Document:

EX-4.10

 Exhibit 4.10 

Registration Rights Agreement 

Dated as of January 25, 2019 

by and among 
 MGM
Growth Properties Operating Partnership LP 
 and 

MGP Finance Co-Issuer, Inc. 

and 
 the Subsidiary
Guarantors listed on the signature pages hereof, 
 on the one hand, 

and 
 J.P. Morgan
Securities LLC 
 as representative of the Initial Purchasers, 

on the other hand 
  

 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into on January 25, 2019, by and among MGM
Growth Properties Operating Partnership LP, a Delaware limited partnership (the “Company”), its wholly-owned subsidiary, MGP Finance Co-Issuer, Inc., a Delaware corporation (the “Co-Issuer” and, together with the Company, the “Issuers”) and the subsidiary guarantors listed on the signature page of this Agreement (the “Subsidiary Guarantors”), on the
one hand, and J.P. Morgan Securities LLC on its own behalf and as representative (the “Representative”) of each of the other Initial Purchasers named in Schedule A hereto (collectively, the “Initial Purchasers”), on
the other hand. 
 This Agreement is made pursuant to that certain Purchase Agreement, dated January 22, 2019, by and among the
Issuers, the Subsidiary Guarantors and the Initial Purchasers (the “Purchase Agreement”), which provides for the sale by the Issuers to the Initial Purchasers of an aggregate of $750,000,000 principal amount of the Issuers’
5.750% Senior Notes due 2027 (the “Notes”), which are guaranteed by the Subsidiary Guarantors. In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Issuers and the Subsidiary Guarantors have agreed to
provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution of this Agreement is a condition to the closing under the Purchase Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, the parties hereto covenant and agree as follows: 
 1.
Definitions. 
 As used in this Agreement, the following capitalized defined terms shall have the following meanings: 

“1933 Act” shall mean the Securities Act of 1933, as amended from time to time. 

“1934 Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

“Additional Guarantor” shall mean any subsidiary of the Company that becomes a Subsidiary Guarantor under the Indenture after
the date of this Agreement. 
 “Additional Interest” shall have the meaning set forth in Section 2.5(a) hereof.

 “Automatic Shelf Registration Statement” shall mean an “automatic shelf registration statement” as that term
is defined in Rule 405, as amended, under the 1933 Act. 
 “Business Day” shall mean any day that is not a Saturday, Sunday
or other day on which commercial banks in New York City are authorized or required by law to remain closed. 

 “Depositary” shall mean The Depository Trust Company, or any
other depositary appointed by the Issuers; provided, however, that such depositary must have an address in the Borough of Manhattan, in the City of New York. 

“Effectiveness Date” shall mean the 365th calendar day after the date hereof. 

“Effectiveness Period” shall have the meaning set forth in Section 2.2(b). 

“Exchange Date” shall have the meaning set forth in Section 2.1(b)(ii). 

“Exchange Notes” means the Notes to be issued by the Issuers and guaranteed by the Subsidiary Guarantors under
the Indenture containing terms identical to the respective Notes in all material respects (except for references to certain interest rate provisions, restrictions on transfers and restrictive legends), to be offered to Holders of Notes in exchange
for Transfer Restricted Notes pursuant to the Exchange Offer. 
 “Exchange Offer” shall mean the exchange
offer by the Issuers and the Subsidiary Guarantors of Exchange Notes for Transfer Restricted Notes pursuant to Section 2.1 hereof. 

“Exchange Offer Registration” shall mean a registration under the 1933 Act effected pursuant to
Section 2.1 hereof. 
 “Exchange Offer Registration Statement” shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate form), and all amendments and supplements to such registration statement, including the Prospectus contained therein, all exhibits
thereto and all documents incorporated by reference therein. 
 “Event Date” shall have the meaning set forth
in Section 2.5(b). 
 “Free Writing Prospectus” means each free writing prospectus (as defined in
Rule 405 under the 1933 Act) prepared by or on behalf of the Issuers or used or referred to by the Issuers in connection with the sale of the Notes or the Exchange Notes. 

“Holder” shall mean an Initial Purchaser, for so long as it owns any Transfer Restricted Notes, and each of its
successors, assigns and direct and indirect transferees who become registered owners of Transfer Restricted Notes under the Indenture and each Participating Broker-Dealer that holds Exchange Notes for so long as such Participating Broker-Dealer is
required to deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Notes. 

“Indenture” shall mean the indenture relating to the Notes, dated as of January 25, 2019, among the
Issuers, the Subsidiary Guarantors and U.S. Bank National Association, as trustee, as the same may be amended, supplemented, waived or otherwise modified from time to time in accordance with the terms thereof. 

“Initial Purchaser” or “Initial Purchasers” shall have the meaning set forth in
the preamble. 

  
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 “Majority Holders” shall mean the Holders of a majority of
the aggregate principal amount of outstanding Transfer Restricted Notes; provided that whenever the consent or approval of Holders of a specified percentage of Transfer Restricted Notes is required hereunder, Transfer Restricted Notes held by
the Issuers and other obligors on the Notes or any Affiliate (as defined in the Indenture) of the Issuers or any Subsidiary Guarantor shall be disregarded in determining whether such consent or approval was given by the Holders of such required
percentage amount; provided, further, that if the Issuers shall issue any additional Notes under the Indenture prior to consummation of the Exchange Offer, or if applicable, the effectiveness of any Shelf Registration Statement, such
additional Notes and the Transfer Restricted Notes to which this Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Transfer Restricted Notes
has been obtained. 
 “Notes” shall have the meaning set forth in the preamble hereof. 

“Participating Broker-Dealer” shall mean any of the Initial Purchasers and any other broker-dealer which makes
a market in the Notes and exchanges Transfer Restricted Notes in the Exchange Offer for Exchange Notes. 

“Person” shall mean an individual, partnership (general or limited), corporation, limited liability company,
trust or unincorporated organization, or a government or agency or political subdivision thereof. 

“Prospectus” shall mean the prospectus included in, or, pursuant to the rules and regulations of the 1933 Act,
deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including any such prospectus supplement with respect to the terms of the offering of
any portion of the Transfer Restricted Notes covered by a Shelf Registration Statement, and by all other amendments and supplements to a prospectus, including post effective amendments, and in each case including all material incorporated by
reference therein. 
 “Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registration Default” shall have the meaning set forth in Section 2.5(a). 

“Registration Expenses” shall mean any and all expenses incident to performance of or compliance by the Issuers
and the Subsidiary Guarantors with this Agreement, including without limitation: (i) all SEC, stock exchange or Financial Industry Regulatory Authority (“FINRA”) registration filing and compliance fees and
expenses, including, if applicable, the fees and expenses of any “qualified independent underwriter” that is required to be retained by any holder of Transfer Restricted Notes in accordance with the rules and regulations of FINRA,
(ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of counsel for any underwriters or Holders in connection with blue sky qualification of any of
the Exchange Notes or Transfer Restricted Notes and any filings with FINRA), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any
amendments or supplements thereto, any underwriting agreements, securities sales 

  
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agreements and other documents relating to the performance of and compliance with this Agreement, (iv) all fees and expenses incurred in connection with the listing, if any, of any of the
Transfer Restricted Notes on any securities exchange or exchanges, (v) all rating agency fees, (vi) the fees and disbursements of counsel for the Issuers and the Subsidiary Guarantors and of the independent public accountants of the
Issuers and the Subsidiary Guarantors, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance, and in the case of a Shelf Registration Statement, the reasonable
fees and disbursements of one counsel for the Holders as a group (which counsel shall be selected by the Majority Holders and which counsel may also be counsel for the Initial Purchasers); (vii) the fees and expenses of the Trustee (including the
reasonable fees and disbursements of its counsel), (viii) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws and (ix) any fees and disbursements of the underwriters customarily required to
be paid by Issuers or sellers of securities and the fees and expenses of any special experts retained by the Issuers and the Subsidiary Guarantors in connection with any Registration Statement, but excluding underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of Transfer Restricted Notes by a Holder. Notwithstanding the foregoing, except as specifically provided above, the Issuers and the Subsidiary Guarantors shall not be responsible for
the fees and expenses of the Initial Purchasers in connection with the Exchange Offer, or the fees and expenses of counsel to the Initial Purchasers in connection therewith. 

“Registration Statement” shall mean any registration statement of the Issuers and the Subsidiary Guarantors
which covers any of the Exchange Notes or Transfer Restricted Notes pursuant to the provisions of this Agreement, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the
Prospectus contained therein or deemed a part thereof, all exhibits thereto and all material incorporated by reference therein. 

“Representative” shall have the meaning set forth in the preamble. 

“Rule 144” shall mean Rule 144 promulgated under the 1933 Act, as such Rule may be amended from time to time, and any
successor rule thereto. 
 “SEC” shall mean the Securities and Exchange Commission or any successor agency or
government body performing the functions currently performed by the United States Securities and Exchange Commission. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2.2. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Issuers and the
Subsidiary Guarantors pursuant to the provisions of Section 2.2, including an Automatic Shelf Registration Statement, if applicable, which covers all or a portion of the Transfer Restricted Notes on an appropriate form under Rule 415
under the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part
thereof, all exhibits thereto and all material incorporated by reference therein. 

  
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 “Shelf Request” shall have the meaning set forth in
Section 2.2(a)(iii). 
 “Subsidiary Guarantees” shall mean the guarantees of the Notes and the
Exchange Notes by the Subsidiary Guarantors under the Indenture. 
 “Subsidiary Guarantors” shall mean any
Subsidiary Guarantor (as defined in, and pursuant to the terms, the Indenture) and shall also include any Subsidiary Guarantor’s successors and any Additional Guarantors. 

“TIA” shall have the meaning set forth in Section 2.1(d) hereof. 

“Transfer Restricted Notes” shall mean the Notes; provided, however, that the Notes shall cease
to be Transfer Restricted Notes on the earliest to occur of (i) the date on which a Registration Statement with respect to such Notes has become effective under the 1933 Act and such Notes have been exchanged or disposed of pursuant to such
Registration Statement, (ii) the date on which such Notes cease to be outstanding under the Indenture and (iii) the date on which such Notes are distributed to the public by a Broker-Dealer pursuant to the “Plan of Distribution”
contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein). 

“Trustee” shall mean the trustee with respect to the Notes under the Indenture. 

“Underwriter” shall have the meaning set forth in Section 4(a). 

“WKSI” shall mean a “well-known seasoned issuer” as that term is defined in Rule 405, as amended,
under the 1933 Act. 
 2. Registration Under the 1933 Act. 

1.Exchange Offer. 
 a) To the
extent not prohibited by any applicable law or applicable interpretations of the staff of the SEC, with respect to any Notes, if any, the Issuers and the Subsidiary Guarantors shall use their commercially reasonable efforts to (X) cause to be
filed and to become effective, on or prior to the Effectiveness Date, an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Transfer Restricted Notes for Exchange Notes, (Y) have such Registration
Statement remain effective until the consummation of the Exchange Offer in accordance with its terms, and (Z) commence the Exchange Offer and issue, on or prior to the 30th Business Day after
the date on which the Exchange Offer Registration Statement is declared effective by the SEC, Exchange Notes in exchange for all Transfer Restricted Notes validly tendered prior thereto in, and in accordance with the terms of, the Exchange Offer.

 b) The Issuers and the Subsidiary Guarantors shall, for the benefit of the Holders, at the Issuers’ and Subsidiary Guarantors’
cost, commence the Exchange Offer, if any, by mailing the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law,
substantially the following: 

  
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 i. that the Exchange Offer is being made pursuant to this Agreement and that
all Transfer Restricted Notes validly tendered and not properly withdrawn will be accepted for exchange; 
 ii. the dates of
acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the “Exchange Dates”); 

iii. that any Transfer Restricted Notes not tendered will remain outstanding and continue to accrue interest but will not
retain any rights under this Agreement, except as otherwise specified herein; 
 iv. that any Holder electing to have a
Transfer Restricted Note exchanged pursuant to the Exchange Offer will be required to (A) surrender such Transfer Restricted Note, together with the appropriate letters of transmittal, to the institution and at the address (located in the
Borough of Manhattan, The City of New York) and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the Depositary, in each case prior to the close of business on the last
Exchange Date; and 
 v. that any Holder will be entitled to withdraw its election, not later than the close of business on
the last Exchange Date, by (A) sending to the institution and at the address (located in the Borough of Manhattan, The City of New York) specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such
Holder, the principal amount of Transfer Restricted Notes delivered for exchange and a statement that such Holder is withdrawing its election to have such Transfer Restricted Notes exchanged or (B) effecting such withdrawal in compliance with
the applicable procedures of the Depositary. 
 c) Upon the effectiveness of the Exchange Offer Registration Statement, if any, the Issuers
and the Subsidiary Guarantors shall commence the Exchange Offer in accordance with the foregoing, it being the objective of such Exchange Offer to enable each Holder eligible and electing to exchange Transfer Restricted Notes for Exchange Notes
(assuming that such Holder makes representations and warranties to the Issuers that (a) it is not an affiliate of the Issuers within the meaning of Rule 405 under the 1933 Act, (b) any Exchange Notes to be received by it will be acquired
in the ordinary course of its business, (c) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Notes, (d) if such Holder is a broker-dealer that will receive
Exchange Notes for its own account in exchange for Transfer Restricted Notes acquired as a result of market-making or other trading activities, then such broker-dealer will deliver a prospectus (or, to the extent permitted by law, make available a
Prospectus) in connection with any resale of such Exchange Notes, and (e) it has no arrangements or understandings with any Person to participate in the distribution of the Transfer Restricted Notes or the Exchange Notes) to transfer such
Exchange Notes from and after their receipt without any limitations or restrictions under the 1933 Act and under state securities or blue sky laws. 

  
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 d) The Exchange Notes, if any, shall be issued under (i) the Indenture or (ii) an
indenture identical in all material respects to the Indenture and which, in either case, has been qualified under the Trust Indenture Act of 1939, as amended (the “TIA”), or is exempt from such qualification and shall provide that
the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture. The Exchange Notes and the Notes shall vote and consent together on all matters as one class and none of the Exchange Notes or the Notes will have the
right to vote or consent as a separate class on any matter. 
 e) As soon as practicable after the close of the Exchange Offer, the Issuers
and the Subsidiary Guarantors shall: 
 i. accept for exchange all Transfer Restricted Notes duly tendered and not validly
withdrawn pursuant to the Exchange Offer in accordance with the terms of the Exchange Offer Registration Statement and the letter of transmittal which shall be an exhibit thereto; 

ii. deliver to the Trustee for cancellation all Transfer Restricted Notes so accepted for exchange; and 

iii. cause the Trustee promptly to authenticate and deliver Exchange Notes to each Holder of Transfer Restricted Notes so
accepted for exchange in a principal amount equal to the principal amount of the Transfer Restricted Notes of such Holder so accepted for exchange. 

f) Interest on each Exchange Note, including Additional Interest, will accrue (a) from the later of (i) the last date on which
interest was paid on the Transfer Restricted Notes surrendered in exchange therefor or (ii) if the Transfer Restricted Notes are surrendered for exchange on a date in a period which includes the record date for an interest payment date to occur
on or after the date of such exchange and as to which interest will be paid, the date of such interest payment date or (b) if no interest has been paid on the Transfer Restricted Notes, from the date of issuance. The Issuers shall inform the
Initial Purchasers of the names and addresses of the Holders to whom the Exchange Offer is made, and the Initial Purchasers shall have the right, but not the obligation, to contact such Holders and otherwise facilitate the tender of Transfer
Restricted Notes in the Exchange Offer. 
 g) The Issuers and the Subsidiary Guarantors shall use their commercially reasonable efforts to
complete the Exchange Offer as provided above and shall comply with the applicable requirements of the 1933 Act, the 1934 Act and other applicable laws and regulations in connection with the Exchange Offer. The Offer shall not be subject to any
conditions, other than (1) the Exchange Offer does not violate any applicable law or applicable interpretations of the staff of the SEC, (2) no action or proceeding shall have been instituted or threatened in any court or by any
governmental agency with respect to the Exchange Offer and (3) all governmental approvals shall have been obtained that the Issuers deems necessary for the consummation of the Exchange Offer. 

  
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 2. Shelf Registration. 

a) If, 
 i. the
Issuers and the Subsidiary Guarantors would otherwise be required to consummate an Exchange Offer Registration pursuant to Section 2.1 but determine that such Exchange Offer Registration is not available or the Exchange Offer may not be
completed on or prior to the 30th Business Day following the Effectiveness Date because it would violate any applicable law, SEC rules and regulations or any interpretation of the staff of the SEC, 

ii. the Exchange Offer is not for any other reason completed by the last Exchange Date; or 

iii. upon receipt of a written request (a “Shelf Request”) from any Initial Purchaser representing that it
holds Transfer Restricted Securities that are or were ineligible to be exchanged in the Exchange Offer, the Issuers and the Subsidiary Guarantors shall promptly deliver to the Holders and the Trustee written notice thereof and shall use their
commercially reasonable efforts to cause to be filed as soon as practicable after such determination, date or Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Transfer Restricted Notes by the
Holders thereof and to have such Shelf Registration Statement become effective by the 90th day following such determination date or Shelf Request. 

b) In the event that the Issuers and the Subsidiary Guarantors are required to file a Shelf Registration Statement, the Issuers and the
Subsidiary Guarantors agree to use their commercially reasonable efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended (including through post-effective amendments on Form
S-3 if the Issuers are eligible to use such Form) until the date which is the earliest of (i) 90 days after the Shelf Registration Statement is declared effective, (ii) the date when no Notes covered by
such Shelf Registration Statement constitute Transfer Restricted Notes and (iii) the date when Holders, other than Holders that are “affiliates” (as defined in Rule 144) of the Issuers, have actually sold such Notes pursuant to Rule
144 or any successor rule thereto or otherwise (the “Effectiveness Period”). The Issuers and the Subsidiary Guarantors agree to furnish to the Holders of Transfer Restricted Notes listed in the Shelf Registration Statement and the
related Prospectus copies of any such supplement or amendment promptly after its being used or filed with the SEC. 
 c) Notwithstanding any
other provisions hereof, the Issuers and the Subsidiary Guarantors shall use their commercially reasonable efforts to ensure that (i) any Shelf Registration Statement and any amendment thereto and any Prospectus forming a part thereof and any
supplement thereto complies in all material respects with the 1933 Act and the rules and regulations thereunder, (ii) any Shelf Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any Prospectus forming part of any Shelf Registration Statement, and any supplement to such
Prospectus (as amended or supplemented from time to time), does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements, in the light of the circumstances under which they were
made, not misleading. 

  
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 d) The Issuers and the Subsidiary Guarantors shall not permit any securities other than
Transfer Restricted Notes to be included in the Shelf Registration Statement; provided, however, that if the offer and sale of the Transfer Restricted Notes is registered pursuant to an Automatic Shelf Registration Statement, the
foregoing prohibition shall apply only to the supplement or amendment covering such registration. The Issuers and the Subsidiary Guarantors agree, if necessary, to supplement or amend the Shelf Registration Statement, as required by
Section 3(b) below, and to furnish to the Holders of Transfer Restricted Notes copies of any such supplement or amendment promptly after its being used or filed with the SEC. 

e) If the Issuers are obligated to file a Shelf Registration Statement pursuant to this Section 2.2, and at the time such
obligation arises, the Company is a WKSI, then, in lieu of filing such Shelf Registration Statement, the Issuers shall file an Automatic Shelf Registration Statement or supplement or amend an existing Automatic Shelf Registration Statement, as
appropriate, to include the offer and sale of the Transfer Restricted Notes by the Holders from time to time in accordance with the methods of distribution elected by the Majority Holders participating in such registration and set forth in such
Automatic Shelf Registration Statement (or supplement or amendment thereto), within the time frame specified in this Section 2.2. 

3. Expenses. The Issuers and the Subsidiary Guarantors shall pay all Registration Expenses in connection with the registration pursuant to
Sections 2.1 and 2.2. Each Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Transfer Restricted Notes pursuant to the Shelf Registration
Statement. 
 4. Effectiveness. 

a) The Issuers and the Subsidiary Guarantors will be deemed not to have used their commercially reasonable efforts to cause the Exchange Offer
Registration Statement or the Shelf Registration Statement, as the case may be, to become, or to remain, effective during the requisite period if either the Issuers or any Subsidiary Guarantor voluntarily takes any action that would, or omits to
take any action which omission would, result in any such Registration Statement not being declared effective, or in the Holders of Transfer Restricted Notes covered thereby not being able to exchange or offer and sell such Transfer Restricted Notes
during that period as and to the extent contemplated hereby, unless such action is required by applicable law, in each case other than under the circumstances described in Sections 3(e)(iii), (iv), (v) or (vi) below.

 b) Neither an Exchange Offer Registration Statement pursuant to Section 2.1 hereof nor a Shelf Registration Statement
pursuant to Section 2.2 hereof, if not otherwise effective upon filing with the SEC as provided by Rule 462, will be deemed to have become effective unless it has been declared effective by the SEC; provided, however, that
if, after it becomes effective, the offering of Transfer Restricted Notes pursuant to an Exchange Offer Registration Statement or a Shelf Registration Statement is interfered with by any stop order, injunction or other order or requirement of the
SEC or any other governmental agency or court, such Registration Statement will not be effective during the period of such interference, until the offering of Transfer Restricted Notes pursuant to such Registration Statement may legally resume. 

  
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 5. Additional Interest. 

a) In the event that (i) (A) neither the Exchange Offer Registration Statement nor a Shelf Registration Statement is declared effective
by the SEC on or prior to the Effectiveness Date or (B) notwithstanding that the Issuers have consummated or will consummate an Exchange Offer, the Issuers and the Subsidiary Guarantors are required to file a Shelf Registration Statement and
such Shelf Registration Statement is not declared effective by the SEC on or prior to the 90th day following the date such Shelf Registration Statement was filed; or (ii) (A) the Issuers have not exchanged all Transfer Restricted Notes validly
tendered in accordance with the terms of the Exchange Offer for Exchange Notes on or prior to the 30th Business Day after the date on which the Exchange Offer Registration Statement was declared effective or (B) if applicable, the Shelf
Registration Statement has been declared effective and such Shelf Registration Statement ceases to be effective at any time prior to the end of the Effectiveness Period; provided that the Issuers will be permitted to suspend the use of the
prospectus that is part of the Shelf Registration Statement if the Issuers’ management determines to do so for valid business reasons, including circumstances relating to pending corporate developments and similar events or filings with the
SEC, for a period not to exceed 60 days in any three-month period and not to exceed an aggregate of 90 days in any twelve-month period and without specifying the nature of the event giving rise to a suspension in any notice of suspension provided to
the Holders (any event referred to in the foregoing clauses (i) or (ii) a “Registration Default”), then additional interest (“Additional Interest”) will accrue on the principal amount of the
Transfer Restricted Notes at a rate of 0.25% per annum for the first 90 days commencing on the day following the Registration Default, and increasing to 1.00% on the 91st day, to but excluding the day on which the Registration Default has been
cured. Additional Interest will be paid semi-annually in arrears with the interest payment due on the first interest payment date following the date on which such Additional Interest begins to accrue; provided, however, that (a) the
Additional Interest on the Transfer Restricted Notes may not accrue under more than one of the foregoing clauses (i) and (ii) at any one time and in no event will Additional Interest accrue after the Effectiveness Period,
(b) if a Holder is not able to or does not provide the representations and information required in connection with a Shelf Registration in a timely manner and is therefore not named as a selling security holder in a Shelf Registration
Statement, the Holder will not be entitled to receive any Additional Interest with respect to its Transfer Restricted Notes; and (c) the Issuers will have no other liabilities with respect to any Registration Default. 

b) The Issuers shall notify the Trustee within three Business Days after each and every date on which an event occurs in respect of which
Additional Interest is required to be paid (an “Event Date”). Any Additional Interest due shall be payable on each interest payment date to the Holder of Notes with respect to which Additional Interest is due and owing. Each
obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. 
 3.
Registration Procedures. 
 In connection with the obligations of the Issuers and the Subsidiary Guarantors with respect to
Registration Statements pursuant to Sections 2.1 and 2.2 hereof, the Issuers and the Subsidiary Guarantors shall: 

  
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 a) prepare and file with the SEC a Registration Statement, within the relevant time periods
specified in Sections 2.1 and 2.2, on the appropriate form under the 1933 Act and the rules promulgated thereunder, which form (i) shall be selected by the Issuers, (ii) shall, in the case of a Shelf Registration, be
available for the sale of the Transfer Restricted Notes by the selling Holders thereof, (iii) shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial
statements required by the SEC to be filed therewith or incorporated by reference therein, (iv) shall comply in all respects with the requirements of Regulation S-T under the 1933 Act and (v) use
their commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Sections 2.1 and 2.2 hereof, 

b) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary under
applicable law to keep such Registration Statement effective for the applicable period; and cause each Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar
provision then in force) under the 1933 Act and comply with the provisions of the 1933 Act, the 1934 Act and the rules and regulations thereunder applicable to them with respect to the disposition of all securities covered by each Registration
Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof (including sales by any Participating Broker-Dealer); and keep each Prospectus current during the period
described in Section 4(a)(3) of and Rule 174 under the 1933 Act that is applicable to transactions by brokers or dealers with respect to the Transfer Restricted Notes or Exchange Notes; 

c) in the case of a Shelf Registration, (i) notify each Holder of Transfer Restricted Notes to be covered thereby, at least five Business
Days prior to filing, that a Shelf Registration Statement (except in the case of an Automatic Shelf Registration Statement, in which case at least five Business Days prior to the inclusion of information regarding selling securityholders in the
Prospectus forming a part of such Automatic Shelf Registration Statement) with respect to such Transfer Restricted Notes is being filed and advising such Holders that the distribution of such Transfer Restricted Notes will be made in accordance with
the method selected by the Majority Holders participating in the Shelf Registration; (ii) furnish to each Holder of Transfer Restricted Notes to be covered thereby and to each underwriter of an underwritten offering of Transfer Restricted
Notes, if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request, including financial
statements and schedules and, if the Holder so requests, all exhibits in order to facilitate the public sale or other disposition of the Transfer Restricted Notes; and (iii) do hereby consent to the use of the Prospectus or any amendment or
supplement thereto by each of the selling Holders of Transfer Restricted Notes in connection with the offering and sale of the Transfer Restricted Notes covered by the Prospectus or any amendment or supplement thereto; 

d) use their commercially reasonable efforts to register or qualify the Transfer Restricted Notes under all applicable state securities or
“blue sky” laws of such jurisdictions as any Holder of Transfer Restricted Notes covered by a Registration Statement and each underwriter of an underwritten offering of Transfer Restricted Notes shall reasonably request by

  
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 the time the applicable Registration Statement is declared effective by the SEC, cooperate with such Holders
in connection with any filings required to be made with FINRA, and do any and all other acts and things which may be reasonably necessary or advisable to enable each such Holder and underwriter to consummate the disposition in each such jurisdiction
of such Transfer Restricted Notes owned by such Holder; provided, however, that the Issuers and the Subsidiary Guarantors shall not be required to (i) qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where they would not otherwise be required to qualify but for this Section 3(d), or (ii) take any action which would subject them to general service of process or taxation in any such jurisdiction where they are not
then so subject; 
 e) notify promptly each Holder of Transfer Restricted Notes under a Shelf Registration or any Participating
Broker-Dealer who has notified the Issuers that it is utilizing the Exchange Offer Registration Statement as provided in clause (f) below and, if requested by such Holder or Participating Broker-Dealer, confirm such advice in writing
promptly (i) when a Registration Statement has become effective and when any post-effective amendments and supplements to a Registration Statement have become effective, (ii) of any request by the SEC or any state securities authority for
post-effective amendments and supplements to a Registration Statement and Prospectus or for additional information after the Registration Statement has become effective, (iii) of the issuance by the SEC or any state securities authority of any
stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Issuers of any notice of objection of the SEC to the use of a Shelf Registration Statement or any
post-effective amendment thereto pursuant to Rule 401(g)(2) under the 1933 Act, (iv) in the case of a Shelf Registration, if, between the effective date of a Registration Statement and the closing of any sale of Transfer Restricted Notes
covered thereby, the representations and warranties of the Issuers and the Subsidiary Guarantors contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to the offering cease to be true and
correct in all material respects, (v) of the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective which makes any statement made in such Registration Statement or the related
Prospectus untrue in any material respect or which requires the making of any changes in such Registration Statement or Prospectus in order to make the statements therein not misleading, (vi) of the receipt by the Issuers of any notification
with respect to the suspension of the qualification of the Transfer Restricted Notes or the Exchange Notes, as the case may be, for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (vii) of any
determination by the Issuers that a post-effective amendment to such Registration Statement would be appropriate; 
 f) in the case of the
Exchange Offer Registration Statement (i) include in the Exchange Offer Registration Statement a section entitled “Plan of Distribution” which section shall be in customary form, and which shall contain a summary statement of the
positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status of any broker-dealer that holds Transfer Restricted Notes acquired for its own account as a result of market-making activities or
other trading activities and that will be the beneficial owner (as defined in Rule 13d-3 under the 1934 Act) of Exchange Notes to be received by such broker-dealer in the Exchange Offer, whether such positions
or policies have been publicly disseminated by the staff of the SEC or such positions or policies represent the prevailing views of the staff of the SEC, including a statement that any such broker-dealer who receives Exchange Notes for Transfer

  
 12 

 Restricted Notes pursuant to the Exchange Offer may be deemed a statutory underwriter and must deliver a
prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Notes, (ii) furnish to each Participating Broker-Dealer who has delivered to the Issuers the notice referred to in Section 3(e),
without charge, as many copies of each Prospectus included in the Exchange Offer Registration Statement, including any preliminary prospectus, and any amendment or supplement thereto, as such Participating Broker Dealer may reasonably request,
(iii) do hereby consent to the use of the Prospectus forming part of the Exchange Offer Registration Statement or any amendment or supplement thereto, by any Person subject to the prospectus delivery requirements of the SEC, including all
Participating Broker-Dealers, in connection with the sale or transfer of the Exchange Notes covered by the Prospectus or any amendment or supplement thereto, and (iv) include in the transmittal letter or similar documentation to be executed by
an exchange offeree in order to participate in the Exchange Offer (x) the following provision: 
 “If the exchange offeree is a
broker-dealer holding Transfer Restricted Notes acquired for its own account as a result of market-making activities or other trading activities, it will deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of
Exchange Notes received in respect of such Transfer Restricted Notes pursuant to the Exchange Offer;” and (y) a statement to the effect that by a broker-dealer’s making the acknowledgment described in clause (x) and by
delivering a Prospectus in connection with the exchange of Transfer Restricted Notes, the broker-dealer will not be deemed to admit that it is an underwriter within the meaning of the 1933 Act; 

g) make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement at the earliest
possible moment, and, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an amendment to such Shelf Registration Statement on the proper form, at the earliest possible
moment and provide immediate notice to each Holder of the withdrawal of any such order or such resolution; 
 h) in the case of a Shelf
Registration, furnish to each Holder of Transfer Restricted Notes, and each underwriter, if any, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto, including financial statements and
schedules (without documents incorporated therein by reference and all exhibits thereto, unless requested); 
 i) in the case of a Shelf
Registration, cooperate with the selling Holders of Transfer Restricted Notes to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Notes to be sold and not bearing any restrictive legends; and enable
such Transfer Restricted Notes to be in such denominations (consistent with the provisions of the Indenture) and registered in such names as the selling Holders or the underwriters, if any, may reasonably request at least three Business Days prior
to the closing of any sale of Transfer Restricted Notes; 
 j) in the case of a Shelf Registration, upon the occurrence of any event or the
discovery of any facts, each as contemplated by Sections 3(e)(v) and (vi) hereof, as promptly as practicable after the occurrence of such an event, use their commercially reasonable efforts to prepare and

  
 13 

 file with the SEC a supplement or post-effective amendment to the Registration Statement or the related
Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Transfer Restricted Notes or Participating Broker-Dealers, such Prospectus will not contain at
the time of such delivery any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or will remain so
qualified. At such time as such public disclosure is otherwise made or the Issuers determine that such disclosure is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact, the Issuers and
the Subsidiary Guarantors agree promptly to notify each Holder of such determination and to furnish each Holder such number of copies of the Prospectus as amended or supplemented, as such Holder may reasonably request; 

k) in the case of a Shelf Registration Statement, a reasonable time prior to the filing of any Registration Statement, any Prospectus, any
amendment to a Registration Statement or amendment or supplement to a Prospectus, provide copies of such document to the Initial Purchasers on behalf of such Holders; and make representatives of the Issuers and the Subsidiary Guarantors as shall be
reasonably requested by the Holders of Transfer Restricted Notes, or the Initial Purchasers on behalf of such Holders, available for discussion of such document; and the Issuers and the Subsidiary Guarantors shall not, at any time after initial
filing of a Registration Statement, use or file any Prospectus, any amendment of or supplement to a Registration Statement, of which the Initial Purchasers shall not have previously been advised and furnished a copy or to which the Initial
Purchasers shall reasonably object; 
 l) obtain a CUSIP number for all Exchange Notes or Transfer Restricted Notes, as the case may be, not
later than the effective date of a Registration Statement, and provide the Trustee with certificates for the Exchange Notes or the Transfer Restricted Notes, as the case may be, in a form eligible for deposit with the Depositary; 

m) (i) in the case of a Shelf Registration, cause the Indenture to be qualified under the TIA in connection with the registration of the
Transfer Restricted Notes, and, in the case of an Exchange Offer Registration, cause or maintain, as the case may be, the Indenture to be qualified under the TIA in connection with the registration of the Exchange Notes, (ii) cooperate with the
Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be, or continue to be, so qualified in accordance with the terms of the TIA and (iii) execute, and use their commercially reasonable efforts
to cause the Trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 

n) in the case of a Shelf Registration, enter into agreements (including underwriting agreements) and take all other customary and appropriate
actions in order to expedite or facilitate the disposition of such Transfer Restricted Notes and if so requested by the holders of such Transfer Restricted Notes and in such connection whether or not an underwriting agreement is entered into and
whether or not the registration is an underwritten registration: 
 i. make such representations and warranties to the
Holders of such Transfer Restricted Notes and the underwriters, if any, as the Issuers and the Subsidiary Guarantors are able to make, in form, substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings
as may be reasonably requested by them; 

  
 14 

 ii. in connection with an underwritten registration, obtain opinions of
counsel to the Issuers and the Subsidiary Guarantors and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if any, and the holders of a majority in principal
amount of the Transfer Restricted Notes being sold) addressed to each selling Holder and the underwriters, if any, covering the matters customarily covered in opinions requested in sales of securities or underwritten offerings and such other matters
as may be reasonably requested by such Holders and underwriters; 
 iii. in connection with an underwritten registration,
obtain “cold comfort” letters and updates thereof from the Issuers’ and its subsidiaries’ independent certified public accountants (and, if necessary, any other independent certified public accountants of any subsidiary of the
Issuers or of any business acquired by the Issuers for which financial statements are, or are required to be, included in the Registration Statement) addressed to the underwriters, if any, and use reasonable efforts to have such letter addressed to
the selling Holders of Transfer Restricted Notes (to the extent consistent with Statement on Auditing Standards No. 72 of the American Institute of Certified Public Accountants), such letters to be in customary form and covering matters of the
type customarily covered in “cold comfort” letters to underwriters in connection with similar underwritten offerings; 

iv. enter into a securities sales agreement with the Holders and an agent of the Holders providing for, among other things, the
appointment of such agent for the selling Holders for the purpose of soliciting purchases of Transfer Restricted Notes, which agreement shall be in form, substance and scope customary for similar offerings; 

v. if an underwriting agreement is entered into, cause the same to set forth indemnification provisions and procedures
substantially equivalent to the indemnification provisions and procedures set forth in Section 4 hereof with respect to the underwriters and all other parties to be indemnified pursuant to said Section or, at the request of any
underwriters, in the form customarily provided to such underwriters in similar types of transactions; and 
 vi. deliver such
documents and certificates as may be reasonably requested and as are customarily delivered in similar offerings to the Holders of a majority in principal amount of the Transfer Restricted Notes being sold and the managing underwriters, if any. 

The above shall be done at (i) the effectiveness of such Shelf Registration Statement (and each post-effective amendment thereto) and (ii) each
closing under any underwriting or similar agreement as and to the extent required thereunder; 

  
 15 

 o) in the case of a Shelf Registration or if a Prospectus is required to be delivered by any
Participating Broker-Dealer in the case of an Exchange Offer, make available for inspection by representatives of the Holders of the Transfer Restricted Notes, any underwriters participating in any disposition pursuant to a Shelf Registration
Statement, any Participating Broker-Dealer and any counsel or accountant retained by any of the foregoing, all non-confidential financial and other records, pertinent corporate documents and properties of the
Issuers or any Subsidiary Guarantor reasonably requested by any such persons, and cause the respective officers, directors, employees, and any other agents of the Issuers and the Subsidiary Guarantors to supply all information reasonably requested
by any such representative, underwriter, special counsel or accountant in connection with a Registration Statement, and make such representatives of the Issuers and the Subsidiary Guarantors available for discussion of such documents as shall be
reasonably requested by such persons; 
 p) if so requested by the Initial Purchasers, in the case of an Exchange Offer Registration
Statement, a reasonable time prior to filing of any Exchange Offer Registration Statement, any Prospectus forming a part thereof, any amendment to an Exchange Offer Registration Statement or amendment or supplement to such Prospectus, provide copies
of such document to the Initial Purchasers and to counsel to the Holders of Transfer Restricted Notes; 
 q) in the case of a Shelf
Registration, a reasonable time prior to filing any Shelf Registration Statement, any Prospectus forming a part thereof, any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus, provide copies of such
documents to the Initial Purchasers, if so requested, to the Holders of Transfer Restricted Notes to be covered thereby, to counsel for such Holders designated by them and to the underwriter or underwriters of an underwritten offering of such
Transfer Restricted Notes, if any, make such changes in any such document prior to the filing thereof relating to such Holders or such Transfer Restricted Notes as the counsel to the Holders or the underwriter or underwriters reasonably request and
not file any such document in a form to which the Majority Holders of Transfer Restricted Notes covered by such Shelf Registration Statement, counsel for such Holders of Transfer Restricted Notes covered by such Shelf Registration Statement, or any
underwriter shall not have previously been advised and furnished a copy of or to which the Majority Holders of Transfer Restricted Notes covered by such Shelf Registration Statement, counsel to such Holders of Transfer Restricted Notes or any
underwriter shall reasonably object, and make the representatives of the Issuers and the Subsidiary Guarantors available for discussion of such document as shall be reasonably requested by such Holders of Transfer Restricted Notes, the counsel for
such Holders of Transfer Restricted Notes or any underwriter; 
 r) in the case of a Shelf Registration, use their commercially reasonable
efforts to cause the Transfer Restricted Notes to be rated by the appropriate rating agencies, if so requested by the Majority Holders of the Transfer Restricted Notes covered by such Shelf Registration Statement, or if requested by the underwriter
or underwriters of an underwritten offering of Transfer Restricted Notes, if any; 
 s) otherwise comply with all applicable rules and
regulations of the SEC and make available to their security holders, as soon as reasonably practicable, an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158
thereunder; 

  
 16 

 t) cooperate and assist in any filings required to be made with FINRA and, in the case of a
Shelf Registration, in the performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter” that is required to be retained in accordance with the rules and regulations of
FINRA); 
 u) if reasonably requested by any Holder of Transfer Restricted Notes covered by a Shelf Registration Statement, promptly include
in a Prospectus supplement or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such post-effective
amendment as soon as the Issuers have received notification of the matters to be so included in such filing; 
 v) so long as any Transfer
Restricted Notes remain outstanding, cause each Additional Guarantor upon such Person becoming an Additional Guarantor, to execute a joinder in the form of Annex A to this Agreement and to deliver such joinder to the Initial Purchasers no later than
five Business Days following the execution thereof; and 
 w) amend or supplement the Prospectus contained in the Exchange Offer
Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to this Agreement), in order to expedite or facilitate the disposition of any Exchange Notes by Participating Broker-Dealers
consistent with the positions of the staff of the SEC. The Issuers and the Subsidiary Guarantors agree that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during such
period in connection with the resales contemplated by this clause (x). 
 In the case of a Shelf Registration Statement, the Issuers
and the Subsidiary Guarantors may (as a condition to such Holder’s participation in the Shelf Registration) require each Holder of Transfer Restricted Notes to furnish to the Issuers and Subsidiary Guarantors such information regarding the
Holder and the proposed distribution by such Holder of such Transfer Restricted Notes as the Issuers and Subsidiary Guarantors may from time to time reasonably request in writing. 

In the case of a Shelf Registration Statement, each Holder agrees that, upon receipt of any notice from the Issuers or any Subsidiary
Guarantor of the happening of any event or the discovery of any facts, each of the kind described in Section 3(e)(iii) or (vi) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Notes pursuant
to a Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof, and, if so directed by the Issuers and Subsidiary Guarantors, such Holder will
deliver to the Issuers and Subsidiary Guarantors (at its expense) all copies in such Holder’s possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Notes current
at the time of receipt of such notice. 
 If any of the Transfer Restricted Notes covered by any Shelf Registration Statement are to be sold
in an underwritten offering, the underwriter or underwriters and manager or managers that will manage such offering will be selected by the Majority Holders of such Transfer 

  
 17 

 
Restricted Notes to be included in such offering and shall be acceptable to the Issuers and Subsidiary Guarantors. No Holder of Transfer Restricted Notes may participate in any underwritten
registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Notes on the basis provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and
(b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

If the Issuers and the Subsidiary Guarantors shall give any notice to suspend the disposition of Transfer Restricted Notes pursuant to a
Registration Statement, the Issuers and the Subsidiary Guarantors shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including
the date of the giving of such notice to and including the date when the Holders of such Transfer Restricted Notes shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions. 

4. Indemnification; Contribution. 

a) The Issuers and the Subsidiary Guarantors agree to indemnify, jointly and severally, and hold harmless (i) each Initial Purchaser and
each Holder, (ii) each Participating Broker-Dealer and each Person who participates as an underwriter (any such Person being an “Underwriter”), (iii) each Person, if any, who controls any Initial Purchaser, Holder or
Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and (iv) the respective officers, directors, partners employees and affiliates of any Initial Purchaser, Holder or Person referenced in clauses
(ii) or (iii) and as follows: 
 i. against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment or supplement thereto) pursuant to which Exchange Notes or Transfer Restricted Notes
were registered under the 1933 Act, including all documents incorporated therein by reference, any Free Writing Prospectus used in violation of this Agreement or any “issuer information” filed or required to be filed pursuant to Rule
433(d) under the 1933 Act, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement
of a material fact contained in any Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; 
 ii. against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission; provided that (subject to Section 4(d) below) any such settlement is effected with the written consent of the Issuers and the Subsidiary Guarantors; and 

  
 18 

 iii. against any and all expense whatsoever, as incurred (including the fees
and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) above; 

provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of
or based upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information concerning any Holder or Underwriter furnished to the Issuers by the Holder or Underwriter
expressly for use in a Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto); and provided, further, that the indemnity agreement contained in this subsection shall not inure to
the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Notes concerned, to the extent that a prospectus relating to such Notes was required to be
delivered by such Holder or Participating Broker-Dealer under the 1933 Act in connection with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was not sent or
given to such person, at or prior to the sale of such Notes to such person, a copy of such prospectus if the Issuers had previously furnished copies thereof to such Holder or Participating Broker-Dealer. 

b) Each Holder, severally, but not jointly, agrees to indemnify and hold harmless (i) the Issuers and each Subsidiary Guarantor,
(ii) each Underwriter and the other selling Holders (including any Initial Purchasers that act as Underwriters or selling Holders), (iii) each Person, if any, who controls the Issuers, any Subsidiary Guarantor, any Underwriter or any other
selling Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and (iv) the respective officers, directors, partners, employees and affiliates of the Issuers, any Subsidiary Guarantor or Person
referenced in clauses (ii) and (iii) against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 4(a) hereof, as incurred, but only with respect to untrue statements or omissions,
or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written information
with respect to such Holder furnished to the Issuers and the Subsidiary Guarantors by such Holder expressly for use in the Shelf Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto);
provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of Transfer Restricted Notes pursuant to such Shelf Registration Statement.

 c) Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder (provided that failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially
prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement) and the indemnifying 

  
 19 

 
party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may
designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party, unless (i) the indemnifying party and the indemnified party shall have mutually agreed in writing to the retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests or different legal defenses
between them. An indemnifying party may participate at its own expense in the defense of such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be
counsel to the indemnified party. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the
fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by the
Representative, in the case of parties indemnified pursuant to Section 4(a) above, and by the Issuers, in the case of parties indemnified pursuant to Section 4(b) above. No indemnifying party shall, without the prior written
consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
in respect of which indemnification or contribution could be sought under this Section 4 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on
behalf of any indemnified party. 
 d) If the indemnification provided for in this Section 4, is for any reason unavailable to
or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims,
damages and expenses incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative fault of the Issuers and the Subsidiary Guarantors, on the one hand, and the Holders, on the other hand, in connection
with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. 

The relative fault of the Issuers and the Subsidiary Guarantors on the one hand and the Holders on the other hand shall be determined by
reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Issuers, the Subsidiary Guarantors or the
Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

  
 20 

 The Issuers, the Subsidiary Guarantors, the Holders and the Initial Purchasers agree that it
would not be just and equitable if contribution pursuant to this Section 4 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to above in this Section 4. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this
Section 4 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 

No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. 
 For purposes of this Section 4, each Person, if any, who
controls a Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Holder, and each director of the Issuers or any Subsidiary Guarantor, and each Person, if
any, who controls the Issuers or any Subsidiary Guarantor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Issuers and the Subsidiary Guarantors. The
Holders’ respective obligations to contribute pursuant to this Section 4 are several in proportion to the principal amount of Notes set forth opposite their respective names (or the respective names of the Initial Purchasers from
whom such Holders received Transfer Restricted Notes) in Schedule A to the Purchase Agreement and not joint. Notwithstanding the provisions of this Section 4, no Holder shall be required to contribute any amount in excess of the amount
by which the total price at which all of the Notes sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay under Section 4(b) hereof. 

The remedies provided for in this Section 4 are not exclusive and shall not limit any rights or remedies that may otherwise be
available to any indemnified party at law or in equity. 
 The indemnity and contribution provisions contained in this Section 4
shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or
any Holder, or by or on behalf of the Issuers or the Guarantors or the officers or directors of or any Person controlling the Issuers or the Guarantors, (iii) acceptance of any of the Exchange Notes and (iv) any sale of Transfer Restricted
Notes pursuant to a Shelf Registration Statement; provided, however, that the indemnity and contribution rights provided for, in this Section 4 shall not extend to any losses, liabilities or other damages arising out of
actions occurring after the termination of this Agreement. 
 5. Miscellaneous. 

 

	 	1.	 Rule 144 and Rule 144A. For so long as the Issuers and the Subsidiary Guarantors are subject to the reporting
requirements of Section 13 or 15 of the 1934 Act, the Issuers and the Subsidiary Guarantors covenant that they will file and furnish the reports required to be filed by them under the 1933 Act and Section 13(a) or 15(d) of the 1934 Act and
the rules and regulations adopted by the SEC thereunder. If 

  
 21 

	 	the Issuers and the Subsidiary Guarantors cease to be so required to file and furnish such reports, the Issuers and Subsidiary Guarantors covenant that they will upon the request of any Holder of Transfer Restricted
Notes (a) make publicly available such information as is necessary to permit sales pursuant to Rule 144 under the 1933 Act, (b) deliver such information to a prospective purchaser as is necessary to permit sales pursuant to Rule 144A under
the 1933 Act and take such further action as any Holder of Transfer Restricted Notes may reasonably request, and (c) take such further action that is reasonable in the circumstances, in each case, to the extent required from time to time to
enable such Holder to sell its Transfer Restricted Notes without registration under the 1933 Act within the limitation of the exemptions provided by (i) Rule 144 under the 1933 Act, as such Rule may be amended from time to time, (ii) Rule
144A under the 1933 Act, as such Rule may be amended from time to time, or (iii) any similar rules or regulations hereafter adopted by the SEC. Upon the request of any Holder of Transfer Restricted Notes, the Issuers and the Subsidiary
Guarantors will deliver to such Holder a written statement as to whether they have complied with such requirements. 

  

	 	2.	 No Inconsistent Agreements. The Issuers and the Subsidiary Guarantors have not entered into, and the Issuers
and the Subsidiary Guarantors will not after the date of this Agreement enter into, any agreement which is inconsistent with the rights granted to the Holders of Transfer Restricted Notes in this Agreement or otherwise conflicts with the provisions
hereof. The rights granted to the Holders hereunder do not and will not for the term of this Agreement in any way conflict with the rights granted to the holders of the Issuers’ or Subsidiary Guarantors’ other issued and outstanding
securities under any such agreements. 

  

	 	3.	 Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuers and the Subsidiary Guarantors have obtained the written consent of the Majority Holders affected by such
amendment, modification, supplement, waiver or departure. 

  

	 	4.	 Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by
hand delivery, registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (a) if to a Holder, at the most current address given by such Holder to the Issuers by means of a notice given in accordance with the
provisions of this Section 5.4, which address initially, and until so changed, is the address set forth in the Purchase Agreement with respect to the Initial Purchasers; and (b) if to the Issuers and the Subsidiary Guarantors,
initially at the Issuers’ address set forth in the Purchase Agreement, and thereafter at such other address of which notice is given in accordance with the provisions of this Section 5.4. 

  
 22 

 All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; two Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely
delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such notices, demands, or other communications shall be
concurrently delivered by the person giving the same to the Trustee under the Indenture at the address specified therein. 
  

	 	5.	 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns
and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of
Transfer Restricted Notes in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Transfer Restricted Notes, in any manner, whether by operation of law or otherwise, such Transfer
Restricted Notes shall be held subject to all of the terms of this Agreement, and by taking and holding such Transfer Restricted Notes such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as
Initial Purchasers) shall have no liability or obligation to the Issuers or the Subsidiary Guarantors with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement

  

	 	6.	 Third Party Beneficiaries. The Initial Purchasers (even if the Initial Purchasers are not Holders of Transfer
Restricted Notes) shall be third party beneficiaries to the agreements made hereunder between the Issuers and the Subsidiary Guarantors, on the one hand, and the Holders, on the other hand, and shall have the right to enforce such agreements
directly to the extent they deem such enforcement necessary or advisable to protect their rights or the rights of Holders hereunder. Each Holder of Transfer Restricted Notes shall be a third party beneficiary to the agreements made hereunder between
the Issuers and the Subsidiary Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its
rights hereunder. 

  

	 	7.	 Specific Enforcement. Without limiting the remedies available to the Initial Purchasers and the Holders, the
Issuers and the Subsidiary Guarantors acknowledge that any failure by the Issuers or the Subsidiary Guarantors to comply with their obligations under Sections 2.1 through 2.4 hereof may result in material irreparable injury to the
Initial Purchasers or the Holders for which there is no adequate remedy at law, that it would not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain
such relief as may be required to specifically enforce the Issuers’ and Subsidiary Guarantors’ obligations under Sections 2.1 through 2.4 hereof. 

  
 23 

	 	8.	 Restriction on Resales. Until the expiration of one year after the original issuance of the Notes and the
Guarantees, the Issuers and the Subsidiary Guarantors will not, and will cause their “affiliates” (as such term is defined in Rule 144(a)(1) under the 1933 Act) not to, resell any Notes and Subsidiary Guarantees which are “restricted
securities” (as such term is defined under Rule 144(a)(3) under the 1933 Act) that have been reacquired by any of them and shall immediately upon any purchase of any such Notes and Subsidiary Guarantees submit such Notes and Subsidiary
Guarantees to the Trustee for cancellation. 

  

	 	9.	 Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. This Agreement may be executed by facsimile signature. 

 

	 	10.	 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 

  

	 	11.	 Governing Law. This Agreement shall be governed by and construed in accordance with the law of the state of New
York without regard to the principles of conflict of laws thereof. 

  

	 	12.	 Severability. In the event that any one or more of the provisions contained herein, or the application thereof
in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

 [signature page follows] 

  
 24 

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

			
	Very truly yours,
	
	MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
	
	By MGM Growth Properties OP GP LLC, its general partner
		
	By:	 	/s/ Andrew Hagopian III
		 	Name: Andrew Hagopian III
		 	Title: Secretary

  

			
	MGP FINANCE CO-ISSUER, INC.
		
	By:	 	/s/ Andrew Hagopian III
		 	Name: Andrew Hagopian III
		 	Title: Secretary

  

			
	 SUBSIDIARY GUARANTORS
  

MGP LESSOR HOLDINGS, LLC

		
	By:	 	/s/ Andrew Hagopian III
		 	Name: Andrew Hagopian III
		 	Title: Secretary

  

			
	MGP LESSOR, LLC
		
	By:	 	/s/ Andrew Hagopian III
		 	Name: Andrew Hagopian III
		 	Title: Secretary

  

			
	MGP OH, INC.
		
	By:	 	/s/ Andrew Hagopian III
		 	Name: Andrew Hagopian III
		 	Title: Secretary

 [Signature Page to Registration Rights Agreement] 

 
			
	NORTHFIELD PARK ASSOCIATES LLC
		
	By:	 	/s/ Andrew Hagopian III
		 	Name: Andrew Hagopian III
		 	Title: Secretary

  

			
	CEDAR DOWNS OTB, LLC
		
	By:	 	/s/ Andrew Hagopian III
		 	Name: Andrew Hagopian III
		 	Title: Secretary

 [Signature Page to Registration Rights Agreement] 

					
	CONFIRMED AND ACCEPTED,
	as of the date first above written:
	
	J.P. MORGAN SECURITIES LLC
		
	By:	 	/s/ Chris Lingenfelter
		 	 Name: Chris Lingenfelter

Title: Executive Director

	

 For itself and as representative of the other Initial Purchasers 

[Registration Rights Agreement Signature Page] 

 Schedule A 

Initial Purchasers 
 J.P. Morgan Securities LLC 

Barclays Capital Inc. 
 Merrill Lynch, Pierce, Fenner &
Smith 
 Incorporated 
 BNP Paribas Securities
Corp. 
 Citigroup Global Markets Inc. 
 Citizens Capital
Markets Inc. 
 Credit Agricole Securities (USA) Inc. 
 Fifth
Third Securities, Inc. 
 Scotia Capital (USA) Inc. 
 SMBC Nikko
Securities America, Inc. 
 Deutsche Bank Securities Inc. 

SunTrust Robinson Humphrey, Inc. 
 UBS Securities LLC 

Morgan Stanley & Co. LLC 
 KeyBanc Capital Markets Inc.

 Comerica Securities, Inc. 

 Annex A 

FORM OF JOINDER AGREEMENT TO REGISTRATION RIGHTS AGREEMENT 

[ ] 
 Reference is hereby made to
the Registration Rights Agreement, dated as of January 25, 2019 (the “Registration Rights Agreement”), by and among MGM Growth Properties Operating Partnership LP, a Delaware limited partnership (the
“Company”), its wholly-owned subsidiary, MGP Finance Co-Issuer, Inc., a Delaware corporation (the
“Co-Issuer” and, together with the Company, the “Issuers”) and the subsidiary guarantors listed on the signature page of the Registration Rights
Agreement (the “Subsidiary Guarantors”), on the one hand, and J.P. Morgan Securities LLC, on behalf of itself and as representative of the other Initial Purchasers, on the other hand. Unless otherwise defined herein, terms defined
in the Registration Rights Agreement and used herein shall have the meanings given them in the Registration Rights Agreement. 
 1.
Joinder of the Guarantor. Each other signatory hereto (each, a “Guarantor”), hereby agrees to become bound by the terms, conditions and other provisions of the Registration Rights Agreement with all attendant
rights, duties and obligations stated therein, with the same force and effect as if originally named as “Guarantor” therein and as if such Guarantor executed the Registration Rights Agreement on the date thereof. 

2. Governing Law. This Joinder Agreement, and any claim, controversy or dispute arising under or related to this Joinder Agreement,
shall be governed by and construed in accordance with the laws of the State of New York. 
 3. Counterparts. This agreement may be
executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Joinder Agreement by facsimile, email or other electronic transmission (i.e., “pdf”) shall be effective as delivery of a manually executed counterpart of this Joinder Agreement. 

4. Amendments. No amendment or waiver of any provision of this Joinder Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 
 5. Headings. The
headings in this Joinder Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned have executed this Joinder Agreement as of the date
first written above. 
 MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP 

by MGM Growth Properties OP GP LLC, its general partner 

			
		
	By:	 	 
		 	Name:
		 	Title:
	
	MGP FINANCE CO-ISSUER, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	Subsidiary Guarantors
	
	MGP LESSOR HOLDINGS, LLC
		
	By:	 	 
		 	Name:
		 	Title:
	
	 MGP LESSOR, LLC

		
	By:	 	 
		 	Name:
		 	Title:
	
	 MGP OH, INC.

		
	By:	 	 
		 	Name:
		 	Title:

 [Joinder Agreement Signature Page] 

			
	NORTHFIELD PARK ASSOCIATES LLC
		
	By:	 	 
		 	Name:
		 	Title:
	
	CEDAR DOWNS OTB, LLC
		
	By:	 	 
		 	Name:
		 	Title:
	
	[EACH GUARANTOR], as Guarantor
		
	By:	 	 
		 	Name:
		 	Title:

 [Joinder Agreement Signature Page]EX-4.1

 Exhibit 4.1 

[EXECUTION VERSION] 

MOODY’S CORPORATION 

as Issuer 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
 and

 ELAVON FINANCIAL SERVICES DAC, UK BRANCH, 

as Paying Agent 
 and

 U.S. BANK NATIONAL ASSOCIATION, 

as Registrar and Transfer Agent 
  

 
 TENTH
SUPPLEMENTAL INDENTURE 
 Dated as of November 25, 2019 

to 
 INDENTURE 

Dated as of August 19, 2010 
  

 
 0.950% Senior
Notes due 2030 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
		  	Article 1.	  			
			
	 	  	DEFINITIONS	  	 	 
	 Section 1.1
	  	 Definition of Terms
	  	 	2	
			
		  	Article 2.	  			
			
	 	  	GENERAL TERMS AND CONDITIONS OF THE NOTES	  	 	 
			
	 Section 2.1
	  	 Designation and Principal Amount
	  	 	6	
	 Section 2.2
	  	 Maturity
	  	 	6	
	 Section 2.3
	  	 Further Issues
	  	 	6	
	 Section 2.4
	  	 Form of Payment
	  	 	6	
	 Section 2.5
	  	 Global Securities and Denomination of Notes
	  	 	7	
	 Section 2.6
	  	 Interest
	  	 	8	
	 Section 2.7
	  	 Redemption
	  	 	8	
	 Section 2.8
	  	 Limitations on Liens
	  	 	8	
	 Section 2.9
	  	 Limitations on Sale and Leaseback Transactions
	  	 	10	
	 Section 2.10
	  	 Merger, Consolidation or Sale of Assets
	  	 	10	
	 Section 2.11
	  	 Events of Default
	  	 	11	
	 Section 2.12
	  	 Appointment of Agents
	  	 	11	
	 Section 2.13
	  	 Change of Control
	  	 	12	
	 Section 2.14
	  	 Defeasance Upon Deposit of Moneys or U.S. Government Obligations
	  	 	13	
	 Section 2.15
	  	 Payment of Additional Amounts
	  	 	13	
			
		  	Article 3.	  			
			
	 	  	FORM OF NOTES	  	 	 
			
	 Section 3.1
	  	 Form of Notes
	  	 	16	
			
		  	Article 4.	  			
			
	 	  	ORIGINAL ISSUE OF NOTES	  	 	 
			
	 Section 4.1
	  	 Original Issue of Notes
	  	 	16	

  
 i 

 TABLE OF CONTENTS (continued)  

 

							
	 	  	 	  	Page	 
			
		  	Article 5.	  			
			
	 	  	MISCELLANEOUS	  	 	 
			
	 Section 5.1
	  	 Ratification of Indenture
	  	 	16	
	 Section 5.2
	  	 Trustee Not Responsible for Recitals
	  	 	16	
	 Section 5.3
	  	 Governing Law
	  	 	16	
	 Section 5.4
	  	 Separability
	  	 	17	
	 Section 5.5
	  	 Counterparts Originals
	  	 	17	
		
	 EXHIBIT A – Form of 2030 Notes
	  	 	A-1	 

  
 ii 

 TENTH SUPPLEMENTAL INDENTURE, dated as of November 25, 2019 (this
“Supplemental Indenture”), among Moody’s Corporation, a corporation duly organized and existing under the laws of the State of Delaware, having its principal office at 7 World Trade Center at 250 Greenwich Street, New York, New York
10007 (the “Company”), Wells Fargo Bank, National Association, a national banking association, organized and in good standing under the laws of the United States, as trustee (the “Trustee”), and Elavon Financial Services DAC, UK
Branch (until such time as a successor may be appointed by the Company), as paying agent (the “Paying Agent”), and U.S. Bank National Association, as registrar (the “Registrar”) and as transfer agent (the “Transfer
Agent”). 
 WHEREAS, the Company executed and delivered the indenture, dated as of August 19, 2010, to the Trustee (the
“Base Indenture,” and, as hereby supplemented, the “Indenture”), to provide for the issuance of the Company’s debt Securities to be issued in one or more series; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its notes
under the Base Indenture to be known as its “0.950% Senior Notes due 2030” (the “Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this
Supplemental Indenture; 
 WHEREAS, the Board of Directors, pursuant to resolutions duly adopted on October 22, 2019, has duly
authorized the issuance of the Notes, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 3.01 and
Section 14.01 of the Base Indenture; 
 WHEREAS, the Company has requested that the Trustee, Paying Agent
and the Transfer Agent execute and deliver this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this
Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and
the execution and delivery of this Supplemental Indenture has been duly authorized in all respects; 
 NOW THEREFORE, in
consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the
Trustee, the Paying Agent, the Registrar and the Transfer Agent as follows: 

 ARTICLE 1. 

DEFINITIONS 

Section 1.1    Definition of Terms. Unless the context otherwise requires: 

(a)    each term defined in the Base Indenture has the same meaning when used in this Supplemental Indenture, unless
otherwise defined in this Supplemental Indenture; 
 (b)    the singular includes the plural and vice versa; 

(c)    headings are for convenience of reference only and do not affect interpretation; 

(d)    a reference to a Section or Article is to a Section or Article of this Supplemental Indenture unless otherwise
indicated; and 
 (e)    the following terms have the meanings given to them in this
Section 1.1(e): 
 (i)    “Attributable Debt” means, an amount equal
to the lesser of (a) the fair market value of the property (as determined by the Board of Directors of the Company) or (b) the present value of the total net amount of payments to be made under the lease during its remaining term,
discounted at the interest rate set forth or implicit in the terms of the lease, compounded semi-annually. 

(ii)    “Base Indenture” shall have the meaning assigned to it in the recitals. 

(iii)    “Business Day” means any day, other than a Saturday or Sunday (i) that is not a day
on which banking institutions in The City of New York or London are authorized or required by law or executive order to close and (ii) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system, or the TARGET2, or
any successor thereto, operates. 
 (iv)    “Change of Control” means the occurrence of any one
of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the
Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its Subsidiaries; (2) the consummation of any transaction (including
without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number
of shares; (3) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a 

  
 2 

 
transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such
transaction; (4) the first day on which the majority of the members of the Board of Directors of the Company cease to be Continuing Directors; or (5) the adoption of a plan relating to the liquidation or dissolution of the Company. 

(v)    “Change of Control Offer” shall have the meaning assigned to it in
Section 2.13. 
 (vi)    “Change of Control Payment Date” shall have
the meaning assigned to it in Section 2.13. 
 (vii)    “Change of Control
Triggering Event” means, the notes cease to be rated Investment Grade by S&P or Fitch or, if S&P or Fitch and another “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the Exchange
Act) shall provide a rating of the notes, by S&P or Fitch and any such other rating organization, on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any
Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as S&P, Fitch or such other
rating organization shall have publicly announced that it is considering a possible ratings change). Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of
Control unless and until such Change of Control has actually been consummated. 

(viii)    “Clearstream” means Clearstream Banking, a société anonyme, as
currently in effect or any successor securities clearing agency. 
 (ix)    “Comparable Government
Bond Rate” means, with respect to any Redemption Date, the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to
be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the
Comparable Government Bond prevailing at 11:00 a.m. London time, on such Business Day as determined by an independent investment bank selected by the Company. 

(x)    “Comparable Government Bond” means, in relation to any Comparable Government Bond Rate
calculation, at the discretion of an independent investment bank selected by the Company, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed , or if such independent investment bank in its discretion
determines that such similar bond is not in issue, such other German 

  
 3 

 
government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company, determine to be appropriate
for determining the Comparable Government Bond Rate. 
 (xi)    “Consolidated Total Assets”
means the total assets of the Company and its consolidated subsidiaries, as set forth on the Company’s most recent consolidated balance sheet, as determined under GAAP. 

(xii)    “Continuing Director” means, as of any date of determination, any member of the Board of
Directors of the Company who: (1) was a member of such Board of Directors on the date of the Indenture; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who
were members of such Board of Directors at the time of such nomination or election. 

(xiii)    “Depositary” means Elavon Financial Services DAC as common depositary for Clearstream
and Euroclear, or any of its successors and assigns. 
 (xiv)    “Euro” or “€”
means the currency of the member states of the European Monetary Union that have adopted or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union. 

(xv)    “Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system or any
successor clearing agency. 
 (xvi)    “European Union” means the member states of the European
Union established by the Treaty of European Union, signed at Maastricht on February 7, 1992, which amended the Treaty of Rome establishing the European Community. 

(xvii)    “Event of Default” shall have the meaning assigned to it in
Section 2.11. 
 (xviii)    “Fitch” means Fitch Ratings, a part of
the Fitch Group, and its successors. 
 (xix)    “Indenture” shall have the meaning assigned to
it in the recitals. 
 (xx)    “Investment Grade” means a rating of BBB- or better by S&P or Fitch (or its equivalent under any successor rating category of S&P or Fitch); and an equivalent rating of another “nationally recognized statistical rating organization”
that shall provide a rating of the notes. 
 (xxi)    “Lien” shall have the meaning assigned to
it in Section 2.8. 

  
 4 

 (xxii)    “Net Revenue” means, with respect to
any Person for any period, the net revenue of such Person and its consolidated subsidiaries, determined on a consolidated basis in accordance with GAAP for such period. 

(xxiii)    “Notes” shall have the meaning assigned to it in the recitals. 

(xxiv)    “Paying Agent” shall have the meaning assigned to it in the recitals. 

(xxv)    “Permitted Liens” shall have the meaning assigned to it in
Section 2.8. 
 (xxvi)    “Registrar” shall have the meaning assigned to it
in the recitals. 
 (xxvii)    “Remaining Scheduled Payments” means, with respect to each Note
to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that, if such Redemption Date is not an Interest Payment
Date with respect to such note, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such Redemption Date. 

(xxviii)    “Restricted Subsidiary” means any Subsidiary (a) the Total Assets of which
exceed 10% of Consolidated Total Assets as of the end of the most recently completed fiscal year or (b) the Net Revenue of which exceeds 10% of the Net Revenue of the Company and its consolidated subsidiaries as of the end of the most recently
completed fiscal year. 
 (xxix)    “Sale/Leaseback Transaction” shall have the meaning
assigned to it in Section 2.9. 
 (xxx)    “Subsidiary” means, with
respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to
the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such
Person or (c) one or more Subsidiaries of such Person. 
 (xxxi)    “S&P” means
S&P Global Ratings and its successors. 
 (xxxii)    “Total Assets” means, at any date as
to any Person, the total assets of such Person and its consolidated subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 

(xxxiii)    “Transfer Agent” shall have the meaning assigned to it in the recitals. 

  
 5 

 (xxxiv)    “Trigger Period” shall have the
meaning assigned to it in Section 1.1(e)(v). 
 (xxxv)    “Trustee” shall
have the meaning assigned to it in the recitals. 
 (xxxvi)    “U.S. dollars” and “$”
means the currency of the United States. 
 (xxxvii)    “Voting Stock” of any specified Person
as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

ARTICLE 2. 
 GENERAL
TERMS AND CONDITIONS OF THE NOTES 
 Section 2.1    Designation and Principal Amount. There is
hereby authorized and established a new series of Securities under the Base Indenture designated as the “0.950% Senior Notes due 2030,” which are not limited in aggregate principal amount. The initial aggregate principal amount of the
Notes to be issued under this Supplemental Indenture shall be €750,000,000. Any additional amounts of Notes to be issued shall be set forth in a Company Order. 

Section 2.2    Maturity. The stated maturity of principal for the Notes shall be February 25, 2030. 

Section 2.3    Further Issues. The Company may from time to time, without the consent of the Holders of Notes,
issue additional Notes, provided that if the additional Notes are not fungible, for U.S. federal income tax purposes, with the Notes the additional Notes will have a separate ISIN and/or any other identifying number. Any such additional Notes shall
have the same ranking, interest rate, maturity date and other terms as the Notes. Any such additional Notes, together with the Notes herein provided for, shall constitute a single series of Securities under the Indenture. 

Section 2.4    Form of Payment. 

(a)    Principal of, premium, if any, and interest and additional amounts, if any, on the Notes shall be payable in euros.

 (b)    Principal of, premium, if any, interest and additional amounts, if any, on the Notes shall be payable at the
office or agency of the Paying Agent at 125 Old Broad Street, London EC2N 1AR until such time as the Company designates an alternate place of payment or, at the option of the Company, payment of interest may be made by check mailed to the Holders of
the Notes at their respective addresses set forth in the register of Holders; provided that all payments of principal, premium, if any, and interest and additional amounts, if any, with respect to the Notes represented by one or more Global
Notes deposited with, or on behalf of, a common Depositary, and registered in the name of the nominee of the common Depositary for the accounts of Clearstream and Euroclear will be made through the facilities of the common Depositary. The Company
may change the Paying Agent without prior notice to the Holders and the Company or any of its subsidiaries may act as Paying Agent. 

  
 6 

 (c)    If on or after the date of this Supplemental Indenture, the euro
is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then-member states of the European Monetary Union that have adopted the
euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the
Company or so used. The amount payable on any date in euros will be converted by the Company into U.S. dollars on the basis of the most recently available market exchange rate for euro as determined by the Company. Any payment in respect of the
Notes so made in U.S. dollars will not constitute an Event of Default under the Notes or this Supplemental Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the
foregoing. 
 Section 2.5    Global Securities and Denomination of Notes. 

(a)    Upon the original issuance, the Notes shall be represented by one or more Global Securities and the common
Depositary for such Global Securities will be Elavon Financial Services DAC or another Person designated as common Depositary for Euroclear and Clearstream or another Person designated as common Depositary by the Issuer. Neither the Trustee nor any
agent of the Trustee shall be responsible for any action taken or not taken by the common Depositary. 
 (b)    The
Company shall issue the Notes in minimum denominations of €100,000 and in integral multiples of €1,000 in excess thereof and shall deposit the Global Securities with the common Depositary as custodian for Euroclear and Clearstream and
register the Global Securities in the name of the common Depositary or its nominee. 
 (c)    The Company shall issue
the Notes in definitive form in exchange for the applicable Global Notes if the common Depositary is at any time unwilling or unable to continue as depositary for any of the Global Notes and a successor depositary is not appointed by the Company
within 90 days or if an Event of Default has occurred with regard to the Notes represented by the Global Notes and has not been cured or waived. In addition, the Company may at any time and in its sole discretion determine not to have the Notes
represented by the Global Notes and, in that event, shall issue the Notes in definitive form in exchange for the Global Notes. In any such instance, a Holder of a beneficial interest in the Global Notes will be entitled to physical delivery in
definitive form of the Notes represented by the Global Notes equal in principal amount to such beneficial interest and to have such Notes registered in its name. The Notes so issued in definitive form shall be issued as registered in minimum
denominations of €100,000 and integral multiples of €1,000 in excess thereof, unless otherwise specified by the Company. Definitive Notes may be transferred by presentation for registration to the Registrar and Transfer Agent at their
offices and must be duly endorsed by the Holder or the Holder’s attorney duly authorized in writing or accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Registrar and Transfer Agent duly
executed by the Holder or the Holder’s attorney duly authorized in writing. The Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of
transfer of definitive Notes. 

  
 7 

 Section 2.6    Interest The Notes shall bear interest from
November 25, 2019 at the rate of 0.950% per annum payable annually in arrears. Interest on the Notes will be computed on the basis of (i) the actual number of days in the period for which interest is being calculated and (ii) the
actual number of days from and including the last date on which interest was paid on the Notes (or November 25, 2019, if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date. This payment convention
is referred to as ACTUAL/ACTUAL (“ICMA”) as defined in the rulebook of the International Capital Markets Association. 

(a)    Interest payable on each Interest Payment Date shall include interest accrued from November 25, 2019, or from
the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Date on which such interest shall be payable is February 25, commencing on February 25, 2020; and the record date for the
interest payable on the Interest Payment Date is the date that is 15 calendar days immediately before the Interest Payment Date. If any Interest Payment Date is not a Business Day, then the related payment for such Interest Payment Date shall be
paid on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, and no further interest shall accrue as a result of such delay. The rights of holders of beneficial interests of Notes to receive the
payments of interest on such Notes are subject to the applicable procedures of Euroclear and Clearstream. 

Section 2.7    Redemption. The Notes are subject to redemption at the option of the Company as set forth in
the form of Note attached hereto as Exhibit A. 
 Section 2.8    Limitations on Liens. 

(a)    The Company will not, and will not permit any Restricted Subsidiary to, create, assume, incur or guarantee any
Indebtedness secured by a mortgage, security interest, pledge, lien, charge or other encumbrance upon any of its or its Restricted Subsidiaries’ properties or assets (a “Lien”), whether owned on the date of issuance of the Notes or
thereafter acquired, unless the Notes are at least equally and ratably secured with such secured Indebtedness (together with, if the Company so determines, any other Indebtedness of or guaranty by the Company or such Restricted Subsidiary then
existing or thereafter created that is not subordinated to the Notes) for so long as such other Indebtedness is so secured (and any Lien created for the benefit of the holders of the Notes and any other debt securities of any series issued pursuant
to the Indenture and having the benefit of this Section 2.8 shall provide by its terms that such Lien will be automatically released and discharged upon the release and discharge of the Lien securing such other
Indebtedness); provided, however, that the above restrictions shall not apply to the following (the “Permitted Liens”): 

(i)    Liens on property or other assets of any Person existing at the time such Person becomes a
Restricted Subsidiary, provided that such Lien was not incurred in anticipation of such Person becoming a Restricted Subsidiary; 

  
 8 

 (ii)    Liens on property or other assets existing at
the time of acquisition by the Company or any Restricted Subsidiary, provided that such Lien was not incurred in anticipation of such acquisition; 

(iii)    Liens on property or assets to secure any Indebtedness incurred prior to, at the time of, or
within 270 days after, the acquisition of such property or in the case of real property, the completion of construction, the completion of improvements or the beginning of substantial commercial operation of such real property for the purpose of
financing all or any part of the purchase price of such real property, the construction thereof or the making of improvements thereto; 

(iv)    Liens in the Company’s favor or in favor of a Restricted Subsidiary; 

(v)    Liens existing on the date of issuance of the Notes; 

(vi)    Liens on property or other assets of a Person existing at the time the Person is merged into or
consolidated with the Company or any Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of a Person as an entirety or substantially as an entirety to either the Company or any Restricted Subsidiary, provided
that such Lien was not incurred in anticipation of the merger or consolidation or sale, lease or other disposition; 

(vii)    Liens arising in connection with the financing of accounts receivable by the Company or any
Restricted Subsidiary; provided that the uncollected amount of account receivables subject at any time to any such financing shall not exceed $150,000,000; and 

(viii)    extensions, renewals or replacements (or successive extensions, renewals or replacements) in
whole or in part of any Lien referred to in this Section 2.8 without increase of the principal of the Indebtedness (plus any premium or fee payable in connection with any such extension, renewal or replacement) secured by
the Lien; provided, however, that any Permitted Liens shall not extend to or cover any property of the Company or that of any Restricted Subsidiary, as the case may be, other than the property specified in this
Section 2.8 and improvements to this property. 
 (b)    Notwithstanding the foregoing, the
Company and any Restricted Subsidiary may create, assume, incur or guarantee Indebtedness secured by a Lien without equally and ratably securing the Notes; provided, that at the time of such creation, assumption, incurrence or guarantee, after
giving effect thereto and to the retirement of any Indebtedness that is concurrently being retired, the sum of (i) the aggregate amount of all outstanding Indebtedness secured by Liens other than Permitted Liens, and (ii) the Attributable
Debt of all the Company’s Sale/Leaseback Transactions permitted by Section 2.9(c) does not at such time exceed 5% of Consolidated Total Assets. 

  
 9 

 Section 2.9    Limitations on Sale and Leaseback
Transactions. 
 (a)    The Company will not, and will not permit any Restricted Subsidiary to, enter into any
arrangement relating to property now owned or hereafter acquired whereby either the Company transfers, or any Restricted Subsidiary transfers, such property to a Person and either the Company or any Restricted Subsidiary leases it back from such
Person (a “Sale/Leaseback Transaction”), unless: 
 (i)    the Company or such Restricted
Subsidiary could, at the time of entering into such arrangement, incur Indebtedness secured by a Lien on the property involved in the transaction in an amount at least equal to the Attributable Debt with respect to such Sale/Leaseback Transaction,
without equally and ratably securing the Notes as described in Section 2.8; or 

(ii)    the net proceeds of the Sale/Leaseback Transaction are at least equal to such property’s fair
market value, as determined by the Company’s Board of Directors, and the proceeds are applied within 180 days of the effective date of the Sale/Leaseback Transaction to the repayment of senior indebtedness of the Company or any Restricted
Subsidiary. 
 (b)    The restrictions set forth in (a) above will not apply to a Sale/Leaseback Transaction:
(i) entered into prior to the date of issuance of the Notes; (ii) that exists at the time any Person that owns property or assets becomes a Restricted Subsidiary; (iii) between the Company and a Restricted Subsidiary or between
Restricted Subsidiaries; (iv) involving leases for a period of no longer than three years; or (v) in which the lease for the property or asset is entered into within 270 days after the date of acquisition, completion of construction or
commencement of full operations of such property or asset, whichever is latest. 
 (c)    Notwithstanding the
restrictions contained above, the Company and its Restricted Subsidiaries may enter into a Sale/Leaseback Transaction; provided that at the time of such transaction, after giving effect thereto, the aggregate amount of all Attributable Debt with
respect to Sale/Leaseback Transactions existing at such time that could not have been entered into pursuant to the restrictions in (a) above, together with the aggregate amount of all outstanding Indebtedness secured by Liens as permitted by
Section 2.8(b), does not at such time exceed 5% of Consolidated Total Assets. 

Section 2.10    Merger, Consolidation or Sale of Assets. Section 6.04 of the Base
Indenture shall be revised in its entirety to read: 
 (a)    The Company will be permitted to consolidate or merge with
another entity or to sell all or substantially all of its assets to another entity, subject to the Company’s meeting all of the following conditions: (i) any successor or purchaser is a corporation, limited liability company, partnership
or trust organized under the laws of the United States of America, any State or the District of Columbia; (ii) immediately following the consolidation, merger, sale or conveyance, the resulting, surviving or transferee entity (if other than the
Company) would not be in default in the performance of any covenant in the Indenture; and (iii) the Company delivers a supplemental indenture by which the surviving entity (if other than the Company) expressly assumes the Company’s
obligations under the Indenture. 

  
 10 

 (b)    In the event that the Company consolidates or merges with another
entity or sells all or substantially all of its assets to another entity, the surviving entity (if other than the Company) will be substituted for the Company under the Indenture, and the Company will be discharged from all of its obligations under
the Indenture. 
 Section 2.11    Events of Default. 

(a)    The term “Event of Default” as used in this Indenture with respect to the Notes shall include the
following described event in addition to those set forth in Section 7.01 of the Base Indenture: 

(i)    The Company or a Restricted Subsidiary fail to pay the principal of any Indebtedness when due at
maturity in an aggregate amount of $50 million or more, or a default occurs that results in the acceleration of the maturity of the Company’s or any of the Restricted Subsidiaries’ Indebtedness in an aggregate amount of
$50 million or more; 
 (b)    If the euro is unavailable to the Company due to the imposition of exchange controls
or other circumstances beyond the Company’s control or if the euro is no longer being used by the then-member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public
institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euros will be
converted by the Company into U.S. dollars on the basis of the most recently available market exchange rate for euros. Neither the Trustee nor the Paying Agent shall have any responsibility for effecting such currency conversions. Any payment in
respect of the Notes so made in U.S. dollars shall not constitute an Event of Default. 

Section 2.12    Appointment of Agents. 

(a)    The Company initially appoints Elavon Financial Services DAC, UK Branch as Paying Agent and U.S. Bank National
Association as Registrar and Transfer Agent (together, the “Agents”), with respect to the Notes until such time as Elavon Financial Services DAC, UK Branch and U.S. Bank National Association, respectively, have resigned or a successor has
been appointed. 
 (b)    All or any of the designated agents may resign their respective appointments under the Notes
and this Indenture at any time by giving to the Company and, where appropriate, the Paying Agent and the Trustee at least 90 days’ prior written notice to that effect provided that, so long as any of the Notes are outstanding, the notice shall
not, in the case of the Paying Agent, expire less than 45 days before any due date for the payment of interest. Following receipt of a notice of resignation from a designated agent, the Company shall promptly, and in any event not less than 30 days
before the resignation takes effect, give notice to the Holders of the Notes in accordance with the Indenture. If any designated agent shall resign or be removed, the Company shall promptly and in any event within 30 days appoint a successor
approved by the Trustee. If the Company fails to appoint a successor within such period, the Paying Agent may select a leading bank approved by the Company and the Trustee to act as Paying Agent hereunder and the Company shall appoint that bank as
the successor Paying Agent. 

  
 11 

 (c)    Any corporation into which the Agents may be merged or converted,
or any corporation with which the Agents may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Agents shall be a party, or any corporation, including affiliated corporations, to which the Agents
shall sell or otherwise transfer: (i) all or substantially all of its assets or (ii) all or substantially all of its corporate trust business shall, on the date when the merger, conversion, consolidation or transfer becomes effective and
to the extent permitted by any applicable laws and subject to any credit rating requirements set out in this Agreement become the successor Agents under this Agreement without the execution or filing of any paper or any further act on the part of
the parties to this Agreement, unless otherwise required by the Issuer, and after the said effective date all references in this Agreement to the Agents shall be deemed to be references to such successor corporation. Written notice of any such
merger, conversion, consolidation or transfer shall immediately be given to the Issuer by the Agents. 

Section 2.13    Change of Control. 

(a)    Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem
the Notes as provided in Article Four of the Base Indenture, each Holder of Notes will have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described in this
Section 2.13 (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of Holders
of Notes on the relevant record date to receive interest due on the relevant Interest Payment Date. 
 (b)    Within 30
days following the date upon which the Change of Control Triggering Event occurred, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company will be required to
send, by first class mail, a notice to each Holder of Notes, with a copy to the trustee, which notice will govern the terms of the Change of Control Offer. Such notice will state, among other things, the purchase date, which must be no earlier than
30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, will state
that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to
surrender their Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Paying Agent by book-entry
transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 

(c)    The Company will not be required to make a Change of Control Offer if a third party makes such an offer in the
manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

  
 12 

 (d)    Holders will not be entitled to require the Company to purchase
their Notes in the event of a takeover, recapitalization, leveraged buyout or similar transaction that is not a Change of Control. In addition, Holders may not be entitled to require the Company to purchase their Notes in certain circumstances
involving a significant change in the composition of the Company’s Board of Directors, including in connection with a proxy contest where the Company’s Board of Directors does not approve a dissident slate of directors but approves them as
required by clause (4) of Section 1.1(e)(iv). 
 (e)    Notwithstanding this
Section 2.13, a transaction will not be deemed to involve a Change of Control under clause (2) of Section 1.1(e)(iv) if (i) the Company becomes a direct or indirect wholly-owned
subsidiary of a holding company and (ii) (A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock
immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the
Voting Stock of such holding company. 
 (f)    The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of
Control. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to
have breached its obligations under the Change of Control provisions of the Indenture by virtue of such compliance. 

Section 2.14    Defeasance Upon Deposit of Moneys or U.S. Government Obligations. At the Company’s
option, either (a) the Company shall be deemed to have been Discharged from its obligations with respect to the Notes on the first day after the applicable conditions set forth in Section 12.03 of the Base Indenture
have been satisfied or (b) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Section 10.02 of the Base Indenture and Sections 2.8, 2.9 and
2.10 of this Supplemental Indenture with respect to the Notes at any time after the applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied. 

Section 2.15    Payment of Additional Amounts. 

(a)    The Company shall, subject to the exceptions and limitations set forth below, pay to the Holder of any Note such
additional amounts as may be necessary to ensure that every net payment on such Note, after deduction or withholding for or on account of any present or future tax, assessment or other governmental charge imposed upon or as a result of such payment
by the United States or any political subdivision or taxing authority of the United States, will not be less than the amount provided in such note to be then due and payable. However, the Company shall not pay additional amounts for or on account
of: 

  
 13 

 (i)    any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the existence of any present or former connection (other than the mere fact of being a Holder or beneficial owner of a Note) between the Holder or beneficial owner (or between a fiduciary, settlor,
beneficiary or person holding a power over such Holder or beneficial owner, if the beneficial owner is an estate or trust, or a partner, member or shareholder of the beneficial owner, if the beneficial owner is a partnership, limited liability
company or corporation) of a Note and the United States or any political subdivision or taxing authority of the United States, including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, person holding a
power, partner, member or shareholder) being or having been a citizen or resident of the United States or treated as being or having been a resident thereof; 

(ii)    any tax, assessment or other governmental charge that is imposed or withheld solely by reason of
the Holder or beneficial owner (or a fiduciary, settlor, beneficiary or person holding a power over such beneficial owner, if the beneficial owner is an estate or trust, or a partner, member or shareholder of the beneficial owner, if the beneficial
owner is a partnership, limited liability company or corporation) (i) being or having been present in, or engaged in a trade or business in, the United States, (ii) being treated as having been present in, or engaged in a trade or business
in, the United States, or (iii) having or having had a permanent establishment in the United States; 

(iii)    any tax, assessment or other governmental charge that is imposed or withheld solely by reason of
the Holder or beneficial owner (or a fiduciary, settlor, beneficiary or person holding a power over such beneficial owner, if the beneficial owner is an estate or trust, or a partner, member or shareholder of the beneficial owner, if the beneficial
owner is a partnership, limited liability company or corporation) being or having been with respect to the United States a personal holding company, a controlled foreign corporation, a passive foreign investment company, a foreign private foundation
or other foreign tax-exempt organization, or being a corporation that accumulates earnings to avoid U.S. federal income tax; 

(iv)    any tax, assessment or other governmental charge imposed on a beneficial owner that actually or
constructively owns 10% or more of the total combined voting power of all of our classes of stock that are entitled to vote within the meaning of Section 871(h)(3) of the Internal Revenue Code of 1986, as amended (the “Code”); 

(v)    any tax, assessment or other governmental charge which would not have been so imposed but for the
presentation (where such presentation is required) of such Note for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which such payment is duly provided for, whichever occurs later; 

(vi)    any tax, assessment or other governmental charge that is payable or otherwise imposed by any method
other than withholding or deduction by the Company or any paying agent from payments in respect of such Note; 

  
 14 

 (vii)    any gift, estate, inheritance, sales, transfer,
personal property or excise tax or any similar tax, assessment or other governmental charge; 

(viii)    any tax, assessment or other governmental charge required to be withheld by any paying agent from
any payment in respect of any Note if such payment can be made without such withholding by at least one other paying agent; 

(ix)    any tax, assessment or other governmental charge that is imposed or withheld by reason of a change
in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; 

(x)    any tax, assessment or other governmental charge imposed as a result of the failure of the Holder or
beneficial owner of a Note to comply with a request to comply with applicable certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connection with the United States of the
Holder or beneficial owner of a Note, if such compliance is required by statute or regulation of the United States as a precondition to relief or exemption from such tax, assessment or other governmental charge; 

(xi)    any tax, assessment or other governmental charge imposed by reason of the failure of the beneficial
owner to fulfill the statement requirements of Section 871(h) or Section 881(c) of the Code; 

(xii)    any tax, assessment or other governmental charge imposed under Sections 1471-1474 of the Code and
the U.S. Treasury regulations thereunder (“FATCA”), any agreement with the U.S. Internal Revenue Service in connection with FATCA, any intergovernmental agreement between the United States and any other jurisdiction with respect to FATCA,
or any law, regulation or other official guidance enacted, or practices adopted, in any jurisdiction implementing, or in connection with, FATCA or any intergovernmental agreement, treaty or convention implementing FATCA; or 

(xiii)    any combination of items (i) through (xii) above. 

(b)    In addition, the Company will not pay additional amounts to a beneficial owner of a Note that is a fiduciary,
partnership, limited liability company or other fiscally transparent entity, or to a beneficial owner of a Note that is not the sole beneficial owner of such Note, as the case may be. This exception, however, will apply only to the extent that a
beneficiary or settlor with respect to the fiduciary, or a beneficial owner, partner or member of the partnership, limited liability company or other fiscally transparent entity, would not have been entitled to the payment of an additional amount
had the beneficiary, settlor, beneficial owner, partner or member received directly its beneficial or distributive share of the payment. For purposes of this paragraph, the term “beneficial owner of a Note” includes any Person holding a
Note on behalf of or for the account of a beneficial owner. Except as specifically provided under this Section 2.15, the Company shall not be required to make any payment for any tax, assessment or other governmental charge imposed by any
government or a political subdivision or taxing authority of or in any government or political subdivision. 

  
 15 

 (c)    In the event that the Company is required to pay additional
amounts to Holders of Notes, the Company will provide written notice to the Trustee of its obligation to pay additional amounts, and the notice shall set forth the additional amounts to be paid by the Company on such payment date. The Trustee shall
not at any time be under any duty or responsibility to any Holder of Notes to determine the additional amounts, or with respect to the nature, extent, or calculation of the amount of additional amounts owed, or with respect to the method employed in
such calculation of the additional amounts. 
 ARTICLE 3. 

FORM OF NOTES 

Section 3.1    Form of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed
thereon are to be substantially in the forms set forth in Exhibit A hereto. 
 ARTICLE 4. 

ORIGINAL ISSUE OF NOTES 

Section 4.1    Original Issue of Notes. The Notes may, upon execution of this Supplemental Indenture, be
executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver such Notes as in such Company Order provided. 

ARTICLE 5. 

MISCELLANEOUS 

Section 5.1    Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental Indenture,
is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided; provided that the provisions of this Supplemental Indenture apply
solely with respect to the Notes. 
 Section 5.2    Trustee Not Responsible for Recitals. The recitals
herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

Section 5.3    Governing Law. This Supplemental Indenture and each Note shall be deemed to be contracts made
under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

  
 16 

 Section 5.4    Separability. In case any provision in this
Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 5.5    Counterparts Originals. This Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

[Signature Page Follows] 

  
 17 

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

			
	MOODY’S CORPORATION
		
	By:	 	 /s/ John J. Goggins

	Name:	 	John J. Goggins
	Title:	 	 Executive Vice President and
 General
Counsel

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Gregory S. Clarke

	Name:	 	Gregory S. Clarke
	Title:	 	Vice President
	
	ELAVON FINANCIAL SERVICES DAC, UK Branch, as Paying Agent
		
	By:	 	 /s/ Michael Leong

	Name:	 	Michael Leong
	Title:	 	Authorised Signatory
		
	By:	 	 /s/ Chris Hobbs

	Name:	 	Chris Hobbs
	Title:	 	Authorised Signatory

 [Signature Page to Tenth Supplemental Indenture.] 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as Registrar and Transfer Agent
		
	By:	 	 /s/ Michael Leong

	Name:	 	 Michael Leong

	Title:	 	 Authorised Signatory

		
	By:	 	 /s/ Chris Hobbs

	Name:	 	 Chris Hobbs

	Title:	 	 Authorised Signatory

 [Signature Page to Tenth Supplemental Indenture.] 

 EXHIBIT A 

[FORM OF FACE OF 2030 NOTE] 
 THIS NOTE IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED, AS NOMINEE FOR ELAVON FINANCIAL SERVICES DAC, AS DEPOSITARY (THE “DEPOSITARY”) FOR CLEARSTREAM BANKING,
SOCIÉTÉ ANONYME AND EUROCLEAR BANK, S.A./N.V. , WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO USB NOMINEES (UK) LIMITED OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, USB NOMINEES (UK) LIMITED, HAS
AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

 CUSIP No. 615369AR6 

ISIN: XS2010038227 
 Common Code:
201003822 
 MOODY’S CORPORATION 

0.950% SENIOR NOTES DUE 2030 
  

					
	 No. 1
	  	€	750,000,000	 

 Principal and Interest. Moody’s Corporation, a corporation duly organized and existing under the
laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to USB Nominees (UK) Limited or registered
assigns, the principal sum of SEVEN HUNDRED FIFTY MILLION EUROS (€750,000,000) on February 25, 2030 and to pay interest thereon from November 25, 2019 or from the most recent Interest Payment Date to which interest has been paid or
duly provided for, annually in arrears on February 25 in each year, commencing February 25, 2020 at the rate of 0.950% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. The interest and additional amounts, if any, so payable, and punctually paid or duly provided for, on any Interest
Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be 15 calendar days
immediately before such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in whose name this Note (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Notes not less than 10 days prior
to such Special Record Date, all as more fully provided in said Indenture. Payment of the principal of (and premium, if any) and any such interest on this Note shall be made at the office of Elavon Financial Services DAC, UK Branch in euros. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Authentication. Unless the certificate of authentication hereon has
been executed by the Trustee or the Authentication Agent referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: November 25, 2019 

 

			
	MOODY’S CORPORATION
		
	By:	 	  

	Name:	 	John J. Goggins
	Title:	 	Executive Vice President and
		 	General Counsel

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Dated: November 25, 2019 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
 as Trustee, certifies 

that this is one of 
 the
Securities referred 
 to in the Indenture. 
  

			
	
		
	By:	 	 
		 	Authorized Signatory

 [FORM OF REVERSE OF 2030 NOTE] 

Indenture. This Note is one of a duly authorized issue of Securities of the Company (herein called the “Note” or
collectively, the “Notes”), issued and to be issued under an Indenture, dated as of August 19, 2010, as supplemented by a Tenth Supplemental Indenture, dated November 25, 2019 (as so supplemented, herein called the
“Indenture”), between the Company, Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), Elavon Financial Services DAC, UK
Branch, as Paying Agent (herein called the “Paying Agent”, which terms include any successor paying agent under the Indenture) and U.S. Bank National Association, as Registrar and Transfer Agent (herein called the
“Registrar” and the “Transfer Agent,” respectively, which terms include any successor registrar or transfer agent under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, Paying Agent, Registrar, and Transfer 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 is one of the series designated on the face hereof, initially limited in aggregate principal amount to €750,000,000. 

Optional Redemption. The Notes are subject to redemption at the Company’s option, in whole or in part, at any time prior to
November 25, 2029 (three months prior to their maturity) at a redemption price equal to the greater of (i) 100% of the principal amount to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date, and
(ii) the sum of the present values of the Remaining Scheduled Payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued as of the date of redemption) discounted to the date of
redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate plus 20 basis points, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

Commencing on November 25, 2029 (three months prior to their maturity), the Company may redeem the Notes, in whole or in part, at any
time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

For purposes of determining the optional redemption price, the following definitions are applicable: 

“Comparable Government Bond Rate” means, with respect to the Redemption Date, the price, expressed as a percentage (rounded to three
decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the
gross redemption yield on such Business Day of the Comparable Government Bond (as defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by
an independent investment bank selected by the Company. 

 “Comparable Government Bond” means, in relation to any Comparable Government Bond
Rate calculation, at the discretion of an independent investment bank selected by the Company, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed, or if such independent investment bank in its discretion
determines that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company, determine to
be appropriate for determining the Comparable Government Bond Rate. 
 “Remaining Scheduled Payments” means, with respect to each
Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that, if such Redemption Date is not an Interest
Payment Date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such Redemption Date. 

Notice of any redemption shall be mailed at least 30 days but not more than 60 days before the Redemption Date to each registered Holder of
the Notes to be redeemed. If money sufficient to pay the redemption price of all of the Notes (or portions thereof) to be redeemed on the Redemption Date is deposited with the Trustee or Paying Agent on or before the Redemption Date, and unless the
Company defaults in payment of the redemption price, on and after the Redemption Date, interest shall cease to accrue on the Notes or portions of the Notes called for redemption. If fewer than all of the Notes are to be redeemed, and such Notes are
at the time represented by a Global Security, the Depositary shall select by lot the particular interests to be redeemed. If the Company elects to redeem fewer than all of the Notes, and any of such Notes are not represented by a Global Security,
then the Trustee shall select the particular Notes to be redeemed in a manner it deems appropriate and fair (and the Depositary shall select by lot the particular interests in any Global Security to be redeemed). 

The Company may at any time, and from time to time, purchase the Notes at any price or prices in the open market or otherwise. 

Redemption for Tax Reasons. The Company may redeem the Notes prior to maturity in whole, but not in part, on not more than 60
days’ notice and not less than 30 days’ notice at a redemption price equal to the principal amount of such Notes plus any accrued interest and additional amounts to, but not including, the date fixed for redemption if: 

(a)    as a result of a change in or amendment to the tax laws, regulations or rulings of the United States or any
political subdivision or taxing authority of or in the United States or any change in official position regarding the application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction in the
United States) that is announced or becomes effective on or after November 25, 2019, the Company has or will become obligated, on the next date on which any payment under the Notes is due, to pay additional amounts with respect to the Notes as
described above under “Payment of Additional Amounts,” and the Company, in its business judgment, determines that such obligations cannot be avoided by the use of reasonable measures available to the Company; or 

 (b)    on or after November 25, 2019, the Closing Date, any action
is taken by a taxing authority of, or any decision has been rendered by a court of competent jurisdiction in, the United States or any political subdivision of or in the United States, including any of those actions specified above, whether or not
such action was taken or decision was rendered with respect to the Company, or any change, amendment, application or interpretation is officially proposed, which, in any such case, in the written opinion of independent legal counsel of recognized
standing, will result in a material probability that the Company will become obligated to pay additional amounts with respect to the notes, and the Company, in its business judgment, determines that such obligations cannot be avoided by the use of
reasonable measures available to the Company. 
 If the Company exercises its option to redeem the notes, it will deliver to the Trustee a
certificate signed by an authorized officer stating that the Company is entitled to redeem the notes and an opinion of independent tax counsel to the effect that the circumstances described in items (a) and (b) above exist. 

Defaults and Remedies. If an Event of Default with respect to Notes shall occur and be continuing, the principal of the Notes may be
declared due and payable in the manner and with the effect provided in the Indenture. 
 Amendment, Modification and Waiver. The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the
consent of the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of a majority in aggregate 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. 
 Restrictive Covenants. The Indenture does not limit the incurrence of additional debt by the Company or any of its
Subsidiaries; however, it does limit the creation of certain Liens and the entry into sale and leaseback transactions by the Company or any of its Restricted Subsidiaries. The limitations are subject to a number of important qualifications and
exceptions. Once a year, the Company must report to the Trustee on its compliance with these limitations. 
 Denominations, Transfer and
Exchange. The Notes are issuable only in registered form without coupons in minimum denominations of €100,000 and in integral multiples of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations
therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of any different authorized denomination or denominations, as requested by the Holder surrendering the same. 

As provided in the Indenture and subject to certain limitations therein set forth, including Section 3.06 of the
Base Indenture, the transfer of this Note is registerable in the Register, upon 

 
surrender of this Note for registration of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company and the Registrar duly executed by the
Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of any different authorized denomination or denominations and for the same aggregate principal amount, shall be issued to the designated transferee or
transferees. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Persons Deemed
Owners. Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of
receiving payment of principal of and premium, if any, and (subject to Section 3.08 of the Base Indenture) interest, if any, on such Note and for all other purposes whatsoever, whether or not this Note be overdue, and
neither the Company, the Trustee nor any agent shall of the Company or the Trustee shall be affected by notice to the contrary. 

Defined Terms. All terms used in this Note and not defined herein shall have the meanings assigned to them in the Indenture. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to the provisions hereof, check the
box:  ☐ 
 If you want to elect to have only part of the Note purchased by the Company pursuant to the
provisions hereof, state the amount you elect to have purchased:
€                                        
 
 Date:
                                         
                
  

			
	Your	  	
	Signature:	  	  

		  	(Sign exactly as your name appears on the face of this Note)
		
	Tax	  	
	Identification	  	
	No.:	  	  

 Signature 

Guarantee*:    
                                        
 

                          
                                        

 

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

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