from the operation of subsection (a) of this Section 7.13 a
creditor relationship arising from: 
 (1) the ownership or acquisition of securities issued under any indenture, or any
security or securities having a maturity of one year or more at the time of acquisition by the Trustee; 
 (2) advances
authorized by a receivership or bankruptcy court of competent jurisdiction, or by this Subordinated Indenture, for the purpose of preserving any property which shall at any time be subject to the lien of this Subordinated Indenture or of discharging
tax liens or other prior liens or encumbrances thereon, if notice of such advance and of the circumstances surrounding the making thereof is given to the Subordinated Securityholders at the time and in the manner provided in Section 5.04(c)
with respect to reports pursuant to subsections (a) and (b) thereof, respectively; 
  

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 (3) disbursements made in the ordinary course of business in the capacity of trustee under
an indenture, transfer agent, registrar, custodian, paying agent, fiscal agent or depositary, or other similar capacity; 
 (4)
an indebtedness created as a result of services rendered or premises rented, or an indebtedness created as a result of goods or securities sold in a cash transaction as defined in subsection (c) of this Section 7.13; 
 (5) the ownership of stock or of other securities of a Company organized under the provisions of Section 25(a) of the Federal Reserve
Act, as amended, which is directly or indirectly a creditor of the Company or any other obligor on the Subordinated Securities; and 
 (6) the acquisition, ownership, acceptance or negotiation of any drafts, bills of exchange, acceptances or obligations which fall within the classification of self–liquidating paper as defined in subsection (c) of this
Section 7.13. 
 (c) As used in this Section 7.13 the following terms shall be accorded the
following definitions: 
 (1) the term “default” shall mean any failure to make payment in full of the
principal of or interest on any of the Subordinated Securities or on the other indenture securities when and as such principal or interest becomes due and payable. 
 (2) the term “other indenture securities” shall mean securities upon which the Company or any other obligor on the Subordinated Securities is an “obligor” (as defined in the
Trust Indenture Act) outstanding under any other indenture (A) under which the Trustee is also trustee, (B) which contains provisions substantially similar to the provisions of subsection (a) of this Section 7.13, and
(C) under which a default exists at the time of the apportionment of the funds and property held in said special account. 
 (3) the term “cash transaction” shall mean any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders
drawn upon banks or bankers and payable upon demand. 
 (4) the term “self–liquidating paper” shall mean
any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred by the Company or any other obligor on the Subordinated Securities for the purpose of financing the purchase, processing, manufacture, shipment,
storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or
merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship with the Company or any other obligor on the Subordinated Securities arising from the
making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 
  

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 SECTION 7.14. Appointment of Authenticating Agent. As long as any Subordinated
Securities of a series remain Outstanding, the Trustee may, by an instrument in writing, appoint with the approval of the Company an authenticating agent (the “Authenticating Agent”) which shall be authorized to act on behalf of the
Trustee to authenticate Subordinated Securities, including Subordinated Securities issued upon exchange, registration of transfer, partial redemption or pursuant to Section 2.09. Subordinated Securities of each such series authenticated by such
Authenticating Agent shall be entitled to the benefits of this Subordinated Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee. Whenever reference is made in this Subordinated Indenture to the
authentication and delivery of Subordinated Securities of any series by the Trustee or to the Trustee’s Certificate of Authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent for such series and a Certificate of Authentication executed on behalf of the Trustee by such Authenticating Agent. Such Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the
United States of America or of any State, authorized under such laws to exercise corporate trust powers, having (or in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a combined capital and surplus of
at least $45,000,000 (determined as provided in Section 7.09 with respect to the Trustee) and subject to supervision or examination by Federal or State authority. 
 Any corporation into which any Authenticating Agent may be merged or converted, or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which any
Authenticating Agent (including the agency contemplated by this Indenture) shall be a party, or any corporation succeeding to the corporate agency business of any Authenticating Agent, shall continue to be the authenticating Agent with respect to
all series of Subordinated Securities for which it served as Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or such Authenticating Agent. Any Authenticating Agent may at any time, and
if it shall cease to be eligible shall, resign by giving written notice of resignation to the Trustee and to the Company. 
 Upon receiving such a notice of resignation or upon such a termination, or in case in any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 7.14 with respect to one or more
series of Subordinated Securities, the Trustee shall upon receipt of a Company Order appoint a successor Authenticating Agent and the Company shall provide notice of such appointment to all Holders of Subordinated Securities of such series in the
manner and to the extent provided in Section 13.02. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like
effect as if originally named as Authenticating Agent. The Company agrees to pay to the Authenticating Agent for such series from time to time reasonable compensation. The Authenticating Agent for the Subordinated Securities of any series shall have
no responsibility or liability for any action taken by it as such at the direction of the Trustee. 
  

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 If an appointment is made with respect to one or more series pursuant to this Section, the
Subordinated Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication substantially in the following form: 
 This is one of the Subordinated Securities described in the within–mentioned Subordinated Indenture. 
  

			
	  
	 	, as Trustee

			
		
	 By
	 	  

		 	As Authenticating Agent
		
	 By
	 	  

		 	Authorized Signatory

 Sections 7.02, 7.03, 7.04, 7.06 and 8.03 shall be applicable to any
Authenticating Agent. 
  

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 ARTICLE EIGHT 
 CONCERNING THE SUBORDINATED SECURITYHOLDERS 
 SECTION 8.01. Evidence of Action
by Subordinated Securityholders. Whenever in this Subordinated Indenture it is provided that the Holders of a specified percentage in principal amount of the Subordinated Securities of any or all series may take any action (including the making
of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the Holders of such specified percentage have joined therein may be evidenced
(a) by any instrument or any number of instruments of similar tenor executed by such Subordinated Securityholders in Person or by agent or proxy appointed in writing, or (b) by the record of such Holders of Subordinated
Securities voting in favor thereof at any meeting of such Subordinated Securityholders duly called and held in accordance with the provisions of Article Nine, or (c) by a combination of such instrument or instruments and any such record of such
a meeting of such Subordinated Securityholders. 
 SECTION 8.02. Proof of Execution of Instruments and of Holding of
Subordinated Securities. Subject to the provisions of Sections 7.01, 7.02 and 9.05, proof of the execution of any instrument by a Subordinated Securityholder or such Holder’s agent or proxy and proof of the holding by any Person of any of
the Subordinated Securities shall be sufficient if made in the following manner: 
 (a) The fact and date of the execution by
any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee; 
 (b) The ownership of
Subordinated Securities of any series (including Registered Global Subordinated Securities) shall be proved by the Register of such Subordinated Securities of such series, or by certificates of the Subordinated Security registrar or registrars
thereof. 
 The Trustee shall not be bound to recognize any Person as a Subordinated Securityholder unless and until such
Person’s title to the Subordinated Securities held by it is proved in the manner in this Article Eight provided. 
 The
record of any Subordinated Securityholders’ meeting shall be proved in the manner provided in Section 9.06. 
 The
Trustee may accept such other proof or require such additional proof of any matter referred to in this Section 8.02 as it shall deem reasonable. 
 SECTION 8.03. Who May be Deemed Owners of Subordinated Securities. Prior to due presentment for transfer of any Subordinated Security, the Company, the Trustee and any agent of the Company or the
Trustee may deem and treat the Person in whose name such Subordinated Security shall be registered upon the Register of Subordinated Securities of the series of which such Subordinated Security is a part as the absolute owner of such Subordinated
Security (whether or not such Subordinated Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and interest, subject to the
provisions of this Subordinated Indenture, on such

  

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Subordinated Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the contrary. All such
payments so made to any such Holder for the time being, or upon such Holder’s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability of moneys payable upon any such Subordinated
Security. The Company, the Trustee and any agent of the Company or the Trustee may treat the Holder of any Unregistered Subordinated Security and the Holder of any Coupon as the absolute owner of such Unregistered Subordinated Security or Coupon
(whether or not such Unregistered Subordinated Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes and neither the Company, the Trustee, nor any agent of the Company or
the Trustee shall be affected by any notice to the contrary. All such payments so made to any such person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys
payable upon any such Unregistered Subordinated Security or Coupon. 
 If the Subordinated Securities of any series are issued
in the form of one or more Registered Global Subordinated Securities, the Depository therefor may grant proxies to Persons having a beneficial ownership in such Registered Global Subordinated Security or Subordinated Securities for purposes of
voting or otherwise responding to any request for consent, waiver or other action which the Holder of such Registered Subordinated Security is entitled to grant or take under this Subordinated Indenture and the Trustee shall accept such proxies for
the purposes granted; provided that neither the Trustee nor the Company shall have any obligation with respect to the grant of or solicitation by the Depository of such proxies. 
 SECTION 8.04. Subordinated Securities Owned by the Company or Controlled or Controlling Persons Disregarded for Certain Purposes. In
determining whether the Holders of the requisite principal amount of Subordinated Securities have concurred in any demand, direction, request, notice, vote, consent, waiver or other action under this Subordinated Indenture, Subordinated Securities
which are owned by the Company or any other obligor on the Subordinated 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 the
Subordinated Securities shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, provided that for the purposes of determining whether the Trustee shall be protected in relying on any such demand, direction,
request, notice, vote, consent, waiver or other action, only Subordinated Securities which a Responsible Officer of the Trustee assigned to its Principal Office knows are so owned shall be so disregarded. Subordinated Securities so owned which have
been pledged in good faith may be regarded as Outstanding for the purposes of this Section 8.04, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Subordinated 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 shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Subordinated Securities, if any, known by the Company to be owned
or held by or for the account of the Company or any other obligor on the Subordinated 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
the

  

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Subordinated Securities; and, subject to the provisions of Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein
set forth and of the fact that all Subordinated Securities not listed therein are Outstanding for the purpose of any such determination. 
 SECTION 8.05. Instruments Executed by Subordinated Securityholders Bind Future Holders. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the
taking of any action by the Holders of the percentage in principal amount of the Subordinated Securities specified in this Subordinated Indenture in connection with such action, any Holder of a Subordinated Security which is shown by the evidence to
be included in the Subordinated Securities the Holders of which have consented to such action may, by filing written notice with the Trustee at its principal office and upon proof of holding as provided in Section 8.02, revoke such action so
far as concerns such Subordinated Security. Except as aforesaid any such action taken by the Holder of any Subordinated Security and any direction, demand, request, notice, waiver, consent, vote or other action of the Holder of any Subordinated
Security which by any provisions of this Subordinated Indenture is required or permitted to be given shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Subordinated Security, and of any Subordinated
Security issued in lieu thereof, irrespective of whether any notation in regard thereto is made upon such Subordinated Security. Any action taken by the Holders of the percentage in principal amount of the Subordinated Securities of any or all
series specified in this Subordinated Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the Holders of all of the Subordinated Securities of such series subject, however, to the provisions of
Section 7.01. 
 ARTICLE NINE 
 SUBORDINATED SECURITYHOLDERS’ MEETINGS 
 SECTION 9.01. Purposes for Which
Meetings May be Called. A meeting of Holders of Subordinated Securities of any or all series may be called at any time and from time to time pursuant to the provisions of this Article for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any
default hereunder and its consequences, or to take any other action authorized to be taken by Holders of Subordinated Securities of any or all series, as the case may be, pursuant to any of the provisions of Article Six; 
 (b) to remove the Trustee and appoint a successor trustee pursuant to the provisions of Article Seven; 
 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or

 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified principal amount of the
Subordinated Securities of any or all series, as the case may be, under any other provision of this Subordinated Indenture or under applicable law. 
  

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 SECTION 9.02. Manner of Calling Meetings. The Trustee may at any time call a meeting
of Subordinated Securityholders to take any action specified in Section 9.01, to be held at such time and at such place in The City of New York, New York, as the Trustee shall determine. Notice of every meeting of Subordinated Securityholders,
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 not less than 20 nor more than 60 days prior to the date fixed for the meeting. 
 SECTION 9.03. Call of Meeting by the Company or Subordinated Securityholders. In case at any time the Company pursuant to a
resolution of its Board of Directors, or the Holders of not less than ten percent in principal amount of the Subordinated Securities of any or all series, as the case may be, then Outstanding, shall have requested the Trustee to call a meeting of
Holders of Subordinated Securities of any or all series, as the case may be, to take any action authorized in Section 9.01 by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have mailed notice of such meeting within 20 days after receipt of such request, then the Company or such Holders of Subordinated Securities in the amount above specified may determine the time and place in either the City and County of
Los Angeles, California or The City of New York, New York for such meeting and may call such meeting to take any action authorized in Section 9.01, by mailing (and publishing, if required) notice thereof as provided in Section 9.02.

 SECTION 9.04. Who May Attend and Vote at Meetings. To be entitled to vote at any meeting of Subordinated
Securityholders a Person shall (a) be a Holder of one or more Subordinated Securities with respect to which the meeting is being held; or (b) be a Person appointed by an instrument in writing as proxy by such Holder of one or more
Subordinated Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Subordinated Securityholders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee
and its counsel and any representatives of the Company and its counsel. 
 SECTION 9.05. Regulations May be Made by Trustee;
Conduct of the Meeting; Voting Rights – Adjournment. Notwithstanding any other provisions of this Subordinated Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Subordinated
Securityholders, in regard to proof of the holding of Subordinated 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 regulations, the holding of Subordinated Securities shall be proved in the
manner specified in Section 8.02. and the appointment of any proxy shall be proved in the manner specified in said Section 8.02; provided, however, that such regulations may provide that written instruments appointing proxies regular on
their face, may be presumed valid and genuine without the proof hereinabove or in said Section 8.02 specified. 
 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 Subordinated Securityholders as provided in Section 9.03, in which case the Company or the
Subordinated Securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. 
  

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 Subject to the provisions of Section 8.04, at any meeting each Subordinated
Securityholder or proxy shall be entitled to one vote for each $1,000 (or [Euro] 1,000) principal amount (in the case of Original Issue Discount Subordinated Securities, such principal amount shall be equal to such portion of the principal amount as
may be specified in the terms of such series) of Subordinated Securities held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Subordinated Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Subordinated Securities held by such Person or instruments in writing as aforesaid duly
designating such Person as the Person to vote on behalf of other Subordinated Securityholders. Any meeting of Subordinated Securityholders duly called pursuant to the provisions of Section 9.02 or 9.03 may be adjourned from time to time, and
the meeting may be held so adjourned without further notice. 
 At any meeting of Subordinated Securityholders, the presence of
Persons holding or representing Subordinated Securities in principal amount sufficient to take action on the business for the transaction of which such meeting was called shall constitute a quorum, but, if less than a quorum is present, the Persons
holding or representing a majority in principal amount of the Subordinated 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 9.06. Manner of Voting at Meetings and Record to be Kept. The vote upon any resolution submitted to any meeting of
Subordinated Securityholders shall be by written ballots on which shall be subscribed the signatures of the Holders of Subordinated Securities or of their representatives by proxy and the principal amount or principal amounts of the Subordinated
Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary 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 Subordinated Securityholders shall be prepared by the secretary of the meeting and there shall be
attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said
notice was mailed as provided in Section 9.02. The record shall show the principal amount or principal amounts of the Subordinated Securities voting in favor of or against any resolution. The record shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one copy thereof shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee. 
 Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
 SECTION 9.07. Exercise of Rights of Trustee and Subordinated Securityholders Not to be Hindered or Delayed. Nothing in this Article
Nine contained shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Subordinated Securityholders or any rights expressly or impliedly conferred hereunder to make such call, any hindrances or delay in the
exercise of any right or rights conferred upon or reserved to the Trustee or to the Subordinated Securityholders under any of the provisions of this Subordinated Indenture or of the Subordinated Securities. 
  

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 ARTICLE TEN 
 SUPPLEMENTAL SUBORDINATED INDENTURES 
 SECTION 10.01. Purposes for Which
Supplemental Subordinated Indentures May be Entered into Without Consent of Subordinated Securityholders. Without the consent of the Holders of any Subordinated Securities, the Company and the Trustee may from time to time and at any time enter
into an indenture or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect) for one or more of the following purposes: 
 (a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the Subordinated Securities of one or more series any
property or assets; 
 (b) if deemed appropriate by the Company or required by law, to evidence the succession of another
Company to the Company or successive successions and the assumption by the successor Company of the covenants, agreements and obligations of the Company pursuant to Article Four hereof; 
 (c) to add to the covenants of the Company such further covenants, restrictions or conditions as its Board of Directors and the Trustee
shall consider to be for the protection of the Holders of all or any series of Subordinated Securities or Coupons (and if such covenants, restrictions or conditions are to be for the benefit of less than all series of Subordinated Securities,
stating that such covenants, restrictions or conditions are expressly being included solely for the benefit of such series), and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions
or conditions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Subordinated Indenture as herein set forth; provided, however, that in respect to any such additional covenant, restriction or
condition such Supplemental Subordinated 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; 
 (d) to add or change any of the provisions
of this Subordinated Indenture to such extent as shall be necessary to facilitate the issuance of Subordinated Securities in (i) global form or (ii) bearer form, registerable or not registerable as to principal or principal and interest,
and with or without coupons; 
 (e) to change or eliminate any of the provisions of this Subordinated Indenture; provided,
however, that any such change or elimination shall become effective only when there is no Subordinated Security of any series Outstanding created prior to the execution of such Supplemental Subordinated Indenture which is entitled to the benefit of
such provision; 
 (f) to establish the form or terms of Subordinated Securities of any series or the Coupons appertaining to
such Subordinated Securities as permitted by Sections 2.01 and 2.03; 
  

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 (g) to appoint, at the request of the Trustee, a successor Trustee for a particular series
of Subordinated Securities to act as such pursuant to the provisions of this Subordinated Indenture and to add to or change the provisions of this Subordinated Indenture to such extent as shall be necessary to facilitate the performance of the
duties of such trustee; and 
 (h) to cure any ambiguity or to correct or supplement any provisions contained herein or in any
Supplemental Subordinated Indenture which may be defective or inconsistent with any other provision contained herein or in any Supplemental Subordinated Indenture, or to make such other provisions in regard to matters or questions arising under this
Subordinated Indenture or any Supplemental Subordinated Indenture which shall not adversely affect the interests of the Holders of the Subordinated Securities or Coupons. 
 SECTION 10.02. Modification of Subordinated Indenture With Consent of Holders of Subordinated Securities. With the consent (evidenced as provided in Section 8.01) of the Holders of not less
than a majority in principal amount of the Subordinated Securities of all series at the time Outstanding (determined as provided in Section 8.04) affected by such Supplemental Subordinated Indenture (voting as one class), the Company and the
Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Subordinated Indenture or of any Supplemental Subordinated Indenture or of modifying in any manner the rights of the Holders of the Subordinated Securities of each such series or the Coupons
appertaining to such Subordinated Securities; provided, however, that no such Supplemental Subordinated Indenture shall, without the consent of the Holders of each Outstanding Subordinated Security affect thereby: 
 (a) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Subordinated Security, or reduce
the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Subordinated Security or any other Subordinated Security which would
be due and payable upon a declaration of acceleration of the Stated Maturity thereof pursuant to Section 6.01, or change any place of payment where, or the coin or currency in which, any Subordinated Security or any premium or interest thereon
is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the date fixed for redemption), or modify the provisions of this
Subordinated Indenture with respect to this subordination of the Subordinated Securities in a manner adverse to the Holders, or 
 (b) Reduce the percentage in principal amount of the Outstanding Subordinated Securities the consent of the Holders of which is required for any such Supplemental Subordinated Indenture, or the consent of the Holders of which is required
for any waiver (of compliance with certain provisions of this Subordinated Indenture or certain defaults hereunder and their consequences) provided for in this Subordinated Indenture or 
 (c) Change the time of payment or reduce the amount of any minimum sinking account or fund payment or 
  

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 (d) Modify any of the provisions of this Section 10.02, except to increase any such
percentage or to provide that certain other provisions of this Subordinated Indenture cannot be modified or waived without the consent of the Holder of each Subordinated Security affected thereby. 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Subordinated Indenture which has expressly been
included solely for the benefit of one or more particular series of Subordinated Securities, or which modifies the rights of Holders of Subordinated Securities of such series, or of Coupons appertaining to such Subordinated Securities, with respect
to such covenant or provision, shall be deemed not to affect the rights under this Subordinated Indenture of the Holders of Subordinated Securities of any other series or of the Coupons appertaining to such Subordinated Securities. 
 Upon the request of the Company, accompanied by a copy of a resolution of the Board of Directors (which resolution may provide general terms
or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or pursuant to a Company Order) certified by the secretary or an assistant secretary of the Company authorizing the execution
of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of the Holders of the Subordinated Securities as aforesaid and other documents, if any, required by Section 8.01, 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 Subordinated Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental indenture. 
 It shall not be necessary for the consent
of the Securityholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions to this Section, the
Trustee shall give notice thereof (i) to the Holders of then Outstanding Registered Subordinated Securities of each series affected thereby, by mailing a notice thereof by first–class mail to such Holders at their addresses as they shall
appear on the Security Register, (ii) if any Unregistered Subordinated Securities of a series affected thereby are then Outstanding, to the Holders thereof who have filed their names and addresses with the Trustee pursuant to
Section 313(c)(2) of the Trust Indenture Act, by mailing a notice thereof by first–class mail to such Holders at such addresses as were so furnished to the Trustee and (iii) if any Unregistered Subordinated Securities of a series
affected thereby are then Outstanding, to all Holders thereof, by publication of a notice thereof at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York and at least once in an Authorized Newspaper in London (and,
if required by Section 4.09, at least once in an Authorized Newspaper in Luxembourg), and in each case such notice shall set forth in general terms the substance of such supplemental indenture. Any failure of the Company to give such notice, or
any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 SECTION
10.03. Effect of Supplemental Subordinated Indentures. Upon the execution of any Supplemental Subordinated Indenture pursuant to the provisions of this Article Ten, this

  

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Subordinated Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this
Subordinated Indenture of the Trustee, the Company and the Holders of Subordinated 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 Subordinated Indenture shall be and be deemed to be part of the terms and conditions of this Subordinated Indenture for any and all purposes. 
 The Trustee shall be entitled to receive, and subject to the provisions of Section 7.01 shall be entitled to rely upon, an Opinion of
Counsel as conclusive evidence that any such Supplemental Subordinated Indenture complies with the provisions of this Article Ten and that the Subordinated Securities affected by the Supplemental Subordinated Indenture, when such Subordinated
Securities are authenticated and delivered by the Trustee and executed and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will be valid and binding obligations of the Company, except as any
rights thereunder may be limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and by general equity principles. 
 SECTION 10.04. Subordinated Securities May Bear Notation of Changes by Supplemental Subordinated Indentures. Subordinated Securities
authenticated and delivered after the execution of any Supplemental Subordinated Indenture pursuant to the provisions of this Article Ten, or after any action taken at a Subordinated Securityholders’ meeting pursuant to Article Nine, may bear a
notation in form approved by the Trustee as to any matter provided for in such Supplemental Subordinated Indenture or as to any action taken at any such meeting. If the Company or the Trustee shall so determine, new Subordinated Securities so
modified as to conform, in the opinion of the Trustee and the Company, to any modification of this Subordinated Indenture contained in any such Supplemental Subordinated Indenture may be prepared by the Company, authenticated by the Trustee and
delivered in exchange for the Subordinated Securities then Outstanding. 
  

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 ARTICLE ELEVEN 
 DISCHARGE; DEFEASANCE 
 SECTION 11.01. Satisfaction and Discharge of
Subordinated Indenture. 
 (A) If at any time (i) the Company shall have paid or caused to be paid the principal of and
interest on all the Subordinated Securities of any series Outstanding hereunder and all unmatured Coupons appertaining thereto (other than Subordinated Securities of such series and Coupons appertaining thereto which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable, or (ii) the Company shall have delivered to the Trustee for cancellation all Subordinated Securities of any
series theretofore authenticated and all unmatured Coupons appertaining thereto (other than any Subordinated Securities of such series and Coupons appertaining thereto which shall have been destroyed, lost or stolen and which shall have been
replaced or paid as provided in Section 2.09) or (iii) in the case of any series of Subordinated Securities where the exact amount (including the currency of payment) of principal of and interest due on which can be determined at the time
of making the deposit referred to in clause (b) below, (a) all the Subordinated Securities of such series and all unmatured Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and (b) the Company shall have
irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust the entire amount in (i) cash (other than moneys repaid by the Trustee or any Paying Agent to the Company in accordance with Section 11.04),
(ii) in the case of any series of Subordinated Securities the payments on which may only be made in Dollars, direct obligations of the United States of America, backed by its full faith and credit (“U.S. Government
Obligations”), maturing as to principal and interest at such times and in such amounts as will insure the availability of cash sufficient to pay at such Maturity or upon such redemption, as the case may be, or (iii) a combination
thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (a) the principal and interest on all Subordinated Securities of
such series and Coupons appertaining thereto on each date that such principal or interest is due and payable and (b) any mandatory sinking fund payments on the dates on which such payments are due and payable in accordance with the terms of the
Subordinated Indenture and the Subordinated Securities of such series; (x) the principal and interest on all Subordinated Securities of such series and Coupons appertaining thereto on each date that such principal or interest is due and payable
and (y) any mandatory sinking fund payments on the dates on which such payments are due and payable in accordance with the terms of the Subordinated Indenture and the Subordinated Securities of such series; and if, in any such case, the Company
shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Subordinated Indenture shall cease to be of further effect (except as to (i) rights of registration of transfer and exchange of Subordinated
Securities of such series and of Coupons appertaining thereto and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Subordinated Securities or Coupons, (iii) rights
of Holders of Subordinated Securities and Coupons appertaining thereto to receive payments of principal thereof and interest thereon, upon the original stated due dates

  

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therefore (but not upon acceleration), and remaining rights of the Holders to receive mandatory sinking fund payments, if any, (iv) any optional redemption rights of such series of
Subordinated Securities to the extent to be exercised to make such call for redemption within one year, (v) the rights, obligations, duties and immunities of the Trustee hereunder, including those under Section 6.6, (vi) the rights of
the Holders of securities of such series and Coupons appertaining thereto as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and (vii) the obligations of the Company under
Section 4.03 and the Trustee, on demand of the Company accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of the Company, shall execute proper instruments acknowledging such satisfaction of and
discharging this Subordinated Indenture; provided, that the rights of Holders of the Subordinated Securities and Coupons to receive amounts in respect of principal of and interest on the Subordinated Securities and Coupons held by them shall
not be delayed longer than required by then applicable mandatory rules or policies of any securities exchange upon which the Subordinated Securities are listed. The Company agrees to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Subordinated Indenture or the Subordinated Securities of such series. 

(B) The following provisions shall apply to the Subordinated Securities of each series unless specifically otherwise provided in an
Officer’s Certificate or indenture supplemental hereto provided pursuant to Section 2.03. In addition to discharge of the Subordinated Indenture pursuant to the next preceding paragraph, in the case of any series of Subordinated Securities
the exact amounts (including the currency of payment) of principal of and interest due on which can be determined at the time of making the deposit referred to in clause (a) below, the Company shall be deemed to have paid and discharged the
entire indebtedness on all the Subordinated Securities of such a series and the Coupons appertaining thereto on the date of the deposit referred to in clause (a) below, and the provisions of this Subordinated Indenture with respect to the
Subordinated Securities of such series and Coupons appertaining thereto shall no longer be in effect (except as to (i) rights of registration of transfer and exchange of Subordinated Securities of such series and of Coupons appertaining thereto
and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Subordinated Securities or Coupons, (iii) rights of Holders of Subordinated Securities and Coupons appertaining
thereto to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration), and remaining rights of the Holders to receive mandatory sinking fund payments, if any, (iv) any
optional redemption rights of such series of Subordinated Securities to the extent to be exercised to make such call for redemption within one year, (v) the rights, obligations, duties and immunities of the Trustee hereunder, (vi) the
rights of the Holders of Subordinated Securities of such series and Coupons appertaining thereto as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them and (vii) the obligations of the
Company under Section 4.03 and the Trustee, at the expense of the Company, shall at the Company’s request, execute proper instruments acknowledging the same, if 
 (a) with reference to this provision the Company has irrevocably deposited or caused to be irrevocably deposited with the
Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the

  

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Subordinated Securities of such series and Coupons appertaining thereto (i) cash in an amount, or (ii) in the case of any series of Subordinated Securities the payments on which may
only be made in United States Dollars, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash or (iii) a combination thereof, sufficient, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (a) the principal and interest on all Subordinated Securities of such series and Coupons appertaining
thereto on each date that such principal or interest is due and payable and (b) any mandatory sinking fund payments on the dates on which such payments are due and payable in accordance with the terms of the Subordinated Indenture and the
Subordinated Securities of such series; 
 (b) such deposit will not result in a breach or violation of, or
constitute a default under, any agreement or instrument to which the Company is a party or by which it is bound; 
 (c) the Company has delivered to the Trustee an Opinion of Counsel based on the fact that (x) the Company has received from, or there has been published by, the IRS a ruling or (y) since the date hereof, there has been a change in
the applicable Federal income tax law, in either case to the effect that, and such opinion shall confirm that, the Holders of the Subordinated Securities of such series and Coupons appertaining thereto will not recognize income, gain or loss for
United States Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to United States Federal income tax on the same amount and in the same manner and at the same times, as would have been the case if
such deposit, defeasance and discharge had not occurred; and 
 (d) the Company has delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this provision have been complied with. 
 (C) The Company shall be released from its obligations under Sections 4.02 and unless otherwise provided for in the Board Resolution,
Officer’s Certificate or Subordinated Indenture supplemental hereto establishing such series of Subordinated Securities, from all covenants and other obligations referred to in Section 2.03(18) or 2.03(20) with respect to such series of
Subordinated Securities, and any Coupons appertaining thereto, outstanding on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”). For this purpose, such covenant defeasance means
that, with respect to the Outstanding Subordinated Securities of any series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in such Section, whether directly or indirectly by
reason of any reference elsewhere herein to such Section or by reason of any reference in such Section to any other provision herein or in any other document and such omission to comply shall not constitute an Event of Default under
Section 6.01, but the remainder of this Subordinated Indenture and such Subordinated Securities and Coupons shall be unaffected thereby. The following shall be the conditions to application of this subsection C of this Section 11.01:

 (a) The Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust
for the purpose of making the following payments,

  

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specifically pledged as security for, and dedicated solely to, the benefit of the holders of the Subordinated Securities of such series and coupons appertaining thereto, (i) cash in an
amount, or (ii) in the case of any series of Subordinated Securities the payments on which may only be made in United States Dollars, U.S. Government Obligations maturing as to principal and interest at such times and in such amounts as will
insure the availability of cash or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay
(a) the principal and interest on all Subordinated Securities of such series and Coupons appertaining thereof and (b) any mandatory sinking fund payments on the day on which such payments are due and payable in accordance with the
terms of the Subordinated Indenture and the Subordinated Securities of such series; 
 (b) No Event of Default
or event which with notice or lapse of time or both would become an Event of Default with respect to the Subordinated Securities shall have occurred and be continuing on the date of such deposit; 
 (c) Such covenant defeasance shall not cause the Trustee to have a conflicting interest as defined in Section 7.08 and
for purposes of the Trust Indenture Act with respect to any securities of the Company; 
 (d) Such covenant
defeasance shall not result in a breach or violation of, or constitute a default under, this Subordinated Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
 (e) Such covenant defeasance shall not cause any Subordinated Securities then listed on any registered national securities
exchange under the Exchange Act to be delisted; 
 (f) The Company shall have delivered to the Trustee an
Officer’s Certificate and Opinion of Counsel to the effect that the Holders of the Subordinated Securities of such series and Coupons appertaining thereto will not recognize income, gain or loss for United States Federal income tax purposes as
a result of such covenant defeasance and will be subject to United States Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; and 
 (g) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for relating to the covenant defeasance contemplated by this provision have been complied with. 
 SECTION 11.02. Application by Trustee of Funds Deposited for Payment of Subordinated Securities. Subject to Section 11.04, all moneys deposited with the Trustee (for other trustee) pursuant to Section 11.01 shall be held in
trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the Holders of the particular Subordinated Securities of such series and of Coupons appertaining thereto
for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by
law. 
  

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 SECTION 11.03. Repayment of Moneys Held by Paying Agent. In connection with the
satisfaction and discharge of this Subordinated Indenture with respect to Subordinated Securities of any series, all moneys then held by any Paying Agent under the provisions of this Subordinated Indenture with respect to such series of Subordinated
Securities shall, upon demand of the Company, be repaid to it or paid to the Trustee and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
 SECTION 11.04. Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the
Trustee or any Paying Agent for the payment of the principal of and any premium and interest on any Subordinated Security and any series of Coupons attached thereto and not so applied but remaining unclaimed under applicable law shall be transferred
by the Trustee to the appropriate Persons in accordance with applicable laws, and the Holder of such Subordinated Security of such series and of any Coupons appertaining thereto shall thereafter look only to such Persons for any payment which such
Holder may be entitled to collect and all liability of the Trustee and such Paying Agent with respect to such moneys shall thereupon cease. 
 SECTION 11.05. Indemnity for U.S. Government of Obligations. The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 11.01 or the principal or interest received in respect of such obligations. 
 ARTICLE TWELVE 
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS 
 AND DIRECTORS 
 SECTION 12.01. Incorporators, Stockholders, Officers and Directors of Company Exempt From Individual Liability. No recourse under or upon any obligation, covenant or agreement of this Subordinated Indenture, or of any Subordinated
Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, as such past, present or future, of the Company, 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 Subordinated Indenture and the obligations issued hereunder are solely corporate
obligations, and that no personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors, as such, of the Company because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in this Subordinated Indenture or in any of the Subordinated Securities or implied therefrom; and that any and all such personal liability of every name and nature, 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, stockholder, officer or director, 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 Subordinated Indenture or in any of the Subordinated Securities or implied therefrom are hereby expressly waived and released as a condition of, and as a consideration for, the
execution of this Subordinated Indenture and the issue of such Subordinated Securities. 
  

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 ARTICLE THIRTEEN 
 MISCELLANEOUS PROVISIONS 
 SECTION 13.01. Successors and
Assigns of the Company bound by Subordinated Indenture. All the covenants, stipulations, promises and agreements in this Subordinated Indenture contained by or in behalf of the Company shall bind its successors and assigns, whether so expressed
or not. 
 SECTION 13.02. Notices; Effectiveness. Any notice or demand which by any provision of this Subordinated
Indenture is required or permitted to be given or served by the Trustee or by the Holders of Subordinated Securities to or on the Company, or by the Company or by the Holders of Subordinated Securities to the Trustee or upon the Depository by the
Company or the Trustee may be electronically communicated or hand delivered or sent by overnight courier, addressed to the relevant party as provided in this Section 13.02. 
 All communications intended for the Company shall be sent to: 
  

			
		 	 SuccessFactors, Inc.
 1500
Fashion Island Blvd., Suite 300
 San Mateo, CA 94404
 Attention: Chief Financial Officer

 All communications intended for the Trustee shall be sent to: 
  

					
		 	  
	 	
		 	 (SuccessFactors, Inc. Subordinated Indenture
 dated as of                 , 20    )

 or at any other address of which any of the foregoing shall have notified the others in any manner
prescribed in this Section 13.02. 
 For all purposes of this Subordinated Indenture, a notice or communication will be
deemed effective: 
 (a) if delivered by hand or sent by overnight courier, on the day it is delivered unless (i) that day
is not a Business Day in the city specified (a “Local Business Day”) in the address for notice provided by the recipient or (ii) if delivered after the close of business on a Local Business Day, then on the next succeeding
Local Business Day or 
 (b) if sent by facsimile transmission, on the date transmitted, provided that oral or written
confirmation of receipt is obtained by the sender unless the date of transmission and confirmation is not a Local Business Day, in which case, on the next succeeding Local Business Day. 
  

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 Any notice, direction, requires, demand, consent or waiver by the Company, any Subordinated
Securityholder to or upon the Trustee shall be deemed to have been sufficiently given, made or filed, for all purposes, if given, made or filed in writing at the Principal Office of the Trustee in accordance with the provisions of this
Section 13.02. 
 Any notice, request, consent or waiver by the Company or the Trustee upon the Depository shall have been
sufficiently given, made or filed, for all purposes, if give or made in accordance with the provisions of this Section 13.02 at the address shown for such Depository in the Register or at such other address as the Depository shall have provided
for purposes of notice. 
 SECTION 13.03. Compliance Certificates and Opinions. Upon on any request or application by the
Company to the Trustee to take any action under any of the provisions of this Subordinated Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this
Subordinated 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 Subordinated Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 Each certificate or opinion provided for in this Subordinated Indenture and delivered to the Trustee with respect to
compliance with a condition or covenant provided for in this Subordinated Indenture (other than a certificate provided pursuant to Section 5.03(d) 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. 
 Any certificate, statement or
opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to
the matters upon which such certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon the certificate, statement or opinion of or representations by an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the
Company, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which such Person’s certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise
of reasonable care should know that the same are erroneous. 
 Any certificate, statement or opinion of an officer of the
Company or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants, unless such officer or counsel, as the case may be, knows that the
certificate or opinion or representations with respect to the

  

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accounting matters upon which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous.
Any certificate or opinion of any firm of independent public accountants filed with the Trustee shall contain a statement that such firm is independent. 
 SECTION 13.04. Days on Which Payment to be Made, Notice Given or Other Action Taken. If any date on which a payment is to be made, notice given or other action taken hereunder is a Saturday, Sunday
or legal holiday in the state in which the payment, notice or other action is to be made, given or taken, then such payment, notice or other action shall be made, given or taken on the next succeeding Business Day in such state, and in the case of
any payment, no interest shall accrue for the delay. 
 SECTION 13.05. Provisions Required by Trust Indenture Act to
Control. If and to the extent that any provision of this Subordinated Indenture limits, qualifies or conflicts with another provision included in this Subordinated Indenture which is required to be included in this Subordinated Indenture by any
of Sections 310 to 317, inclusive, of the Trust Indenture Act such required provision shall control. 
 SECTION 13.06.
Governing Law. THIS SUBORDINATED INDENTURE AND EACH SUBORDINATED SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

 SECTION 13.07. Effect of Headings. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 13.08. Subordinated Securities in a Foreign
Currency or in ECU. Unless otherwise specified in an Officer’s Certificate delivered pursuant to Section 2.03 of this Subordinated Indenture with respect to a particular series of Subordinated Securities, whenever for purposes of this
Subordinated Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Subordinated Securities of all series or all series affected by a particular action at the time Outstanding and, at such time,
there are Outstanding Subordinated Securities of any series which are denominated in a coin or currency other than United States Dollars (including ECUs), then the principal amount of Subordinated Securities of such series which shall be deemed to
be Outstanding for the purpose of taking such action shall be that amount of United States Dollars that could be obtained for such amount at the Market Exchange Rate. For purposes of this Section 13.08, Market Exchange Rate shall mean the noon
United States Dollar buying rate in The City of New York for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the
Commission of the European Communities (or any successor thereto) as published in the Official Journal of the European Communities (such publication or any successor publication, the “Journal”). If such Market Exchange Rate is not
available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as
published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question, which for purposes
of the ECU shall be Brussels, Belgium, or such

  

 78 

 
other quotations or, in the case of ECU, rates of exchange as the Trustee shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in
respect of Subordinated Securities of a series denominated in a currency other than Dollars in connection with any action taken by Holders of Subordinated Securities pursuant to the terms of this Subordinated Indenture. 
 All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the
preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders. 
 SECTION 13.09. Judgment Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law, that
(a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest on the Subordinated Securities of any series (the “Required Currency”), into a currency
in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and
(b) its obligations under this Subordinated Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with
subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of
such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required
Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Subordinated Indenture. For purposes of the foregoing, “New York Banking Day” means any day except
a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or required by law or executive order to close. 
  

 79 

 SECTION 13.10. Provisions of the Subordinated Indenture and Subordinated Securities for
the Sole Benefit of the Parties and the Subordinated Securityholders. Nothing in this Subordinated Indenture or in the Subordinated Securities, expressed or implied, shall give or be construed to give any Person, firm or Company, other than the
parties hereto and the Holders of the Subordinated Securities, any legal or equitable right, remedy or claim under or in respect of this Subordinated Indenture, or under any covenant, condition and provision herein contained; all its covenants,
conditions and provisions being for the sole benefit of the parties hereto and of the Holders of the Subordinated Securities. 
 SECTION 13.11. Subordinated Indenture May be Executed in Counterparts. This Subordinated Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but
one and the same instrument. 
 ARTICLE FOURTEEN 
 SUBORDINATION OF SECURITIES 
 SECTION 14.01. Subordinated Securities
Subordinated to Senior Indebtedness. The Company covenants and agrees, and each Holder of Subordinated Securities, by his acceptance thereof, likewise covenants and agrees, that the indebtedness represented by the Subordinated Securities and the
payment of the principal of (and premium, if any) in respect of each and all of the Subordinated 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. 
 In the event (a) of any distribution of assets of the Company upon any dissolution, winding up,
liquidation or reorganization of the Company whether in 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 member or consolidation or a conveyance or transfer of all or substantially all of the properties of the Company which complies with the requirements of Section 4.02, or (b) that a
default shall have occurred and be continuing with respect to the payment of principal of (or premium, if any) in respect of any Senior Indebtedness, or (c) that the principal of the Subordinated Securities of any series (or in the case of
Original Issue Discount Securities, the portion of the principal amount thereof referred to in Section 6.01) shall have been declared due and payable pursuant to Section 6.01 and such declaration shall not have been rescinded and annulled
as provided in Section 6.01, then: 
 (1) in a circumstance described in the foregoing clause (a) or (b) the
holders of all Senior Indebtedness, and in the circumstance described in the foregoing clause (c) the holders of all Senior Indebtedness outstanding at the time the principal of such Subordinated Securities (or in the case of Original Issue
Discount 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 in respect of principal, premium (if any), interest, or provision shall
be made for such payment in money or money’s worth, before the Holders of any of the Subordinated Securities are entitled to receive any payment on account of the principal of (or premium, if any) or interest payable in respect of the
indebtedness evidenced by the Subordinated Securities; 
  

 80 

 (2) any payment by, or distribution of assets of, the Company of any kind of 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 corporation 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 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 Subordinated 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
receive 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 therefore) to the holders of such Senior Indebtedness, before any payment or distribution is made to the Holders of the indebtedness evidenced by the Subordinated
Securities under this Subordinated Indenture; and 
 (3) in the event that, notwithstanding the foregoing, any payment by, or
distribution of assets of, the Company of any kind of 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 corporation provided for by a plan
of reorganization or readjustments the payment of which is subordinate, at least to the extent provided in this Article with respect to the Subordinated 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 Subordinated 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 14.02. Subrogation. Subject to the payment in full of all Senior Indebtedness to which
the indebtedness evidenced by the securities is in the circumstances subordinated as provided in Section 14.01, the Holders of the Subordinated Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive
payments or distributions of cash, property or Subordinated Securities of the Company applicable to such Senior Indebtedness until all amounts owing on the Subordinated 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 Subordinated 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 Subordinated 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 Subordinated Securities, on the one hand, and the holders of Senior Indebtedness. 
  

 81 

 SECTION 14.03. Obligation of the Company Unconditional. Nothing contained in this
Article or elsewhere in this Subordinated Indenture or in the Subordinated 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 Subordinated
Securities, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Subordinated Securities the principal of (and premium, if any) and interest payable in the respect of the Subordinated 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 Subordinated 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 Security from exercising all remedies otherwise permitted by applicable law upon default under this Subordinated Indenture, subject to the rights, if any, under this
Article of the holders of Senior Indebtedness in respect of cash, property or Subordinated 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 Subordinated 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 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 Subordinated 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.

 SECTION 14.04. Payments on Subordinated Securities Permitted. Nothing contained in this Article or elsewhere in this
Subordinated Indenture, or in any of the Subordinated Securities, shall affect the obligation of the Company to make, or prevent the Company from making, payment of the principal of (or premium, if any) or interest payable in respect of the
Subordinated Securities in accordance with the provisions hereof and thereof, except as otherwise provided in this Article. 
 SECTION 14.05. Effectuation of Subordinated by Trustee. Each holder of the Subordinated Securities, by his acceptance thereof, authorizes and directs the Trustee in his behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes. 
 SECTION 14.06. Knowledge of Trustee. Notwithstanding the provisions of this Article or any other provisions of this Subordinated Indenture, the Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness and shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment or moneys to or by the Trustee, or the taking of any other action by the Trustee, unless and until the Trustee shall
have received written notice thereof from the Company, any Holder of

  

 82 

 
Subordinated Securities, any paying or conversion agent of the Company or the holder or representative of any class of Senior Indebtedness; provided, however, 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, without limitation, the payment of the principal of (or
premium, if any) or interest on any Subordinated 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. 
 SECTION 14.07. 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 ads any other holder of Senior Indebtedness, and nothing in Section 313 of the Trust Indenture Act or elsewhere in this Subordinated Indenture shall deprive the Trustee of any of its rights as such
holder. 
 Nothing in this Article shall subordinate any claims of, or payments to, the Trustee (under or pursuant to
Section 7.06) to Senior Indebtedness. 
 SECTION 14.08. 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 non-compliance by the
Company with the terms, provisions and covenants of this Subordinated Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 
 [Signature page follows] 
  

 83 

 IN WITNESS WHEREOF, SUCCESSFACTORS, INC. has caused this Subordinated Indenture to be signed
by its Chief Executive Officer, President or Chief Financial Officer or one of its Vice Presidents and
                             has caused this Subordinated Indenture to be signed and acknowledged by
one of its Vice Presidents, all as of the day and year first written above. 
  

			
	SUCCESSFACTORS, INC.
		
	By	 	  

	Title:	 	

			
		
	  
	 	,
	as Trustee

			
		
	By	 	  

		 	Vice President

  

 84Indenture

 Exhibit 4.1 
  

 
 FORBES ENERGY SERVICES LLC 

 FORBES ENERGY CAPITAL INC. 
 AND EACH OF THE GUARANTORS PARTY HERETO 
 FIRST PRIORITY FLOATING RATE
NOTES DUE 2014 
  
  
 INDENTURE 
 Dated as of October 2, 2009 
  
  
 WILMINGTON TRUST
FSB, 
 as Trustee and Collateral Agent 
  
  
  
  

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture
 Act Section
	  	 Indenture Section

	 310(a)(1)
	  	7.10
	  (a)(2)
	  	7.10
	  (a)(3)
	  	N.A.
	  (a)(4)
	  	N.A.
	  (a)(5)
	  	7.10
	  (b)
	  	7.10
	  (c)
	  	N.A.
	 311(a)
	  	7.11
	  (b)
	  	7.11
	  (c)
	  	N.A.
	 312(a)
	  	2.05
	  (b)
	  	13.03
	  (c)
	  	13.03
	 313(a)
	  	7.06
	  (b)(1)
	  	N.A.
	  (b)(2)
	  	7.06; 7.07
	  (c)
	  	7.06; 13.02
	  (d)
	  	7.06
	 314(a)
	  	13.02; 13.05
	  (b)
	  	13.02
	  (c)(1)
	  	13.04
	  (c)(2)
	  	13.04
	  (c)(3)
	  	N.A.
	  (d)
	  	N.A.
	  (e)
	  	13.05
	  (f)
	  	N.A.
	 315(a)
	  	7.01
	  (b)
	  	7.05; 13.02
	  (c)
	  	7.01
	  (d)
	  	7.01
	  (e)
	  	6.10
	 316(a) (last sentence)
	  	2.09
	  (a)(1)(A)
	  	6.04
	  (a)(1)(B)
	  	6.02
	  (a)(2)
	  	N.A.
	  (b)
	  	6.06; 9.02
	  (c)
	  	2.12
	 317(a)(1)
	  	6.07
	  (a)(2)
	  	6.08
	  (b)
	  	2.04
	 318(a)
	  	13.01
	  (b)
	  	N.A.
	  (c)
	  	13.01

  
 N.A. means not applicable. 

	*	This Cross-Reference Table is not part of this Indenture. 

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	 ARTICLE 1
 DEFINITIONS AND INCORPORATION
 BY REFERENCE

			
	Section 1.01	  	Definitions.	  	1
	Section 1.02	  	Other Definitions.	  	27
	Section 1.03	  	Incorporation by Reference of TIA.	  	28
	Section 1.04	  	Rules of Construction.	  	28
	
	ARTICLE 2
	THE NOTES
			
	Section 2.01	  	Form and Dating.	  	29
	Section 2.02	  	Execution and Authentication.	  	29
	Section 2.03	  	Registrar and Paying Agent.	  	30
	Section 2.04	  	Paying Agent to Hold Money in Trust.	  	30
	Section 2.05	  	Holder Lists.	  	31
	Section 2.06	  	Transfer and Exchange.	  	31
	Section 2.07	  	Replacement Notes.	  	43
	Section 2.08	  	Outstanding Notes.	  	43
	Section 2.09	  	Treasury Notes.	  	43
	Section 2.10	  	Temporary Notes.	  	44
	Section 2.11	  	Cancellation.	  	44
	Section 2.12	  	Defaulted Interest.	  	44
	Section 2.13	  	Persons Deemed Owners.	  	45
	
	ARTICLE 3
	REDEMPTION AND PURCHASE
			
	Section 3.01	  	Notices to Trustee.	  	45
	Section 3.02	  	Election to Redeem; Selection of Notes to Be Redeemed or Purchased.	  	45
	Section 3.03	  	Notice of Redemption.	  	46
	Section 3.04	  	Effect of Notice of Redemption.	  	47
	Section 3.05	  	Deposit of Redemption or Purchase Price.	  	47
	Section 3.06	  	Notes Redeemed or Purchased in Part.	  	47
	Section 3.07	  	Optional Redemption.	  	47
	Section 3.08	  	No Mandatory Redemption.	  	48
	Section 3.09	  	Offer to Purchase by Application of Excess Proceeds From Asset Sales or Excess Cash Flow.	  	48
	
	ARTICLE 4
	COVENANTS
			
	Section 4.01	  	Payments on Notes.	  	50

  

 i 

					
	Section 4.02	  	Maintenance of Office or Agency.	  	50
	Section 4.03	  	Taxes.	  	51
	Section 4.04	  	Stay, Extension and Usury Laws.	  	51
	Section 4.05	  	Maintenance of Insurance.	  	51
	Section 4.06	  	Compliance Certificate.	  	52
	Section 4.07	  	New Parent.	  	52
	Section 4.08	  	Limited Liability Company or Corporate Existence.	  	53
	Section 4.09	  	Restrictions on Activities of Capital.	  	53
	Section 4.10	  	Offer to Repurchase Upon Change of Control.	  	53
	Section 4.11	  	Asset Sales.	  	55
	Section 4.12	  	Excess Cash Flow Offer.	  	57
	Section 4.13	  	Restricted Payments.	  	58
	Section 4.14	  	Incurrence of Indebtedness and Issuance of Preferred Stock.	  	61
	Section 4.15	  	Limitation on Capital Expenditures.	  	65
	Section 4.16	  	Liens.	  	66
	Section 4.17	  	Dividend and Other Payment Restrictions Affecting Subsidiaries.	  	67
	Section 4.18	  	Transactions with Affiliates.	  	68
	Section 4.19	  	Business Activities.	  	70
	Section 4.20	  	Additional Guarantees.	  	70
	Section 4.21	  	Designation of Restricted and Unrestricted Subsidiaries.	  	70
	Section 4.22	  	Payments for Consent.	  	71
	Section 4.23	  	Impairment and Location of Security Interest.	  	71
	Section 4.24	  	Real Estate Mortgages and Filings.	  	72
	Section 4.25	  	Disposal Well Mortgages and Filings	  	73
	Section 4.26	  	Leasehold Mortgages and Filings; landlord Waivers.	  	74
	Section 4.27	  	Other Collateral.	  	74
	Section 4.28	  	Reports.	  	74
	
	ARTICLE 5
	SUCCESSORS
			
	Section 5.01	  	Merger, Consolidation, or Sale of Assets.	  	76
	Section 5.02	  	Successor Corporation Substituted.	  	77
	
	ARTICLE 6
	DEFAULTS AND REMEDIES
			
	Section 6.01	  	Events of Default.	  	78
	Section 6.02	  	Acceleration.	  	80
	Section 6.03	  	Other Remedies.	  	80
	Section 6.04	  	Waiver of Past Defaults.	  	80
	Section 6.05	  	Control by Majority.	  	81
	Section 6.06	  	Limitation on Suits.	  	81
	Section 6.07	  	Rights of Holders of Notes to Receive Payment.	  	82
	Section 6.08	  	Collection Suit by Trustee or Collateral Agent.	  	82
	Section 6.09	  	Trustee May File Proofs of Claim.	  	82
	Section 6.10	  	Priorities.	  	83

  

 ii 

					
	Section 6.11	  	Undertaking for Costs.	  	83
	Section 6.12	  	Willful Event of Default.	  	84
	
	ARTICLE 7
	TRUSTEE
			
	Section 7.01	  	Duties of Trustee.	  	84
	Section 7.02	  	Rights of Trustee.	  	85
	Section 7.03	  	Individual Rights of Trustee.	  	86
	Section 7.04	  	Trustee’s Disclaimer.	  	86
	Section 7.05	  	Notice of Defaults.	  	86
	Section 7.06	  	Reports by Trustee to Holders of the Notes.	  	86
	Section 7.07	  	Compensation and Indemnity.	  	87
	Section 7.08	  	Replacement of Trustee.	  	88
	Section 7.09	  	Successor Trustee by Merger, etc.	  	89
	Section 7.10	  	Eligibility; Disqualification.	  	89
	Section 7.11	  	Preferential Collection of Claims Against Issuers.	  	89
	Section 7.12	  	Trustee in Other Capacities; Collateral Agent and Paying Agent.	  	89
	
	ARTICLE 8
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
			
	Section 8.01	  	Option to Effect Legal Defeasance or Covenant Defeasance.	  	90
	Section 8.02	  	Legal Defeasance and Discharge.	  	90
	Section 8.03	  	Covenant Defeasance.	  	90
	Section 8.04	  	Conditions to Legal or Covenant Defeasance.	  	91
	Section 8.05	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	  	92
	Section 8.06	  	Repayment to Company.	  	93
	Section 8.07	  	Reinstatement.	  	93
	
	ARTICLE 9
	AMENDMENT, SUPPLEMENT AND WAIVER
			
	Section 9.01	  	Without Consent of Holders of Notes.	  	94
	Section 9.02	  	With Consent of Holders of Notes.	  	94
	Section 9.03	  	Compliance with TIA.	  	95
	Section 9.04	  	Revocation and Effect of Consents.	  	95
	Section 9.05	  	Notation on or Exchange of Notes.	  	96
	Section 9.06	  	Trustee to Sign Amendments, etc.	  	96
	
	ARTICLE 10
	SATISFACTION AND DISCHARGE
			
	Section 10.01	  	Satisfaction and Discharge.	  	97
	Section 10.02	  	Application of Trust Money.	  	98

  

 iii 

					
	ARTICLE 11
	GUARANTEES
			
	Section 11.01	  	Guarantee.	  	98
	Section 11.02	  	Limitation on Guarantor Liability.	  	99
	Section 11.03	  	Execution and Delivery of Guarantee.	  	100
	Section 11.04	  	Guarantors May Consolidate, etc., on Certain Terms.	  	100
	Section 11.05	  	Releases.	  	101
	
	ARTICLE 12
	COLLATERAL AND SECURITY
			
	Section 12.01	  	Grant of Security Interests; Intercreditor Agreement.	  	102
	Section 12.02	  	Recording and Opinions.	  	103
	Section 12.03	  	Release of Collateral.	  	104
	Section 12.04	  	Specified Releases of Collateral.	  	104
	Section 12.05	  	Release upon Satisfaction or Defeasance of all Outstanding Obligations.	  	105
	Section 12.06	  	Form and Sufficiency of Release.	  	106
	Section 12.07	  	Purchaser Protected.	  	106
	Section 12.08	  	Authorization of Actions to be Taken by the Collateral Agent Under the Collateral Agreements.	  	106
	Section 12.09	  	Authorization of Receipt of Funds by the Trustee Under the Collateral Agreements.	  	106
	Section 12.10	  	Replacement of Collateral Agent.	  	107
	
	ARTICLE 13
	MISCELLANEOUS
			
	Section 13.01	  	TIA Controls.	  	107
	Section 13.02	  	Notices.	  	107
	Section 13.03	  	Communication by Holders of Notes with Other Holders of Notes.	  	108
	Section 13.04	  	Certificate and Opinion as to Conditions Precedent.	  	109
	Section 13.05	  	Statements Required in Certificate or Opinion.	  	109
	Section 13.06	  	Rules by Trustee and Agents.	  	109
	Section 13.07	  	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	109
	Section 13.08	  	Acts of Holders.	  	110
	Section 13.09	  	Governing Law.	  	110
	Section 13.10	  	No Adverse Interpretation of Other Agreements.	  	110
	Section 13.11	  	Successors.	  	110
	Section 13.12	  	Severability.	  	111
	Section 13.13	  	Counterpart Originals.	  	111
	Section 13.14	  	Table of Contents, Headings, etc.	  	111

  

 iv 

 EXHIBITS 
  

					
	EXHIBIT A	  	FORM OF NOTE	  	A-1
			
	EXHIBIT B	  	FORM OF CERTIFICATE OF TRANSFER	  	B-1
			
	EXHIBIT C	  	FORM OF CERTIFICATE OF EXCHANGE	  	C-1
			
	EXHIBIT D	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR	  	D-1
			
	EXHIBIT E	  	FORM OF NOTATION OF GUARANTEE	  	E-1
			
	EXHIBIT F	  	FORM OF SUPPLEMENTAL INDENTURE	  	F-1

  

 v 

 INDENTURE dated as of October 2, 2009 among Forbes Energy Services LLC, a Delaware
limited liability company (including any and all successors thereto, the “Company”), as co-issuer of the First Priority Floating Rate Notes due 2014 (the “Notes”), Forbes Energy Capital Inc., a Delaware corporation
(including any and all successors thereto, “Capital” and together with the Company as co-issuers of the Notes, the “Issuers”), as co-issuer of the Notes, the Guarantors (as defined herein) and Wilmington Trust FSB
and any and all successors thereto, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”). 
 The Issuers are executing this Indenture for the purpose of refinancing and replacing their revolving credit facility with Citibank, N.A.,
with a credit facility evidenced by the Notes. Each of the Issuers, the Guarantors, the Trustee and the Collateral Agent agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the Notes:

 ARTICLE 1 
 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
 Section 1.01 Definitions. 
 “144A Global Note” means the Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of
the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 
 “Acquired Debt” means, with respect to any specified Person: 
 (1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person (regardless of the form of the applicable transaction by
which such Person became a Subsidiary) or expressly assumed in connection with the acquisition of assets from any such Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or
into, or becoming a Restricted Subsidiary of, such specified Person or of such Indebtedness being incurred in connection with the acquisition of assets; and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 
 Acquired Debt will be deemed to be incurred on the date the acquired Person becomes a Subsidiary or the date of the related acquisition of
assets from such Person. 
 “Additional Notes” means Notes (other than the Initial Notes) issued after the
Issue Date under this Indenture in accordance with Sections 2.01, 2.02 and 4.14 hereof, as part of the same class as the Initial Notes. 

 “Adjusted Capital Expenditures” means, for any period, Capital Expenditures
and Capital Lease Obligations incurred by any New Parent, the Parent, the Company and their Restricted Subsidiaries during such period, but excluding in each case (i) any such expenditure made to restore, replace or rebuild property to the
condition of such property immediately prior to any damage, loss, destruction or condemnation of such property, to the extent such expenditure is made with insurance proceeds, condemnation awards or damage recovery proceeds relating to any such
damage, loss, destruction or condemnation, (ii) any such expenditure constituting reinvestment of the Net Proceeds of any Asset Sale permitted by this Indenture and (iii) any Capital Expenditures made or deemed to be made resulting from
the acquisition of property or assets by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries the consideration for which acquisition was Equity Interests (other than Disqualified Stock) of any New Parent, the Parent, the
Company or any of their Restricted Subsidiaries otherwise permitted by this Indenture. 
 “Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that
beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have
correlative meanings. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent.

 “Applicable LIBOR Rate” means for each interest period with respect to the Notes, the rate determined
by the Issuers (written notice of such rate to be sent to the Trustee on the date of determination thereof) equal to the greater of (a) 4.0% or (b) the applicable British Bankers’ Association LIBOR rate for deposits in U.S. dollars
for a period of six months as reported by any generally recognized financial information service as of 11:00 a.m. (London time) two Business Days prior to the first day of such interest period; provided, that, if no such British Bankers’
Association LIBOR rate is available to the Issuers, the Applicable LIBOR Rate for the relevant interest period shall instead be the rate at which Goldman, Sachs & Co. or one of its affiliate banks offers to place deposits in U.S. dollars
with first-class banks in the London interbank market for a period of six months as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such interest period, in amounts equal to $1.0 million. If such rate is not
available at such time for any reason, then the Applicable LIBOR Rate for the relevant interest period shall be equal to that for the prior interest period.  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and
Clearstream that apply to such transfer or exchange. 
 “Asset Sale” means: 
 (1) the sale, lease, conveyance or other voluntary disposition of any assets or rights; provided that the sale, lease,
conveyance or other disposition of all or substantially

  

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all of the assets of any of (a) any New Parent and its Restricted Subsidiaries taken as a whole, (b) the Parent and its Restricted Subsidiaries taken as a whole or (c) the Company
and its Restricted Subsidiaries taken as a whole will, in each case, be governed by Section 4.10 hereof, and/or Section 5.01 hereof, and not by Section 4.11 hereof; and 
 (2) the issuance or sale of Equity Interests in any of any New Parent’s, the Parent’s or the Company’s
Restricted Subsidiaries or the sale of Equity Interests in any of their Subsidiaries; provided that, for the avoidance of doubt, the sale of Equity Interests of the Ultimate Parent will be governed by Section 4.10 and Article 5 of this
Indenture and not by Section 4.11 of this Indenture. 
 Notwithstanding the preceding, none of the following items will be
deemed to be an Asset Sale: 
 (1) any single transaction or series of related transactions that involves assets
having a Fair Market Value of less than $25,000; 
 (2) any transaction or transactions in an amount per
transaction in excess of $25,000, whether or not related, occurring in the same fiscal year that involves, in the aggregate, assets having a Fair Market Value of less than $500,000 (for the avoidance of doubt, the maximum Fair Market Value of assets
that may be excluded from the definition of “Asset Sales” in reliance on this clause (2) shall not exceed $500,000 in any fiscal year); 
 (3) a transfer of assets, including, with respect to Restricted Subsidiaries, Equity Interests, between or among the any New Parent, Parent, the Company and their Restricted Subsidiaries; 
 (4)(a) an issuance of Equity Interests by a Restricted Subsidiary of any New Parent, the Parent or the Company to any New
Parent, the Parent, the Company or to a Restricted Subsidiary of the Company, any New Parent or the Parent or (b) the issuance of Equity Interests of the Company to the Parent or of the Company or the Parent to any New Parent; 
 (5) the sale or lease of products, services or accounts receivable in the ordinary course of business and any sale or other
disposition of damaged, worn-out or obsolete assets in the ordinary course of business; 
 (6) the sale or other
disposition of cash or Cash Equivalents; 
 (7) a Restricted Payment that is permitted in accordance with
Section 4.13 or a Permitted Investment; 
 (8) any trade or exchange by any New Parent, the Parent, the
Company and their Restricted Subsidiaries of equipment or other assets for equipment or other assets owned or held by another Person, provided that (a) the Fair Market Value of the assets traded or exchanged by such New Parent, the Parent, the
Company or such Restricted Subsidiary (together with any cash or Cash Equivalents) is reasonably equivalent to the

  

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Fair Market Value of the assets (together with any cash or Cash Equivalents) to be received by such New Parent, the Parent, the Company or such Restricted Subsidiary and (b) the assets to be
received by the Company or such Restricted Subsidiary are (i) not current assets, (ii) not Excluded Collateral, and (iii) used or useful in a Permitted Business in which the Issuers and their Restricted Subsidiaries are engaged as of
the Issue Date; and 
 (9) the sale of up to $8.0 million of assets in connection with the sale-leaseback
transaction contemplated by the Issuers on the Issue Date, or any substitute transaction involving a similar amount of equipment, provided that such sale-leaseback transaction is consummated within six months of the Issue Date. 
 “Attributable Debt” means, in respect of a sale and leaseback transaction, at the time of determination, the present
value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be
extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
 “Board of Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; 
 (2) with respect to a partnership, the board of directors of the general partner of the partnership; 
 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing
members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a
similar function. 
 “Business Day” means any day other than a Saturday, Sunday, or any day on which banks in
Houston, Texas or in New York, New York are authorized or required by law, regulation or executive order to close, provided that, solely with respect to determining the Applicable LIBOR Rate, Business Day shall not include any day on which the banks
in London are authorized or required by law, regulation or executive order to close or on which dealings in the U.S. dollar deposits are not carried on in the London interbank market. 
  

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 “Capital” has the meaning set forth in the preeamble hereto. 
 “Capital Expenditures” means for any period all direct or indirect (by way of acquisition of securities of a Person or the
expenditure of cash or the transfer of property or the incurrence of Indebtedness) expenditures in respect of the purchase or other acquisition of fixed or capital assets determined in conformity with GAAP. 
 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to
the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
 “Capital
Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability
company, partnership interests (whether general or limited) or membership interests; and 
 (4) any other
interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital
Stock, whether or not such debt securities include any right of participation with Capital Stock. 
 “Cash
Equivalents” means: 
 (1) United States dollars; 
 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than six months from the date of acquisition; 
 (3) certificates of deposit and Eurodollar time deposits with maturities of six months or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B”
or better; 
  

 5 

 (4) repurchase obligations with a term of not more than seven days for
underlying securities of the types set forth in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper having one of the two highest ratings obtainable from Moody’s Investors Service, Inc. or
Standard & Poor’s Ratings Services and, in each case, maturing within six months after the date of acquisition; 
 (6) deposits available for withdrawal on demand with any commercial bank not meeting the qualifications specified in clause (3) above, provided all deposits referred to in this clause (6) are
made in the ordinary course of business and do not exceed $2.0 million in the aggregate at any one time; and 
 (7) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds set forth in clauses (1) through (7) of this definition. 
 “Change of Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of any of (a) any New Parent and its Subsidiaries taken as a whole, (b) the Parent and its Subsidiaries taken as a whole or
(c) the Company and its Subsidiaries taken as a whole, in any such case, to any “person” (as that term is used in Section 13(d) of the Exchange Act) other than the Permitted Holders; 
 (2) the adoption of a plan relating to the liquidation or dissolution of any New Parent, the Parent or the Company;

 (3) the consummation of any transaction (including, without limitation, any merger or consolidation), the
result of which is that any Person, other than a Permitted Holder, becomes the Beneficial Owner, directly or indirectly, of more than 35% of the Voting Stock of any New Parent, the Parent or the Company, measured by voting power rather than number
of shares; 
 (4) the consummation of the first transaction (including, without limitation, any merger or
consolidation) the result of which is that any Person other than a Permitted Holder becomes the Beneficial Owner, directly or indirectly, of more of the Voting Stock of any New Parent, the Parent or the Company (measured by voting power rather than
number of shares) than is at the time Beneficially Owned by the Permitted Holders in the aggregate; or 
 (5)
after an initial public offering of any New Parent, the Parent or the Company, the first day on which a majority of the members of the Board of Directors of any New Parent, the Parent or the Company, as the case may be, are not Continuing Directors.

  

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 For the avoidance of doubt, a Change of Control will not be deemed to have occurred solely
as a result of the formation of and the transfer of ownership of any Equity Interests of the Company or the Parent to any New Parent; provided that none of the events set forth in paragraphs (1) through (5) above has occurred.

 “Clearstream” means Clearstream Banking, S.A. 
 “Collateral” means collateral as such term is defined in the Security Agreement, all property mortgaged under the Mortgages
and any other property, whether now owned or hereafter acquired, upon which a Lien securing the Obligations under this Indenture, the Collateral Agreements, the Notes or the Note Guarantees is granted or purported to be granted under any Collateral
Agreement; provided, however, that “Collateral” shall not include any Excluded Collateral. 
 “Collateral Agent” means the party named as the collateral agent for the Holders of Notes in this Indenture until a successor replaces it in accordance with the provisions of this Indenture and thereafter means any such
successor. 
 “Collateral Agreements” means, collectively, the Intercreditor Agreement, the Security Agreement,
each Mortgage and each other instrument creating Liens in favor of the Collateral Agent as required by this Indenture, in each case, as the same may be in force from time to time. 
 “Common Stock” of any Person means any and all shares, interests or other participations in, and other equivalents (however
designated and whether voting or non-voting) of such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such common stock. 
 “Company” has the meaning set forth in the preeamble hereto. 
 “Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such
Person for such period plus, without duplication: 
 (1) an amount equal to any extraordinary loss plus
any net loss realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 
 (2) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries and Permitted Tax
Distributions for such period, to the extent that such provision for taxes and Permitted Tax Distributions were deducted in computing such Consolidated Net Income; plus 
 (3) the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges
were deducted in computing such Consolidated Net Income; plus 
 (4) depreciation, amortization (including
amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it

  

 7 

 
represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted
Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus 
 (5) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary
course of business. 
 in each case, on a consolidated basis and determined in accordance with GAAP, it being understood that for any reference
period that includes time prior to the date of formation of the Company and the reorganization that results in the Guarantors on the Issue Date becoming Subsidiaries of the Company, such amounts shall be determined on a combined rather than a
consolidated basis in accordance with GAAP. 
 Notwithstanding the preceding, the provision for taxes based on the income or
profits of, and the depreciation, amortization and other non-cash expenses of, a Restricted Subsidiary of any New Parent, the Parent or the Company will be added to Consolidated Net Income to compute Consolidated Cash Flow of any New Parent, the
Parent or the Company, as the case may be, only to the extent that a corresponding amount would be permitted at the date of determination to be dividended to any New Parent, the Parent or the Company, as the case may be, by such Restricted
Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and
governmental regulations applicable to that Restricted Subsidiary or its stockholders. 
 “Consolidated Net
Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated or combined basis, determined in accordance with GAAP;
provided that: 
 (1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or
that is accounted for by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 
 (2) the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends
or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; and 
 (3) the cumulative effect of a change in accounting principles will be excluded. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of any New Parent, the
Parent or the Company who: 
 (1) was a member of such Board of Directors of the Parent or the Company on the
Issue Date or was a member of any New Parent’s Board of Directors; or 
  

 8 

 (2) was nominated for election or appointed or elected to the Board of
Directors of any New Parent, the Parent or the Company with the approval of a majority of the Continuing Directors who were members of the Board of Directors of any New Parent, the Parent or the Company at the time of such nomination or election.

 “Corporate Trust Office of the Trustee” will be the address of the Trustee specified in Section 13.02
hereof or such other address as to which the Trustee may give notice to the Company. 
 “Custodian” means the
Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
 “Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Sections 2.01, 2.02 and 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note
shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the
Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
 “Disposal Well Assets” means all rights, titles, interests and estates in and to any and all salt water disposal wells, including property and equipment of whatever nature, together with
all fixtures and improvements pertaining thereto, in each case that is now owned or hereafter acquired and used, held for use or useful in connection with the provision of salt water disposal services (excluding rental equipment or other personal
property). 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security
into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would
constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require any New Parent, the Parent or the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not
constitute Disqualified Stock if the terms of such Capital Stock provide that any New Parent, the Parent or the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies
with Section 4.13 hereof. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that any New Parent, the Parent, the Company and their Restricted Subsidiaries may become
obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 
  

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 “Domestic Subsidiary” means any Restricted Subsidiary of any New Parent,
the Parent or the Company that is not a Foreign Subsidiary. 
 “Equity Interests” means Capital Stock and all
warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 
 “Excess Cash Flow” means, for any period, Consolidated Cash Flow for such period, adjusted as follows: 
 (1) minus the cash portion of Fixed Charges (net of interest income) and the cash portion of any related financing fees with
respect to such period; 
 (2) minus Permitted Tax Distributions made or to be made or the cash portion of all
federal, state, local and foreign income taxes and franchise or margin taxes paid or payable (without duplication) by any New Parent and its Restricted Subsidiaries, the Parent and its Restricted Subsidiaries or the Company and its Restricted
Subsidiaries during such period; 
 (3) minus all Capital Expenditures made or committed to be made during such
period by any New Parent and its Restricted Subsidiaries, the Parent and its Restricted Subsidiaries or the Company and its Restricted Subsidiaries; and 
 (4) minus or plus, respectively, any net increase or decrease in Working Capital from the beginning to the end of such period. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Excluded Collateral” means: 
 (1) undocumented interests in real property with respect to which an Issuer or any Guarantor is an owner (which will include salt water disposal wells located on property owned by third parties for which
there are no written leases or that otherwise are not reasonably susceptible to mortgages, easements or other liens or rights to access or use), but, subject to the requirements of Section 4.25 hereof, only for so long as such interests are not
subject to a valid and enforceable real property lease; 
 (2) light trucks and other non-commercial passenger
motor vehicles; 
 (3) rental equipment and leasehold interests in real property with respect to which the
Company or a Guarantor is a tenant or subtenant as set forth in the Security Agreement; 
  

 10 

 (4) the Voting Stock of any Foreign Subsidiary in excess of 65% of the
outstanding Voting Stock of such Foreign Subsidiary; 
 (5) accounts that are exclusively used for payroll
purposes as set forth in the Security Agreement; 
 (6) rights under any contracts that contain a valid and
enforceable prohibition on assignment of such rights other than to the extent that any such prohibition would be rendered ineffective pursuant to any applicable law or principles of equity, but only for so long as such prohibition exists and is
effective and valid; and 
 (7) property and assets owned by the Issuers or any Guarantor in which a Lien may not
be granted without governmental approval or consent or in which the granting of a Lien is prohibited by applicable law but only for so long as the Issuers or the applicable Guarantor has not obtained such approval or consents. 
 “Existing Indebtedness” means Indebtedness of the Parent, the Company and their Subsidiaries in existence on the Issue
Date, until such amounts are repaid. 
 “Fair Market Value” means the value that would be paid by a willing and
able buyer to an unaffiliated willing seller in an arm’s length, free market transaction for cash not involving distress or necessity of either party, determined in good faith by the Board of Directors of the Ultimate Parent, or a duly
authorized committee thereof (unless otherwise provided in this Indenture) as evidenced by a resolution of such Board of Directors or committee. 
 “Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of
such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary revolving
credit borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation
of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase,
redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference
period. 
 In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 
 (1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers
or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted
Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect as if they had occurred on the first day of the four-quarter reference period;

  

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 (2) the Consolidated Cash Flow attributable to discontinued operations, as
determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 
 (3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its
Restricted Subsidiaries following the Calculation Date; 
 (4) any Person that is a Restricted Subsidiary on the
Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter period; 
 (5) any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter period; and 
 (6) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if
the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in
excess of 12 months). 
 “Fixed Charges” means, with respect to any specified Person for any period, the sum,
without duplication, of: 
 (1) the consolidated interest expense of such Person and its Restricted Subsidiaries
for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component
of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received
pursuant to Hedging Obligations in respect of interest rates; plus 
 (2) the consolidated interest
expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus 
 (3) any interest on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or
Lien is called upon; plus 
 (4) the product of (a) all dividends, whether paid or accrued and
whether or not in cash, on any series of preferred stock of such Person or any of its Restricted

  

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Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Ultimate Parent (other than Disqualified Stock) or to any New Parent, the Parent, the Company or a
Restricted Subsidiary of the Company, any New Parent or the Parent, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of
such Person, expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP. 
 “Flow
Through Entity” means an entity that is treated as a partnership not taxable as a corporation, a grantor trust, a disregarded entity, an “S” corporation or a qualified subchapter “S” subsidiary for U.S. federal income
tax purposes or subject to treatment on a comparable basis for purposes of state, local or foreign tax law. 
 “Foreign
Subsidiary” means any Restricted Subsidiary of the Company that was not formed under the laws of the United States or any state of the United States or the District of Columbia. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect from time to time. 
 “Global Note Legend” means the legend
set forth in Section 2.06(h)(2) hereof, which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted Global Notes and Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee,
substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Sections 2.01 and 2.06(b)(3) hereof.

 “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of
America, and the payment for which the United States pledges its full faith and credit. 
 “Guarantee” means a
guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to
maintain financial statement conditions or otherwise). 
 “Guarantors” means (1) each Domestic Subsidiary
of the Company on the Issue Date (other than Capital) and (2) each other Domestic Subsidiary of the Company, any New Parent or the Parent that executes a Note Guarantee in accordance with the provisions of this Indenture, in each case, together
with their respective successors and assigns until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture. 
  

 13 

 “Hedging Obligations” means, with respect to any specified Person, the
obligations of such Person under: 
 (1) interest rate swap agreements (whether from fixed to floating or from
floating to fixed), interest rate cap agreements and interest rate collar agreements; 
 (2) other agreements or
arrangements designed to manage interest rates or interest rate risk; and 
 (3) other agreements or arrangements
designed to protect such Person against fluctuations in currency exchange rates or commodity prices. 
 “Holder” or a “Holder of Notes” means a Person in whose name a Note is registered. 
 “IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the
Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors. 
 “Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary whose total assets, as of that date, are less than $250,000 and whose total revenues for the most recent 12-month
period do not exceed $250,000; provided that a Restricted Subsidiary will not be considered to be an Immaterial Subsidiary if it, directly or indirectly, guarantees or otherwise provides direct credit support for any Indebtedness of an
Issuer. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person
(excluding accrued expenses and trade payables), whether or not contingent, 
 (1) in respect of borrowed money:

 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement
agreements in respect thereof); 
 (3) in respect of banker’s acceptances; 
 (4) representing Capital Lease Obligations; 
 (5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months
after such property is acquired or such services are completed; or 
 (6) representing any Hedging Obligations,

 if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
  

 14 

 “Indenture” means this Indenture, as amended, modified or supplemented from
time to time. 
 “Indenture Documents” means, collectively, this Indenture, the Notes, the Note Guarantees and
the Collateral Agreements. 
 “Independent Director” means a member of the Board of Directors of the Ultimate
Parent who qualifies as “independent” within the meaning of the listing requirements of either the New York Stock Exchange or the Nasdaq Stock Market. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the $20,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.

 “Institutional Accredited Investor” means an institution that is an “accredited investor” as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Intercreditor Agreement”
means the Intercreditor Agreement, dated as of the Issue Date, among Wilmington Trust FSB, as Trustee and as Collateral Agent, Wells Fargo Bank, National Association, as second priority collateral agent, the Issuers and Guarantors, as the same may
be amended, replaced, modified or supplemented from time to time. 
 “Investments” means, with respect to any
Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances
to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a
balance sheet prepared in accordance with GAAP. If any New Parent, the Parent, the Company or any their Subsidiaries sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of any New Parent, the Parent or the
Company, as the case may be, such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of such New Parent, the Parent or the Company, then such New Parent, the Parent or the Company, as the case may be,
will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of such New Parent’s, the Parent’s or the Company’s Investments in such Subsidiary that were not sold or disposed of
in an amount determined as provided in Section 4.13(c) hereof. The acquisition by any New Parent, the Parent, the Company or any of their Subsidiaries of a Person that holds an Investment in a third Person will be deemed to be an Investment by
such New Parent, the Parent, the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in
Section 4.13(c) hereof. Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 
  

 15 

 “Issue Date” means the date on which Notes are first issued under this
Indenture. 
 “Issuers” has the meaning set forth in the preeamble hereto. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind
in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
 “Mortgages” means the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents granting Liens on any New Parent’s, the Parent’s, the Company’s and
their Domestic Subsidiaries’ Premises, the Leased Premises and/or the Disposal Well Assets to secure the Notes or the Note Guarantees. 
 “Net Income” means, with respect to any specified Person for any period, the net income (loss) of such Person for such period, determined in accordance with GAAP and before any reduction
in respect of preferred stock dividends, minus any Permitted Tax Distributions made or to be made with respect to such period, excluding, however: 
 (1) any gain (but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with (a) any Asset Sale or (b) the disposition of any securities by
such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; 
 (2) any extraordinary gain (but not loss), together with any related provision for taxes on such extraordinary gain (but not loss); 
 (3) for all purposes, except with respect to (A) any Restricted Payments described in the first clause (1) of
Section 4.13(a) hereof that would otherwise be permitted to be made pursuant to the second clause (3) of Section 4.13(a) hereof, (B) the definition of “Excess Cash Flow” and (C) the associated application of the
Excess Cash Flow Offer covenant contained in Section 4.13 hereof, any non-cash charge or loss from the impairment writedowns or writeoffs of noncurrent assets required to be made in accordance with GAAP; and 
 (4) for all purposes, except with respect to (A) any Restricted Payments described in the first clause (1) of
Section 4.13(a) hereof that would otherwise be permitted to be made pursuant to the second clause (3) of Section 4.13(a) hereof, (B) the definition of “Excess Cash Flow” and (C) the associated application of the
Excess Cash Flow Offer covenant contained in Section 4.12 hereof, any non-cash item classified as an extraordinary, unusual or nonrecurring gain, loss or charge, including any non-cash deferred tax expense related to the effect of recognizing
deferred tax items upon a change in tax status. 
 “Net Proceeds” means the aggregate cash proceeds received by
any New Parent, the Parent, the Company or any of their Restricted Subsidiaries in respect of any Asset Sale

  

 16 

 
(including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to such
Asset Sale, including, without limitation, legal, accounting and investment banking fees, sales commissions, recording fees, title transfer fees, title insurance premiums, appraiser fees and costs incurred in connection with preparing such asset for
sale, and any relocation expenses incurred as a result of the Asset Sale, and taxes paid or estimated in good faith to be payable as a result of the Asset Sale after taking into account any available tax credits or deductions and any tax sharing
arrangements, (2) amounts required to be applied to the repayment of Indebtedness (other than any such Indebtedness comprising Second Priority Claims) secured by a Lien on the asset or assets that were the subject of such Asset Sale, and
(3) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP or any amount placed in escrow, until such time as such reserve is reversed or such escrow arrangement is terminated, in
which case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned to any New Parent, the Parent, the Company or any of their Restricted Subsidiaries from such escrow arrangement, as the case may be. 

“Non-Recourse Debt” means Indebtedness: 
 (1) as to which none of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries (a) provides
credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; 
 (2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and 
 (3) as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries. 
 “Non-U.S. Person” means a Person who is not a U.S. Person as defined under Regulation S of the Securities Act. 

“Note Guarantee” means the Guarantee by each Guarantor of the Issuers’ obligations under this Indenture and the
Notes, executed pursuant to the provisions of this Indenture. 
 “Notes” has the meaning assigned to it in the
preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the “Notes” shall include the
Initial Notes and any Additional Notes. 
 “Obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
  

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 “Offering Circular” means the Issuers’ final Offering Circular, dated
February 7, 2008, regarding the issuance and sale of the Second Priority Notes. 
 “Officer” means, with
respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice President of
such Person. 
 “Officers’ Certificate” means a certificate signed on behalf of (i) the Company by
one Officer of the Company and (ii) Capital by one Officer of Capital, each of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company or Capital, as
applicable, that meets the requirements of Section 13.05 hereof. 
 “Opinion of Counsel” means an opinion
from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 13.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
 “Parent” means Forbes Energy Services Ltd., a company organized under the laws of Bermuda and the parent company of the
Issuers. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an
account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “Permitted Affiliate Lease” means a lease for any premises or buildings occupied by the Company or a Restricted Subsidiary of the Company on the Issue Date that has been entered into with
an Affiliate of the Company, the terms of which were fully and accurately summarized in all material respects under the caption “Transactions with Related Persons” in the Offering Circular, and any amendment, extension or other
modification thereto; provided that any such amendment, extension or modification (1) is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary, as the case may be, than those that would have been
obtained in a comparable transaction by the Company or such Restricted Subsidiary, as the case may be, with an unrelated Person or, if there is no such comparable transaction, on terms that are fair and reasonable to the Company or such Restricted
Subsidiary, as the case may be, and reflect an arms’-length negotiation as determined by the Independent Directors and (2) is not, in the good faith determination of the Independent Directors or the Board of Directors of the Ultimate
Parent, materially worse for the Holders. 
 “Permitted Affiliate Store Transactions” means purchases from or
returns to the oil field supply store owned by Alice Environmental Services, LP by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries, as such transactions were described under “Transactions with Related
Persons” in the Offering Circular, in each case on terms that are no less favorable to any New Parent, the Parent, the Company or the relevant Restricted Subsidiary, as the case may be, than those that would have been obtained in a comparable
transaction by such New Parent, the Parent, the Company or such Restricted Subsidiary with an unrelated Person or, if there is no such comparable transaction, on terms that are fair and reasonable to such New Parent the Parent, the Company or such
Restricted Subsidiary and reflect an arms’-length negotiation as determined by the Independent Directors. 
  

 18 

 “Permitted Business” means any business that is the same as or similar,
reasonably related, complementary or incidental to the business in which the Company and its Restricted Subsidiaries are engaged on the Issue Date. 
 “Permitted Holders” means (1) John E. Crisp, Charles C. Forbes and Janet L. Forbes and (2) any Affiliate or family member of a Person set forth in clause (1) of this
definition. 
 “Permitted Investments” means: 
 (1) any Investment in any New Parent, the Parent, the Company or any of their Restricted Subsidiaries; 
 (2) any Investment in Cash Equivalents; 
 (3) any Investment by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries in a Person, if as a
result of such Investment: 
 (a) such Person becomes a Restricted Subsidiary of any New Parent, the Parent or
the Company, as the case may be; or 
 (b) such Person is merged, consolidated or amalgamated with or into, or
transfers or conveys substantially all of its assets to, or is liquidated into, any New Parent, the Parent, the Company or any of their Restricted Subsidiaries; 
 (4) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and
in compliance with Section 4.11 hereof or any non-cash consideration received in connection with a disposition of assets excluded from the definition of “Asset Sales”; 
 (5) any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than
Disqualified Stock) of the Ultimate Parent; 
 (6) any Investments received in compromise or resolution of, or
upon the foreclosure, perfection or enforcement of any Lien in favor of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries, in each case (a) obligations of trade creditors or customers that were incurred in the
ordinary course of business of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or
customer; or (b) litigation, arbitration or other disputes; 
 (7) Investments represented by Hedging
Obligations; 
  

 19 

 (8) loans or advances to employees made in the ordinary course of business
of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries in an aggregate principal amount not to exceed $500,000 at any one time outstanding; 
 (9) investments in or repurchases of the Notes; and 
 (10) other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was
made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (10) since the date Issue Date that are at the time outstanding, not to exceed $5.0 million; 

provided, however, that the funds invested in Permitted Investments in any New Parent, the Parent, the Company or any of their Restricted
Subsidiaries, will, in such entity in which the funds are invested, be subject to Section 4.13 hereof. 
 “Permitted Liens” means: 
 (1) Liens in favor of the Company or the Guarantors;

 (2) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with
any New Parent, the Parent, the Company or any of their Restricted Subsidiaries; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the
Person merged into or consolidated with any New Parent, the Parent, the Company or such Restricted Subsidiary, as the case may be; 
 (3) Liens on property (including Capital Stock) existing at the time of acquisition of the property by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries; provided that
such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such acquisition; 
 (4) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business; 
 (5) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clause (3) of the second paragraph
of Section 4.14 hereof covering only the assets constructed or acquired with or financed by such Indebtedness; 
 (6) Liens existing on the Issue Date; 
 (7) Liens for taxes, assessments or governmental charges or
claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any accrual or other appropriate provision as is required in conformity with
GAAP has been made therefor; 
  

 20 

 (8) Liens imposed by law, such as carriers’, warehousemen’s,
landlord’s and mechanics’ Liens, in each case, incurred in the ordinary course of business; 
 (9)
survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that
were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 
 (10) Liens created for the benefit of (or to secure) the Notes and all other Obligations under this Indenture, the Collateral
Agreements and the Note Guarantees; 
 (11) Liens to secure any Permitted Refinancing Indebtedness permitted to
be incurred under this Indenture; provided, however, that: 
 (a) the new Lien is limited to all or part
of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Indebtedness (plus improvements and accessions to such property, or proceeds or distributions
thereof); and 
 (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum
of (i) the outstanding principal amount, or, if greater, committed amount, of the original Indebtedness and (ii) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing,
replacement, defeasance or discharge; and 
 (12) Liens securing reimbursement obligations with respect to
commercial letters of credit which encumber documents and other assets relating to such letters of credit and products and proceeds thereof; 
 (13) judgment Liens not giving rise to an Event of Default so long as any appropriate legal proceeding that may have been duly initiated for the review of such judgment has not been finally terminated or
the period within which such proceeding may be initiated has not expired; 
 (14) rights of banks to set off
deposits against Indebtedness owed to said banks; 
 (15) Liens upon specific items of inventory or other goods
and proceeds of the Company or its Restricted Subsidiaries to secure the Company’s or any such Restricted Subsidiary’s obligations in respect of bankers’ acceptances issued or created for the account of any such Person to facilitate
the purchase, shipment or storage of such inventory or other goods in the ordinary course of business; 
 (16)
Liens securing Hedging Obligations permitted to be entered into by this Indenture; 
  

 21 

 (17) Liens arising from precautionary Uniform Commercial Code financing
statements in connection with operating leases or consignment of goods; and 
 (18) Liens incurred in the
ordinary course of business of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries with respect to obligations that do not exceed $10.0 million at any one time outstanding. 
 “Permitted Parent Business” means the ownership directly or indirectly by any New Parent or the Parent of the Equity
Interests of the Company, or any New Parent of the Equity Interests of the Parent, and reasonably related, complementary or incidental activities. 
 “Permitted Refinancing Indebtedness” means any Indebtedness of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries issued in exchange for, or the net proceeds
of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of such New Parent, the Parent, the Company or any of their Restricted Subsidiaries (other than intercompany Indebtedness), as the case may be;
provided that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness extended, renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the
amount of all fees and expenses, including premiums, incurred in connection therewith); 
 (2) such Permitted
Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged; 
 (3) if the Indebtedness being extended, renewed, refunded,
refinanced, replaced, defeased or discharged is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the
Notes on terms at least as favorable, taken as a whole, to the Holders of Notes as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 
 (4) such Indebtedness is incurred either by such New Parent, the Parent, the Company or by one of their Restricted
Subsidiaries who is the obligor on the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged. 
 “Permitted Tax Distributions” means, with respect to each tax year or portion thereof, that any New Parent, the Parent or the Company qualifies (or any predecessor in interest qualified) as a Flow Through Entity, the
distribution by such New Parent, the Parent or the Company, as the case may be, to the holders of its Equity Interests of an amount equal to the product of (x) the amount of aggregate net taxable income of such New Parent, the Parent or the
Company, as the case may be, allocated to the holders of Equity Interests of such New Parent, the Parent or the Company, as the case may be, for such period and (y) the Presumed Tax Rate

  

 22 

 
for such period; provided that to the extent that the aggregate net taxable income of such New Parent, the Parent or the Company, as the case may be, for a taxable year actually reported to the
holders of the Equity Interests is less than the aggregate net taxable income assumed in calculating such amounts for a taxable year, the holders of such Equity Interests can return an amount equal to the product of such shortfall and the Presumed
Tax Rate used in such calculations, or an amount equal to such product shall be deducted from the next scheduled Permitted Tax Distributions payable to such holders for later years. For purposes of such computation, it will be assumed that any net
operating loss carryforwards or other carryforwards or tax attributes, such as alternative minimum tax carryforwards, that arise in any period will be available to offset taxable income payable in later years (regardless of any change in status as a
Flow Through Entity). Notwithstanding anything to the contrary, for purposes of clause (b) above, the applicable taxable income or taxes shall not include taxable income or taxes resulting from any change in the status from a Flow Through
Entity to an entity taxable as a corporation. 
 “Person” means any individual, corporation, partnership, joint
venture, association, joint-stock, company, trust, unincorporated organization, limited liability company or government or other entity. 
 “Presumed Tax Rate” means 39.6% or, if there is a change in applicable federal, state or local tax rates, such other rate as the Chief Financial Officer of the Ultimate Parent certifies
in writing to the Trustee to be a reasonable approximation of the highest, net marginal federal, state and local income taxation rates payable by the holders of Equity Interests of any New Parent, the Parent or the Company, as the case may be, or
with respect to the aggregate net taxable income of any New Parent, the Parent or the Company, as the case may be. 
 “principal” means the principal amount due at maturity of the Notes. 
 “Private Placement
Legend” means the legend set forth in Section 2.06(h)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Purchase Agreement” means that certain purchase agreement, dated as of September 25, 2009, among the Issuers, the
Guarantors and Goldman, Sachs & Co., pursuant to which the Issuers agreed to issue and sell, and Goldman, Sachs & Co. agreed to purchase, the Notes. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “QIB Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and
registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to QIBs. 
 “Redemption Date” means the applicable date or dates set for redemption of Notes pursuant to Section 3.07 hereof. 
 “Redemption Price” means the applicable redemption price for redemption of Notes pursuant to Section 3.07 hereof.

  

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 “Regulation S” means Regulation S promulgated under the Securities Act.

 “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the
Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on
Rule 903 of Regulation S. 
 “Responsible Officer,” when used with respect to the Trustee or the Collateral
Agent, means any officer within the Corporate Trust Administration of the Trustee or the Collateral Agent (or any successor group of the Trustee or Collateral Agent) or any other officer of the Trustee or Collateral Agent customarily performing
functions similar to those performed by any of the above designated officers who has responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter related to this Indenture, any other officer
to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Restricted
Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
 “Restricted Global
Note” means a Global Note bearing the Private Placement Legend. 
 “Restricted Investment” means an
Investment other than a Permitted Investment. 
 “Restricted Subsidiary” of a Person means any Subsidiary of
the referent Person that is not an Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the
Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
 “Rule 904” means Rule 904 promulgated under the Securities Act. 
 “SEC” means the U.S. Securities and Exchange Commission or any successor commission or agency. 
 “Second Priority Claims” means Second Priority Claims, as such term is defined in the Intercreditor Agreement. 

“Second Priority Indenture” means the indenture dated as of February 12, 2008 among the Issuers, the Guarantors and
Wells Fargo Bank, National Association, as trustee. 
 “Second Priority Note Repurchase Program” means the
Issuers requirement to spend an aggregate of $2.0 million in cash to repurchase Second Priority Notes during the first quarter of 2009 and to spend an additional aggregate of $8.0 million in cash to repurchase Second Priority Notes by the end of the
second quarter of 2010, in either case by purchasing Second Priority Notes in the open market or by a tender offer in compliance with Regulation 14D of the Exchange Act, pursuant to the Second Priority Indenture. 
  

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 “Second Priority Notes” means the Issuers’ 11% Senior Secured Notes
due 2015, issued pursuant to the Second Priority Indenture. 
 “Securities Act” means the Securities Act of
1933, as amended. 
 “Security Agreement” means the Security Agreement, dated as of the Issue Date, among the
Issuer and the Guarantors in favor of the Collateral Agent, as amended or supplemented from time to time in accordance with its terms. 
 “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in
effect on the Issue Date. 
 “Stated Maturity” means, with respect to any installment of interest or principal
on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any contingent obligations to repay, redeem or
repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any specified Person: 
 (1) any corporation,
association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’
agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one
or more of the other Subsidiaries of that Person (or a combination thereof); and 
 (2) any partnership
(a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination
thereof). 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 “Ultimate Parent” means, as of any time of determination, any New Parent, the Parent or the Company,
whichever entity is the ultimate parent company at such time. 
 “Unrestricted Definitive Notes” means one or
more Definitive Notes that do not and are not required to bear the legend set forth in Section 2.06(h) hereof. 
 “Unrestricted Global Notes” means one or more Global Notes that do not and are not required to bear the legend set forth in Section 2.06(h) hereof. 
  

 25 

 “Unrestricted Subsidiary” means any Subsidiary of any New Parent, the
Parent or the Company that is designated by the Board of Directors of the Ultimate Parent as an Unrestricted Subsidiary pursuant to a resolution of such Board of Directors, but only to the extent that such Subsidiary: 
 (1) has no Indebtedness other than Non-Recourse Debt; 
 (2) except as permitted by Section 4.17 hereof, is not party to any agreement, contract, arrangement or understanding
with any New Parent, the Parent, the Company or any of their Restricted Subsidiaries unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to such New Parent, the Parent, the Company or such Restricted
Subsidiary, as the case may be, than those that might be obtained at the time from Persons who are not Affiliates of the Company; 
 (3) is a Person with respect to which none of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional
Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of any New Parent,
the Parent, the Company or any of their Restricted Subsidiaries. 
 “U.S. Person” means a U.S. Person as
defined in Rule 902(k) promulgated under the Securities Act. 
 “Voting Stock” of any specified Person as of
any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the directors, managers or trustees, as applicable, of such Person or that is convertible into such voting Capital Stock. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: 
 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining
installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between
such date and the making of such payment; by 
 (2) the then outstanding principal amount of such
Indebtedness. 
 “Working Capital” means, as of any date, the difference between (x) current assets, other
than cash and cash equivalents, of any New Parent and its Restricted Subsidiaries, the Parent and its Restricted Subsidiaries or the Company and its Restricted Subsidiaries for such date and (y) current liabilities of any New Parent and its
Restricted Subsidiaries, the Parent and its Restricted Subsidiaries or the Company and its Restricted Subsidiaries for such date; provided, however, that the amount of accounts receivable at any date shall be the average of accounts receivable on
the last day of each of the three fiscal months immediately preceding such date. 
  

 26 

 Section 1.02 Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Affiliate Transaction”
	  	4.18
	 “Asset Offer Amount”
	  	4.11
	 “Asset Sale Offer”
	  	4.11
	 “Authentication Order”
	  	2.02
	 “Calculation Date”
	  	1.01
	 “Capital”
	  	Preamble
	 “Change of Control Offer”
	  	4.10
	 “Change of Control Payment”
	  	4.10
	 “Change of Control Payment Date”
	  	4.10
	 “Collateral Agent”
	  	Preamble
	 “Company”
	  	Preamble
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Cash Flow Offer”
	  	4.12
	 “Excess Cash Flow Offer Amount”
	  	4.12
	 “Excess Proceeds”
	  	4.11
	 “incur”
	  	4.14
	 “Indemnified Party”
	  	7.07
	 “Interest Payment Date”
	  	Exhibit A
	 “Issuers”
	  	Preamble
	 “Lease” or “Leases” 
	  	4.26
	 “Leased Premises”
	  	4.26
	 “Legal Defeasance”
	  	8.02
	 “Notes”
	  	Preamble
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Offer to Purchase”
	  	3.09
	 “Other Collateral”
	  	4.27
	 “Paying Agent”
	  	2.03
	 “Payment Default”
	  	6.01
	 “Permitted Debt”
	  	4.14
	 “Premises”
	  	4.24
	 “Purchase Date”
	  	3.09
	 “Record Date”
	  	Exhibit A
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.13
	 “Trustee”
	  	Preamble

  

 27 

 Section 1.03 Incorporation by Reference of TIA. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 
 “indenture security Holder” means a Holder of a Note; 
 “indenture to be qualified” means this Indenture; 
 “indenture trustee” or
“institutional trustee” means the Trustee; and 
 “obligor” on the Notes and the Note
Guarantees means the Issuers and the Guarantors, respectively, and any successor obligor upon the Notes and the Note Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
 Section 1.04 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning
assigned to it; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 
 (5) “will” shall be interpreted to express a command; 
 (6) provisions apply to successive events and transactions; and 
 (7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the SEC from time to time. 
  

 28 

 ARTICLE 2 
 THE NOTES 
 Section 2.01 Form and Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be issued in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 The Issuers may issue Additional Notes from time to time after the Issue Date provided such
issuance and incurrence would then comply with Section 4.14 hereof, and provided that the Issuers may not issue any Additional Notes without the consent of Holders of a majority in principal amount of the then-outstanding Notes. The Initial
Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the “Notes” shall include the Initial Notes and any Additional Notes.

 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and
the Issuers, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes.
Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form
will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the
outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System”
and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the
Regulation S Global Note that is held by Participants through Euroclear or Clearstream. 
 Section 2.02 Execution and
Authentication. 
 At least one Officer of each Issuer must sign the Notes for the Issuers by manual or facsimile signature.

  

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 If an Officer whose signature is on a Note no longer holds that office at the time a Note is
authenticated, the Note will nevertheless be valid. 
 A Note will not be valid until authenticated by the manual signature of
the Trustee. The signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee
will, upon receipt of a written order of the Issuers signed by an Officer of each Issuer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional
Notes. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuers pursuant to one or more Authentication Orders, except as provided in
Section 2.07 hereof. 
 The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes. An
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with
Holders or an Affiliate of the Issuers. 
 Section 2.03 Registrar and Paying Agent. 
 The Issuers will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Issuers may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuers may change any Paying Agent or Registrar
without notice to any Holder. The Issuers will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuers fail to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Trustee will initially act as Paying Agent and Registrar. The Issuers or any of their Subsidiaries may act as Paying Agent or Registrar, so long as no Event of Default is continuing. 
 The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 The Issuers initially appoint the Trustee to act as Custodian with respect to the Global Notes. 
 Section 2.04 Paying Agent to Hold Money in Trust. 
 The Issuers will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuers in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money
held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuers or a

  

 30 

 
Subsidiary) will have no further liability for the money. If the Issuers or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders
all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuers, the Trustee will serve as Paying Agent for the Notes. 
 Section 2.05 Holder Lists. 
 The Trustee will preserve in as
current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuers will furnish to the
Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the
Holders of Notes and the Issuers shall otherwise comply with TIA § 312(a). 
 Section 2.06 Transfer and Exchange.

 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary
to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes
will be exchanged by the Company for Definitive Notes if: 
 (1) the Issuers deliver to the Trustee written
notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuers within
90 days after the date of such notice from the Depositary; 
 (2) the Issuers in their sole discretion determine
that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee in writing; or 
 (3) there has occurred and is continuing a Default or Event of Default with respect to the Notes and the Registrar has
received a request from the Depositary to issue Definitive Notes. 
 Upon the occurrence of either of the preceding events in (1) or
(2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee in writing. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global
Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof.

  

 31 

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject
to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as
applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of
Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with
the transfer restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No
written orders or instructions shall be required to be delivered to the Registrar to effect the transfers set forth in this Section 2.06(b)(1). 
 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1)
above, the transferor of such beneficial interest must deliver to the Registrar either: 
 (A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (i) above; 
 Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s)
pursuant to Section 2.06(h) hereof. 
  

 32 

 (c) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above
and the Registrar receives the following: 
 (1) If the transferee will take delivery in the form of a beneficial
interest in the QIB Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (2) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (3) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (d) Transfer and
Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the
Registrar receives the following: 
 (1) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
 (2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this Section 2.06(d), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to this
Section 2.06(d) at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this Section 2.06(d). 
  

 33 

 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred
to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (e) Transfer or
Exchange of Beneficial Interests for Definitive Notes. 
 (1) Beneficial Interests in Restricted Global
Notes to Restricted Definitive Notes. If in accordance with Section 2.06(a) hereof a beneficial interest in a Restricted Global Note is to be exchanged for a Restricted Definitive Note or transferred to a Person who takes delivery thereof
in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the
certifications in item (2)(a) thereof; 
 (B) if such beneficial interest is being transferred to a QIB in
accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (2) thereof; 
 (D) if such beneficial interest is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) or (C) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable; 
 (F) if such beneficial interest is being transferred to the
Issuers or any of their Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities
Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
  

 34 

 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a
beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note
only if the Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
 (B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (2), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in
Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(h) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in

  

 35 

 
such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and
the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(3) will not bear the Private Placement Legend. 
 (f) Transfer and Exchange of Definitive Notes for
Beneficial Interests. 
 (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global
Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a
beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in
item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being transferred to a QIB a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an
exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) of this Section 2.06, a certificate to the effect set forth in Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted
Definitive Note is being transferred to the Issuers or any of their Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
  

 36 

 the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased
the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the QIB Global Note, in the case of clause (C) above, the Regulation S Global Note, and in
all other cases, the IAI Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 
 (A) if the
Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

 (B) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (2), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the
subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to Section 2.06(f)(1) or
(f)(3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
  

 37 

 (g) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(g), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(g). 
 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to
and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
 (A) If the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (10) thereof; 

(B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will
be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable. 
 (2) Restricted Definitive Notes to Unrestricted
Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the
Registrar receives the following: 
 (A) if the Holder of such Restricted Definitive Notes proposes to exchange
such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (B) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  

 38 

 and, in each such case set forth in this Section 2.06(g)(2), if the Registrar so
requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3) Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register
such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the written instructions from the Holder thereof. 
 (h) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of
this Indenture. 
 (1) Private Placement Legend. 
 (A) Except as permitted by subparagraph (B) of this Section 2.06(h), each Global Note and each Definitive Note (and
all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY U.S. STATE OR NON U.S. SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF
THIS SECURITY, BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S. PURCHASER AND IS ACQUIRING THIS SECURITY IN AN
OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE
SECURITIES ACT, AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON
WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER

  

 39 

 
OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) ONLY (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO
WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT, (C) PURSUANT TO OFFERS AND SALES TO NON-U.S. PURCHASERS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, (D) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1),(2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E) PURSUANT TO A REGISTRATION STATEMENT WHICH
HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING ANY STATE OF THE UNITED
STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C), (D) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.” 
 (B) Notwithstanding the foregoing,
any Global Note or Definitive Note issued pursuant to subparagraphs (d), (e)(2), (e)(3), (f)(2), (f)(3), (g)(2) and (g)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private
Placement Legend. 
  

 40 

 (2) Global Note Legend. Each Global Note will bear a legend in
substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS
NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION
2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF FORBES ENERGY SERVICES LLC OR FORBES ENERGY CAPITAL INC. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (i) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11
hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or the Depositary at the written direction of the Trustee to reflect such reduction;
and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note,

  

 41 

 
such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the written direction of the Trustee to reflect
such increase. 
 (j) General Provisions Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Issuers will execute and the Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuers may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10,
3.06, 3.09, 4.10, 4.11 and 9.05 hereof). 
 (3) The Registrar will not be required to register the transfer of or
exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuers, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Issuers will be required: 
 (A)
to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on
the day of selection; 
 (B) to register the transfer of or to exchange any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer
of or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 
  

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 (7) The Trustee will authenticate Global Notes and Definitive Notes in
accordance with the provisions of Section 2.02 hereof. 
 (8) All certifications, certificates and Opinions
of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement Notes. 
 If any mutilated Note is
surrendered to the Trustee or the Issuers and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuers will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a
replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Issuers, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of (i) the Trustee to protect the Trustee and
(ii) the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuers may charge for their expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Issuers and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. 
 The Notes outstanding at any time are all the Notes authenticated hereunder except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected hereunder in accordance with the provisions hereof, and those set forth in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note
does not cease to be outstanding because the Issuers or an Affiliate of the Issuers holds the Note; however, Notes held by the Issuers or a Subsidiary of the Issuers shall not be deemed to be outstanding for purposes of Section 3.07(c) hereof.

 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered
paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent
(other than the Issuers, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding
and will cease to accrue interest. 
 Section 2.09 Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned
by the Issuers or any Guarantor, or

  

 43 

 
by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuers or any Guarantor, will be considered as though not outstanding,
except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 
 Section 2.10 Temporary Notes. 
 Until certificates representing Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be
substantially in the form of certificated Notes but may have variations that the Issuers consider appropriate for temporary Notes. Without unreasonable delay, the Issuers will prepare and the Trustee will authenticate (upon receipt of an
Authentication Order) definitive Notes in exchange for temporary Notes. Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 
 Section 2.11 Cancellation. 
 The Issuers at any time may deliver
Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirement of the Exchange Act). Certification of the cancellation of all canceled Notes will be delivered to
the Issuers. The Issuers may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 
 The Issuers will pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal, premium, if any, and interest (without regard to any applicable grace period) from time to time on demand at the rate equal to 2% per annum in excess of the then applicable
interest rate on the Notes to the extent lawful to the Persons who are Holders on a subsequent special record date, in each case at the rate provided as set forth in the Notes and consistent with Section 4.01 hereof. The Issuers will notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuers will fix or cause to be fixed each such special record date and payment date; provided that no such
special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the
expense of the Issuers) will mail or cause to be sent to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
 All reference to “interest” in this Indenture and the Notes means the Applicable LIBOR Rate plus 800 basis points, the initial
interest rate borne by the Notes, and any increases in that rate due to defaulted interest, unless this Indenture states otherwise. 
  

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 Section 2.13 Persons Deemed Owners. 
 The Holder of a Note may be treated as its owner for all purposes. Only Holders have rights under this Indenture and the Notes. 

ARTICLE 3 
 REDEMPTION AND PURCHASE 
 Section 3.01 Notices to Trustee. 
 If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, the Issuers must furnish to
the Trustee, at least 35 days but not more than 60 days before a redemption date (or such shorter period as may be agreed to by the Trustee, the Issuers and the Holders of a majority in principal amount of the then-outstanding Notes), an
Officers’ Certificate setting forth: 
 (1) the clause of this Indenture pursuant to which the redemption
shall occur; 
 (2) the Redemption Date; 
 (3) the principal amount of Notes to be redeemed; and 
 (4) the Redemption Price. 
 Section 3.02 Election to Redeem; Selection of Notes to Be Redeemed or Purchased. 
 If less than all
of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or purchase on a pro rata basis (or in the case of Notes issued in global form, based on a method that most nearly
approximates a pro rata selection), by lot or by such other method as the Trustee considers fair and appropriate, unless otherwise required by law or applicable stock exchange requirements. 
 In the event of partial redemption or purchase, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption or purchase date (or such shorter period as may be agreed to by the Trustee and the Holders of a majority in principal amount of the then-outstanding Notes) by the Trustee
from the outstanding Notes not previously called for redemption or purchase. 
 The Trustee will promptly notify the Issuers in
writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in minimum
amounts of $2,000 and integral multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or
purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 
  

 45 

 Section 3.03 Notice of Redemption. 
 Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date (or such
shorter period as may be agreed to by the Trustee, the Issuers and the Holders of a majority in principal amount of the then-outstanding Notes), the Issuers will mail or cause to be mailed, by first class mail or sent electronically, a notice of
redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of this Indenture pursuant to Articles 8 or 10 hereof. 
 The notice will identify the Notes to be
redeemed and will state: 
 (1) the applicable Redemption Date; 
 (2) the applicable Redemption Price; 
 (3) if the Notes are being redeemed in part, the portion of the principal amount of such Notes to be redeemed and that, after
the Redemption Date upon surrender of such Notes, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 
 (4) if the Notes are being redeemed in part, the method of the Trustee for selecting the Notes for redemption, which shall be
as follows: 
 (A) if the relevant Notes are listed on any national securities exchange, in compliance with the
requirements of such exchange on which the Notes are listed; or 
 (B) on a pro rata basis, by lot or by
such other method as the Trustee considers fair and appropriate, unless otherwise required by law or applicable stock exchange requirements; 
 and in either case, not in parts of $2,000 or less; 
 (5) the name
and address of the Paying Agent; 
 (6) that Notes called for redemption must be surrendered to the Paying Agent
to collect the applicable Redemption Price; 
 (7) that, unless the Company defaults in making such redemption
payment, interest on Notes called for redemption ceases to accrue on and after the applicable Redemption Date; 
 (8) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
  

 46 

 (9) that no representation is made as to the correctness or accuracy of the
CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Issuers’ written request, the Trustee will
give the notice of redemption in the Issuers’ name and at the Issuers’ expense; provided, however, that the Issuers have delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate
requesting that the Trustee give such notice and setting forth the information (or a shorter period as agreed to by the Trustee) to be stated in such notice as provided in this Section 3.03 above. 
 Section 3.04 Effect of Notice of Redemption. 
 Once notice of redemption is sent in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of
redemption may not be conditional. 
 Section 3.05 Deposit of Redemption or Purchase Price. 
 No later than 10:00 a.m. New York City time on the redemption or purchase date, the Company will deposit with the Trustee or with the Paying
Agent money sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Issuers any money deposited with the Trustee or
the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased. 
 If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to
accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall
be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Issuers
to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at
the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed or Purchased in Part.

 Upon surrender of a Note that is redeemed or purchased in part, the Issuers will issue and, upon receipt of an
Authentication Order, the Trustee will authenticate for the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 
 Section 3.07 Optional Redemption. 
 (a) The Notes shall not be redeemable at the option of the Issuers prior to October 2, 2010. 
  

 47 

 (b) After October 2, 2010, the Issuers may redeem the Notes, at their option, in whole
or in part, upon not less than 30 nor more than 60 days’ notice (or such shorter period as may be agreed to by the Trustee, the Issuers and the Holders of a majority in principal amount of the then-outstanding Notes), at the Redemption Prices
(expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, to the applicable Redemption Date, if redeemed during the twelve-month period beginning on October 2, 2010 of the years set forth below:

  

				
	 Period
	  	Percentage	 
	 2010
	  	103.000	% 
	 2011
	  	102.000	% 
	 2012
	  	101.000	% 
	 2013 and thereafter
	  	100.000	% 

 (c) Any redemption pursuant to this Section 3.07 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08 No Mandatory Redemption. 
 The Issuers are not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 Section 3.09 Offer to Purchase by Application of Excess Proceeds From Asset Sales or Excess Cash Flow. 
 In the event that, pursuant to Section 4.11(c) or Section 4.12 hereof, the Issuers shall be required to commence an Asset Sale
Offer or an Excess Cash Flow Offer (together, an “Offer to Purchase”), they will follow the procedures specified below and, with respect to an Asset Sale Offer, in Sections 4.11(c), (d) and (e) and, with respect to an
Excess Cash Flow Offer, Section 4.12: 
 (a) The applicable Offer to Purchase shall be made to all Holders. 
 (b) The applicable Offer to Purchase will remain open for a period of at least 20 Business Days following its commencement and not more
than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). 
 (c) No later than three Business Days after the termination of the applicable Offer Period (the “Purchase Date”), the Issuers will apply the Excess Proceeds or the Excess Cash Flow Offer Amount (in either case, the
“Offer Amount”) to the purchase of Notes or, if less than the applicable Offer Amount has been tendered, all Notes tendered in response to the applicable Offer to Purchase. Payment for any Notes so purchased will be made in the same
manner as interest payments are made. 
 (d) If the applicable Purchase Date is on or after a Record Date and on or before the
related Interest Payment Date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest will be payable to Holders who tender Notes
pursuant to the applicable Offer to Purchase. 
  

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 (e) Upon the commencement of an applicable Offer to Purchase, the Issuers will send, by
first class mail, a notice to the Trustee and each of the Holders. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the applicable Offer to Purchase. The notice, which will govern
the terms of the applicable Offer to Purchase, will state: 
 (1) that the Offer to Purchase is being made
pursuant to this Section 3.09 and either Section 4.11(c) or Section 4.12 hereof and the length of time the Offer to Purchase will remain open; 
 (2) the Offer Amount, the purchase price and the Purchase Date; 
 (3) that any Note not tendered or accepted for payment will continue to accrue interest; 
 (4) that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to the Offer to Purchase
will cease to accrue interest after the Purchase Date; 
 (5) that Holders electing to have a Note purchased
pursuant to an Offer to Purchase may elect to have Notes purchased in minimum amounts of $2,000 and integral multiples of $1,000 only; 
 (6) that Holders electing to have Notes purchased pursuant to any Offer to Purchase will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached
to the Notes completed, or transfer by book-entry transfer, to the Issuers, a Depositary, if appointed by the Issuers, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 
 (7) that Holders will be entitled to withdraw their election if the Issuers, the Depositary or the Paying Agent, as the case
may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter (sent in accordance with Section 13.02 if the Trustee is the Paying Agent) setting forth the name of the Holder, the principal amount of the
Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (8) that, if the aggregate principal amount of Notes surrendered by holders thereof exceeds the Offer Amount, the Issuers will select the Notes to be purchased on a pro rata basis based on the
principal amount of Notes surrendered (with such adjustments as may be deemed appropriate by the Issuers so that only Notes in minimum amounts of $2,000 and integral multiples of $1,000, will be purchased); and 
 (9) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
  

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 On or before the applicable Purchase Date, the Issuers will, to the extent lawful, accept
for payment, on a pro rata basis, subject to the authorized denomination requirements, to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the applicable Offer to Purchase, or if less than the Offer
Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by
the Company in accordance with the terms of this Section 3.09. The Issuers, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuers for purchase, and the Issuers will promptly issue a new Note, and the Trustee, upon delivery of an Authentication Order, will
authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered
by the Issuers to the Holder thereof. The Issuers will publicly announce the results of the applicable Offer to Purchase on the Purchase Date. 
 Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an applicable Offer to Purchase. To the extent that the provisions of any securities laws or regulations conflict with the provisions of
this Section 3.09, Section 4.11 or Section 4.12 of this Indenture, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under such sections of this
Indenture by virtue of such conflict. 
 ARTICLE 4 
 COVENANTS 
 Section 4.01 Payments on Notes. 
 The Issuers will pay or cause to be paid the principal of, premium, if any, and interest on, the Notes on the dates and in the manner
provided in this Indenture and the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Issuers or a Subsidiary thereof, holds as of 10:00 a.m. New York City time on the due
date money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 
 Section 4.02 Maintenance of Office or Agency. 
 The Company will
maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the
Company in respect of the Notes and this Indenture may be served. The Company hereby initially appoints the Trustee in its office or agency for each of said purposes. The Company will give prompt

  

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written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails
to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. Such office shall initially be at Wilmington Trust FSB, 246 Goose Lane, Suite
105, Guilford, CT 06437. 
 The Company may also from time to time designate one or more other offices or agencies where the
Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. 
 The Company hereby designates the Corporate Trust Office of the Trustee as one
such office or agency of the Company in accordance with Section 2.03 hereof. 
 Section 4.03 Taxes. 
 Any New Parent, the Parent or the Company will pay, and will cause each of their Subsidiaries to pay, prior to delinquency, all of their
respective material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes.

 Section 4.04 Stay, Extension and Usury Laws. 
 Each Issuer and each of the Restricted Subsidiaries of the Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and each Issuer and each of the Restricted
Subsidiaries of the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee or the Collateral Agent, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.05 Maintenance of Insurance. 
 Any New Parent, the Parent or
the Company shall maintain insurance (including appropriate self-insurance) against loss or damage of the kinds that, in the good faith judgment of the Board of Directors of the Ultimate Parent, is adequate and appropriate for the conduct of the
business of such company and its Restricted Subsidiaries in a prudent manner, with reputable insurers or with the government of the United States or an agency or instrumentality thereof, in such amounts, with such deductibles, and by such methods as
shall be customary, in the good faith judgment of the Board of Directors of the Ultimate Parent, for companies similarly situated in the industry in which such company and its Restricted Subsidiaries are engaged. 
  

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 Section 4.06 Compliance Certificate. 
 (a) The Issuers and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 90
days after the end of each fiscal year (which on the date hereof ends on December 31) after the date of this Indenture, an Officers’ Certificate stating that a review of the activities of the Issuers and their Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Issuers have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to each
such Officer signing such certificate, that to the best of his or her knowledge, based on such review, the Issuers have kept, observed, performed and fulfilled each and every covenant and obligation contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what
action the Issuers are taking or propose to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the
Notes is prohibited or if such event has occurred, a description of the event and what action the Issuers are taking or propose to take with respect thereto. 
 (b) So long as any of the Notes are outstanding, the Issuers will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto. 
 Section 4.07
New Parent. 
 If the owners of the Equity Interests of the Company form one or more new parent companies to own directly
or indirectly Equity Interests of the Company (any such new parent company, a “New Parent”), then: 
 (a) such
New Parent will be required, pursuant to a supplemental indenture to (a) become a party to this Indenture at the time any such New Parent becomes the direct or indirect owner of any such Equity Interests of the Company and (b) agree to be
bound by all applicable provisions of this Indenture, including but not limited to the covenants set forth under Articles 4 , 5, 12 and 13 hereof; 
 (b) any Subsidiary of such New Parent that is to become one of its Restricted Subsidiaries will, unless it has previously done so, guarantee the Notes by becoming a Guarantor pursuant to a supplemental
indenture; and 
 (c) the Board of Directors of the Company at such time will become the initial Board of Directors of such New
Parent. 
  

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 Section 4.08 Limited Liability Company or Corporate Existence. 
 Subject to Article 5 hereof, each of the Issuers shall do or cause to be done all things necessary to preserve and keep in full force and
effect: 
 (1) its limited liability company or corporate existence, as the case may be, and the corporate,
limited liability company, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of such Issuer or any such Subsidiary; and 

(2) the rights (charter and statutory), licenses and franchises of such Issuer and any of its Subsidiaries; 
 provided, however, that the Issuers shall not be required to preserve any such right, license or franchise, or the corporate, limited liability
company, partnership or other existence of any of their Subsidiaries, if the Board of Directors of the Company or the Parent shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuers and their
Subsidiaries, taken as a whole, and that the loss thereof would not have a material adverse effect on the Issuers and their Subsidiaries, taken as a whole. 
 Section 4.09 Restrictions on Activities of Capital. 
 Capital shall not
hold any material assets, become liable for any material obligations or engage in any significant business activities; provided that Capital may be a co-obligor or guarantor with respect to Indebtedness if the Company is an obligor or
guarantor on such Indebtedness and the net proceeds of such Indebtedness are received by the Company or one or more Guarantors. At any time after the Company is or becomes a corporation, Capital may consolidate or merge with or into the Parent, the
Company or any Restricted Subsidiary of the Company. 
 Section 4.10 Offer to Repurchase Upon Change of Control. 
 (a) Upon the occurrence of a Change of Control, the Issuers will make an offer (a “Change of Control Offer”) to each Holder
to repurchase all or any part (equal to minimum amounts of $2,000 and integral multiples of $1,000) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid
interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date that is on or prior to the date of repurchase (the
“Change of Control Payment”). Within ten days following any Change of Control, the Issuers will mail a notice to each Holder and the Trustee describing the transaction or transactions that constitute the Change of Control and
stating: 
 (1) that the Change of Control Offer is being made pursuant to this Section 4.10 and that all
Notes tendered will be accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no
earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (3) that any Note not tendered will continue to accrue interest; 
  

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 (4) that, unless the Company defaults in the payment of the Change of
Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 
 (5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the
Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Payment Date; 
 (6) that Holders will be entitled to withdraw their
election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter (sent in accordance with Section 13.02 if the Trustee is the
Paying Agent) setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 
 (7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to at least $2,000 in principal amount or an integral multiple of $1,000. 
 The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change in Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.10, the Issuers will comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.10 by virtue of such compliance. 
 (b) On or before the Change of Control Payment Date, the Issuers will, to the extent lawful: 
 (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of
Notes properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuers. 
 The Paying Agent will promptly deliver to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be
transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any, with each new Note in a minimum principal amount of $2,000 and integral multiples of $1,000. The Issuers will
publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
  

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 The provisions of this Section 4.10 that require the Issuers to make a Change of
Control Offer following a Change of Control will be applicable whether or not any other provisions of this Indenture are applicable. 
 Notwithstanding anything to the contrary in this Section 4.10, the Issuers will not be required to make a Change of Control Offer if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in this Section 4.10 and Section 3.09 hereof and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant
to Section 3.07 hereof, unless and until there is a default in payment of the applicable redemption price. 
 Section 4.11 Asset
Sales. 
 (a) Any New Parent will not, the Parent will not, the Company will not and none of them will permit any of their
Restricted Subsidiaries to, consummate an Asset Sale unless: 
 (1) such New Parent, the Parent, the Company or
the Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and 
 (2) at least 75% of the consideration received in the Asset Sale by such New Parent, the Parent, the Company or such
Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents. 
 For purposes of this provision, each
of the following will be deemed to be cash: 
 (A) any liabilities, as shown on such New Parent’s, the
Parent’s or the Company’s most recent combined or consolidated balance sheet, of such New Parent, the Parent, the Company or any of their Restricted Subsidiaries (other than contingent liabilities and liabilities that are by their terms
subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets or Equity Interests pursuant to a customary novation agreement that releases such New Parent, the Parent, the Company or such Restricted
Subsidiary, as the case may be, from further liability; 
 (B) any securities, notes or other obligations
received by such New Parent, the Parent, the Company or any of their Restricted Subsidiaries from such transferee that are contemporaneously, subject to ordinary settlement periods, converted by such New Parent, the Parent, the Company or such
Restricted Subsidiary, as the case may be, into cash, to the extent of the cash received in that conversion; and 
  

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 (C) any stock or assets of the kind referred to in clauses (2) or
(4) of Section 4.11(b) hereof. 
 (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, such
New Parent, the Parent, the Company or the applicable Restricted Subsidiary, as the case may be, shall apply such Net Proceeds: 
 (1) to redeem Notes; 
 (2) to acquire (including by merger or
consolidation) all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary of the
Parent or of the Company; 
 (3) to make Capital Expenditures; 
 (4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted
Business; or 
 (5) to repurchase, redeem or retire Second Priority Notes in connection with the Second Priority
Note Repurchase Program, provided that no more than $7.0 million of Net Proceeds of Asset Sales may be applied pursuant to this clause (5). 
 Pending the final application of any Net Proceeds, such New Parent, the Parent, the Issuers or the applicable Restricted Subsidiary, as the case may be, shall invest the Net Proceeds in Cash Equivalents.

 (c) Notwithstanding the provisions of Section 4.11(b), if, since the Issue Date, any New Parent, the Parent, the Issuers
and their Restricted Subsidiaries have sold assets and Equity Interests (excluding, however, any assets or Equity Interests to the extent the Net Proceeds of the sale thereof actually have been invested in other assets that (x) are not
classified as current assets under GAAP, (y) are not Excluded Collateral, and (z) are used or useful in a Permitted Business in which the Issuers and their Restricted Subsidiaries actually are engaged as of the Issue Date) collectively
having a net book value for GAAP purposes as of June 30, 2009 (measured as the dollar value at which such assets are carried on the balance sheet of such New Parent, the Parent, the Issuers or any such Restricted Subsidiary, as the case may be,
as of June 30, 2009, net of depreciation and amortization) or sale price (whichever is greater) in excess of 20% of consolidated property, plant and equipment (net of depreciation and amortization), as reflected on the Parent’s
consolidated balance sheet as of June 30, 2009, as such amount may be adjusted after the Issue Date to reflect (a) any restatements of the Parent’s consolidated balance sheet as of June 30, 2009, or (b) any writedowns
recorded after the Issue Date that reflect events or circumstances that existed prior to the Issue Date (the amount of any such excess being “Excess Proceeds”), then within five Business Days after the receipt of Net Proceeds from
any Asset Sale generating Excess Proceeds, such New Parent, the Parent, the Issuers or the applicable Restricted Subsidiary, as the case may be, shall make an Offer to Purchase Notes pursuant to this Section 4.11 and Section 3.09 hereof
(an “Asset Sale Offer”) to all Holders of Notes to purchase the maximum principal amount of Notes that may be purchased with cash in an amount equal to such Excess Proceeds. The offer price in any Asset Sale Offer will be equal to
100% of the

  

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principal amount of the Notes, plus accrued and unpaid interest, if any, to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale
Offer, such New Parent, the Parent, the Issuers or the applicable Restricted Subsidiary, as the case may be, shall apply such Excess Proceeds in accordance with Section 4.11(b) hereof. If the aggregate principal amount of Notes tendered into
such Asset Sale Offer exceeds the amount of such Excess Proceeds, the Trustee will select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in minimum amounts
of $2,000 and integral multiples of $1,000 will be purchased). 
 (d) Except to the extent set forth in the Second Priority
Indenture as in effect on the Issue Date, any New Parent will not, the Parent will not, the Issuers will not and none of them will permit their Restricted Subsidiaries to, enter into or suffer to exist any agreement that would place any restriction
of any kind (other than pursuant to law or regulation) on the ability of the Issuers to make an Asset Sale Offer. 
 (e) The
Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to
an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.11, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached
their obligations under this Section 4.11 by virtue of such compliance. 
 Section 4.12 Excess Cash Flow Offer. 
 (a) If any New Parent and its Restricted Subsidiaries, the Parent and its Restricted Subsidiaries or the Company and its Restricted
Subsidiaries has Excess Cash Flow for any fiscal year commencing with the fiscal year ending December 31, 2009, each Holder will have the right to require the Issuers to repurchase all or any part of that Holder’s Notes (in minimum amounts
of $2,000 and integral multiples of $1,000) at a purchase price in cash equal to 101% of the principal amount of the Notes repurchased, plus any accrued and unpaid interest, if any, to the date of purchase (subject to the rights of Holders of Notes
on the relevant Record Date to receive interest due on the relevant Interest Payment Date that is on or prior to the date of repurchase), with 5% of Excess Cash Flow of any New Parent and its Restricted Subsidiaries, the Parent and its Restricted
Subsidiaries or the Company and its Restricted Subsidiaries, in each case, on a consolidated basis for such fiscal year (less the amount of any open market purchases, purchases by tender offer in compliance with Regulation 14D of the Exchange Act
and any redemptions of Notes pursuant to this Indenture made during such fiscal year). 
 (b) Within 90 days after the end of
any fiscal year, commencing with the fiscal year ending December 31, 2009, the Issuers will send a written notice to each Holder and the Trustee describing the offer to repurchase Notes with 5% of Excess Cash Flow (the “Excess Cash Flow
Offer”) and offering to purchase Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is sent. The Issuers will be required to purchase Notes validly
tendered in response to an Excess Cash Flow Offer in accordance with the procedures set forth in this Section 4.12 and Section 3.09 hereof and such notice. The Issuers will not be required to make an Excess Cash Flow Offer if the Excess
Cash

  

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Flow for such relevant fiscal year is less than $5.0 million. With respect to each Excess Cash Flow Offer, the Issuers shall be entitled to reduce the applicable amount of the Excess Cash Flow
Offer (the “Excess Cash Flow Offer Amount”) with respect thereto by the aggregate repurchase price of any Notes theretofore repurchased by the Issuers in the open market, repurchased in a tender offer in compliance with Regulation
14D of the Exchange Act or redeemed by the Issuers pursuant to this Indenture (to the extent such amount has not previously reduced any Excess Cash Flow Offer Amount). If the aggregate principal amount of Notes tendered pursuant to an Excess Cash
Flow Offer exceeds the Excess Cash Flow Offer Amount, the Trustee will select the Notes to be accepted for purchase on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in minimum amounts of
$2,000 and integral multiples of $1,000 will be purchased). If the aggregate repurchase price of Notes tendered pursuant to an Excess Cash Flow Offer is less than the applicable Excess Cash Flow Offer Amount, the Issuers may, subject to the other
provisions of this Indenture, use any such Excess Cash Flow for any purpose not otherwise prohibited by this Indenture. 
 Section 4.13
Restricted Payments. 
 (a) Any New Parent shall not, the Parent shall not, the Company shall not and none of them shall
permit any of their Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or
make any other payment or distribution on account of any New Parent’s, the Parent’s or the Company’s Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving any New Parent,
the Parent or the Company) or to the direct or indirect holders of any New Parent’s, the Parent’s or the Company’s Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other
than Disqualified Stock) of the Ultimate Parent or dividends, payments or distributions to any New Parent, the Parent or the Company), as the case may be; 
 (2) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving any New Parent, the Parent or the Company) any Equity
Interests of any New Parent, the Parent or the Company or any other direct or indirect parent of the Company; 
 (3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of any New Parent, the Parent, the Company or any Guarantor (excluding the Notes and any intercompany
Indebtedness between or among any New Parent, the Parent, the Company and any of their Restricted Subsidiaries), except a payment of interest or principal at the Stated Maturity thereof; or 
 (4) make any Restricted Investment 
 (all such payments and other actions set forth in these clauses (1) through (4) above being collectively referred to as “Restricted Payments”), 
  

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 unless, at the time of and after giving effect to such Restricted Payment: 
 (1) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 (2) such New Parent, the Parent or the Company, as the case may be, would, at the time of such Restricted
Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in Section 4.14(a) hereof; and 
 (3) such Restricted Payment, together with
the aggregate amount of all other Restricted Payments made by any New Parent, the Parent, the Company and their Restricted Subsidiaries after the Issue Date (excluding Restricted Payments permitted by clauses (2) through (11) of paragraph
(b) of this Section 4.13), is less than the sum, without duplication, of: 
 (A) 50% of the
Consolidated Net Income of such New Parent, the Parent or the Company, as the case may be, for the period (taken as one accounting period) from the beginning of the first fiscal quarter commencing after the Issue Date to the end of such New
Parent’s, the Parent’s or the Company’s, as the case may be, most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such
period is a deficit, less 100% of such deficit), plus 
 (B) subject to Section 4.13(b)(2), 100% of
the aggregate net cash proceeds received by any New Parent, the Parent or the Company (whichever entity is at the time the ultimate parent company) since the Issue Date as a contribution to its common equity capital or from the issue or sale of its
Equity Interests (other than Disqualified Stock), or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of any New Parent, the Parent or the Company (whichever entity is at the
time the ultimate parent company) that have been converted into or exchanged for such Equity Interests (other than any such Equity Interests, Disqualified Stock or convertible or exchangeable debt securities sold to a Subsidiary of such New Parent,
the Parent or the Company, as the case may be); plus 
 (C) to the extent that any Restricted Investment
that was made after the Issue Date is sold for cash or otherwise liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (ii) the
initial amount of such Restricted Investment; plus 
 (D) to the extent that any Unrestricted Subsidiary
of any New Parent, the Parent or the Company designated as such after the Issue Date is redesignated as a Restricted Subsidiary after the Issue Date, the lesser of (i) the Fair Market Value of such New Parent’s, the Parent’s or the
Company’s Investment in such Subsidiary, as the case may be, as of the date of such redesignation or (ii) such Fair Market Value as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the
Issue Date; plus 
  

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 (E) 50% of any dividends received by such New Parent, the Parent, the
Company or any of their Restricted Subsidiaries, as the case may be, after the Issue Date from an Unrestricted Subsidiary of such New Parent, the Parent or the Company, to the extent that such dividends were not otherwise included in the
Consolidated Net Income of such New Parent, the Parent or the Company, as the case may be, for such period. 
 (b) So long as no
Default has occurred and is continuing or would be caused thereby (provided that with respect to clause (9) below, the no Default limitation is not required), the preceding provisions will not prohibit: 
 (1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the
date of declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend, distribution or redemption payment would have complied with the provisions of this
Indenture; 
 (2) the making of any Restricted Payment in exchange for, or out of the net cash proceeds of the
substantially concurrent sale (other than to a Subsidiary of the Ultimate Parent) of, Equity Interests (other than Disqualified Stock) of the Ultimate Parent, or from the substantially concurrent contribution of common equity capital to the Ultimate
Parent (in either case, whether or not contributed by the Ultimate Parent to the Parent, the Company or any of their Subsidiaries); provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will
be excluded from clause (3)(B) of paragraph (a) of this Section 4.13; 
 (3) the repurchase,
redemption, defeasance or other acquisition or retirement for value of Indebtedness of any New Parent, the Parent, the Company or any Guarantor with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing
Indebtedness; 
 (4) the repurchase, redemption or other acquisition or retirement for value of any Equity
Interests of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries held by any current or former officer, director or employee of such New Parent, the Parent, the Company or any of their Restricted Subsidiaries, as the case
may be, pursuant to an agreement approved by the Board of Directors of the Parent or the Company, as the case may be; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not
exceed $500,000 in any twelve-month period; 
 (5) the repurchase of Equity Interests deemed to occur upon the
exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options or the repurchase of stock appreciation rights by way of cashless exercise or in connection with the satisfaction of
withholding tax obligations; 
  

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 (6) the declaration and payment of regularly scheduled or accrued dividends
to holders of any class or series of Disqualified Stock of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries issued after the Issue Date in accordance with the Fixed Charge Coverage Ratio test set forth in
Section 4.14(a) hereof; 
 (7) in connection with an acquisition by any New Parent, the Parent, the Company
or any of their Restricted Subsidiaries, the return to such New Parent, the Parent, the Company or any of their Restricted Subsidiaries, as the case may be, of Equity Interests of such New Parent, the Parent, the Company or such Restricted
Subsidiary constituting a portion of the purchase price consideration in settlement of indemnification claims; 
 (8) the purchase by any New Parent, the Parent or the Company of fractional shares of Equity Interests arising out of stock dividends, splits or combinations or business combinations; 
 (9) Permitted Tax Distributions; and 
 (10) repurchases or redemptions of Second Priority Notes pursuant to the Second Priority Note Repurchase Program or pursuant
to an Excess Cash Flow Offer, in each case only to the extent required under the Second Priority Indenture as in effect on the Issue Date. 
 (c) The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by any
New Parent, the Parent, the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued by this covenant will be determined by the
Board of Directors of the Ultimate Parent, whose resolution with respect thereto will be delivered to the Trustee. Such Board of Directors’ determination must be based upon an opinion or appraisal issued by a reputable accounting, appraisal or
investment banking firm if the Fair Market Value exceeds $5.0 million. 
 Section 4.14 Incurrence of Indebtedness and Issuance of
Preferred Stock. 
 (a) Any New Parent will not, the Parent will not, the Company will not and none of them will permit any
of their Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any
Indebtedness (including Acquired Debt), and any New Parent will not, the Parent will not and the Company will not issue any Disqualified Stock, and none of them will permit any of their Restricted Subsidiaries to issue any shares of preferred stock;
provided, however, that the Ultimate Parent may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and the Guarantors may incur Indebtedness (including Acquired Debt) or issue preferred stock, if the Fixed Charge Coverage
Ratio for the Ultimate Parent’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or
such preferred stock is issued, as the case may be, would have been at

  

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least 2.5 to 1 until December 31, 2009 and 3.0 to 1 thereafter, in each case, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the
additional Indebtedness had been incurred or the Disqualified Stock or the preferred stock had been issued, as the case may be, at the beginning of such four-quarter period. Notwithstanding the foregoing, except for such Liens otherwise permitted
under this Indenture, any new Indebtedness otherwise permitted under this Section 4.14 (a) may not be secured by any Lien on Collateral. 
 (b) The provisions of Section 4.14(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 
 (1) the incurrence by any New Parent, the Parent, the Company and the Guarantors of Indebtedness represented by the Notes and
the related Note Guarantees to be issued on the Issue Date; 
 (2)(A) the incurrence by any New Parent, the
Parent, the Company and their Restricted Subsidiaries of Existing Indebtedness and (B) encumbrances or restrictions existing under agreements existing on the Issue Date as in effect on that date; 
 (3) the incurrence by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries of Indebtedness
represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement of
property, plant or equipment used in the business of such New Parent, the Parent, the Company or any of their Restricted Subsidiaries, as the case may be, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to
renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (3), not to exceed $10.0 million at any time outstanding; 
 (4) the incurrence by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries of Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred
under Section 4.14(a) hereof or clauses (1), (2), (3), (4) or (11) of this Section 4.14(b); 
 (5) the incurrence by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries of intercompany Indebtedness between or among any New Parent, the Parent, the Company and any of their Restricted Subsidiaries;
provided, however, that: 
 (A) if any New Parent, the Parent, the Company or any Guarantor is the obligor
on such Indebtedness and the payee is not any New Parent, the Parent, the Company or a Guarantor, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes and the
Note Guarantees; and 
  

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 (B) any (i) subsequent issuance or transfer of Equity Interests that
results in any such Indebtedness being held by a Person other than any New Parent, the Parent, the Company or any of their Restricted Subsidiaries, or (ii) sale or other transfer of any such Indebtedness to a Person that is not any of any New
Parent, the Parent, the Company or any of their Restricted Subsidiaries, will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Parent, the Company or such Restricted Subsidiary, as the case may be, that was not
permitted by this clause (5); 
 (6) the issuance by any New Parent’s, the Parent’s or the
Company’s Restricted Subsidiaries to any New Parent, the Parent, the Company or to any of their Restricted Subsidiaries of shares of preferred stock; provided, however, that any (A) subsequent issuance or transfer of Equity
Interests that results in any such preferred stock being held by a Person other than any New Parent, the Parent, the Company or such Restricted Subsidiary, or (B) sale or other transfer of any such preferred stock to a Person that is not any of
any New Parent, the Parent, the Company or such Restricted Subsidiary, will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (6); 
 (7) the incurrence by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries of Hedging Obligations
in the ordinary course of business; 
 (8) the guarantee by any New Parent, the Parent, the Company or any of the
Guarantors of Indebtedness of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries, as the case may be, that was permitted to be incurred by another provision of this Section 4.14; provided that if the
Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the Guarantee shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 
 (9) the incurrence by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries of Indebtedness in
respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances, bids, performance and surety bonds in the ordinary course of business, including Guarantees or obligations of any New Parent, the Parent, the
Company or such Restricted Subsidiary, as the case may be, with respect to letters of credit supporting such bid, performance or surety obligations (in each case other than for an obligation for money borrowed); 
 (10) the incurrence by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries of Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five Business Days; and 
 (11) the incurrence by any New Parent, the Parent, the Company or any of the Guarantors of additional Indebtedness in an
aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to extend, renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to
this clause (11), not to exceed $5.0 million at any one time outstanding after giving pro forma effect to such incurrence and the application of the proceeds therefrom. 
  

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 Any New Parent, the Parent and the Issuers will not incur, and will not permit any Guarantor
to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of any New Parent, the Parent, the Issuers or such Guarantor unless such Indebtedness is also contractually
subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other
Indebtedness of the Issuers solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis. 
 For purposes of determining compliance with this Section 4.14, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt set forth in clauses (1) through
(11) of this Section 4.14(b), or is entitled to be incurred pursuant to Section 4.14(a) hereof, any New Parent, the Parent or the Company, as the case may be, will be permitted to classify such item of Indebtedness on the date of its
incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.14, and such item of Indebtedness will be treated as having been incurred pursuant to such category. The accrual of
interest, the accretion or amortization of original issue discount, if applicable, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to
a change in accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified
Stock for purposes of this Section 4.14; provided, in each such case, that the amount of any such accrual, accretion or payment is included in Fixed Charges of any New Parent, the Parent or the Company, as the case may be, as accrued.
Notwithstanding any other provision of this Section 4.14, the maximum amount of Indebtedness that any New Parent, the Parent, the Company or any Restricted Subsidiary may incur pursuant to this covenant shall not be deemed to be exceeded solely
as a result of fluctuations in exchange rates or currency values. 
 The amount of any Indebtedness outstanding as of any date
will be: 
 (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original
issue discount; 
 (2) the principal amount of the Indebtedness, in the case of any other Indebtedness; and

 (3) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the
lesser of: 
 (A) the Fair Market Value of such assets at the date of determination; and 
 (B) the amount of the Indebtedness of the other Person. 
  

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 Section 4.15 Limitation on Capital Expenditures. 
 None of any New Parent, Parent and the Issuers will, and none of them will permit any of their Restricted Subsidiaries to, make or commit to
make any Capital Expenditure, except Adjusted Capital Expenditures not exceeding the amount set forth in the table below for such period; provided, that: 
 (1) (a) the amount of Adjusted Capital Expenditures permitted for fiscal periods ending in 2009 and 2010 may increase beyond
the amount set forth in the table below by the amount calculated in accordance with subsection (B) of the second clause (3) of Section 4.13(a); and (b) the amount of Adjusted Capital Expenditures permitted for all other fiscal
periods may increase beyond the amount set forth in the table below by the amount calculated in accordance with the second clause (3) in Section 4.13(a) hereof; 
 provided that any such increase in Adjusted Capital Expenditures made with such amounts calculated in accordance with clauses (1)(a) and (1)(b) above shall be excluded from the sum of the
amounts in such clause (3) in Section 4.13(a) hereof; 
 (2) the quarterly base amount set forth in the
table below for quarters ending in 2010 will be reduced to $11.25 million for any quarter where, in the quarter immediately preceding such quarter, either (a) the average daily spot price for WTI crude oil at Cushing, Oklahoma was less than $80
per barrel or (b) the average daily spot price for natural gas at Henry Hub was less than $8.00 per MMbtu, in each case as quoted on the New York Mercantile Exchange (or its successor); 
 (3) if the amount of Adjusted Capital Expenditures permitted for any quarter in 2010 has been reduced in accordance with the
immediately preceding clause (2), any New Parent, the Parent, the Issuers or any their Restricted Subsidiaries shall be permitted to increase the amount of Adjusted Capital Expenditures permitted in any such quarter or any subsequent quarter of 2010
in the aggregate by $0.25 for each $1.00 any New Parent, the Parent, the Issuers or any such Restricted Subsidiary spends (not including for this purpose any amount that may be spent in accordance with the Issuers’ obligations under
Section 4.29 of the Second Priority Indenture) to repurchase and retire Notes for cash from Holders in 2010; 
 (4) if the amount of Adjusted Capital Expenditures actually made by any New Parent, the Parent, the Issuers and their Restricted Subsidiaries in any quarter ending in 2010 is less than the amount of Adjusted Capital Expenditures permitted
for such quarter, the amount of Adjusted Capital Expenditures permitted for subsequent calendar quarters in 2010 (in the aggregate) will be increased by the amount of the unused, although permitted, Adjusted Capital Expenditures for such quarter;
and 
 (5) up to $10.0 million of Adjusted Capital Expenditures permitted in any year pursuant to this
Section 4.15, but not used in such year, will be carried forward to the immediately subsequent year and will increase the amount of permitted Adjusted Capital Expenditures for such subsequent year, provided that any such amount carried
forward shall be used before any other Adjusted Capital Expenditures permitted in such immediately subsequent year and, if not used, shall expire at the end of such immediately subsequent year: 
  

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	 Period
	  	 Amount

	 Fiscal Year ending December 31, 2009
	  	$35 million, as a base amount
		
	 Fiscal Year 2010
	  	
		
	 Quarter ending March 31 2010
	  	$21.25 million, as a base amount
		
	 Quarter ending June 30, 2010
	  	$21.25 million, as a base amount
		
	 Quarter ending September 30, 2010
	  	$21.25 million, as a base amount
		
	 Quarter ending December 31, 2010
	  	$21.25 million, as a base amount
		
	 Fiscal Year ending December 31, 2011
	  	$115 million plus or minus the amount by which Consolidated Cash Flow for the year ending December 31, 2010 exceeds or falls below, respectively, $160 million.
		
	 Fiscal Year ending December 31, 2012
	  	$135 million plus or minus the amount by which Consolidated Cash Flow for the year ending December 31, 2011 exceeds or falls below, respectively, $200 million.
		
	 Fiscal Year ending December 31, 2013
	  	$135 million plus or minus the amount by which Consolidated Cash Flow for the year ending December 31, 2012 exceeds or falls below, respectively, $240 million.
		
	 Period ending August 1, 2014
	  	The product of (a) 80% and (b) $150 million plus or minus the amount by which Consolidated Cash Flow for the year ending December 31, 2013 exceeds or falls below, respectively,
$280 million.

 Section 4.16 Liens. 
 Any New Parent will not, the Parent will not, the Company will not, and none of them will permit any of their Restricted Subsidiaries to,
directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind on any asset now owned or hereafter acquired, except Permitted Liens. 
  

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 Section 4.17 Dividend and Other Payment Restrictions Affecting Subsidiaries. 
 Any New Parent will not, the Parent will not, the Company will not, and none of them will permit any of their Restricted Subsidiaries to,
directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions on its Capital Stock to any New Parent, the Parent, the Company or any of
their Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to any New Parent, the Parent, the Company or any of their Restricted Subsidiaries; 
 (2) make loans or advances to any New Parent, the Parent, the Company or any of their Restricted Subsidiaries; or 

(3) sell, lease or transfer any of its properties or assets to any New Parent, the Parent, the Company or any of their
Restricted Subsidiaries. 
 However, the preceding restrictions will not apply to encumbrances or restrictions existing under or
by reason of: 
 (1) agreements governing Existing Indebtedness as in effect on the Issue Date and any
amendments, restatements, modifications, renewals, supplements, extensions, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, extensions,
refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the Issue Date; 
 (2) this Indenture, the Collateral Agreements, the Notes and the Note Guarantees; 
 (3) applicable law, rule, regulation or order; 
 (4) any instrument governing Indebtedness or Capital Stock of a Person acquired by any New Parent, the Parent, the Company or
any of their Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred or issued in connection with or in contemplation of such acquisition), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted
by the terms of this Indenture to be incurred; 
 (5) customary non-assignment provisions in leases, contracts
and licenses entered into in the ordinary course of business, including by reason of customary provisions restricting the transfer of copyrighted or patented materials consistent with industry practice; 
  

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 (6) purchase money obligations for property acquired in the ordinary course
of business and Capital Lease Obligations that impose restrictions on the property purchased or leased of the nature set forth in clause (3) of the preceding paragraph; 
 (7) any agreement for the sale or other disposition of a Restricted Subsidiary or assets that restricts distributions by that
Restricted Subsidiary pending the sale or other disposition; 
 (8) Permitted Refinancing Indebtedness;
provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being
refinanced; 
 (9) Liens permitted to be incurred under the provisions of Section 4.16 hereof that limit the
right of the debtor to dispose of the assets subject to such Liens; 
 (10) provisions limiting the disposition
or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the Board of Directors of the Ultimate Parent,
which limitation is applicable only to the assets that are the subject of such agreements; 
 (11) restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; and 
 (12) any instrument governing Indebtedness of a Foreign Subsidiary; provided that such Indebtedness was not prohibited by the terms of this Indenture. 
 Section 4.18 Transactions with Affiliates. 
 (a) Any New Parent will not, the Parent will not, the Company will not, and none of them will permit any of their Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any Affiliate of any
New Parent, the Parent or the Company, as the case may be (each, an “Affiliate Transaction”), unless: 
 (1) the Affiliate Transaction is on terms that are no less favorable to such New Parent, the Parent, the Company or the relevant Restricted Subsidiary than those that would have been obtained in a
comparable transaction by such New Parent, the Parent, the Company or such Restricted Subsidiary, as the case may be, with an unrelated Person or, if there is no such comparable transaction, on terms that are fair and reasonable to such New Parent,
the Parent, the Company or such Restricted Subsidiary and reflect an arms’-length negotiation as determined by the Independent Directors; 
  

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 (2) the Company delivers to the Trustee: 
 (A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration
in excess of $500,000, whether or not subject to the following clause (2)(B) of this Section 4.18, a resolution of the Board of Directors of the Ultimate Parent set forth in an Officers’ Certificate certifying that such Affiliate
Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of the disinterested members of such Board of Directors who are Independent Directors; and 
 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration
in excess of $2.5 million, an opinion as to the fairness to any New Parent, the Parent, the Company or such Restricted Subsidiary, as the case may be, of such Affiliate Transaction from a financial point of view issued by a reputable accounting,
appraisal or investment banking firm. 
 (b) The following items will not be deemed to be Affiliate Transactions and, therefore,
will not be subject to the provisions of Section 4.18(a) hereof: 
 (1) any employment agreement, employee
benefit plan, officer or director indemnification agreement or any similar arrangement entered into by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries in the ordinary course of business and payments pursuant thereto;

 (2) transactions between or among any New Parent, the Parent, the Company and/or their Restricted
Subsidiaries; 
 (3) transactions with a Person (other than an Unrestricted Subsidiary of any New Parent, the
Parent or the Company) that is an Affiliate of any New Parent, the Parent or the Company solely because any New Parent, the Parent or the Company, as the case may be, owns, directly or through a Restricted Subsidiary, an Equity Interest in, or
controls, such Person; 
 (4) payment of reasonable directors’ fees to Persons who are not employees of the
Ultimate Parent; 
 (5) any issuance of Equity Interests (other than Disqualified Stock) of the Ultimate Parent
to Affiliates of any New Parent, the Parent or the Company; 
 (6) Restricted Payments that do not violate the
provisions of Section 4.13 hereof; 
 (7) loans or advances to employees in the ordinary course of business
not to exceed $500,000 in the aggregate at any one time outstanding; 
 (8) registration rights or similar
agreements with officers, directors or significant shareholders of the Ultimate Parent; 
  

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 (9) Permitted Tax Distributions; 
 (10) Permitted Affiliate Leases; and 
 (11) Permitted Affiliate Store Transactions. 
 Section 4.19 Business Activities. 
 The Company will not, and will not
permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole; and any New Parent and the Parent
will engage only in Permitted Parent Businesses. 
 Section 4.20 Additional Guarantees. 
 If any New Parent, the Parent, the Company or any of their Restricted Subsidiaries acquires or creates another Domestic Subsidiary after the
Issue Date that is not declared by the Board of Directors of the Ultimate Parent to be an Unrestricted Subsidiary, then the Ultimate Parent will (1) cause that newly acquired or created Domestic Subsidiary to execute a supplemental indenture
pursuant to which it becomes a Guarantor and (2) deliver an Opinion of Counsel and Officers’ Certificate that meets the requirements of Section 13.05, in each case within 10 business days of the date on which such Domestic Subsidiary
was acquired or created; provided that any Domestic Subsidiary that constitutes an Immaterial Subsidiary need not become a Guarantor until such time as it ceases to be an Immaterial Subsidiary. 
 Section 4.21 Designation of Restricted and Unrestricted Subsidiaries. 
 (a) The Board of Directors of the Ultimate Parent may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that
designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by any New Parent, the Parent, the Company and their Restricted
Subsidiaries in the Subsidiary designated as Unrestricted will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.13(a) hereof or under one or more
clauses of the definition of “Permitted Investments,” as determined by the Ultimate Parent. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the
definition of an “Unrestricted Subsidiary.” As of the Issue Date, all Subsidiaries of the Parent and the Company will be Restricted Subsidiaries. 
 (b) If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary and will be deemed
as of the date of such failure to be a Restricted Subsidiary for purposes of this Indenture. In that event, any Indebtedness of such Subsidiary will be deemed to be incurred by such Restricted Subsidiary of any New Parent, the Parent or the Company
as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.14, the Parent, the Company or both of them, as the case may be, will be in Default of such covenant. 
  

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 (c) The Board of Directors of the Ultimate Parent may at any time designate any Unrestricted
Subsidiary to be a Restricted Subsidiary of the Ultimate Parent; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Ultimate Parent of any outstanding Indebtedness of such
Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.14 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter
reference period; and (2) no Default or Event of Default would be in existence following such designation. 
 (d) Any
change in the designation of a Subsidiary of the Ultimate Parent as an Unrestricted Subsidiary or as a Restricted Subsidiary, as the case may be, will be evidenced by the Ultimate Parent to the Trustee by filing with the Trustee a certified copy of
a resolution of its Board of Directors giving effect to such designation and an Officers’ Certificate certifying that such designation complied with and was permitted by this Section 4.21. 
 Section 4.22 Payments for Consent. 
 None of any New Parent, the Parent, the Company or any of their Restricted Subsidiaries shall, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of
Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree
to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.23
Impairment and Location of Security Interest. 
 Subject to any Intercreditor Agreement, none of any New Parent, the Parent,
the Issuers or any of their Restricted Subsidiaries will take or omit to take any action which would (a) adversely affect or impair in any material respect the Liens in favor of the Collateral Agent with respect to the Collateral, except as
otherwise permitted or required by the Collateral Agreements or this Indenture, or (b) result in more than 25% of the net book value for GAAP purposes of consolidated property, plant and equipment (excluding any Excluded Collateral) of any New
Parent or the Parent, whichever entity is then the ultimate parent company, being located outside the United States at any time; provided, however, that should the (i) involuntary destruction, (ii) sale or disposition or
(iii) impairment writedown of any property, plant or equipment in the United States cause such percentage of property, plant and equipment (excluding any Excluded Collateral) outside the United States to exceed 25%, any New Parent, the Parent,
the Issuers and their Restricted Subsidiaries shall have 60 days to take such action as may be necessary to restore such percentage to 25% or less. None of any New Parent, the Parent, the Issuers or any of their Restricted Subsidiaries will enter
into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture and the Collateral
Agreements (including the Intercreditor Agreement), and any New Parent, the Parent and the Issuers shall, and shall cause the Guarantors, to grant to the Collateral Agent for the ratable benefit of the Holders a first priority, perfected Lien on the
proceeds received from any sale of Collateral, including on any assets acquired with the cash proceeds received from any sale of Collateral. Any New Parent, the Parent and the Issuers shall, and they shall cause each

  

 71 

 
Guarantor to, at their sole cost and expense, execute and deliver all such agreements and instruments and take all further action as the Collateral Agent or the Trustee shall reasonably request
or as shall reasonably be necessary to more fully or accurately describe the property intended to be Collateral or the obligations intended to be secured by the Collateral Agreements. Any New Parent, the Parent and the Issuers shall, and they shall
cause each Guarantor to, at their sole cost and expense, file any such notice or other filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to perfect the Liens created by the Collateral
Agreements. 
 Section 4.24 Real Estate Mortgages and Filings. 
 With respect to any real property other than the Disposal Well Assets and Excluded Collateral (individually and collectively, the
“Premises”) owned by any New Parent, the Parent, the Company or a Domestic Subsidiary on the Issue Date with a Fair Market Value in excess of $500,000 and with respect to any such property to be acquired by any New Parent,
the Parent, the Company or a Domestic Subsidiary after the Issue Date with a purchase price in excess of $500,000 (within 90 days of the acquisition thereof), the Ultimate Parent shall deliver to the Collateral Agent (subject to the terms of the
Intercreditor Agreement): 
 (1) fully executed counterparts of Mortgages, duly executed by any New Parent, the
Parent, the Company or the applicable Domestic Subsidiary, together with evidence of the completion (or satisfactory arrangements for the completion), of all recordings and filings of such Mortgage as may be necessary to create a valid, perfected
Lien (subject to no liens other than Permitted Liens) against the properties purported to be covered thereby; 
 (2) mortgagee’s title insurance policies in favor of the Collateral Agent, as mortgagee for the ratable benefit of the Collateral Agent, the Trustee and the Holders in an amount equal to 100% of the Fair Market Value of the Premises
purported to be covered by the related Mortgage, insuring that title to such property is indefeasible and that the interests created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects and encumbrances other than
Permitted Liens together with typical endorsements, coinsurance and reinsurance and shall be accompanied by evidence of the payment in full of all premiums thereon; 
 (3) with respect to each of the covered Premises, the most recent survey of such Premises, together with either (i) an
updated survey certification in favor of the Trustee and the Collateral Agent from the applicable surveyor stating that, based on a visual inspection of the property and the knowledge of the surveyor, there has been no change in the facts depicted
in the survey or (ii) an affidavit from any New Parent, the Parent, the Company and the Guarantors, as the case may be, stating that there has been no change sufficient for the title insurance company to remove all standard survey exceptions
and issue the endorsements; 
 (4) an opinion from local counsel and special regulatory counsel in each state
where a Premises is located in form and substance reasonably satisfactory to the Collateral Agent and covering typical matters concerning collateral, including without limitation, the enforceability of the relevant Mortgages; and 
  

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 (5) an Officers’ Certificate by such 90th day certifying that all items
in this Section 4.24 have been delivered. 
 Section 4.25 Disposal Well Mortgages and Filings 
 (a) With respect to any Disposal Well Assets owned by the Company or a Domestic Subsidiary on the Issue Date, or acquired by any New Parent,
the Parent, the Company or a Domestic Subsidiary after the Issue Date, subject to the immediately succeeding paragraph, excluding in all cases Excluded Collateral: 
 (1) the Ultimate Parent shall deliver to the Collateral Agent, as mortgagee, fully executed counterparts of Mortgages or
amendments and supplements to prior Mortgages, duly executed by any New Parent, the Parent or the Company or the applicable Domestic Subsidiary, as the case may be (together with evidence of the completion, or satisfactory arrangements for the
completion, of all recordings and filings of such instruments), as may be necessary or desirable to create a valid, perfected Lien (subject to no Liens other than Permitted Liens) on such Disposal Well Assets; and 
 (2) the Ultimate Parent shall deliver to the Collateral Agent an opinion from local counsel in each state where such Disposal
Well Assets are located, covering typical matters, including without limitation, the enforceability of the relevant Mortgage, as it may be supplemented or amended. 
 (b) Each such Mortgage, amendment or supplement shall be delivered by the Company promptly after such Mortgage, amendment or supplement is entered into by the parties thereto, but in no event later than
(1) 45 days either (a) after the acquisition of such Disposal Well Assets by any New Parent, the Parent, the Company or a Domestic Subsidiary or (b) if such Disposal Well Assets were previously Excluded Collateral but have ceased to
be Excluded Collateral, after such cessation or (2) the first business day of each fiscal quarter after such acquisition or cessation; provided that if, prior to such date, any New Parent, the Parent, the Company or a Domestic Subsidiary
grants a Lien on such Disposal Well Assets to secure any other Indebtedness secured by a security interest in the Collateral, such Mortgage, amendment or supplement must be delivered to the Collateral Agent at the same time as such grant to secure
such other Indebtedness. 
 (c) With respect to any Disposal Well Assets owned by the Company or a Domestic Subsidiary on, or
acquired after the Issue Date that are situated on real property for which the Company or any Domestic Subsidiary has not entered into a written lease or does not otherwise have a written leasehold interest therein, the Company shall, and shall
cause any applicable Domestic Subsidiary to, use its reasonable best efforts to (1) enter into such leases on commercially reasonable terms to permit the Collateral Agent to take a perfected security interest in such Disposal Well Assets and/or
such leasehold interest, as the case may be, and (2) perform the covenant set forth in subsection (a) of this Section 4.25. 
  

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 Section 4.26 Leasehold Mortgages and Filings; landlord Waivers. 
 (a) Any New Parent, the Parent, the Company and each of their Domestic Subsidiaries shall execute and file Mortgages with respect to any New
Parent’s, the Parent’s, the Company’s and such Domestic Subsidiaries’ leasehold interests in the premises (the “Leased Premises”) leased by any New Parent, the Parent, the Company or such Domestic
Subsidiary, as the case may be, pursuant to written leases that may be mortgaged by their terms or the terms of the landlord consents (collectively, the “Leases” and, individually, a “Lease”). 
 (b) Prior to or on the Issue Date or, if later, the effective date of any Lease, any New Parent, the Parent, the Company and each such
Domestic Subsidiary, as the case may be, shall provide to the Collateral Agent all of the items set forth in clauses (2), (3) and (4) of Section 4.24 hereof and shall use their commercially reasonable efforts to obtain an agreement
executed by the lessor under the Lease, in a form reasonably acceptable to the Collateral Agent, whereby such lessor consents to the Mortgage and waives or subordinates its landlord Lien (whether granted by the instrument creating the leasehold
estate or by applicable law), if any, and which shall be entered into by the Collateral Agent. 
 (c) Each of any New Parent,
the Parent, the Company and any Domestic Subsidiary that is a lessee of, or becomes a lessee of, real property, is, and will be, required to use commercially reasonable efforts to deliver to the Collateral Agent a landlord waiver executed by the
lessor of such real property; provided that if such lease is in existence on the Issue Date, any New Parent, the Parent, the Company or the Domestic Subsidiary that is the lessee thereunder shall have 90 days from the Issue Date to satisfy
such requirement. 
 Section 4.27 Other Collateral. 
 With respect to any assets or property (herein called “Other Collateral”) that is not Excluded Collateral or
addressed in or subject to Sections 4.23, 4.24 and 4.25 hereof or subject to the Collateral Agreements and is owned by the Company or a Domestic Subsidiary on the Issue Date or acquired by any New Parent, the Parent, the Company or a Domestic
Subsidiary, as the case may be, after the Issue Date, any New Parent, the Parent, the Company or such Domestic Subsidiary, as the case may be, will promptly grant Liens covering such Other Collateral to the Collateral Agent pursuant to a document or
instrument on commercially reasonable terms that contains provisions similar to those of the Security Agreement, if such Other Collateral is personal property, or provisions similar to those of the Mortgages set forth in Section 4.24 hereof if
such Other Collateral is real property. 
 Section 4.28 Reports. 
 (a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Ultimate Parent will furnish
to the Trustee and the Holders of Notes or request the Trustee to furnish to the Holders of Notes at the expense of the Issuers, within the time periods specified in the SEC’s rules and regulations: 
 (1) all quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Ultimate
Parent were required to file such reports, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial condition and results of operations of the Ultimate Parent and
its consolidated Subsidiaries, as the case may be; and 
  

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 (2) all current reports that would be required to be filed with the SEC on
Form 8-K if the Ultimate Parent were required to file such reports. 
 in each case, within the time periods specified in the SEC’s rules
and regulations. 
 (b) All such reports will be prepared in all material respects in accordance with all of the rules and
regulations applicable to such reports. Each annual report on Form 10-K of the Ultimate Parent will include a report on the Ultimate Parent’s consolidated financial statements by the Ultimate Parent’s certified independent accountants. In
addition, the Ultimate Parent will post the reports on the Company’s website within the time periods specified in the rules and regulations applicable to such reports, and the Ultimate Parent will file a copy of each of the reports referred to
in clauses (1) and (2) above with the SEC for public availability within those time periods (unless the SEC will not accept such a filing). 
 (c) If, at any time, the Ultimate Parent is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Ultimate Parent will nevertheless continue filing the reports
specified in the preceding paragraphs of this covenant with the SEC within the time periods specified above unless the SEC will not accept such a filing. None of any New Parent, the Parent or the Company will take any action for the purpose of
causing the SEC not to accept any such filings. 
 (d) The Ultimate Parent will hold a quarterly conference call for the Holders
of the Notes and securities analysts to discuss such financial information no later than ten Business Days after distribution of such financial information. 
 (e) If the Ultimate Parent has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information required by paragraph (a) of this Section 4.28
will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial
condition and results of operations of the Ultimate Parent and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Ultimate Parent. 
 (f) In addition, the Issuers and the Guarantors agree that, for so long as any Notes remain outstanding, if at any time they are not
required or permitted to file with the SEC the reports required by this Section 4.28, they will furnish to the Holders of Notes and to securities analysts and prospective investors, upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act. 
 (g) For so long as any Notes remain outstanding, the Issuers and the
Guarantors shall permit the Holders or any of their representatives, at any time and from time to time during normal business hours, with reasonable notice, to visit and inspect the facilities of the Issuers and Guarantors, and to have reasonable
access to management of the Issuers and the Guarantors to discuss the operations, prospects, affairs, finances and accounts of the Issuers and the Guarantors. 
  

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 (h) For purposes of delivery of the reports required hereunder, any reports filed with the
SEC on Edgar, or any successor system for electronic filing, shall be deemed delivered to the Trustee and the Holders of Notes. 
 ARTICLE 5 
 SUCCESSORS 
 Section 5.01 Merger, Consolidation, or Sale of Assets. 
 (a) Any
New Parent will not, the Parent will not and the Company will not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not such New Parent, the Parent or the Company, as the case may be, is the surviving
corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of either (a) the Company and its Restricted Subsidiaries taken as a whole, (b) any New Parent and its
Restricted Subsidiaries taken as a whole or (c) the Parent and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person, unless: 
 (1) either: (A) such New Parent is the surviving corporation in a transaction with such New Parent, (B) the Parent
is the surviving corporation in a transaction with the Parent, (C) the Company is the surviving corporation in a transaction with the Company; or (D) the Person formed by or surviving any such consolidation or merger (if other than such
New Parent, the Parent or the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a corporation or limited liability company organized or existing under the laws of the United States, any state of
the United States or the District of Columbia; provided that if the Person formed by or surviving any such consolidation or merger or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made is not a
corporation and Capital would not then be a co-issuer of the Notes, such Person causes a corporation to co-issue the Notes in the same way as Capital will do so on the Issue Date and causes such corporation to enter into the covenant under
Section 4.09; 
 (2) the Person formed by or surviving any such consolidation or merger (if other than any
New Parent, the Parent or the Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of such New Parent, the Parent or the Company, as the case may be, under the
Notes and this Indenture pursuant to a supplemental indenture and an amendment thereto; 
 (3) immediately after
such transaction, no Default or Event of Default exists; 
 (4) any New Parent, the Parent, the Company or the
Person, as the case may be, formed by or surviving any such consolidation or merger (if other than any New Parent, the Parent or the Company, as the case may be), or to which such sale, assignment, transfer, conveyance or other disposition has been
made would, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.14(a) hereof; and 
  

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 (5) the Company has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and such supplemental indenture referenced in subparagraph (2) above comply with this Article and that
all conditions precedent herein relating to such transaction have been complied with. 
 (b) In addition, none of any New
Parent, the Parent nor the Company will directly or indirectly, lease all or substantially all of the properties and assets of it and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 

(c) This Section 5.01: 
 (1) will not apply to a merger of any New Parent, the Parent or the Company with an Affiliate solely for the purpose of reincorporating such New Parent, the Parent or the Company, as the case may be, in
another jurisdiction; 
 (2) will not apply to any consolidation or merger, or any sale, assignment, transfer,
conveyance, lease or other disposition of assets between or among any New Parent, the Parent, the Company and their Restricted Subsidiaries or between or among Restricted Subsidiaries; and 
 (3) will apply, for the avoidance of doubt, to a sale, assignment, transfer, conveyance or other disposition of the Equity
Interests of the Company by the Parent, or of the Parent by any New Parent, other than to another New Parent. 
 Section 5.02
Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the properties or assets of the Company or its Restricted Subsidiaries in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person
formed by such consolidation or into or with which the Company or Restricted Subsidiaries is or are merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that
from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to
the Company or the applicable Restricted Subsidiaries), and may exercise every right and power of the Company or Restricted Subsidiaries under this Indenture with the same effect as if such successor Person had been named as the Company or
Restricted Subsidiaries herein; provided, however, that the predecessor Company or Restricted Subsidiaries shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale of all of the
Company’s or the applicable Restricted Subsidiaries’ assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 
  

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 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default. 
 Each of the following is an “Event of Default”: 
 (1) default for five Business Days in the payment when due of interest on the Notes; 
 (2) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on,
the Notes; 
 (3) failure by any New Parent, Parent or the Issuers or any of the their Restricted Subsidiaries to
comply with the provisions set forth in Sections 3.09, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14 or Article 5 hereof; 
 (4) failure by any New Parent, the Parent or the Issuers or any of their Restricted Subsidiaries for 60 days after notice to such New Parent, the Parent or the Company, as the case may be, by the Trustee or the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in this Indenture; 
 (5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by any New Parent, the Parent, the
Company or any of their Restricted Subsidiaries (or the payment of which is guaranteed by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after Issue
Date, if that default; 
 (A) is caused by a failure to pay principal of, or interest or premium, if any, on,
such Indebtedness prior to the expiration of any grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
 (B) results in the acceleration of such Indebtedness prior to its express maturity, 
 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under
which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $5.0 million or more; 
 (6) failure by any New Parent, the Parent, the Company or any of their Restricted Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $5.0
million, which judgments are not paid, discharged or stayed for a period of 60 days; 
  

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 (7) except as permitted by this Indenture, any Note Guarantee is held in any
judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee; 

(8) any Collateral Agreement at any time for any reason shall cease to be in full force and effect in all material
respects, or ceases to give the Collateral Agent the Liens, rights, powers and privileges purported to be created thereby, superior to and prior to the rights of all third Persons other than the holders of Permitted Liens and subject to no other
Liens except as expressly permitted by the applicable Collateral Agreement or this Indenture; or the Company or any of the Guarantors, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforce ability of
any Collateral Agreement, or any New Parent, Parent or the Issuers or any of the their Restricted Subsidiaries fail to comply with the provisions set forth in Section 4.23(b) hereof; 
 (9) any New Parent, the Parent, the Issuers or any of their Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Issuers that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 
 (A) commences a voluntary case; 
 (B) consents to the entry of an order for relief against it in an involuntary case; 
 (C) consents to the appointment of a custodian of it or for all or substantially all of its property; 
 (D) makes a general assignment for the benefit of its creditors; or 
 (E) generally is not paying its debts as they become due; 
 (10) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against any New Parent, the Parent,
the Issuers or any of their Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuers that, taken together, would constitute a Significant Subsidiary in an involuntary case; 
 (B) appoints a custodian of any New Parent, the Parent, the Issuers or any of their Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries of the Issuers that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of any New Parent, the Parent, the Issuers or any of their
Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuers that, taken together, would constitute a Significant Subsidiary; or 
  

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 (C) orders the liquidation of any New Parent, the Parent, an Issuer or any
of their Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuers that, taken together, would constitute a Significant Subsidiary; 
 and the order or decree remains unstayed and in effect for 60 consecutive days; or 
 (11) either Issuer or any Guarantor breaches in any material respect any agreement set forth in the Purchase Agreement or any
representation or warranty set forth in the Purchase Agreement made by either Issuer or any Guarantor proves to be false or incorrect in any material respect when made. 
 Section 6.02 Acceleration. 
 In the case of an Event of Default
specified in clause (9) or (10) of Section 6.01 hereof, with respect to any New Parent, the Parent, the Company, any of their Restricted Subsidiaries that is a Significant Subsidiary, or any group of their Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. 
 Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its
consequences under this Indenture except a continuing Default or Event of Default in the payment of principal, interest or premium. 
 Section 6.03 Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.

 A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 
 Holders of not less than
a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing
Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an offer to purchase); provided, however, that the Holders of a

  

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majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration.
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereon. 
 Section 6.05 Control by Majority. 
 Subject to Section 7.01(e), Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in
its exercise of any trust or power, including with respect to the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee; provided that such direction shall not be in conflict with any rule of law or
with this Indenture or expose the Trustee to personal liability. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default if it determines that withholding notice is in their interest, except a Default
or Event of Default relating to the payment of principal, interest or premium, if any. The Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 Section 6.06 Limitation on Suits. 
 Subject to Section 7.01, in case an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or
direction of any Holders of Notes unless such Holders have offered to the Trustee an indemnity or security satisfactory to the Trustee against any loss, liability or expense. Except to enforce the right to receive payment of principal, interest or
premium when due, no Holder of a Note may pursue any remedy with respect to this Indenture unless: 
 (1) such
Holder has previously given the Trustee notice that an Event of Default is continuing; 
 (2) Holders of at least
25% in aggregate principal amount of the then outstanding Notes have requested the Trustee to pursue the remedy; 
 (3) such Holders have offered the Trustee security or indemnity reasonably satisfactory to it against any loss, liability or expense; 
 (4) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request; and 
 (5) Holders of a majority in aggregate principal amount of the then
outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 
 A Holder
of a Note may not use this Indenture to affect, disturb or prejudice the rights of another Holder of a Note or to seek to obtain a preference or priority over another Holder of a Note or to enforce any right under this Indenture, except in the
manner provided hereunder and for the equal and ratable benefit of all the Holders of Notes. 
  

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 Section 6.07 Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any,
and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution or prosecution thereof or the entry
of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject to such Lien. 
 Section 6.08 Collection Suit by Trustee or Collateral Agent. 
 If an
Event of Default specified in Sections 6.01(1) or (2) hereof occurs and is continuing, the Trustee or the Collateral Agent may recover judgment (a) in its own name and (b)(1) in the case of the Trustee, as trustee of an express trust or
(2) in the case of the Collateral Agent, as collateral agent on behalf of the Holders, in each case against the Issuers for the whole amount of principal of, premium, if any, and interest remaining unpaid on, the Notes and interest on overdue
principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, the Collateral
Agent and their respective agents and counsel. 
 If the Issuers fail to pay such amount forthwith upon such demand, the Trustee
may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceedings to the judgment or final decree, and may enforce the same against the Issuers or any other obligor upon the Notes and collect
the moneys adjudged or decreed to be payable in the manner provided by law out the property of the Issuers or any other obligor upon the Notes, wherever situated. 
 Section 6.09 Trustee May File Proofs of Claim. 
 The Trustee shall be
authorized 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 or the Collateral Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, the Collateral Agent, or their respective agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property
and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee or the Collateral Agent, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee,

  

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the Collateral Agent, or their respective agents and counsel, and any other amounts due the Trustee or the Collateral Agent under the Indenture Documents, including, without limitation,
Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee and the Collateral Agent under Section 7.07
hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the
Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee or the Collateral Agent, as the case may be, to vote in respect of
the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities. 
 If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order:

 First: to the Trustee, the Collateral Agent, the Paying Agent, the Registrar and their agents and
counsel for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee or the Collateral Agent, as the case may be, and the costs and expenses of
collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium,
if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and 
 Third: to the Company or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee or the Collateral Agent, as the case may be, for any action taken or omitted by it as a
Trustee or the Collateral Agent, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee or the Collateral
Agent, as the case may be, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
  

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 Section 6.12 Willful Event of Default. 
 In the case of any Event of Default occurring by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the
Issuers with the intention of avoiding payment of the premium that the Issuers would have had to pay if the Issuers then had elected to redeem the Notes pursuant Sections 3.09, 4.10 or 4.11 hereof, an equivalent premium will also become and be
immediately due and payable to the extent permitted by law upon the acceleration of the Notes. If an Event of Default occurs by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Issuers with the intention of
avoiding the prohibition on redemption of the Notes prior to that date, then an additional premium specified in this Indenture will also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes.

 ARTICLE 7 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, 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. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this
paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (2) the Trustee will not
be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  

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 (3) the Trustee will not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be
under no obligation to exercise any of its rights and powers under this Indenture or the Collateral Agreements at the request or direction of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it
against any loss, liability or expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Issuers. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 7.02 Rights of Trustee. 
 (a) The Trustee may conclusively rely
upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to
be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided
in this Indenture, any demand, request, direction or notice from the Issuers will be sufficient if signed by an Officer of each of the Issuers. 
 (f) In no event shall the Trustee be liable to any Person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Trustee has been advised of the likelihood of such loss or damage. 
  

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 Section 7.03 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any
Affiliate of the Issuers with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue
as Trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s Disclaimer. 
 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or the Collateral Agreements, and it shall not be accountable for the
Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying
Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of
authentication, and it assumes no responsibility for their correctness. 
 Section 7.05 Notice of Defaults. 
 If a Default or Event of Default occurs and is continuing and if it is known to a Responsible Officer of the Trustee, the Trustee will send
to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs, unless such Default or Event of Default shall have been cured or waived. Except in the case of a Default or Event of Default in payment of principal of,
premium, if any, or interest on, any Note, the Trustee shall be authorized and protected in withholding the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of
the Holders of the Notes. 
 Section 7.06 Reports by Trustee to Holders of the Notes. 
 (a) Within 60 days after each August 15 beginning with the August 15 following the Issue Date, and for so long as Notes remain
outstanding, the Trustee will send to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event set forth in TIA § 313(a) has occurred within the twelve months preceding the
reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2) and § 313(b)(1). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 
 (b) A copy of each report at the time of its sending to the Holders of Notes will be sent by the Trustee to the Issuers and filed by the
Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Issuers will promptly notify the Trustee when the Notes are listed on any stock exchange. 
  

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 Section 7.07 Compensation and Indemnity. 
 (a) The Issuers will pay to the Trustee, Collateral Agent, Paying Agent and Registrar (each, an “Indemnified Party”) from
time to time reasonable compensation for their acceptance of this Indenture and the Collateral Agreements and services hereunder and thereunder. The Trustee’s compensation will not be limited by any law on compensation of a Trustee of an
express trust. The Issuers will reimburse each Indemnified Party promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will include the
reasonable compensation, disbursements and expenses of the Indemnified Party’s agents and counsel. 
 (b) The Issuers and
the Guarantors will, jointly and severally, indemnify each Indemnified Party against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture
or the Collateral Agreements, including the costs and expenses of enforcing this Indenture against the Issuers and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuers, the
Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder and in connection with the exercise or performance of any of its powers or duties (if any) under the
Intercreditor Agreement and the Collateral Agreements, except to the extent any such loss, liability or expense may be attributable to its negligence, bad faith or willful misconduct. The Indemnified Party will notify the Issuers promptly of any
claim for which it may seek indemnity. Failure by the Indemnified Party to so notify the Issuers will not relieve the Issuers or any of the Guarantors of their obligations hereunder or under the Collateral Agreements. The Issuers or such Guarantor
will defend the claim and the Indemnified Party will cooperate in the defense. The Indemnified Party may have separate counsel and the Issuers will pay the reasonable fees and expenses of one such counsel (plus one local counsel in each applicable
jurisdiction, if necessary). Neither the Issuers nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
 (c) The obligations of the Issuers and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture and the termination of the Collateral Agreements and the
resignation, removal or replacement of the Trustee, to the extent that the Trustee incurred fees, reimbursable expense or indemnifiable losses, liabilities or expenses while acting as Trustee hereunder before such resignation, removal or
replacement. 
 (d) To secure the Issuers’ and the Guarantors’ payment obligations in this Section 7.07, each
Indemnified Party will have a Lien prior to the Notes on all money, property or Collateral held or collected by the Trustee, in its capacity as Trustee, or the Collateral Agent in its capacity as Collateral Agent, except, in the case of the Trustee,
that held in trust to pay principal, premium, if any, and interest on particular Notes pursuant to Article 8 hereof. Such Lien will survive the satisfaction and discharge of this Indenture and the resignation, removal or replacement of the Trustee.

 (e) When an Indemnified Party incurs expenses or renders services after an Event of Default specified in Section 6.01(9)
or (10) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
  

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 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent
applicable. 
 Section 7.08 Replacement of Trustee. 
 (a) A resignation or removal of the Trustee and the appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this
Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so
notifying the Issuers. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing. The Issuers may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or

 (4) the Trustee becomes incapable of acting. 
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuers. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Issuers, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring Trustee will become
effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property
held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Issuers’ obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 
  

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 Section 7.09 Successor Trustee by Merger, etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. As soon as practicable, the successor Trustee shall mail a notice of its succession to the Issuer and the Holders of Notes. Any such successor must
nevertheless be eligible and qualified under the provisions of Section 7.10 hereof. 
 Section 7.10 Eligibility;
Disqualification. 
 There will at all times be a Trustee hereunder that is an entity organized and doing business under the
laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trust power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and
surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 
 This Indenture
will always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA §
310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Company are outstanding, if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

 Section 7.11 Preferential Collection of Claims Against Issuers. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned
or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 Section 7.12 Trustee in Other Capacities;
Collateral Agent and Paying Agent. 
 References to the Trustee in Sections 7.01(b), (d), (e), and (f), 7.02, 7.03, 7.04,
7.07, 7.08 and 7.09 shall be understood to include the Trustee when acting in its other capacities under this Indenture, including, without limitation, as Paying Agent and Collateral Agent. Without limiting the foregoing, and for the avoidance of
doubt, such Sections shall be read to apply to the Collateral Agent and the Collateral Agreements, mutatis mutandis, in addition to this Indenture. The privileges, rights, indemnities, immunities and exculpatory provisions contained in this
Indenture shall apply to the Trustee and the Collateral Agent, whether it is acting under this Indenture or the other Indenture Documents. 
  

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 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal
Defeasance or Covenant Defeasance. 
 The Issuers may at any time, at the option of the Board of Directors the Ultimate
Parent evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 
 Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuers and each of the Guarantors will, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth in Section 8.04 below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes
(including the Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.06 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have
satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following
provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the rights of Holders of
outstanding Notes to receive payments in respect of the principal of, and interest or premium on, such Notes when such payments are due from the trust referred in Section 8.05 hereof; 
 (2) the Issuers’ Obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 
 (3) the rights, powers, trusts, duties, indemnities and immunities of the Trustee, and the Issuers’ and the Guarantors’ obligations in connection therewith; and 
 (4) this Article 8. 
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 
 Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the Guarantors will, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be released from each of their obligations under the

  

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covenants contained in Sections 3.09, 4.08, 4.10 through and including 4.22 and 4.28 hereof; clause (4) of Section 5.01 hereof and any Liens securing the Notes and the Note Guarantees
shall be released with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other
purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and
such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition,
upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, the breach or non compliance with the covenants
defeased pursuant to this Section 8.03 hereof will not constitute Events of Default. 
 Section 8.04 Conditions to Legal or
Covenant Defeasance. 
 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or
8.03 hereof: 
 (1) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the
Holders of Notes, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient, in the opinion of a nationally recognized investment bank,
appraisal firm or firm of independent public accountants, expressed in a written certification thereof delivered to the Trustee, to pay the principal of, and interest and premium on, the outstanding Notes on the stated date for payment thereof or on
the applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date; 
 (2) in the case of Legal Defeasance, the Issuers must deliver to the Trustee an Opinion of Counsel reasonably acceptable to
the Trustee confirming that (a) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the date of this Indenture, there has been a change in the applicable federal income tax
law, in either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of Covenant Defeasance, the Issuers must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that the Holders

  

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of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the incurrence of Indebtedness or the grant of Liens
securing such Indebtedness, all or a portion of the proceeds of which will be used to defease the Notes pursuant to this Article 8 concurrently with such incurrence); 
 (5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture) to which any New Parent, the Parent, the Company or any of their Subsidiaries is a party or by which any New Parent, the Parent, the Company or any of their Subsidiaries is bound;

 (6) the Issuers must deliver to the Trustee an Officers’ Certificate stating that the deposit was not
made by the Issuers with the intent of preferring the Holders of Notes over the other creditors of the Issuers with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or others; 
 (7) the Issuers must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 
 (8) concurrently with the satisfaction of the conditions set forth in this Section 8.04, any Liens securing the Notes or the Note Guarantees shall terminate and be released, and the Trustee, on demand and at the expense of the Issuers,
shall execute instruments acknowledging such release, as reasonably requested by the Issuers. 
 Section 8.05 Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money
and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will be (i) held in trust, (ii) at the written direction of the Issuers, such money may be invested, prior to maturity of the Notes, in Government Securities, and (iii) applied by the
Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all
sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account and obligation of the Holders of the
outstanding Notes. 
  

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 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay
to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(2) or (3) hereof), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company. 
 Subject to any unclaimed property law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company or (if then held by the
Company) will be discharged from such trust; and the Holder of such Note will thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money or Government Securities, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of
the Company cause to be published once, in The New York Times or The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from
the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or
non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Issuers’ and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as
the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuers or any Guarantor make any payment of principal of, premium, if
any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying
Agent. 
  

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 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of
Notes. 
 Notwithstanding Section 9.02 hereof, without the consent of any Holder, the Issuers, the Guarantors, the
Trustee and, if any amendment or supplement relates to any Collateral Agreement, the Collateral Agent, may amend or supplement this Indenture, the Notes, the Collateral Agreements or the Note Guarantees: 
 (1) to cure any ambiguity, defect or inconsistency; 
 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (3) to provide for the assumption of an Issuer’s or a Guarantor’s obligations to Holders of Notes and Note
Guarantees in the case of a merger or consolidation or sale of all or substantially all of such Issuer’s or such Guarantor’s assets, as applicable pursuant to Article 5; 
 (4) to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not
adversely affect the legal rights under this Indenture, the Notes, any Collateral Agreement or the Note Guarantees of any such Holder; 
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 
 (6) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the
Issue Date (including Section 4.14); 
 (7) to allow any Guarantor to execute a supplemental indenture
and/or a Note Guarantee with respect to the Notes; or 
 (8) in connection with any addition or release of
Collateral permitted under the terms of this Indenture or the Collateral Agreements. 
 Section 9.02 With Consent of Holders of
Notes. 
 Except as provided in section 9.01 and in the next succeeding paragraph of this Section 9.02, this Indenture,
the Notes, the Collateral Agreements or the Note Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes, the Collateral
Agreements or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender
offer or exchange offer for, Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 
  

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 Without the consent of each Holder of Notes, an amendment, supplement or waiver may not:

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

 (2) reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to
the redemption or repurchase of the Notes (other than provisions relating to the covenants contained in Sections 3.09, 4.10 and 4.11 hereof); 
 (3) reduce the rate of or change the time for payment of interest, including default interest, on any Note; 
 (4) waive a Default or Event of Default in the payment of principal of, or interest or premium on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 
 (5) make any Note payable in money other than that stated in the Notes; 
 (6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of, or interest, or premium on, the Notes; 
 (7) waive a redemption or repurchase payment with respect to any Note (other than a payment required by Sections 4.09 or 4.10
hereof); 
 (8) release any Guarantor from any of its obligations under its Note Guarantee or this Indenture,
except in accordance with the terms of this Indenture; 
 (9) release all or substantially all of the Collateral
from the Liens created pursuant to the Collateral Agreements, except in accordance with this Indenture and the Collateral Agreements; or 
 (10) make any change in the preceding amendment and waiver provisions. 
 Section 9.03
Compliance with TIA. 
 Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or
supplemental indenture that complies with the TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of
a Note and every subsequent Holder of a Note

  

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or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent
Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation in accordance with Section 13.02 before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or
waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 The Company may, but shall not be
obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those
Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment or waiver or to revoke any consent previously given, whether or not such Persons continue to be
Holders after such record date. 
 Section 9.05 Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 
 Section 9.06 Trustee to Sign Amendments, etc. 
 Upon the request of the
Issuers, accompanied by a resolution of the Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of
Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 or this Section 9.06 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of such amended or supplemental
indenture. 
 It shall not be necessary for the consent of Holders of Notes under Sections 9.01 or 9.02 to approve the
particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver under this Article 9 becomes effective, the Issuers shall send to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or
waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in principal amount of the Notes then outstanding may waive compliance in a particular instance by the Company with any provision of this Indenture of the Notes. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully authorized and
protected in relying upon, in addition to the documents required by Section 13.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by
this Indenture. 
  

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 ARTICLE 10 
 SATISFACTION AND DISCHARGE 
 Section 10.01 Satisfaction and
Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes and Note Guarantees
issued hereunder and the Trustee, on demand and at the expense of the Issuers, will execute instruments acknowledging satisfaction and discharge of this Indenture, as reasonably requested by the Issuers when: 
 (1) either: 
 (a) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to
the Issuers, have been delivered to the Trustee for cancellation; or 
 (b) all Notes that have not been
delivered to the Trustee for cancellation have become due and payable by reason of the delivering of a notice of redemption or otherwise or will become due and payable within one year and the Issuers or any Guarantor has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in
amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, interest and premium to the date of maturity
or redemption; 
 (2) no Default or Event of Default has occurred and is continuing on the date of the deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the granting of Liens to secure such borrowings) and the deposit will not result in a breach or violation of, or constitute a default
under, any other instrument to which an Issuer or any Guarantor is a party or by which an Issuer or any Guarantor is bound; 
 (3) the Issuers have or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and 
 (4) the Issuers have delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the Issuers must
deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
  

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 Notwithstanding the satisfaction and discharge of this Indenture, if money has been
deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 10.01, the provisions of Sections 10.02 and 8.06 hereof will survive. In addition, nothing in this Section 10.01 will be deemed to discharge those
provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 10.02
Application of Trust Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 10.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers acting as their 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 has been deposited with the Trustee; but such money need not be segregated from other funds
except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 10.01 hereof 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 Issuers’ and any
Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 10.01 hereof; provided that if the Issuers have made any payment of principal of,
premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the
Trustee or Paying Agent. 
 ARTICLE 11 
 GUARANTEES 
 Section 11.01 Guarantee. 
 (a) Subject to Section 11.02, each of the Guarantors hereby, jointly and severally, unconditionally guarantees on a senior secured basis
to the extent, with respect to security, set forth in Article 12 and the Collateral Agreements, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and the Collateral Agent and their respective successors and
assigns, irrespective of the validity and enforceability of this Indenture, the Notes, the Collateral Agreements or the obligations of the Issuers hereunder or thereunder, that: 
 (1) the principal of, premium, if any, and interest on, the Notes will be promptly paid in full when due, subject to any
applicable grace period, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders, the Trustee and
the Collateral Agent hereunder or thereunder or under any Collateral Agreement will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at stated maturity, by acceleration or otherwise. 
  

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 Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or
enforceability of the Notes, this Indenture or any Collateral Agreement, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment
against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing
of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged
except by complete performance of the obligations contained in the Notes and this Indenture. 
 (c) If any Holder, the
Collateral Agent or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount
paid by the Issuers or any Guarantor to the Trustee, the Collateral Agent or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders, the Collateral Agent and the Trustee, on the other hand, (1) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable by the
Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Guarantee. 

Section 11.02 Limitation on Guarantor Liability. 
 Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the
Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to

  

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the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving
effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor
under its Guarantee not constituting a fraudulent transfer or conveyance. 
 Section 11.03 Execution and Delivery of Guarantee.

 To evidence its Note Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that a notation of
such Note Guarantee substantially in the form attached as Exhibit E hereto will be signed by an Officer of such Guarantor (by manual or facsimile signature) on each Note authenticated and delivered by the Trustee and that this Indenture will be
executed on behalf of such Guarantor by one of its Officers. 
 Each Guarantor hereby agrees that its Guarantee set forth in
Section 11.01 hereof will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
 If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note
Guarantee will be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder,
will constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
 In the event that
the Company or any of its Restricted Subsidiaries creates or acquires any Domestic Subsidiary after the Issue Date, if required by Section 4.20 hereof, the Company will cause such Domestic Subsidiary to comply with the provisions of
Section 4.20 hereof and this Article 11, to the extent applicable. 
 Section 11.04 Guarantors May Consolidate, etc., on
Certain Terms. 
 Except as otherwise provided in Section 11.05 hereof, a Guarantor may not transfer, sell or otherwise
dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than any New Parent, the Parent, the Company or another Guarantor, unless:

 (1) immediately after giving effect to that transaction, no Default or Event of Default exists; and

 (2) either: 
 (a) subject to Section 11.05 hereof, the Person acquiring the property in any such transfer, sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all the
obligations of that Guarantor under this Indenture, its Note Guarantee and the Collateral Agreements pursuant to a supplemental indenture; or 
  

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 (b) the Net Proceeds of such transfer, sale or other disposition are applied
in accordance with the applicable provisions of this Indenture; 
 provided, however, that the transfer, sale or other disposition of all
or substantially all of the assets of, or the consolidation or merger into another person, of any New Parent, the Parent or the Company will be governed by Article 5 hereof and may be subject to Section 4.10 hereof. 
 In case of any such consolidation, merger, sale or conveyance 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 Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuers and delivered to the Trustee. All the Note Guarantees so issued will in all respects have the same legal rank and benefit under this
Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 
 Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses 2(a) and (b) above, nothing contained in this Indenture or
in any of the Notes will prevent any consolidation or merger of a Guarantor with or into any Issuer, any New Parent, the Parent or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to any Issuer, any New Parent, the Parent or another Guarantor. 
 Section 11.05 Releases.

 The Note Guarantee of a Guarantor will be released, without the consent of any Holder: 
 (1) in connection with any transfer, sale or other disposition of all or substantially all of the assets of that Guarantor
(including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) any New Parent, the Parent, an Issuer or any of their Restricted Subsidiaries, if the transfer, sale or other
disposition does not violate Section 4.11 hereof with respect to that Guarantor (other than any New Parent or the Parent) and Section 4.10 and Article 5 hereof with respect to any New Parent or the Parent; 
 (2) in connection with any transfer, sale or other disposition of all of the Capital Stock of that Guarantor to a Person that
is not (either before or after giving effect to such transaction) any New Parent, the Parent, an Issuer or any of their Restricted Subsidiaries, if the sale or other disposition does not violate Section 4.11 hereof with respect to Guarantors
(other than any New Parent or the Parent) and Section 4.10 and Article 5 hereof with respect to any New Parent or the Parent; 
  

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 (3) if the Company designates that Guarantor to be an Unrestricted
Subsidiary in accordance Section 4.21 hereof; or 
 (4) upon Legal Defeasance or Satisfaction and Discharge
of this Indenture in Accordance with Articles 8 and 10 hereof. 
 Any Guarantor not released from its obligations under its
Guarantee as provided in this Section 11.05 will, subject to Section 11.02, remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other Obligations of any Guarantor under this
Indenture as provided in this Article 11. 
 ARTICLE 12 
 COLLATERAL AND SECURITY 
 Section 12.01 Grant of
Security Interests; Intercreditor Agreement. 
 (a) The Issuers and the Guarantors: 
 (1) shall grant a security interest in the Collateral as set forth in the Collateral Agreements to the Collateral Agent for
the benefit of the Holders and the Trustee, to secure the due and punctual payment of the principal of, premium, if any, and interest on the Notes and amounts due hereunder and under the Note Guarantees when and as the same shall be due and payable,
whether at Stated Maturity thereof, on an Interest Payment Date, by acceleration, purchase, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest (to the extent permitted by law), if any, on the
Notes and the performance of all other Obligations of the Issuers and the Guarantors to the Holders, the Collateral Agent and the Trustee under this Indenture, the Collateral Agreements, the Note Guarantees and the Notes, subject to the terms of any
Intercreditor Agreement and any other Permitted Liens; 
 (2) hereby covenant (A) to perform and observe
their obligations under the Collateral Agreements and (B) take any and all commercially reasonable actions (including without limitation the covenants set forth in Sections 4.22 through 4.26) required to cause the Collateral Agreements to
create and maintain, as security for the Obligations contained in this Indenture, the Notes, the Collateral Agreements and the Note Guarantees valid and enforceable, perfected (except as expressly provided herein or therein) security interests in
and on all the Collateral, in favor of the Collateral Agent, superior to and prior to the rights of all third Persons, and subject to no other Liens, in each case, except as expressly permitted herein or therein and shall warrant and defend the
title to the Collateral against the claims of all persons whatsoever; 
 (3) shall warrant and defend the title
to the Collateral against the claims of all persons, subject to the Intercreditor Agreement and any Permitted Liens; and 
 (4) shall do or cause to be done, at their sole cost and expense, all such actions and things as may be necessary or proper, or as may be required by the provisions of the Collateral Agreements, to assure
and confirm to the Collateral Agent the security interests in the Collateral contemplated hereby and by the Collateral Agreements, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture
and of the Notes and Note Guarantees secured hereby, according to the intent and purpose herein and therein expressed. 
  

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 (b) Each Holder, by its acceptance of a Note: 
 (1) irrevocably appoints and designates the Collateral Agent to act as its agent under this Indenture and the Collateral
Agreements (and by its signature below, the Collateral Agent accepts such appointment); 
 (2) consents and
agrees to the terms of each Collateral Agreement, as the same may be in effect or may be amended, restated, supplemented or otherwise modified from time to time in accordance with their respective terms, and authorizes and directs the Collateral
Agent to enter into the Collateral Agreements and to perform its obligations and exercise its rights thereunder in accordance therewith; and 
 (3) appoints and authorizes the Collateral Agent and the Trustee to enter into the Intercreditor Agreement and to act as First Priority Agent under the Intercreditor Agreement. 
 Each Holder agrees that any action taken by the Collateral Agent in accordance with the provisions of this Indenture and the Collateral
Agreements, and the exercise by the Collateral Agent of any rights or remedies set forth therein, together with all other powers reasonably incidental thereto, shall be authorized and binding upon all Holders. The duties of the Collateral Agent
shall be ministerial and administrative in nature, and the Collateral Agent, in its capacity as such, shall not have a trust relationship with any Holder, obligor or any other Person by reason of this Indenture or any of the Collateral Agreements.

 (c) This Article 12, the Security Agreement and the other Collateral Agreements (other than the Intercreditor Agreement) will
be subject to the terms, limitations and conditions set forth in any Intercreditor Agreement. 
 Section 12.02 Recording and
Opinions. 
 (a) The Issuers shall, and shall cause each of their Restricted Subsidiaries to, at their sole cost and expense,
take or cause to be taken all commercially reasonable action required to perfect (except as expressly provided in the Collateral Agreements), maintain (with the priority required under the Collateral Agreements), preserve and protect the security
interests in the Collateral granted by the Collateral Agreements, including (i) the filing of financing statements, continuation statements, collateral assignments and any instruments of further assurance, in such manner and in such places as
may be required by law to preserve and protect fully the rights of the Holders, the Collateral Agent, and the Trustee under this Indenture and the Collateral Agreements to all property comprising the Collateral pursuant to the terms of the
Collateral Agreements, and (ii) the delivery of the certificates evidencing the certificated securities pledged under the Collateral Agreements, duly endorsed in blank or accompanied by undated stock powers or other instruments of transfer
executed in blank. The Issuers shall from time to time promptly pay all financing and continuation statement recording and/or filing fees, charges and recording and similar taxes relating to this Indenture, the Collateral Agreements and any
amendments hereto or thereto and any other instruments of further assurance required pursuant thereto. 
  

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 (b) The Issuers shall furnish to the Trustee and the Collateral Agent (if other than the
Trustee), on or within one month of February 15 of each year, commencing February 15, 2010, an Opinion of Counsel either (1) stating that, in the opinion of such counsel, all action necessary to perfect or continue the perfection of
the security interests created by the Collateral Agreements and reciting the details of such action or referring to prior Opinions of Counsel in which such details are given have been taken or (2) stating that, in the opinion of such counsel,
no such action is necessary to perfect or continue the perfection of any security interest created under any of the Collateral Agreements. 
 Section 12.03 Release of Collateral. 
 (a) The Collateral Agent shall not at any time release
Collateral from the security interests created by the Collateral Agreements unless such release is in accordance with the provisions of this Indenture and the applicable Collateral Agreements. 
 (b) The release of any Collateral from the terms of the Collateral Agreements shall not be deemed to impair the security
under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to this Indenture and the Collateral Agreements. To the extent applicable, the Issuer will cause TIA Section 313(b) relating
to reports, and TIA Section 314(d), relating to the release of property or securities to be subjected to the Lien of the Collateral Agreements, to be complied with. Any certificate or opinion required by TIA Section 314(d) may be made by
an officer of the Issuers except in case where TIA Section 314(d) requires that such certificate or opinion be made by an independent Person, which Person will be an independent engineer, appraiser or other expert selected by the Issuers and
reasonably satisfactory to the Trustee. Notwithstanding anything to the contrary in this Section 12.03(b), the Issuers will not be required to comply with all or any portion of TIA Section 314(d) if it determines, in good faith based on
advice of counsel, that under the terms of TIA Section 314(d) and/or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action” letters or exemptive orders, all or any portion of TIA
Section 314(d) is inapplicable to any released Collateral. 
 Section 12.04 Specified Releases of Collateral.

 (a) Notwithstanding anything to the contrary in Section 12.03 hereof, Collateral may be released from the Lien and
security interest created by the Collateral Agreements at any time or from time to time in accordance with the provisions of the Collateral Agreements, including any Intercreditor Agreement, or as provided hereby. Upon the request of the Issuer
pursuant to an Officers’ Certificate certifying, and an Opinion of Counsel stating, that all conditions precedent hereunder have been met and without the consent of any Holder, the Issuer and the Guarantors will be entitled to releases of
assets included in the Collateral from the Liens securing the obligations under this Indenture, the Notes and the Note Guarantees, and the Collateral Agent shall release the same from such Liens, under any one or more of the following circumstances:

 (1) to enable the Issuer (or a Guarantor) to consummate asset sales and dispositions permitted or not
prohibited under Section 4.11 hereof, in each case to a Person other than the Issuers, any New Parent, the Parent or a Guarantor; provided that such Liens will not be released if such sale or disposition is prohibited by Article 5 or
such release would cause the Issuers to have to comply with Section 4.10 hereof and the Issuers are not in compliance therewith; 
  

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 (2) if any Subsidiary that is a Guarantor is released from its Note
Guarantee, such Subsidiary’s assets will also be released from the Liens securing the Notes and the Note Guarantee; or 
 (3) as set forth, and subject to the conditions stated, in Sections 8.03, 9.01 and 9.02. 
 (b) Upon receipt of an Officers’ Certificate and Opinion of Counsel and any necessary or proper instruments of termination, satisfaction or release prepared by the Issuers or the Guarantors, as the case may be, the Collateral Agent,
without the consent of any Holder or the Trustee and at the expense of the Issuers or the Guarantors, shall execute, deliver or acknowledge such instruments or releases to evidence the release of any Collateral permitted to be released pursuant to
this Indenture or the Collateral Agreements, including the Intercreditor Agreement. 
 Section 12.05 Release upon Satisfaction or
Defeasance of all Outstanding Obligations. 
 The Liens on all Collateral that secures the Obligations under this Indenture,
the Notes and the Note Guarantees will be terminated and released: 
 (1) if the Issuers exercise Legal
Defeasance or Covenant Defeasance as set forth under Article 8; 
 (2) upon satisfaction and discharge of this
Indenture as set forth under Article 10; 
 (3) upon payment in full in immediately available funds of the
principal of, premium, if any, and accrued and unpaid interest on the Notes and all other Obligations under this Indenture (excluding contingent indemnity obligations) and the Collateral Agreements that are then due and payable; or 
 (4) as described under Article 9. 
 Upon receipt of an Officers’ Certificate and Opinion of Counsel and any necessary or proper instruments of termination, satisfaction or release prepared by the Issuer or the Guarantors, as the case
may be, the Collateral Agent, without the consent of any Holder or the Trustee and at the expense of the Issuers or the Guarantors, shall execute, deliver or acknowledge such instruments or releases to evidence the release of any Collateral
permitted to be released pursuant to this Indenture or the Collateral Agreements, including the Intercreditor Agreement. 
  

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 Section 12.06 Form and Sufficiency of Release. 
 In the event that the Issuers or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise
dispose of any portion of the Collateral that may be sold, exchanged or otherwise disposed of by such Issuer or Guarantor to any Person other than an Issuer or a Guarantor, and such Issuer or Guarantor requests in writing that the Collateral Agent
furnish a written disclaimer, release or quit-claim of any interest in such property under this Indenture and the Collateral Agreements, the Collateral Agent shall execute, acknowledge and deliver to such Issuer or Guarantor (in proper form prepared
by such Issuer or Guarantor) such an instrument promptly after satisfaction of the conditions set forth herein for delivery of any such release. Notwithstanding the preceding sentence, all purchasers and grantees of any property or rights purporting
to be released herefrom shall be entitled to rely upon any release executed by the Collateral Agent hereunder as sufficient for the purpose of this Indenture and as constituting a good and valid release of the property therein described from the
Lien of this Indenture or of the Collateral Agreements. 
 Section 12.07 Purchaser Protected. 
 No purchaser or grantee of any property or rights purporting to be released herefrom shall be bound to ascertain the authority of the Trustee
or the Collateral Agent to execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority; nor shall any purchaser or grantee of any property or rights permitted by this Indenture to be
sold or otherwise disposed of by the Issuer be under any obligation to ascertain or inquire into the authority of the Issuer to make such sale or other disposition. 
 Section 12.08 Authorization of Actions to be Taken by the Collateral Agent Under the Collateral Agreements. 
 (a) Subject to the provisions of the applicable Collateral Agreements, each Holder, by acceptance of any Notes agrees that the Collateral Agent shall execute and deliver the Collateral Agreements to which
it is a party, and all agreements, documents and instruments incidental thereto, and act in accordance with the terms thereof. For the avoidance of doubt, the Collateral Agent shall have no discretion under this Indenture or the Collateral
Agreements and shall not be required to make or give any determination, consent, approval, request or direction without the written direction of the Holders of a majority in aggregate principal amount of the then outstanding Notes or the Issuers
pursuant to the terms hereof. 
 (b) Prior to the occurrence of an Event of Default, the Company may direct the Collateral Agent
in connection with any action required or permitted by this Indenture, the Collateral Agreements or the Intercreditor Agreement. After the occurrence of an Event of Default, the Trustee may direct the Collateral Agent in connection with any action
required or permitted by this Indenture. 
 Section 12.09 Authorization of Receipt of Funds by the Trustee Under the Collateral
Agreements. 
 The Collateral Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders
distributed under the Collateral Agreements and to the extent not prohibited under the Intercreditor Agreement, for turnover to the Trustee to make further distributions of such funds to itself, the Trustee and the Holders in accordance with the
provisions of Section 6.10 and the other provisions of this Indenture. 
  

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 Section 12.10 Replacement of Collateral Agent. 
 Subject to the appointment and acceptance of a successor Collateral Agent as provided below, the Collateral Agent may resign at any time by
giving notice thereof to the Company, the Trustee and the Holders. Upon receipt of such notice, the Company shall appoint a successor Collateral Agent. Upon acceptance by a successor Collateral Agent of an appointment to serve as Collateral Agent
hereunder and under the Collateral Agreements, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, duties and obligations of the retiring Collateral Agent without further act but the retiring
Collateral Agent shall continue to have the benefits of the compensation, reimbursement and indemnification set forth in this Indenture and the Collateral Agreements. Notwithstanding any Collateral Agent’s resignation, the provisions of this
Article 12 shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while Collateral Agent. Any successor to Wilmington Trust FSB by merger or acquisition of stock or acquisition of the corporate
trust business shall continue to be Collateral Agent hereunder without further act on the part of the parties hereto, unless such successor resigns as provided above. 
 ARTICLE 13 
 MISCELLANEOUS 
 Section 13.01 TIA Controls. 
 The terms of the Notes include those stated herein and those made part of this Indenture by the TIA, which applies to this Indenture and is incorporated by reference herein. If any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will control. 
 Section 13.02 Notices. 
 Any notice or communication by the Issuers, any Guarantor, the Trustee or
the Collateral Agent to the others is duly given if in writing and delivered in person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the
others’ address: 
 If to the Issuers and/or any Guarantor: 
 Forbes Energy Services LLC 
 P.O. Box 250 
 Alice, Texas 78333 
 Attention: Chief Financial Officer 
 Facsimile No.: 
 Telephone No.: 
  

 107 

 If to the Trustee and Collateral Agent: 
 Wilmington Trust FSB 
 246 Goose Lane, Suite 105 
 Guilford, CT 06437 
 Attention: Joseph P. O’Donnell 
 Facsimile No.: (203) 453-1183 
 Telephone No.: (203) 453-4130 

The Issuers, any Guarantor, the Trustee or the Collateral Agent, by notice to the others, may designate additional or different addresses
for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) will be deemed to
have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, by overnight air courier guaranteeing next day delivery or by electronic means to its address shown on the register kept by the Registrar. Any notice
or communication will also be so sent to any Person set forth in TIA § 313(c), to the extent required by the TIA. Failure to send a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other
Holders. 
 If a notice or communication is given in the manner provided above within the time prescribed, it is duly given,
whether or not the addressee receives it. 
 If the Issuers give a notice or communication to Holders, the Issuers will give a
copy to the Trustee and each Agent at the same time. 
 Notwithstanding any other provision of this Indenture or any Note, where
this Indenture or any Note provides for notice of any event (including any notice of redemption) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its
designee), pursuant to the customary procedures of such Depositary. 
 Section 13.03 Communication by Holders of Notes with Other
Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights
under this Indenture, any Collateral Agreement, any Note Guarantee or the Notes. The Issuers, the Trustee, the Collateral Agent, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  

 108 

 Section 13.04 Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Issuers or any Guarantor to the Trustee or the Collateral Agent, as the case may be, to take any
action under this Indenture or any Collateral Agreement, the Issuers shall furnish to the Trustee or the Collateral Agent, as the case may be: 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee or the Collateral Agent, as the case may be (which must include the statements set forth in
Section 13.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture or any Collateral Agreement relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee or the Collateral Agent (which must
include the statements set forth in Section 13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Section 13.05 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture or any Collateral Agreement (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the
provisions of TIA § 314(e) and must include: 
 (1) a statement that the Person making such certificate or
opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been
satisfied; and 
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant
has been satisfied. 
 Section 13.06 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 
 Section 13.07 No Personal Liability of Directors, Officers, Employees and
Stockholders. 
 No director, officer, employee, incorporator or stockholder or other owner of Capital Stock of the Issuers
or any Guarantor, as such, will have any liability for any obligations of the Issuers or the Guarantors under the Notes, this Indenture or the Note Guarantees or for any claim

  

 109 

 
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 Section 13.08 Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except
as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee or the Collateral Agent, as applicable, and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee, the Collateral Agent and the Company, if made in the manner provided in this
Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any
reasonable manner which the Trustee or the Collateral Agent, as the case may be, deems sufficient. 
 Section 13.09 Governing Law.

 THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 13.10 No Adverse Interpretation of Other Agreements. 
 This
Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuers or their Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 13.11 Successors. 
 All agreements of the Issuers and the Guarantors in this Indenture and the Notes will bind their successors. All agreements of the Trustee and the Collateral Agent in this Indenture will bind its successors. All agreements of each Guarantor
in this Indenture and the Note Guarantees will bind its successors, except as otherwise provided in Section 11.05 hereof. 
  

 110 

 Section 13.12 Severability. 
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions will not in any way be affected or impaired thereby. 
 Section 13.13 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the
same agreement. 
 Section 13.14 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table 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 of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 [Signatures on following page] 
  

 111 

 IN WITNESS WHEREOF, the parties have executed this Indenture as of the date first written
above. 
  

			
	ISSUERS:
	
	FORBES ENERGY SERVICES LLC, as an Issuer
		
	By:	 	 /s/    JOHN E.
CRISP

	Name:	 	John E. Crisp
	Title:	 	President and Chief Executive Officer
	
	FORBES ENERGY CAPITAL INC., as an Issuer
		
	By:	 	 /s/    JOHN E.
CRISP

	Name:	 	John E. Crisp
	Title:	 	President and Chief Executive Officer

			
	GUARANTORS:
	
	 FORBES ENERGY SERVICES LTD.,
 as a Guarantor

		
	By:	 	 /s/    JOHN E.
CRISP

	Name:	 	John E. Crisp
	Title:	 	President and Chief Executive Officer
	
	C.C. FORBES, LLC, as a Guarantor
		
	By:	 	 /s/    JOHN E.
CRISP

	Name:	 	John E. Crisp
	Title:	 	Executive Vice President and Chief Operating Officer
	
	TX ENERGY SERVICES, LLC, as a Guarantor
		
	By:	 	 /s/    JOHN E.
CRISP

	Name:	 	John E. Crisp
	Title:	 	President, Chief Executive Officer and Secretary
	
	 SUPERIOR TUBING TESTERS, LLC,
 as a Guarantor

		
	By:	 	 /s/    JOHN E.
CRISP

	Name:	 	John E. Crisp
	Title:	 	Executive Vice President
	
	 FORBES ENERGY INTERNATIONAL, LLC,
 as a Guarantor

		
	By:	 	 /s/    JOHN E.
CRISP

	Name:	 	John E. Crisp
	Title:	 	Executive Vice President and Chief Operating Officer

			
	TRUSTEE AND COLLATERAL AGENT:
	
	 WILMINGTON TRUST FSB,
 as Trustee and Collateral Agent

		
	By:	 	 /s/    TIMOTHY P.
MOWDY

	Name:	 	Timothy P. Mowdy
	Title:	 	Vice President

 EXHIBIT A 
 [Face of QIB/IAI/Reg S Note] 
 [Insert the Global Note Legend, if applicable pursuant to the
provisions of this Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of this Indenture] 

 [ADDITIONAL LEGEND: THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF THE COLLATERAL AGREEMENTS (AS DEFINED IN THE INDENTURE).]

 CUSIP/CINS: 144A - [—] 
 AI - [—] 
 Reg S - [—] 
 First Priority
Floating Rate Notes due 2014 
 FORBES ENERGY SERVICES LLC 
 FORBES ENERGY CAPITAL INC. 
  

			
	No.     	 	$         

 Forbes Energy Services LLC, a Delaware limited liability company (including any and all successors
thereto, the “Company”), as co-issuer of the First Priority Floating Rate Notes due 2014 (the “Notes”), Forbes Energy Capital Inc., a Delaware corporation (including any and all successors thereto,
“Capital” and together with the Company as co-issuers of the Notes, the “Issuers”), as co-issuer of the Notes, promises to pay to [Cede & Co., or registered assigns], the principal sum
of                      DOLLARS on August 1, 2014. 
 Interest Payment Dates: February 1 and August 1 
 Record Dates: January 15 and
July 15 
 Dated:
                     
  

			
	FORBES ENERGY SERVICES LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	FORBES ENERGY CAPITAL INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Notes referred to 
 in the within-mentioned Indenture: 
  

			
	 WILMINGTON TRUST FSB,
 as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 [Back of Note] 
 First Priority Floating Rate Notes due 2014 
 Capitalized terms used herein have
the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 (1)
INTEREST. Forbes Energy Services LLC, a Delaware limited liability company and Forbes Energy Capital Inc., a Delaware corporation (together, the “Issuers”), promise to pay interest on the
principal amount of this Note at a rate equal to the Applicable LIBOR Rate plus 800 basis points per annum, from [—], 2009 until maturity. The Issuers will pay interest semi-annually in arrears on
February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face
hereof (each, a “Record Date”) and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be [—]. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal, premium, if any, and interest (without regard to any applicable grace
period), from time to time on demand at a rate equal to 2% per annum in excess of the then applicable interest rate on the Notes to the extent lawful. The Issuers will notify the Trustee in writing of the amount of defaulted interest proposed
to be paid on each Note and the date of the proposed payment. The Issuers will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be less than 10 days prior to the related
payment date for such defaulted interest. At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the Issuers) will mail or cause to be mailed to
Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. All reference to “interest” in this Note and the Indenture means the Applicable LIBOR Rate plus 800 basis points,
the initial interest rate borne by the Notes, and any increases in that rate due to defaulted interest (unless the Indenture states otherwise). Defaulted interest will be in addition to any other interest payable from time to time with respect to
the Notes. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 (2)
METHOD OF PAYMENT. The Issuers will pay interest on the Notes (except defaulted interest) to the Persons who are Holders at the close of business on January 15 or July 15
next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will
be payable as to principal, premium, if any, and interest at the office or agency of the Issuers maintained for such purpose, or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders at their addresses set
forth in the register of Holders; provided that (1) payment by wire transfer of immediately available funds will be required with respect to principal of, interest and premium, if any, on, all Global Notes

 
and all other Notes the Holders of which will have provided wire transfer instructions to the Issuers or the Paying Agent and (2) such payment by check may only be paid so long as no event
of default under the Indenture is continuing. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. The principal of the Notes shall be
payable only upon surrender of any Note at the specified offices of the Paying Agent. If the due date for payment of the principal in respect of any Note is not a Business Day at the place in which it is presented for payment, the Holder thereof
shall not be entitled to payment of the amount due until the next succeeding Business Day at such place. 
 (3)
PAYING AGENT AND REGISTRAR. Initially, Wilmington Trust FSB, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers may change any Paying
Agent or Registrar without notice to any Holder. The Issuers or any of their Subsidiaries may act in any such capacity; provided no Event of Default is continuing. 
 (4) INDENTURE AND COLLATERAL AGREEMENTS.
The Issuers issued the Notes under an Indenture dated as of October 2, 2009 (the “Indenture”) among the Issuers, the Guarantors, the Trustee and the Collateral Agent. The terms of the Notes include those stated in the Indenture
and those made part of the Indenture by reference to the TIA, which applies to the Indenture and is incorporated by reference therein. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of
such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Indenture does not limit the aggregate principal amount of Notes that
may be issued thereunder. Holders are entitled to the benefits of the Collateral Agreements. 
 (5)
RANKING. This Note shall constitute a senior obligation of the Issuers and the Obligations of the Issuers under the Indenture and this Note shall be secured pursuant to the Collateral Documents and will be
subject to the Intercreditor Agreement. 
 (6) OPTIONAL REDEMPTION
AND PURCHASE. The Notes are subject to redemption and purchase as provided in Article III of the Indenture. 
 (7) MANDATORY REDEMPTION. The Issuers are not required to make mandatory
redemption or sinking fund payments with respect to the Notes. 
 (8) REPURCHASE
AT THE OPTION OF HOLDER. 
 (c) If there is a Change of Control, the Issuers will be required to make a Change of Control Offer to each Holder to repurchase all or any part (equal to minimum amounts of $2,000 and integral multiples of $1,000) of each Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, thereon to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due
on the relevant interest payment date (the “Change of Control Payment”). Within 10 days following any Change

 
of Control or, at the Issuers’ option, prior to such Change of Control but after public announcement thereof, the Issuers will mail a notice to each Holder setting forth the procedures
governing the Change of Control Offer as required by the Indenture. 
 (d) If, since the Issue Date, any New
Parent, the Parent, the Issuers and their Restricted Subsidiaries have sold assets and Equity Interests (excluding, however, any assets or Equity Interests to the extent the Net Proceeds of the sale thereof actually have been invested in other
assets that (x) are not classified as current assets under GAAP, (y) are not Excluded Collateral, and (z) are used or useful in a Permitted Business in which the Issuers and their Restricted Subsidiaries actually are engaged as of the
Issue Date) collectively having a net book value for GAAP purposes as of June 30, 2009 (measured as the dollar value at which such assets are carried on the balance sheet of such New Parent, the Parent, the Issuers or any such Restricted
Subsidiary, as the case may be, as of June 30, 2009, net of depreciation and amortization) or sale price (whichever is greater) in excess of 20% of consolidated property, plant and equipment (net of depreciation and amortization), as reflected
on the Parent’s consolidated balance sheet as of June 30, 2009, as such amount may be adjusted after the Issue Date to reflect (a) any restatements of the Parent’s consolidated balance sheet as of June 30, 2009, or
(b) any writedowns recorded after the Issue Date that reflect events or circumstances that existed prior to the Issue Date (the amount of any such excess being “Excess Proceeds”), then within five Business Days after the
receipt of Net Proceeds from any Asset Sale generating Excess Proceeds, such New Parent, the Parent, the Issuers or the applicable Restricted Subsidiary, as the case may be, shall make an Offer to Purchase Notes pursuant to Section 3.09 and
Section 4.11 of the Indenture (an “Asset Sale Offer”) to all Holders of Notes to purchase the maximum principal amount of Notes that may be purchased with cash in an amount equal to such Excess Proceeds. The offer price in any
Asset Sale Offer will be equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer,
such New Parent, the Parent, the Issuers or the applicable Restricted Subsidiary, as the case may be, shall apply such Excess Proceeds in accordance with Section 4.11(b) of the Indenture. If the aggregate principal amount of Notes tendered into
such Asset Sale Offer exceeds the amount of such Excess Proceeds, the Trustee will select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in minimum amounts
of $2,000 and integral multiples of $1,000 will be purchased). 
 (e) If any New Parent and its Restricted
Subsidiaries, the Parent and its Restricted Subsidiaries or the Company and its Restricted Subsidiaries has Excess Cash Flow for any fiscal year commencing with the fiscal year ending December 31, 2009, each Holder will have the right to
require the Issuers to repurchase all or any part of that Holder’s Notes (in minimum amounts of $2,000 and integral multiples of $1,000) at a purchase price in cash equal to 101% of the principal amount of the Notes repurchased, plus any
accrued and unpaid interest, if any, to the date of purchase (subject to the rights of Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date that is on or prior to the date of repurchase), with 5%
of Excess Cash Flow of any New Parent and its Restricted Subsidiaries, the Parent and its

 
Restricted Subsidiaries or the Company and its Restricted Subsidiaries, in each case, on a consolidated basis for such fiscal year (less the amount of any open market purchases, purchases by
tender offer in compliance with Regulation 14D of the Exchange Act and any redemptions of Notes pursuant to the Indenture made during such fiscal year). 
 (9) NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date
to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction
or discharge of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. 
 (10) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuers need not exchange or register the transfer of any Note
or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be
redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 (11)
PERSONS DEEMED OWNERS. The Holder of a Note may be treated as its owner for all purposes. Only Holders have rights under the Indenture and this Note. 
 (12) AMENDMENT, SUPPLEMENT AND WAIVER.
Subject to certain exceptions, the Indenture, the Notes, the Collateral Agreements or the Note Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then
outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing Default or Event of Default or compliance with any provision of the Indenture, the Notes,
the Collateral Agreements or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, Notes). Without the consent of any Holder of a Note, the Indenture, the Notes or the Note Guarantees may be amended or supplemented to cure any ambiguity, defect or inconsistency and to effect certain other
changes as set forth in the Indenture. 
 (13) DEFAULTS AND
REMEDIES. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable
immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable

 
immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in
aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event
of Default relating to the payment of principal or interest or premium, if any,) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the
Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest
or premium, if any, on, or the principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required, upon becoming aware of any Default or Event of
Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 (14)
TRUSTEE DEALINGS WITH THE ISSUERS. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services
for the Issuers or their Affiliates, and may otherwise deal with the Issuers or their Affiliates, as if it were not the Trustee. 
 (15) NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or equity holder of any New Parent, the
Parent, the Company, Capital or any Guarantor, as such, will have any liability for any obligations of any New Parent, the Parent, the Company, Capital or the Guarantors under the Notes, the Indenture or the Note Guarantees or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
 (16) AUTHENTICATION. This Note will not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. 
 (17) ABBREVIATIONS.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=
Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 (18) [CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other
identification numbers placed thereon.] [Insert this paragraph if the Issuers have caused CUSIP numbers to be printed on the Notes] 

 (19) GOVERNING LAW. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND
BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

FORBES ENERGY SERVICES LLC 
 P.O. Box 250 
 Alice, Texas 78333 
 Attention: Chief Financial Officer 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	 	  

		 	(Insert assignee’s legal name)

  

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	  

	  

	  

 (Print or type assignee’s name, address and zip code) 
  

			
	 and irrevocably appoint
	 	  

	 to transfer this Note on the books of the Issuers. The agent may substitute another to act for
him.

 Date:
                     
  

			
	 Your Signature:
	 	  

	 (Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                             
  
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuers pursuant to
Sections 3.09, 4.10, 4.11 or 4.12 of the Indenture, check the appropriate box below: 
  

							
	 ̈  Section 3.09	  	 ̈  Section 4.10	  	 ̈  Section 4.11	  	 ̈  Section 4.12

 If you want to elect to have only part of the Note purchased by the Issuers pursuant
to Sections 3.09, 4.10, 4.11 or 4.12 of the Indenture, state the amount you elect to have purchased: 
 $                     
  

			
	Date:                     
		
	 Your Signature:
	 	  

	 (Sign exactly as your name appears on the face of this Note)

  

			
	 Tax Identification No.:
	 	  

 Signature Guarantee*:
                             
  
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following
exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of
 decrease in
 Principal Amount
of
 this Global Note
	 	 Amount of
 increase in
 Principal Amount
 of
 this Global Note
	 	 Principal Amount
 of this Global Note
 following such
 decrease
 (or increase)
	 	 Signature of
 authorized
 officer
 of Trustee or
 Custodian

  
  

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

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 FORBES ENERGY SERVICES LLC 
 P.O. Box 250 
 Alice, Texas 78333 
 Attention: Chief Financial Officer 
 WILMINGTON
TRUST FSB 
 246 Goose Lane, Suite 105 
 Guilford, Connecticut 06437 
 Attention: Joseph P. O’Donnell 
  

	 	Re:	First Priority Floating Rate Notes due 2014 

 Reference is hereby made to the Indenture, dated as of October 2, 2009 (the “Indenture”), among Forbes Energy Services LLC, a Delaware limited liability company, Forbes Energy
Capital Inc., a Delaware corporation (collectively, the “Issuers”), the Guarantors party thereto and Wilmington Trust FSB, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture. 
                     , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such
Note[s] specified in Annex A hereto, in the principal amount of $         in such Note[s] or interests (the “Transfer”),
to                                  (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
 1.  ̈
Check if Transferee will take delivery of a beneficial interest in the QIB Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to an in accordance with Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably
believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Personal and each such account is a “qualified
institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transfer enumerated in the Private Placement Legend printed on the QIB Global Note and/or the Restricted Definitive Note and in the Indenture and under the Securities Act.

 2.  ̈ Check if Transferee will take delivery of a beneficial interest in
the Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby
further certifies that (i) the Transfer is not

  

 B-1 

 
being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the
transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note, and/or the Restricted Definitive Note and in the Indenture and under the Securities Act. 
 3.  ̈ Check and complete if Transferee will take delivery of a beneficial interest in
the IAI Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that (check one): 
 (a)  ̈ such Transfer
is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 
 or 
 (b)  ̈ such Transfer is being effected to the Issuers or a subsidiary
thereof; 
 or 
 (c)  ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus
delivery requirements of the Securities Act; 
 or 
 (d)  ̈ such Transfer is being effected to an Institutional Accredited
Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation
within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption
claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a

  

 B-2 

 
copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Restricted
Definitive Notes and in the Indenture and under the Securities Act. 
 This certificate and the statements contained herein are
made for your benefit and the benefit of the Issuers. 
  

			
	  

	[Insert Name of Transferor]
		
	By:	 	 
	Name:	 	
	Title:	 	

 Dated:
                     
  

 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  

	 	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 
  

	 	(a)	 ̈ a beneficial interest in the: 

  

	 	(i)	QIB Global Note (CUSIP                     ), or

  

	 	(ii)	Regulation S Global Note (CUSIP                     ),
or 

  

	 	(iii)	IAI Global Note (CUSIP                     ); or

  

	 	(iv)	Restricted Definitive Note [(CUSIP
                    )]; or 

  

	 	(v)	Unrestricted Definitive Note [(CUSIP
                    )] 

  

	 	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
  

	 	(a)	 ̈ a beneficial interest in the: 

  

	 	(i)	QIB Global Note (CUSIP                     ), or

  

	 	(ii)	Regulation S Global Note (CUSIP                     ),
or 

  

	 	(iii)	IAI Global Note (CUSIP                     ); or

  

	 	(iv)	Restricted Definitive Note [(CUSIP
                    )]; or 

  

	 	(v)	Unrestricted Definitive Note [(CUSIP
                    )] 

 in accordance with the terms of the Indenture. 
  

 B-4 

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 FORBES ENERGY SERVICES LLC 
 P.O. Box 250 
 Alice, Texas 78333 
 Attention: Chief Financial Officer 
 WILMINGTON
TRUST FSB 
 246 Goose Lane, Suite 105 
 Guilford, Connecticut 06437 
 Attention: Joseph P. O’Donnell 
 Re: First Priority Floating Rate Notes due 2014 
 Reference is hereby made to the
Indenture, dated as of October 2, 2009 (the “Indenture”), among Forbes Energy Services LLC, a Delaware limited liability company, Forbes Energy Capital Inc., a Delaware corporation (collectively, the “Issuers”),
the Guarantors party thereto and Wilmington Trust FSB, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                                 , (the “Owner”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the “Exchange”). In
connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of Restricted Definitive Notes or
Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without
transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Definitive Note and in the Indenture and under the Securities Act. 
 (b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a
beneficial interest in the [CHECK ONE]  ̈ QIB Global Note,  ̈ Regulation S Global Note,  ̈ IAI
Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities

  

 C-1 

 
Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture,
the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and under the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers. 
  

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:
                     
  

 C-2 

 EXHIBIT D 
 FORM OF ACCREDITED INVESTOR LETTER 
 FORBES ENERGY SERVICES LLC 
 P.O. Box 250 
 Alice, Texas 78333 
 Attention: Chief Financial Officer 
 WILMINGTON
TRUST FSB 
 246 Goose Lane, Suite 105 
 Guilford, Connecticut 06437 
 Attention: Joseph P. O’Donnell 
 Re: First Priority Floating Rate Notes due 2014 
 Ladies and Gentlemen: 
 We are delivering this letter in connection with an offering of First Priority Floating Rate Notes due 2014 (the “Securities”) of
Forbes Energy Services LLC and Forbes Energy Capital Inc. (together, the “Company”). We hereby confirm that: 
 1. We are an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”); 
 2. Any purchase of Securities by us will be for our own account or the account of one or more other accredited investors as
to which we exercise sole investment discretion; 
 3. We are not acquiring the Securities for or on behalf of,
and will not transfer the Securities to, any pension or welfare plan (as defined in Section 3 of the Employee Retirement Income Security Act of 1974, as amended); 
 4. We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and
risks of purchasing the Securities, and we and any accounts for which we are acting are able to bear the economic risks of an entire loss of our or their investment in the Securities; 
 5. We are not acquiring Securities with a view to any distribution thereof in a transaction that would violate the Securities
Act or the securities laws of any state of the United States or any other applicable jurisdiction; provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary shall remain at all times within
our and their control; 
 6. We acknowledge that we have had access to such financial and other information, and
have been afforded the opportunity to ask such questions of representatives of the Company and receive answers thereto, as we deem necessary; and 
  

 D-1 

 7. We acknowledge that the Securities have not been registered under the
Securities Act and that the Securities may not be offered or sold within the United States or to, or for the benefit of, U.S. persons except as set forth below. 
 We agree, on our own behalf and on behalf of each account for which we acquire any Securities that, for a period of two years after the later of the date of (x) original issuance of the Securities
and (y) the last date on which the Securities or any part thereof were owned by the Company or an affiliate of the Company, such Securities may be offered, resold, pledged or otherwise transferred only (i) to the Company; (ii) inside
the United States to a person that we reasonably believe to be a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) in compliance with Rule 144A; (iii) inside the United States to a person we reasonably
believe to an accredited investor that, prior to such transfer, furnishes to the trustee under the indenture relating to the Securities a signed letter containing certain representations and agreements (a form of which can be obtained from the
trustee)); (iv) outside the United States to persons other than U.S. persons in offshore transactions meeting the requirements of Rule 904 under Regulation S under the Securities Act; (v) pursuant to the exemption from registration
provided by Rule 144 under the Securities Act (if available); or (vi) pursuant to an effective registration statement under the Securities Act, and in each case, in accordance with any applicable laws of any state of the United States or any
other applicable jurisdiction. 
 We understand that Wilmington Trust FSB, as trustee, will not be required to accept for
registration for transfer any Securities acquired by us, except upon presentation of evidence satisfactory to the Company and the trustee that the foregoing restrictions on transfer have been complied with. We further understand that the Securities
purchased by us will bear a legend reflecting the substance of this paragraph. We further agree to provide to any person acquiring any of the Securities from us a notice advising such person that resales of the Securities are restricted as stated
herein and that certificates representing the Securities will bear a legend to that effect. 
 We acknowledge that you, the
Company, the trustee and others will rely upon our acknowledgements, representations and agreements set forth herein, and we agree to notify you promptly in writing if any of our acknowledgements, representations and agreements herein cease to be
accurate and complete. We represent to you that we have full power to make the foregoing acknowledgements, representations and agreements on our own behalf or on behalf of any investor account for which we are acting as a fiduciary or agent.

 As used herein, the terms “offshore transaction,” “United States” and “U.S. person” have the
respective meanings given to them in Regulation S under the Securities Act. 
  

			
	  

	[Insert Name of Accredited Investor]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:
                     
  

 D-2 

 EXHIBIT E 
 FORM OF NOTATION OF GUARANTEE 
 For value received, each Guarantor
(which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of dated as of October 2,
2009 (the “Indenture”), among Forbes Energy Services LLC, a Delaware limited liability company, Forbes Energy Capital Inc., a Delaware corporation (collectively, the “Issuers”), the Guarantors party thereto and
Wilmington Trust FSB, as trustee (in such capacity, the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”), (a) the due and punctual payment of the principal of, premium, if any, and
interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all other
obligations of the Company to the Holders, the Trustee or the Collateral Agent all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that
the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes, Trustee and
the Collateral Agent pursuant to the Guarantee and the Indenture, and the limitations thereon, are expressly set forth in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 
 THIS IS A CONTINUING GUARANTEE AND SHALL REMAIN IN FULL FORCE AND EFFECT AND SHALL BE BINDING UPON EACH GUARANTOR AND ITS
SUCCESSORS AND ASSIGNS UNTIL FULL AND FINAL PAYMENT OF ALL OF THE COMPANY’S OBLIGATIONS UNDER THE NOTES AND THE INDENTURE OR UNTIL RELEASED OR LEGALLY DEFEASED IN ACCORDANCE WITH THE INDENTURE AND SHALL INURE TO THE BENEFIT OF THE SUCCESSORS
AND ASSIGNS OF THE TRUSTEE AND THE HOLDERS, AND, IN THE EVENT OF ANY TRANSFER OR ASSIGNMENT OF RIGHTS BY ANY HOLDER OR THE TRUSTEE, THE RIGHTS AND PRIVILEGES HEREIN CONFERRED UPON THAT PARTY SHALL AUTOMATICALLY EXTEND TO AND BE VESTED IN SUCH
TRANSFEREE OR ASSIGNEE, ALL SUBJECT TO THE TERMS AND CONDITIONS HEREOF. THIS IS A GUARANTEE OF PAYMENT AND PERFORMANCE AND NOT OF COLLECTIBILITY. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS GUARANTEE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 [Signature page follows.] 
  

 E-1 

 IN WITNESS WHEREOF, each Guarantor has caused this Guarantee to be duly executed as of
            , 20    . 
  

			
	 FORBES ENERGY SERVICES LTD., as a
 Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	C.C. FORBES, LLC, as a Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	TX ENERGY SERVICES, LLC, as a Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SUPERIOR TUBING TESTERS, LLC, as a Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 FORBES ENERGY INTERNATIONAL, LLC,
 as a Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 E-2 

 EXHIBIT F 
 FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
            , 20[—], among
                                 (the “New Guarantor”), [a
subsidiary of [Forbes Energy Services Ltd. (or its permitted successor), a company formed under the laws of Bermuda] [Forbes Energy Services LLC (or its permitted successor), a Delaware limited liability company] [Forbes Energy Capital Inc. (or
its permitted successor), a Delaware corporation]] [the New Parent of [Forbes Energy Services Ltd. (or its permitted successor), a company formed under the laws of Bermuda] [Forbes Energy Services LLC (or its permitted successor), a Delaware limited
liability company]], the Issuers, the Guarantors and Wilmington Trust FSB, as trustee (in such capacity, the “Trustee”) and as collateral agent under the Indenture referred to below. 
 W I T N E S S E T H 
 WHEREAS, the Issuers and the Guarantors have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of October 2, 2009 providing for the issuance of First Priority Floating Rate Notes
due 2014 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the New Guarantor
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth
herein (the “Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to
them in the Indenture. 
 2. AGREEMENT TO GUARANTEE. The New Guarantor hereby
agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Guarantee and in the Indenture including but not limited to Article 11 thereof, and subject to the limitations therein. 
 3. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or
stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture or the Note Guarantees or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities
under the federal securities laws. 

 4. NEW YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO
CONSTRUE THIS SUPPLEMENTAL INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

5. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 6. EFFECT OF
HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 7. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained
herein, all of which recitals are made solely by the New Guarantor and the Company. 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written. 
 Dated:             ,
20     
  

			
	[New Guarantor], as a Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 FORBES ENERGY SERVICES LLC, as
 an Issuer

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 FORBES ENERGY CAPITAL INC., as an
 Issuer

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 FORBES ENERGY SERVICES LTD., as a
 Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	C.C. FORBES, LLC, as a Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	TX ENERGY SERVICES, LLC, as a Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 SUPERIOR TUBING TESTERS, LLC, as a
 Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 FORBES ENERGY INTERNATIONAL, LLC,
 as a Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 WILMINGTON TRUST FSB, as Trustee and
       Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:

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