Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

 
 Seller Note, LLC

 (Company) 
 SunEdison, Inc.

 (Guarantor) 
 Wilmington
Trust, National Association 
 (Trustee) and (Collateral Agent) 

3.75% Guaranteed Exchangeable Senior Secured Notes due 2020 

INDENTURE 
 Dated as of
January 29, 2015 
  
  

 
  

							
	ARTICLE 1. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 	1	  
			
	Section 1.01	  	Definitions	  	 	1	  
	Section 1.02	  	References to Interest	  	 	13	  
	Section 1.03	  	Acts of Holders	  	 	13	  
		
	ARTICLE 2. THE NOTES	  	 	15	  
			
	Section 2.01	  	Title and Terms; Payments	  	 	15	  
	Section 2.02	  	[RESERVED]	  	 	15	  
	Section 2.03	  	Denominations	  	 	15	  
	Section 2.04	  	Execution, Authentication, Delivery and Dating	  	 	15	  
	Section 2.05	  	Temporary Notes	  	 	16	  
	Section 2.06	  	Registration; Registration of Transfer of Notes and Exchange of Notes for Other Notes	  	 	16	  
	Section 2.07	  	Transfer and Hedging Restrictions	  	 	18	  
	Section 2.08	  	[RESERVED]	  	 	18	  
	Section 2.09	  	Mutilated, Destroyed, Lost and Stolen Notes	  	 	18	  
	Section 2.10	  	Persons Deemed Owners	  	 	19	  
	Section 2.11	  	Transfer of Notes; Exchange of Notes for Other Notes	  	 	19	  
	Section 2.12	  	Purchase of Notes; Cancellation	  	 	23	  
	Section 2.13	  	CUSIP Numbers	  	 	23	  
	Section 2.14	  	Payment and Computation of Interest	  	 	23	  
		
	ARTICLE 3. REPURCHASE AT THE OPTION OF THE HOLDERS	  	 	24	  
			
	Section 3.01	  	Purchase at Option of Holders upon a Fundamental Change	  	 	24	  
	Section 3.02	  	Fundamental Change Company Notice	  	 	25	  
	Section 3.03	  	Repurchase Procedures	  	 	26	  
	Section 3.04	  	Effect of Fundamental Change Purchase Notice	  	 	27	  
	Section 3.05	  	Withdrawal of Fundamental Change Purchase Notice	  	 	27	  
	Section 3.06	  	Deposit of Fundamental Change Purchase Price	  	 	27	  
	Section 3.07	  	Notes Purchased in Whole or in Part	  	 	28	  
	Section 3.08	  	Covenant To Comply with Applicable Laws upon Purchase of Notes	  	 	28	  
	Section 3.09	  	Repayment to the Company	  	 	28	  
		
	ARTICLE 4. EXCHANGE	  	 	28	  
			
	Section 4.01	  	Right To Exchange	  	 	28	  
	Section 4.02	  	Exchange Procedures	  	 	29	  
	Section 4.03	  	Settlement Upon Exchange	  	 	31	  
	Section 4.04	  	Adjustment of Exchange Rate	  	 	32	  
	Section 4.05	  	Discretionary and Voluntary Adjustments	  	 	41	  
	Section 4.06	  	Adjustment to Exchange Rate Upon Exchange in Connection with a Make-Whole Fundamental Change	  	 	41	  

  
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	Section 4.07	  	Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale	  	 	43	  
	Section 4.08	  	Certain Covenants	  	 	45	  
	Section 4.09	  	Responsibility of Trustee	  	 	46	  
	Section 4.10	  	Notice of Adjustment to the Trustee	  	 	46	  
	Section 4.11	  	Notice to Holders	  	 	46	  
		
	ARTICLE 5. COVENANTS	  	 	47	  
			
	Section 5.01	  	Payment of Principal and Interest and the Fundamental Change Purchase Price	  	 	47	  
	Section 5.02	  	Maintenance of Office or Agency	  	 	48	  
	Section 5.03	  	Provisions as to Paying Agent	  	 	48	  
	Section 5.04	  	Reports	  	 	50	  
	Section 5.05	  	Statements as to Defaults	  	 	50	  
	Section 5.06	  	Additional Interest Notice	  	 	51	  
	Section 5.07	  	Compliance Certificate and Opinions of Counsel	  	 	51	  
	Section 5.08	  	Liquidated Damages Notice	  	 	52	  
	Section 5.09	  	Corporate Existence	  	 	52	  
	Section 5.10	  	Restriction on Resales	  	 	52	  
	Section 5.11	  	Further Instruments and Acts	  	 	52	  
	Section 5.12	  	Maintenance of Collateral	  	 	52	  
	Section 5.13	  	Further Assurances	  	 	52	  
	Section 5.14	  	Company to Furnish Trustee Names and Addresses of Holders	  	 	53	  
		
	ARTICLE 6. REMEDIES	  	 	53	  
			
	Section 6.01	  	Events of Default	  	 	53	  
	Section 6.02	  	Acceleration; Rescission and Annulment	  	 	55	  
	Section 6.03	  	Additional Interest	  	 	56	  
	Section 6.04	  	Waiver of Past Defaults	  	 	57	  
	Section 6.05	  	Control by Majority	  	 	57	  
	Section 6.06	  	Limitation on Suits	  	 	57	  
	Section 6.07	  	Rights of Holders to Receive Payment and to Exchange	  	 	58	  
	Section 6.08	  	Collection of Indebtedness; Suit for Enforcement by Trustee	  	 	58	  
	Section 6.09	  	Trustee May Enforce Claims Without Possession of Notes	  	 	58	  
	Section 6.10	  	Trustee May File Proofs of Claim	  	 	58	  
	Section 6.11	  	Restoration of Rights and Remedies	  	 	59	  
	Section 6.12	  	Rights and Remedies Cumulative	  	 	59	  
	Section 6.13	  	Delay or Omission Not a Waiver	  	 	59	  
	Section 6.14	  	Priorities	  	 	59	  
	Section 6.15	  	Undertaking for Costs	  	 	60	  
	Section 6.16	  	Waiver of Stay, Extension and Usury Laws	  	 	60	  
	Section 6.17	  	Notices from the Trustee	  	 	60	  

  
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	ARTICLE 7. SATISFACTION AND DISCHARGE	  	 	61	  
			
	Section 7.01	  	Discharge of Liability on Notes	  	 	61	  
	Section 7.02	  	Deposited Monies to Be Held in Trust by Trustee	  	 	61	  
	Section 7.03	  	Paying Agent to Repay Monies Held	  	 	62	  
	Section 7.04	  	Return of Unclaimed Monies	  	 	62	  
	Section 7.05	  	Reinstatement	  	 	62	  
		
	ARTICLE 8. SUPPLEMENTAL INDENTURES	  	 	62	  
			
	Section 8.01	  	Supplemental Indentures Without Consent of Holders	  	 	62	  
	Section 8.02	  	Supplemental Indentures With Consent of Holders	  	 	63	  
	Section 8.03	  	Notice of Amendment or Supplement	  	 	64	  
	Section 8.04	  	Trustee to Sign Amendments, Etc	  	 	64	  
		
	ARTICLE 9. SUCCESSOR COMPANY	  	 	64	  
			
	Section 9.01	  	Guarantor May Consolidate, Etc. on Certain Terms	  	 	64	  
	Section 9.02	  	Successor Guarantor to Be Substituted	  	 	65	  
	Section 9.03	  	Officer’s Certificate and Opinion of Counsel to Be Given to Trustee	  	 	66	  
		
	ARTICLE 10. NO REDEMPTION	  	 	66	  
			
	Section 10.01	  	No Redemption	  	 	66	  
		
	ARTICLE 11. THE TRUSTEE	  	 	66	  
			
	Section 11.01	  	Duties and Responsibilities of Trustee	  	 	66	  
	Section 11.02	  	[RESERVED]	  	 	68	  
	Section 11.03	  	Rights of the Trustee	  	 	68	  
	Section 11.04	  	Trustee’s Disclaimer	  	 	69	  
	Section 11.05	  	Trustee or Agents May Own Notes	  	 	69	  
	Section 11.06	  	Monies to be Held in Trust	  	 	69	  
	Section 11.07	  	Compensation and Expenses of Trustee	  	 	69	  
	Section 11.08	  	Officer’s Certificate as Evidence	  	 	70	  
	Section 11.09	  	Conflicting Interests of Trustee	  	 	70	  
	Section 11.10	  	Eligibility of Trustee	  	 	71	  
	Section 11.11	  	Resignation or Removal of Trustee	  	 	71	  
	Section 11.12	  	Acceptance by Successor Trustee	  	 	72	  
	Section 11.13	  	Succession by Merger, Etc	  	 	73	  
	Section 11.14	  	Preferential Collection of Claims	  	 	73	  
	Section 11.15	  	Trustee’s Application for Instructions from the Company	  	 	73	  
		
	ARTICLE 12. MISCELLANEOUS	  	 	74	  
			
	Section 12.01	  	Effect on Successors and Assigns	  	 	74	  
	Section 12.02	  	Governing Law	  	 	74	  
	Section 12.03	  	No Note Interest Created	  	 	74	  
	Section 12.04	  	Trust Indenture Act	  	 	74	  
	Section 12.05	  	Benefits of Indenture	  	 	74	  

  
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	Section 12.06	  	Calculations	  	 	74	  
	Section 12.07	  	Execution in Counterparts	  	 	75	  
	Section 12.08	  	Notices	  	 	75	  
	Section 12.09	  	No Recourse Against Others	  	 	76	  
	Section 12.10	  	Tax Withholding	  	 	76	  
	Section 12.11	  	Waiver of Jury Trial	  	 	76	  
	Section 12.12	  	U.S.A. Patriot Act	  	 	76	  
	Section 12.13	  	Force Majeure	  	 	77	  
	Section 12.14	  	Submission to Jurisdiction	  	 	77	  
		
	ARTICLE 13. GUARANTEE	  	 	77	  
			
	Section 13.01	  	Guarantee	  	 	77	  
	Section 13.02	  	Execution and Delivery of Guarantees	  	 	79	  
	Section 13.03	  	Release of the Guarantor	  	 	79	  
		
	ARTICLE 14. COLLATERAL AND SECURITY	  	 	80	  
			
	Section 14.01	  	Security Interest	  	 	80	  
	Section 14.02	  	Collateral Agent	  	 	80	  
	Section 14.03	  	Authorization of Actions to be Taken	  	 	82	  
	Section 14.04	  	Release of Collateral	  	 	83	  

  
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 INDENTURE, dated as of January 29, 2015, by and among Seller Note, LLC, a Delaware
limited liability company, as issuer (the “Company”), SunEdison, Inc., a Delaware corporation, as guarantor (“SunEdison”), and Wilmington Trust, National Association, as trustee, exchange agent, registrar, paying
agent and collateral agent (in such capacities, the “Trustee”, “Exchange Agent”, “Registrar”, “Paying Agent” and “Collateral Agent”, respectively). 

RECITALS OF THE COMPANY 

WHEREAS, each of the Company and the Guarantor has duly authorized the creation of an issue of the Company’s 3.75% Guaranteed
Exchangeable Senior Secured Notes due 2020 (the “Notes”), having the terms, tenor, amount and other provisions hereinafter set forth, and, to provide therefor, has duly authorized the execution and delivery of this Indenture; and

 WHEREAS, all things necessary to make the Notes, when duly executed by the Company and authenticated and delivered hereunder and duly
issued by the Company, the legal, valid and binding obligations of the Company, in accordance with the terms of the Notes and this Indenture, have been done and performed, and the execution of this Indenture and the issue hereunder of the Notes have
in all respects been duly authorized by each of the Company and the Guarantor, as the case may be; 
 NOW, THEREFORE, THIS INDENTURE
WITNESSETH, for and in consideration of the premises and the purchases of the Notes by the Holders thereof, it is mutually agreed, for the benefit of each other and the equal and proportionate benefit of all Holders (as hereinafter defined), as
follows: 
 ARTICLE 1. 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01 Definitions and References. The terms defined in this Section 1.01 (except as herein otherwise expressly
provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. The words “herein”, “hereof”,
“hereunder” and words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other Subdivision. The word “or” is not exclusive and the word “including” means including without
limitation. The terms defined in this Article include the plural as well as the singular. References to any Article, Section, Schedule or Exhibit are to this Indenture except as herein otherwise expressly provided. 

“Act” has the meaning specified in Section 1.03. 

“Additional Interest” means all amounts, if any, payable by the Company pursuant to Section 6.03. 

“Additional Shares” has the meaning specified in Section 4.06(a). 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified 

  
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Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent Members” has the meaning specified in Section 2.06(b). 

“Agent” means any Paying Agent, Registrar, Exchange Agent or any other agent appointed pursuant to this Indenture. 

“Applicable Procedures” means, with respect to any matter at any time, the policies and procedures of a Depositary, if any,
that are applicable to such matter at such time. 
 “Authenticating Agent” means any Person authorized by the Trustee to
act on behalf of the Trustee to authenticate Notes. 
 “Board of Directors” means, with respect to a Person, either the
board of directors of the Person or any duly authorized committee of that board. 
 “Board Resolution” when used with
reference to the Company means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and
delivered to the Trustee. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which state or
federally chartered banking institutions in New York, New York are not required to be open. 
 “Capital Stock” means, for
any Person, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) the equity of such Person, but excluding any debt securities convertible into such equity.

 “Change in Control” means, with respect to either SunEdison or TERP (the “Relevant Party”), an event
that will be deemed to have occurred at the time, after the Issue Date, any of the following occurs: 
 (1) any
“person” or “group” (within the meaning of Section 13(d) of the Exchange Act), other than the Relevant Party (or, where TERP is the relevant party, SunEdison), its (or, where TERP is the relevant Party, SunEdison’s)
Subsidiaries, or its (or where TERP is the Relevant Party, SunEdison’s) or such Subsidiaries’ employee benefit plans, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has
become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Relevant Party’s Common Equity representing 50% or more of the total voting power of the Relevant Party’s Common Equity, or
has the power, directly or indirectly, to elect a majority of the members of our board of directors; 

  
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 (2) the Relevant Party consolidates with, enters into a binding share exchange,
merger or similar transaction with or into another person other than one or more of its subsidiaries or the Relevant Party sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of the consolidated assets of the
Relevant Party, or any Person consolidates with, or merges with or into, the Relevant Party; provided that any merger, binding share exchange, consolidation or similar transaction pursuant to which the Persons that “beneficially
owned,” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly, the Relevant Party’s Common Equity immediately prior to such transaction “beneficially own,” (as defined in Rule 13d-3 under the Exchange Act)
directly or indirectly, the Common Equity representing at least a majority of the total voting power of all outstanding classes of the Common Equity of the surviving or transferee Person and such holders’ proportional voting power immediately
after such transaction vis-à-vis each other with respect to the securities they receive in such transaction will be in substantially the same proportions as their respective voting power vis-à-vis each other immediately prior to such
transaction will not constitute a “Change in Control”; 
 (3) the Company is no longer owned, directly or
indirectly, by Guarantor; or 
 (4) the holders of the Relevant Party’s Capital Stock approve any plan or proposal for
the liquidation or dissolution of the Relevant Party (whether or not otherwise in compliance with this Indenture). 
 provided that, notwithstanding
the foregoing, a “Change in Control” will not be deemed to have occurred if (x) with respect to events in which TERP is the Relevant Party, at least 90% of the consideration paid for the Relevant Party’s Common Equity in a
transaction or transactions described under clauses (1) or (2) of this definition of “Change in Control” above (excluding cash payments for any fractional shares and cash payments made pursuant to dissenters’ appraisal
rights) consists of shares of common stock traded on a Permitted Exchange, or will be so traded immediately following such transaction (such securities, “Publicly Traded Securities,” and such exception, the “Listed Stock
Exception”)), and, as a result therefrom, such consideration becomes the Reference Property for the Notes or (y) with respect to events in which SunEdison is the Relevant Party, the Listed Stock Exception applies and the resulting,
surviving or transferee Person (if not SunEdison) has a long-term issuer credit rating by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”) or by Moody’s Investor Service, Inc. or its successor
(“Moody’s”) or, if either S&P or Moody’s ceases to rate SunEdison, by a substitute rating agency selected by the Board of Directors of the Guarantor equal to or better than such long-term issuer credit rating of
SunEdison immediately prior to such event; provided further that, notwithstanding anything to the contrary in the foregoing, to the extent SunEdison continues to own at least 51% of the voting power of any yieldco Subsidiary the stock of
which has been offered to the public, the offering to the public (and subsequent dispositions of SunEdison’s interests in such entity) will not constitute a “Change in Control.” 

If any transaction in which the Common Stock is replaced by the Reference Property comprised of securities of another entity occurs, following
completion of any related Make-Whole Fundamental Change Period and any related Fundamental Change Purchase Date, references to TERP in this definition of “Change in Control” will apply to such other entity instead. 

  
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 “Class B Common Stock” means the Class B common stock, par value $0.01 per
share, of TERP authorized at the date of this instrument as originally executed or shares of any class or classes of common stock resulting from any reclassification or reclassifications thereof; 

“Class B Units” means the Class B units in TerraForm Power, LLC. 

“Clause A Distribution” has the meaning specified in Section 4.04(c). 

“Clause B Distribution” has the meaning specified in Section 4.04(c). 

“Clause C Distribution” has the meaning specified in Section 4.04(c). 

“Close of Business” means 5:00 p.m., New York City time. 

“Closing Sale Price” of the Common Stock for any day means the closing sale price per share (or, if no closing sale price is
reported, the average of the last bid and last ask prices or, if more than one in either case, the average of the average last bid and the average last ask prices) at 4:00 p.m. New York City time on that day as reported in composite transactions for
the Exchange, or if the Common Stock is not listed on the Exchange, the principal U.S. national or regional securities exchange on which the Common Stock is listed for trading or, if the Common Stock is not listed on a U.S. national or regional
securities exchange, as reported by OTC Markets Group Inc. at 4:00 p.m. New York City time on such date (or, in either case, the then-standard closing time for regular trading on the relevant exchange or trading system). If the closing sale price of
the Common Stock is not so reported, the “Closing Sale Price” will be the average of the mid-point of the last bid and last ask prices for the Common Stock on the relevant date from each of at least three nationally recognized independent
investment banking firms selected by the Company for this purpose. 
 “Collateral” means “Pledged Collateral” as
defined in the Pledge Agreement. 
 “Collateral Agent” means Wilmington Trust, National Association, acting solely in its
capacity as collateral agent pursuant to the Collateral Documents, or any successor thereto. 
 “Collateral Documents”
means the Pledge Agreement, security agreements, agency agreements and other instruments and documents and any supplements or amendments thereto, in each case, executed and delivered pursuant to this Indenture or any of the foregoing, as the same
may be amended, supplemented or otherwise modified from time to time and pursuant to which the Collateral is pledged, assigned or granted to or on behalf of the Collateral Agent for the ratable benefit of itself, the Holders of the Notes and the
Trustee or notice of such pledge, assignment or grant is given. For the avoidance of doubt, neither this Indenture nor the Note shall constitute a Collateral Document. 

“Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange
Act, or, if at any time after the execution of this indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

  
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 “Common Equity” of any Person means the Capital Stock of such Person that is
generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control
the management or policies of such Person. 
 “Common Stock” means the Class A common stock, par value $0.01 per
share, of TERP authorized at the date of this instrument as originally executed or shares of any class or classes of common stock resulting from any reclassification or reclassifications thereof; provided, however, that if at any time
there shall be more than one such resulting class, the shares so deliverable upon exchange of Notes shall include shares of all such classes, and the shares of each such class then so issuable shall be substantially in the proportion which the total
number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications. 

“common stock” includes any stock of any class of Capital Stock which has no preference in respect of dividends or of amounts
payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the issuer thereof and which is not subject to redemption by the issuer thereof. 

“Company” has the meaning specified in the first paragraph of this Indenture, and subject to the provisions of
Article 9, shall include its successors and assigns. 
 “Company Order” means a written request or order signed in the
name of the Company by an Officer of SunEdison, acting in its capacity as member of the Company, and delivered to the Trustee. 

“Corporate Trust Office” means, with respect to the office of the Trustee or the Collateral Agent, the designated corporate
trust office of the Trustee or the Collateral Agent, at which at any particular time its corporate trust business shall be principally administered, which office at the date hereof is located at 1100 North Market Street, Wilmington, Delaware 19890,
Attn: SunEdison, Inc. (SPV) 3.75% Guaranteed Exchangeable Secured Notes Administrator, or such other address in the continental United States as the Trustee or the Collateral Agent may designate from time to time by notice to the Holders and the
Company, or the corporate trust office of any successor Trustee or successor Collateral Agent (or such other address as such successor Trustee or successor Collateral Agent may designate from time to time by notice to the Holders and the Company).

 “corporation” means a corporation, association, joint stock company, limited liability company or business trust. 

“Custodian” means the Trustee, as custodian for the Depositary with respect to the Notes (so long as the Notes constitute
Global Notes), or any successor entity. 
 “Default” means any event that is, or with the passage of time or the giving of
notice or both would be, an Event of Default. 

  
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 “Depositary” means, with respect to the Notes issuable or issued in the
form of a Global Note, the Person designated as Depositary by the Company until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each
Person who is then a Depositary hereunder. The Company has appointed The Depository Trust Company as the initial Depositary for the Notes. 

“Dividend Threshold” means, with respect to each regular quarterly cash dividend that falls in the specified calendar
years below, as applicable: 
  

																									
	 	  	2015	 	  	2016	 	  	2017	 	  	2018	 	  	2019	 	  	2020	 
	 Applicable dividend threshold for each quarterly dividend in the specified calendar year:
	  	$	0.2600	  	  	$	0.2990	  	  	$	0.3439	  	  	$	0.3954	  	  	$	0.4547	  	  	$	0.5230	  

 The Dividend Threshold shall be adjusted in a manner inversely proportional to, and at the same time as, adjustments to the
Exchange Rate; provided that no adjustment will be made to the Dividend Threshold for any adjustment to the Exchange Rate pursuant to Section 4.04(d). 

“Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the U.S. that is legal
tender for the payment of public and private debts at the time of payment. 
 “Effective Date” means, with respect to a
Fundamental Change or a Make-Whole Fundamental Change, as applicable, the date such Fundamental Change or Make-Whole Fundamental Change occurs or becomes effective. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Event of Default” has the meaning
specified in Section 6.01. 
 “Ex-Dividend Date” means, except to the extent otherwise provided under
Section 4.04(c), the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or,
if applicable, from the seller of the Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market. 

“Exchange” means the NASDAQ Global Select Market or its successor. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Exchange Agent” has the meaning specified in Section 5.02. 

“Exchange Date” has the meaning specified in Section 4.02(b). 

“Exchange Notice” has the meaning specified in Section 4.02(b). 

  
 6 

 “Exchange Price” means, in respect of each Note, as of any date, $1,000
divided by the Exchange Rate in effect on such date. 
 “Exchange Rate” means initially
28.9140 shares of Common Stock per $1,000 principal amount of Notes, subject to adjustment as set forth herein. 

“Form of Assignment and Transfer” means the “Form of Assignment and Transfer” attached as
Attachment 3 to the Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental Change
Purchase Notice” means the “Form of Fundamental Change Purchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 

“Form of Notice of Exchange” means the “Form of Notice of Exchange” attached as Attachment 1 to
the Form of Note attached hereto as Exhibit A. 
 “Fundamental Change” means the occurrence of a
Change in Control or a Termination of Trading.  
 “Fundamental Change Company Notice” has the meaning
specified in Section 3.02(a). 
 “Fundamental Change Expiration Time” has the meaning specified in
Section 3.03(a)(i). 
 “Fundamental Change Purchase Date” has the meaning specified in
Section 3.01. 
 “Fundamental Change Purchase Notice” has the meaning specified in
Section 3.03(a)(i). 
 “Fundamental Change Purchase Price” has the meaning specified in
Section 3.01. 
 “Global Note” means a Note evidencing all or part of a series of Notes, issued to the
Depositary for such series or its nominee, and registered in the name of such Depositary or nominee. 

“Guarantee” means the guarantee by the Guarantor of the Company’s obligations under this Indenture and the Notes,
to pay principal of and interest on the Notes when due and payable, to deliver any shares of Common Stock (or Reference Property) (and pay cash in lieu of any fractional share) upon any exchange of the Notes and to pay or deliver, as the case may
be, all other amounts due or to become due in connection with this Indenture, the Notes and the performance of all other obligations to the Holders under this Indenture and the Notes, according to the respective terms hereof and thereof. 

“Guarantor” means SunEdison, Inc. and any successor thereof, in each case unless and until such Guarantor ceases to be
such in accordance with Section 13.03 hereof. 

  
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 “Holder” means the Person in whose name a Note is registered in the
Register. 
 “Indenture” means this Indenture as amended or supplemented from time to time. 

“Interest Payment Date” means, with respect to the payment of interest on the Notes, each January 15 and
July 15 of each year, beginning on July 15, 2015. 
 “Issue Date” means, with respect to any Notes,
the date the Notes are issued as set forth on the face of the Notes under this Indenture.  
 “Lien” means
any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest),
whether or not filed, recorded or otherwise perfected under applicable law. 
 “Liquidated Damages” shall
have the meaning set forth in the Registration Rights Agreement. 
 “Liquidated Damages Notice” has the
meaning specified in Section 5.08. 
 “Listed Stock Exception” has the meaning specified in the definition of
“Change in Control” under this Section 1.01. 
 “LLC Agreement” means that certain Limited
Liability Company Agreement of Seller Note, LLC, dated as of January 22, 2015 and as in effect as of the date hereof. 

“Make-Whole Fundamental Change” means (i) any Change in Control with respect to which TERP is the Relevant Party
(determined after giving effect to any exceptions or exclusions from the definition of “Change in Control” but without giving effect to the proviso in clause (2) of the definition thereof) or (ii) a Termination of Trading.

 “Make-Whole Fundamental Change Period” has the meaning specified in Section 4.06(a). 

“Market Disruption Event” means, if the Common Stock is listed for trading on the Exchange or listed on another U.S. national
or regional securities exchange, the occurrence or existence during the one-half hour period ending on the scheduled close of trading on any Scheduled Trading Day of any material suspension or limitation imposed on trading (by reason of movements in
price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options, contracts or futures contracts relating to the Common Stock. 

“Maturity Date” means January 15, 2020. 

“Maximum Exchange Rate” has the meaning specified in Section 4.06(d). 

“Merger Common Stock” has the meaning specified in Section 4.07(d). 

  
 8 

 “Merger Event” has the meaning specified in Section 4.07(a).

 “Merger Valuation Percentage” for any Merger Event shall be equal to (x) the arithmetic average of the
Closing Sale Prices of one share of such Merger Common Stock over the relevant Merger Valuation Period (determined as if references to “Common Stock” in the definition of “Closing Sale Price” were references to the “Merger
Common Stock” for such Merger Event), divided by (y) the arithmetic average of the Closing Sale Prices of one share of Common Stock over the relevant Merger Valuation Period. 

“Merger Valuation Period” for any Merger Event means the five consecutive Trading Day period immediately preceding,
but excluding, the effective date for such Merger Event. 
 “Moody’s” has the meaning specified in the
definition of “Change in Control” under this Section 1.01. 
 “Note” or “Notes”
has the meaning specified in the first paragraph of the Recitals of this Indenture. 
 “Note Documents” means
this Indenture, the Notes, the Guarantee, the Collateral Documents and any other document, instrument or agreement executed and delivered pursuant to any of the foregoing. 

“Offer Expiration Date” has the meaning specified in Section 4.04(e). 

“Officer” or “officer” shall mean, the President, a Vice President (whether or not designated by a
number or word or words added before or after the title “Vice President”), the Treasurer or any Director of the Company. 

“Officer’s Certificate” means a certificate signed by an Officer of the Company and delivered to the Trustee.

 “Open of Business” means 9:00 a.m., New York City time.  

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of, or counsel for, the Company or
SunEdison or an Affiliate of the Company or SunEdison, who is reasonably satisfactory to the Trustee. 

“Outstanding” means, with respect to the Notes, any Notes authenticated by the Trustee except (i) Notes cancelled
by it, (ii) Notes delivered to it for cancellation and (iii)(A) Notes replaced pursuant to Section 2.09 hereof, on and after the time such Note is replaced (unless the Trustee and the Company receive proof satisfactory to them that
such Note is held by a protected purchaser), (B) Notes exchanged pursuant to Article 4 hereof, on and after their Exchange Date, (C) any and all Notes, the principal of which has become due and payable as of the Maturity Date, on a
Fundamental Change Purchase Date or otherwise and in respect of which the Paying Agent is holding, in accordance with this Indenture, money sufficient to pay all of the Notes then payable, and (D) any and all Notes owned by the Company,
SunEdison or any other obligor upon the Notes or any Affiliate of the Company, SunEdison or of such other  

  
 9 

 
obligor. In determining whether the Holders of the required principal amount of Notes have concurred in any request, demand, authorization, direction, notice, consent or waiver, Notes owned by
the Company, SunEdison or any other obligor upon the Notes or any Affiliate of the Company or SunEdison will be considered as though not Outstanding, except that in determining whether the Trustee shall be protected in relying upon any request,
demand, authorization, direction, notice, consent or waiver, only such Notes which a Responsible Officer of the Trustee actually knows to be so owned shall be disregarded. 

“Paying Agent” means, initially, the Trustee, and, thereafter, any Person authorized by the Company in the future to
pay the principal amount of, any premium on, interest on, or the Fundamental Change Purchase Price of any Notes on behalf of the Company. 

“Permitted Exchange” has the meaning specified in the definition of “Termination of Trading” under this
Section 1.01. 
 “Person” means any individual, corporation, partnership, joint venture, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Physical Notes”
means permanent, non-global certificated Notes in definitive, fully registered form issued in minimum denominations of $1,000 principal amount and integral multiples of $1,000 in excess thereof. 

“Pledge Agreement” means that certain Pledge Agreement, dated as of January 29, 2015, by and between the Company,
as grantor, and Wilmington Trust, National Association, as Collateral Agent for the Secured Parties, as amended, modified and supplemented from time to time. 

“Publicly Traded Securities” has the meaning specified in the definition of “Change in Control” under this
Section 1.01. 
 “Record Date” means, with respect to any dividend, distribution or other
transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities
or other property, the date fixed for determination of holders of Common Stock entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors of TERP or a duly authorized committee thereof, statute,
contract or otherwise). 
 “Reference Property” has the meaning specified in Section 4.07(a). 

“Register” and “Registrar” have the respective meanings specified in Section 2.06.  

“Registration Rights Agreement” means the Registration Rights Agreement, dated January 29, 2015, by and among
TERP, each of the holders from time to time of Registrable Securities (as defined therein) and the Collateral Agent, as amended from time to time in accordance with its terms. 

  
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 “Regular Record Date” means, with respect to any Interest Payment Date,
January 1 (whether or not a Business Day) or July 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. 

“Relevant Distribution” has the meaning specified in Section 4.04(c). 

“Relevant Party” has the meaning set forth in the definition of “Change in Control.” 

“Reporting Event of Default” has the meaning specified in Section 6.03. 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department
(or any other successor group of the Trustee) customarily performing functions similar to those performed by any of the above designated officers who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of his or her knowledge of and familiarity with the particular subject and who in each case shall have direct responsibility for the administration of this Indenture. 

“Restricted Global Note” has the meaning specified in Section 2.08(b)(i). 

“Restricted Note” has the meaning specified in Section 2.07(a)(i). 

“Restricted Notes Legend” has the meaning specified in the Form of Note attached hereto as Exhibit A.

 “Restricted Stock” has the meaning specified in Section 2.07(b)(i). 

“Restricted Stock Legend” means a legend substantially in the form set forth in Exhibit B hereto. 

“Rule 144” means Rule 144 under the Securities Act (including any successor rule thereto), as the same may be amended
from time to time. 
 “S&P” has the meaning specified in the definition of “Change in Control”
under this Section 1.01. 
 “Scheduled Trading Day” means any day that is scheduled to be a Trading Day on
the principal U.S. national or regional securities exchange or market on which the Common Stock is listed for trading. If the Common Stock is not so listed, “Scheduled Trading Day” means a “Business Day.” 

“Secured Parties” means the Holders, the Trustee and the Collateral Agent. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Significant Subsidiary” means, with respect to any Person at any given time, a
Subsidiary of such person that would constitute a “significant subsidiary” as such term is defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as in effect on the Issue Date. 

  
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 “Spin-Off” has the meaning specified in Section 4.04(c). 

“Stock Price” has the meaning specified in Section 4.06(c). 

“Subsidiary” of any Person means (a) any corporation, association or other business entity of which more than 50%
of the outstanding total voting power ordinarily entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other voting members of the governing body thereof is at the time owned or
controlled, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries or (b) any partnership the sole general partner or the managing general partner of which is the
Company or a Subsidiary of the Company or the only general partners of which are the Company or of one or more Subsidiaries of the Company (or any combination thereof). 

“Successor Company” has the meaning specified in Section 9.01(a). 

“Termination of Trading” means that the Common Stock (or other Reference Property into which the Notes are then
exchangeable) are not approved for listing on any of the Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) (such exchanges or any of their respective successors, a “Permitted
Exchange”). 
 “TERP” means TerraForm Power, Inc., a Delaware corporation. 

“Trading Day” means a day on which (i) the Exchange or, if the Common Stock is not listed on the Exchange, the
principal other U.S. national or regional securities exchange on which the Common Stock is then listed is open for trading or, if the Common Stock is not so listed, any Business Day and (ii) a Closing Sale Price for the Common Stock is
available on such securities exchange or market. A “Trading Day” only includes those days that have a scheduled closing time of 4:00 p.m. (New York City time) or the then-standard closing time for regular trading on the relevant exchange
or trading system. 
 “Trigger Event” has the meaning specified in Section 4.04(c). 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor
Trustee shall have become such pursuant to Section 11.12, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“Unit of Reference Property” has the meaning specified in Section 4.07(a). 

“U.S.” means the United States of America. 

“Valuation Period” has the meaning specified in Section 4.04(c). 

  
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 “Vice President,” when used with respect to SunEdison or the Trustee, as
applicable, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president”. 

Section 1.02 References to Interest. Any reference to interest on, or in respect of, any Note in this Indenture shall be deemed to
include Additional Interest, if, in such context, Additional Interest, is, was or would be payable pursuant hereto. Any express mention of the payment of Additional Interest in any provision hereof shall not be construed as excluding Additional
Interest in those provisions hereof where such express mention is not made. 
 Section 1.03 Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any
Person of Notes, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.03. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) The amount of Notes held by any Person executing any such instrument or writings as the Holder thereof, the numbers of such
Notes and the date of his holding the same may be proved by the production of such Notes or by a certificate executed, as depositary, by any trust company, bank, banker or member of a national securities exchange (wherever situated), if such
certificate is in form satisfactory to the Trustee, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Notes therein described; or such facts may be proved by the certificate or
affidavit of the Person executing such instrument or writing as the Holder thereof, if such certificate or affidavit is in form satisfactory to the Trustee. The Trustee and the Company may assume that such ownership of any Notes continues until
(1) another certificate bearing a later date issued in respect of the same Notes is produced or (2) such Notes are produced by some other Person or (3) such Notes are no longer Outstanding. 

  
 13 

 (d) The fact and date of execution of any such instrument or writing and the
amount and number of Notes held by the Person so executing such instrument or writing may also be proved in any other manner that the Trustee deems sufficient. The Trustee may in any instance require further proof with respect to any of the matters
referred to in this Section 1.03. 
 (e) The principal amount (except as otherwise contemplated in clause (ii) of
the definition of “Outstanding”), serial numbers of Notes held by any Person and the date of holding the same shall be proved by the Register. 

(f) Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of the Holder of any Note
shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or
the Company in reliance thereon, whether or not notation of such action is made upon such Note. 
 (g) The Company may but
shall not be obligated to set a record date for purposes of determining the identity of Holders of any Outstanding Notes entitled to vote or consent to any action by vote or consent authorized or permitted by Sections 2.11, 6.02, 6.04, 6.05, 6.06,
8.02 or 11.11. Such record date shall be not less than 10 nor more than 60 days prior to the first solicitation of such consent or the date of the most recent list of Holders of such Notes furnished to the Trustee pursuant to Section 5.13
prior to such solicitation. 
 (h) If the Company solicits from Holders any request, demand, authorization, direction,
notice, consent, election, waiver or other Act, the Company may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, election, waiver or other
Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, election, waiver or other Act may be given before or after such record date, but only the
Holders of record at the Close of Business on the record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of the Outstanding Notes have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, election, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of the record date; provided that no such authorization, agreement or consent by the Holders on
such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

  
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 ARTICLE 2. 

THE NOTES 
 Section 2.01
Title and Terms; Payments. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to $336,470,000 (the “Notes”), except for Notes authenticated and delivered upon
registration or transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.05, 2.06, 2.07, 2.08, 2.09, 2.11, or 3.07. 

The Notes shall be known and designated as the “3.75% Guaranteed Exchangeable Senior Secured Notes due 2020” of the Company. The
principal amount shall be payable on the Maturity Date unless no longer Outstanding because earlier purchased or exchanged in accordance with this Indenture. 

The principal amount of Physical Notes shall be payable in U.S. dollars at the Corporate Trust Office and at any other office or agency
maintained by the Company for such purpose. Interest on Physical Notes will be payable (i) to Holders holding Physical Notes having an aggregate principal amount of $1,000,000 or less of Notes, by check mailed to such Holders at the address set
forth in the Register and (ii) to Holders holding Physical Notes having an aggregate principal amount of more than $1,000,000 of Notes, either by check mailed to such Holders or, upon written application by a Holder to the Company and Registrar
at least three Business Days prior to the relevant Interest Payment Date, by wire transfer in immediately available funds to such Holder’s account within the U.S., which application shall remain in effect until the Holder notifies the Registrar
to the contrary in writing. The Company will pay or cause the Trustee or Paying Agent to pay principal of, and interest on, Global Notes in U.S. dollars and in immediately available funds to the Depositary or its nominee, as the case may be, as the
registered Holder of such Global Note, on each Interest Payment Date, Fundamental Change Purchase Date, the Maturity Date or other payment date, as the case may be. 

Section 2.02 [RESERVED]. 

Section 2.03 Denominations. The Notes shall be issuable only in registered form without coupons and in minimum denominations of
$1,000 and any integral multiple of $1,000. 
 Section 2.04 Execution, Authentication, Delivery and Dating. The Notes shall be
executed on behalf of the Company by one of its Officers. 
 Notes bearing the manual or facsimile signatures of individuals who were at any
time Officers of the Company shall bind the Company, notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the date of such Notes. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to
the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes. The Company Order shall specify the amount of Notes to be authenticated, and shall further specify the amount of such Notes to be issued
as one or more Global Notes or as one or more Physical Notes. The Trustee in accordance with such Company Order shall authenticate and deliver such Notes as provided in this Indenture and not otherwise. 

  
 15 

 Each Note shall be dated the date of its authentication. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by an authorized signatory of the Trustee by manual signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such
Note has been duly authenticated and delivered hereunder. 
 Section 2.05 Temporary Notes. Pending the preparation of
Physical Notes, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the Physical Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Officer executing such Notes may determine, as evidenced by such
Officer’s execution of such Notes; provided that any such temporary Notes shall bear legends on the face of such Notes as set forth in the Form of Note attached hereto as Exhibit A and/or Sections 2.07 and 2.11. 

After the preparation of Physical Notes, the temporary Notes shall be exchangeable for Physical Notes upon surrender of the temporary Notes at
any office or agency of the Company designated pursuant to Section 5.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute, and the Trustee shall, upon receipt of a
Company Order, authenticate and deliver, in exchange therefor a like principal amount of Physical Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture
as Physical Notes. 
 Section 2.06 Registration; Registration of Transfer of Notes and Exchange of Notes for Other Notes.

 (a) The Company shall cause to be kept at the applicable Corporate Trust Office of the Trustee in the continental United
States a register (the register maintained in such office and in any other office or agency designated pursuant to Section 5.02 being herein sometimes collectively referred to as the “Register”) in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the registration and transfer of Notes. The Trustee is hereby appointed registrar (the “Registrar”) for the purpose of registering the transfer of the Notes
and the exchange of the Notes for other Notes as herein provided. 
 Upon surrender for registration of transfer of any Note at an office or
agency of the Company designated pursuant to Section 5.02 for such purpose, the Company shall execute, and upon receipt of a Company Order the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Notes of any authorized denomination and of a like aggregate principal amount and tenor, each such Note bearing such restrictive legends as may be required by this Indenture (including the Form of Note attached hereto as
Exhibit A and Sections 2.07 and 2.11). 

  
 16 

 At the option of the Holder and subject to the other provisions of Sections 2.07 and 2.11, Notes
may be exchanged for other Notes of any authorized denomination and of a like aggregate principal amount and tenor, upon surrender of the Notes to be exchanged for other Notes at such office or agency. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver, the Notes which the Holder making the exchange is entitled to receive. 

All Notes issued upon any registration of transfer of Notes or exchange of Notes for other Notes shall be the valid obligations of the Company
evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or for exchange for another Note shall (if so required by the Company or the
Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. As a condition to the
registration of transfer of any Restricted Notes, the Company or the Trustee may require evidence satisfactory to them as to the compliance with the restrictions set forth in the legend on such Notes. 

No service charge shall be made for any registration of transfer of any Notes or exchange of any Notes for other Notes, but the Company and
the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer of a Note or exchange of a Note for another Note, other than exchanges of Notes
for other Notes pursuant to Section 2.11 not involving any transfer. 
 Neither the Company nor the Registrar shall be required to
exchange a Note for another Note or register a transfer of any Note in the circumstances set forth in Section 2.11(a)(iv). 

(b) Neither any members of, or participants in, the Depositary (collectively, the “Agent Members”) nor any
other Persons on whose behalf any Agent Member may act shall have any rights under this Indenture with respect to any Global Note registered in the name of the Depositary or any nominee thereof, or under any such Global Note, and the Depositary or
such nominee, as the case may be, may be treated by the Company, the Trustee, the Agents and any of their respective agents as the absolute owner and Holder of such Global Note for all purposes whatsoever. Neither the Trustee nor any Agent shall
have any liability, responsibility or obligation to any Agent Members or any other Person on whose behalf Agent Members may act with respect to (i) any ownership interests in the Global Note, (ii) the accuracy of the records of the
Depositary or its nominee, (iii) any notice required hereunder, (iv) any payments under or with respect to the Global Note or (v) actions taken or not taken by any Agent Members. 

(c) Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, any Agent or any of their respective
agents from giving effect to any written 

  
 17 

 
certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose
behalf an Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a Holder of any Note. The registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including
Agent Members and persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Notes. 

Section 2.07 Transfer and Hedging Restrictions. 

(a) Restricted Notes. Unless otherwise agreed by the Company in writing, with written notice thereof to the Trustee,
every Note (and any security (other than the Common Stock (or other Reference Property) deliverable upon exchange) issued in exchange therefor or substitution thereof) will be deemed to be a “Restricted Note.” Each Restricted Note
will be subject to the restrictions on hedging and transfer set forth in this Indenture (including in the Restricted Notes Legend) and will bear the restricted CUSIP number for the Notes unless the Company notifies the Trustee in writing that such
restrictions on transfer are eliminated or otherwise waived by written consent of the Company, and each Holder of a Restricted Note, by such Holder’s acceptance of such Restricted Note, will be deemed to be bound by the restrictions on transfer
applicable to such Restricted Note. 
 (b) Restricted Stock. 

(i) Every share of Common Stock that bears, or that is required under this Section 2.07 to bear, the Restricted Stock
Legend will be deemed to be “Restricted Stock”. Each share of Restricted Stock will be subject to the restrictions on transfer set forth in this Indenture (including in the Restricted Stock Legend) and will bear a restricted CUSIP
number unless such restrictions on transfer are eliminated or otherwise waived by written consent of TERP, and each Holder of Restricted Stock, by such Holder’s acceptance of Restricted Stock, will be deemed to be bound by the restrictions on
transfer applicable to such Restricted Stock. 
 (ii) Until the Restricted Stock Legend has been removed in accordance with
the terms of the Registration Rights Agreement, any shares of Common Stock delivered upon the exchange of a Note will be issued in book-entry form by or on behalf of TERP and will bear the Restricted Stock Legend. 

(c) As used in this Section 2.07, the term “transfer” means any sale, pledge, transfer, loan,
hypothecation or other disposition whatsoever of any Restricted Note, any interest therein or any Restricted Stock. 
 Section 2.08
[RESERVED]. 
 Section 2.09 Mutilated, Destroyed, Lost and Stolen Notes. If any mutilated Note is surrendered to the
Trustee, the Company shall execute, and the Trustee shall, upon Company 

  
 18 

 
Order, authenticate and deliver, in exchange therefor a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. If there shall be delivered to the
Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in
the absence of written notice to the Company or the Trustee that such Note has been acquired by a protected purchaser, the Company shall execute, and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a
new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated,
destroyed, lost or stolen Note has become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 

Upon the issuance of any new Note under this Section 2.09, the Company may require payment by the Holder of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Note issued pursuant to this Section 2.09 in lieu of any destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes
duly issued hereunder. 
 The provisions of this Section 2.09 are exclusive and shall preclude (to the extent lawful) all other rights
and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.10 Persons
Deemed Owners. Subject to the rights of Holders as of the Regular Record Date to receive payments of interest on the related Interest Payment Date, prior to due presentment of a Note for registration of transfer, the Company, the Trustee,
each Agent, and any of their respective agents may treat the Person in whose name such Note is registered in the Register as the owner of such Note for the purpose of receiving payment of the principal of such Note and for all other purposes
whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee, the Agents nor any of their respective agents shall be affected by notice to the contrary. 

Section 2.11 Transfer of Notes; Exchange of Notes for Other Notes. 

(a) Provisions Applicable to All Transfers of Notes and Exchanges of Notes for Other Notes. 

(i) Subject to the restrictions set forth in this Section 2.11, Physical Notes and beneficial interests in Global Notes
may be transferred or exchanged for other Notes from time to time as desired, and each such transfer or exchange will be noted by the Registrar in the Register. 

  
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 (ii) All Notes issued upon any such registration of transfer or exchange in
accordance with this Indenture will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

(iii) No service charge will be imposed on any Holder of a Physical Note or any owner of a beneficial interest in a Global Note
for any such exchange or registration of transfer, but each of the Company, the Trustee or the Registrar may require such Holder or owner of a beneficial interest to pay a sum sufficient to cover any transfer tax, assessment or other governmental
charge imposed in connection with such registration of transfer or exchange. 
 (iv) Unless the Company specifies otherwise,
none of the Company, the Trustee, the Registrar or any co-Registrar will be required to exchange any Note for another Note or register a transfer of any Note (i) that has been surrendered for exchange for Common Stock in accordance with Article
4 or (ii) as to which a Fundamental Change Purchase Notice has been delivered and not withdrawn, except to the extent any portion of such Note is not subject to the foregoing. 

(v) Neither the Trustee nor any Agent will have any obligation or duty to monitor, determine or inquire as to compliance with
any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants 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 Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 (b) In General; Transfer and Exchange of
Beneficial Interests in Global Notes. So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law or by Section 2.11(c): 

(i) all Notes will be represented by one or more Global Notes; 

(ii) every transfer and exchange of a beneficial interest in a Global Note will be effected through the Depositary in
accordance with the Applicable Procedures and the provisions of this Indenture (including the restrictions on transfer set forth in Section 2.07); and 

(iii) each Global Note may be transferred only as a whole and only (A) by the Depositary to a nominee of the Depositary,
(B) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary or (C) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

  
 20 

 (c) Transfer and Exchange of Global Notes for Physical Notes. 

(i) Notwithstanding any other provision of this Indenture, each Global Note will be exchanged for Physical Notes if the
Depositary delivers notice to the Company that: 
 (A) the Depositary is unwilling or unable to continue to act as
Depositary; or 
 (B) the Depositary is no longer registered as a clearing agency under the Exchange Act or is otherwise no
longer permitted under applicable law to continue as Depositary for such Global Note; 
 and, in each case, the Company promptly delivers a
copy of such notice to the Trustee and the Company fails to appoint a successor Depositary within 90 days after receiving notice from the Depositary. 

In each such case, the Company will, in accordance with Section 2.04, promptly execute, and, upon receipt of a Company
Order, the Trustee will, in accordance with Section 2.04, promptly authenticate and deliver, for each beneficial interest in each Global Note so exchanged, an aggregate principal amount of Physical Notes equal to the aggregate principal amount
of such beneficial interest, registered in such names and in such authorized denominations as the Depositary specifies, and bearing any legends that such Physical Notes are required to bear under Section 2.07. 

(ii) In addition, if an Event of Default has occurred with regard to the Notes represented by the relevant Global Note and such
Event of Default has not been cured or waived, any owner of a beneficial interest in a Global Note may deliver a written request through the Depositary to exchange such beneficial interest for Physical Notes. 

In such case, (A) the Registrar will deliver notice of such request to the Company and the Trustee, which notice will
identify the aggregate principal amount of such beneficial interest and the CUSIP of the relevant Global Note; (B) the Company will, in accordance with Section 2.04, promptly execute, and, upon receipt of a Company Order, the Trustee, in
accordance with Section 2.04, will promptly authenticate and deliver, to such owner, for the beneficial interest so exchanged by such owner, Physical Notes registered in such owner’s name having an aggregate principal amount equal to the
aggregate principal amount of such beneficial interest as the Depositary specifies, and bearing any legends that such Physical Notes are required to bear under Section 2.07; and (C) the Trustee, in accordance with the Applicable
Procedures, will cause the principal amount of such Global Note to be decreased by the aggregate principal amount of the beneficial interest so exchanged. If all of the beneficial interests in a Global Note are so exchanged, such Global Note will be
deemed surrendered to the Trustee for cancellation, and the Trustee will cause such Global Note to be cancelled in accordance with the Trustee’s customary procedures and the Applicable Procedures. 

  
 21 

 (d) Transfer and Exchange of Physical Notes.  

(i) If Physical Notes are issued, a Holder may transfer a Physical Note by: (A) surrendering such Physical Note for
registration of transfer to the Registrar, together with any endorsements or instruments of transfer required by any of the Company, the Trustee or the Registrar; (B)delivering any documentation required by Section 2.07; and (C) satisfying
all other requirements for such transfer set forth in this Section 2.11 and Section 2.07. Upon the satisfaction of conditions (A), (B) and (C) of the immediately preceding sentence, the Company, in accordance with
Section 2.04, will promptly execute and deliver to the Trustee, and the Trustee, upon receipt of a Company Order, will, in accordance with Section 2.04, promptly authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Physical Notes, of any authorized denomination, having like aggregate principal amount and bearing any restrictive legends that such Physical Notes are required to bear under Section 2.07. 

(ii) If Physical Notes are issued, a Holder may exchange a Physical Note for other Physical Notes of any authorized
denominations and aggregate principal amount equal to the aggregate principal amount of the Notes to be exchanged by surrendering such Notes, together with any endorsements or instruments of transfer required by any of the Company, the Trustee or
the Registrar, at any office or agency maintained by the Company for such purposes pursuant to Section 5.02. Whenever a Holder surrenders Notes for exchange for another Note, the Company, in accordance with Section 2.04, will promptly
execute and deliver to the Trustee, and the Trustee, upon receipt of a Company Order and in accordance with Section 2.04, will promptly authenticate and deliver the Notes that such Holder is entitled to receive, bearing registration numbers not
contemporaneously outstanding and any legends that such Physical Notes are required to bear under Section 2.07. 
 (iii)
If Physical Notes are issued, a Holder may transfer or exchange a Physical Note for a beneficial interest in a Global Security by (A) surrendering such Physical Note for registration of transfer or exchange, together with any endorsements or
instruments of transfer required by any of the Company, the Trustee or the Registrar, at any office or agency maintained by the Company for such purposes pursuant to Section 5.02; (B) delivering any documentation required by
Section 2.07; (C) satisfying all other requirements for such transfer set forth in this Section 2.11 and Section 2.07; and (D) providing written instructions to the Trustee to make, or to direct the Registrar to make, an
adjustment in its books and records with respect to the applicable Global Note to reflect an increase in the aggregate principal amount of the Notes represented by such Global Note, which instructions will contain information regarding the
Depositary account to be credited with such increase. Upon the satisfaction of conditions (A), (B), (C) and (D), the Trustee will cancel such Physical Note and cause, in accordance with the Applicable Procedures, the aggregate principal amount
of Notes represented by such Global Note to be increased by the aggregate principal amount of such Physical Note, and will credit or cause to be credited the account of the Person specified in the instructions provided by the

  
 22 

 
exchanging Holder in an amount equal to the aggregate principal amount of such Physical Note. If no Global Notes are then Outstanding, the Company, in accordance with Section 2.04, will
promptly execute and deliver to the Trustee, and the Trustee, upon receipt of a Company Order and in accordance with Section 2.04, will authenticate, a new Global Note in the appropriate aggregate principal amount. 

Section 2.12 Purchase of Notes; Cancellation. The Company may, to the extent permitted by law, and directly or indirectly
(regardless of whether such Notes are surrendered to the Company), purchase Notes in the open market or by tender offer at any price or by private agreement. The Company will cause any Notes so purchased (other than Notes purchased pursuant to
cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation. For the avoidance of doubt, any such Notes purchased by the Company will be retired and no longer Outstanding hereunder. 

The Company shall deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder that the Company may have
acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously authenticated hereunder which the Company has not issued and sold. The Trustee shall promptly cancel all Notes surrendered for registration of
transfer, exchange for another Note, payment, purchase, repurchase, exchange for Common Stock in accordance with Article 4 or cancellation in accordance with its standard procedures. If the Company shall acquire any of the Notes in any manner
whatsoever, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation. The Notes so acquired, while held by or on behalf
of the Company or any of its Subsidiaries, shall not entitle the Holder thereof to exchange the Notes in accordance with Article 4. The Company may not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for
cancellation.
 The Registrar shall retain, in accordance with its customary procedures, copies of all letters, notices and other written
communications received pursuant to this Section 2.12. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice
to the Registrar. 
 Section 2.13 CUSIP Numbers. In issuing the Notes, the Company may use “CUSIP” numbers (if then
generally in use); provided that the Trustee shall have no liability for any defect in the CUSIP numbers as they appear on any Notes, notice, or elsewhere. The Company will promptly notify the Trustee in writing of any change in the
“CUSIP” numbers. 
 Section 2.14 Payment and Computation of Interest. The Notes will bear cash interest at a rate of
3.75% per year until the Maturity Date, unless earlier purchased, exchanged in accordance with Article 4 or redeemed in accordance with the provisions herein. Interest on the Notes will accrue from the most recent date on which interest has
been paid or duly provided for or, if no interest has been paid or duly provided for, January 29, 2015. Interest will be paid to the Person in whose name a Note is registered at the Close of Business on the Regular Record Date immediately
preceding the relevant Interest Payment Date semiannually in arrears on each 

  
 23 

 
Interest Payment Date; provided that, if any Interest Payment Date, Maturity Date or Fundamental Change Purchase Date of a Note falls on a day that is not a Business Day, the required
payment will be made on the next succeeding Business Day and no interest on such payment will accrue in respect of the delay. Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months; provided,
however, that for any period in which a particular interest rate is applicable for less than a full semiannual period, interest on the Notes will be computed on the basis of a 30-day month and, for periods of less than a month, the actual
number of days elapsed over a 30-day month.  
 Unless the context otherwise requires, payments of the Fundamental Change Purchase
Price, principal and interest on any Note, in each case, that are not made when due will accrue interest per annum at the then-applicable interest rate from the required payment date. 

The Company will pay Additional Interest under certain circumstances as provided in Section 6.03. 

ARTICLE 3. 
 REPURCHASE AT THE
OPTION OF THE HOLDERS 
 Section 3.01 Purchase at Option of Holders upon a Fundamental Change. If a Fundamental Change occurs,
then each Holder shall have the right, at such Holder’s option, to require the Company to purchase for cash all of such Holder’s Notes, or any portion of such Holder’s Notes that is equal to $1,000, or an integral multiple of $1,000,
on a date (the “Fundamental Change Purchase Date”) specified by the Company that is not less than 20 or more than 35 Business Days after the Company provides the Fundamental Change Company Notice, at a purchase price equal to
100% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest to but excluding the Fundamental Change Purchase Date (the “Fundamental Change Purchase Price”); provided, however, that if
the Fundamental Change Purchase Date is after a Regular Record Date and on or prior to the Interest Payment Date to which it relates, the Company shall instead pay interest accrued to the Interest Payment Date to the Holder of record of the Note as
of the Close of Business on the Regular Record Date and the Fundamental Change Purchase Price shall then be equal to 100% of the principal amount of the Note subject to purchase and will not include any accrued and unpaid interest. Notwithstanding
the foregoing, there shall be no purchase of any Notes pursuant to this Section 3.01 if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to the Fundamental Change Purchase Date
(except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Purchase Price with respect to such Notes). In the event the principal amount of the Notes is accelerated following delivery of a
Fundamental Change Company Notice (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Purchase Price with respect to such Notes), the Trustee will promptly (i) return to the
respective Holders thereof any Physical Notes tendered to it or (ii) effect appropriate book-entry transfers to the respective beneficial holders thereof any beneficial interests in a Global Note tendered to it in compliance with the Applicable
Procedures, in which case, upon such return or transfer, as the case may be, the Fundamental Change Purchase Notice with respect thereto shall be deemed to have been withdrawn. 

  
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 Section 3.02 Fundamental Change Company Notice. 

(a) General. On or before the 10th Business Day after the occurrence of a Fundamental Change, the Company shall
provide to all Holders of the Notes, the Trustee and the Paying Agent (in the case of any Paying Agent other than the Trustee) a written notice (the “Fundamental Change Company Notice”) of the occurrence of such Fundamental Change
and of the purchase right at the option of the Holders arising as a result thereof. Such notice shall be sent to the Holders in accordance with Section 12.08(c) (with a copy to the Trustee). Simultaneously with providing such Fundamental Change
Company Notice, SunEdison shall issue a press release announcing the occurrence of such Fundamental Change and make the press release available on SunEdison’s website. Each Fundamental Change Company Notice shall specify: 

(i) the events causing the Fundamental Change; 

(ii) the Effective Date of the Fundamental Change, and whether the Fundamental Change is a Make-Whole Fundamental Change, in
which case the notice shall state the Effective Date of the Make-Whole Fundamental Change; 
 (iii) information about the
Holder’s right to exchange the Notes; 
 (iv) information about the Holder’s right to require the Company to
purchase the Notes; 
 (v) the last date on which a Holder of Notes may exercise the purchase right pursuant to
Section 3.01; 
 (vi) the Fundamental Change Purchase Price; 

(vii) the Fundamental Change Purchase Date; 

(viii) the name and address of the Paying Agent and the Exchange Agent, if applicable; 

(ix) the applicable Exchange Rate and any adjustments to the applicable Exchange Rate resulting from the Fundamental Change;

 (x) if applicable, that the Notes with respect to which a Fundamental Change Purchase Notice has been delivered by a
Holder may be exchanged only if the Holder withdraws the Fundamental Change Purchase Notice in accordance with Section 3.05; 

(xi) the procedures required for exercise of the purchase option upon the Fundamental Change, including that the Holder must
exercise the purchase option prior to the Fundamental Change Expiration Time; and 
 (xii) that the Holder shall have the
right to withdraw any Notes surrendered for purchase prior to the Fundamental Change Expiration Time and the procedures required for withdrawal of any such exercise as described in 3.05; 

  
 25 

 (b) No failure of the Company to give the foregoing notices and no defect therein
shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to Section 3.01. 

(c) At the Company’s written request, the Trustee shall give the Fundamental Change Company Notice in the Company’s
name and at the Company’s expense; provided, however, that, in all cases, the Fundamental Change Company Notice shall be prepared by the Company; provided further that the Company shall have delivered to the Trustee, at
least five Business Days before the Fundamental Change Company Notice is required to be given to the Holders (or such shorter period agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and attaching
the form of Fundamental Change Company Notice and including the information required by Section 3.02(a). Neither the Trustee nor the Paying Agent shall be responsible for determining if a Fundamental Change has occurred or for delivering a
Fundamental Change Company Notice to Holders or for the content of any Fundamental Change Company Notice. 
 Section 3.03 Repurchase
Procedures. 
 (a) Purchases of Notes under Section 3.01 shall be made, at the option of the Holder thereof, upon:

 (i) if the Notes to be purchased are Physical Notes, delivery to the Trustee by the Holder of a duly completed notice in
the Form of Fundamental Change Purchase Notice (the “Fundamental Change Purchase Notice”) together with the Physical Notes duly endorsed for transfer, at any time prior to the Close of Business on the Business Day immediately
preceding the Fundamental Change Purchase Date, (the “Fundamental Change Expiration Time”); and 
 (ii) if
the Notes to be purchased are Global Notes, delivery to the Trustee of the beneficial interest in such Global Notes, by book-entry transfer, in compliance with the Applicable Procedures and the satisfaction of any other requirements of the
Depositary in connection with tendering beneficial interests in a Global Note for purchase by the Fundamental Change Expiration Time. 
 The
Fundamental Change Purchase Notice in respect of any Notes to be purchased shall state: 
 (i) if certificated, the
certificate numbers of such Holder’s Notes; 
 (ii) the portion of the principal amount of such Notes to be purchased,
which must be such that the principal amount not purchased equals $1,000 or an integral multiple of $1,000; and 

  
 26 

 (iii) that such Notes are to be purchased by the Company pursuant to the
applicable provisions of the Notes and this Indenture. 
 (b) Notice to Company. The Paying Agent shall promptly
notify the Company of the receipt by it of any Fundamental Change Purchase Notice or written notice of withdrawal thereof. 

Section 3.04 Effect of Fundamental Change Purchase Notice. Upon receipt by the Paying Agent of Physical Notes and a Fundamental
Change Purchase Notice or beneficial interests in a Global Note by book-entry transfer as specified in Section 3.03, the Holder of the tendered Note shall (unless such Fundamental Change Purchase Notice is withdrawn in accordance with
Section 3.05) thereafter be entitled to receive solely the Fundamental Change Purchase Price, in cash with respect to such Note (and any previously accrued and unpaid interest on such Note, if applicable). Such Fundamental Change Purchase Price
shall be paid to such Holder, provided that the conditions in this Article 3 have been satisfied (including, without limitation, the proper delivery or book-entry transfer of such Note as required under Section 3.03(a)) and subject to the
Paying Agent holding money sufficient to pay the Fundamental Change Purchase Price, promptly following the later of the applicable Fundamental Change Purchase Date and the time of delivery or book-entry transfer of such Note to the Paying Agent by
the Holder thereof in the manner required by Section 3.01. 
 Section 3.05 Withdrawal of Fundamental Change Purchase
Notice. A Fundamental Change Purchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Paying Agent or, in the case of Global Notes, delivered in accordance with the Depositary’s
procedures, in accordance with the Fundamental Change Company Notice, as applicable, at any time prior to the Fundamental Change Expiration Time, as applicable, specifying: 

(a) the principal amount of the Notes with respect to which such notice of withdrawal is being submitted; 

(b) if certificated, the certificate numbers of the withdrawn Notes; and 

(c) the principal amount, if any, of each Note that remains subject to the Fundamental Change Purchase Notice, which must be
such that the principal amount of such Holder’s Notes not purchased equals $1,000 or an integral multiple of $1,000; 
 provided,
however, that if the Notes are Global Notes, the notice must comply with the Applicable Procedures. 
 The Paying Agent will promptly
return to the respective Holders thereof any Physical Notes with respect to which a Fundamental Change Purchase Notice has been withdrawn in compliance with the provisions of this Section 3.05. 

Section 3.06 Deposit of Fundamental Change Purchase Price. Prior to 11:00 a.m., New York City time, on the Fundamental Change
Purchase Date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary or an Affiliate of either of them is acting as the Paying Agent, shall segregate and hold in trust as provided herein) an amount of 

  
 27 

 
money (in immediately available funds if deposited on such Business Day) sufficient to pay the Fundamental Change Purchase Price of all the Notes or portions thereof that are to be purchased as
of the Fundamental Change Purchase Date. If the Paying Agent holds money sufficient to pay the Fundamental Change Purchase Price of the tendered Notes on the Fundamental Change Purchase Date, then (a) such tendered Notes will cease to be
Outstanding and (except as provided below in clause (b)) interest will cease to accrue thereon (whether or not book-entry transfer of the Notes is made or whether or not the Notes are delivered to the Paying Agent) and (b) all other rights of
the Holders of such tendered Notes will terminate (other than (x) the right to receive the Fundamental Change Purchase Price and (y) the right of the Holder of record on such Regular Record Date to receive any interest payment pursuant to
Section 3.01, if applicable). 
 Section 3.07 Notes Purchased in Whole or in Part. Any Note that is to be purchased
pursuant to this Article 3, whether in whole or in part, shall be surrendered at the office of the Paying Agent (with due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by,
the Holder thereof or such Holder’s attorney duly authorized in writing) and, to the extent that only a part of the Note so surrendered is to be purchased, the Company shall execute and, upon receipt of a Company Order, the Trustee shall
authenticate and deliver to the Holder of such Note, without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder in aggregate principal amount equal to, and in exchange for, the portion of the principal
amount of the Note so surrendered that is not purchased. 
 Section 3.08 Covenant To Comply with Applicable Laws upon Purchase of
Notes. In connection with any purchase of Notes under Section 3.01, the Company shall, in each case if required by law, (i) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act to
the extent any such rules are applicable, (ii) file a Schedule TO or any successor or similar schedule, if required, under the Exchange Act and (iii) otherwise comply with all U.S. federal or state securities laws applicable to the Company
in connection with offer by the Company to purchase Notes under Section 3.01, in each case, so as to permit the rights and obligations under this Article 3 to be exercised in the time and in the manner specified under this Article 3.

 Section 3.09 Repayment to the Company. To the extent that the aggregate amount of money deposited by the Company pursuant to
Section 3.06 exceeds the aggregate Fundamental Change Purchase Price of the Notes or portions thereof that the Company is obligated to purchase as of the Fundamental Change Purchase Date, then, following the Fundamental Change Purchase Date,
the Paying Agent shall, upon demand of the Company, promptly return any such excess to the Company. 
 ARTICLE 4. 

EXCHANGE 
 Section 4.01
Right To Exchange. 
 Subject to and upon compliance with the provisions of this Indenture, each Holder shall have the right, at such
Holder’s option, to exchange all or any portion of its Notes for Common 

  
 28 

 
Stock at an initial Exchange Rate of 28.9140 shares of Common Stock per $1,000 aggregate principal amount of Notes (equivalent to an initial Exchange Price of approximately $34.58 per share of
Common Stock) (x) prior to the Close of Business on the Business Day immediately preceding January 30, 2016, only upon or following the occurrence of a Fundamental Change, Make-Whole Fundamental Change or Merger Event or upon the
occurrence of and during the continuance of an Event of Default, and (y) on or after January 30, 2016, at any time until the Close of Business on the Business Day immediately preceding the stated Maturity Date, regardless of the foregoing
conditions described in clause (x). 
 Section 4.02 Exchange Procedures. 

(a) Each Physical Note shall be exchangeable at the office of the Exchange Agent. 

(b) To exercise the exchange privilege with respect to a beneficial interest in a Global Note, the Holder must comply with the
Applicable Procedures for exchanging, and effecting a book-entry transfer to the Exchange Agent of, a beneficial interest on a Global Note and pay the funds, if any, required by Section 4.02(f) and any taxes or duties if required pursuant
to
 Section 4.02(g), and the Exchange Agent must be informed of the exchange in accordance with the customary practice of the Depositary. 

To exercise the exchange privilege with respect to any Physical Notes, the Holder of such Physical Notes shall: 

(i) duly sign and complete an exchange notice in the form set forth in the Form of Notice of Exchange (the “Exchange
Notice”) or a facsimile of the Exchange Notice; 
 (ii) deliver the Exchange Notice, which is irrevocable, and the
Note to the Exchange Agent; 
 (iii) if required, furnish appropriate endorsements and transfer documents; 

(iv) if required, pay all transfer or similar taxes as set forth in Section 4.02(g); and 

(v) if required, make any payment required under Section 4.02(f). 

If, upon exchange of a Note, any shares of Common Stock are to be issued to a Person other than the Holder of such Note, the related Exchange
Notice shall include such other Person’s name and address. 
 If a Note has been submitted for repurchase pursuant to a Fundamental
Change Purchase Notice, such Note may not be exchanged except to the extent such Note has been withdrawn by the Holder and is no longer submitted for repurchase pursuant to a Fundamental Change Purchase Notice or unless such Fundamental Change
Purchase Notice is withdrawn in accordance with Section 3.07 prior to the relevant Fundamental Change Expiration Time. 

  
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 For any Note, the date on which the Holder of such Note satisfies all of the applicable
requirements set forth above with respect to such Note shall be the “Exchange Date” with respect to such Note. 
 Each
exchange shall be deemed to have been effected as to any such Notes (or portion thereof) surrendered for exchange immediately prior to the Close of Business on the applicable Exchange Date. At the Close of Business on the Exchange Date for a Note,
the exchanging Holder shall no longer be the Holder of such Note. 
 (c) Endorsement. Any Notes surrendered for
exchange shall, unless shares of Common Stock deliverable on exchange are to be issued in the same name as the registration of such Notes, be duly endorsed by, or be accompanied by instruments of transfer in form satisfactory to the Company duly
executed by, the Holder or its duly authorized attorney. 
 (d) Physical Notes. If any Physical Notes in a
denomination greater than $1,000 shall be surrendered for partial exchange, the Company shall execute and the Trustee, upon receipt of a Company Order, shall authenticate and deliver to the Holder of the Physical Notes so surrendered, without
charge, new Physical Notes in authorized denominations in an aggregate principal amount equal to the unexchanged portion of the surrendered Physical Notes. 

(e) Global Notes. Upon the exchange of a beneficial interest in Global Notes, the Exchange Agent shall make a notation
in its records as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any exchanges of Notes effected through any Exchange Agent other than the Trustee. 

(f) Interest Due Upon Exchange. If a Holder exchanges a Note after the Close of Business on a Regular Record Date but
prior to the Open of Business on the Interest Payment Date corresponding to such Regular Record Date, such Holder must accompany such Note with an amount of cash equal to the amount of interest that will payable on such Note on the corresponding
Interest Payment Date; provided, however, that a Holder need not make such payment (1) if the Exchange Date follows the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a
Fundamental Change Purchase Date that is after a Regular Record Date and on or prior to the Business Day following the date the corresponding interest payment is made; or (3) to the extent of any overdue interest, if any overdue interest exists
at the time of exchange with respect to such Note. 
 (g) Taxes Due upon Exchange. If a Holder exchanges a Note in
accordance with this Article 4, the Company will pay any documentary, stamp or similar issue or transfer tax due on the issue of the shares of the Common Stock upon the exchange, unless the tax is due because the Holder requests that any shares be
issued in a name other than the Holder’s name, in which case the Holder will pay that tax. 

  
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 Section 4.03 Settlement Upon Exchange. 

(a) Settlement. Subject to this Section 4.03 and Sections 4.06 and 4.07, upon exchange of any Note, the Company
shall, on the fifth Business Day immediately following the relevant Exchange Date, deliver to the exchanging Holder, in full satisfaction of its exchange obligation under Section 4.01, in respect of each $1,000 principal amount of its Notes
being exchanged, a number of shares of Common Stock equal to the applicable Exchange Rate, together with cash in lieu of any fractional shares of Common Stock pursuant to Section 4.03(b). 

(b) Fractional Shares. Notwithstanding the foregoing, the Company will not deliver fractional shares of Common Stock
upon exchange of Notes. Instead, if any fractional share of Common Stock would otherwise be deliverable upon exchange of a Note, the Company will, in lieu of delivering such fraction of a share of Common Stock, pay an amount of cash equal to the
product of such fraction of a share and the Closing Sale Price on the relevant Exchange Date, or if such Exchange Date is not a Trading Day, the immediately preceding Trading Day. 

(c) Exchange of Multiple Notes by a Single Holder. If a Holder surrenders more than one Note for exchange on a single
Exchange Date, the Company will calculate the amount of cash and the number of shares of Common Stock due with respect to such Notes as if such Holder had surrendered for exchange one Note having an aggregate principal amount equal to the sum of the
principal amounts of each of the Notes surrendered for exchange by such Holder on such Exchange Date or, if the Notes surrendered for exchange are beneficial interests in a Global Note, based on such other aggregate number of Notes, or beneficial
interests therein, being surrendered by the Holder for exchange on the same date as the Depositary may otherwise request. 

(d) Settlement of Accrued Interest and Deemed Payment of Principal. If a Holder exchanges a Note, the Company will not
adjust the Exchange Rate to account for any accrued and unpaid interest on such Note, and the Company’s delivery of the shares of Common Stock (and cash in lieu of fractional shares) into which a Note is exchangeable will be deemed to satisfy
and discharge in full the Company’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but excluding, the Exchange Date; provided, however, that subject to Section 4.02(f), if a
Holder exchanges a Note after the Close of Business on a Regular Record Date and prior to the Open of Business on the corresponding Interest Payment Date, the Company will still be obligated to pay the interest due on such Interest Payment Date to
the Holder of such Note on such Regular Record Date. 
 As a result, except as otherwise provided in the proviso to the immediately
preceding sentence, any accrued and unpaid interest with respect to an exchanged Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. 

(e) Notices. Whenever an Exchange Date occurs with respect to a Note, the Exchange Agent will, as promptly as
possible, and in no event later than the Business Day immediately following such Exchange Date, deliver to the Company, TERP and the Trustee, if it is not then the Exchange Agent, notice that an Exchange Date has occurred, which notice will state
such Exchange Date, the principal amount of Notes exchanged on such Exchange Date and the names of the Holders or, in the case of Global Notes, the Agent Members, that exchanged Notes on such Exchange Date. 

  
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 Section 4.04 Adjustment of Exchange Rate. 

The Exchange Rate will be adjusted as described in this Section 4.04, except that no adjustment to the Exchange Rate will be made for a
given transaction if Holders of the Notes will participate in that transaction, without exchange of the Notes, on the same terms and at the same time as a holder of a number of shares of Common Stock equal to the principal amount of a Holder’s
Notes (expressed in thousands) multiplied by the Exchange Rate would participate. 
 (a) If TERP issues solely shares of
Common Stock as a dividend or distribution on all or substantially all shares of the Common Stock, or if TERP subdivides or combines the Common Stock, the Exchange Rate will be adjusted based on the following formula: 

 

					
	ER1 = ER0 x  	  	OS1  	  	
	  	OS0  	  	

  

			
	where,	  	
		
	ER0 =	  	the Exchange Rate in effect immediately to the Close of Business on the Record Date of such dividend or distribution, or immediately prior to the Open of Business on the effective date of such share split or combination, as
applicable;
		
	ER1 =	  	the Exchange Rate in effect immediately after the Close of Business on such Record Date of such dividend or distribution, or immediately after the Open of Business on the effective date of such share split or combination, as
applicable;
		
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the Close of Business on such Record Date of such dividend or distribution, before giving effect to such dividend or distribution, or immediately prior to the
Open of Business on the effective date of such share split or combination, as applicable; and
		
	OS1 =	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend or distribution, or immediately after the effective date of such subdivision or combination of common stock, as the case may
be.

 Any adjustment made under this clause (a) will become effective immediately after the Close of
Business on the Record Date for such dividend or distribution (regardless of whether the dividend or distribution is scheduled to occur after the Maturity Date), or immediately after the Open of Business on the effective date of such subdivision or
combination of Common Stock, as the case may be. If such dividend, distribution, subdivision or combination described in this clause (a) is declared but not so paid or 

  
 32 

 
made, the Exchange Rate shall be immediately readjusted, effective as of the date the Board of Directors of TERP or a duly authorized committee thereof determines not to pay such dividend or
distribution or to effect such subdivision or combination, to the Exchange Rate that would then be in effect if such dividend or distribution had not been declared or subdivision or combination had not been announced. 

(b) If a Record Date occurs for a distribution to all or substantially all holders of the Common Stock of any rights, options
or warrants entitling them, for a period of not more than 60 calendar days from the announcement date for such distribution, to subscribe for or purchase shares of the Common Stock, at a price per share less than the average of the Closing Sale
Prices of the Common Stock for the 10 consecutive Trading-Day period ending on, and including, the Trading Day immediately preceding the announcement date for such distribution, the Exchange Rate will be increased based on the following formula 

 

					
	ER1 = ER0 x  	  	OS0 + X  	  	
	  	OS0 + Y  	  	

  

			
	ER0 =	  	the Exchange Rate in effect immediately prior to the Close of Business on the Record Date for such distribution;
		
	ER1 =	  	the Exchange Rate in effect immediately after the Close of Business on such Record Date for such distribution;
		
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the Close of Business on such Record Date for such distribution, before giving effect to such distribution;
		
	X =	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
		
	Y =	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants divided by the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading-Day period
ending on, and including, the Trading Day immediately preceding the announcement date for such distribution.

 Any increase made under this clause (b) will be made successively whenever any such rights, options
or warrants are issued and will become effective immediately after the Close of Business on the Record Date for such distribution, regardless of whether the distribution date is scheduled to occur after the Maturity Date. To the extent that such
rights, options or warrants expire prior to the Maturity Date and shares of Common Stock are not delivered after the expiration of such rights, options or warrants, the Exchange Rate shall be decreased to the Exchange Rate that would then be in
effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants were scheduled to be
distributed prior to the Maturity 

  
 33 

 
Date and are not so distributed, the Exchange Rate shall be decreased to the Exchange Rate that would then be in effect if the Record Date for such distribution had not occurred. 

For purposes of this Section 4.04(b), in determining whether any rights, options or warrants entitle the holders to subscribe for or
purchase shares of Common Stock at a price that is less than the average of the Closing Sale Prices of the Common Stock for each Trading Day in the applicable 10 consecutive Trading-Day period, there shall be taken into account any consideration the
Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if other than cash, to be determined in good faith by the Board of Directors of the Company or a duly authorized
committee thereof. 
 (c) If a Record Date occurs for a distribution (the “Relevant Distribution”) of shares
of the TERP’s Capital Stock, evidences of the TERP’s indebtedness or other assets or property of TERP or rights, options or warrants to acquire the TERP’s Capital Stock or other securities, to all or substantially all holders of
Common Stock (excluding (i) dividends or distributions and rights, options or warrants as to which an adjustment was effected under clause (a) or (b) above; (ii) dividends or distributions paid exclusively in cash; and
(iii) Spin-Offs), then the Exchange Rate will be increased based on the following formula: 
  

					
	ER1 = ER0 x  	  	    SP0	  	
	  	SP0 - FMV    	  	

 where, 
  

			
	ER0 =	  	the Exchange Rate in effect immediately prior to the Close of Business on the Record Date for such distribution;
		
	ER1 =	  	the Exchange Rate in effect immediately after the Close of Business on such Record Date for such distribution;
		
	SP0 =	  	the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day-period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
		
	FMV =	  	the fair market value (as determined in good faith by the Board of Directors of the Company or a duly authorized committee thereof) of the shares of Capital Stock, evidences of indebtedness, assets or property or rights, options or
warrants distributed with respect to each outstanding share of Common Stock as of the Open of Business on the Ex-Dividend Date for such distribution.

 Any increase made under the above portion of this clause (c) will become effective immediately
after the Close of Business on the Record Date for such distribution. No 

  
 34 

 
adjustment pursuant to the above formula will result in a decrease of the Exchange Rate. However, if such distribution is scheduled to be paid or made prior to the Maturity Date and is not so
paid or made, the Exchange Rate shall be decreased to be the Exchange Rate that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than
“SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the
same terms as holders of the Common Stock, without having to exchange its Notes, the amount and kind of the Relevant Distribution that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Exchange Rate
in effect on the Ex-Dividend Date for the distribution. In the case of rights, options or warrants, if such rights, options or warrants are not so issued, or if no such rights, options or warrants are exercised prior to their expiration, the
Exchange Rate shall be decreased to be the Exchange Rate that would then be in effect if the Ex-Dividend Date for the distribution of such rights, options or warrants had not occurred. 

With respect to an adjustment pursuant to this clause (c) where there has been an Ex-Dividend Date for a dividend or other distribution on
the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a subsidiary or other business unit, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities
exchange (a “Spin-Off”), the Exchange Rate will be increased based on the following formula: 
  

					
	ER1 = ER0 x  	  	FMV0 + MP0    	  	
	  	MP0	  	

 where, 
  

			
	ER0 =	  	the Exchange Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such Spin-Off;
		
	ER1 =	  	the Exchange Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such Spin-Off;
		
	FMV0 =	  	the average of the Closing Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock over the first 10 consecutive Trading-Day period
commencing on, and including, the Ex-Dividend Date for the Spin-Off (such period, the “Valuation Period”); and
		
	MP0 =	  	the average of the Closing Sale Prices of Common Stock over the Valuation Period.

 The adjustment to the applicable Exchange Rate under the preceding paragraph of this clause
(c) will be determined on the last day of the Valuation Period but will be given effect immediately after the Open of Business on the Ex-Dividend Date for the Spin-Off. In respect of any exchange during the Valuation Period for any Spin-Off,
references 

  
 35 

 
within this clause (c) related to 10 Trading Days shall be deemed to be replaced, solely in respect of that exchange, with such lesser number of Trading Days as have elapsed from, and
including, the Ex-Dividend Date for such Spin-Off to, but excluding, the relevant Exchange Date. 
 For purposes of the second adjustment
formula set forth in this Section 4.04(c), (i) the Closing Sale Price of any Capital Stock or similar equity interest shall be calculated in a manner analogous to that used to calculate the Closing Sale Price of the Common Stock in the
definition of “Closing Sale Price” set forth in Section 1.01, (ii) whether a day is a Trading Day (and whether a day is a Scheduled Trading Day and whether a Market Disruption Event has occurred) for such Capital Stock or similar
equity interest shall be determined in a manner analogous to that used to determine whether a day is a Trading Day (or whether a day is a Scheduled Trading Day and whether a Market Disruption Event has occurred) for the Common Stock, and
(iii) whether a day is a Trading Day to be included in a Valuation Period will be determined based on whether a day is a Trading Day for both the Common Stock and such Capital Stock or similar equity interest. 

Subject to Section 4.04(g), for the purposes of this Section 4.04(c), rights, options or warrants distributed to all or substantially
all holders of the Common Stock entitling them to acquire TERP’s Capital Stock or other securities, (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (a
“Trigger Event”): (1) are deemed to be transferred with such shares of Common Stock; (2) are not exercisable; and (3) are also issued in respect of future issuances of Common Stock, shall be deemed not to have been
distributed for purposes of this Section 4.04(c) (and no adjustment to the Exchange Rate under this Section 4.04(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be
deemed to have been distributed and an appropriate adjustment (if any is required) to the Exchange Rate shall be made under this Section 4.04(c). If any such rights, options or warrants, distributed prior to the Issue Date are subject to
events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be
the date of distribution and Record Date of such deemed distribution (in which case the original rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders). In addition, in the event of
any distribution or deemed distribution of rights, options or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for
which an adjustment to the Exchange Rate under this Section 4.04(c) was made, (1) in the case of any such rights, options or warrants which shall all have been redeemed or purchased without exercise by any Holders thereof, upon such final
redemption or purchase (x) the Exchange Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Exchange Rate shall then again be readjusted to give effect to such distribution, deemed distribution
or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by holders of Common Stock with respect to such rights, options or warrants (assuming each such holder had
retained such rights, options or warrants), made to all holders of Common Stock as of the date of such 

  
 36 

 
redemption or purchase, and (2) in the case of such rights, options or warrants which shall have expired or been terminated without exercise by any holders thereof, the Exchange Rate shall
be readjusted as if such rights and warrants had not been issued. 
 For purposes of Sections 4.04(a) through (c), if any dividend or
distribution to which this Section 4.04(c) applies includes one or both of: 
 (A) a dividend or distribution of shares
of Common Stock to which Section 4.04(a) also applies (the “Clause A Distribution”); or 
 (B) an
issuance of rights, options or warrants entitling holders of the Common Stock to subscribe for or purchase shares of the Common Stock to which Section 4.04(b) also applies (the “Clause B Distribution”), 

then (i) such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to
be a distribution to which this Section 4.04(c) applies (the “Clause C Distribution”) and any Exchange Rate adjustment required to be made under this Section 4.04(c) with respect to such Clause C Distribution
shall be made, (ii) the Clause B Distribution, if any, shall be deemed to immediately follow the Clause C Distribution and any Exchange Rate adjustment required by Section 4.04(b) with respect thereto shall then be made, except
that, if determined by the Company, (A) the “Record Date” of the Clause B Distribution and the Clause A Distribution, if any, shall be deemed to be the Record Date of the Clause C Distribution and (B) any shares of
Common Stock included in the Clause A Distribution or the Clause B Distribution shall not be deemed to be “outstanding immediately prior to the Close of Business on such Record Date” within the meaning of Section 4.04(b),
and (iii) the Clause A Distribution, if any, shall be deemed to immediately follow the Clause C Distribution or the Clause B Distribution, as the case may be, except that, if determined by the Company, (A) the “Record
Date” of the Clause A Distribution and the Clause B Distribution, if any, shall be deemed to be the Record Date of the Clause C Distribution, and (B) any shares of Common Stock included in the Clause A Distribution
shall not be deemed to be “outstanding immediately prior to the Close of Business on such Record Date of such dividend or distribution, before giving effect to such dividend or distribution, or immediately prior to the Open of Business on the
effective date of such share split or combination, as applicable” within the meaning of Section 4.04(a). 
 (d) If
a Record Date occurs for a cash dividend or distribution to all, or substantially all, holders of the outstanding Common Stock (other than any dividend or distribution in connection with the Company’s liquidation, dissolution or winding up or a
regular quarterly cash dividend that does not exceed the applicable Dividend Threshold per share), the Exchange Rate will be increased based on the following formula: 
  

					
	ER1 = ER0 x  	    	SP0 - T  	  	
	    	SP0 - C  	  	

  
 37 

 where, 

 

			
	ER0 =	  	the Exchange Rate in effect immediately prior to the Close of Business on the Record Date for such dividend or distribution;
		
	ER1 =	  	the Exchange Rate in effect immediately after the Close of Business on the Record Date for such dividend or distribution;
		
	SP0 =	  	the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;
		
	T =	  	the applicable Dividend Threshold; provided that if the dividend or distribution is not a regular quarterly cash dividend, then the Dividend Threshold will be deemed to be zero; and
		
	C =	  	the amount in cash per share that the TERP pays or distributes to substantially all holders of the Common Stock.

 Any increase made under this clause (d) shall become effective immediately after the Close of
Business on the Record date for such dividend or distribution. No adjustment pursuant to the above formula will result in a decrease of the Exchange Rate. However, if any dividend or distribution described in this clause (d) is scheduled to be
paid or made prior to the Maturity Date but is not so paid or made, the new Exchange Rate shall be readjusted to the Exchange Rate that would then be in effect if such dividend or distribution had not been declared. 

Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes, at the same time and upon the same terms as holders of
shares of the Common Stock, without having to exchange its Notes, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the applicable Exchange Rate on the Ex-Dividend Date for such
cash dividend or distribution. 
 Notwithstanding the foregoing, the Exchange Rate will not be adjusted for cash dividends or distributions
to all or substantially all holders of the Common Stock if Holders receive, without exchanging their Notes, an amount equal to the principal amount of such Holders’ Notes (expressed in thousands), multiplied by the applicable Exchange
Rate, and multiplied by the excess of the actual dividend paid in any quarter over the applicable Dividend Threshold for such quarter. 

(e) If TERP or any of its Subsidiaries makes a payment in respect of a tender or exchange offer for the Common Stock, and if
the cash and value of any other consideration included in the payment per share of Common Stock exceeds the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading-Day period commencing on, and including, the Trading
Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Offer Expiration Date”), the Exchange Rate will be increased based on the following formula: 

 

					
	ER1 = ER0 x  	  	AC + (SP1 x OS1)  	  	
	  	    OS0 x SP1	  	

  
 38 

 where, 

 

			
	ER0 =	  	the Exchange Rate in effect immediately prior to the Open of Business on the Trading Day next succeeding the Offer Expiration Date;
		
	ER1 =	  	the Exchange Rate in effect immediately after the Open of Business on the Trading Day next succeeding the Offer Expiration Date;
		
	AC =	  	the aggregate value of all cash and any other consideration (as determined in good faith by the Board of Directors of the Company or a duly authorized committee thereof) paid or payable for shares of Common Stock purchased in such
tender or exchange offer;
		
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the time (the “Offer Expiration Time”) such tender or exchange offer expires (prior to giving effect to such tender or exchange offer);
		
	OS1 =	  	the number of shares of Common Stock outstanding immediately after the Offer Expiration Time (after giving effect to the purchase of all shares accepted for purchase or exchange in such tender or exchange offer); and
		
	SP1 =	  	the average of the Closing Sale Prices of the Common Stock over the 10 consecutive Trading-Day period commencing on, and including, the Trading Day next succeeding the Offer Expiration Date.

 The adjustment to the Exchange Rate under the preceding paragraph of this clause (e) will be
determined at the Close of Business on the tenth Trading Day immediately following, but excluding, the Offer Expiration Date but will be given effect at the Open of Business on the Trading Day next succeeding the Offer Expiration Date. In respect of
any exchange during the 10 Trading Days commencing on, and including, the Trading Day next succeeding the Offer Expiration Date, references within this clause (e) to 10 Trading Days shall be deemed to be replaced, solely in respect of that
exchange, with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the Offer Expiration Date to, but excluding, the relevant Exchange Date. No adjustment pursuant to the above formula will result
in a decrease of the Exchange Rate. 
 (f) [RESERVED]. 

(g) Poison Pill. If a Holder exchanges a Note, to the extent that TERP has a rights plan in effect, on the settlement
date with respect to such Note, the Holder exchanging such Note will receive, in addition to any shares of Common Stock otherwise received in connection with such exchange, the rights under the rights plan, unless prior to such settlement date, the
rights have separated from the Common Stock, in which case, 

  
 39 

 
and only in such case, the Exchange Rate will be adjusted at the time of separation as if TERP distributed to all holders of the Common Stock, Distributed Property as described in
Section 4.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights. 

(h) Deferral of Adjustments. Notwithstanding anything to the contrary herein, the Company will not be required to adjust
the Exchange Rate unless such adjustment would require an increase or decrease of at least one percent; provided, however, that any such minor adjustments that are not required to be made will be carried forward and taken into account
in any subsequent adjustment, and provided, further, that any such adjustment of less than one percent that has not been made shall be made upon the occurrence of (i) the Effective Date for any Fundamental Change or Make-Whole
Fundamental Change (ii) the Exchange Date in respect of any exchanged Note and (iii) every one year anniversary of the date hereof. In addition, the Company shall not account for such deferrals when determining what number of shares of
Common Stock a Holder would have held on a given day had it exchanged its Notes. 
 (i) Limitation on Adjustments.
Except as stated in this Section 4.04, the Company will not adjust the Exchange Rate for the issuance of shares of Common Stock or any securities convertible into or exchangeable for shares of Common Stock or the right to purchase shares of
Common Stock or such convertible or exchangeable securities. If, however, the application of the formulas in Sections 4.04(a) through (e) would result in a decrease in the Exchange Rate, then, except to the extent of any readjustment to the
Exchange Rate, no adjustment to the Exchange Rate will be made (other than as a result of a reverse share split or share combination). 
 In
addition, notwithstanding anything to the contrary herein, the Exchange Rate will not be adjusted: 
 (i) upon the issuance
of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the TERP’s securities and the investment of additional optional amounts in shares of Common Stock under any
present or future employee, director or consultant benefit plan or program of or assumed by TERP or any of its subsidiaries; 

(ii) upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or
future employee, director or consultant benefit plan, program or agreement or employee stock purchase plan of or assumed by TERP or any of its Subsidiaries; 

(iii) upon the issuance of any shares of Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or
convertible security not described in Section 4.04(i)(ii) immediately above and outstanding as of the date the Notes were first issued; 

(iv) for a change in the par value of the Common Stock; or 

  
 40 

 (v) for accrued and unpaid interest on the Notes, if any. 

For purposes of this Section 4.04, the number of shares of Common Stock at any time outstanding shall not include shares held in the
treasury of TERP so long as TERP does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of TERP, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of
Common Stock. 
 Section 4.05 Discretionary and Voluntary Adjustments. 

(a) Discretionary Adjustments. Whenever any provision of this Indenture requires the Company to calculate the Closing
Sale Prices over a span of multiple days, the Company will make appropriate adjustments, if any, thereto to account for any adjustment to the Exchange Rate that becomes effective, or any event requiring an adjustment to the Exchange Rate where the
effective date, Ex-Dividend Date, Record Date or Offer Expiration Date of the event occurs, at any time during the period when such Closing Sale Prices are to be calculated. 

(b) Voluntary Adjustments. To the extent permitted by applicable law and applicable requirements of the Exchange, the
Company is permitted to increase the Exchange Rate of the Notes by any amount for a period of at least 20 Business Days if such increase is irrevocable for such period and the Board of Directors of the Company determines that such increase would be
in SunEdison’s or the Company’s best interest; provided that the Company must give at least 15 days’ prior notice of any such increase in the Exchange Rate. To the extent permitted by applicable law and applicable requirements
of the Exchange, the Company may also (but is not required to) increase the Exchange Rate to avoid or diminish income tax to holders of Common Stock or rights to purchase shares of Common Stock in connection with a dividend or distribution of shares
(or rights to acquire shares) or similar event. 
 Section 4.06 Adjustment to Exchange Rate Upon Exchange in Connection with a
Make-Whole Fundamental Change. 
 (a) Increase in the Exchange Rate. If a Make-Whole Fundamental Change occurs and
a Holder elects to exchange its Notes in connection with such Make-Whole Fundamental Change, then the Company shall, to the extent provided herein, increase the Exchange Rate for the Notes so surrendered for exchange by a number of additional shares
of Common Stock (the “Additional Shares”), as described in this Section 4.06. An exchange of Notes shall be deemed for these purposes to be “in connection with” a Make-Whole Fundamental Change if the relevant Exchange
Notice is received by the Exchange Agent during the period from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the Close of Business on the Business Day immediately prior to the related Fundamental
Change Purchase Date or, if such Make-Whole Fundamental Change is not also a Fundamental Change, the 35th Business Day immediately following the Effective Date for such Make-Whole Fundamental Change (such period, the “Make-Whole Fundamental
Change Period”). 

  
 41 

 (b) Cash Mergers. Notwithstanding anything to the contrary herein, if the
consideration paid to holders of the Common Stock in any Make-Whole Fundamental Change described in clause (2) of the definition of “Fundamental Change” is comprised entirely of cash, then, for any exchange of Notes following the
Effective Date of such Make-Whole Fundamental Change, the payment and delivery obligations upon the exchange of a Note shall be calculated based solely on the Stock Price for such Make-Whole Fundamental Change and shall be deemed to be an amount
equal to the applicable Exchange Rate (including any adjustment as described in this Section 4.06) multiplied by such Stock Price, and the Company will continue to settle any exchange of the Notes following the Effective Date for a
Make-Whole Fundamental Change in accordance with Section 4.03 (but subject to Section 4.04). 
 (c) Determining
the Number of Additional Shares. The number of Additional Shares, if any, by which the Exchange Rate will be increased for a Holder that exchanges its Notes in connection with a Make-Whole Fundamental Change shall be determined by reference to
the table attached as Schedule A, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”), and the price (the “Stock Price”) paid (or deemed paid)
per share of the Common Stock in the Make-Whole Fundamental Change, as determined under the two immediately following sentences. If the holders of the Common Stock receive only cash in a Make-Whole Fundamental Change described in clause (2) of
the definition of “Fundamental Change,” the Stock Price shall be the cash amount paid per share of Common Stock. Otherwise, the Stock Price shall be the average of the Closing Sale Prices of the Common Stock over the 10 consecutive
Trading-Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change. 

(d) Interpolation and Limits. The exact Stock Prices and Effective Dates may not be set forth in the table in
Schedule A, in which case: 
 (i) If the Stock Price is between two Stock Prices in the table or the Effective
Date is between two dates in the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later dates, as
applicable, based on a 365- or
 366-day year, as applicable. 
 (ii) If the Stock Price is greater than $100.00 per share
(subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table in Schedule A), no Additional Shares will be added to the Exchange Rate. 

(iii) If the Stock Price is less than $27.67 per share (subject to adjustments in the same manner as the Stock Prices set forth
in the column headings of the table in Schedule A), no Additional Shares will be added to the Exchange Rate. 
 Notwithstanding
the foregoing, in no event will the Exchange Rate be increased on account of a Make-Whole Fundamental Change to exceed 36.1454 shares of Common Stock per $1,000 principal amount of Notes (the “Maximum Exchange Rate”), subject to
adjustments in the same manner as the Exchange Rate is required to be adjusted as set forth in Section 4.04. 

  
 42 

 (iv) The Stock Prices set forth in the column headings of the table in
Schedule A shall be adjusted as of any date on which the Exchange Rate of the Notes is otherwise required to be adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied
by a fraction, the numerator of which is the Exchange Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Exchange Rate as so adjusted. The number of Additional Shares set forth in
such table shall be adjusted in the same manner and at the same time as the Exchange Rate is required to be adjusted as set forth in Section 4.04. 

(e) Notices. The Company will notify Holders, the Trustee and the Exchange Agent of any Make-Whole Fundamental Change as
soon as practicable after first becoming aware of the anticipated Effective Date of such Make-Whole Fundamental Change, in either case, unless the Company determines, in its commercially reasonable discretion, that it is impractical or inadvisable
to so disclose such anticipated Effective Date prior to the actual Effective Date, in which case the Company shall give such notice and issue such press release as soon as practicable after such Effective Date. Notwithstanding the foregoing, in no
event will the Company be required to provide such notice to the Holders before such time as TERP or its Affiliates have publicly disclosed or acknowledged the circumstances giving rise to such Make-Whole Fundamental Change or anticipated Make-Whole
Fundamental Change. 
 Section 4.07 Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale. 

(a) Merger Events. In the case of: 

(i) any recapitalization, reclassification or change of the Common Stock (other than a change in par value, or from par value
to no par value, or from no par value to par value, or as a result of a split, subdivision or combination for which an adjustment was made pursuant to Section 4.04(a)); 

(ii) any consolidation, merger or combination involving TERP; 

(iii) any sale, lease or other transfer to a third party of the consolidated assets of TERP and its Subsidiaries substantially
as an entirety; 
 (iv) any statutory share exchange involving TERP; or 

(v) a liquidation or dissolution of TERP; 

and, in each case, as a result of which the Common Stock would be converted into, or exchanged for, common stock, other securities, other
property or assets (including cash or any combination thereof) (any such event, a “Merger Event,” any such common stock, other securities, other property or assets (including cash or any combination thereof),

  
 43 

 
“Reference Property,” and (i) the amount and kind of Reference Property that a holder of one share of Common Stock is entitled to receive in the applicable Merger Event, or
(ii) if as a result of the applicable Merger Event, each share of Common Stock is converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election),
the per share of Common Stock weighted average of the amounts and kinds of Reference Property received by the holders of Common Stock that affirmatively make such an election (disregarding, for these purposes, any arrangement to deliver cash in lieu
of any fractional security or other unit of Reference Property), a “Unit of Reference Property”) then, at the effective time of such Merger Event, the consideration due upon exchange of any Notes will be determined in the same
manner as if each reference to any number of shares of Common Stock in this Article 4 were instead a reference to the same number of Units of Reference Property (it being understood that no adjustment will be made pursuant to Sections
4.04(a)-(e) with respect to any portion of Reference Property that does not consist of Capital Stock), and, at or prior to or at the effective time of such Merger Event, the Company shall execute with the Trustee a supplemental indenture
providing for such change. Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent to the adjustments provided for in this Article 4 in the judgment of the Board of Directors of the Company. 

(b) Notice of Supplemental Indentures. The Company shall cause written notice of the execution of such supplemental
indenture to be sent to each Holder, at the address of such Holder as it appears on the register of the Notes maintained by the Registrar, within 20 calendar days after execution thereof. Failure to deliver such notice shall not affect the legality
or validity of such supplemental indenture. The above provisions of this Section 4.07 shall similarly apply to successive Merger Events. 

(c) Prior Notice. In addition, at least 20 Scheduled Trading Days before any Merger Event, the Company shall give notice
to Holders of such Merger Event, or, if the Company is not aware of such Merger Event at such time, as promptly as practicable after becoming aware of such Merger Event. In any such notice, the Company shall also specify the composition of the Unit
of Reference Property for such Merger Event, or, if the Company has not determined the composition of such Unit of Reference Property at such time, the Company will provide an additional written notice to Holders that states the composition of such
Unit of Reference Property as promptly as practicable after determining its composition. 
 (d) Adjustment to Dividend
Threshold. In connection with any Merger Event in which all or a portion of the Reference Property (determined, as appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed of shares of
common stock (the “Merger Common Stock”), the Dividend Threshold shall be subject to adjustment as described in clause (i) or clause (ii) below, as the case may be. 

(i) In the case of a Merger Event in which the Reference Property (determined, as appropriate, pursuant to subsection
(a) above and excluding any dissenters’ appraisal rights) is composed entirely of Merger Common Stock, the 

  
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Dividend Threshold at and after the effective time of such Merger Event will be equal to (x) the Dividend Threshold immediately prior to the effective time of such Merger Event, divided
by (y) the number of shares of Merger Common Stock that a holder of one share of Common Stock would receive in such Merger Event (such quotient rounded down to the nearest cent). 

(ii) In the case of a Merger Event in which the Reference Property (determined, as appropriate, pursuant to subsection
(a) above and excluding any dissenters’ appraisal rights) is composed in part of shares of Merger Common Stock, the Dividend Threshold at and after the effective time of such Merger Event will be equal to (x) the Dividend Threshold
immediately prior to the effective time of such Merger Event, multiplied by (y) the Merger Valuation Percentage for such Merger Event (such product rounded down to the nearest cent). 

Section 4.08 Certain Covenants. 

(a) The Company shall at all times be, and the Guarantor shall cause the Company to at all times be, in compliance with the LLC
Agreement in all material respects, it being understood that any non-compliance with Section 9(j) of the LLC Agreement that would reasonably be expected to call into question the corporate separateness of the Company will be deemed to be
material. 
 (b) The Company shall list or cause to be listed or quoted any shares of Common Stock to be delivered upon
exchange of Notes on each national securities exchange or over-the-counter or other domestic market on which the Common Stock is then listed or quoted. 

(c) The Company shall at all times cause a number of shares of Common Stock equal to the Maximum Exchange Rate (as may be
increased from time to time pursuant to this Indenture), or a number of shares of Class B Common Stock and Class B Units exchangeable for a number of shares of Common Stock equal to the Maximum Exchange Rate (as may be increased from time to time
pursuant to this Indenture), multiplied by the aggregate principal amount of Notes then Outstanding divided by $1,000, to be pledged to the Collateral Agent under the Pledge Agreement for the ratable benefit of the Secured Parties
thereunder in accordance with Article II of the Pledge Agreement. 
 (d) The Guarantor shall transfer or cause to be
transferred to the Company a number of shares of Common Stock equal to the Maximum Exchange Rate (as may be increased from time to time pursuant to this Indenture), or a number of shares of Class B Common Stock and Class B Units exchangeable for a
number of shares of Common Stock equal to the Maximum Exchange Rate (as may be increased from time to time pursuant to this Indenture), multiplied by the aggregate principal amount of Notes then Outstanding divided by $1,000, in
either case, minus such number of shares previously transferred to and pledged by the Company in accordance with Article II of the Pledge Agreement. 

  
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 Section 4.09 Responsibility of Trustee. The Trustee and any Exchange Agent shall not
at any time be under any duty or responsibility to any Holder of Notes to determine or calculate the Exchange Rate, to determine whether any facts exist which may require any adjustment of the Exchange Rate, to determine or validate the
determination of any Reference Property or to confirm the accuracy of any such adjustment when made or the appropriateness of the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee
and any other Exchange Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock or of any other securities or property that may at any time be issued or delivered upon the exchange of
any Notes; and the Trustee and the Exchange Agent make no representations with respect thereto. Neither the Trustee nor any Exchange Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock
or stock certificates or other securities or property or cash upon the surrender of any Notes for the purpose of exchange or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article 4. The rights,
privileges, protections, immunities and benefits given to the Trustee, including without limitation its right to be compensated, reimbursed and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, including its capacity as Exchange Agent. 
 Section 4.10 Notice of Adjustment to the Trustee. Whenever the Exchange
Rate is adjusted as herein provided, the Company shall promptly file with the Trustee and any Exchange Agent (if other than the Trustee) an Officer’s Certificate setting forth the Exchange Rate after such adjustment and setting forth a brief
statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Exchange Rate and
may assume that the last Exchange Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Exchange Rate setting forth the adjusted Exchange Rate and
the date as of which each adjustment becomes effective and shall deliver such notice of such adjustment of the Exchange Rate to the Holder of each Note at his or her last address appearing on the Register provided for in Section 2.06 of this
Indenture, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality, effectiveness or validity of any such adjustment and shall not be an Event of Default under this Indenture. 

Section 4.11 Notice to Holders. 

(a) Notice to Holders Prior to Certain Actions. The Company shall deliver notices of the events specified below at the
times specified below and containing the information specified below unless, in each case, (i) pursuant to this Indenture, the Company is already required to deliver notice of such event containing at least the information specified below at an
earlier time or, (ii) the Company, at the time it is required to deliver a notice, does not have knowledge of all of the information required to be included in such notice, in which case, the Company shall (A) deliver notice at such time
containing only the information that it has knowledge of at such time (if it has knowledge of any such information at such time), and (B) promptly upon obtaining knowledge of any such information not already included in a notice delivered by
the Company, deliver notice to each Holder with a copy to the Trustee containing such information. In each case, the failure by the Company to give such notice, or any defect therein, shall not affect the legality or validity of such event. 

  
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 (i) Voluntary Increases. If the Company increases the Exchange Rate
pursuant to Section 4.05(b), the Company shall mail to the Holders a notice of the increased Exchange Rate and the period during which such increased Exchange Rate will be in effect at least 15 calendar days prior to the date the increased
Exchange Rate takes effect, in accordance with the applicable law. 
 (ii) Dissolutions, Liquidations and Winding-Ups.
If there is a voluntary or involuntary dissolution, liquidation or winding-up of SunEdison, the Company shall deliver notice to the Holders as promptly as possible following the date the Company becomes aware of such event, but in any event at least
15 calendar days prior to the earlier of (i) the date on which such dissolution, liquidation or winding-up, as the case may be, is expected to become effective or occur, and (ii) the date as of which it is expected that holders of
SunEdison’s common stock of record shall be entitled to exchange their SunEdison common stock for securities or other property deliverable upon such dissolution, liquidation or winding-up, as the case may be, which notice shall state the
expected effective date and record date for such event, as applicable, and the amount and kind of property that a holder of one share of SunEdison common stock is expected to be entitled, or may elect, to receive in such event. The Company shall
deliver an additional notice to holders, as promptly as practicable following the date on which it becomes aware of such action, whenever the expected effective date or record date, as applicable, or the amount and kind of property that a holder of
one share of SunEdison common stock is expect to be entitled to receive in such event, changes. 
 (b) Notices After
Certain Actions and Events. Whenever an adjustment to the Exchange Rate becomes effective pursuant to Sections 4.04, 4.05 or 4.06, the Company will (i) file with the Trustee an Officer’s Certificate stating that such adjustment has
become effective, the Exchange Rate, and the manner in which the adjustment was computed and (ii) deliver written notice to the Holders stating that such adjustment has become effective and the Exchange Rate as adjusted. Failure to give any
such notice, or any defect therein, shall not affect the validity of any such adjustment. 
 ARTICLE 5.
 

COVENANTS 
 Section 5.01
Payment of Principal and Interest and the Fundamental Change Purchase Price. 
 The Company covenants and agrees that it will cause
to be paid the principal of (including the Fundamental Change Purchase Price), premium, if any, on and accrued and unpaid interest, if any, on each of the Notes at the places, at the respective times and in the manner provided herein and in the
Notes. 

  
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 Section 5.02 Maintenance of Office or Agency. 

The Company will maintain in the continental United States an office of the Paying Agent, an office of the Registrar and an office or agency
where Notes may be surrendered for exchange (“Exchange Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture (other than the type contemplated by Section 12.14)
may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office or the office or agency of the Trustee. 

The Company may also from time to time designate as co-registrars one or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the
continental United States for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent”
and “Exchange Agent” include any such additional or other offices or agencies, as applicable. 
 The Company hereby initially
designates the Trustee as the Paying Agent, Registrar, Exchange Agent, and its Corporate Trust Office shall be considered as one such office or agency of the Company for each of the aforesaid purposes. The Company or its Affiliates may act as Paying
Agent or Registrar. 
 With respect to any Global Note, the Corporate Trust Office of the Trustee or any Paying Agent shall be the place of
payment where such Global Note may be presented or surrendered for payment or exchange or for registration of transfer or exchange, or where successor Notes may be delivered in exchange therefor; provided, however, that any such
payment, exchange, presentation, surrender or delivery effected pursuant to the Applicable Procedures for such Global Note shall be deemed to have been effected at the place of payment for such Global Note in accordance with the provisions of this
Indenture; provided further that no service of legal process against the Company or the Guarantor may be made at any office of the Trustee. 

Section 5.03 Provisions as to Paying Agent. 

(a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and
deliver to the Trustee an instrument in which such agent shall agree, subject to the provisions of this Section 5.03: 

(i) that it will hold all sums held by it as such agent for the payment of the principal of, any premium on, accrued and unpaid
interest, if any, on and Fundamental Change Purchase Price for the Notes in trust for the benefit of the Holders of the Notes; 

  
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 (ii) that it will give the Trustee prompt written notice of any failure by the
Company to make any payment of the principal of, any premium on, accrued and unpaid interest, if any, on or Fundamental Change Purchase Price for the Notes when the same shall be due and payable; and 

(iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal of, any premium on, accrued and unpaid
interest, if any, on and Fundamental Change Purchase Price for the Notes, deposit with the Paying Agent a sum sufficient to pay such principal, premium, accrued and unpaid interest or Fundamental Change Purchase Price, as the case may be, and
(unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of any failure to take such action, provided that, if such deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00
a.m., New York City time, on such date. 
 (b) If the Company shall act as its own Paying Agent, it will, on or before each
due date of the principal of, any premium on, accrued and unpaid interest, if any, on or Fundamental Change Purchase Price for the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such
principal, any premium, accrued and unpaid interest, if any, or Fundamental Change Purchase Price, as the case may be, so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the
Company to make any payment of the principal of, premium on, accrued and unpaid interest on or Fundamental Change Purchase Price for the Notes when the same shall become due and payable. 

(c) Anything in this Section 5.03 to the contrary notwithstanding, the Company may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by any Paying Agent hereunder as required by this Section 5.03, such sums to be held by the Trustee
upon the trusts herein contained and upon such payment by the any Paying Agent to the Trustee, such Paying Agent (if other than the Company) shall be released from all further liability with respect to such sums. 

(d) Subject to any applicable abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, any premium on, accrued and unpaid interest, if any, on or Fundamental Change Purchase Price for any Note and remaining unclaimed for two years after such principal, premium, accrued and
unpaid interest or Fundamental Change Purchase Price has become due and payable shall be paid to the Company on written request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; provided, however, that before the Trustee or such Paying Agent are required to make 

  
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any such repayment, the Company shall cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The
Borough of Manhattan, The City of New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 calendar days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Company. 
 Section 5.04 Reports. 

The Company will furnish to the Trustee, within 15 calendar days after SunEdison is required to file the same with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act. Any such report, information or document that SunEdison files with the Commission through the EDGAR system (or any successor thereto) will be deemed to be delivered to the Trustee for the purposes of
this Section 5.04 at the time of such filing through the EDGAR system (or such successor thereto). 
 At any time SunEdison is not
subject to Section 13 or 15(d) of the Exchange Act, the Company will, so long as any of the Notes will, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide
to the Trustee and will, upon written request, provide to any Holder, beneficial owner or prospective purchaser of such Notes the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of
such Notes pursuant to Rule 144A under the Securities Act. The Company will take such further action as any Holder or beneficial owner of such Notes may reasonably request from time to time to enable such Holder or beneficial owner to sell such
Notes in accordance with Rule 144A under the Securities Act, as such rule may be amended from time to time. 
 Delivery of any such reports,
information and documents to the Trustee shall be for informational purposes only, and the Trustee’s receipt of such reports, information and documents shall not constitute actual or 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 Officer’s Certificates) or any other agreement or document.

 Section 5.05 Statements as to Defaults. The Company is required to deliver to the Trustee (i) within 120 days after the
end of each fiscal year ending December 31, commencing on the fiscal year ending December 31, 2015, an Officer’s Certificate stating whether or not the signers thereof know of any default of the Company that occurred during the
previous year and whether the Company, to the Officer’s knowledge, is in default in the performance or observance of any of the terms, provisions and conditions of this Indenture and (ii) within 30 days after the occurrence thereof,
written notice in the form of an Officer’s Certificate of any events that would constitute Defaults or Events of Default, setting forth the details of such Defaults or Events of Default, their status and the action the Company is taking or
proposes to take in respect thereof. Such Officer’s Certificate shall also comply with any additional requirements set forth in Section 5.07. The Trustee shall not be deemed to have notice of any Default or Event of Default except in
accordance with Section 11.03(i). 

  
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 Section 5.06 Additional Interest Notice. If Additional Interest is payable by the
Company pursuant to Section 6.03, the Company shall deliver to the Trustee and the Paying Agent (if other than the Trustee) an Officer’s Certificate, prior to the Regular Record Date for each applicable Interest Payment Date, to that
effect stating (a) the amount of such Additional Interest that is payable and (b) the date on which such interest is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate,
the Trustee may assume without inquiry that no such Additional Interest is payable. The Trustee shall have no obligation to calculate or determine, or verify the Company’s calculations or determinations of, the amount of any Additional Interest
payable by the Company under this Indenture. If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officer’s Certificate setting forth the particulars of such payment.

 Section 5.07 Compliance Certificate and Opinions of Counsel. 

(a) Except as otherwise expressly provided in this Indenture, upon any application or request by the Company to the Trustee to
take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such
documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished; provided that no Opinion of Counsel shall be required to be
delivered in connection with the issuance of the Notes on the date hereof. 
 (b) Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each
individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of each such individual, he has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

  
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 (c) All applications, requests, certificates, statements or other instruments
given under this Indenture shall be without personal recourse to any individual giving the same and may include an express statement to such effect. 

Section 5.08 Liquidated Damages Notice. In the event that TERP is required to pay Liquidated Damages to Holders of Notes pursuant
to the Registration Rights Agreement, the Company shall provide written notice (“Liquidated Damages Notice”) to the Trustee of TERP’s obligation to pay Liquidated Damages no later than fifteen
(15) calendar days prior to the proposed payment date for Liquidated Damages, and the Liquidated Damages Notice shall set forth the amount of Liquidated Damages to be paid by TERP on such payment date. The Trustee shall not at any time be under
any duty or responsibility to any Holder of Notes to determine whether and to what extent the Liquidated Damages are due, or with respect to the nature, extent or calculation of the amount of Liquidated Damages when made, or with respect to the
method employed in such calculation of the Liquidated Damages. 
 Section 5.09 Corporate Existence. Subject to Article 9,
the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its limited liability company existence, rights (charter and statutory) and franchises; provided, however, that the Company
shall not be required to preserve any such right or franchise if, in the judgment of the Company, the preservation thereof is no longer desirable in the conduct of the business of the Company. 

Section 5.10 Restriction on Resales. The Company shall not, and shall procure that no “affiliate” (as defined under Rule
144) of the Company shall, resell any of the Notes that have been reacquired by the Company or any such “affiliate” 
 (as defined under Rule 144).

 Section 5.11 Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

Section 5.12 Maintenance of Collateral. The Company shall maintain a valid and perfected first priority security interest in the
Collateral. The Company shall execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take all such actions as required for the purposes of implementing or effectuating the provisions
of each of the Collateral Documents, or of renewing the rights of the Holders, in each case with respect to the Collateral as to which the Collateral Agent, for the ratable benefit of the Collateral Agent and the Holders, has a perfected Lien
pursuant thereto. 
 Section 5.13 Further Assurances. Subject to the limitations set forth in the Collateral Documents, the
Company will execute any and all further documents, financing statements, agreements and instruments, and take all further action that may be required under applicable law, in order to grant, preserve, protect and perfect the validity and priority
of the security interests and Liens created or intended to be created by the Collateral Documents in the Collateral. 
  

  
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 Section 5.14 Company to Furnish Trustee Names and Addresses of Holders. The Company
will furnish or cause to be furnished to the Trustee: 
 (a) semi-annually, not later than the 10th day after each Regular
Record Date, a list, in such form as the Trustee may reasonably require, containing all the information in the possession or control of the Company, or any of its Paying Agents other than the Trustee, of the names and addresses of the Holders, as of
such preceding Regular Record Date, and 
 (b) at such other times as the Trustee may request in writing, within 15 days
after the receipt by the Company of any such request, a list of similar form and content as of a date the Trustee may reasonably require. 

ARTICLE 6.
 
 REMEDIES 

Section 6.01 Events of Default. Each of the following events shall be an “Event of Default”: 

(a) the Company’s failure to pay the principal of or any premium, if any, on any Note when due and payable on the Maturity
Date, upon declaration of acceleration or otherwise; 
 (b) the Company’s failure to comply with its obligations under
Article 4 to deliver the Common Stock (or other Reference Property) owing upon exchange of any Note (including any Additional Shares and cash in lieu of any fractional share) which failure continues for five Business Days; 

(c) the Company’s failure to pay any interest on any Note when due, and such failure continues for a period of 30 days;

 (d) the Company’s failure to pay the Fundamental Change Purchase Price when due; 

(e) the Company’s failure to issue a Fundamental Change Company Notice in accordance with the provisions of
Section 3.02(a), notice of a Make-Whole Fundamental Change in accordance with the provisions of Section 4.06(e) or notice of a Merger Event in accordance with the provisions of Section 4.07(c); 

(f) the Company’s failure to comply with the provisions of Section 4.08(a); 

(g) the Company’s failure to perform any other covenant required by the Company in this Indenture (other than a covenant
or agreement a default in whose performance or whose breach is specifically addressed in Sections 6.01(a) through (f) above) and such failure continues for 60 days after written notice from the Trustee or the Holders of at least 25% in
principal amount of the Notes then Outstanding (a copy of which notice, if given by Holders, must also to be given to the Trustee) has been received by the Company; 

(h) any indebtedness for money borrowed by, or any other payment obligation of, (i) SunEdison or any of its Subsidiaries
that is a Significant Subsidiary at such time 

  
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(other than any non-recourse indebtedness of a special purpose Significant Subsidiary of the Company) or (ii) the Company, in an outstanding principal amount, individually or in the
aggregate, in excess of $50.0 million (or its foreign currency equivalent at the time), in the case of SunEdison or any of its Subsidiaries that is a Significant Subsidiary at such time or (ii) $500,000, in the case of the Company, is not paid
at final maturity (or when otherwise due, after giving effect to any applicable grace period) or is accelerated; 
 (i) (i)
SunEdison or any of its Subsidiaries that is a Significant Subsidiary at such time or (ii) the Company fails to pay one or more final and non-appealable judgments entered by a court or courts of competent jurisdiction, the aggregate uninsured
or unbonded portion of which is in excess of $50.0 million, in the case of SunEdison or any of its Subsidiaries that is a Significant Subsidiary at such time or (ii) $500,000, in the case of the Company, provided that, no Event of
Default will be deemed to occur under this clause (g) if such judgments are paid, discharged or stayed within 30 days after the entry of such judgment; 

(j) SunEdison, any Significant Subsidiary of SunEdison or the Company (i) commences a voluntary case or other proceeding
seeking the liquidation, reorganization or other relief with respect to SunEdison, such Significant Subsidiary or the Company or any of their debts under any bankruptcy, insolvency or other similar law now or hereafter in effect; (ii) seeking
the appointment of a trustee, receiver, liquidator, custodian or other similar official of SunEdison, such Significant Subsidiary or the Company or any substantial part of SunEdison’s, such Significant Subsidiary’s or the Company’s
property, (iii) consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, (iv) makes a general assignment for the benefit of creditors,
or (v) fails generally to pay its debts as they become due; 
 (k) an involuntary case or other proceeding is commenced
against SunEdison, any Significant Subsidiary of SunEdison or the Company (i) seeking liquidation, reorganization or other relief with respect to SunEdison, such Significant Subsidiary or the Company or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or (ii) seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of SunEdison, such Significant Subsidiary, the Company or any substantial part of
their property, and such involuntary case or other proceeding remains undismissed and unstayed for a period of 60 consecutive days; 

(l) (i) any security interest created by the Collateral Documents ceases to be in full force and effect (except as permitted by
the terms of this Indenture or the Collateral Documents); (ii) the repudiation by the Company of any of its material obligations under the Collateral Documents; or (iii) any material representation or warranty made by the Company in any
Collateral Document proves to have been false or misleading in any material respect as of the time made, and the fact, event or circumstance that gave rise to the misrepresentation has resulted or is reasonably likely to result in a material adverse
effect and such misrepresentation or material adverse effect continues uncured for 30 or more days from the date a responsible officer of the Company obtains knowledge thereof; 

  
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 (m) a repudiation by SunEdison of its obligations under Article 13 of this
Indenture or the determination that such obligations are unenforceable or invalid or shall for any reason cease to be in full force and effect; or 

(n) failure by the Company or SunEdison to comply with their obligations in Section 9.01. 

Section 6.02 Acceleration; Rescission and Annulment. 

(a) If an Event of Default (other than an Event of Default specified in Section 6.01(j) or Section 6.01(k) with
respect to the Company or SunEdison) occurs and is continuing, either the Trustee by written notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding by written notice to the Company and the
Trustee, may declare 100% of the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes then Outstanding to be due and payable immediately. If an Event of Default specified in Section 6.01(j) or
Section 6.01(k) with respect to the Company or SunEdison occurs, 100% of the principal of, premium, if any, and accrued and unpaid interest, if any, on all Notes shall automatically become immediately due and payable. 

(b) Notwithstanding anything to the contrary in Section 6.02(a), Section 6.04 or any other provision of this
Indenture, if, at any time after the principal of, and accrued and unpaid interest, if any, on, the Notes shall have been so declared due and payable in accordance with Section 6.02(a), and before any judgment or decree of a court of competent
jurisdiction for the payment of the monies due shall have been obtained, and each of the conditions set forth in the immediately following clauses (i), (ii) and (iii) is satisfied: 

(i) the Company delivers or deposits with the Trustee the amount of cash sufficient to pay all matured installments of
principal and interest upon all the Notes, and the principal of and accrued and unpaid interest, if any, on all Notes which shall have become due otherwise than by acceleration (with interest on such principal and, to the extent that payment of such
interest is enforceable under applicable law, on overdue installments of interest, at the rate or rates, if any, specified in the Notes to the date of such payment or deposit), and such amount as shall be sufficient to pay the Trustee and the
Collateral Agent its reasonable compensation and reimburse the Trustee and the Collateral Agent for its reasonable expenses, disbursements and advances (including the fees and expenses of its agents and counsel); 

(ii) rescission and annulment would not conflict with any judgment or decree of a court of competent jurisdiction; and 

(iii) any and all Events of Default under this Indenture, other than the non-payment of the principal of the Notes that became
due because of the acceleration, shall have been cured, waived or otherwise remedied as provided herein, 

  
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 then, the Holders of a majority of the aggregate principal amount of Notes then Outstanding, by written notice to
the Company and to the Trustee, may waive all Defaults and Events of Default with respect to the Notes (except for any Default or Event of Default arising from (a) the Company’s failure to pay principal (including the Fundamental Change
Purchase Price) of, or any interest on, any Notes), (b) the Company’s failure to deliver the Common Stock (or other Reference Property) due upon exchange of any Note (including the Additional Shares and any cash in lieu of any fractional
share) within the applicable time period set forth under Section 4.03(a) or (c) the Company’s failure to comply with any provision of this Indenture the modification of which would require the consent of the Holder of each Outstanding
Note affected) and may rescind and annul the declaration of acceleration resulting from such Defaults or Events of Default (except for any Default or Event of Default arising from (x) the Company’s failure to pay principal (including the
Fundamental Change Purchase Price) of, or any interest on, any Notes), (y) the Company’s failure to deliver the Common Stock (or other Reference Property) due upon exchange of any Note (including the Additional Shares and any cash in lieu
of any fractional share) within the applicable time period set forth under Section 4.03(a) or (z) the Company’s failure to comply with any provision of this Indenture the modification of which would require the consent of the Holder
of each Outstanding Note affected) and their consequences; provided that no such rescission or annulment will extend to or will affect any subsequent Default or Event of Default or shall impair any right consequent on such Default or Event of
Default. 
 Section 6.03 Additional Interest. 

(a) Notwithstanding Section 6.02, to the extent the Company elects, the sole remedy for an Event of Default under
Section 6.01(f) relating to the Company’s failure to comply with Section 5.04 (which will be the 60th day after written notice is provided to the Company in accordance with such an event of default) (such Event of Default, a
“Reporting Event of Default”), will, after the occurrence of such Reporting Event of Default, (i) consist exclusively of the right to receive Additional Interest at an annual rate equal to 0.25% of the aggregate
principal amount of the Notes then Outstanding for each day during the 180-day period beginning on, and including, the day on which such a Reporting Event of Default occurs during which such Reporting Event of Default is continuing (or, if
applicable, the earlier date on which such Reporting Event of Default is cured or waived) and (ii) consist exclusively of the right to receive Additional Interest on the Notes at an annual rate equal to 0.50% per annum of the principal
amount of such tranche of notes outstanding for each day during the 185-day period immediately following such 180-day period, in each case payable in the same manner and on the same dates as the stated interest payable on the Notes. 

(b) If the Reporting Event of Default is continuing on the 366th day after the date on which such Reporting Event of Default
occurred, the Notes will be subject to acceleration as provided in Section 6.02(a). 
 (c) In order to elect to pay the
Additional Interest as the sole remedy during the first 365 days after the occurrence of a Reporting Event of Default, the Company must notify all Holders of Notes, the Trustee and the Paying Agent in writing of such election on or before the Close
of Business on the fifth Business Day after the date on 

  
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which such Reporting Event of Default would otherwise occur. Upon the Company’s failure to timely give such notice of such election or to pay the Additional Interest when due, the Notes will
be immediately subject to acceleration by declaration of the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes Outstanding as provided in Section 6.02. Nothing in this Section 6.03 shall affect the rights of
Holders of Notes in the event of the occurrence of any other Event of Default. 
 (d) In no event shall Additional Interest
accruing pursuant to Sections 6.03(a) and 6.03(c) accrue on any day under the terms of this Indenture (taking any such Additional Interest pursuant to Sections 6.03(a) and 6.03(c) together with any Additional Interest pursuant to
Section 5.08) at an annual rate in excess of 0.50% for any violation or Default caused by the Company’s failure to be current in respect of its Exchange Act reporting obligations. Such Additional Interest will be payable in the same manner
and on the same dates as the stated interest payable on the Notes. 
 Section 6.04 Waiver of Past Defaults. Subject to Section
6.02(b), the Holders of not less than a majority of the aggregate principal amount of Notes then Outstanding, by written notice to the Company and to the Trustee, may waive any Default or Event of Default (except for any Default or Event of Default
arising from (a) the Company’s failure to pay principal of, or any interest on, any Notes), (b) the Company’s failure to deliver the Common Stock (or other Reference Property) due upon exchange of any Note (including the
Additional Shares and any cash in lieu of any fractional share) within the applicable time period set forth under Section 4.03(a), or (c) the Company’s failure to comply with any provision of this Indenture the modification of which
would require the consent of the Holder of each Outstanding Note affected) and rescind any acceleration resulting from such Default or Event of Default and its consequences; provided that no such waiver will extend to or will affect any
subsequent Default or Event of Default or shall impair any right consequent on such Default or Event of Default. 
 Section 6.05
Control by Majority. The Trustee will not be obligated to exercise any of its rights or powers at the request of the Holders unless the Holders have offered to the Trustee security or indemnity satisfactory to the Trustee against any loss,
liability or expense. Subject to this Indenture, applicable law and the Trustee’s indemnification, the Holders of a majority in aggregate principal amount of the Outstanding Notes may direct in writing the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or that
the Trustee determines is unduly prejudicial to the rights of any Holder. 
 Section 6.06 Limitation on Suits. Subject to
Section 6.07, no Holder will have any right to institute any proceeding under this Indenture, or for the appointment of a receiver or Trustee, or for any other remedy under this Indenture or with respect to the Notes unless: 

(a) the Holder has previously delivered to the Trustee written notice of a continuing Event of Default; 

(b) the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes deliver to the Trustee a written
request that the Trustee pursue a remedy with respect to such Event of Default and have offered reasonable indemnity to the Trustee to institute such proceeding as Trustee; 

  
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 (c) the Trustee has failed to institute a proceeding within 60 days after such
notice, request and offer; and 
 (d) the Trustee has not received from the Holders of a majority in aggregate principal
amount of the then Outstanding Notes a direction inconsistent with such written request within 60 days after such notice, request and offer. 

Section 6.07 Rights of Holders to Receive Payment and to Exchange. Notwithstanding anything to the contrary elsewhere in this
Indenture, the above limitations set forth under Section 6.06 do not apply to a suit instituted by a Holder for the enforcement of a payment of the principal (including the Fundamental Change Purchase Price, if applicable) of, or any accrued
and unpaid interest on, any Note, on or after the applicable due date or the right to exchange the Note or to receive the amounts due upon exchange in accordance with Article 4, and such right to receive any such payment or delivery, as the case may
be, on or after the applicable due dates shall not be impaired or affected without the consent of such Holder. 
 Section 6.08
Collection of Indebtedness; Suit for Enforcement by Trustee. If an Event of Default specified in Section 6.01(a), 6.01(b), 6.01(c) or 6.01(d) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of principal of, premium on, interest on, Fundamental Change Purchase Price for and the Common Stock (or other Reference Property) due upon exchange of any Note (including the
Additional Shares and any cash in lieu of any fractional share) and such further amount as is sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, as well as any other amounts that may be due under Section 11.07. 
 Section 6.09 Trustee May Enforce
Claims Without Possession of Notes. All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the compensation, and reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered. 

Section 6.10 Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or
documents as may be necessary or advisable to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company, its creditors, the Collateral or any other property and, unless prohibited by law or applicable
regulations, will be entitled to collect, receive and distribute any money or other property payable or deliverable on any such claims, and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and, in the event that the Trustee consents to the making of such payments directly to the Holders, to pay 

  
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to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 11.07. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 11.07 out of the estate in any such
proceeding, will be denied for any reason, payment of the same will be secured by a lien on, and is paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such
proceeding, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained will be deemed to authorize the Trustee to authorize or consent to, or to accept or to adopt on behalf of any Holder, any
plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.11 Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right
or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted. 
 Section 6.12 Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes in Section 2.09, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.13 Delay
or Omission Not a Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time and as often as may be deemed expedient by the Trustee (subject to the limitations contained in this
Indenture) or by the Holders, as the case may be. 
 Section 6.14 Priorities. If the Trustee collects any money or property
pursuant to this Article 6, it will pay out the money or property in the following order: 
 FIRST: to the Trustee, the Collateral Agent and
their agents and attorneys for amounts due under Section 11.07 or under the Collateral Documents, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee or the Collateral Agent and the
costs and expenses of collection; 

  
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 SECOND: to the Holders, for any amounts due and unpaid on the principal of, premium on, accrued
and unpaid interest on, the Fundamental Change Purchase Price for, and any cash due upon exchange of, any Note, without preference or priority of any kind, according to such amounts due and payable on all of the Notes; and 

THIRD: the balance, if any, to the Company or to such other party as a court of competent jurisdiction directs. 

The Trustee may fix a record date and payment date for any payment to the Holders pursuant to this Section 6.14. If the Trustee so fixes
a record date and a payment date, at least 15 calendar days prior to such record date, the Trustee will deliver to each Holder a written notice, which notice will state such record date, such payment date and the amount of such payment. 

Section 6.15 Undertaking for Costs. All parties to this Indenture agree, and each Holder, by such Holder’s acceptance of a
Note, shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such party litigant; provided, however, that the provisions of this Section 6.15 shall not apply to (i) any suit instituted by the Trustee,
(ii) any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in aggregate principal amount of the Notes then Outstanding, (iii) any suit instituted by any Holder for the enforcement of the payment of
the principal (including the Fundamental Change Purchase Price) of, or any interest on, any Note on or after the applicable due date expressed or provided for in this Indenture, (iv) any suit for the enforcement of the right to exchange any
Note or to receive the Common Stock (or other Reference Property) due upon exchange of any Note (including the Additional Shares and any cash in lieu of any fractional share) in accordance with the provisions of Article 4, or (v) any suit for
the enforcement of the right of a beneficial owner to exchange its beneficial interest in a Global Note for a Physical Note if an Event of Default has occurred and is continuing in accordance with Section 2.11. 

Section 6.16 Waiver of Stay, Extension and Usury Laws. The Company covenants that, to the extent that it may lawfully do so, it
will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect (i) the covenants or the
performance of this Indenture, (ii) the foreclosure of the Collateral Documents, or (iii) the sale of any of the Collateral; and the Company, to the extent that it may lawfully do so, hereby expressly waives all benefit or advantage of any
such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will instead suffer and permit the execution of every such power as though no such law has
been enacted. 
 Section 6.17 Notices from the Trustee. If a Default occurs and is continuing and is known to the Trustee, the
Trustee must send notice of such Default to each Holder within 90 days after such Event of Default has occurred. Except in the case of a Default in the payment of 

  
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the principal of, premium, if any, or interest on any Note or of a Default in the payment or delivery of the Common Stock (or other Reference Property) due upon exchange of any Note (including
the Additional Shares and any cash in lieu of any fractional share), the Trustee may withhold notice if the Trustee in good faith determines that withholding notice is in the interests of the Holders. 

ARTICLE 7. 
 SATISFACTION AND
DISCHARGE 
 Section 7.01 Discharge of Liability on Notes. When (a) the Company or the Guarantor shall deliver to the
Registrar for cancellation all Notes theretofore authenticated (other than any Notes that have been destroyed, lost or stolen and in lieu of or in substitution for which other Notes shall have been authenticated and delivered) and not theretofore
canceled, or (b) all the Notes not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable (whether on the Maturity Date, on any Fundamental Change Purchase Date, upon exchange or otherwise) and the
Company or the Guarantor shall deposit with the Trustee, in trust, or deliver to the Holders, as applicable, an amount of cash (and, to the extent applicable, deliver to the Holders a number of shares of Common Stock to satisfy the Company’s
obligations with respect to outstanding exchanges), sufficient to pay all amounts due on all of such Notes (other than any Notes that shall have been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Notes shall
have been authenticated and delivered) not theretofore canceled or delivered to the Trustee for cancellation, including principal and interest due, accompanied, except in the event the Notes are due and payable solely in cash at the Maturity Date or
upon an earlier Fundamental Change Purchase Date, by a verification report as to the sufficiency of the deposited amount from an independent certified accountant or other financial professional reasonably satisfactory to the Trustee, and the Company
or the Guarantor shall have paid or caused to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect (except as to (i) rights hereunder of Holders to receive all amounts owing upon the
Notes and the other rights, duties and obligations of Holders, as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee and (ii) the rights, obligations, indemnities and immunities of the Trustee hereunder and
the obligations of the Company in respect thereof), and the Trustee, on written demand of the Company accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of the Company, shall execute instruments
acknowledging satisfaction and discharge of this Indenture. Notwithstanding the foregoing, the Company hereby agrees to reimburse the Trustee for any costs or expenses thereafter incurred by the Trustee, including the reasonable fees and expenses of
its counsel, and to compensate the Trustee for any services thereafter rendered by the Trustee in connection with this Indenture or the Notes. 

Section 7.02 Deposited Monies to Be Held in Trust by Trustee. Subject to Section 7.04, all monies deposited with the Trustee
pursuant to Section 7.01 shall be held in trust for the sole benefit of the Holders of the Notes, and such monies and shall be applied by the Trustee to the payment, either directly or through any Paying Agent (including the Company if acting
as its own Paying Agent), to the Holders of the particular Notes for the payment of all sums or amounts due and to become due thereon for principal and interest, if any. 

  
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 Section 7.03 Paying Agent to Repay Monies Held. Upon the satisfaction and discharge
of this Indenture, all excess monies then held by any Paying Agent (if other than the Trustee) shall, upon written request of the Company, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further
liability with respect to such amounts. 
 Section 7.04 Return of Unclaimed Monies. Subject to the requirements of applicable
law, any monies deposited with or paid to the Trustee for payment of the principal of or interest, if any, on the Notes and not applied but remaining unclaimed by the Holders of the Notes for two (2) years after the date upon which the
principal of or interest, if any, on such Notes, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on written demand, and all liability of the Trustee shall thereupon cease with respect to such
monies; and the Holders shall thereafter look only to the Company for any payment that such Holder may be entitled to collect unless an applicable abandoned property law designates another person. 

Section 7.05 Reinstatement. If the Trustee or the Paying Agent is unable to apply any monies in accordance with Section 7.02
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though
no deposit had occurred pursuant to Section 7.01 until such time as the Trustee or the Paying Agent is permitted to apply all such amounts in accordance with Section 7.02; provided, however, that if the Company makes any payment of
interest on, principal of or delivery in respect of any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the monies held by the Trustee or
Paying Agent. 
 ARTICLE 8. 

SUPPLEMENTAL INDENTURES 

Section 8.01 Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holder, the Company (when authorized by a Board Resolution), SunEdison, the Trustee and the Collateral Agent, at any
time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(a) to cure any ambiguity, omission, defect or inconsistency in this Indenture or the Notes; 

(b) to evidence the succession by a Successor Company to the Company as obligor or to SunEdison (as Guarantor or otherwise) and
to provide for the assumption by such Successor Company of the Company’s or SunEdison’s obligations, as applicable under this Indenture; 

(c) to add guarantees with respect to the Notes; 

(d) to enter into additional or supplemental Collateral Documents; 

  
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 (e) to release Collateral in accordance with the terms of this Indenture and the
Collateral Documents; 
 (f) to add to the Company’s covenants such further covenants, restrictions or conditions for
the benefit of the Holders or surrender any right or power conferred upon the Company by this Indenture; 
 (g) to make any
change that does not adversely affect the rights of any Holder in any material respect; or 
 (h) upon the occurrence of an
event described in Section 4.07(a), solely (i) to provide that such Notes are exchangeable into Reference Property, subject to the provisions in Sections 4.03 and 4.07, and (ii) to effect the related changes to the terms of such Notes
under Section 4.07. 
 Section 8.02 Supplemental Indentures With Consent of Holders. 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes (including, without
limitation, consents obtained in connection with a purchase of, or tender or exchange offer for, Notes) and by Act of said Holders delivered to the Company, SunEdison and the Trustee, the Company, SunEdison and the Trustee may amend the Notes or
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders under this
Indenture, and the Holder of a majority in aggregate principal amount of the Outstanding Notes may waive the Company’s compliance with any provision herein without notice to the other Holders; provided, however, that no such amendment,
supplement or waiver shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (a) change the
stated Maturity Date of the principal of or any interest on the Notes; 
 (b) reduce the principal amount of or interest on
the Notes; 
 (c) reduce the amount of principal payable upon acceleration of the Maturity Date of any Note; 

(d) change the place or currency of payment of principal of or interest on any Note; 

(e) impair the right of any Holder to receive payment of principal of and interest on its Notes on or after the due dates
therefor or to institute suit for the enforcement of any payment on, or with respect to, such Holder’s Notes; 
 (f)
modify the provisions with respect to the purchase rights of Holders as described in Section 3.01 in a manner adverse to Holders; 

  
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 (g) release of any of the Collateral from the Liens securing the Notes except as
contemplated by the Collateral Documents; 
 (h) modify the ranking provisions of this Indenture; 

(i) make any change that impairs or adversely affects the right of Holders to exchange their Notes; or 

(j) make any change to the provisions of this Article 8 which require each Holder’s consent or in the waiver provisions in
Section 6.04 of this Indenture except to increase the percentage required for modification, amendment or waiver or to provide for consent of each affected Holder of Outstanding Notes. 

Without the consent of the Holders of at least
66 2⁄3% in aggregate principal amount of the Notes then outstanding, an amendment, supplement or waiver may not (1) modify any Collateral Document or the
provisions in this Indenture dealing with Collateral Documents in any manner adverse to the Holders or (2) otherwise release any Collateral other than in accordance with the provisions of this Indenture and the Collateral Documents. 

It shall not be necessary for any Act or consent of Holders under this Section 8.02 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act or consent shall approve the substance thereof. 
 Section 8.03
Notice of Amendment or Supplement. After an amendment or supplement under this Article 8 becomes effective, the Company shall provide to the Holders a written notice briefly describing such amendment or supplement. However, the failure to
give such notice to all the Holders, or any defect in the notice, shall not impair or affect the validity of the amendment or supplement. 

Section 8.04 Trustee to Sign Amendments, Etc. The Trustee and the Collateral Agent, as applicable, shall sign any amendment or
supplement authorized pursuant to this Article 8 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee or the Collateral Agent. If it does, the Trustee or the Collateral Agent, as
applicable, may, but need not, sign it. In signing or refusing to sign such amendment or supplement, the Trustee and the Collateral Agent shall receive, and shall be fully protected in conclusively relying upon, an Officer’s Certificate and an
Opinion of Counsel provided at the expense of the Company providing that such amendment or supplement is authorized or permitted by this Indenture and such amendment or supplement is a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms. 
 ARTICLE 9. 

SUCCESSOR COMPANY 

Section 9.01 Guarantor May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 9.03, the Company and the
Guarantor shall not consolidate with, enter into a binding share exchange with, or merge with or into, another Person or sell, assign, convey, transfer, lease or otherwise dispose of its properties and assets substantially as an entirety to another
Person, unless, solely in the case of such a transaction with respect to the Guarantor: 
 (a) the resulting, surviving
transferee or successor Person (the “Successor Guarantor”), if not the Guarantor, is a corporation organized and existing under the laws of the U.S., any state of the U.S. or the District of Columbia and the Successor Company (if
other than the Guarantor) expressly assumes, by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all of the obligations of the Guarantor under the Notes and this Indenture; 

  
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 (b) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing under this Indenture with respect to the Notes; 
 (c) all other conditions
specified in this Article 9 are met. 
 Notwithstanding anything to the contrary in the foregoing, to the extent SunEdison continues to own
at least 51% of the voting power of any yieldco subsidiary the stock of which has been offered to the public, the offering to the public (and subsequent dispositions of SunEdison’s interests in such entity) will not be prohibited by this
Section 9.01. 
 Upon any such consolidation, merger, binding share exchange, sale, assignment, conveyance, transfer, lease or other
disposition to another Person, the Successor Guarantor (if not the Guarantor, as applicable, shall succeed to, and may exercise every right and power of the Guarantor under this Indenture. 

Section 9.02 Successor Guarantor to Be Substituted. In case of any such consolidation, merger, binding share exchange, sale,
assignment, conveyance, transfer, lease or other disposition to another Person and upon the assumption by the Successor Guarantor (if other than the Guarantor), by supplemental indenture, executed and delivered to the Trustee and satisfactory in
form to the Trustee, of the due and punctual payment of the principal of and premium (including any Fundamental Change Purchase Price), if any, and accrued and unpaid interest, if any, on all of the Notes, the due and delivery of any amounts due
upon exchange of the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, as applicable, under this Indenture, such Successor Guarantor shall succeed to and be
substituted for, and may exercise every right and power of, the Guarantor under this Indenture, with the same effect as if it had been named herein as the party of the first part. In the event of such consolidation, merger, binding share exchange,
sale, assignment, conveyance, transfer or other disposition to another Person (but not in the case of a lease), the Person named as “SunEdison” in the first paragraph of this Indenture or any successor that shall thereafter have become
such in the manner prescribed in this Article 9 may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released, in the case of the Company, from its liabilities as obligor and from
all of its obligations of the Guarantor under its Guarantee of the Notes.. 
 In case of any such consolidation, merger, binding share
exchange, sale, assignment, conveyance, transfer, lease or other disposition to another Person, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

  
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 Section 9.03 Officer’s Certificate and Opinion of Counsel to Be Given to
Trustee. In the case of any such consolidation, merger, binding share exchange, sale, assignment, conveyance, transfer, lease or other disposition pursuant to Section 9.01, the Trustee shall receive an Officer’s Certificate and an
Opinion of Counsel stating that any such consolidation, merger, binding share exchange, sale, assignment, conveyance, transfer, lease or other disposition and any such assumption and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture, complies with the provisions of this Indenture. 
 ARTICLE 10. 

NO REDEMPTION 
 Section 10.01
No Redemption. The Company shall not be permitted to redeem the Notes, and no sinking fund is provided for the Notes. 
 ARTICLE 11.

 THE TRUSTEE 

Section 11.01 Duties and Responsibilities of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have
occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee. In case an Event of Default has occurred
(which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care in its exercise as a prudent person would use in the conduct of his or her own affairs.

 (b) Prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default which may have
occurred: 
 (i) the duties and obligations of the Trustee shall be determined solely by the express provisions of this
Indenture and applicable law, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and 
 (ii) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely as
to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or
opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of any mathematical calculations or other facts stated therein). 

  
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 (c) No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i)
this subsection (c) does not limit the effect of this Section 11.01; 
 (ii) the Trustee shall not be liable for
any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the written direction of the Holders of not less than a majority in principal amount of the Notes at the time Outstanding determined as provided in Section 1.03 relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture; 
 (d)
Whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section 11.01. 

(e) The Trustee shall not be liable in respect of any payment (as to the correctness or calculation of amount, entitlement to
receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Registrar with respect to the Notes. 

(f) If any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice
to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred. 

(g) None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it. 
 (h) Each of the Trustee and the Collateral Agent is hereby authorized to execute this
Indenture and any other Collateral Document to which it may be a party and perform its obligations in accordance with their terms, and the rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be
compensated, reimbursed and indemnified, are extended to the Trustee’s execution and performance of each such agreement. Similarly, the rights, privileges, protections, immunities and benefits given to the Collateral Agent, including its rights
to be compensated, reimbursed and indemnified under this Indenture or any Collateral Document, are extended to the Collateral Agent’s execution and performance of this Indenture. 

  
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 Section 11.02 [RESERVED] 

Section 11.03 Rights of the Trustee. 

(a) The Trustee may conclusively rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, bond, debenture, note, coupon or other paper or document (whether in its original or facsimile form) believed by it in good faith to be genuine and to have been signed or presented by the proper party or
parties. 
 (b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s
Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a Board Resolution. 

(c) The Trustee may consult with counsel of its own selection and any advice or Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel. 

(d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Holders pursuant to the provisions of this Indenture (including upon the occurrence and during the continuance of an Event of Default), unless such Holders shall have offered to the Trustee indemnity or security satisfactory
to the Trustee against any loss, expenses and liabilities which may be incurred therein or thereby. 
 (e) The Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney (at the reasonable expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation). 

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

(g) The Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it
to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
 (h) In no event shall the Trustee be
responsible or liable for special, indirect, consequential or punitive loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action. 

  
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 (i) The Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Notes and the Indenture. 
 (j) The rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent, custodian and other Person employed to act hereunder.

 (k) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 (l) The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 Section 11.04
Trustee’s Disclaimer. The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any
Notes authenticated and delivered by the Trustee under this Indenture and the Trustee shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the Notes. 

Section 11.05 Trustee or Agents May Own Notes. The Trustee or any Agent, in its individual or any other capacity, may become the
owner or pledgee of Notes with the same rights it would have if it were not Trustee or Agent. 
 Section 11.06 Monies to be Held in
Trust. Subject to the provisions of Section 7.02, all monies and properties received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on or the investment of any money received by it hereunder except as may be agreed in writing from
time to time by the Company and the Trustee. 
 Section 11.07 Compensation and Expenses of Trustee. The Company and the
Guarantor, jointly and severally, covenant and agree to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to from time to time in writing between the Company and the Trustee, and the Company will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in 

  
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accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ)
except any such expense, disbursement or advance as may arise from its own negligence or willful misconduct, as determined by a final order of a court of competent jurisdiction. 

The Company and the Guarantor also covenant to indemnify each of the Trustee, the Collateral Agent and the Agents (and their respective
officers, directors and employees), in any capacity under this Indenture and their respective agents for, and to hold each of them harmless from and against, any and all loss, liability, claim, damage, cost or expense incurred without negligence or
willful misconduct on its own part and arising out of or in connection with the acceptance or administration of this trust and the performance of its duties and/or the exercise of its rights hereunder or in any other capacity hereunder, including
the costs and expenses of defending itself against any claim (whether asserted by the Company, the Guarantor, a Holder or any other Person) of liability in the premises. The Trustee or the Collateral Agent shall notify the Company and the Guarantor
promptly of any claim for which it may seek indemnity. Failure by the Trustee or the Collateral Agent, as applicable, to so notify the Company or the Guarantor shall not relieve the Company or the Guarantor of its obligations hereunder. The Company
or the Guarantor shall defend the claim and the Trustee or the Collateral Agent, as applicable, shall cooperate in the defense. The Trustee and the Collateral Agent may have separate counsel and the Company shall pay the reasonable fees and expenses
of such counsel. Neither the Company nor the Guarantor need pay for any settlement made without its consent. 
 The obligations of the
Company under this Section 11.07 to compensate or indemnify the Trustee and the Collateral Agent and to pay or reimburse the Trustee and the Collateral Agent for expenses, disbursements and advances shall be secured by a lien prior to that of
the Notes upon all property and funds held or collected by the Trustee or the Collateral Agent as such, except funds held in trust for the benefit of the Holders of particular Notes. The obligation of the Company under this Section 11.07 shall
survive the payment of the Notes, the satisfaction and discharge of this Indenture and/or the resignation or removal of the Trustee. 
 When
the Trustee, the Collateral Agent, any Agent, and any of their respective agents incur expenses or render services after an Event of Default specified in Section 6.01(j) and 6.01(k) with respect to the Company occurs, the expenses and the
compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws. 

Section 11.08 Officer’s Certificate as Evidence. Subject to Section 11.01, whenever in the administration of the
provisions of this Indenture the Trustee or the Collateral Agent shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in the absence of bad faith on the part of the Trustee or the Collateral Agent, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee or the Collateral
Agent. 
 Section 11.09 Conflicting Interests of Trustee. If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, this Indenture. 

  
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 Section 11.10 Eligibility of Trustee. There shall at all times be a Trustee hereunder
which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000 (or if such Person is a member of a bank holding company system, its bank holding company
shall have a combined capital and surplus of at least $50,000,000). If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this
Section 11.10 the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 11.10, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 11.11 Resignation or Removal of Trustee. 

(a) The Trustee may at any time resign by giving written notice of such resignation to the Company and to the Holders of Notes.
Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment thirty (30) days after such notice of resignation is given to the Company and the Holders, the resigning Trustee
may, upon ten (10) Business Days’ notice to the Company and the Holders, appoint a successor identified in such notice or may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor
trustee, or, if any Holder who has been a bona fide Holder of a Note or Notes for at least six (6) months may, subject to the provisions of Section 6.15, on behalf of himself and all others similarly situated, petition any such court for
the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

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

(i) the Trustee shall fail to comply with Section 11.09 after written request therefor by the Company or by any Holder who
has been a bona fide Holder of a Note or Notes for at least six (6) months; or 
 (ii) the Trustee shall cease to be
eligible in accordance with the provisions of Section 11.10 and shall fail to resign after written request therefor by the Company or by any such Holder; or 

(iii) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

  
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 then, in any such case, the Company may remove the Trustee and appoint a
successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of
Section 6.15, any Holder who has been a bona fide Holder of a Note or Notes for at least six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee; provided, however, that if no successor Trustee shall have been appointed and have accepted appointment thirty (30) days after either the Company or the Holders has removed the
Trustee, the Trustee so removed may petition at the Company’s expense any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in aggregate principal amount of the
Notes at the time Outstanding may at any time remove the Trustee and nominate a successor trustee which shall be deemed appointed as successor trustee unless, within ten (10) days after notice to the Company of such nomination, the Company
objects thereto, in which case the Trustee so removed or any Holder, or if such Trustee so removed or any Holder fails to act, the Company, upon the terms and conditions and otherwise as in Section 11.11(a) provided, may petition any court of
competent jurisdiction for an appointment of a successor trustee. 
 (d) Any resignation or removal of the Trustee and
appointment of a successor trustee pursuant to any of the provisions of this Section 11.11 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 11.12. 

Section 11.12 Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 11.11 shall execute,
acknowledge and deliver to the Company, the Guarantor and to such trustee’s predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and
such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless,
on the written request of the Company, the Guarantor or of the successor trustee, the trustee ceasing to act shall, upon payment of any amount then due it pursuant to the provisions of Section 11.07, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company and the Guarantor shall execute any and all instruments in writing for more fully and
certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property and funds held or collected by such trustee as such, except for funds held in
trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 11.07. 

  
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 No successor trustee shall accept appointment as provided in this Section 11.12 unless, at
the time of such acceptance, such successor trustee shall be qualified under the provisions of Section 11.09 and be eligible under the provisions of Section 11.10. 

Upon acceptance of appointment by a successor trustee as provided in this Section 11.12, the Company (or the former trustee, at the
written direction of the Company) shall give or cause to be given notice of the succession of such trustee hereunder to the Holders of Notes in accordance with Section 12.08(c). If the Company fails to give such notice within ten (10) days
after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be given at the expense of the Company. 

Section 11.13 Succession by Merger, Etc. Any corporation into which the Trustee may be merged or exchanged or with which it may be
consolidated, or any corporation resulting from any merger, exchange or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee (including any
trust created by this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that in the case of any corporation succeeding to
all or substantially all of the corporate trust business of the Trustee, such corporation shall be qualified under the provisions of Section 11.09 and eligible under the provisions of Section 11.10. 

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or any authenticating agent appointed by such successor trustee may authenticate such Notes in the name of the successor trustee; and in all such
cases such certificates shall have the full force that is provided in the Notes or in this Indenture; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Notes in the
name of any predecessor Trustee shall apply only to its successor or successors by merger, exchange or consolidation. 
 Section 11.14
Preferential Collection of Claims. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection
of the claims against the Company (or any such other obligor). 
 Section 11.15 Trustee’s Application for Instructions from the
Company. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this
Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The
Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three (3) Business
Days after the date any officer of the Company actually 

  
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receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission),
the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted. 
 ARTICLE
12. 
 MISCELLANEOUS 

Section 12.01 Effect on Successors and Assigns. All agreements of the Company, the Guarantor, the Trustee, the Registrar, the
Paying Agent and the Exchange Agent in this Indenture and the Notes will bind their respective successors. 
 Section 12.02
Governing Law. This Indenture and the Notes, and any claim, controversy or dispute arising under or related to this Indenture or the Notes, will be governed by, and construed in accordance with, the laws of the State of New York, (without
regard to the conflicts of laws provisions thereof other than Section 5-1401 of the General Obligations Law). 
 Section 12.03
No Note Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in
effect, in any jurisdiction. 
 Section 12.04 Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that
may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

Section 12.05 Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, will give to any Person,
other than the parties hereto, any Agent or their successors hereunder or the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 12.06 Calculations. Neither the Trustee nor any Agent shall be responsible for making any calculation with respect to any
matter under this Indenture or the Notes (including, for the avoidance of doubt, the trading price of the Notes). Except as otherwise expressly provided in this Indenture, the Company and its designated agents shall be responsible for making all
calculations called for under this Indenture and the Notes. These calculations include, but are not limited to, determinations of any Fundamental Change Purchase Price, the Closing Sale Prices of the Common Stock, accrued interest payable on the
Notes, the Exchange Rate, and the amount of Additional Interest that may be payable by Company from time to time. The Company shall make all these calculations in good faith and, absent manifest error, its calculations will be final and binding on
Holders. The Company shall provide a schedule of its calculations to each of the Trustee and the Exchange Agent, and each of the Trustee and the Exchange Agent and all other agents appointed by the Company herein are entitled to rely conclusively
upon the accuracy of the Company’s calculations without independent verification. 
 The Trustee shall forward the Company’s calculations to any
Holders upon the written request of that Holder. 

  
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 Whenever the Company is required to calculate or make adjustments to the Exchange Rate, the
Company will do so to the 1/10,000th of a share of Common Stock, rounding any additional decimal places up or down in a commercially reasonable manner. 

Section 12.07 Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 12.08 Notices. 

(a) Except as otherwise provided herein, any request, demand, authorization, direction, notice, consent, election, waiver or
Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, the Company, the Trustee or the Collateral Agent shall be in writing and delivered in person or mailed by first class
mail, postage prepaid, overnight courier or transmitted by facsimile transmission or electronic transmission in PDF format as follows: 

(i) if to the Trustee by any Holder, by the Company or by the Trustee, at its Corporate Trust Office; 

(ii) if to the Collateral Agent by any Holder, by the Company or by the Trustee, at its Corporate Trust Office; 

(iii) if to the Company by the Trustee or by any Holder, Seller Note, LLC, 13736 Riverport Drive, Maryland Heights, MO 63043,
with a copy to the Guarantor at the address listed below. 
 (iv) if to the Guarantor by the Trustee or by any Holder, at the
address of its principal office at SunEdison, Inc., 501 Pearl Drive (City of O’Fallon), St. Peters, Missouri 63376, Attention: General Counsel. 

(b) The Company, the Trustee or the Collateral Agent, by notice given to the other in the manner provided in this
Section 12.08, may designate additional or different addresses for subsequent notices or communications. 
 (c) Notices
to Holders will be sent to the address of each Holder as it appears in the Register. Notices will be deemed to have been given on the date of mailing or electronic transmission to such Holder. Whenever a notice is required to be given by the
Company, such notice may be given by the Trustee on the Company’s behalf. With respect to Global Notes, notice shall be sufficiently given if given to the Depositary for the Notes (or its designee), pursuant to customary procedures of such
Depositary. 

  
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 (d) Whenever the Company is required to deliver notice to the Holders, the
Company will, by the date it is required to deliver such notice to the Holders, deliver a copy of such notice to the Trustee and the Agents. Notices to the Trustee shall be deemed given upon actual receipt thereof. 

(e) In respect of this Indenture, the Trustee, in each of its capacities, including without limitation as the Trustee,
Registrar, Paying Agent and Exchange Agent, shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact,
a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Trustee shall not have any liability for losses,
liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information. Each other party agrees to assume all
risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or other communications or information to the Trustee, including, without limitation the risk of the Trustee acting on unauthorized instructions,
notices, reports or other communications or information, and the risk of interception and misuse by third parties. 
 Section 12.09
No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company shall have any liability for any obligations of the Company under the Notes, the Indenture or any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder, by accepting a Note, waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 12.10 Tax Withholding. Nothing herein shall preclude any tax withholding required by law or regulation. Each Holder
agrees, and each beneficial owner of an interest in a Note by its acquisition of such interest is deemed to agree, that if the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of the Holder or
beneficial owner as a result of an adjustment to the Exchange Rate, the Company or other applicable withholding agent may, at its option, set off such payments against payments of cash and shares of Common Stock on the Note (or, in certain
circumstances, against any payments on the Common Stock). 
 Section 12.11 Waiver of Jury Trial. EACH OF THE COMPANY, THE
TRUSTEE AND THE COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS
CONTEMPLATED HEREBY. 
 Section 12.12 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with
Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of
the U.S.A. Patriot Act. 

  
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 Section 12.13 Force Majeure. In no event shall the Trustee or any Agent be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, disasters, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that
the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 12.14 Submission to Jurisdiction. 

(a) The Company and the Guarantor hereby irrevocably consent to jurisdiction of the courts of the State of New York and the
courts of the United States of America located in the City of New York and the County of New York, over any suit, action or proceeding with respect to this Indenture or the Notes or the transactions contemplated hereby. The Company and the Guarantor
waive any objection that it may have to the venue of any suit, action or proceeding with respect to this Indenture or the Notes or the transactions contemplated hereby in the courts of the State of New York or the courts of the United States of
America, in each case, located in the City of New York and County of New York, or that such suit, action or proceeding brought in the courts of the State of New York or the United States of America, in each case, located in the City of New York and
County of New York was brought in an inconvenient court and agrees not to plead or claim the same. The Company and the Guarantor hereby irrevocably appoint Corporation Service Company, 1180 Avenue of the Americas, Suite 210, New York, NY 10036, as
its authorized agent in the State of New York upon which process may be served in any such suit or proceedings, and agrees that service of process upon such agent shall be deemed in every respect effective service of process upon the Company in any
such suit or proceeding. The Company and the Guarantor further agree to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for the term of this Indenture. Nothing in this
Indenture shall in any way be deemed to limit the ability to serve any such writs, process or summonses in any other manner permitted by applicable law. 

ARTICLE 13. 
 GUARANTEE 

Section 13.01 Guarantee. 

(a) The Guarantor hereby fully and unconditionally guarantees to each Holder of a Note authenticated and delivered by the
Trustee: (i) the due and punctual payment of the principal of and interest on such Note when and as the same shall become due and payable, whether at the maturity, by acceleration, repurchase or otherwise, and the due and punctual performance
of all other obligations of the Company to the Holders, the Trustee or the Collateral Agent, all in accordance with the terms of such Note and of this 

  
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Indenture and (ii) in the case of any extension of time of payment or renewal of such Note or any of such other obligations, that the same will be promptly paid in full when due or performed
in accordance with the terms of the extension or renewal, whether at the maturity or by acceleration, repurchase or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in clause
(b) of this Section 13.01. 
 (b) The Guarantor hereby agrees that its obligations hereunder shall be absolute,
unconditional, irrespective of, and shall be unaffected by, the validity, regularity or enforceability of such Note or this Indenture, the absence of any action to enforce the same or any release, amendment, waiver or indulgence granted to the
Company or any guarantor or any consent to departure from any requirement of any other guarantee of all or any of the Notes or any impairment of or failure to perfect any Lien on or any security interest in, any security held by the Trustee or the
Collateral Agent, or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such release, amendment,
waiver or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Note, or increase the interest rate thereon, or alter the maturity thereof. The Guarantor hereby waives the benefits of diligence, presentment,
demand for payment, any requirement that the Trustee or any of the Holders exhaust any right or take any action against the Issuer or any other Person, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right
to require a proceeding first against the Company, protest or notice with respect to such Note or the indebtedness evidenced thereby and all demands whatsoever, and covenants that the Guarantee will not be discharged in respect of such Note except
by complete performance of the obligations contained in such Note and in such Guarantee. The Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by
applicable law from exercising their respective rights to accelerate the maturity of the Notes, to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, the Guarantor agrees to pay to the
Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders. 

(c) The Guarantor shall be subrogated to all rights of the Holders of the Notes upon which its Guarantee is endorsed against
the Issuer in respect of any amounts paid by the Guarantor on account of such Note pursuant to the provisions of its Guarantee or this Indenture; provided, however, that the Guarantor shall not be entitled to enforce or to receive any
payments arising out of, or based upon, such right of subrogation until all payment and delivery obligation with respect to each Notes issued hereunder shall have been satisfied in full. 

(d) The Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against
the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any part of the Issuer’s assets, and shall, to the
fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes, 

  
 78 

 
is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any Holder of the Notes, whether as a “voidable preference” or otherwise,
all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned. 
 Section 13.02 Execution and Delivery of
Guarantees. 
 The Guarantee to be endorsed on the Notes shall include the terms of the Guarantee set forth in Section 13.01 and any
other terms that may be set forth in the form established pursuant to Section 2.02. The Guarantor hereby agrees to execute its Guarantee, in a form established pursuant to Section 2.01, to be endorsed on each Note authenticated and
delivered by the Trustee. 
 The Guarantee shall be signed in the name and on behalf of the Guarantor by the manual or facsimile signature
of an Officer of the Guarantor. 
 In case any Officer who shall have signed a Guarantee shall cease to be such Officer before the Note on
which the Guarantee is endorsed shall have been authenticated and delivered by the Trustee, such Guarantee nevertheless shall bind the Guarantor, and a Guarantee may be signed on behalf of the Guarantor by such persons as, at the actual date of the
execution of such Guarantee, shall be the proper Officers, although at the date of the execution of this Indenture any such person was not such an Officer. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee endorsed
thereon on behalf of the Guarantor and shall bind the Guarantor notwithstanding the fact that the Guarantee may not bear the signature of the Guarantor. The Guarantor hereby agrees that its Guarantee set forth in Section 13.01 and in the form
of Guarantee established pursuant to Section 2.02 shall remain in full force and effect notwithstanding any failure to endorse a Guarantee on any Note. 

Section 13.03 Release of the Guarantor. 

The Guarantee will remain in effect with respect to the Guarantor until (i) the entire principal of and interest on the Notes to
which the Guarantee relates shall have been paid in full or otherwise discharged in accordance with the provisions of such Notes and this Indenture (including through delivery of the full number of shares of Common Stock (or other Reference
Property) (including the Additional Shares and any cash payable in lieu of any fractional share) deliverable upon exchange of the Notes Outstanding) and (ii) all amounts owing to the Trustee hereunder have been paid or (iii) the Guarantor
has been released from its obligations pursuant to Section 9.02; provided, however, that if the Notes are satisfied and discharged pursuant to Section 7.01, then upon delivery by the Issuer of an Officers’ Certificate
and an Opinion of Counsel stating that all conditions precedent herein provided for relating to the release of the Guarantor from its obligations under its Guarantee and this Article 13 have been complied with, the Guarantor shall be released and
discharged of its obligations under its Guarantee and under this Article 13 without any action on the part of the Trustee or any Holder, and the Trustee shall  

  
 79 

 
execute any documents reasonably required in order to acknowledge the release of the Guarantor from its obligations under its Guarantee endorsed on the Notes of a series and under this Article
13. 
 ARTICLE 14. 
 COLLATERAL
AND SECURITY 
 Section 14.01 Security Interest. 

The Obligations (as defined in the Pledge Agreement) under the Notes will be secured by a first priority Lien on the Company’s right,
title and interest in, to and under the Collateral. Each Holder, by its acceptance thereof, consents and agrees to the terms of the Collateral Documents (including, without limitation, the provisions providing for release of Collateral) as the same
may be in effect or may be amended from time to time in accordance with their terms, and the Trustee and each Holder authorizes and directs the Collateral Agent to enter into the Collateral Documents and the Registration Rights Agreement and to
perform its obligations and exercise its rights thereunder in accordance with the terms hereof and thereof. The Company shall deliver to the Trustee copies of all documents delivered to the Collateral Agent pursuant to the Collateral Documents, and
will do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Collateral Documents, to assure and confirm to the Trustee and the Collateral Agent the security interest in the
Collateral contemplated hereby, by the Collateral Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes and the Note Guarantees secured
hereby, according to the intent and purposes herein expressed. 
 The Company will take any and all actions (including those requested by
the Trustee or the Collateral Agent) reasonably required to cause the Collateral Documents to create and maintain, as security for the obligations of the Company hereunder, a valid and enforceable perfected first priority Lien in and on all the
Collateral, in favor of the Collateral Agent for the benefit of the Secured Parties. 
 Each Holder, by accepting a Note, will be deemed to
have authorized and consented to the appointment by the Trustee of the Collateral Agent in Section 14.02 and to have irrevocably authorized the Collateral Agent, to act as its agent under the Collateral Documents and the Registration Rights
Agreement and to have irrevocably authorized the Collateral Agent to (i) perform the duties and exercise the rights, powers and discretions that are specifically given to it under the Collateral Documents, the Registration Rights Agreement or
other documents to which it is a party, together with any other rights, powers and discretions as are reasonably incidental thereto and (ii) execute each document expressed to be executed by the Collateral Agent on its behalf. 

Section 14.02 Collateral Agent. 

(a) The Trustee, on behalf of the Secured Parties, hereby appoints Wilmington Trust, National Association to act as the
Collateral Agent, and the Collateral Agent shall have the duties, rights, indemnities, privileges, powers and immunities of the Collateral 

  
 80 

 
Agent as set forth herein and in the Collateral Documents. The Collateral Agent is hereby authorized to execute and deliver the Collateral Documents and the Registration Rights
Agreement. Notwithstanding the foregoing, the Collateral Agent shall not be obligated to take any such action without the direction of the Holders and may, at the expense of the Company, request the direction of the Holders of a majority in
aggregate principal amount of the outstanding Notes with respect to any such actions and, upon receipt of the written consent of the Holders of a majority in aggregate principal amount of the outstanding Notes along with security and indemnity
satisfactory to the Collateral Agent, shall take such actions. 
 (b) Neither the Trustee nor the Collateral Agent nor any of
their respective officers, directors, employees, attorneys or agents shall be responsible or liable (i) for the legality, enforceability, effectiveness or sufficiency of the Collateral Documents, for the creation, perfection, priority,
sufficiency, maintenance, renewal or protection of any first priority Lien, or for any defect or deficiency as to any such matters, or (ii) for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the first
priority Liens or Collateral Documents or any delay in doing so; except, in the case of the Collateral Agent, to the extent such action or omission constitutes gross negligence, bad faith or willful misconduct (as determined by a final order of a
court of competent jurisdiction that is not subject to appeal) on the part of the Collateral Agent, or (iii) for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title, for
insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 

(c) The rights, privileges, protections, immunities and benefits given to the Trustee under this Indenture, including, without
limitation, its right to be indemnified and compensated and all other rights, privileges, protections, immunities and benefits set forth in Section 11.01, Section 11.03, Section 11.05 and Section 11.07, are extended to the Collateral Agent, and its
agents, receivers and attorneys, and shall be enforceable by, the Collateral Agent, as if fully set forth in this Section 14.02 with respect to the Collateral Agent, except that the Collateral Agent shall only be liable for (and shall be indemnified
and held harmless to the extent such Losses do not constitute) its gross negligence, bad faith or wilful misconduct. 
 (d)
Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral Agent will have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income
thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and netiher the Collateral Agent nor the Trustee will be responsible for filing any financing or continuation statements or recording any documents
or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral. The Collateral Agent will be deemed to have exercised reasonable care in the custody of the
Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords property held by it as a collateral agent or any similar arrangement, and the Collateral Agent will not be liable or responsible for
any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Agent in good faith. 

  
 81 

 (e) The Collateral Agent shall not be required to acquire title to an asset for
any reason and shall not be required to carry out any fiduciary or trust obligation for the benefit of another. The Collateral Agent is not a fiduciary and shall not be deemed to have assumed any fiduciary obligation. If the Collateral Agent in
its sole discretion believes that any obligation to take or omit to take any action may cause the Collateral Agent to be considered an “owner or operator” under any environmental laws or otherwise cause the Collateral Agent to incur, or be
exposed to, any environmental liability or any liability under any other federal, state or local law, the Collateral Agent reserves the right, instead of taking such action, either to resign as Collateral Agent or to arrange for the transfer of the
title or control of the asset to a court appointed receiver. The Collateral Agent will not be liable to any Person for any environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule
or regulation by reason of the Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the
environment. 
 (f) Notwithstanding anything to the contrary herein, in any Collateral Document or in the Registration Rights
Agreement, the Collateral Agent shall not be obligated to exercise its rights under the Registration Rights Agreement. 
 (g)
The Collateral Agent may resign or be replaced in accordance with the procedures set forth in Section 11.11 hereof, except that references to the Trustee in such section shall be deemed to be references to the Collateral Agent. If the Collateral
Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act will be the successor Collateral Agent. 

(h) At all times when the entity serving as the Trustee is not itself the Collateral Agent, the Company shall deliver to the
Trustee copies of all Collateral Documents delivered to the Collateral Agent and copies of all documents delivered to the Collateral Agent pursuant to the Collateral Documents. 

Section 14.03 Authorization of Actions to be Taken. 

(a) Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Collateral Documents and the Registration Rights
Agreement, as originally in effect and as amended, supplemented or replaced from time to time in accordance with their terms or the terms of this Indenture, authorizes and empowers the Collateral Agent to act as the collateral agent under the
Collateral Documents and the Registration Rights Agreement, authorizes and directs the Trustee and the Collateral Agent to enter into and perform its obligations under the Collateral Documents and the Registration Rights Agreement to which each is a
party, and authorizes and empowers each of the Trustee and the Collateral Agent to bind the Holders as set forth in the Collateral Documents to which it is a party and to perform its obligations and exercise its rights and powers thereunder. 

  
 82 

 (b) Subject to the provisions of Section 11.01 and Section 11.03 hereof and the
Collateral Documents, the Trustee may, and upon the written direction of the Holders holding a majority of the aggregate outstanding principal amount of the Notes shall, direct, on behalf of the Holders, the Collateral Agent to take all actions it
deems necessary or appropriate in order to: 
  

	 	(i)	foreclose upon or otherwise enforce any or all of the Liens on the Collateral; 

  

	 	(ii)	enforce any of the terms of the Collateral Documents to which the Collateral Agent is a party; or 

  

	 	(iii)	collect and receive payment of any and all Obligations. 

 (c) At the Company’s sole cost
and expense and subject to the Trustee and the Collateral Agent having been indemnified by the Holders and/or the Company, the Trustee is authorized and empowered (but is not obligated) to institute and maintain, or direct the Collateral Agent to
institute and maintain, such suits and proceedings as may be reasonably expedient to preserve or protect its interests and the interests of the Holders of Notes in the Collateral, including the power to institute and maintain suits or proceedings to
restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the
security interest hereunder or be prejudicial to the interests of Holders or the Trustee. 
 Section 14.04 Release of
Collateral. 
 The Liens on the Collateral will be released with respect to the Notes and the Guarantees, as applicable: 

(i) in whole, upon satisfaction and discharge of liability on the Notes pursuant to Article 7; and 

(ii) otherwise in accordance with, and as expressly provided for under, this Indenture or the Collateral Documents. 

Upon release of the Collateral, the Trustee and the Collateral Agent shall promptly, and are hereby authorized to, take such actions as reasonably requested
by the Company in order to reconvey to the Company the released Collateral and, if necessary, the Collateral Agent shall cooperate with the Company to, and is hereby authorized to, at the Company’s expense, cause to be filed such documents or
instruments (that are prepared by the Company and provided to the Collateral Agent) as shall be necessary to provide for the release by the Collateral Agent of the released Collateral. In connection with any such reconveyance or filing, the
Trustee or the Collateral Agent, as applicable, shall receive and be fully protected in conclusively relying upon an Opinion of Counsel and an Officers’ Certificate and such other documents as prescribed by this Indenture or the Collateral
Documents. 

  
 83 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as
of the day and year first above written. 
  

			
	Seller Note, LLC
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	President
	
	SunEdison, Inc.
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	EVP, CAO & CFO
	
	Wilmington Trust, National Association, as Trustee, Registrar, Paying Agent, Collateral Agent and Exchange Agent
		
	By:	 	 /s/ Joshua C. Jones

	Name:	 	Joshua C. Jones
	Title:	 	Assistant Vice President

  
 84 

 SCHEDULE A 

The following table sets forth the number of Additional Shares by which the Exchange Rate shall be increased pursuant to Section 4.06
based on the hypothetical Stock Prices and the Effective Dates set forth below. 
  

																																																					
	 	  	$27.67	 	  	$30.00	 	  	$32.50	 	  	$34.58	 	  	$35.00	 	  	$40.00	 	  	$45.00	 	  	$50.00	 	  	$60.00	 	  	$70.00	 	  	$80.00	 	  	$90.00	 	  	$100.00	 
	 January 29, 2015
	  	 	7.2314	  	  	 	5.9238	  	  	 	4.8211	  	  	 	4.0852	  	  	 	3.9518	  	  	 	2.702	  	  	 	1.8825	  	  	 	1.3307	  	  	 	0.6844	  	  	 	0.3594	  	  	 	0.1888	  	  	 	0.0969	  	  	 	0.0466	  
	 January 15, 2016
	  	 	7.2314	  	  	 	5.6280	  	  	 	4.4889	  	  	 	3.7341	  	  	 	3.5983	  	  	 	2.3421	  	  	 	1.5415	  	  	 	1.0204	  	  	 	0.4446	  	  	 	0.1829	  	  	 	0.0626	  	  	 	0.0095	  	  	 	0.0007	  
	 January 15, 2017
	  	 	7.2314	  	  	 	5.4475	  	  	 	4.2405	  	  	 	3.4510	  	  	 	3.3102	  	  	 	2.0260	  	  	 	1.2387	  	  	 	0.7492	  	  	 	0.2507	  	  	 	0.0570	  	  	 	0.0008	  	  	 	0.0000	  	  	 	0.0000	  
	 January 15, 2018
	  	 	7.2314	  	  	 	5.3339	  	  	 	4.0181	  	  	 	3.1705	  	  	 	3.0212	  	  	 	1.6898	  	  	 	0.9196	  	  	 	0.4755	  	  	 	0.0804	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  
	 January 15, 2019
	  	 	7.2314	  	  	 	5.1119	  	  	 	3.6167	  	  	 	2.6831	  	  	 	2.5228	  	  	 	1.1611	  	  	 	0.4717	  	  	 	0.1399	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  
	 January 15, 2020
	  	 	7.2314	  	  	 	4.4193	  	  	 	1.8552	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

  

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [For Global
Notes, include the following legend (the “Global Notes Legend”):] 
 [THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 

[For all Notes that are Restricted Notes, include the following legend (the “Restricted Notes Legend”):] 

[THIS SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

 

	(1)	REPRESENTS, WARRANTS AND ACKNOWLEDGES THAT: 

 (A) IT AND ANY ACCOUNT FOR WHICH IT IS
ACTING IS (A) A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT AND (B) QUALIFIED
PURCHASER WITHIN THE MEANING OF SECTION 2(a)(51) OF THE INVESTMENT COMPANY ACT (A “Q.P.”); 
 (B)ANY RESALE OR OTHER
TRANSFER OF THIS NOTE THAT IS NOT MADE IN COMPLIANCE WITH THE RESTRICTIONS SET FORTH HEREIN WILL BE OF NO FORCE AND EFFECT, WILL BE NULL AND VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY
INSTRUCTIONS TO THE CONTRARY TO THE COMPANY, THE TRUSTEE OR ANY INTERMEDIARY; 
 (C) IN THE EVENT OF A TRANSFER OF THE NOTE (OR
BENEFICIAL INTEREST THEREIN) TO PERSON THAT IS NOT BOTH A QIB AND A Q.P., THE COMPANY MAY, IN ITS DISCRETION, EITHER (A) COMPEL SUCH TRANSFEREE TO SELL THE NOTE OR ITS INTEREST THEREIN TO A PERSON WHO IS BOTH A QIB AND A Q.P. AND WHO IS
OTHERWISE QUALIFIED TO PURCHASE THE NOTE IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OR (B) ON BEHALF 

  
 A-1 

 
OF SUCH TRANSFEREE (AND SUCH TRANSFEREE BY ACCEPTING DELIVERY OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN IRREVOCABLY GRANTS TO THE COMPANY AND THE COMPANY’S AGENTS FULL POWER AND AUTHORITY
TO, ON BEHALF OF SUCH TRANSFEREE), SELL THIS NOTE OR SUCH TRANSFEREE’S INTEREST HEREIN TO A PERSON DESIGNATED BY OR ACCEPTABLE TO THE COMPANY AT A PRICE EQUAL TO THE LEAST OF (1) THE PURCHASE PRICE THEREFOR PAID BY THE ORIGINAL TRANSFEREE,
(2) 100 PER CENT. OF THE PRINCIPAL AMOUNT THEREOF AND (3) THE FAIR MARKET VALUE THEREOF; 
 (D) THE COMPANY HAS THE RIGHT
TO REFUSE TO HONOR A TRANSFER OF THIS NOTE OR INTEREST THEREIN TO A PERSON WHO IS NOT BOTH A QIB AND A Q.P.; 
 (E) THE ACQUIRER WILL
NOT ENGAGE IN ANY HEDGING TRANSACTIONS ON THE COMMON STOCK (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) (INCLUDING, FOR THE AVOIDANCE OF DOUBT, THROUGH OPTIONS, SWAPS AND SIMILAR TRANSACTIONS FOR WHICH THE COMMON STOCK IS THE REFERENCE
SECURITY) THROUGH THE DATE THAT IS ONE YEAR FOLLOWING THE DATE OF THE INDENTURE GOVERNING THIS NOTE; AND 
 (E) THE ACQUIRER WILL
PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS AND THE RESTRICTIONS ON HEDGING SET FORTH HEREIN AND IN THE INDENTURE GOVERNING THE NOTES TO ANY SUBSEQUENT TRANSFEREE. 
  

	(2)	AGREES FOR THE BENEFIT OF THE COMPANY AND SUNEDISON, INC. (THE “GUARANTOR”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY, EXCEPT: 

 

	 	(A)	TO THE COMPANY, THE GUARANTOR OR ANY OF THE GUARANTOR’S SUBSIDIARIES, OR 

  

	 	(B)	TO A PERSON WHO IS A Q.P. WHO THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ONE OR MORE QIBs, EACH OF WHICH IS ALSO A Q.P., AS TO WHICH THE PURCHASER EXERCISES SOLE
INVESTMENT DISCRETION, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A 

 NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF
ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 

  
 A-2 

 Seller Note, LLC 

3.75% Guaranteed Exchangeable Senior Secured Notes due 2020 

No.:     [            ] 

 

	CUSIP:	81642E AA1 

 Principal 

	Amount $	[            ] [For Global Notes, include the following: as revised by the Schedule of Increases and Decreases in the Global Note attached hereto]

 Seller Note, LLC, a Delaware limited liability company (the “Company”), promises to
pay to [            ] [include “Cede & Co.” for Global Note] or registered assigns, the principal amount of [add principal amount in words]
$[            ] [For Global Notes, include the following:, as revised by the Schedule of Increases and Decreases in the Global Note attached hereto,] on January 15, 2020 (the
“Maturity Date”). 
 Interest Payment Dates: January 15 and July 15. 

Regular Record Dates: January 1 and July 1. 

Additional provisions of this Note are set forth on the other side of this Note. 

  
 A-1 

 IN WITNESS WHEREOF, Seller Note, LLC has caused this instrument to be signed manually or by
facsimile by one of its duly authorized Officers. 
  

			
	Seller Note, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-2 

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

Dated: 
  

			
	Wilmington Trust, National Association, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 [FORM OF REVERSE OF NOTE] 

Seller Note, LLC 
 3.75% Guaranteed
Exchangeable Senior Secured Notes due 2020 
 This Note is one of a duly authorized issue of securities of the Company (herein called
the “Notes”), issued under the Indenture dated as of January 29, 2015 by and among the Company, SunEdison, Inc., herein called the “Guarantor,” and Wilmington Trust, National Association, herein called the
“Trustee,” and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee, the Collateral Agent and the
Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. 
 This Note does not
benefit from a sinking fund. This Note shall not be redeemable at the Company’s option. 
 As provided in and subject to the provisions
of the Indenture, upon the occurrence of a Fundamental Change, the Holder of this Note will have the right, at such Holder’s option, to require the Company to purchase this Note, or any portion of this Note such that the principal amount of
this Note that is not purchased equals $1,000 or an integral multiple of $1,000, on the Fundamental Change Purchase Date at a price equal to the Fundamental Change Purchase Price for such Fundamental Change Purchase Date. 

As provided in and subject to the provisions and limitations of the Indenture, the Holder hereof has the right, prior to the Close of Business
on the Business Day immediately preceding the Maturity Date, to exchange this Note or a portion of this Note such that the principal amount of this Note exchanged equals $1,000 or an integral multiple of $1,000, for a number of shares of Common
Stock determined in accordance with Article 4 of the Indenture and subject to adjustment as set forth therein. 
 As provided in and subject
to the provisions of the Indenture, the Company will make all payments in respect of the Fundamental Change Purchase Price for and the principal amount of, this Note to the Holder that surrenders this Note to the Paying Agent to collect such
payments in respect of this Note. The Company will pay cash amounts in money of the U.S. that at the time of payment is legal tender for payment of public and private debts. 

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 Guarantor and the rights of the Holders of the Notes to be effected under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Notes
at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with
certain provisions of the Indenture and 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 of any Note 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. 

  
 A-4 

 As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not
have the right to institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of certain
continuing Events of Default with respect to the Note, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity to the Trustee, and the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity, and shall not have received
from the Holders of a majority in principal amount of Notes at the time Outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of the
principal hereof, premium, if any, or interest hereon, the Fundamental Change Purchase Price with respect to and the number of shares of Common Stock due upon exchange of this Note or after the respective due dates expressed in the Indenture. 

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 or deliver, as the case may be, the principal of (including the Fundamental Change Purchase Price), premium, interest on and number of shares of Common Stock due upon exchange of, this Note at the time,
place and rate, and in the coin and 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 Register, upon surrender of this Note for registration of transfer to the Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing, and thereupon a new Note of this series and of like tenor for the same aggregate principal amount will be issued to the designated transferee. 

The Notes are issuable only in registered form without coupons in minimum denominations of $1,000 and integral multiples of $1,000. As
provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same. 
 Subject to the rights of the Holders as of the Regular Record Date to receive interest on the related Interest
Payment Date, prior to due presentment of this Note for registration of transfer, the Company, the Trustee, the Agents and any of their respective agents may treat the Person in whose name the Note is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Company, the Trustee, the Agents nor any agents shall be affected by notice to the contrary. 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the
entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

  
 A-5 

 Upon the issuance of any new Note, the Company may require payment by the Holder of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including fees and expenses of the Trustee) connected therewith. 

All defined terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. If any
provision of this Note limits, qualifies or conflicts with a provision of the Indenture, such provision of the Indenture shall control. 

In addition to the rights provided to Holders of Notes under the Indenture, Holders shall have all the rights set forth in the Registration
Rights Agreement. 

  
 A-6 

 GUARANTEE 

The Guarantor listed below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under
the Indenture, dated the date hereof, among the Guarantor, the Company (defined below) and Wilmington Trust, National Association, as trustee (the “Indenture”), has irrevocably and unconditionally guaranteed on a senior basis
(i) the due and punctual payment of the principal of and interest on the 3.75% Guaranteed Exchangeable Senior Secured Notes due 2020 (the “Notes”) when and as the same shall become due and payable, whether at the maturity, by
acceleration, repurchase or otherwise, and the due and punctual performance of all other obligations of the Company to the Holders, the Trustee or the Collateral Agent (ii) in the case of any extension of time of payment or renewal of the Notes
or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at the maturity or by acceleration, repurchase or otherwise, in each case, all in
accordance with and subject to the terms and limitations of this Note and the Indenture, including Article 13 thereof. This Guarantee will not become effective until the Trustee duly executes the certificate of authentication on this Note. This
Guarantee shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflict of law principles thereof. 

THE TERMS OF ARTICLE 13 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated. 

[Remainder of page intentionally left blank] 

  
 A-7 

 IN WITNESS WHEREOF, the Guarantor has caused this instrument to be duly executed. 

Dated: 
  

			
	SUNEDISON, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Guarantee] 

  
 A-8 

 ATTACHMENT 1 

[FORM OF NOTICE OF EXCHANGE] 
  

	To:	Seller Note, LLC 

 The undersigned owner of this Note hereby irrevocably exercises the option to exchange this
Note, or a portion hereof (which is such that the principal amount of the portion of this Note that will not be exchanged equals $1,000 or an integral multiple of $1,000 in excess thereof) below designated, into a number of shares of Common Stock in
accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common Stock issuable and/or deliverable upon exchange, together with any Notes representing any unexchanged principal amount
hereof, be paid and/or issued and/or delivered, as the case may be, to the registered Holder hereof unless a different name is indicated below. 
 Subject
to certain exceptions set forth in the Indenture, if this notice is being delivered on a date after the Close of Business on a Regular Record Date and prior to the Open of Business on the Interest Payment Date corresponding to such Regular Record
Date, this notice must be accompanied by payment of an amount equal to the interest payable on such Interest Payment Date on the principal amount of this Note to be exchanged. If any shares of Common Stock are to be issued and/or delivered in the
name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect to such issuance and/or delivery and transfer as set forth in the Indenture. 

Principal amount to be exchanged (if less than all): 

$         

Dated:                      

 

	
	Signature(s)
	(Sign exactly as your name appears on the other side of this Note)
	
	Signature Guarantee
	(Signature(s) must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs:
	(i) The Notes Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) another guarantee program acceptable to the Trustee.)

  
 A-9 

 Fill in if a check is to be issued, or shares of Common Stock or Notes are to be registered, otherwise than to or
in the name of the registered Holder. 
 (Name) 
 (Address)

 Please print name and address (including zip code) 

(Social Security or other Taxpayer Identifying Number) 
 Dated:
                     
  

	
	Signature(s)
	(Sign exactly as such Person’s name appears above)
	
	Signature Guarantee
	(Signature(s) must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs:
	(i) The Notes Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP) or (iv) another guarantee program acceptable to
the Trustee.)

  
 A-10 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE PURCHASE NOTICE] 
  

	To:	Seller Note, LLC 

 The undersigned registered owner of this Note hereby acknowledges receipt of a Fundamental
Change Company Notice from Seller Note, LLC (the “Company”) as to the occurrence of a Fundamental Change and specifying the Fundamental Change Purchase Date and requests and instructs the Company to pay to the registered
holder hereof in accordance with the applicable provisions of the Indenture referred to in this Note (i) the entire principal amount of this Note, or the portion thereof (that is such that the portion not to be purchased has a principal amount
equal to $1,000 or an integral multiple of $1,000 in excess thereof) below designated, and (ii) if such Fundamental Change Purchase Date does not occur during the period after a Regular Record Date and on or prior to the Business Day following
the date the corresponding interest payment is made, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Purchase Date. 

Principal amount to be purchased (if less than all): 

$         
 Certificate
number (if Notes are in certificated form) 
 Dated:
                     
  

	
	Signature(s)
	(Sign exactly as your name appears on the other side of this Note)
	
	Social Security or Other Taxpayer Identification Number

  
 A-11 

 ATTACHMENT 3 

[FORM OF ASSIGNMENT AND TRANSFER] 
 For value
received,                      hereby sell(s), assign(s) and transfer(s) unto
                     (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                      to transfer the said Note on the books of the Company, with full power of substitution in the
premises. 
 In connection with any transfer of the within Note, the undersigned confirms that such Note is being transferred: 

 ̈ To Seller Note, LLC, SunEdison, Inc. or a subsidiary of SunEdison, Inc.; or 

 ̈ To a person who is a “qualified purchaser” within the meaning of Section 2(a)(51) of the
Investment Company Act of 1940, as amended (a “Q.P.”); who the seller reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended) (a “QIB”)
purchasing for its own account or for the account of one or more QIBs, each of which is also a Q.P., as to which the purchaser exercises sole investment discretion, in a transaction meeting the requirements of Rule 144A under the Securites Act of
1933, as amended. 
 [TO BE SIGNED BY PURCHASER IF THE SECOND BOX ABOVE IS CHECKED] 

[Include if the second box above is checked] [The undersigned (on the immediately following signature line) represents and warrants that it is
purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act and a “qualified purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received
such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.] 
  

							
	[Date:                     	 	Signed:                     ]	 		 	

 Unless one of the above boxes is checked, the Trustee and Registrar will refuse to register any of the Notes evidenced by this
certificate in the name of any Person other than the registered Holder thereof. 
 If none of the foregoing boxes is checked, the Trustee or Registrar shall
not be obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.11 of the Indenture shall have been satisfied.

 Dated:                      

 

  
 A-12 

	
	  

	Signature(s)
	
	(Sign exactly as your name appears on the other side of this Note)
	
	  

	Signature Guarantee
	(Signature(s) must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Notes Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange
Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP) or (iv) another guarantee program acceptable to the Trustee)

  
 A-13 

 ATTACHMENT 4 

[Insert for Global Note] 

SCHEDULE OF INCREASES AND DECREASES IN THE GLOBAL NOTE 

Initial Principal Amount of Global Note: 
  

									
	 Date
	 	 Amount of Increase

in Principal
 Amount of
Global
 Note
	 	 Amount of

Decrease in
 Principal
Amount
 of Global Note
	  	Principal Amount
of Global Note
After Increase or
Decrease	  	Notation by
Registrar, Note
Custodian or
authorized
signatory of
Trustee
	     
	 		 		  		  	
		 		 		  		  	

  
 A-14 

 EXHIBIT B 

[FORM OF RESTRICTED STOCK LEGEND] 
 THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
  

	(1)	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION
WITH RESPECT TO EACH SUCH ACCOUNT, AND 

  

	(2)	AGREES FOR THE BENEFIT OF TERRAFORM POWER, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE EARLIER OF THE DATE ON
WHICH (X) SUCH TRANSFERS ARE PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, AND (Y) SUCH RESTRICTIONS ON TRANSFER ARE ELIMINATED OR OTHERWISE WAIVED BY WRITTEN CONSENT OF THE COMPANY IN ACCORDANCE WITH
THE PROCEDURES DESCRIBED IN THE INDENTURE GOVERNING THE 3.75% GUARANTEED EXCHANGEABLE SENIOR SECURED NOTES DUE 2020 OF SELLER NOTE, LLC (THE “EXCHANGEABLE NOTES”), EXCEPT: 

 

	 	(A)	TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, OR 

  

	 	(B)	PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED (OR HAS BECOME) EFFECTIVE UNDER THE SECURITIES ACT THAT COVERS RESALE OF THE SHARES OF COMMON STOCK UNDERLYING THE EXCHANGEABLE NOTES, OR

  

	 	(C)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

  

	 	(D)	PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT FOR THE COMMON
STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED 

  
 B-1 

 
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, AND THE TRANSFER AGENT WILL NOT BE REQUIRED TO ACCEPT FOR REGISTRATION OF TRANSFER ANY
SECURITIES ACQUIRED BY A PURCHASER EXCEPT UPON PRESENTATION OF EVIDENCE SATISFACTORY TO THE TRANSFER AGENT THAT THE RESTRICTIONS SET FORTH HEREIN HAVE BEEN COMPLIED WITH. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 B-2ExhibitSubordinatedNotePurchaseAgreement-

SUBORDINATED 
NOTE PURCHASE AGREEMENT
Dated as of January 30, 2015

SUBORDINATED NOTE PURCHASE AGREEMENT
This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of January 30, 2015 and is made by and between ENTERPRISE BANCORP, INC. (“Borrower”) and                                                        (the “Lender”).
R E C I T A L S:
Borrower is a Massachusetts corporation and the parent of its wholly-owned subsidiary, Enterprise Bank and Trust Company, a Massachusetts banking corporation (“Bank”).
Borrower has requested that Lender provide to Borrower $15,000,000.00 in subordinated debt (the “Subordinated Debt”) that qualifies as Tier 2 Capital (as defined herein), as evidenced by the Subordinated Note (as defined herein).  The Subordinated Debt may be referred to in this Agreement as the “Facility.”
Lender is willing to provide to Borrower a subordinated note in the principal amount of $15,000,000.00 in accordance with the terms, subject to the recitals, and subject to the conditions and in reliance on the representations, warranties, covenants and agreements set forth herein and in the Subordinated Note (as defined herein).  The Subordinated Debt is intended to qualify as Tier 2 Capital.
THEREFORE, in consideration of the mutual covenants, conditions and agreements herein contained, the parties hereto hereby agree as follows:
A G R E E M E N T:
1.DEFINITIONS.
1.1.    Defined Terms.  The following capitalized terms generally used in this Agreement and in the other Transaction Document have the meanings defined or referenced below.  Certain other capitalized terms used only in specific sections of this Agreement may be defined in such sections.
“2013 Financial Statements” has the meaning set forth in Section 4.4.1.
“2014 Financial Statements” has the meaning set forth in Section 4.4.1.
“Adjusted Interest Rate” means that fluctuating rate of interest per annum equal to three point nine percent (3.90%) above the LIBOR 30 Day Index Rate, with changes to such interest rate taking place immediately without notice or demand of any kind by the Lender on the effective date of any change in the LIBOR 30 Day Index.  
“Affiliate(s)” means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control with, said Person and their respective Affiliates, 

and in the case of Lender, Borrower and Bank, their respective members, shareholders, directors, officers, employees, agents, advisors and representatives.
“Bank” has the meaning set forth in the recitals hereto.  
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Borrower to (i) have been duly adopted by the Board of Directors and (ii) be in full force and effect on the date of such certification.
“Borrower” has the meaning set forth in the preamble hereto and shall include any successor to Borrower by acquisition, merger, consolidation or similar transaction.
“Borrower’s Accountant” means such firm of certified public accountants selected by Borrower as shall from time to time audit Borrower.
“Borrower’s Liabilities” means Borrower’s obligations under this Agreement and the Subordinated Note.
“Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in Massachusetts are permitted or required by any applicable law or executive order to close.
“Closing” has the meaning set forth in Section 2.5.
“Closing Date” means January 30, 2015.
“Code” means the Internal Revenue Code of 1986, as amended or recodified.
“Commitment Fee” means a fee in the amount of $150,000.00 to be paid by Borrower to Lender pursuant to the provisions of Section 2.13.
“Condition or Release” means any presence, use, storage, transportation, discharge, disposal, release or threatened release of any Hazardous Materials that individually or in the aggregate would constitute a Material Adverse Effect.
“Disbursement” has the meaning set forth in Section 3.1.
“Equity Interest” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants, options or other rights to purchase any of the foregoing.
“Event of Default” has the meaning set forth in Section 8.1.1.
“Facility” has the meaning set forth in the recitals hereto.
“FDIC” means the Federal Deposit Insurance Corporation.

“FRB” means, collectively, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of Boston.
“GAAP” means generally accepted accounting principles in effect from time to time in the United States of America.
“Governmental Agency(ies)” means, individually or collectively, any federal, state, county or local governmental department, commission, board, regulatory authority or agency with jurisdiction over Borrower or Bank, as applicable.
“Governmental Licenses” has the meaning set forth in Section 4.3.  
“Hazardous Materials” means oil, flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances which are “hazardous substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations.
“Hazardous Materials Laws” mean any laws, regulations, permits, licenses or requirements pertaining to the protection, preservation, conservation or regulation of the environment which relates to real property, including, without limitation: the Clean Air Act, as amended, 42 U.S.C. Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environment Response, Compensation and Liability Act of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations.
“Indebtedness” means and includes:  (a) all items arising from the borrowing of money that, according to GAAP as in effect from time to time, would be included in determining total liabilities as shown on the consolidated balance sheet of Borrower, Bank or any other Subsidiary of Borrower; and (b) all obligations secured by any lien in property owned by Borrower whether or not such obligations shall have been assumed, provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred or maintained in the ordinary course of Bank’s business (including, without limitation, federal funds purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by Bank’s depository institution and repurchase arrangements) and consistent with customary banking practices and applicable laws and regulations.
“Initial Interest Rate” means a 6.00% per annum rate of interest.

“Interest Payment Date” means March 1, 2015 and the first day of each month thereafter continuing until the earlier of the Maturity Date or the date the Subordinated Debt is paid in full.
“Knowledge” means the best knowledge of the party being referenced based on commercially reasonable inquiry.  
“Leases” means all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements relating thereto.
“Lender” has the meaning set forth in the preamble hereto.
“LIBOR 30 Day Index Rate” shall mean that variable rate per annum determined on the basis of ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars) or a comparable or successor rate for deposits in U.S. Dollars with a one month term in the London Interbank market for a period equal to such interest rate period commencing on the first day of such interest rate period as displayed on pages LIBOR01 or LIBOR02 of Reuters (or another commercially available service providing quotations of LIBOR as designated by Lender generally under credit facilities for which its acts as Lender).  If such rate is not available at such time for any reason, then the rate for that interest period will be determined by such alternate method as reasonably selected by Lender.
“Material Adverse Effect” means, with respect to any Person, any change or effect that (i) is or would be reasonably likely to be material and adverse to the financial position, results of operations or business of such Person or its Subsidiaries, or (ii) would materially impair the ability of any Person to perform its respective obligations under this Agreement or the Subordinated Note, or otherwise materially impede the consummation of the transactions contemplated hereby; provided, however, that “Material Adverse Effect” shall not be deemed to include the impact of (1) changes in banking and similar laws, rules or regulations of general applicability or interpretations thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions and their holding companies generally, (3) changes after the date of this Agreement in general economic or capital market conditions affecting financial institutions or their market prices generally and not specifically related to Borrower, Bank or Lender, including, but not limited to, changes in levels of interest rates generally or any outbreak of war or major hostilities in which the United States is involved or any act of terrorism or civil insurrection within the United States, (4) direct effects of compliance with this Agreement on the operating performance of Borrower, Bank or Lender, including expenses incurred by Borrower, Bank or Lender in consummating the transactions contemplated by this Agreement, and (5) the effects of any action or omission taken by Borrower with the prior written consent of Lender, and vice versa, or as otherwise contemplated by this Agreement and the Subordinated Note.
“Maturity Date” means January 30, 2030.
“Person” means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a 

government or any department or agency thereof (including a Governmental Agency) or any other entity or organization.
“Property” means any real property owned or leased by Borrower, Bank or any Affiliate or Subsidiary of Borrower or Bank.
“Subordinated Debt” has the meaning set forth in the recitals hereto.
“Subordinated Note” means the Subordinated Note in the form attached as Exhibit A hereto, as amended, restated, supplemented or modified from time to time and each Subordinated Note delivered in substitution or exchange for such Subordinated Note.
“Subsidiary” means with respect to any Person, any corporation or entity in which a majority of the outstanding Equity Interest is directly or indirectly owned by such Person.
“Tier 2 Capital” has the meaning given to the term “tier 2 capital” in the Statement of Policy on Risk-Based Capital for bank holding companies published by the FRB (12 C.F.R. Part 225, Appendix A, as amended, modified and supplemented and in effect from time to time or any replacement thereof), including 12 C.F.R. § 250.166.
“Transaction Documents” means this Agreement and the Subordinated Note.  
“Unmatured Event of Default” means an event or circumstance that with the passage of time, the giving of notice or both could become an Event of Default.
1.2.        Certain Accounting Terms; Interpretations.  Notwithstanding the foregoing, any accounting terms used in this Agreement which are not specifically defined herein shall have the meaning customarily given to them in accordance with GAAP.  Where the character or amount of any asset or liability or item of income or expense is required to be determined or any consolidation or other accounting computation is required to be made for the purposes of this Agreement, it shall be done in accordance with GAAP except where such principles are inconsistent with the specific provisions of this Agreement or the rules of any Government Agency.  The foregoing definitions are equally applicable to both the singular and plural forms of the terms defined.  The words “hereof”, “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  The word “including” when used in this Agreement without the phrase “without limitation,” shall mean “including, without limitation.” All references to time of day herein are references to eastern time unless otherwise specifically provided.  Any reference contained herein to attorneys’ fees and expenses shall be deemed to be reasonable fees and expenses of Lender’s outside counsel and of any other third-party experts or consultants engaged by Lender’s outside counsel on Lender’s behalf.  All references to the Transaction Documents shall be deemed to be to such documents as amended, modified or restated from time to time.  With respect to any reference in this Agreement to any defined term, (a) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives and permitted successors and assigns of such Person, and (b) if such defined term refers to a document, instrument or agreement, then it shall also include any replacement, extension or other modification thereof.

2.SUBORDINATED DEBT.
2.1.    General Matters.
2.1.1.    Certain Terms.  The Lender agrees to provide the Subordinated Debt from Borrower on the Closing Date in accordance with the terms of, and subject to the conditions set forth in, this Agreement and the Subordinated Note.  The Subordinated Debt shall be disbursed in accordance with Section 3.1.  The Subordinated Debt shall bear interest per annum at the rate and in the manner set forth in Section 2.6 and Section 2.7 hereof.  The unpaid principal balance of the Subordinated Debt plus all accrued but unpaid interest thereon shall be due and payable on the Maturity Date, or such earlier date on which such amount shall become due and payable on account of acceleration by Lender in accordance with the terms of the Subordinated Note or this Agreement.
2.1.2.    Subordination.  The Subordinated Note shall be subordinated in accordance with the subordination provisions set forth therein and as otherwise required in order that the Subordinated Debt shall constitute Tier 2 Capital.  In the event of any conflict between the Transaction Documents, on one hand, and any statute, regulation, policy or pronouncement of or applicable to the FRB concerning or related to Tier 2 Capital, on the other hand, such FRB statute, regulation, policy or pronouncement shall control.  If all or any portion of the Note ceases to be deemed to be Tier 2 Capital under the risk-based capital rules of the FRB as in effect as of the date of this Purchase Agreement, other than due to the limitation imposed on the capital treatment of subordinated debt during the five years immediately preceding the Maturity Date of the Note, Borrower will immediately notify Lender, and thereafter Borrower and Lender will work together in good faith to develop such modifications to the applicable portions of the obligations evidenced by the Note as are reasonably acceptable to Lender in order for the Note to continue to qualify as Tier 2 Capital.  
2.2.    The Subordinated Note.  The Facility shall be further evidenced by the Subordinated Note, to be executed and delivered to Lender by Borrower contemporaneously herewith.
2.3.    Maturity Date.  On the Maturity Date, all sums due and owing under this Agreement and the other Transaction Document with respect to the Subordinated Note shall be repaid in full.  Borrower acknowledges and agrees that Lender has not made any commitments, either express or implied, to extend the terms of the Facility past its Maturity Date, and shall not extend such terms beyond the Maturity Date unless Borrower and Lender hereafter specifically otherwise agree in writing.
2.4.    Unsecured Facility.  The obligations of Borrower to Lender under the Subordinated Note shall be unsecured.
2.5.    The Closing.  The execution and delivery of the Transaction Documents (the “Closing”) shall occur at the offices of                                at 10:00 a.m. (local time) on the Closing Date, or at such other place or time or on such other date as the parties hereto may agree.

2.6.    Interest Payments.  From the date hereof through January 30, 2025, the outstanding principal balance of and any overdue principal and interest on the Facility shall bear interest per annum at the Initial Interest Rate of 6.00% per annum and beginning on January 31, 2025 through the Maturity Date, the outstanding principal balance of any overdue principal and interest shall bear interest at the Adjusted Interest Rate.  Interest shall be payable in arrears on each Interest Payment Date at the rates and under the circumstances set forth herein.  The initial Interest Payment Date shall be on March 1, 2015. 
2.7.    Computation of Interest.  Interest shall be computed on the basis of the actual number of days elapsed in the period during which interest accrues and a year of 360 days.  In computing interest, the date of funding shall be included and the date of payment (with respect to the amount timely paid on such date) shall be excluded.  The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility.  Accordingly, if the transaction contemplated hereby would be usurious under applicable law (including the laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable), then, in that event, notwithstanding anything to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to Borrower by Lender (or if such consideration shall have been paid in full, such excess refunded to Borrower by Lender).
2.8.    Payments on Non-Business Days.  Whenever any payment to be made by Borrower hereunder shall be stated to be due on a day which is not a Business Day, payments shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder.
2.9.    Application of Payments.  All payments received by Lender from or on behalf of Borrower shall be applied first to amounts due to Lender to reimburse Lender’s costs and expenses, including those pursuant to Section 5.4 or Section 8.4, second to accrued interest under the Subordinated Note, and third to principal amounts outstanding under the Subordinated Note; provided, however, subject to Section 8.1.3 of this Agreement, that after the date on which the final payment of principal with respect to the Facility is due or following and during any Event of Default or Unmatured Event of Default, all payments received on account of Borrower’s Liabilities shall be applied in whatever order, combination and amounts as Lender, in its sole and absolute discretion, decides, to all costs, expenses and other indebtedness owing to Lender.  
2.10.    Reserved.
2.11.    Redemption.  Commencing on or after the fifth anniversary of the Closing Date, Borrower may, upon at least five (5) Business Days’ notice to Lender, redeem all or a portion of the principal amount outstanding under the Subordinated Debt by paying the principal amount to be prepaid, together with unpaid accrued interest thereon to the date of redemption.  With respect to the premature redemption of Subordinated Debt, Borrower shall pay Lender an amount in cash equal to (i) 104.0% of the principal amount of Subordinated Debt to be redeemed on or after 

January 30, 2020 but before January 30, 2022, (ii) 103.0% of the principal amount of Subordinated Debt to be redeemed if redeemed on or after January 30, 2022 but before January 30, 2025; and (iii) 100.0% of the principal amount of Subordinated Debt to be redeemed if redeemed on or after January 30, 2025 but before the Maturity Date, in each case plus unpaid interest accrued thereon to such redemption date.  Borrower acknowledges, under current applicable regulations, it may not retire its obligations hereunder without the prior receipt of non-objection or other evidence of acquiescence from the FRB or other primary regulator (including payment at maturity, or pursuant to an acceleration clause or redemption prior to maturity).  Borrower further acknowledges that Lender shall have no responsibility to verify whether Borrower has obtained any such non-objection or other evidence of acquiescence.
2.12.    Right of Offset.  Lender hereby expressly waives any right of offset or recoupment it may have against Borrower. 
2.13.    Commitment Fee.  Borrower shall pay Lender the Commitment Fee in consideration of the Facility contemporaneously with the execution of this Agreement. 
3.    DISBURSEMENT.
3.1.    Disbursement.  At the Closing Date, assuming all of the terms and conditions set forth in Section 3.2 have been satisfied by Borrower and Borrower has executed and delivered to Lender each of the Transaction Documents and any other related documents in form and substance reasonably satisfactory to Lender, Lender shall disburse $15,000,000.00 (net of certain legal expenses of up to $15,000 and the Commitment Fee) to Borrower for the Subordinated Note (the “Disbursement”). 
3.2.    Conditions Precedent to Disbursement.  In conjunction with and as additional (but independent) supporting evidence for certain of the covenants, representations and warranties made by Borrower herein, prior to and as a condition of the Disbursement, Borrower shall deliver or cause to be delivered to Lender each of the following:
3.2.1.    Transaction Documents.  The Transaction Documents, including, without limitation, the Subordinated Note.
3.2.2.    Authority Documents.
3.2.2.1.    A copy, certified by the Secretary or an Assistant Secretary of Borrower, of the Amended and Restated Articles of Organization of Borrower;
3.2.2.2.    A good standing certificate of Borrower issued by the Massachusetts Secretary of State;
3.2.2.3.    A copy, certified by the Secretary or an Assistant Secretary of Borrower, of the Bylaws of Borrower;

3.2.2.4.    A copy, certified by the Secretary or an Assistant Secretary of Borrower, of the resolutions of the board of directors of Borrower authorizing the execution, delivery and performance of this Agreement and the Subordinated Note; and
3.2.2.5.    An incumbency certificate of the Secretary or an Assistant Secretary of Borrower certifying the names of the officer or officers of Borrower authorized to sign this Agreement, the Subordinated Note and the other documents provided for in this Agreement, together with a sample of the true signature of each such officer (Lender may conclusively rely on such certificate until formally advised by a like certificate of any changes therein).
3.2.3.    Other Requirements.  Such other additional information regarding Borrower, Bank, any other Subsidiary of Borrower or Bank and their respective assets, liabilities (including any liabilities arising from, or relating to, legal proceedings) and contracts as Lender may reasonably require.
3.2.4.    Other Documents.  Such other certificates, affidavits, schedules, resolutions, opinions, notes and/or other documents which are provided for hereunder or as Lender may reasonably request. 
4.    GENERAL REPRESENTATIONS AND WARRANTIES.  
(A)        Borrower hereby represents and warrants to Lender as follows:
4.1.    Organization and Authority.
4.1.1.    Organization Matters.  Borrower is validly existing and in good standing under the laws of The Commonwealth of Massachusetts and has all requisite corporate power and authority, and possesses all licenses necessary, to conduct business and activities as presently conducted, to own its properties and to perform its obligations under this Agreement.  Bank is validly existing and in good standing under the laws of The Commonwealth of Massachusetts and has all requisite corporate power and authority, and possesses all licenses necessary, to conduct business and activities as presently conducted and to own its properties.  The deposit accounts of Bank are insured by the FDIC.  Borrower has not received any notice or other information indicating that Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has any event occurred which could reasonably be expected to adversely affect the status of Bank as an FDIC-insured institution.  Borrower, Bank and their Subsidiaries have made payment of all franchise and similar taxes in all of the respective jurisdictions in which they are incorporated, chartered or qualified, except for any such taxes (i) where the failure to pay such taxes will not have a Material Adverse Effect on Borrower, (ii) the validity of which is being contested in good faith or (iii) for which proper reserves have been set aside on the books of Borrower, Bank or any applicable Subsidiary, as the case may be.
4.1.2.    Capital Stock and Related Matters.  All of the outstanding capital stock of Bank is owned beneficially and of record by Borrower and has been duly authorized 

and validly issued and is fully paid and nonassessable.  There are, as of the date hereof, no outstanding rights, warrants or other agreements or instruments (other than stock options) obligating Borrower to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of Borrower or obligating Borrower to grant, extend or enter into any such agreement or commitment to any Person.

4.1.3.    Subsidiaries.  Each Subsidiary of Borrower and Bank is validly existing and in good standing under the laws of its jurisdiction or organization, and each Subsidiary has all requisite power and authority, corporate or otherwise, and possesses all material licenses necessary, to conduct its business and own its properties.
4.2.    No Impediment to Transactions.
4.2.1.    Transaction is Legal and Authorized.  The issuance of the Subordinated Debt, the borrowing of the principal amount of the Facility, the execution of this Agreement and the other Transaction Document and compliance by Borrower with all of the provisions of this Agreement and of the other Transaction Document are within the corporate and other powers of Borrower.  This Agreement and the other Transaction Document to which Borrower is a party have been duly authorized, executed and delivered, and, assuming due authorization, execution and delivery by the other parties thereto, are the legal, valid and binding obligations of Borrower, enforceable in accordance with their terms.

4.2.2.    No Defaults or Restrictions.  Neither the execution and delivery of the Transaction Documents nor compliance with their terms and conditions will (a) violate, conflict with or result in a breach of, or constitute a default under: (i) any of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust, pledge, bank loan or credit agreement, charter, bylaw or any other agreement or instrument to which Borrower, Bank or any Subsidiary of Borrower or Bank is now a party or by which any of them or any of their properties may be bound or affected; (ii) any judgment, order, writ, injunction, decree or demand of any court, arbitrator, grand jury, or Governmental Agency; or (iii) any statute, rule or regulation applicable to Borrower or Bank, except, in each such case, for such violations and conflicts that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on Borrower or Bank, or (b) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of Borrower, Bank or any Subsidiary of Borrower or Bank, except for such liens, charges and encumbrances that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on Borrower or Bank.  None of Borrower, Bank or any Subsidiary of Borrower or Bank is in default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing or securing Indebtedness of any kind or pursuant to which any such Indebtedness is issued, or other agreement or instrument to which Borrower, Bank or any Subsidiary of Borrower or Bank is a party or by which Borrower, Bank or any Subsidiary of Borrower or Bank or their respective properties may be bound or affected, except, in each 

case, only such defaults that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on Borrower or Bank.
4.2.3.    Governmental Consent.  No governmental orders, permissions, consents, approvals or authorizations are required to be obtained by Borrower or Bank that have not been obtained, and no registrations or declarations are required to be filed by Borrower or Bank in connection with, or, contemplation of, the execution and delivery of, and performance under, this Agreement and the other Transaction Document that have not been filed, other than such orders, permissions, consents, approvals, authorizations, registrations and declarations that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on Borrower or Bank.  
4.3.    Possession of Licenses and Permits.  Each of Borrower, Bank and the Subsidiaries of Borrower or Bank possesses such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental Agencies necessary to conduct the business now operated by it, except where the failure to possess such Governmental Licenses would not, singularly or in the aggregate, have a Material Adverse Effect on Borrower or Bank; each of the Borrower, Bank and their respective Subsidiaries is in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, singularly or in the aggregate have a Material Adverse Effect on Borrower or Bank; all of the Governmental Licenses are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not have a Material Adverse Effect on Borrower or Bank; and neither Borrower nor Bank nor any Subsidiary of Borrower or Bank has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, singularly or in the aggregate, in the reasonable judgment of Borrower, is likely to result in a Material Adverse Effect on Borrower or Bank.
4.4.    Financial Condition.
4.4.1.    Borrower Financial Statements.  Borrower has made available to Lender copies of its consolidated and consolidating financial statements (the “2013 Financial Statements”) as of and for the 12 months ended December 31, 2013 audited by Borrower’s Accountant.  The 2013 Financial Statements are true and correct in all material respects, have been prepared by the Borrower’s Accountant in accordance with the respective books of account and records of Borrower, Bank and their Subsidiaries and have been prepared in accordance with applicable banking regulations, rules and guidelines and with GAAP on a basis consistent with prior periods, and fairly and accurately present in all material respects the consolidated financial condition of Borrower, Bank and their Subsidiaries and their assets and liabilities and the results of their operations as of, and for the period ending at, such date.  In addition, Borrower has delivered or made available to Lender copies of its consolidated and consolidating financial statements for the period ended December 31, 2014 (“2014 Financial Statements” and together with the Borrower 2013 Financial Statements, the “Borrower Financial Statements”).  The 2014 Financial Statements are true and correct in all material respects, have been prepared in accordance with the respective books of account 

and records of Borrower, Bank and their Subsidiaries and have been prepared in accordance with applicable banking regulations, rules and guidelines and with GAAP, without footnotes and subject to yearend adjustments, on a basis consistent with prior periods, and, to Borrower’s Knowledge, fairly and accurately present in all material respects the financial condition of Borrower, Bank and their Subsidiaries and their assets and liabilities and the results of their operations as of, and for the period ending at, such date.  The Borrower Financial Statements contain and reflect provisions for taxes, reserves and other liabilities of Borrower and Bank in accordance with applicable banking regulations, rules and guidelines, respectively, except for such provisions that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on Borrower or Bank.  Neither Borrower nor Bank has any material debt, liability or obligation of any nature (whether accrued, contingent, absolute or otherwise) which is not provided for or disclosed in the Borrower Financial Statements.
4.4.2.    Absence of Default.  No event has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of Borrower the right to accelerate the maturity of any material Indebtedness of Borrower or Bank.  Neither Borrower nor Bank is in default under any other lease, agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which could reasonably be expected to result in a Material Adverse Effect on Borrower or Bank.
4.4.3.    Loans.  To Borrower’s Knowledge, each loan having an outstanding balance of more than $2,500,000 and reflected as an asset of Borrower or Bank in the Borrower Financial Statements is the legal, valid and binding obligation of the obligor named therein, enforceable in accordance with its terms.  To Borrower’s Knowledge, (a) no obligor named therein is seeking to avoid the enforceability of the terms of any loan, and (b) no loan having an unpaid balance (principal and accrued interest) in excess of $2,500,000 is subject to any defense, offset or counterclaim.
4.4.4.    Allowance for Loan Losses.  The allowance for loan losses of Bank shown in the Borrower Financial Statements has been established in a manner consistent with past practices and in accordance with applicable regulatory guidelines and, to the best of Borrower’s Knowledge, is adequate in all material respects to provide for losses, net of recoveries relating to loans previously charged off, on loans and leases outstanding as of the date of such statements or reports.
4.4.5.    Solvency.  After giving effect to the consummation of the transactions contemplated by this Agreement, Borrower and Bank each has working capital sufficient to carry on its business and transactions and all businesses and transactions in which it is about to engage and is solvent and able to pay its debts as they mature.  No transfer of property is being made and no Indebtedness is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of Borrower, Bank or any Subsidiary of Borrower or Bank.

4.5.    Title to Properties.
4.5.1.    Owned Property.  For assets or property owned by Borrower, Bank or any Subsidiary of Borrower or Bank, Borrower, Bank and their Subsidiaries have, respectively, good and marketable fee title to all the owned Properties, and good and marketable title to all other property and assets reflected in the Borrower Financial Statements, except for (a) real property and other assets acquired and/or being acquired from debtors in full or partial satisfaction of obligations owed to Bank, (b) property or other assets leased by Borrower, Bank or their Subsidiaries, and (c) property and assets sold or otherwise disposed of in the ordinary course of business subsequent to the date of the Borrower Financial Statements.  
4.5.2.    Leased Property.  For assets or property leased by Borrower, Bank or any Subsidiary of Borrower or Bank, Borrower, Bank and each such Subsidiary enjoy peaceful and undisturbed possession under all of the Leases under which they are operating, all of which permit the customary operations of Borrower, Bank and any Subsidiary of Borrower or Bank, as applicable.  None of such Leases is in material default and no event has occurred which with the passage of time or the giving of notice, or both, would constitute a default that is reasonably likely to have a Material Adverse Effect on Borrower or Bank.
4.6.    No Material Adverse Change.  Since September 30, 2014, to Borrower’s Knowledge, neither the business, operations, properties nor assets of Borrower, Bank or any Subsidiary of Borrower or Bank have been materially and adversely affected in any way, as the result of any act or event, including, without limitation, fire, explosion, accident, act of God, strike, lockout, flood, drought, storm, earthquake, combination of workmen or other labor disturbance, riot, activity of armed forces or of the public enemy, embargo, or nationalization, condemnation, requisition or taking of property, or cancellation or modification of contracts, by any domestic or foreign government or any instrumentality or agency thereof.  Since September 30, 2014, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect on Borrower or Bank other than changes arising from transactions in the ordinary course of business, and none of such changes has been materially adverse, whether in the ordinary course of business or otherwise.

4.7.    Legal Matters.

4.7.1.    Compliance with Law.  Borrower, Bank and their respective Subsidiaries have complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of their respective businesses or the ownership of their respective properties, except where any such failure to comply would not reasonably be expected to have a Material Adverse Effect on Borrower or Bank.
4.7.2.    Taxes.  Except where any failure to file would not reasonably be expected to have a Material Adverse Effect on Borrower or Bank, Borrower, Bank and each Subsidiary of Borrower or Bank have filed all United States income tax returns and all state 

and municipal tax returns which are required to be filed, and have paid, or made adequate provision for the payment of, all material taxes which have become due pursuant to said returns or pursuant to any assessment received by Borrower, Bank or any Subsidiary of Borrower or Bank, except such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided.  Borrower is unaware of any audit, assessment or other proposed action or inquiry of the Internal Revenue Service with respect to the United States income tax liability of Borrower, Bank or any Subsidiary of Borrower or Bank.  To Borrower’s Knowledge, Borrower, Bank and each Subsidiary of Borrower or Bank have withheld amounts from their employees, shareholders or holders of public deposit accounts in full and complete compliance with the tax withholding provisions of applicable federal, state and local laws and each has filed all federal, state and local returns and reports for all years for which any such return or report would be due with respect to employee income tax withholding, social security, unemployment taxes, income and other taxes and all payments or deposits with respect to such taxes have been made within the time period required by law.
4.7.3.    Regulatory Enforcement Actions.  None of Borrower, Bank, any Subsidiary of Borrower or Bank or any of their respective officers or directors in such respective capacities is now operating under any restrictions, agreements, memoranda, or commitments (other than restrictions of general application) imposed by any Governmental Agency, nor are, to Borrower’s Knowledge, (a) any such restrictions threatened or (b) any agreements, memoranda or commitments being sought by any Governmental Agency.
4.7.4.    Pending Litigation.  There are no actions, suits, proceedings or written agreements pending, or, to Borrower’s Knowledge, threatened or proposed, against Borrower, Bank or any Subsidiary of Borrower or Bank at law or in equity or before or by any federal, state, municipal, or other governmental department, commission, board, or other administrative agency, domestic or foreign, that, either separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect on Borrower or Bank or affect issuance or payment of the Subordinated Note; and none of Borrower, Bank or any Subsidiary of Borrower or Bank is in default with respect to any order, writ, injunction, or decree of, or any written agreement with, any court, commission, board or agency, domestic or foreign, that, either separately or in the aggregate, will have a Material Adverse Effect on Borrower or Bank.
4.7.5.    Environmental.  No Property is or, to Borrower’s Knowledge, has been a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any Hazardous Materials that would reasonably be expected to have a Material Adverse Effect on Borrower or Bank and neither Borrower nor Bank nor any Subsidiary of Borrower or Bank has engaged in such activities.  Each Property, and Borrower, Bank and each Subsidiary of Borrower or Bank, are in material compliance with all Hazardous Materials Laws.  There are no claims or actions (“Hazardous Materials Claims”) pending or, to Borrower’s Knowledge, threatened against Borrower, Bank or any Subsidiary of Borrower or Bank or any Property by any Governmental Agency or by any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials Law.

4.7.6.    Brokerage Commissions.  Neither Borrower nor any Affiliate of Borrower is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions contemplated by this Agreement.
4.7.7.    Anti-Money Laundering.  Borrower, Bank and their respective Subsidiaries are in compliance in all material respects with the applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transaction Reporting Act of 1970, as amended, and the rules and regulations thereunder.  Borrower, Bank and Subsidiaries of Borrower or Bank have established compliance programs reasonably designed to provide for compliance with the requirements of the USA PATRIOT Act and all applicable regulations promulgated thereunder.  Borrower and its Subsidiaries are in compliance in all material respects with the USA PATRIOT Act and all applicable regulations promulgated thereunder, and there is no charge, investigation, action, suit or proceeding before any court, regulatory authority or governmental agency or body pending or, to Borrower’s Knowledge, threatened regarding the compliance by Borrower, Bank and their respective Subsidiaries with the USA PATRIOT Act or any regulations promulgated thereunder, except as disclosed in writing to the Lender.
4.7.8.    No Registration.  It is not necessary in connection with the offer, sale and delivery of the Subordinated Note to the Lender to register the Subordinated Note under the Securities Act of 1933, as amended (the “Securities Act”).
4.8.    Borrower Status.
4.8.1.    Non-Foreign Status.  Borrower is not a nonresident alien for purposes of U.S. income taxation and is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as said terms are defined in the Code or the regulations promulgated thereunder).
4.8.2.    Investment Company Act.  Borrower is not an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.
4.8.3.    No Burdensome Agreements.  None of Borrower, Bank or any Subsidiary of Borrower or Bank is a party to any agreement, instrument or undertaking or subject to any other restriction (a) which currently has a Material Adverse Effect on Borrower or Bank, or (b) under or pursuant to which Borrower, Bank or any Subsidiary of Borrower or Bank is or will be required to place (or under which any other Person may place) a lien upon any of its material properties securing Indebtedness either upon demand or upon the happening of a condition, with or without such demand.
4.8.4.    Foreign Qualifications.  Borrower, Bank and each of the Subsidiaries of Borrower and Bank is duly qualified as a foreign corporation to transact business and is each in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where 

the failure to so qualify or be in good standing would not result in any Material Adverse Effect on Borrower or Bank, considered as one enterprise.
4.9.    No Misstatement.  No information, exhibit, report, schedule or document, when viewed together as a whole, furnished by Borrower or Bank to Lender in connection with the negotiation, execution or performance of this Agreement or the funding of the Facility contains any untrue statement of a material fact, or, to the Knowledge of Borrower, omits to state a material fact or any fact necessary to make the statements contained herein not misleading in light of the circumstances when made or furnished to Lender and as of the Closing Date.
4.10.    Representations and Warranties Generally.  The representations and warranties set forth in this Agreement or in the other Transaction Document will be true and correct (a) on the date of this Agreement, (b) as of the date of the Disbursement, and (c) as otherwise specifically provided herein.  All representations, warranties, covenants and agreements made in this Agreement or in any certificate or other document delivered to Lender by or on behalf of Borrower or Bank pursuant to or in connection with this Agreement shall be deemed to have been relied upon by Lender notwithstanding Lender’s review of any documents or materials delivered by Borrower or Bank to Lender pursuant to the terms hereof and notwithstanding any investigation heretofore or hereafter made by Lender or on their behalf (and Borrower hereby acknowledges such reliance by Lender in making the Facility and all disbursements thereunder) and, furthermore, shall survive the making of any or all of the disbursements of proceeds under the Facility and continue in full force and effect as long as there remains unperformed any obligations to Lender hereunder or under the other Transaction Documents.
(B)    Lender hereby represents and warrants to Borrower as follows:
4.11.    Lender Status.
4.11.1.    Lender is a “qualified institutional buyer” as defined in Rule 144A under the Securities Act with such knowledge and experience in financial and business matters as is necessary in order to evaluate the merits and risks of an investment in the Subordinated Note. 
4.11.2.    Lender is acquiring the Subordinated Note for its own account for investment, and not with a view to any distribution, resale, subdivision, or fractionalization thereof in violation of the Securities Act or any other applicable domestic or foreign securities law, and Lender has no present plans to enter into any contract, undertaking, agreement, or arrangement for any such distribution, resale, subdivision, or fractionalization.  The Subordinated Note is not being acquired, directly or indirectly, as nominee, trustee or representative of or for any other person or persons. 

5.    GENERAL COVENANTS, CONDITIONS AND AGREEMENTS.  Borrower hereby further covenants and agrees with Lender as follows:
5.1.    Compliance with Transaction Documents.  Borrower shall comply with, observe and timely perform each and every one of the covenants, agreements and obligations under the Transaction Documents.
5.2.    Certain Transactions; Business Operations.
5.2.1.    Merger and Consolidation.  Borrower shall not sell to, consolidate with or merge or engage in any similar transaction with any Person unless: (a) the successor entity which results from such consolidation or merger, if not Borrower (the “Surviving Entity”), shall have executed and delivered to the holder of the Subordinated Note its assumption of the due and punctual payment of the principal of and premium, if any, and interest on the Subordinated Note, and the due and punctual performance and observation of all of the covenants in the Subordinated Note and this Agreement to be performed or observed by Borrower and shall furnish to such holder an opinion of counsel in form and substance reasonably satisfactory to such holder to the effect that the instrument of assumption has been duly authorized, executed and delivered and constitutes the legal valid and binding contract and agreement of the Surviving Entity enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles; and (b) immediately after giving effect to such transaction and treating any Indebtedness that becomes an obligation of Borrower or any of its Subsidiaries as a result of such transaction as having been incurred by Borrower or such Subsidiary at the time of such transaction, no Event of Default or Unmatured Event of Default would exist. 
5.2.2.    Banking Practices.  Borrower shall not itself, nor shall it cause or knowingly permit or allow Bank or any Subsidiary of Borrower or Bank to engage in any unsafe or unsound banking practices as determined by a Governmental Agency, which would reasonably be expected to constitute a Material Adverse Effect on Borrower or Bank.
5.2.3.    Affiliate Transactions.  Borrower shall not itself, nor shall it cause, permit or allow Bank or any Subsidiary of Borrower or Bank to enter into any transaction including, without limitation, the purchase, sale or exchange of property or the rendering of any service, with any Affiliate of Borrower or Bank except upon terms consistent with applicable laws and regulations and reasonably found by the appropriate board(s) of directors or management officials to whom the board(s) of directors have delegated authority to be fair and reasonable and no less favorable to Borrower, Bank or such Affiliate than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate.
5.2.4.    Insurance.  At its sole cost and expense, Borrower shall maintain, and shall cause Bank and each Subsidiary of Borrower or Bank to maintain, bonds and insurance to such extent, covering such risks as is required by law, or as is usual and customary for owners of similar businesses and properties in the same general area in which Borrower, Bank or a Subsidiary of Borrower or Bank operates.  All such bonds and policies of insurance shall 

be in a form, in an amount and with issuers/insurers recognized as adequate by prudent business persons.
5.3.    Compliance with Laws.
5.3.1.    Generally.  Borrower shall comply and cause Bank and each Subsidiary of Borrower or Bank to comply in all material respects with all applicable statutes, rules, regulations, orders and restrictions in respect of the conduct of their respective businesses and the ownership of their respective properties, except, in each case, where such noncompliance would not reasonably be expected to have a Material Adverse Effect on Borrower or Bank.
5.3.2.    Regulated Activities.  Borrower shall not itself, nor shall it cause or knowingly permit or allow Bank or any Subsidiary of Borrower or Bank to (a) engage in any business or activity not permitted by all applicable laws and regulations, except where such business or activity would not reasonably be expected to have a Material Adverse Effect on Borrower or Bank or (b) make any loan or advance secured by the capital stock of another bank or depository institution, or acquire the capital stock, assets or obligations of or any interest in another bank or depository institution, in each case other than in accordance with applicable laws and regulations and safe and sound banking practices.
5.3.3.    Taxes.  Borrower, Bank or any Subsidiary of Borrower or Bank shall promptly pay and discharge all taxes, assessments and other governmental charges imposed upon Borrower, Bank or any Subsidiary of Borrower or Bank or upon the income, profits, or property of Borrower, Bank or any Subsidiary of Borrower or Bank and all claims for labor, material or supplies which, if unpaid, might by law become a lien or charge upon the property of Borrower, Bank or any Subsidiary of Borrower or Bank.  Notwithstanding the foregoing, none of Borrower, Bank or any Subsidiary of Borrower or Bank shall be required to pay any such tax, assessment, charge or claim, so long as the validity thereof shall be contested in good faith by appropriate proceedings, and reserves therefor shall be maintained on the books of Borrower, Bank and such Subsidiary as deemed appropriate by Borrower’s independent certified public accountants.
5.3.4.    Environmental Matters.  Except as would not, singularly or in the aggregate, reasonably be expected to result in a Material Adverse Effect on Borrower or Bank, Borrower shall: (a) exercise, and cause Bank and each Subsidiary of Borrower or Bank to exercise, due diligence in order to comply in all respects with all Hazardous Materials Laws; and (b) promptly take any and all necessary remedial action in connection with any Condition or Release or threatened Condition or Release on, under or about any Property in order to comply with all applicable Hazardous Materials Laws; provided, however, that such Borrower shall not be deemed to be in breach of the foregoing covenant if and to the extent it has not taken such remedial actions due to (x) its diligent pursuit of an available statutory or administrative exemption from compliance with the relevant Hazardous Materials Law from the appropriate Governmental Agency (and no penalties for non-compliance with the relevant Hazardous Materials Law(s) shall accrue as a result of such non-compliance, without rebate or waiver if such exemption or waiver is granted), or (y) is actively and diligently contesting 

in good faith any Governmental Agency’s order, determination or decree with respect to the applicability or interpretation of any such relevant Hazardous Materials Law and/or the actions required under such laws or regulations in respect of such Condition or Release.  In the event Borrower, Bank or any Subsidiary of Borrower or Bank undertakes any remedial action with respect to such Hazardous Material on, under or about any Property, Borrower, Bank or such Subsidiary shall conduct and complete such remedial action in compliance with all applicable Hazardous Materials Laws and in accordance with the policies, orders and directives of all Governmental Agencies.  
5.3.5.    Reserved.
5.3.6.    Corporate Existence.  Borrower shall do or cause to be done all things reasonably necessary to maintain, preserve and renew its corporate existence and that of Bank and the Subsidiaries of Borrower and Bank and its and their rights and franchises, and comply in all material respects with all related laws applicable to Borrower, Bank or the Subsidiaries of Borrower or Bank; provided, however, that Borrower may consummate a merger, consolidation, sale or other similar transaction only in accordance with Section 5.2.1.
5.4.    Certain Expenses.  Borrower will pay all reasonable costs and expenses of Lender incident to the transactions contemplated by this Agreement incurred by                            , counsel to Lender in this transaction, in connection with its preparation, negotiation and execution of the Transaction Documents up to $15,000, and pay and save Lender and all other holders of the Subordinated Note harmless against any and all liability with respect to amounts payable as a result of any interest or penalties resulting from nonpayment or delay in payment of such expenses, charges, disbursements or liabilities.  The obligations of Borrower under this Section 5.4 shall survive the repayment in full of the Subordinated Note.
6.    REPORTING.  Borrower shall furnish and deliver or cause to be furnished and delivered to Lender:
6.1.    Annual.  As soon as available and in any event within one-hundred twenty (120) days after the close of each fiscal year of Borrower, or within such further time as Lender may permit, consolidated and consolidating audited financial statements for Borrower, Bank and their respective Subsidiaries, including a balance sheet and related profit and loss statement, prepared in accordance with GAAP consistently applied throughout the periods reflected therein.  Such financial statements shall be accompanied by the unqualified opinion of Borrower’s Accountant or other independent certified public accountants reasonably acceptable to Lender.
6.2.    Quarterly.  As soon as available and in any event within forty-five (45) days after the close of each quarterly period of each fiscal year of Borrower, (a)  reports filed by Borrower with state or federal bank regulatory agencies including, without limitation, each quarterly FR Y-9LP filed by Borrower with the FRB, and (b)  each call report of Bank filed with Governmental Agencies.

6.3.    Periodic.  Promptly after sending, making available or filing same, copies of all other reports, proxy statements or financial statements that Borrower makes available to its stockholders and all registration statements and reports that Borrower files with the Securities and Exchange Commission. 
7.    FINANCIAL COVENANT.  Borrower shall maintain such capital as may be necessary to cause Borrower and Bank to be classified at all times as “adequately capitalized”, in accordance with the rules and regulations of their respective primary federal regulators, as in effect from time to time and consistent with the financial information and reports contemplated in Section 6.  For purposes of this Section, Borrower shall be deemed to be “adequately capitalized” if it would be considered to be adequately capitalized under the criteria set forth in the FRB’s prompt corrective action regulation for state member banks (12 C.F.R. §208.40 et seq.).
8.    BORROWER’S DEFAULT.
8.1.    Borrower’s Defaults and Lender’s Remedies.
8.1.1.    Events of Default.  Notwithstanding any cure periods described below, Borrower shall immediately notify Lender in writing when Borrower obtains Knowledge of the occurrence of any default specified below.  Regardless of whether Borrower has given the required notice, the occurrence of one or more of the following will constitute an “Event of Default” under this Agreement:
8.1.1.1.    Borrower fails to pay, when due, any principal of or installment of interest on the Subordinated Note; or 
8.1.1.2.    Borrower fails to pay, when due, any amount payable under this Agreement, the Subordinated Note (other than principal or interest) and such failure continues for a period of five (5) Business Days after Knowledge thereof by Borrower; or
8.1.1.3.    Borrower fails to keep or perform any of its agreements, undertakings, obligations, covenants or conditions under this Agreement not expressly referred to in another clause of this Section 8.1.1 and such failure continues for a period of sixty (60) days after Knowledge thereof by Borrower; or

8.1.1.4.    Any “Event of Default” or “Default” as defined under, or a default or breach in any respect by Borrower of any representation, warranty, covenant or agreement under, any of the Transaction Documents occurs and is not cured within sixty (60) days thereof; or
8.1.1.5.    Any certification made pursuant to this Agreement by Borrower or otherwise made in writing in connection with or as contemplated by this Agreement or the other Transaction Document by Borrower shall be materially incorrect or false as of the delivery date of such certification, or any representation to Lender by Borrower as to the financial condition or credit standing of Borrower is or proves to be false or misleading; or

8.1.1.6.    Any order or decree is entered by any court of competent jurisdiction directly or indirectly enjoining or prohibiting Lender or Borrower from performing any of their obligations under this Agreement or the other Transaction Document, and such order or decree is not vacated, and the proceedings out of which such order or decree arose are not dismissed, within sixty (60) days after the granting of such decree or order; or
8.1.1.7.    Borrower shall fail to comply with Section 7 hereof; or 
8.1.1.8.    Final judgment or judgments for the payment of no less than $1,000,000 in the aggregate is or are outstanding against Borrower or against any of its property or assets, and any one or more of such judgments equal to no less than $1,000,000 in the aggregate has remained unpaid, unvacated, unbonded or unstayed by appeal or otherwise for a period of sixty (60) days from the date of its entry; or
8.1.1.9.    Borrower is notified that it is considered an institution in “troubled condition” within the meaning of 12 C.F.R. §225.71 or any successor regulation; or
8.1.1.10    (i) Borrower (a) becomes insolvent or is unable to pay its debts as they mature, or (b) admits in writing its inability to pay its debts as they mature, or (ii) Bank ceases doing business as a depository institution; or
8.1.1.11    The entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of Borrower in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order appointing a custodian, receiver, liquidator, assignee (other than as provided by Section 5.2.1), trustee, sequestrator or other similar official of Borrower or of all or substantially all of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of sixty (60) consecutive days; or 
8.1.1.12    The commencement by Borrower of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or the consent by Borrower to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee (other than as provided by Section 5.2.1), trustee, sequestrator or similar official of Borrower or of all or substantially all of its property, or the making by Borrower of an assignment for the benefit of creditors, or the admission by Borrower in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by Borrower in furtherance of any such action; or
8.1.1.13    Following the expiration of any grace period applicable thereto, Borrower, Bank or any Subsidiary of Borrower or Bank continues to be in default in any payment of principal or interest for any other obligation, in the performance of any other term, condition or covenant contained in any agreement (including, without limitation, an agreement in connection with the acquisition of capital equipment on a title retention or net 

lease basis) under which any such obligation is created the effect of which default is to cause or permit the holder of such obligation to cause such obligation to become due prior to its stated maturity if the aggregate amount that becomes due in such manner is in excess of $500,000; or
8.1.1.14    Borrower shall have been in material breach of any of the representations and warranties set forth in Section 4 hereof as of the date of this Agreement. 
8.1.2    Lender’s Remedies.  Upon the occurrence of any Event of Default, Lender shall have the right, if such Event of Default shall then be continuing, to do any or all of the following, concurrently or successively, without notice to Borrower:
8.1.2.1.    Solely pursuant to Sections 8.1.1.11, or 8.1.1.12, declare the Subordinated Note to be, and it shall thereupon become, immediately due and payable, subject to approval by Governmental Agencies, as applicable, without presentation, demand, protest or notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Subordinated Note to the contrary notwithstanding; or 
8.1.2.2    With respect to any Event of Default other than pursuant to Sections 8.1.1.11, or 8.1.1.12, exercise all of its rights and remedies at law or in equity other than declaring the Subordinated Note to be immediately due and payable or otherwise seeking to accelerate the repayment of principal.
8.1.2.3.    If Borrower ceases or elects to cease to be subject to the supervision and regulations of the FRB or similar regulatory authority overseeing bank, thrift, savings and loan or financial holding companies or similar institutions requiring specifications for the treatment of capital similar in nature to the capital adequacy guidelines under the rules and regulations of any Governmental Agency, then the Lender may declare the Subordinated Note to be, and it shall thereupon become, immediately due and payable upon the occurrence of any Event of Default set forth in Section 8.1.1. 
8.2.    Other Remedies.  Nothing in this Article 8 is intended to restrict Lender’s rights under any of the other Transaction Documents, other related documents, or at law or in equity, and Lender may exercise such rights and remedies as and when they are available, other than to declare the Subordinated Note to be immediately due and payable or otherwise seeking to accelerate the repayment of principal, which remedy may only be exercised as and to the extent permitted pursuant to Section 8.1.2.1 or Section 8.1.2.3.
8.3.    Borrower’s Covenants Upon Event of Default.  Upon the occurrence and during the continuance of any Event of Default, Borrower agrees that (a) it shall not declare or pay any dividends to its stockholders, other than dividends that are payable solely in capital stock of Borrower and (b) it shall not increase the annual salary or bonuses payable to its Chief Executive Officer. 

8.4.    No Lender Liability.  To the extent permitted by law, Lender shall have no liability for any loss, damage, injury, cost or expense resulting from any action or omission by it, or any of its representatives, except for its or their own gross negligence or willful misconduct.
8.5.    Lender’ Fees and Expenses.  In case of any Event of Default or Unmatured Event of Default hereunder, Borrower shall pay Lender’s reasonable fees and expenses including, without limitation, reasonable attorneys’ fees and expenses, in connection with the enforcement of this Agreement or the other Transaction Documents, provided such fees and expenses are not incurred to achieve a result inconsistent with 12 C.F.R. § 250.166.
9.    MISCELLANEOUS.
9.1        Release; Indemnification.  Borrower hereby releases Lender and its Affiliates from any and all causes of action, claims or rights which Borrower may now or hereafter have for, or which may arise from, any loss or damage in connection with (a) any failure of Lender to protect, enforce or collect in whole or in part any of the Facility and (b) any other act or omission to act on the part of Lender, its Affiliates in connection with the Facility and any other transactions contemplated by the other Transaction Documents, except in each instance for willful misconduct, gross negligence or a breach of the Transaction Documents by Lender.  Borrower shall indemnify, defend and hold Lender and its Affiliates harmless from and against any and all losses, liabilities, obligations, penalties, claims, fines, demands, litigation, defenses, costs, judgments, suits, proceedings, actual damages, disbursements or expenses of any kind or nature whatsoever (including, without limitation, reasonable attorneys’ fees and expenses) which may at any time be either directly or indirectly imposed upon, incurred by or awarded against Lender or any of Lender’s Affiliates in connection with, arising from or relating to Lender’s entering into or carrying out the terms of this Agreement or being the holder of the Subordinated Note, unless Borrower establishes that the loss, liability, obligations, penalty, claim, fine, demand, litigation, defense, cost, judgment, suit, proceeding, damage, disbursement or expense arose primarily by reason of Lender’s or any of Lender’s Affiliates’ willful misconduct or gross negligence.
9.2.    Prohibition on Assignment.  Borrower may not assign, transfer or delegate any of its rights under this Agreement or the Subordinated Note without the prior written consent of Lender. 
9.3.    Time of the Essence.  Time is of the essence with respect to every provision of this Agreement.
9.4.    Waiver or Amendment.  No waiver or amendment of any term, provision, condition, covenant or agreement herein contained shall be effective unless set forth in a writing signed by Lender, and any such waiver or amendment shall be effective only to the extent set forth in such writing.  No failure to exercise or delay in exercising, by Lender or any holder of the Subordinated Note, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided by law.  The rights and remedies provided in this Agreement are cumulative and not exclusive of any right or remedy provided by law or equity.  No notice or demand on Borrower in any case shall, in itself, entitle 

Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of Lender to any other or further action in any circumstances without notice or demand.  No consent or waiver, expressed or implied, by Lender to or of any breach or default by Borrower in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of the same or any other obligations of Borrower hereunder.  Failure on the part of Lender to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by Lender of rights hereunder or impair any rights, powers or remedies on account of any breach or default by Borrower.
9.5.    Severability.  Any provision of this Agreement which is unenforceable or invalid or contrary to law, or the inclusion of which would adversely affect the validity, legality or enforcement of this Agreement, shall be of no effect and, in such case, all the remaining terms and provisions of this Agreement shall subsist and be fully effective according to the tenor of this Agreement the same as though any such invalid portion had never been included herein.  Notwithstanding any of the foregoing to the contrary, if any provisions of this Agreement or the application thereof are held invalid or unenforceable only as to particular persons or situations, the remainder of this Agreement, and the application of such provision to persons or situations other than those to which it shall have been held invalid or unenforceable, shall not be affected thereby, but shall continue valid and enforceable to the fullest extent permitted by law.
9.6.    Usury; Revival of Liabilities.  The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility.  Accordingly, if the transaction contemplated hereby would be usurious under applicable law (including the laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable), then, in that event, notwithstanding anything to the contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this Agreement shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to Borrower by Lender (or if such consideration shall have been paid in full, such excess refunded to Borrower by Lender).  To the extent that Lender receives any payment on account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration, set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied.
9.7.    Notices.  Any notice which any party hereto may be required or may desire to give hereunder shall be deemed to have been given if in writing and if delivered personally, or if mailed, 

postage prepaid, by United States registered or certified mail, return receipt requested, or if delivered by a responsible overnight courier, addressed:

	
		
	if to Borrower:
	Enterprise Bancorp, Inc.

	 
	222 Merrimack Street

	 
	Lowell, MA 01850

	 
	Attention:  Chief Executive Officer

	 
	 

	if to Lender:
	 

	 
	 

	 
	 

	 
	

or to such other address or addresses as the party to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for the giving of notice, provided that no change in address shall be effective until seven (7) days after being given to the other party in the manner provided for above.  Any notice given in accordance with the foregoing shall be deemed given when delivered personally or, if mailed, five (5) Business Days after it shall have been deposited in the United States mails as aforesaid or, if sent by overnight courier, the Business Day following the date of delivery to such courier.
9.8.    Successors and Assigns.  This Agreement shall inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns except that, unless Lender consents in writing, no assignment made by Borrower in violation of this Agreement shall be effective or confer any rights on any purported assignee of Borrower.  For purposes of this Section 9.8 a successor-in-interest of Borrower by means of an acquisition, merger, consolidation or similar transaction shall not require approval of Lender.  
9.9.    No Joint Venture.  Nothing contained herein or in any document executed pursuant hereto and no action or inaction whatsoever on the part of a Lender, shall be deemed to make Lender a partner or joint venturer with Borrower.
9.10.    Documentation.  All documents and other matters required by any of the provisions of this Agreement to be submitted or furnished to Lender shall be in form and substance reasonably satisfactory to Lender.
9.11.    Entire Agreement.  This Agreement and the other Transaction Document along with the Exhibits thereto constitute the entire agreement between the parties hereto with respect to the subject matter hereof and may not be modified or amended in any manner other than by supplemental written agreement executed by the parties hereto.  No party, in entering into this Agreement, has relied upon any representation, warranty, covenant, condition or other term that is not set forth in this Agreement or in the other Transaction Document.
9.12.    Choice of Law.  This Agreement shall be governed by and construed in accordance with the internal laws of The Commonwealth of Massachusetts.  Nothing herein shall be deemed 

to limit any rights, powers or privileges which Lender may have pursuant to any law of the United States of America or The Commonwealth of Massachusetts or any rule, regulation or order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct by Lender which is lawful pursuant to, or which is permitted by, any of the foregoing.
9.13.    Legal Reimbursement.  If any attorney is engaged by Lender to enforce or defend any provision of this Agreement and the Subordinated Note, or as a consequence of any Event of Default, with or without the filing of any legal action or proceeding, then Borrower shall pay to Lender immediately upon demand all reasonable attorneys’ fees and expenses, together with interest thereon from the date of such demand until paid at the rate of interest applicable to the principal balance owing hereunder as if such unpaid attorneys’ fees and expenses had been added to the principal.
9.14.    No Third Party Beneficiary.  This Agreement is made for the sole benefit of Borrower and Lender, and no other person shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever, nor shall any other person have any right of action of any kind hereon or be deemed to be a third party beneficiary hereunder.
9.15.    Legal Tender of United States.  All payments hereunder shall be made in coin or currency which at the time of payment is legal tender in the United States of America for public and private debts.
9.16.    Captions; Counterparts.  Captions contained in this Agreement in no way define, limit or extend the scope or intent of their respective provisions.  This Agreement may be executed by facsimile and in any number of counterparts and by different parties hereto in separate counterparts (including an email transaction of an executed counterpart of this Agreement), each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.
9.17.    Knowledge; Discretion.  All references herein to Borrower’s Knowledge shall be deemed to refer to the Knowledge of the directors and the Chief Executive Officer and the Chief Financial Officer of Borrower and Bank.  Unless specified to the contrary herein, all references herein to an exercise of discretion or judgment by Lender, to the making of a determination or designation by Lender, to the application of Lender’s discretion or opinion, to the granting or withholding of Lender’s consent or approval, to the consideration of whether a matter or thing is satisfactory or acceptable to Lender, or otherwise involving the decision making of Lender, shall be deemed to mean that Lender shall decide using the reasonable discretion or judgment of a prudent lender.  
9.18.    Waiver Of Right To Jury Trial.  TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS AGREEMENT OR THE SUBORDINATED NOTE, OR ANY OTHER STATEMENTS OR ACTIONS OF BORROWER OR LENDER.  BORROWER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS 

WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL.  BORROWER FURTHER ACKNOWLEDGES THAT (A) IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (B) THIS WAIVER HAS BEEN REVIEWED BY BORROWER AND BORROWER’S COUNSEL AND IS A MATERIAL INDUCEMENT FOR LENDER TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENT AND (C) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN.

{Signatures appear on following page}

IN WITNESS WHEREOF, the parties hereto have caused this Subordinated Note Purchase Agreement to be executed under seal by their duly authorized representatives as of the date first above written.  

	
			
	 
	 
	ENTERPRISE BANCORP, INC.

	_________________________________
Witness
	By:
	/s/ John P. Clancy, Jr.

	 
	 
	Name:   John P. Clancy, Jr.
   Title:   Chief Executive Officer

	 
	 
	 

	
_________________________________
Witness
	By:
	
_________________________________
 Name:   
   Title:

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