Document:

EX-4.3

 Exhibit 4.3 
  

			
	Registre de Commerce et des Sociétés	  	
	 Numéro RCS : B217592

Référence de dépôt : L190174954

Déposé et enregistré le 22/08/2019
	  	

  
  

statuts coordonnés de “Mohawk Capital Finance S.A.” - 1 | Page 

 
 

 
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STATUTS COORDONNES AU 

1 AOÛT 2019 

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Maìtre Carlo WERSANDT, notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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La société a été constituée suivant acte reçu par Maître Carlo WERSANDT, notaire de
résidence à Luxembourg, en date du 25 août 2017, publié au Recueil électronique des Sociétés et Associations (RESA), numéro RESA_2017_210 du 7 septembre 2017; 

et dont les statuts ont été modifiés suivant acte reçu par Maître Carlo WERSANDT, notaire de
résidence à Luxembourg, en date du 1 août 2019, non encore publié au Recueil électronique des sociétés et associations (RESA). 
  

 
 TITLE I.- NAME – REGISTERED
OFFICE—DURATION—OBJECT 
 Article 1. —NAME – LEGAL FORM 

There is formed a public limited liability company (société anonyme) under the name “Mohawk Capital Finance
S.A.” (the “Company”) which shall be governed by the law of 10 August 1915 on commercial companies, as amended (the “Law”), as well as by the present articles of association (the
“Articles”). 
 Article 2.—REGISTERED OFFICE 

2.1 The registered office of the Company is established in Bertrange, Grand Duchy of Luxembourg (“Luxembourg”). 

2.2 The board of directors may transfer the registered office of the Company within the same municipality or to any other municipality in the
Grand Duchy of Luxembourg and, if necessary, subsequently amend these Articles to reflect such change of registered office. 
 2.3 Branches
or other offices may be established either in the Grand Duchy of Luxembourg or abroad by a resolution of the board of directors. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 2.4 In the event that the board of directors determines that extraordinary political,
economic or social circumstances or natural disasters have occurred or are imminent that would interfere with the normal activities of the Company at its registered office, the registered office may be temporarily transferred abroad until the
complete cessation of these extraordinary circumstances; such temporary measures shall have not affect on the nationality of the Company which, notwithstanding the temporary transfer of its registered office, will remain a Luxembourg company. 

Article 3.—DURATION 

3.1 The Company is incorporated for an unlimited period of time. 

3.2 It may be dissolved, at any time and with or without cause by a resolution of the general meeting of shareholders adopted in the manner
required for an amendment of these articles of association. 
 Article 4.— OBJECT 

4.1 The corporate object of the Company is to procure cash management and pooling services under any form whatsoever to all and any companies
that belong to the same group of companies than the one to which the Company belongs, and, to this effect, the Company may borrow money from and grant loans, advances and guarantees in any form whatsoever to all and any entities participating in
such cash management and pooling services. The Company may borrow money from the credit institutions that participate in these cash management and pooling services under any form whatsoever including, without limitation, by way of line of credit,
facility, advances and otherwise and give security interest in any form whatsoever for this purpose. 
 4.2 The Company may borrow in any
form. It may issue, notes, bonds and debentures and any kind of debt and/or equity securities. The Company may lend funds including, without limitation, the proceeds of any borrowings and/or issues of debt or equity securities to its subsidiaries,
affiliated companies and/or any other companies or persons that may or may not be shareholders of the Company to the extent permitted under Luxembourg law. The Company may also give guarantees and pledge, transfer, encumber or otherwise create and
grant security over all or over some of its assets to guarantee its own obligations and undertakings and/or obligations and undertakings of any other companies or persons that may or may not be a shareholder of the Company, and, generally, for its
own benefit and/or the benefit of any other company or person that may or may not be a shareholder of the Company. 
 4.3 In relation to its
financing activities, the Company may acquire by subscription, purchase, and exchange or in any other manner any stock, shares and other participation securities, bonds, debentures, certificates of deposit and other debt instruments and more
generally any securities and financial instruments issued by any public or private entity whatsoever. It may participate in the creation, development, management and control of any company or enterprise to the extent related to the Company’s
financing activities. The Company shall be considered as a “Société de Participations Financières” according to the applicable provisions. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 4.4 The Company may generally employ any techniques and instruments relating to its
investments for the purpose of their efficient management, including techniques and instruments designed to protect the Company against credit, currency exchange, interest rate risks and other risks. 

4.5 In a general fashion it may grant assistance to affiliated companies, take any controlling and supervisory measures and carry out any
operation, which it may deem useful in the accomplishment and development of its purposes. 
 TITLE II.- SHARE CAPITAL-SHARES 

Article 5.— SHARE CAPITAL 

5.1 The Company’s subscribed share capital is set at EUR 30,000 (thirty thousand euro) consisting of 300 (three hundred) ordinary shares
in registered form with a par value of EUR 100 (one hundred euro) each. 
 5.2 The Company’s share capital may be increased or
reduced by a resolution of the general meeting of shareholders adopted in the manner required for an amendment of these articles of association or as set out in article 6 hereof. 

5.3 Any new shares to be paid for in cash shall be offered by preference to the existing shareholder(s). In case of a plurality of
shareholders, such shares shall be offered to the shareholders in proportion to the number of shares held by them in the Company’s share capital. The board of directors shall determine the time period during which such preferential subscription
right may be exercised, which may not be less than fourteen (14) days from the date of dispatch of a registered mail or any other means of communication individually accepted by the addressees and ensuring access to the information sent to the
shareholders announcing the opening of the subscription period. The general meeting of shareholders may limit or cancel the preferential subscription right of the existing shareholders subject to quorum and majority required for an amendment of
these articles of association. The board of directors may limit or cancel the preferential subscription right of the existing shareholder(s) in accordance with article 6 hereof 

5.4 If after the end of the subscription period not all of the preferential subscription rights offered to the existing shareholder(s) have
been subscribed by the latter, third parties may be allowed to participate in the share capital increase, except if the board of directors decides that the preferential subscription rights shall be offered to the existing shareholders who have
already 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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exercised their rights during the subscription period, in proportion to the portion their shares represent in the share capital; the modalities for the subscription are determined by the board of
directors. The board of directors may also decide in such case that the share capital shall only be increased by the amount of subscriptions received by the shareholders of the Company. 

5.5 The Company may repurchase its own shares subject to the relevant provisions of the Law. 

Article 6.—Authorised capital and Bonus shares 

6.1 The authorised capital excluding the issued share capital is set at one hundred million euro (EUR 100,000,000), consisting of one million
(1,000,000) shares having a par value of EUR 100 (one hundred euro) each. During a period of five (5) years from the date of incorporation or any subsequent resolutions to create, renew or increase the authorised capital pursuant to this
article, the board of directors is hereby authorised to issue shares, to grant options to subscribe for shares and to issue any other instruments convertible into shares within the limits of the authorised capital to such persons and on such terms
as it shall see fit and specifically to proceed with such issue without reserving a preferential right to subscribe to the shares issued for the existing shareholders. 

6.2 The authorised capital of the Company may be increased or reduced by a resolution of the general meeting of shareholders adopted in the
manner required for amendments of these articles of association. 
 6.3 The board of directors is authorised to allocate existing shares of
the Company without consideration or to issue new shares (the “Bonus Shares”) paid up out of available reserves (i) to employees of the Company or to certain classes of such employees, (ii) to employees of companies or
economic interest groupings in which the Company holds directly or indirectly at least ten percent (10%) of the share capital or of the voting rights, (iii) to employees of companies or economic interest groupings which hold directly or
indirectly at least ten percent (10%) of the share capital or of the voting rights of the Company, (iv) to employees of companies or economic interest groupings in which at least fifty percent (50%) of the share capital or of the voting rights
are held, directly or indirectly, by a company holding itself, directly or indirectly, at least fifty percent (50%) of the share capital of the Company and/or (v) to members of the corporate bodies of the Company or any of the other companies
or economic interest groupings referred to under items (ii) to (iv) above (the “Beneficiaries of Bonus Shares”). The board of directors sets the terms and conditions of the allocation of Bonus Shares to the Beneficiaries of
Bonus Shares, including the period for the final allocation and any minimum period during which such Bonus Shares cannot be transferred by their holders. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 6.4 The above authorisations may be renewed through resolution of the general meeting of the
shareholders adopted in the manner required for an amendment of these articles of association and subject to the provisions of the Law, each time for a period not exceeding five (5) years. 

Article 7—SHARES 

7.1 The shares of the Company are and will remain in registered form (actions nominatives). 

7.2 The Company may have one or several shareholders. 

7.3 Death, suspension of civil rights, dissolution, bankruptcy or insolvency or any other similar event regarding any of the shareholders
shall not cause the dissolution of the Company. 
 Article 8—Register of shares and transfer of shares 

8.1 A register of shares shall be kept at the registered office of the Company, where it will be available for inspection by any shareholders.
This register shall contain all the information required by the Law. Ownership of shares is established by the registration in said share register. Certificates evidencing registrations made in the register with respect to a shareholder shall be
issued upon request and at the expense of the relevant shareholder. Such certificates may represent single shares of two or more shares, at the shareholder’s option. 

8.2 The Company will recognise only one holder per share. In case a share is owned by several persons, they shall appoint a single
representative who shall represent them in respect of the Company. The Company has the right to suspend the exercise of all rights attached to that share, except for relevant information rights, until such representative has been appointed. 

8.3 The shares are freely transferrable in accordance with the provisions of the Law and of these Articles. 

8.4 Any transfer of registered shares shall become effective (opposable) towards the Company and third parties either (i) through a
declaration of transfer recorded in the register of shares, signed and dated by the transferor and the transferee or their representatives, or (ii) upon notification of a transfer to, or upon the acceptance of the transfer by the Company. 

Article 9.—Debt securities 

Debt securities issued by the Company in registered form (obligations nominatives) may, under no circumstances, be converted into debt
securities in bearer form (obligations au porteur). 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 TITLE III.- GENERAL MEETINGS OF SHAREHOLDERS 

Article 10.—Powers of the general meeting of shareholders 

10.1 The shareholders exercise their collective rights in the general meeting of shareholders. Any regularly constituted general meeting of
shareholders of the Company shall represent the entire body of shareholders of the Company. The general meeting of shareholders is vested with the powers expressly reserved to it by the Law and by these Articles. 

10.2 If the Company has only one shareholder, any reference made herein to the “general meeting of shareholders” shall be construed
as a reference to the “sole shareholder”, depending on the context and as applicable and powers conferred upon the general meeting of shareholders shall be exercised by the sole shareholder. 

Article 11.—Convening of general meetings of shareholders 

11.1 The general meeting of shareholders of the Company may at any time be convened by the board of directors or, as the case may be, by the
statutory auditor(s). 
 11.2 It must be convened by the board of directors or the statutory auditor(s) upon the written request of one or
several shareholders representing at least ten percent (10%) of the Company’s share capital. In such case, the general meeting of shareholders shall be held within a period of one (1) month from the receipt of such request. 

11.3 The convening notice for every general meeting of shareholders shall contain the date, time, place and agenda of the meeting and may be
made through announcements filed with the Luxembourg Trade and Companies’ Register and published at least fifteen (15) days before the meeting on the Recueil Electronique des Sociétés et Associations and in a
Luxembourg newspaper. In such case, notices by mail shall be sent at least eight (8) days before the meeting to the registered shareholders by ordinary mail (lettre missive). Alternatively, the convening notices may be exclusively made
by registered mail or, if the addressees have individually agreed to receive the convening notices by another means of communication ensuring access to the information, by such means of communication. 

11.4 If all of the shareholders are present or represented at a general meeting of shareholders and have waived any convening requirements,
the meeting may be held without prior notice or publication. 
 Article 12.—Conduct of general meetings of shareholders 

12.1 The annual general meeting of shareholders shall be held within six (6) months of the end of each financial year in the Grand-duchy
of Luxembourg at the registered office of the Company or at such other place in the Grand Duchy of Luxembourg as may be specified in the convening notice of such meeting. Other meetings of shareholders may be held at such place and time as may be
specified in the respective convening notices. Holders of debt securities are not entitled to attend meetings of shareholders 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 12.2 A board of the meeting shall be formed at any general meeting of shareholders, composed
of a chairman, a secretary and a scrutineer, who need neither be shareholders nor members of the board of directors. The board of the meeting shall especially ensure that the meeting is held in accordance with applicable rules and, in particular, in
compliance with the rules in relation to convening, majority requirements, vote tallying and representation of shareholders. 
 12.3 An
attendance list must be kept at all general meetings of shareholders. 
 12.4 A shareholder may act at any general meeting of shareholders
by appointing another person as his proxy in writing or by facsimile, electronic mail or any other similar means of communication. One person may represent several or even all shareholders. 

12.5 Shareholders taking part in a meeting by conference call, through video conference or by any other means of communication allowing for
their identification, allowing all persons taking part in the meeting to hear one another on a continuous basis and allowing for an effective participation of all such persons in the meeting, are deemed to be present for the computation of the
quorums and votes, subject to such means of communication being made available at the place of the meeting. 
 12.6 Each shareholder may
vote at a general meeting through a signed voting form sent by post, electronic mail, facsimile or any other means of communication to the Company’s registered office or to the address specified in the convening notice. The shareholders may
only use voting forms provided by the Company which contain at least the place, date and time of the meeting, the agenda of the meeting, the proposals submitted to the shareholders, as well as for each proposal three boxes allowing the shareholder
to vote in favour thereof, against, or abstain from voting by ticking the appropriate box. 
 12.7 Voting forms which, for a proposal
resolution, do not show (i) a vote in favour or (ii) a vote against the proposed resolution or (iii) an abstention are void with respect to such resolution. The Company shall only take into account voting forms received prior to the
general meeting to which they relate. 
 12.8 The board of directors may determine further conditions that must be fulfilled by the
shareholders for them to take part in any general meeting of shareholders. 
 Article 13—Quorum, majority and vote 

13.1 Each share entitles to one vote in general meetings of shareholders. 

13.2 The board of directors may suspend the voting rights of any shareholder in breach of his obligations as described by these Articles or
any relevant contractual arrangement entered into by such shareholder. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 13.3 A shareholder may individually decide not to exercise, temporarily or permanently, all
or part of his voting rights. The waiving shareholder is bound by such waiver and the waiver is mandatory for the Company upon notification to the latter. 

13.4 In case the voting rights of one or several shareholders are suspended in accordance with article 13.2 or the exercise of the voting
rights has been waived by one or several shareholders in accordance with article 13.3, such shareholders may attend any general meeting of the Company but the shares they hold are not taken into account for the determination of the conditions of
quorum and majority to be complied with at the general meetings of the Company. 
 13.5 Except as otherwise required by the Law or these
Articles, resolutions at a general meeting of shareholders duly convened shall not require any quorum and shall be adopted at a simple majority of the votes validly cast regardless of the portion of capital represented. Abstentions and nil votes
shall not be taken into account. 
 Article 14—Amendments of the Articles 

14.1 Except as otherwise provided herein or by the Law, these Articles may be amended by a majority of at least two thirds of the votes validly
cast at general meeting at which a quorum of more than half of the Company’s share capital is present or represented. If no quorum is reached in a meeting, a second meeting may be convened in accordance with the provisions of article 11.3 which
may deliberate regardless of the quorum and at which resolutions are adopted at a majority of at least two thirds of the votes validly cast. Abstentions and nil votes shall not be taken into account. 

14.2 In case the voting rights of one or several shareholders are suspended in accordance with article 13.2 or the exercise of the voting
rights been waived by one or several shareholders in accordance with article 13.3, the provisions of article 13.4 of these articles of association apply mutatis mutandis. 

Article 15—Change of nationality 

The shareholders may change the nationality of the Company by a resolution of the general meeting of shareholders adopted in the manner
required for an amendment of these Articles. 
 Article 16—Adjournment of general meeting of shareholders 

Subject to the provisions of the Law, the board of directors may, during the course of any general meeting, adjourn such general meeting for
four (4) weeks. The board of directors shall do so at the request of one or several shareholder(s) representing at least ten percent (10%) of the share capital of the Company. In the event of an adjournment, any resolution already adopted by
the general meeting of shareholders shall be cancelled. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 Article 17 – Minutes of general meetings of shareholders 

17.1 The board of any general meeting of shareholders shall draw up minutes of the meeting which shall be signed by the members of the board of
the meeting as well as by any shareholder upon its request. 
 17.2 Any copy and excerpt of such original minutes to be produced in judicial
proceedings or to be delivered to any third party shall be certified as a true copy of the original by the notary having had custody of the original deed, in case the meeting has been recorded in a notarial deed, or shall be signed by the chairman
of the board of directors, if any, or by any two of its members. 
 Article 18 – Right to ask questions 

18.1 One or several shareholders holding together at least ten percent (10%) of the share capital or the voting rights may submit questions in
writing to the board of directors relating to transactions in connection with the management of the Company as well as companies controlled by the Company; with respect to the latter, such questions shall be assessed in consideration of the relevant
entities’ corporate interest. 
 18.2 In the absence of a response within one (1) month, the relevant shareholders may request the
president of the chamber of the district court of Luxembourg dealing with commercial matters and sitting as in summary proceedings to appoint one or several experts in charge of drawing up a report on such related transactions 

TITLE IV.- MANAGEMENT 

Article 19 – Composition and powers of the board of directors 

19.1 The Company shall be managed by a board of directors composed of at least three (3) members. Where the Company has been incorporated
by a single shareholder or where it appears at a shareholders’ meeting that all the shares issued by the Company are held by a sole shareholder, the Company may be managed by a sole director until the next general meeting of shareholders
following the increase of the number of shareholders. In such case, to the extent applicable and where the term “sole director” is not expressly mentioned in these articles of association, a reference to the “board of directors”
used in these articles of association is to be construed as a reference to the “sole director”. 
 19.2 The board of directors is
vested with the broadest powers to act in the name of the Company and to take any action necessary or useful to fulfil the Company’s corporate purpose, with the exception of the powers reserved by the Law or by these Articles to the general
meeting of shareholders. 
 19.3 The board of directors can create one or several committees. The composition and the powers of such
committee(s), the terms of the appointment, removal, remuneration and duration of the mandate of its/their members, as well as its/their rules of procedure are determined by the board of directors. The board of directors shall be in charge of the
supervision of the activities of the committee(s). 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 Article 20—Daily management 

The daily management of the Company as well as the representation of the Company in relation to such daily management may be delegated to one
or more directors, officers or other agents acting individually or jointly. Their appointment, removal and powers shall be determined by a resolution of the board of directors. 

Article 21—Appointment, removal and term of office of directors 

21.1 The directors shall be appointed by the general meeting of shareholders which shall determine their remuneration and term of office. The
general meeting of shareholders may decide to appoint directors of different classes, namely class A directors (the “Class A Directors”) and class B directors (the “Class B
Directors”). Any reference made hereinafter to the “directors” shall be construed as a reference to the Class A Directors and/or the Class B Directors, depending on the context and as applicable. 

21.2 The term of office of a director may not exceed six (6) years and each director shall hold office until a successor is appointed.
Directors may be re-appointed for successive terms. 
 21.3 Each director is appointed by the
general meeting of shareholders at a simple majority of the votes validly cast. 
 21.4 Any director may be removed from office at any time
with or without cause by the general meeting of shareholders at a simple majority of the votes validly cast. 
 21.5 If a legal entity is
appointed as director of the Company, such legal entity must designate a physical person as permanent representative who shall perform this role in the name and on behalf of the legal entity. The relevant legal entity may only remove its permanent
representative if it appoints a successor at the same time. An individual may only be a permanent representative of one (1) director of the Company and may not be himself a director of the Company at the same time. 

Article 22—Vacancy in the office of a director 

22.1 In the event of a vacancy in the office of a director because of death, legal incapacity, bankruptcy, resignation or otherwise, this
vacancy may be filled on a temporary basis and for a period of time not exceeding the initial mandate of the replaced director by the remaining directors until the next meeting of shareholders which shall resolve on the permanent appointment in
compliance with the applicable legal provisions. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 22.2 In case the vacancy occurs in the office of the Company’s s sole director, such
vacancy must be filled without undue delay by the general meeting of shareholders. 
 Article 23—Convening meetings of the board of
directors 
 23.1 The board of directors shall meet upon call by the chairman, if any, or by any director. Meetings of the board of
directors shall be held at the registered office of the Company unless otherwise indicated in the notice of meeting. 
 23.2 Written notice
of any meeting of the board of directors must be given to directors twenty-four (24) hours at least in advance of the time scheduled for the meeting, except in case of emergency, in which case the nature and the reasons of such emergency must
be mentioned in the notice. Such notice may be omitted in case of consent of each director in writing, by facsimile, electronic mail or any other similar means of communication, a copy of such signed document being sufficient proof thereof. No prior
notice shall be required for a board meeting to be held at a time and location determined in a prior resolution adopted by the board of directors which has been communicated to all directors. 

23.3 No prior notice shall be required in case all the members of the board of directors are present or represented at a board meeting and
waive any convening requirements or in the case of resolutions in writing approved and signed by all members of the board of directors. 

Article 24—Conduct of meetings of the board of directors 

24.1 The board of directors may elect a chairman from among its members. It may also choose a secretary who need not be a director and who
shall be responsible for keeping the minutes of the meetings of the board of directors. 
 24.2 The chairman, if any, shall chair all
meetings of the board of directors but, in his absence, the board of directors may appoint another director as chairman pro tempore by vote of the majority of the directors present or represented at any such meeting. 

24.3 Any director may act at any meeting of the board of directors by appointing another director as his proxy in writing, or by facsimile,
electronic mail or any other similar means of communication, a copy of the appointment being sufficient proof thereof. A director may represent one or more, but not all of the other directors. 

24.4 Meetings of the board of directors may also be held by conference call or video conference or by any other means of communication,
allowing all persons participating at such meeting to hear one another on a continuous basis and allowing for an effective participation in the meeting. Participation in a meeting by these means is equivalent to participation in person at such
meeting. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 24.5 The board of directors may deliberate or act validly only if at least a majority of the
directors are present or represented at a meeting of the board of directors. In the event the general meeting of shareholders has appointed different classes of directors, the board of directors may deliberate or act validly only if at least one
(1) Class A Director and one (1) Class B Director is present or represented at the meeting. 
 24.6 Decisions shall be
adopted by a majority vote of the directors present or represented at such meeting. In the event the general meeting of shareholders has appointed different classes of directors, decisions shall be taken by a majority of the directors present or
represented including at least one (1) Class A Director and one (1) Class B Director. In the case of a tie, the chairman, if any, shall not have a casting vote. 

24.7 The board of directors may, unanimously, pass resolutions by circular means when expressing its approval in writing, by facsimile,
electronic mail or any other similar means of communication. Each director may express his consent separately, the entirety of the consents evidencing the adoption of the resolutions. The date of such resolutions shall be the date of the last
signature. 
 Article 25—Conflicts of interest 

25.1 Save as otherwise provided by the Law, any director who has, directly or indirectly, a financial interest conflicting with the interest of
the Company in connection with a transaction falling within the competence of the board of directors, must inform the board of directors of such conflict of interest and must have his declaration recorded in the minutes of the board meeting. The
relevant director may not take part in the discussions relating to such transaction or vote on such transaction. Any such conflict of interest must be reported to the next general meeting of shareholders prior to such meeting taking any resolution
on any other item. 
 25.2 Where the Company comprises a single director, transactions made between the Company and the director having an
interest conflicting with that of the Company are only mentioned in the resolution of the sole director. 
 25.3 Where, by reason of a
conflicting interest, the number of directors required in order to validly deliberate is not met, the board of directors may decide to submit the decision on this specific item to the general meeting of shareholders. 

25.4 The conflict of interest rules shall not apply where the decision of the board of directors or the sole director relates to day-to-day transactions entered into under normal conditions. 

25.5 The daily manager(s) of the Company, if any, are mutatis mutandis subject to articles 25.1 to 25.4 of these Articles, provided that if
only one (1) daily manager has been appointed and is in a situation of conflicting interests, the relevant decision shall be adopted by the board of directors. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 Article 26.—Minutes of the meeting of the Board of directors and minutes of the
decisions of the sole director 
 26.1 The minutes of any meeting of the board of directors shall be signed by the chairman, if any, or,
in his absence, by the chairman pro tempore, or by any two (2) directors. Copies or excerpts of such minutes, which may be produced in judicial proceedings or otherwise, shall be signed by the chairman, if any, or by any two (2) directors.

 26.2 Decisions of the sole director shall be recorded in minutes which shall be signed by the sole director. Copies or excerpts of such
minutes, which may be produced in judicial proceedings or otherwise, shall be signed by the sole director. 
 Article 27—Dealing
with third parties 
 27.1 The Company shall be bound towards third parties in all circumstances (i) by the signature of the sole
director, or, if the Company has several directors, by the joint signature of any two (2) directors, or by the joint signature of one (1) Class A Director and one (1) Class B Director if applicable or (ii) or the
joint or the sole signature of any person(s) to whom such signatory power may have been delegated by the board of directors (including by virtue of this appointment to any committees) within the limits of such delegation. 

27.2 Within the limits of the daily management, the Company shall be bound towards third parties by the signature of any person(s) to whom
such power may have been delegated, acting individually or jointly in accordance within the limits of such delegation. 
 TITLE
V.—AUDIT AND SUPERVISION 
 Article 28.—Auditor(s) 

28.1 The transactions of the company shall be supervised by one or several statutory auditors (commissaire(s)). The general meeting of
shareholders shall appoint the statutory auditor(s) and shall determine their term of office, which may not exceed six (6) years. 

28.2 A statutory auditor may be removed at any time, without notice and with or without cause, by the general meeting of shareholders. 

28.3 The statutory auditor(s) have an unlimited right of permanent supervision and control of all transactions of the Company. 

28.4 If the general meeting of shareholders of the Company appoints one or more independent auditors (reviseur(s) déntreprises
agree(s)) in accordance with article 69 of the law of 19 December 2002 regarding the trade and companies ́ register and the accounting and annual accounts of undertakings, as amended, the institution of statutory auditors is no longer
required. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 28.5 An independent auditor may only be removed by the general meeting of shareholders for
cause or with his approval. 
 TITLE VI.—FINANCIAL YEAR—ANNUAL ACCOUNTS—ALLOCATION OF PROFITS—INTERIM DIVIDENDS

 Article 29.—Financial year 

The financial year of the Company shall begin on first January fo each year and shall end on the thirty-first December of the same year. 

Article 30.—Annual accounts and allocation of profits 

30.1 At the end of each financial year, the accounts are closed and the board of directors draws up an inventory of the Company’s assets
and liabilities, the balance sheet and the profit and loss accounts in accordance with the law. 
 30.2 Of the annual net profits of the
Company, five percent (5%) at least shall be allocated to the legal reserve. This allocation shall cease to be mandatory as soon and as long as the aggregate amount of such reserve amounts to ten percent (10%) of the share capital of the Company.

 30.3 Sums contributed to a reserve of the Company may also be allocated to the legal reserve. 

30.4 In case of a share capital reduction, the Company ́s legal reserve may be reduced in proportion so that it does not exceed ten
percent (10%) of the share capital. 
 30.5 Upon recommendation of the board of directors, the general meeting of shareholders shall
determine how the remainder of the Company’s profits shall be used in accordance with the Law and these Articles. 
 30.6 Distributions
shall be made to the shareholders in proportion to the number of shares they hold in the Company. 
 Article 31.—Interim dividends,
share premium and assimilated premiums 
 31.1 The board of directors may proceed with the payment of interim dividends subject to the
provisions of the Law. 
 31.2 Any share premium, assimilated premium or other distributable reserve may be freely distributed to the
shareholders subject to the provisions of the Law and these Articles. 
 TITLE VII.—LIQUIDATION 

Article 32.—Liquidation 

32.1 In the event of dissolution of the Company in accordance with article 3.2 of these Articles, the liquidation shall be carried out by one
or several liquidators who are appointed by the general meeting of shareholders deciding on such dissolution and which shall determine their powers and their remuneration. Unless otherwise provided, the liquidators shall have the most extensive
powers for the realisation of the assets and payment of the liabilities of the Company. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 32.2 The surplus resulting from the realisation of the assets and the payment of the
liabilities shall be distributed among the shareholders in proportion to the number of shares of the Company held by them. 
 TITLE
VIII.—FINAL CLAUSE—GOVERNING LAW 
 Article 33. —Governing law 

All matters not expressly governed by these Articles shall be determined in accordance with the Law. 

Suit la traduction en français du texte qui précède 

TITRE I. NOM—OBJET—DUREE—SIEGE SOCIAL 

Article 1—Nom—Forme juridique 

Il est établi une société anonyme sous la dénomination de « Mohawk Capital Finance S.A. » (ci-après, la « Société »), qui sera régie par la loi du 10 août 1915 sur les sociétés commerciales, telle que modifiée (la «
Loi ») et les présents statuts (les « Statuts »). 
 Article 2—Siège social 

2.1 Le siège social de la Société est établi à Bertrange, Grand-Duché de Luxembourg. 

2.2 Il pourra être transféré en tout autre lieu au sein de la même municipalité ou dans toute autre
municipalité du Grand-Duché de Luxembourg, le cas échéant, modifier ultérieurement ces articles afin de refléter le changement de siège social. 

2.3 Des succursales ou d’autres bureaux pourront être établis tant au Grand-Duché de Luxembourg qu’à
l’étranger par résolutions du conseil d’administration de la Société. 
 2.4 Si le conseil
d’administration conclut que des événements extraordinaires d’ordre politique, économique ou social, ou des catastrophes naturelles ont eu lieu ou sont imminents et que ces événements sont de nature
à compromettre l’activité normale de la Société à son siège social, le siège social pourra être transféré provisoirement à l’étranger jusqu’à
cessation complète de ces circonstances anormales ; ces mesures provisoires n’auront aucun effet sur la nationalité de la Société laquelle, nonobstant ce transfert provisoire du siège social, restera une
société de droit luxembourgeois 
 Article 3—Durée 

3.1 La Société est constituée pour une période indéterminée. 

3.2 La Société peut être dissoute, à tout moment, avec ou sans raison, par résolution de
l’assemblée générale des actionnaires statuant comme en matière de modifications des présents Statuts. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 Article 4—Objet 

4.1 La Société a pour objet de procurer une gestion financière et des services communs de gestion sous quelque forme que
ce soit à toutes les sociétés qui appartiennent au même groupe de sociétés que celui auquel la Société appartient et, à cet effet, elle pourra emprunter de l’argent et octroyer des
prêts, des avances et des garanties sous quelque forme que ce soit à toutes les entités participant à cette gestion de fonds et services communs. La Société pourra emprunter de l’argent aux institutions
de crédit qui participent à cette gestion de fonds et services communs sous quelque forme que ce soit, limitation, par voie de lignes de crédits, facilités, avances et autrement et donner des garanties sous quelque forme
que ce soit dans ce but. 
 4.2 La Société pourra emprunter sous quelque forme que ce soit. Elle peut procéder, à
l’émission de parts sociales et obligations et d’autres titres représentatifs d’emprunts et/ou de créances. La Société pourra prêter des fonds, sans limitation, résultant des emprunts
et/ou des émissions d’obligations ou de valeurs, à ses filiales, sociétés affiliées et/ou toute autre société ou personne qui peuvent être associés ou non de la
Société, dans la limite de ce qui est permis par la loi luxembourgeoise. La Société pourra aussi donner des garanties et nantir, transférer, grever ou créer de toute autre manière et accorder des
sûretés sur toutes ou partie de ses actifs afin de garantir ses propres obligations et engagements et/ou obligations et engagements de toute autre société ou personne qui peuvent être associés ou non de la
Société, et, de manière générale, en sa faveur et/ou en faveur de toute autre société ou personne qui peuvent être associés ou non de la Société. 

4.3 En ce qui concerne ses activités de financement, la Société pourra en particulier acquérir par souscription,
achat, et échange ou de toute autre manière tous titres, actions et autres valeurs de participation, obligations, créances, certificats de dépôt et autres instruments de dette et en général toutes
valeurs ou instruments financiers émis par toute entité publique ou privée. Elle pourra participer dans la création, le développement, la gestion et le contrôle de toute société ou entreprise.
La Société sera considérée comme une Société de Participations Financières selon les mesures en vigueur. 

4.4 La Société peut, d’une manière générale, employer toutes techniques et instruments liés
à des investissements en vue d’une gestion efficace, y compris des techniques et instruments destinés à la protéger contre les créanciers, fluctuations monétaires, fluctuations de taux
d’intérêt et autres risques. 
 4.5 D’une manière générale, elle pourra prêter assistance
à toute société affiliée, prendre toutes mesures de contrôle et de supervision et exécuter toutes opérations qu’elle estimera utiles dans l’accomplissement et le développement de son
objet. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 TITRE II. CAPITAL SOCIAL—ACTIONS 

Article 5—Capital social 

5.1 Le capital social de la Société est fixé à EUR 30.000 (trente mille euros) représenté par 300
(trois cent) actions d’une valeur de EUR 100 (cent euro) chacune. 
 5.2 Le capital social de la Société peut être
augmenté ou réduit par une résolution prise par l’assemblée générale des actionnaires statuant comme en matière de modifications des Statuts, tel que prescrit à l’article 6 ci-après. 
 5.3 Toute nouvelle action devant être payée en espèce devra
être proposée en priorité aux actionnaires existants. En cas de pluralité d’actionnaires, lesdites actions seront proposées aux actionnaires en proportion du nombre d’actions qu’ils détiennent
dans le capital social de la Société. Le conseil d’administration fixera la période durant laquelle ce droit préférentiel de souscription peut être exercé, cette période ne pouvant
être inférieure à quatorze (14) jours à compter de la date d’’envoi par lettre recommandée aux actionnaires, ou tout autre moyen de communication accepté individuellement par les destinataires
et assurant un accès à l’information, de l’annonce de l’ouverture de la période de souscription. L’assemblée générale des actionnaires peut limiter ou annuler le droit
préférentiel de souscription des actionnaires existants, sous réserve que les conditions de quorum et de majorité requises en matière de modifications des Statuts sont réunies. Le conseil
d’administration peut limiter ou annuler le droit de souscription préférentiel du ou des actionnaires existants conformément à l’article 6 ci-après. 

5.4 Si, à la fin de la période de souscription, tous les droits préférentiels de souscription des actionnaires
existants n’ont pas été exercés par ceux-ci, des tiers peuvent être autorisés à participer à l’augmentation de capital, sauf si le conseil
d’administration décide que les droits préférentiels de souscription doivent être proposés aux actionnaires existants qui ont déjà exercé leurs droits durant la période de
souscription, en proportion de la part que leurs actions représentent dans le capital social ; les modalités de la souscription sont fixées par le conseil d’administration. Le conseil d’administration peut
également décider dans un tel cas que le capital social ne sera augmenté que par le montant des souscriptions reçues de la part des actionnaires de la Société. 

5.5 La Société pourra racheter ses propres actions dans les limites prévues par la loi. 

Article 6—Capital autorisé et Actions gratuites 

6.1 Le capital autorisé de la Société excluant le capital social émis est établi à cent millions
d’euros (EUR 100,000,000) divisé en un million (1,000,000) d’actions d’une valeur de EUR 100 ( cent euro) chacune. Pendant une durée de cinq (5) ans à compter de la date de constitution de la
Société ou de toute résolution créant, renouvelant ou augmentant le capital autorisé de la Société 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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selon le présent article 5 des Statuts, le conseil d’administration est par les présentes autorisé à émettre des actions, octroyer des options de
souscription d’actions et à émettre tout instrument convertible en actions dans les limites du capital autorisé aux personnes et selon les termes qu’il juge adéquates et, spécifiquement, peut
procéder à une telle émission sans réserver de droit préférentiel de souscription aux actionnaires existants quant aux actions ainsi émises. 

6.2 Le capital autorisé de la Société peut être augmenté ou réduit par résolution de
l’assemblée générale des actionnaires adoptée selon les conditions requises en matière de modifications des Statuts. 

6.3 Le conseil d’administration est autorisé à allouer les actions existantes de la Société sans
considération ou à émettre de nouvelles actions (les « Actions Gratuites ») à partir des réserves disponibles de la Société (i) aux employés de la Société ou
à certaines catégories d’employés, (ii) aux employés de sociétés ou groupements d’intérêt économique dans lesquels la Société détient, directement ou
indirectement, au moins dix pourcents (10%) du capital social ou des droits de vote, (iii) aux employés des sociétés ou groupements d’intérêt économique qui détiennent, directement ou
indirectement, au moins dix pourcents (10%) du capital social ou des droits de vote de la Société, (iv) aux employés de sociétés ou groupements d’intérêt économique dans lesquels au moins
cinquante pourcents (50%) du capital social ou des droits de vote sont détenus, directement ou indirectement, par une société qui elle-même détient, directement ou in
directement, au moins cinquante pourcents (50%) du capital social de la Société, et/ou (v) aux membres des organes sociaux de la Société ou de tout autre société ou groupement
d’intérêt économique auquel il est fait référence dans les points (ii) à (iv) ci-dessus (les « Bénéficiaires d’Actions Gratuites
»). Le conseil d’administration définit les termes et conditions de l’allocation d’Actions Gratuites aux Bénéficiaires d’Actions Gratuites, y compris la période pour l’allocation finale et
la période minimum, le cas échéant, durant laquelle lesdites Actions Gratuites ne peuvent être cédées par leurs détenteurs. 

6.4 Les autorisations reprises ci-dessus peuvent être renouvelées par résolution
de l’assemblée générale des actionnaires adoptée selon les conditions requises en matière de modifications des Statuts et sous réserve des dispositions de la Loi, à chaque fois pour une
période ne pouvant excéder cinq (5) ans. 
 Article 7—Actions 

7.1 Les actions de la Société sont émises et resterons sous forme nominative. 

7.2 La Société peut avoir un ou plusieurs actionnaires. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 7.3 La Société ne sera pas dissoute par suite du décès, de
l’interdiction, de l’incapacité, de l’insolvabilité, de la faillite ou de tout autre événement similaire affectant un ou plusieurs associés. 

Article 8—Registre des actions et transfert des actions 

8.1 Un registre des actionnaires sera tenu au siège social de la Société où il pourra être consulté
par tout actionnaire. Ce registre contiendra toutes les informations requises par la Loi. La propriété des actions sera établie par inscription dans ledit registre. Les certificats confirmant une telle inscription seront
émis sur demande et aux frais de l’actionnaire concerné. Ces certificats peuvent représenter une ou plusieurs actions, selon le souhait de l’actionnaire. 

8.2 La Société ne reconnait qu’un détenteur pour chaque action. S une action est détenue par plusieurs
personnes, ils devront nommer une représentant unique qui es représentera vis-à-vis de la Société. La Société a le droit
de suspendre l’exercice de tout droit attaché à cette action, à l’exception des droits à information correspondants, jusqu’à ce que ledit représentant unique ait été
nommé. 
 8.3 Les actions sont librement cessibles selon les termes de la Loi et des présents Statuts. 

8.4 Tout transfert d’actions nominatives sera effectif (opposable)
vis-à-vis de la Société et des tiers soit (i) suite à une déclaration de transfert enregistrée dans le registre des
actions, signée et datée par le cédant et le cessionnaire ou leurs représentants, ou (ii) suite à la notification du transfert à la Société, ou suite à l’acceptation de ce
transfert par la Société. 
 Article 9—Titres de créance 

Les titres de créance émis par la Société sous forme nominative (obligations nominatives) ne peuvent en aucun cas
être convertis en titres de créance au porteur (obligations au porteur). 
 TITRE III. ASSEMBLEE GENERALE DES ACTIONNAIRES

 Article 10—Pouvoirs de l’assemblée générale des actionnaires 

10.1 Les actionnaires exercent leurs droits collectifs au sein de l’assemblée générale des actionnaires. Toute
assemblée générale des actionnaires de la Société régulièrement constituée représente tous les actionnaires de la Société. Elle dispose des pouvoirs qui lui sont
expressément conférés par la Loi ou les présents Statuts. 
 10.2 Si la Société n’a
qu’un seul actionnaire, toute référence dans les présents Statuts à « l’assemblée générale des actionnaires » sera une référence à « l’actionnaire
unique », selon le contexte, et les pouvoirs conférés à l’assemblée générale des actionnaires seront exercés par l’actionnaire unique. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 Article 11—Convocation aux assemblées générales des actionnaires

 11.1 L’assemblée générale des actionnaires de la Société peut être convoquée
à tout moment par le conseil d’administration ou, le cas échéant, par le(s) commissaire(s) aux comptes. 
 11.2
Elle doit être convoquée par le conseil d’administration ou le(s) commissaire(s) aux comptes sur demande écrite d’un ou plusieurs actionnaires représentants au moins dix pourcents (10%) du capital social de la
Société. Dans un tel cas, l’assemblée générale des actionnaires dans une période d’un mois à compter de la réception de ladite demande. 

11.3 La convocation à toute assemblée générale des actionnaires doit contenir la date, l’heure, le lieu et
l’ordre du jour de l’assemblée et peut être effectuée par annonces déposées au Registre de Commerce et des Sociétés et publiées au Registre Electronique des Sociétés et
Associations et dans un journal luxembourgeois au moins quinze (15) jours avant la date de l’assemblée. Dans ce cas, les notifications doivent être envoyées par voie postale (lettre missive) au moins huit (8) jours
avant la date de l’assemblée aux actionnaires nominatifs. Alternativement, les convocations peuvent être faites uniquement par voie de lettres recommandées ou, si les destinataires ont individuellement accepté de
recevoir les convocations par un autre moyen de communication assurant l’accès à l’information, par cet autre moyen de communication. 

11.4 Si tous les actionnaires sont présents ou représentés à l’Assemblée Générale, et
renoncent aux formalités de convocation, celle-ci pourra être tenue sans convocation préalable. 

Article 12—Conduite des assemblées générales des actionnaires 

12.1 L’assemblée générale annuelle des actionnaires sera tenue dans le délai de six (6) mois suivant la
fin de l’exercice social au Grand-duché de Luxembourg au siège social de la Société ou à tout autre lieu situé au Grand-duché de Luxembourg indiqué dans les convocations. Les autres
assemblées des actionnaires peuvent être tenue en tout lieu et à toute date, tel que spécifié dans la convocation correspondante. Les detenteurs d’obligations ne sont pas tenus d’assister aux
assemblées d’actionnaires. 
 12.2 Un bureau de l’assemblée sera constitué à toute assemblée
générale des actionnaires, composé d’un président, d’un secrétaire et d’un scrutateur, qui ne doivent ni être des actionnaires ni des membres du conseil d’administration. Le bureau de
l’assemblée s’assure spécifiquement que l’assemblée est tenue en conformité avec les règles applicables et, en particulier, les règles relatives à la convocation, aux exigences de
quorum et de majorité, à la validation des suffrages et à la représentation des actionnaires. 
 12.3 Une liste
de présence doit être établie pour toute assemblée générale des actionnaires. 
 12.4 Chaque
actionnaire pourra prendre part aux assemblées générales des actionnaires de la Société en désignant par écrit, en original, par téléfax, par courriel ou par tout autre moyen de
communication similaire, une autre personne comme mandataire. Une personne peut représenter plusieurs et même tous les actionnaires. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 12.5 Les actionnaires participant aux assemblées par conférence
téléphonique, vidéo-conférence ou tout autre moyen de communication grâce auquel les actionnaires peuvent être identifiés, toute personne participant à
l’assemblée peut entendre et parler avec les autres participants de façon continue, et permettant une délibération effective, sont supposés être présents pour le calcul du quorum et des votes,
dans la mesure ou lesdits moyens de communication dont disponibles au lieu où se tient l’assemblée. 
 12.6 Tout
actionnaire peut voter à l’assemblée générale par le biais d’un formulaire de vote envoyé au siège social de la Société ou à l’adresse indiquée dans la convocation
par voie postale, courriel, facsimile ou tout autre moyen de communication. Les actionnaires ne peuvent utiliser que les formulaires de vote fournis par la Société qui indiquent au moins la date, l’ordre du jour de
l’assemblée, et les propositions soumises au vote des actionnaires, et pour chaque proposition trois cases leur permettant de voter en faveur, contre ou de s’abstenir en cochant la case correspondante. 

12.7 Les formulaires de vote qui, pour une résolution proposée, n’indiquent pas (i) un vote en faveur ou (ii) un
vote contre la résolution proposée ou (iii) une abstention sont nuls vis-à-vis de ladite résolution. La Société ne peut
tenir compte que des formulaires de vote reçus avant l’assemblée auxquels ils se réfèrent. Le conseil d’administration peut fixer des conditions supplémentaires devant être remplies par les
actionnaires pour prendre part aux assemblées générales des actionnaires. 
 12.8 Le conseil d’administration peut
déterminer d’autres conditions qui doivent être remplies par les actionnaires afin de participer à une assemblée générale des actionnaires. 

Article 13—Quorum, majorité et vote 

13.1 Chaque action donne droit à une voix lors des assemblées générale des actionnaires. 

13.2 Le conseil d’administration peut suspendre les droits de vote de tout actionnaire en infraction avec ses obligations telles que
décrites dans les présents Statuts ou dans tout autre accord contractuel conclu avec ledit actionnaire. 
 13.3 Un actionnaire
peut décider individuellement de ne pas exercer, de façon temporaire ou permanente, tout ou partie de ses droits de vote. L’actionnaire faisant une telle renonciation y est tenu, et la Société, et la renonciation est
contraignante pour la Société dès sa notification. 
 13.4 Dans le cas où les droits de vote de un ou plusieurs
actionnaires sont suspendus selon les termes de l’article 13.2, ou si un ou plusieurs actionnaires renoncent à l’exercice de ses droits de vote selon les termes de l’article 13.3, lesdits actionnaires peuvent néanmoins
participer aux assemblées générales de la Société mais leurs actions de seront pas prises en compte pour la détermination du quorum et des conditions de majorité requises pour la tenue des
assemblées générales de la Société. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 13.5 Sauf dans les cas prévus par la Loi ou les présents Statuts, les
résolutions prises aux assemblées générales des actionnaires dument convoquées n’exigent aucun quorum et seront adoptées à la majorité simple des votes exprimés sans tenir compte de
la portion du capital social qu’ils représentent. Les abstentions et les votes nuls ne seront pas pris en compte. 
 Article
14—modification des Statuts 
 14.1 Sauf dans les cas prévus par les présents Statuts ou par la Loi, les Statuts
peuvent être modifiés par décision prise à la majorité des deux tiers (2/3) des votes valablement exprimés à l’assemblée générale pour laquelle un quorum de plus de la
moitié du capital social de la Société est présent ou représenté. Si le quorum requis n’est pas atteint lors de la première assemblée générale, les associés peuvent
être convoqués ou consultés une deuxième fois selon dans les conditions de l‘article 11.3 et cette deuxième assemblée peut délibérer sans exigence de quorum, les résolutions
étant adoptées à la majorité des deux tiers (2/3) des votes exprimés. Les abstentions et les votes nuls ne seront pas pris en compte. 

14.2 Dans le cas où les droits de vote de un ou plusieurs actionnaires sont suspendus selon les termes de l’article 13.2, ou si un
ou plusieurs actionnaires renoncent à l’exercice de ses droits de vote selon les termes de l’article 13.3, les conditions de l’article 13.4 des Statuts s’appliquent mutatis mutandis. 

Article 15—Changement de nationalité 

Les actionnaires peuvent changer la nationalité de la Société par résolution de l’assemblée
générale des actionnaires prise dans les conditions requises pour la modification des Statuts. 
 Article
16—Ajournement des assemblées générales des actionnaires 
 Sous réserve des dispositions de la Loi, le
conseil d’administration peut, au cours d’une assemblée générale, ajourner ladite assemblée pour un délai de quatre (4) semaines. Le conseil d’administration se doit de procéder à
un tel ajournement sur demande d’un ou plusieurs actionnaires représentant au moins dix pourcents (10%) du capital social de la Société. Dans un tel cas, toute résolution adoptée par l’assemblé
générale des actionnaires sera annulée. 
 Article
17—Procès-verbaux des assemblées générales des actionnaires 

17.1 Le bureau de toute assemblée générale des actionnaires doit établir un
procès-verbal de l’assemblée qui sera signé par les membres du bureau de l’assemblée ainsi que les actionnaires sur demande. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 17.2 Les copies ou extraits de procès-verbaux
destinés à servir en justice ou ailleurs seront certifiés en tant que copies conformes à l’original par le notaire qui a enregistré l’acte original, si l’assemblée s’est tenue devant
notaire, ou signés par le président du conseil d’administration ou par deux de ses membres. 
 Article 18—Droit
de poser des questions 
 18.1 Un ou plusieurs actionnaires détenant ensemble au moins dix pourcents (10%) du capital social ou
des droits de vote de la Société peuvent soumettre par écrit au conseil d’administration toute question relative aux transactions en lien avec le management de la Société ou des sociétés
contrôlées par la Société ; pour ces dernières, les questions seront appréciées eu égard à l’intérêt social des sociétés concernées. 

18.2 En l’absence de réponse dans le délai d’un (1) mois, les actionnaires qui ont posé la question
peuvent demander au présent de la chambre du tribunal d’arrondissement siégeant en matière commerciale et statuant dans le cadre du référé de nommer un ou plusieurs expert(s) en charge de
l’établissement d’un rapport sur les transactions concernées. 
 TITRE IV. GESTION 

Article 19—Composition et pouvoirs du conseil d’administration 

19.1 La Société est administrée par un Conseil d’Administration comprenant au moins trois (3) membres. Si la
Société a été constituée par un actionnaire unique, ou lorsqu’il apparait lors d’une assemblée générale que toutes les actions émises par la Société sont
détenues par un actionnaire unique, la Société peut être administrée par un administrateur unique jusqu’à la prochaine assemblée générale des actionnaires constatant une augmentation
du nombre des actionnaires de la Société. Dans un tel cas, dans la limite de ce qui est applicable et lorsque le terme « administrateur unique » n’est pas mentionné, toute référence au «
conseil d’administration » dans les présents Statuts sera interprétée comme une référence à l’ « administrateur unique ». 

19.2 Le conseil d’administration est investi des pouvoirs les plus larges pour agir au nom de la Société et accomplir tous
les actes nécessaires ou utiles à l’accomplissement de l’objet de la Société., à l’exception des pouvoirs expressément réservés par la Loi ou par les Statuts à
l’assemblée générale des actionnaires. 
 19.3 Le conseil d’administration peut créer un ou plusieurs
comités. La composition et les pouvoirs de ces comités, la portée des mandats, les conditions de révocation, de rémunération et la durée des mandats de ses membres, ainsi que les règles de
procédure, sont fixées par le conseil d’administration. Le conseil d’administration est en charge de la supervision des activités des comités. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 Article 20—Gestion journalière 

La gestion journalière de la Société, ainsi que la représentation de la Société par rapport à
sa gestion journalière, peuvent être déléguées à un ou plusieurs administrateurs, agents ou autres, agissant individuellement ou conjointement. Leur nomination, révocation et pouvoirs seront
fixés par résolution du conseil d’administration. 
 Article 21—Nomination, révocation et mandat des
administrateurs 
 21.1 Le(s) administrateur(s) sont nommés par l’assemblée générale des actionnaires,
qui détermine leur rémunération et la durée de leur mandat. L’assemblée générale des actionnaires peut décider de nommer des administrateurs de différentes classes, à savoir
les administrateurs de classe A (les « administrateurs de classe A » ) et les administrateurs de classe B (les «administrateurs de classe B»). Toute référence faite
ci-après aux «administrateurs» doit être interprétée comme une référence aux administrateurs de classe A et/ou aux administrateurs de classe B, selon le
contexte et selon le cas. 
 21.2 Les administrateurs sont élus pour un terme ne pouvant excéder six (6) ans et doivent
rester en charge jusqu’à ce qu’un successeur soit nommé. Les administrateurs sont rééligibles. 
 21.3
Chaque administrateur est nommé par l’assemblée générale des actionnaires à la majorité simple des votes exprimés. 

21.4 Un administrateur peut être révoqué à tout moment avec ou sans motif par l’assemblée
générale des actionnaires à la majorité simple des votes exprimés. 
 21.5 Lorsqu’une personne
morale est nommée administrateur de la Société, la personne morale doit désigner une personne physique en tant que représentant permanent, qui exercera cette fonction au nom et pour le compte de la personne morale.
La personne morale ne peut révoquer son représentant permanent que si elle nomme en même temps son successeur. Un individu ne peut qu’agir en tant que représentant permanent d’un (1) seul administrateur de
la Société et ne peut lui-même être un administrateur de la Société au même moment. 

Article 22—Vacance d’un mandat d’administrateur 

22.1 En cas de vacance d’un poste d’administrateur pour cause de décès, incapacité légale, banqueroute,
démission ou toute autre cause, cette vacance peut être comblée temporairement et pour une période ne pouvant excéder le terme du mandat de l’administrateur remplacé par les administrateurs restants
jusqu’à la prochaine Assemblée Générale, qui devra statuer sur la nomination permanente conformément aux dispositions légales applicables. 

22.2 En cas de vacance du mandat d’administrateur unique, cette vacance doit être comblée dans un délai raisonnable
par l’assemblée générale des actionnaires. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 Article 23—Convocation aux réunions du conseil d’administration 

23.1 Les réunions du conseil d’administration seront convoquées par le président, le cas échéant, ou
par tout administrateur. Les réunions du conseil d’administration se tiendront au siège social de la Société, sauf indication contraire dans l’avis de convocation. 

23.2 Avis écrit de toute réunion du Conseil d’Administration sera donné à tous les administrateurs au moins
24 (vingt-quatre) heures avant la date prévue pour la réunion, sauf s’il y a urgence, auquel cas la nature et les motifs de cette urgence seront mentionnés dans l’avis de convocation. Une telle convocation n’est
pas nécessaire en cas d’accord de chaque administrateur de la Société donné par écrit, par facsimile, courriel ou tout autre moyen de communication, une copie dudit document signé constituant une preuve
suffisante. Une convocation spéciale ne sera pas requise pour une réunion du conseil d’administration se tenant à une heure et à un endroit prévus dans une résolution préalablement adoptée
par le conseil d’administration. 
 23.3 Aucune convocation préalable n’est requise si tous les administrateurs de la
Société sont présents ou représentés lors du conseil d’administration et renoncent à ladite convocation, ou dans le cas de résolutions circulaires approuvées et signées par tous les
membres du conseil d’administration. 
 Article 24—Déroulement des réunions du conseil d’administration

 24.1 Le Conseil d’Administration peut nommer un président parmi ses membres. Il peut également désigner un
secrétaire, administrateur ou non, qui sera en charge de la tenue des procès-verbaux des réunions du conseil d’administration. 

24.2 Le président, le cas échéant, présidera toutes les réunions du conseil d’administration. En son
absence, le conseil d’administration peut nommer un autre administrateur en tant que président pro tempore par un vote à la majorité simple des administrateurs présents ou par procuration à la
réunion en question. 
 24.3 Tout administrateur peut se faire représenter à toute réunion du conseil
d’administration en désignant par écrit, facsimile, courriel ou tout autre moyen de communication, un autre administrateur comme son mandataire. Un administrateur peut représenter un ou plusieurs administrateurs, mais pas
tous les administrateurs. 
 24.4 Les réunions du conseil d’administration peuvent également être tenues par
conférence téléphonique, vidéo-conférence ou tout autre moyen de communication grâce auquel les administrateurs peuvent être identifiés, toute personne
participant à la réunion peut entendre et parler avec les autres participants de façon continue, et permettant une délibération effective. Une participation à la réunion par un tel moyen est
équivalente à une participation en personne à cette réunion. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 24.5 Le Conseil d’Administration ne pourra délibérer ou agir valablement
que si la majorité au moins des administrateurs est présente ou représentée à une réunion du conseil d’administration. Si l’assemblée générale des actionnaires a nommé
différentes classes d’administrateurs, le conseil d’administration peut délibérer ou agir valablement que si au moins un (1) administrateur de classe A et un (1) administrateur de classe B est présent
ou représenté à l’assemblée. 
 24.6 Les décisions sont adoptées à la majorité
des voix des administrateurs présents ou représentés à cette assemblée. Dans le cas où l’assemblée générale des actionnaires a nommé différentes catégories
d’administrateurs, les décisions sont prises à la majorité des administrateurs présents ou représentés, y compris au moins un (1) administrateur de classe A et un (1) directeur de classe B.
Dans le cas d’une égalité, le président, le cas échéant, ne doit pas voter. 
 23.7 Le conseil
d’administration peut, unanimement, prendre des résolutions par résolution circulaire en exprimant son approbation par écrit, facsimile, courriel ou tout autre moyen de communication. Chaque administrateur peut exprimer son
consentement séparément, la totalité des consentements constitue la preuve de l’adoption des résolutions. La date d’une telle décision sera la date de la dernière signature. 

Article 25—Conflits d’intérêts 

25.1 Sauf dispositions contraires de la Loi, au cas où un administrateur aurait, directement ou indirectement, un intérêt
financier entrant en conflit avec l’intérêt de la Société par rapport à une transaction entrant dans le champ de compétence du conseil d’administration, cet administrateur devra informer le conseil
d’administration de son intérêt contraire et sa déclaration devra être enregistrée dans le procès-verbal de la réunion. Ledit administrateur ne
délibérera et ne prendra pas part au vote sur cette affaire. Rapport devra être fait au sujet de cette affaire et de l’intérêt personnel de cet administrateur à la prochaine assemblée
générale avant que ladite assemblée ne prenne une autre résolution sur tout autre sujet. 
 25.2 Lorsque la
société est gérée par un administrateur unique, les transactions conclues entre le Société et cet administrateur ayant un intérêt contraire avec celui de la Société sont simplement
mentionnées dans la résolution de l’administrateur unique. 
 25.3 Si, en raison d’un intérêt
contraire, le nombre d’administrateurs requis afin de valablement délibérer n’est pas réuni, le conseil d’administration peut décider de soumettre la décision à l’assemblée
générale des actionnaires. 
 25.4 Les règles relatives au conflit d’intérêt ne s’appliquent pas
aux résolutions du conseil d’administration ou de l’administrateur unique concernant les opérations réalisées dans le cadre ordinaire des affaires courantes de la Société lorsqu’elles sont
conclues à des conditions normales. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 25.5 Les délégués à la gestion journalière de la
Société, le cas échéant, sont sujets mutatis mutandis aux articles 25.1 à 25.4 des Statuts. Si un (1) seul délégué à la gestion journalière a été nommé
et que celui-ci est dans une situation de conflit, la décision concernée doit être prise par le conseil d’administration. 

Article 26—Procès-verbaux des décisions du conseil d’administration et de
l’administrateur unique 
 26.1 Les procès-verbaux des réunions du conseil
d’administration sont signés par le président, le cas échéant, ou, en son absence, par le président pro tempore ou par deux (2) administrateurs. Les copies ou extraits de ces procès-verbaux. Les copies ou extraits de procès-verbaux destinés à servir en justice ou ailleurs seront signés par le président ou
par deux (2) administrateurs. 
 26.2 Les résolutions prises par l’administrateur unique seront inscrites dans des procès-verbaux signés par l’administrateur unique. Les copies ou extraits de procès-verbaux destinés à servir en justice ou ailleurs
seront signés par l’administrateur unique. 
 Article 27—Représentation 

27.1 La Société sera engagée en toutes circonstances
vis-à-vis des tiers par (i) la signature de l’administrateur unique ou, si la Société dispose de plusieurs administrateurs, par la
signature conjointe de deux administrateurs quelconques, ou par la signature conjointe d’un (1) adminsitrateur de classe A et d’un (1) administrateur de classe B, si applicable, ou (ii) par la signature conjointe ou
individuelle de toute personne à qui de tels pouvoirs de signature auront été délégués par le conseil d’administration (y compris en vertu de la création de comité(s)) et ce dans les
limites des pouvoirs qui leur auront été conférés. 
 27.2 Dans les limites de la gestion journalière, la
Société sera engagée vis-à-vis des tiers par la signature de toute personne à qui de tels pouvoirs de signature auront
été délégués, agissant conjointement ou individuellement dans les limites des pouvoirs qui leur auront été conférés. 

TITRE V. AUDIT ET SUPERVISION 

Article 28—Commissaire aux comptes 

28.1 Les opérations de la Société seront supervisées par un ou plusieurs commissaires aux comptes.
L’assemblée générale des actionnaires nomme le(s) commissaire(s) aux comptes et fixe la durée de leurs mandats, qui ne peut excéder six (6) ans. 

28.2 Le commissaire aux comptes peut être révoqué à tout moment, sans préavis et avec ou sans motif, par
l’assemblée générale des actionnaires. 
 28.3 Le commissaire aux comptes dispose d’un droit illimité
et permanent de supervision et de contrôle des opérations de la Société. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 28.4 Si l’assemblée générale des actionnaires de la
Société nomme un ou plusieurs réviseur(s) d’entreprise agréé(s) conformément à l’article 69 de la loi du 19 décembre 2002 concernant le registre de commerce et des
sociétés et la comptabilité et les comptes annuels des entités, telle que modifiée, alors la nomination d’un commissaire aux comptes n’est pas nécessaire. 

28.5 Un réviseur d’entreprise agréé ne peut être révoqué par l’assemblée
générale des actionnaires qu’avec motifs et avec son accord. 
 TITRE VI. EXERCICE SOCIAL—COMPTES
ANNUELS—ALLOCATION DES BENEFICES—DIVIDENDS INTERIMAIRES 
 Article 29—Exercice social 

L’exercice social de la Société commence le 1er janvier de chaque année et se termine le 31 décembre de chaque
année. 
 Article 30—Comptes annuels et allocation des bénéfices 

30.1 A la fin de chaque exercice social, les comptes sont clôturés et le conseil d’administration prépare le bilan et
le compte de profits et pertes de la Société ainsi qu’un inventaire comprenant une indication de la valeur des actifs et des passifs de la Société, tel que requis par la Loi. 

30.2 Il sera prélevé sur le bénéfice net annuel de la Société cinq pourcents (5%) au moins qui
seront affectés à la réserve légale. Ce prélèvement cessera d’être obligatoire lorsque la réserve légale aura atteint dix pourcents (10%) du capital social de la
Société. 
 30.3 Les sommes allouées à une réserve de la Société peuvent être
également allouées à la réserve légale. 
 30.4 En cas de réduction du capital social, la
réserve légale de la Société peut être réduite proportionnellement afin qu’elle n’excède pas dix pourcents (10%) du capital social. 

30.5 Sur recommandation du conseil d’administration, l’assemblée générale des actionnaires déterminera
comment le restant des bénéfices de la Société sera affecté, en conformité avec la Loi et les Statuts. 

30.6 Les distributions doivent être réalisées au bénéfice des actionnaires en proportion du nombre
d’actions qu’ils détiennent dans la Société. 
 Article 31—Dividende intérimaire, prime
d’émission et primes assimilées 
 31.1 Le conseil d’administration peut décider de payer des dividendes
intérimaires sous les conditions et dans les limites fixées par la Loi. 
 31.2 Toute prime d’émission, prime
assimilée ou autre réserve distribuable de la Société peut être librement distribuée aux actionnaires sous les conditions et dans les limites fixées par la Loi et les Statuts. 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg) 

  

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 TITRE VII. LIQUIDATION 

Article 32—Liquidation 

32.1 En cas de dissolution de la Société conformément à l’article 3.2 des Statuts, la liquidation sera
effectuée par un ou plusieurs liquidateurs nommés par l’assemblée générale des actionnaires qui fixera leurs pouvoirs et leur rémunération. Sauf disposition contraire de la résolution des
actionnaires ou de la Loi, les liquidateurs ont les pouvoirs les plus étendus pour la réalisation des actifs et l’apurement du passif de la Société. 

32.2 Le surplus résultant de la réalisation des actifs et de l’apurement du passif de la Société sera
versé aux actionnaires proportionnellement au nombre d’actions détenues par chaque actionnaire de la Société. 

TITRE VIII. CLAUSE FINALE – LOI APPLICABLE 

Article 33—Loi applicable 
 Il est
fait référence aux dispositions de la Loi pour toutes les questions pour lesquelles aucune disposition spécifique n’est prévue dans les Statuts. 

Pour copie conforme: 

Luxembourg, le 26 août 2019 

Pour la société: 

Maître Carlo WERSANDT 

(notaire) 

  
 Maître Carlo WERSANDT,
notaire à Luxembourg (Grand-Duché de Luxembourg)Exhibit

Exhibit 4.1

BOSTON PROPERTIES LIMITED PARTNERSHIP
ISSUER

to

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
TRUSTEE

_________________

Supplemental Indenture No. 21

Dated as of May 5, 2020
_________________

$1,250,000,000

of

3.250% Senior Notes due 2031

TABLE OF CONTENTS
	
			
	 
	 
	Page

	ARTICLE ONE RELATION TO SENIOR INDENTURE; DEFINITIONS
	1

	SECTION 1.1.
	Relation to Senior Indenture.
	1

	SECTION 1.2.
	Definitions.
	2

	ARTICLE TWO THE NOTES
	10

	SECTION 2.1.
	Title of the Securities.
	10

	SECTION 2.2.
	Limitation on Initial Aggregate Principal Amount; Further Issuances.
	10

	SECTION 2.3.
	Interest and Interest Rates; Maturity Date of Notes.
	10

	SECTION 2.4.
	Limitations on Incurrence of Debt; Payment of Taxes and Other Claims.
	11

	SECTION 2.5.
	Optional Redemption.
	13

	SECTION 2.6.
	Places of Payment.
	13

	SECTION 2.7.
	Method of Payment.
	13

	SECTION 2.8.
	Currency.
	13

	SECTION 2.9.
	Global Form.
	13

	SECTION 2.10.
	Form of Notes and Execution.
	14

	SECTION 2.11.
	Transfer and Exchange.
	14

	SECTION 2.12.
	General Provisions Relating to Transfers and Exchanges.
	15

	SECTION 2.13.
	Registrar and Paying Agent.
	16

	SECTION 2.14.
	Defeasance.
	16

	SECTION 2.15.
	Provision of Financial Information.
	16

	SECTION 2.16.
	Waiver of Certain Covenants.
	16

	SECTION 2.17.
	No Sinking Fund.
	17

	SECTION 2.18.
	No Repayment at Option of Holders.
	17

	SECTION 2.19.
	Limitation on Suits.
	17

	ARTICLE THREE MISCELLANEOUS PROVISIONS
	18

	SECTION 3.1.
	Ratification of Senior Indenture.
	18

	SECTION 3.2.
	Governing Law.
	18

	SECTION 3.3.
	Counterparts.
	18

	SECTION 3.4.
	Trustee.
	18

	SECTION 3.5.
	Corporate Trust Office.
	18

	SECTION 3.6.
	Failure or Delay in Performance.
	18

	
			
	SECTION 3.7.
	WAIVER OF JURY TRIAL.
	19

	SECTION 3.8.
	No Consequential Damages.
	19

	SECTION 3.9.
	Electronic Notices.
	19

	SECTION 3.10.
	Submission to Jurisdiction.
	19

	SECTION 3.11.
	FATCA.
	19

	SECTION 3.12.
	Electronic Signatures.
	20

	 
	 
	 

	EXHIBIT A
	Form of Note
	A-1

ii

THIS SUPPLEMENTAL INDENTURE NO. 21, dated as of May 5, 2020 (the “Twenty-First Supplemental Indenture”), between BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (herein called the “Trustee”).
WITNESSETH: 
WHEREAS, the Company has heretofore delivered to the Trustee an Indenture dated as of December 13, 2002 (the “Senior Indenture” and together with the Twenty-First Supplemental Indenture, the “Indenture”), providing for the issuance by the Company from time to time of its senior debt securities evidencing its unsecured and unsubordinated indebtedness (the “Securities”).
WHEREAS, Section 3.01 of the Senior Indenture provides for various matters with respect to any series of Securities issued under the Senior Indenture to be established in an indenture supplemental to the Senior Indenture.
WHEREAS, Section 9.01(7) of the Senior Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Senior Indenture to establish the form or terms of Securities of any series as provided by Sections 2.01 and 3.01 of the Senior Indenture.
WHEREAS, the Board of Directors of Boston Properties, Inc. (“Boston Properties”), the general partner of the Company, has duly adopted resolutions authorizing the Company to execute and deliver this Twenty-First Supplemental Indenture; and
WHEREAS, all of the conditions and requirements necessary to make this Twenty-First Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled.
NOW, THEREFORE, THIS TWENTY-FIRST SUPPLEMENTAL INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the series of Securities provided for herein by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such series, as follows:
ARTICLE ONE 
 
RELATION TO SENIOR INDENTURE; DEFINITIONS
		
	SECTION 1.1.
	Relation to Senior Indenture.

This Twenty-First Supplemental Indenture constitutes an integral part of the Senior Indenture.

		
	SECTION 1.2.
	Definitions.

For all purposes of this Twenty-First Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:
(1)    Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Senior Indenture; and
(2)    All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Twenty-First Supplemental Indenture.
“Annualized Consolidated EBITDA” means, for any quarter, the product of Consolidated EBITDA for such period of time multiplied by four (4). 
“Annualized Interest Expense” means, for any quarter, the Interest Expense for that quarter multiplied by four (4).
“Another Person’s Share” means, in connection with the defined term “Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries,” (1) the aggregate direct and indirect interests of each Person other than the Company or any of its Subsidiaries in the equity capital of the applicable Partially-Owned Entity, calculated by subtracting from 100% the Percentage Interest with respect to such Partially-Owned Entity, or (2) in the case of reimbursement owed to the Company or any of its Subsidiaries by a third party in respect of payment made under a guaranty, the amount to be reimbursed to the Company or any of its Subsidiaries by such third party.
“Applicable Procedures” means, with respect to any transfer or exchange of beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange.
“Capitalization Rate” means 7.0%.
“Capitalized Property Value” means, as of any date, the sum of (1) with respect to non- hotel properties, the aggregate sum of all Property EBITDA for each such property for the Latest Completed Quarter prior to such date, annualized (i.e., multiplied by four (4)), and capitalized at the Capitalization Rate plus (2) with respect to hotel properties, the aggregate sum of all Property EBITDA for each such property for the most recent four (4) consecutive completed fiscal quarters, capitalized at the Capitalization Rate; provided, however, that if the value of a particular property calculated pursuant to clause (1) or (2) above, as applicable, is less than the undepreciated book value of such property, as determined in accordance with GAAP, such undepreciated book value shall be used in lieu thereof with respect to such property.
“Consolidated EBITDA” means, for any period of time, without duplication, (1) net income (loss), excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) Interest Expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, (v) non-recurring items, as 

2

determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), and (vi) noncontrolling interest, of the Company and its Subsidiaries; plus (2) the product of (A) net income (loss), excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) interest expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, and (v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), of Partially-Owned Entities, multiplied by (B) the Company’s and its Subsidiaries’ aggregate percentage share of such Partially-Owned Entities; minus (3) the Company’s income (loss) from Partially-Owned Entities.  In each of cases (1), (2) and (3) for such period, amounts shall be as reasonably determined by the Company in accordance with GAAP, except to the extent GAAP is not applicable with respect to the determination of all non-cash and non-recurring items.  Consolidated EBITDA shall be adjusted, without duplication, to give pro forma effect: (x) in the case of any assets having been placed-in-service or removed from service since the beginning of the period and on or prior to the date of determination, to include or exclude, as the case may be, any Consolidated EBITDA earned or eliminated as a result of the placement of such assets in service or removal of such assets from service as if the placement of such assets in service or removal of such assets from service occurred at the beginning of the period; and (y) in the case of any acquisition or disposition of any asset or group of assets since the beginning of the period and on or prior to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, to include or exclude, as the case may be, any Consolidated EBITDA earned or eliminated as a result of the acquisition or disposition of those assets as if the acquisition or disposition occurred at the beginning of the period.
“Consolidated Financial Statements” means, with respect to any Person, collectively, the consolidated financial statements and notes to those financial statements, of that Person and its subsidiaries prepared in accordance with GAAP. For purposes of this definition, if as of any date or for any period actual consolidated financial statements of any Person have not been prepared, then this term shall include the books and records of that Person ordinarily used in the preparation of such financial statements.
“Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries” means, as of any date, without duplication, those liabilities of the Company or any of its Subsidiaries consisting of indebtedness for borrowed money, as determined in accordance with GAAP, that are or would be stated and quantified as contingent liabilities in the notes to the Consolidated Financial Statements of the Company as of that date; provided, however, that Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries shall exclude Intercompany Debt and Another Person’s Share of Duplicated Obligations.
“Debt” means, as of any date, without duplication, (1) in the case of the Company, all indebtedness and liabilities for borrowed money, secured or unsecured, of the Company, including the Notes to the extent outstanding from time to time; (2) in the case of the Company’s 

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Subsidiaries, all indebtedness and liabilities for borrowed money, secured or unsecured, of the Subsidiaries, including in each of cases (1) and (2) mortgage and other notes payable, but excluding in each of cases (1) and (2) any indebtedness, including mortgages and other notes payable, which is secured by cash, cash equivalents or marketable securities or defeased (it being understood that cash collateral shall be deemed to include cash deposited with a trustee with respect to third party indebtedness; provided that such trustee holds such cash for not more than 60 days from the date of deposit); and (3) all Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries, but excluding in each of cases (1), (2) and (3) Intercompany Debt.  It is understood that Debt shall not include any redeemable equity interest in the Company.
“Defaulted Interest” has the meaning specified in Section 2.3 hereof.
“Definitive Note” means a certificated Note in the form of Exhibit A hereto, registered in the name of the Holder thereof and issued in accordance with Section 2.11 hereof, except that such Note shall not bear the Global Note Legend.
“Depositary” has the meaning specified in Section 2.9(a) hereof.
“Duplicated Obligations” means, as of any date, collectively, all those payment guaranties in respect of indebtedness and other liabilities, secured or unsecured, of Partially-Owned Entities, including mortgage and other notes payable, for which (1) the Company or any of its Subsidiaries, on one hand, and another Person or Persons, on the other hand, are jointly and severally liable or (2) the Company or any of its Subsidiaries are entitled to reimbursement in respect of payment under such guaranties from another Person or Persons.
“GAAP” means accounting principles generally accepted in the United States of America, consistently applied, as in effect from time to time; provided that if, as of a particular date as of which compliance with the covenants contained in the Indenture is being determined, there have been changes in accounting principles generally accepted in the United States of America from those that applied to the consolidated financial statements of the Company included in the Annual Report on Form 10-K for the year ended December 31, 2019, the Company may, in its sole discretion, determine compliance with the covenants contained in the Indenture using accounting principles generally accepted in the United States of America, consistently applied, as in effect as of the end of any calendar quarter selected by the Company, in its sole discretion, that is on or after December 31, 2019 and prior to the date as of which compliance with the covenants in the Indenture is being determined (“Fixed GAAP”), and, solely for purposes of calculating the covenants as of such date, “GAAP” shall mean Fixed GAAP.
“Global Notes” means, individually or collectively, any of the Notes issued as Global Securities under the Senior Indenture. 
“Global Note Legend” means the legend set forth in Section 2.03 of the Senior Indenture, which is required to be placed on all Global Notes issued under the Senior Indenture.
“Holders” has the meaning specified in Section 2.3 hereof.

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“Incur” means, with respect to any Debt or other obligation of any Person, to create, assume, guarantee or otherwise become liable in respect of the Debt or other obligation, and “Incurrence” and “Incurred” have the meanings correlative to the foregoing.
“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.
“Intercompany Debt” means, as of any date, indebtedness and liabilities for borrowed money, secured or unsecured, to which the only parties are Boston Properties, the Company, any Subsidiary of either of them as of that date or any Partially-Owned Entity. 
“Interest Expense” means, for any period of time, the aggregate amount of interest recorded in accordance with GAAP for such period of time by the Company and its Subsidiaries, but excluding: (i) interest reserves funded from the proceeds of any loan; (ii) amortization of deferred financing costs; (iii) prepayment penalties and (iv) non-cash swap ineffectiveness charges and including, without duplication: (A) effective interest in respect of original issue discount as determined in accordance with GAAP; and (B) without limitation or duplication, the interest expense (determined as provided above) of Partially-Owned Entities, multiplied by the Company’s Percentage Interest of the Partially-Owned Entity Outstanding Debt in such Partially-Owned Entities, in all cases as reflected in the applicable Consolidated Financial Statements.
“Interest Payment Date” has the meaning specified in Section 2.3 hereof.
“Latest Completed Quarter” means the most recently ended fiscal quarter of the Company for which Consolidated Financial Statements of the Company have been completed, it being understood that at any time when the Company is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and in accordance therewith files annual and quarterly reports with the Commission, the term “Latest Completed Quarter” shall be deemed to refer to the fiscal quarter covered by the Company’s most recently filed Quarterly Report on Form 10-Q, or, in the case of the last fiscal quarter of the year, the Company’s Annual Report on Form 10‐K.
“Lien” means, without duplication, any lien, mortgage, trust deed, deed of trust, deed to secure debt, pledge, security interest, assignment for collateral purposes, deposit arrangement, or other security agreement, excluding any right of setoff but including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and any other like agreement granting or conveying a security interest; provided, that for purposes hereof, “Lien” shall not include any mortgage that has been defeased by the Company, any of its Subsidiaries or any of the Partially-Owned Entities in accordance with the provisions thereof through the deposit of cash, cash equivalents or marketable securities (it being understood that cash collateral shall be deemed to include cash deposited with a trustee with respect to third party indebtedness).
“Make-Whole Amount” means, in connection with any optional redemption of the Notes, the excess, if any, of (i) the aggregate present value as of the Redemption Date of each dollar of principal being redeemed or paid and the amount of interest, calculated by the Company, excluding interest accrued to the Redemption Date, that would have been payable in respect of 

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each dollar if such redemption had been made on the Par Call Date, determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate, determined on the third Business Day preceding the date notice of such redemption is given, from the respective dates on which the principal and interest would have been payable if such redemption had been made on the Par Call Date, over (ii) the aggregate principal amount of the Notes being redeemed. 
“Notes” has the meaning specified in Section 2.1 hereof.  
“Par Call Date” means October 30, 2030 (three months prior to the Stated Maturity Date).
“Partially-Owned Entity” means, at any time, any of the partnerships, associations, corporations, limited liability companies, trusts, joint ventures or other business entities in which the Company, directly, or indirectly through full or partial ownership of another entity, owns an equity interest, but which is not required in accordance with GAAP to be consolidated with the Company for financial reporting purposes.
“Partially-Owned Entity Outstanding Debt” means, as of any date, the aggregate principal amount of all outstanding indebtedness and liabilities for borrowed money, secured or unsecured, of the applicable Partially-Owned Entity, including mortgage and other notes payable but excluding Intercompany Debt and any indebtedness which is secured by cash, cash equivalents or marketable securities or defeased (it being understood that cash collateral shall be deemed to include cash deposited with a trustee with respect to third party indebtedness), all as reflected in the Consolidated Financial Statements of such Partially-Owned Entity as of such date.
“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary, as the case may be (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream).
“Percentage Interest” means, with respect to a Partially-Owned Entity, the Company’s direct or indirect interest in the equity capital of such entity without giving effect to any incentive or performance-based sharing in the entity’s cash flow from operations or proceeds from capital transactions in excess of such equity interest.
“Property EBITDA” means for any property, for any period of time, without duplication, (1) if the property is owned or leased by the Company or any of its Subsidiaries, the net income (loss) derived from such property, excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) Interest Expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, (v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), and (vi) noncontrolling interest, and (2) if the property is owned or leased by a Partially-Owned Entity, the product of (A) net income (loss) derived from such property, excluding net derivative gains and gains (losses) on dispositions of real estate, before deductions for (i) interest expense, (ii) taxes, (iii) depreciation, amortization, net derivative losses 

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and all other non-cash items, as determined in good faith by the Company, deducted in arriving at net income (loss), (iv) extraordinary items, and (v) non-recurring items, as determined in good faith by the Company (including all prepayment penalties and all costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)), multiplied by (B) the Company’s and its Subsidiaries’ aggregate percentage share of such Partially-Owned Entity.  In each of cases (1) and (2) for such period, amounts shall be as reasonably determined by the Company in accordance with GAAP, except to the extent GAAP is not applicable with respect to the determination of all non-cash and non-recurring items.  Property EBITDA shall be adjusted, without duplication, to give pro forma effect: (x) in the case of any assets having been placed-in-service or removed from service since the beginning of the period and on or prior to the date of determination, to include or exclude, as the case may be, any Property EBITDA earned or eliminated as a result of the placement of such assets in service or removal of such assets from service as if the placement of such assets in service or removal of such assets from service occurred at the beginning of the period; and (y) in the case of any acquisition or disposition of any asset or group of assets since the beginning of the period and on or prior to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, to include or exclude, as the case may be, any Property EBITDA earned or eliminated as a result of the acquisition or disposition of those assets as if the acquisition or disposition occurred at the beginning of the period.  For purposes of this definition, in the case of (1) and (2) above, Property EBITDA shall exclude general and administrative expenses as reflected in the Company’s audited year-end Consolidated Financial Statements or reviewed interim Consolidated Financial Statements available for the Latest Completed Quarter or the most recent four (4) consecutive completed fiscal quarters, as applicable.
“Regular Record Date” has the meaning specified in Section 2.3 hereof.
“Reinvestment Rate” means the yield on treasury securities at a constant maturity corresponding to the remaining life to maturity (rounded up to the nearest month) of the principal of the Notes being redeemed as of the Redemption Date (which maturity shall be deemed to be the Par Call Date) (the “Treasury Yield”), plus 0.400% for the Notes being redeemed. For purposes of calculating the Reinvestment Rate, the Treasury Yield will be equal to the arithmetic mean of the yields published in the Statistical Release under the heading “Week Ending” for “U.S. Government Securities—Treasury Constant Maturities” with a maturity equal to the deemed remaining life to maturity of the Notes being redeemed. However, if no published maturity exactly corresponds to such remaining life, then the Treasury Yield will be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest and next longest published maturities. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount will be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury Yield will be determined in the manner that most closely approximates the above manner, as the Company reasonably determines. 

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“Secured Debt” means, as of any date, that portion of Total Outstanding Debt as of that date that is secured by a Lien on properties or other assets of the Company, any of its Subsidiaries or any of the Partially-Owned Entities.
“Securities Act” means the Securities Act of 1933, as amended from time to time.
“Special Record Date” has the meaning specified in Section 2.3 hereof.
“Stated Maturity Date” has the meaning specified in Section 2.3 hereof.
“Statistical Release” means the statistical release designated “H.15” or any successor publication that is published weekly by the Federal Reserve System and that reports yields on actively traded United States government securities adjusted to constant maturities, or, if that statistical release is not published at the time of any required determination under the Indenture, then another reasonably comparable publication which the Company will designate. 
“Subsidiary” means, with respect to any Person, a corporation, partnership association, joint venture, trust, limited liability company or other business entity which is required to be consolidated with the Company or Boston Properties in accordance with GAAP.
“Total Assets” means, with respect to any Incurrence of Debt or Secured Debt, as of any date, in each case as determined by the Company without duplication, the sum of: (1) Capitalized Property Value; (2) cash, cash equivalents and marketable securities of the Company and its Subsidiaries, determined in accordance with GAAP; (3) with respect to notes receivable and mortgages, the lesser of (i) the aggregate amount of principal under such note or mortgage that will be due and payable to the Company or its Subsidiaries and (ii) the purchase price paid by the Company or its Subsidiaries to acquire such note or mortgage; (4) with respect to real estate assets which are undeveloped land, the book value thereof in accordance with GAAP; (5) without duplication, the cost basis of properties of the Company and its Subsidiaries that are under development, determined in accordance with GAAP, as of the end of the quarterly period used for purposes of clause (1) above; (6) without duplication, the proceeds of the Debt or Secured Debt or the assets to be acquired in exchange for such proceeds, as the case may be, Incurred from the end of the Latest Completed Quarter prior to the Incurrence of the Debt or Secured Debt, as the case may be, to the date of determination; (7) for all other assets of the Company and its Subsidiaries other than assets referred to in (1) through (6) above, the undepreciated book value of such assets as determined in accordance with GAAP, but excluding accounts receivable, intangible assets and, to avoid duplication, the Company’s and its Subsidiaries’ aggregate percentage share of Partially-Owned Entities’ assets (except with respect to clause (8) below); and (8) the Company’s and its Subsidiaries’ aggregate percentage share of Partially-Owned Entities’ assets described in clauses (1) through (7) above.
“Total Outstanding Debt” means, as of any date, the sum, without duplication, of (1) the aggregate principal amount of all outstanding Debt of the Company as of that date; (2) the aggregate principal amount of all outstanding Debt of the Company’s Subsidiaries, all as of that date; and (3) the sum of the aggregate principal amount of all Partially-Owned Entity Outstanding Debt of each of the Partially-Owned Entities multiplied by the Company’s respective Percentage Interest in such Partially-Owned Entity as of that date.

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“Unencumbered Assets” means, as of any date, in each case as determined by the Company without duplication, the sum of: (1) Unencumbered Capitalized Property Value; (2) cash, cash equivalents and marketable securities of the Company and its Subsidiaries, other than restricted cash, cash equivalents and marketable securities pledged to secure Debt, determined in accordance with GAAP; (3) with respect to notes receivable and mortgages, the lesser of (i) the aggregate amount of principal under such note or mortgage that will be due and payable to the Company or its Subsidiaries and (ii) the purchase price paid by the Company or its Subsidiaries to acquire such note or mortgage, except any notes receivable or mortgages that are serving as collateral for Secured Debt; (4) with respect to real estate assets which are undeveloped land, the book value thereof in accordance with GAAP, except any land that is serving as collateral for Secured Debt; (5) without duplication, the cost basis of properties of the Company and its Subsidiaries that are under development, determined in accordance with GAAP, as of the end of the quarterly period used for purposes of clause (1) above, except any properties that are serving as collateral for Secured Debt; (6) without duplication, the proceeds of the Debt or Secured Debt or the assets to be acquired in exchange for such proceeds, as the case may be, Incurred from the end of the Latest Completed Quarter prior to such date to the date of determination, except in each case any proceeds or assets that are serving as collateral for Secured Debt; and (7) the Company’s and its Subsidiaries’ aggregate percentage share, of Partially-Owned Entities’ assets described in clauses (1), (2), (3), (4), (5) and (6) above.  For the avoidance of doubt, cash held by a “qualified intermediary” in connection with proposed like-kind exchanges pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), which may be classified as “restricted” for GAAP purposes shall nonetheless be included in clause (2) above, so long as the Company or any of its Subsidiaries has the right to (i) direct the qualified intermediary to return such cash to the Company or such Subsidiary if and when the Company or such Subsidiary fails to identify or acquire the proposed like-kind property or at the end of the 180-day replacement period or (ii) direct the qualified intermediary to use such cash to acquire like-kind property.
“Unencumbered Capitalized Property Value” means, as of any date, the sum of (1) with respect to non-hotel properties, the aggregate of all Unencumbered Property EBITDA for each such property for the Latest Completed Quarter prior to such date, annualized (i.e., multiplied by four (4)), and capitalized at the Capitalization Rate plus, (2) with respect to hotel properties, the aggregate of all Unencumbered Property EBITDA for each such property for the most recent four (4) consecutive completed fiscal quarters, capitalized at the Capitalization Rate; provided, however, that if the value of a particular property calculated pursuant to clause (1) or (2) above, as applicable, is less than the undepreciated book value of such property determined in accordance with GAAP, such undepreciated book value shall be used in lieu thereof with respect to such property.

“Unencumbered Consolidated EBITDA” means, for any period of time, Consolidated EBITDA for such period of time less any portion thereof attributable to assets serving as collateral for Secured Debt.
“Unencumbered Property EBITDA” means, for any period of time, Property EBITDA for such period of time less any portion thereof attributable to assets serving as collateral for Secured Debt.

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“Unsecured Debt” means, as of any date, that portion of Total Outstanding Debt as of that date that is neither Secured Debt nor Contingent Liabilities of Boston Properties Limited Partnership and Subsidiaries.
ARTICLE TWO 
 
THE NOTES
		
	SECTION 2.1.
	Title of the Securities.

There shall be a series of Securities designated the “3.250% Senior Notes due 2031” (the “Notes”).
		
	SECTION 2.2.
	Limitation on Initial Aggregate Principal Amount; Further Issuances.

The aggregate principal amount of the Notes initially shall be limited to $1,250,000,000.  The Company may, from time to time, subject to Section 2.4 of this Twenty-First Supplemental Indenture and applicable law, create and issue additional Notes under this Twenty-First Supplemental Indenture ranking equally and ratably with the outstanding Notes in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Notes or except for the first payment of interest following the issue date of such additional Notes) without notice to or the consent of the Holders of outstanding Notes.  The initially issued Notes and any additional Notes subsequently issued shall be consolidated and form a single series with the outstanding Notes for all purposes of this Twenty-First Supplemental Indenture and shall have the same terms as to status, redemption or otherwise as the outstanding Notes.  If any such additional Notes are not fungible with the Notes offered hereby for U.S. federal income tax purposes, such additional Notes will have one or more separate CUSIP numbers. Any such additional Notes referred to in this Section 2.2 will be issued under a further supplemental indenture. 
Nothing contained in this Section 2.2 or elsewhere in this Twenty-First Supplemental Indenture, or in the Notes, is intended to or shall limit execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 3.03, 3.04, 3.05, 3.06, 9.06, 11.07 and 13.05 of the Senior Indenture.
		
	SECTION 2.3.
	Interest and Interest Rates; Maturity Date of Notes.

(a)    The Notes shall bear interest at 3.250% per annum from May 5, 2020 or from the immediately preceding Interest Payment Date (as defined below) to which interest has been paid, payable semi-annually in arrears on January 30 and July 30 of each year, commencing July 30, 2020 (each, an “Interest Payment Date”), to the persons (the “Holders”) in whose name the applicable Notes are registered in the Security Register at the close of business 15 calendar days prior to such Interest Payment Date (regardless of whether such day is a Business Day, as defined below), as the case may be (each, a “Regular Record Date”).  Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.  Interest payable on the Notes on any Interest Payment Date, the Stated Maturity Date or any Redemption Date applicable to the Notes, as the case may be, will include interest accrued from and including the 

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next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including May 5, 2020, if no interest has been paid on the Notes) to, but excluding, such Interest Payment Date, the Stated Maturity Date or such Redemption Date, as the case may be.  Interest, if any, not punctually paid or duly provided for on any Interest Payment Date with respect to a Note (“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the applicable Regular Record Date and may either be paid to the person in whose name such Note is registered at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to the Holder of such Note not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner, as more particularly described in the Senior Indenture.
(b)    If any Interest Payment Date or Maturity falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Maturity, as the case may be.
(c)    The Notes shall mature on January 30, 2031 (the “Stated Maturity Date”).
		
	SECTION 2.4.
	Limitations on Incurrence of Debt; Payment of Taxes and Other Claims.

In addition to the covenants set forth in Article Ten of the Senior Indenture, other than the covenants set forth in Section 10.07 of the Senior Indenture which are superseded by Section 2.4(e) below and shall not apply to the Notes, there are established pursuant to Section 9.01(2) of the Senior Indenture the following covenants for the benefit of the Holders of the Notes and to which the Notes shall be subject:
(a)    The Company shall not, and shall not permit any Subsidiary to, Incur any Debt if, immediately after giving effect to the Incurrence of the additional Debt and any other Debt Incurred since the end of the Latest Completed Quarter prior to the Incurrence of the additional Debt and the application of the net proceeds of the additional Debt and such other Debt, Total Outstanding Debt would exceed 60% of the sum of (without duplication) (i) Total Assets as of the end of such Latest Completed Quarter and (ii) the purchase price of any mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets for which the Capitalized Property Value is included in Total Assets as of the end of such Latest Completed Quarter (as a result of the penultimate sentence of the definition of Property EBITDA or otherwise) or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such Latest Completed Quarter.
(b)    The Company shall not, and shall not permit any Subsidiary to, Incur any Secured Debt if, immediately after giving effect to the Incurrence of the additional Secured Debt and any other Secured Debt Incurred since the end of the Latest Completed Quarter prior to the Incurrence of the additional Secured Debt and the application of the net proceeds of the additional Secured Debt and such other Secured Debt, the aggregate principal amount of all outstanding Secured Debt is greater than 50% of the sum of (without duplication) (i) Total Assets 

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as of the end of such Latest Completed Quarter and (ii) the purchase price of any mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets for which the Capitalized Property Value is included in Total Assets as of the end of such Latest Completed Quarter (as a result of the penultimate sentence of the definition of Property EBITDA or otherwise) or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such Latest Completed Quarter.
(c)    The Company shall not, and shall not permit any Subsidiary to, Incur any Debt if, immediately after giving effect to the Incurrence of the additional Debt, the ratio of Annualized Consolidated EBITDA for the Latest Completed Quarter prior to the Incurrence of the additional Debt, to Annualized Interest Expense for that quarter would be less than 1.50 to 1.00 on a pro forma basis after giving effect to the Incurrence of the additional Debt and to the application of the net proceeds therefrom, and calculated on the assumption, without duplication, that:  (i) the additional Debt and any other Debt Incurred by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination, which was outstanding at the date of determination, had been Incurred at the beginning of that period and continued to be outstanding throughout that period, and the application of the net proceeds of that Debt, including to refinance (1) Debt under any revolving credit facility or (2) other Debt, had occurred at the beginning of that period; (ii) the repayment or retirement of any other Debt repaid or retired by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination occurred at the beginning of that period; provided that, except as set forth in clause (i) or (iii) of this Section 2.4(c), in determining the amount of Debt so repaid or retired, the amount of Debt under any revolving credit facility shall be computed based upon the average daily balance of such Debt during that period; and (iii) in the case of any acquisition or disposition of any asset or group of assets or the placement of any assets in service or removal of any assets from service by the Company, any of its Subsidiaries or any of the Partially-Owned Entities from the first day of that quarter to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, (1) the acquisition, disposition, placement in service or removal from service had occurred as of the first day of that period, with the appropriate adjustments to Annualized Consolidated EBITDA and Annualized Interest Expense with respect to the acquisition, disposition, placement in service or removal from service being included in that pro forma calculation and (2) the application of the net proceeds from a disposition to repay or refinance Debt, including, without limitation, Debt under any revolving credit facility, had occurred on the first day of that period.
(d)    The Company and its Subsidiaries shall maintain at all times Unencumbered Assets of not less than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Company and its Subsidiaries.
(e)    The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all material taxes, assessments and governmental charges levied or imposed upon it or any Subsidiary or upon the income, profits or property of any Subsidiary, and (ii) all material lawful claims for labor, materials and supplies, which, if unpaid, might by law become a lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or 

12

discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.
		
	SECTION 2.5.
	Optional Redemption.

The Notes shall be redeemable, at the option of the Company, in whole at any time or in part from time to time, upon not less than 15 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be so redeemed, at a redemption price equal to the sum of (i) 100% of the principal amount of the Notes being redeemed plus accrued interest on such Notes up to, but not including, the Redemption Date for such Notes, and (ii) the Make-Whole Amount, if any, with respect to such Notes. Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the redemption price will not include the Make-Whole Amount.
		
	SECTION 2.6.
	Places of Payment.

The Place of Payment where the Notes may be presented or surrendered for payment, where the Notes may be surrendered for registration of transfer or exchange and where notices and demands to and upon the Company in respect of the Notes and the Senior Indenture may be served shall be in the Borough of Manhattan, The City of New York, and the office or agency for such purpose shall initially be located at The Bank of New York Mellon Trust Company, N.A., c/o The Bank of New York Mellon, 101 Barclay Street, New York, NY 10286.
		
	SECTION 2.7.
	Method of Payment.

Payment of the principal of and interest on the Notes shall be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York (which shall initially be an office or agency of the Trustee), 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; provided, however, that at the option of the Company, payments of principal and interest on the Notes (other than payments of principal and interest due at Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto located within the United States.
		
	SECTION 2.8.
	Currency.

Principal and interest on the Notes shall be payable in Dollars.
		
	SECTION 2.9.
	Global Form.

The Notes shall be issuable and transferable in fully registered form as Registered Securities, without coupons.  The Notes shall initially be issued in the form of one or more permanent Global Notes.  The depository for the Notes shall be The Depository Trust Company (the “Depositary”).  The Notes shall not be issuable in definitive form except as provided in Section 2.11(a) of this Twenty-First Supplemental Indenture.

13

		
	SECTION 2.10.
	Form of Notes and Execution.

The Notes shall be substantially in the form attached as Exhibit A hereto.  The Notes shall be signed in the name and on the behalf of the Company by the manual, facsimile or electronic signature of the Chief Executive Officer, President, any of its Executive or Senior Vice Presidents, Managing Director, or any of its Vice Presidents (whether or not designated by a number or numbers or word or words before or after the title “Vice President”).
		
	SECTION 2.11.
	Transfer and Exchange.

(a)    Transfer and Exchange of Global Notes.  A Global Note may not be transferred as a whole except 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 shall be exchanged by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary stating that it is unwilling or unable to continue to act as a clearing agency for the Notes or is no longer a clearing agency registered under the Exchange Act or other applicable law and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice; or (ii) the Company in its sole discretion determines 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.  Upon the occurrence of any of the preceding events, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee.
(b)    Transfer of Beneficial Interests in the Global Notes.  The transfer of beneficial interests in the Global Notes shall be effected through the Depositary in accordance with the provisions of the Senior Indenture and the applicable procedures of the Depositary.  
(c)    Exchange of Beneficial Interests in Global Notes for Definitive Notes.  A holder of a beneficial interest in a Global Note may, in the circumstances described in Section 2.11(a), have such beneficial interest exchanged by the Company for a Definitive Note.
The transferor of a beneficial interest in a Global Note must deliver to the Security Registrar (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 exchanged and (ii) instructions given by the Depositary to the Security Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the exchange.  In any such case, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.11(e) hereof, and the Company shall execute and the Trustee, upon receipt of a Company Order in accordance with the Senior Indenture, 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 Global Note pursuant to this Section 2.11(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 Security Registrar through instructions from the Depositary and the Participant or 

14

Indirect Participant.  The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered.
(d)    Transfer of Definitive Notes.  Upon request by a Holder of Definitive Notes, the Security Registrar shall register the transfer of Definitive Notes.  Prior to such registration of transfer, the requesting Holder shall present or surrender to the Security Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Security Registrar duly executed by such Holder or by his attorney, duly authorized in writing.
(e)    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 shall be returned to or retained and canceled by the Trustee in accordance with the terms of the Senior Indenture.  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 shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary 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, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary to reflect such increase.
		
	SECTION 2.12.
	General Provisions Relating to Transfers and Exchanges.

(a)    The Trustee and the Security Registrar will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice to the Trustee or the Security Registrar, as the case may be.
(b)    Each Holder of a Note agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Twenty-First Supplemental Indenture or applicable United States federal or state securities law.
(c)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Twenty-First Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among members of, or Participants or Indirect Participants in, the Depositary or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Twenty-First Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

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(d)    None of the Trustee, the Security Registrar nor the Paying Agent shall have any responsibility for any actions taken or not taken by the Depositary.
		
	SECTION 2.13.
	Registrar and Paying Agent.

The Trustee shall initially serve as Security Registrar and Paying Agent for the Notes.
		
	SECTION 2.14.
	Defeasance.

The provisions of Sections 14.02 and 14.03 of the Senior Indenture, together with the other provisions of Article Fourteen of the Senior Indenture, shall be applicable to the Notes.  The provisions of Section 14.03 of the Senior Indenture shall apply to the covenants set forth in Sections 2.4 and 2.15 of this Twenty-First Supplemental Indenture and to those covenants specified in Section 14.03 of the Senior Indenture that are applicable to the Notes.
		
	SECTION 2.15.
	Provision of Financial Information.

Whether or not the Company is subject to Section 13 or 15(d) of the Exchange Act, the Company shall, to the extent permitted under the Exchange Act, file with the Commission the annual reports, quarterly reports and other documents that the Company would have been required to file with the Commission pursuant to such Section 13 or 15(d) if the Company were so subject, such documents to be filed with the Commission on or prior to the respective dates (the “Required Filing Dates”) by which the Company would have been required to file such documents if the Company were so subject.
The Company shall also in any event within 15 days after each Required Filing Date (i) if the Company is not then subject to Section 13 or 15(d) of the Exchange Act, transmit by mail to all Holders, as their names and addresses appear in the Security Register, without cost to such Holders, copies of the annual reports and quarterly reports that the Company would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if the Company were subject to such Sections, and (ii) file with the Trustee copies of annual reports, quarterly reports and other documents that the Company would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if the Company were subject to such Sections. If filing the foregoing reports and documents by the Company with the Commission is not permitted under the Exchange Act, the Company shall promptly upon written request and payment of the reasonable cost of duplication and delivery, supply copies of such documents to any prospective Holder.
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).
		
	SECTION 2.16.
	Waiver of Certain Covenants.

Notwithstanding the provisions of Section 10.09 of the Senior Indenture, the Company may omit in any particular instance to comply with any term, provision or condition set forth in 

16

Sections 10.04, 10.05, 10.06 or 10.08 of the Senior Indenture, with Sections 2.4 and 2.15 of this Twenty-First Supplemental Indenture and with any other term, provision or condition with respect to the Notes (except any such term, provision or condition which could not be amended without the consent of all Holders of the Notes), if before or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding Notes, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition.  Except to the extent so expressly waived, and until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. Section 10.07 of the Senior Indenture, and the covenants set forth therein, shall not apply to the Notes.
		
	SECTION 2.17.
	No Sinking Fund.

The provisions of Article Twelve of the Senior Indenture shall not be applicable to the Notes.
		
	SECTION 2.18.
	No Repayment at Option of Holders.

The provisions of Article Thirteen of the Senior Indenture shall not be applicable to the Notes.
		
	SECTION 2.19.
	Limitation on Suits.

No Holder shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or any of the Notes, or for the appointment of a receiver or trustee, or for any other remedy under the Indenture or any of the Notes, unless:
(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Notes;
(2) the Holders of not less than 25% in principal amount of all outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
(3) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request;
(4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and
(5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of all outstanding Notes;
it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or 

17

preference over any other of such Holders or to enforce any right under this Indenture or any of the Notes, except in the manner provided in the Indenture and for the equal and ratable benefit of all such Holders.
ARTICLE THREE 
 
MISCELLANEOUS PROVISIONS
		
	SECTION 3.1.
	Ratification of Senior Indenture.

Except as expressly modified or amended hereby, the Senior Indenture continues in full force and effect and is in all respects confirmed, ratified and preserved.
		
	SECTION 3.2.
	Governing Law.

This Twenty-First Supplemental Indenture and each Note shall be governed by and construed in accordance with the laws of the State of New York.  This Twenty-First Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and shall, to the extent applicable, be governed by such provisions.
		
	SECTION 3.3.
	Counterparts.

This Twenty-First Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
		
	SECTION 3.4.
	Trustee.

The Trustee makes no representations as to the validity or sufficiency of this Twenty-First Supplemental Indenture.  The statements and recitals herein are deemed to be those of the Company and not of the Trustee.
		
	SECTION 3.5.
	Corporate Trust Office.

The Trustee hereby notifies the Company that its corporate trust business is principally administered at its office located at 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262 and, therefore, pursuant to the Indenture, the Corporate Trust Office is such office.
		
	SECTION 3.6.
	Failure or Delay in Performance.

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or other similar events beyond its control that cause a sudden, significant and/or widespread disruption in its business activities; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

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	SECTION 3.7.
	WAIVER OF JURY TRIAL.

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS TWENTY-FIRST SUPPLEMENTAL INDENTURE, THE INDENTURE (TO THE EXTENT IT RELATES TO THE NOTES), THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.
		
	SECTION 3.8.
	No Consequential Damages.

In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
		
	SECTION 3.9.
	Electronic Notices.

In addition to the foregoing, the Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods.  If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling.  The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction.  The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

		
	SECTION 3.10.
	Submission to Jurisdiction.

The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture.  To the fullest extent permitted by applicable law, the parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

		
	SECTION 3.11.
	FATCA.

The Company agrees (i) upon request by the Trustee, to provide the Trustee with such reasonable information as it has in its possession to enable the Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding requirements described in 

19

Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof (“Applicable Law”), and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, and the Trustee shall have no liability for any amount so withheld and paid over to the applicable governmental authority.

		
	SECTION 3.12.
	Electronic Signatures.

Exchange of signature pages to this Twenty-First Supplemental Indenture and the Notes by facsimile or electronic transmission shall constitute effective execution and delivery of this Twenty-First Supplemental Indenture and authentication of the Notes.

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IN WITNESS WHEREOF, the parties hereto have caused this Twenty-First Supplemental Indenture to be duly executed by their respective officers hereunto duly authorized, all as of the day and year first written above.

BOSTON PROPERTIES LIMITED PARTNERSHIP

By:  Boston Properties, Inc.,
        its general partner

By: /s/ Michael E. LaBelle    
      Name: Michael E. LaBelle
Title:   Executive Vice President, Chief Financial 
Officer and Treasurer

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

By: /s/ Linda Wirfel    
      Name: Linda Wirfel
      Title: Vice President

[Signature Page to Supplemental Indenture]

EXHIBIT A
FORM OF NOTE
[Face of Note]
[If the Holder of this Note (as indicated below) is The Depository Trust Company (“DTC”) or a nominee of DTC, insert:  Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and such Note issued is registered in the name of Cede & Co., or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co., has an interest herein.
Unless and until this Note is exchanged in whole or in part for Notes in certificated form, this Note may not be transferred except as a whole by DTC to a nominee thereof or by a nominee thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor.]

BOSTON PROPERTIES LIMITED PARTNERSHIP

3.250% Senior Notes due 2031
No. ________                                    $___________ CUSIP No. 10112R BD5

BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (herein referred to as the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to CEDE & CO. or registered assigns the principal sum of _______ Dollars ($_______) on January 30, 2031 (the “Stated Maturity Date”) or earlier at the option of the Company as provided herein (the “Redemption Date”) and to pay interest thereon from May 5, 2020 or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, semi‐annually on January 30 and July 30 in each year (each, an “Interest Payment Date”), commencing July 30, 2020, at the rate of 3.250% per annum, until the principal hereof is paid or duly provided for.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be 15 calendar days prior to such Interest Payment Date (whether or not a Business Day) at the office or agency of the Company maintained for such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of 

A-1

funds to an account maintained by such Holder within the United States.  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.  Interest will be computed on the basis of a 360‐day year of twelve 30‐day months.
The principal of this Note payable on the Stated Maturity Date or the principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date, interest on this Note payable on the Redemption Date, will be paid against presentation of this Note at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.
Interest payable on this Note on any Interest Payment Date and on the Stated Maturity Date or Redemption Date, as the case may be, will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including May 5, 2020 if no interest has been paid on this Note) to, but excluding, such Interest Payment Date or the Stated Maturity Date or Redemption Date, as the case may be.  If any Interest Payment Date or the Stated Maturity Date or Redemption Date falls on a day that is not a Business Day, as defined below, principal, premium or Make-Whole Amount, if any, and/or interest payable with respect to such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be, will be paid on the next succeeding Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Stated Maturity Date or Redemption Date, as the case may be. “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in The City of New York are required or authorized by law, regulation or executive order to close.
All payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this Note will be made by the Company in immediately available funds.
Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the Certificate of Authentication hereon has been executed by the Trustee by manual, facsimile or electronic signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

A-2

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.
Dated:  May 5, 2020
BOSTON PROPERTIES LIMITED PARTNERSHIP
By:  Boston Properties, Inc., its general partner 

	
		
	By:
	 

	 
	Name:

	 
	Title:

    
  
 
	
	
	Attest:

	 

	Secretary

CERTIFICATE OF AUTHENTICATION
This is one of the Notes of the series designated therein referred to in the within‐mentioned Indenture.
	
					
	 
	 
	 
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

	 
	 
	 
	as Trustee

	Dated:
	May 5, 2020
	 
	By:
	 

	 
	 
	 
	 
	Authorized Signatory

A-3

REVERSE OF NOTE
BOSTON PROPERTIES LIMITED PARTNERSHIP
This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Indenture, dated as of December 13, 2002, as supplemented by Supplemental Indenture No. 21 dated as of May 5, 2020 (as so supplemented, herein called the “Indenture”), each between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Note is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered.  The aggregate principal amount of the Notes to be issued under such series is initially limited to $1,250,000,000 (except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Notes).  All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
If an Event of Default, as defined in the Indenture, with respect to the Notes shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
The Notes are subject to redemption, at the option of the Company, in whole at any time or in part from time to time, at a redemption price equal to the sum of (i) 100% of the principal amount of the Notes being redeemed plus accrued interest on such Notes up to, but not including, the Redemption Date, and (ii) the Make-Whole Amount, if any, with respect to such Notes. Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the redemption price will not include the Make-Whole Amount.
Notice of redemption will be given by first-class mail to Holders of Notes, not less than 15 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture.
In the event of redemption of this Note in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of all Notes issued under the Indenture at the time Outstanding and affected thereby.  The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all such Notes, to waive compliance by the Company with certain provisions of the Indenture.  Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount, in certain instances, of the Outstanding Notes of any series to waive, on behalf of all of the Holders 

A-4

of Notes of such series, certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium or Make-Whole Amount, if any) and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of (and premium or Make-Whole Amount, if any) and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same.
The Notes of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof.
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
No Holder shall have any recourse under or upon any obligation, covenant or agreement contained in the Indenture, or any indenture supplemental thereto, or this Note, or because of any indebtedness evidenced hereby or thereby, including the payment of the principal of or premium or Make-Whole Amount, if any, or the interest on this Note, or for any claim based hereon or thereon, or otherwise in respect hereof or thereof, against (i) Boston Properties or any other past, present or future partner in the Company, (ii) any other person or entity which owns an interest, directly or indirectly, in any partner of the Company, or (iii) any past, present or future stockholder, employee, officer or director, as such, of the Company or Boston Properties or any successor under any rule of law, statute or constitutional provision or by the enforcement of any 

A-5

assessment or by any legal or equitable proceeding or otherwise.  Each Holder of this Note, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Note.
The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State.

A-6

ASSIGNMENT FORM

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to

(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 Company.  The agent may substitute another to act for him.

		
	Date: _________________ 
	Your Signature: __________________________

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

Tax Identification No: _____________________

SIGNATURE GUARANTEE:

_______________________________________

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

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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 
Note Custodian

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

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