Document:

Exhibit

EXECUTION VERSION

EXHIBIT 10.16

EMERGENT CAPITAL, INC., 
 
as Issuer, 
 
 

 

 
15.0% Senior Secured Notes due September 14, 2018 
 
 
 
________________________ 
 
 
 
FORM OF NOTE PURCHASE AGREEMENT 
 
 
 
Dated as of _________, 2016 
 
 
 
________________________ 
 

Table of Contents
Page
		
	SECTION I.
	PURCHASE AND SALE; ISSUE DATE.............................................................    1

		
	Section  1.1
	Purchase and Sale........................................................................................    1

		
	Section  1.2
	Closing.........................................................................................................    2

		
	SECTION II.
	CONDITIONS PRECEDENT..............................................................................    2

		
	Section  2.1
	Conditions to Purchase................................................................................    2

		
	Section  2.2
	Issuer's Acceptance......................................................................................    3

		
	Section  2.3
	Purchaser’s Waiver of Compliance..............................................................    3

		
	SECTION III.
	REPRESENTATIONS AND WARRANTIES......................................................    4

		
	Section  3.1
	Representations and Warranties of the Issuer..............................................    4

		
	Section  3.2
	Representations and Warranties of the Purchaser......................................    10

		
	SECTION IV.
	INDEMNIFICATION.........................................................................................    11

		
	SECTION V.
	MISCELLANEOUS...........................................................................................    12

		
	Section  5.1
	Amendments and Waivers.........................................................................    12

		
	Section  5.2
	Notices.......................................................................................................    12

		
	Section  5.3
	No Waiver; Cumulative Remedies.............................................................    12

		
	Section  5.4
	Successors and Assigns..............................................................................    13

		
	Section  5.5
	Counterparts...............................................................................................    13

		
	Section  5.6
	Severability................................................................................................    13

		
	Section  5.7
	Governing Law...........................................................................................    13

		
	Section  5.8
	Termination................................................................................................    13

		
	Section  5.9
	Limited Recourse; No Proceedings...........................................................    13

		
	Section  5.10
	Legal Counsel............................................................................................    13

		
	Section  5.11
	Survival of Representations and Warranties and Indemnification.............    14

		
	Section  5.12
	Submission to Jurisdiction; Waivers..........................................................    14

		
	Section  5.13
	Waivers of Jury Trial..................................................................................    15

		
	Section  5.14
	Authorization for Indenture Trustee...........................................................    15

 

NOTE PURCHASE AGREEMENT (this “Agreement”), dated as of ______________, 2016, by and among EMERGENT CAPITAL, INC., a Florida corporation (the “Issuer”), and the purchasers who have executed this Agreement (collectively, the “Purchaser” unless context refers to each Purchaser separately).

W I T N E S S E T H:
WHEREAS, the Issuer proposes to sell to the Purchaser 15.0% senior secured notes due September 14, 2018 (the “Notes”) in aggregate principal amount of up to U.S. $30,000,000;
WHEREAS, the Notes will be issued pursuant to the Indenture, dated March 11, 2016, by and among the Issuer and Wilmington Trust, National Association, as indenture trustee (capitalized terms used in this Agreement and not defined have the meanings specified in the Indenture; rules of construction set forth in Section 1.03 of the Indenture apply equally to this Agreement); and
WHEREAS, the Notes are being offered and sold to the Purchaser without being registered under the U.S. Securities Act, in reliance on an exemption therefrom;
NOW, THEREFORE, in consideration of the mutual covenants herein contained, and other good and valuable consideration, the receipt and adequacy of which are hereby expressly acknowledged, the parties hereto agree as follows:
SECTION I.PURCHASE AND SALE; ISSUE DATE

Section 1.1        Purchase and Sale.
(a)    On and subject to the terms and conditions of this Agreement and the Indenture, on the Initial Issue Date or any Additional Issue Date, as applicable, the Issuer agrees to issue and sell to the Purchaser, the Note with an Initial Note Balance set forth opposite the Purchaser’s name on Schedule 1, and (i) to deliver such Note to the Indenture Trustee as agent for the Purchaser on, or before, the Closing Time, and (ii) to cause the Indenture Trustee to deliver the Note to the Purchaser, the following business day of the Initial Issue Date or Additional Issue Date, as applicable, by overnight courier in accordance with the delivery instructions set forth in the executed Purchaser Letter (as defined in Section 3.2(d) below) delivered to the Issuer at the Closing Time (as defined in Section 1.2 below).  On the basis of the representations and warranties of the Issuer set forth in this Agreement and the other Transaction Documents, and subject to the terms and conditions set forth herein and therein, the Purchaser hereby agrees to purchase such Note on the Initial Issue Date or Additional Issue Date, as applicable, from the Issuer in accordance with the terms set forth herein, and hereby appoints the Indenture Trustee as its agent for the limited purpose of accepting delivery of the Note. 

(b)    The purchase price for each Note, whether issued on the Initial Issue Date or on an Additional Issue Date, is 100% of its Initial Note Balance (the “Purchase Price”).

Section 1.2    Closing.
(a)    Delivery and sale of the Notes and payment of the Purchase Price (for the Notes) will be completed (the "Closing") at 11:00 a.m. (Eastern time) on the Initial Issue Date or Additional Issue Date, as applicable, (the "Closing Time"). If, on or prior to the Closing Time, the terms and conditions contained in this Agreement and the other Transaction Documents have been complied with to the satisfaction of the Purchaser, or waived by the Purchaser pursuant to Section 2.3, the Purchaser shall deliver to the Issuer, at the Closing Time, an executed copy of this Agreement and will cause the delivery to the Issuer, at the Closing Time, payment of the Purchase Price (for the Notes) in U.S. Dollars, either by wire transfer to the Deposit Account of the Issuer identified on Schedule 2 hereto or by certified check or bank draft, as determined by the Issuer and the Purchaser, for the Notes purchased pursuant to this Agreement against delivery of physically certificated Notes representing the Initial Note Balance as identified on Schedule 1 hereto, and such other documentation as may be required pursuant to this Agreement and the other Transaction Documents. If, prior to the Closing Time, the terms and conditions contained in this Agreement and the other Transaction Documents have not been complied with to the satisfaction of the Purchaser, or waived by the Purchaser, the Purchaser and the Issuer will have no further obligations under this Subscription Agreement.  

SECTION II.CONDITIONS PRECEDENT

Section 2.1    Conditions to Purchase. The following shall be conditions precedent to the purchase of the Note on the Initial Issue Date or any Additional Issue Date:
(a)    The Notes shall have been duly authorized, executed, authenticated, delivered and issued and, upon payment of the Purchase Price, shall be entitled to the benefits of the Indenture. This Agreement and each of the other Transaction Documents shall have been duly authorized, executed and delivered by the respective parties thereto and shall be in full force and effect, and all conditions precedent contained in the Transaction Documents shall have been satisfied.
(b)    The Purchaser shall have received a written legal opinion under United States and New York State law, in form and substance satisfactory to the Purchaser, from Foley & Lardner LLP, in a form as is usual and customary for financings of this type, including, without limitation, corporate authorization, enforceability, non-contravention of material agreements, perfection, non-contravention of law, no registration under United States federal and state securities laws, Investment Company Act and such other matters as the Purchaser may reasonably request.

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(c)    The Purchaser and the Indenture Trustee shall have each received signature and incumbency certificates executed by the authorized officers of the Issuer, to enable each of them to enter into the Transaction Documents to which such entity is a party.
(d)    The Purchaser and the Indenture Trustee shall have received a closing certificate from Issuer, containing (i) the certificate of incorporation or articles of organization of the Issuer, (ii) certified bylaws, (iii) a good standing certificate  from its jurisdiction of organization and (iv) resolutions of the board of directors authorizing and approving the execution, delivery and performance of the Transaction Documents and the obligations thereunder to which the Issuer is a party and the transactions contemplated thereby.
(e)    The representations and warranties of the Issuer set forth in Section 3.1 hereof and in the other Transaction Documents shall be true and correct on the date hereof.
(f)    No Default or Event of Default has occurred and is continuing.
(g)    All corporate and other proceedings in connection with the transactions contemplated hereby and the other Transaction Documents, and all documents, opinions and certificates incident thereto shall be satisfactory in form and in substance to the Purchaser. 
(h)    All governmental and third party approvals necessary in connection with the continuing operations of the Issuer and the transactions contemplated hereby shall have been obtained and be in full force and effect.
(i)    The Indenture Trustee shall have received the certificates representing the Pledged Collateral as defined in and pledged pursuant to the Pledge Agreement and the Indenture. UCC financing statements contemplated by the Security Documents shall have been recorded in the appropriate filing office.
(j)    The Issuer shall have delivered to the Indenture Trustee on, or before, the Closing Time the Purchaser’s Notes for delivery of the Note to the Purchaser in compliance with Section 1.1 hereof.
Section 2.2        Issuer’s Acceptance. The Issuer’s acceptance of the Purchase Price for the Note issued on the Initial Issue Date or Additional Issue Date, as applicable, shall be the Issuer’s acknowledgement to the Purchaser that the conditions to closing set forth in Section 2.1 have been complied with or otherwise waived as of such date. 
Section 2.3        Purchaser’s Waiver of Compliance. The Purchaser may in its sole discretion waive compliance with any conditions to the obligations of the Purchaser set forth in Section 2.1 hereof.

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SECTION III.REPRESENTATIONS AND WARRANTIES

Section 3.1        Representations and Warranties of the Issuer. The Issuer hereby represents and warrants to the Indenture Trustee and the Purchaser that as of the Initial Issue Date or any Additional Issue Date, as applicable:
(a)    Organization and Good Standing.  Each of the  Issuer and its Significant Subsidiaries has been duly formed and is validly existing and in good standing under the laws of its state of organization or incorporation, as applicable, with all requisite corporate or other power and authority to own, lease and use its properties (whether real, personal, tangible or intangible or of any kind whatsoever) and to conduct its business as presently conducted and has the power and authority to own and convey all of its properties(whether real, personal, tangible or intangible or of any kind whatsoever) and to execute and deliver this Agreement and the Transaction Documents to which it is a party and to perform the transactions contemplated hereby and thereby. Each of the Issuer and its Significant Subsidiaries is duly qualified and authorized to do business as a foreign corporation (or other business entity) in each jurisdiction where the character of its assets or the nature of its activities makes such qualification and authorization necessary except where failure to be so qualified or be in good standing could not reasonably be expected to have a Material Adverse Effect. For the purpose of this Agreement, “Material Adverse Effect” shall mean a material adverse effect on (a) the condition (financial or otherwise), business, performance, operations or properties of the Issuer or the Issuer and its Significant Subsidiaries taken as a whole, (b) the ability of the Issuer to perform its obligations under this Agreement and the other Transaction Documents, (c) the validity or enforceability of the Transaction Documents or the rights or remedies of the Purchaser hereunder or thereunder or of the Liens created by any of the Security Documents, or (d) the value of the Collateral, taken as a whole.
(b)    Binding Obligation.  Execution, delivery and performance of this Agreement and the other Transaction Documents to which  the Issuer is a party have each been duly executed and delivered on behalf of the Issuer by its duly authorized officers and this Agreement and each other Transaction Document to which the Issuer is a party constitutes a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with  their respective terms except as enforcement thereof may be limited by applicable bankruptcy, insolvency, moratorium or other similar laws affecting creditors’ rights and by general principles of equity. No Consent Required.  No consent of, or other action by, and no notice to or filing with, any Governmental Authority or any other party, is required for the due execution, delivery and performance by the Issuer of this Agreement or any of the other Transaction Documents or for the perfection of or the exercise by the Indenture Trustee or the Purchaser of any of their rights or remedies thereunder which have not been duly obtained. For the purpose of this Agreement, “Governmental Authority” shall mean (i) the government of the United States of America; (ii) any other international, multinational, national, federal, provincial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau, ministry, agency or instrumentality, domestic or foreign; (iii) any subdivision or authority of any of the above; (iv) any quasi-governmental or private body exercising any regulatory, 

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expropriation or taxing authority under or for the account of any of the foregoing; or (iv) any stock exchange.
(c)    No Violation.  Execution, delivery and performance of this Agreement and the other Transaction Documents to which the Issuer is party and the consummation of the transaction contemplated by this Agreement and the Indenture, including the issuance of the Notes, and the fulfillment of the terms hereof is within the Issuer’s corporate power and does not conflict with, result in any material breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the organizational documents of the Issuer, or any indenture, agreement or other instrument to which the Issuer is a party or by which it is bound; nor violate any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Security Documents).
(d)    No Proceedings.  There is no pending or, to such Issuer’s knowledge, threatened action, suit or proceeding, including without limitation, any bankruptcy proceeding or governmental investigation, nor any injunction, writ, restraining order or other order of any nature (each, a “Proceeding”) pending or threatened against or affecting the Issuer, its officers or directors, or the property of the Issuer, in any court or tribunal, or before any arbitrator of any kind or before or by any Governmental Authority (i) asserting the invalidity of this Agreement or any of the Transaction Documents, (ii) seeking to prevent the pledge of any of the Collateral or the consummation of any of the transactions contemplated thereby, (iii) seeking any determination or ruling that might materially and adversely affect (A) the performance by the Issuer of this Agreement or any of the Transaction Documents or the interests of the Purchaser in the Collateral or (B) the validity or enforceability of this Agreement or any of the Transaction Documents or (iv) asserting a claim for payment of money adverse to the Issuer or the conduct of its business or which is inconsistent with the due consummation of the transactions contemplated by this Agreement or any of the Transaction Documents, in each case, other than any Proceeding that is disclosed in the Issuer’s filings posted on the SEC Edgar website, in the draft 10-K for the year ended December 31, 2015 that has been furnished to the Purchaser (the “Draft 10-K”), or that would not reasonably be expected to have a Material Adverse Effect.
(e)    Issuer Not Insolvent.  The Issuer, as of the date hereof, is and after giving effect to the consummation of the transactions contemplated by this Agreement and the other Transaction Documents, will be, solvent, able to pay its indebtedness as it matures and will have capital sufficient to carry on its businesses and all business in which it is about to engage.  The Issuer does not intend to nor does management of the Issuer believe the Issuer will incur debts beyond its ability to pay as they mature.  The Issuer does not contemplate filing a petition in bankruptcy or for an arrangement or reorganization under the Bankruptcy Code or any similar law of any jurisdiction now or hereafter in effect relating to the Issuer, nor does the Issuer have any knowledge of any threatened bankruptcy or insolvency proceedings against the Issuer..

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(f)    Name.  The legal name of the Issuer is as set forth in the signature page of this Agreement and the Issuer does not have any tradenames, fictitious names, assumed names or “doing business as” names.
(g)    Financial Statements.  The audited consolidated balance sheets of the Issuer as at December 31, 2014 and December 31 2013, and the related consolidated statements of income and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from Grant Thornton LLP, present fairly the consolidated financial condition of the Issuer as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended.  The unaudited consolidated balance sheet of the Issuer as at December 31, 2015, and the related unaudited consolidated statements of income and cash flows for the 12-month period ended on such date in the Draft 10-K, present fairly the consolidated financial condition of the Issuer as at such date, and the consolidated results of its operations and its consolidated cash flows for the twelve-month period then ended.  All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein).
(h)    No Change.  Except as disclosed in the Issuer’s filings posted on the SEC Edgar website or in the Draft 10-K, since December 31, 2015, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect. Since December 31, 2015, there has been no material adverse change in the business, operations, condition, property or prospects (financial or otherwise) of the Issuer or the Issuer and its Significant Subsidiaries, taken as a whole. To the best knowledge of the Issuer, as of the Initial Issue Date or Additional Issue Date, as applicable, (i) the Issuer does not have any material contingent obligations (including any liability for taxes) not disclosed by or reserved against in the consolidated financial statements to be included in the Draft 10-K, and (ii) there are no unrealized or anticipated losses from any present commitment of the Issuer which contingent obligations and losses in the aggregate could reasonably be expected to have a Material Adverse Effect
(i)    Ownership of Properties; Liens.  The Issuer has good title to, or a valid leasehold interest in, (i) all Collateral owned by it and (ii) all of its property that is essential to its business as conducted on the Initial Issue Date or Additional Issue Date, as applicable, and none of such Collateral or other property is subject to any Lien except as contemplated by the Security Documents.
(j)    Taxes.  The Issuer has filed or caused to be filed all Federal, state and other material tax returns that are required to be filed and has paid all United States federal, state, local and other taxes that have become due and payable on said returns or on any tax assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Issuer); no tax Lien has been filed, and, to the knowledge of the Issuer, no claim is being asserted, with respect to any such tax, 

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fee or other charge, except as disclosed in the Issuer’s filings posted on the SEC Edgar website or in the Draft 10-K.
(k)    Federal Regulations.  No part of the proceeds of the sale of any Notes, will be used for “buying” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect for any purpose that violates the provisions of the regulations of the Board of Governors of the Federal Reserve System of the United States (or any successor) (the “Board”).  If requested by the Purchaser or the Indenture Trustee, the Issuer will furnish to the Indenture Trustee and each Holder a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U.
(l)    Public Company.  The common stock of the Issuer is publicly traded on The New York Stock Exchange under the symbol “EMG.” The Issuer has timely filed with or furnished to the SEC all reports required to be filed or submitted by it with the SEC or mailed to its shareholders pursuant to the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), the United States Securities Exchange Act of 1934, as amended (the “U.S. Exchange Act”) or rules promulgated thereunder (“Issuer SEC Reports”).  As of their respective dates (or, if any of the Issuer SEC Reports were amended, as of the date such amendment was filed with the SEC), each Issuer SEC Report, including any financial statements or schedules included therein and as amended, if amended, (i) complied in all material respects with all applicable requirements of the U.S. Securities Act and the U.S. Exchange Act, as the case may be, and the applicable rules promulgated thereunder and (ii) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.  No event or fact known to the Issuer since the date of the last Issuer SEC Report, other than as set forth in the Draft 10-K to be filed with the SEC, has occurred that would require the Issuer to file a Current Report on Form 8-K other than the execution of this Agreement and the other Transaction Documents or that could reasonably be expected to have a Material Adverse Effect on the Issuer or the Issuer and its Significant Subsidiaries. The Chief Executive Officer and Chief Financial Officer of the Issuer have made all certifications (without qualification or exception to the matters certified) required by, and would be able to make such certifications (without qualification or exception to the matters certified) if required to do so as of such dates pursuant to the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and any related rules and regulations promulgated by the SEC, and the statements contained in any such certifications are complete and correct and is otherwise in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act and the applicable rules of the New York Stock Exchange. 
(m)    Investment Company Act; Other Regulations.  The Issuer is not, and after receipt of the proceeds from the Notes will not be, an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.  The Issuer is not subject to regulation under any Requirement of Law (other than Regulation X of the Board) that limits its ability to incur Indebtedness.
(n)    Accuracy of Information.  No statement or information contained in this Agreement, any other Transaction Document, the Draft 10-K or any other document, certificate or 

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statement furnished by or on behalf of the Issuer to the Indenture Trustee or the Purchaser, or any of them, for use in connection with the transactions contemplated by this Agreement or the other Transaction Documents, contained as of the date such statement, information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained herein or therein not misleading.  
(o)    Security Documents.  Each of the Indenture and each Security Document is effective to create in favor of the Indenture Trustee, for the benefit of the Purchaser, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof.  In the case of the Pledged Collateral described in the Pledge Agreement and the Indenture, when certificates representing such Collateral are delivered to the Indenture Trustee (together with a properly completed and signed power or endorsement), combined with the filing of financing statements in appropriate form and the delivery of a notice of assignment by way of security to Blue Heron (“Blue Heron”) in respect of the PPNs (as defined on Exhibit A to the Pledge Agreement), in the case of the deposit account into which the Litigation Proceeds are to be deposited, when an account control agreement meeting the requirements of Section 9-104(a)(2) of the UCC has been entered into by the Indenture Trustee, the depository bank and the account holder with respect to such deposit account, and in the case of the other Collateral described herein and the Security Documents, when financing statements and other filings in appropriate form are filed, the Indenture and each Security Document shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Issuer in such Collateral and the proceeds thereof, as security for the Secured Obligations.
(p)    No Solicitation. No form of “general solicitation” or “general advertising” (as such terms are defined in Regulation D under the U.S. Securities Act) was used by the Issuer or its representatives in connection with the offer and sale of the Notes. Neither the Issuer nor any of its representatives has taken or will take any action that would constitute a public offering of the Notes in the United States within the meaning of Section 4(a)(2) of the U.S. Securities Act. Neither the Issuer nor any of its representatives has engaged in or will engage in any “directed selling efforts” (as such term is defined in Rule 902(c) of Regulation S under the U.S. Securities Act) or has taken or will take any action that would cause the exemption afforded by Rule 506(b) of Regulation D under the U.S. Securities Act or the exclusion from registration afforded by Rule 903 of Regulation S to be unavailable for offers and sales of Notes in accordance with this Agreement.  No investors were solicited or otherwise approached by the Issuer or any representative of the Issuer for the purpose of offering the Notes for sale who were not institutional investors.  The Issuer has not issued or sold any Notes within the six-month period immediately preceding the date hereof or securities that could be integrated with the Notes other than Initial Notes under the Indenture.  Neither the Issuer nor any representative on its behalf has offered or sold, nor will any of them offer or sell, any Notes in any manner that would render the issuance and sale of the Notes a violation of the U.S. Securities Act or any state securities or “Blue Sky” laws, or require registration pursuant thereto, nor has any of them authorized, nor will any authorize, any Person to act in such manner.
(q)    Registration Exemption.  The offer and sale of the Notes to the Purchaser in the manner contemplated by this Agreement will offered and sold pursuant to available exemptions from the registration requirements of the U.S. Securities Act and accordingly will be exempt from 

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the registration requirements of the U.S. Securities Act and it is not necessary to qualify an indenture in respect of the Notes.  The Indenture is not required to be qualified under the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Agreement. 
(r)    Third Party Beneficiary.  The Issuer acknowledges and agrees that the Indenture Trustee is a third-party beneficiary of this Section 3.1 and the other provisions of this Agreement related hereto (including, without limitation, Section IV) and shall have the right to enforce such third-party beneficiary rights.
(s)    Bad-Actor Requirements.  With respect to the Notes to be offered and sold in the United States in reliance on Rule 506(b) of Regulation D under the U.S. Securities Act hereunder, none of the Issuer, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Issuer participating in the offering, any beneficial owner of 20% or more of the Issuer’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the U.S. Securities Act) connected with the Issuer in any capacity at the time of sale (each, an "Issuer Covered Person" and, together, "Issuer Covered Persons") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) of Regulation D under the U.S. Securities Act (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) of Regulation D. The Issuer has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.
(t)    Filings.  With respect to Notes that are offered and sold in the United States in reliance on Rule 506(b) of Regulation D, the Issuer will complete and file with the SEC a Notice on Form D within 15 days after the first sale of Notes pursuant to Rule 506(b) of Regulation D, and will make such filings with any applicable state securities commission as may be required by state law. With respect to Notes that are offered and sold outside of the United States, the Issuer will complete and file all necessary filings with any applicable Government Authority as may be required by any law, rule, regulation or order of any such applicable Government Authority.
(u)    Availability of Regulation D.      The Issuer has not been subject to any order, judgment or decree of any court of competent jurisdiction temporarily, preliminarily or permanently enjoining such person for failure to comply with Rule 503 of Regulation D under the U.S. Securities Act.
(v)    Integration.  The Issuer has not offered or sold, for a period of six months prior to the commencement of the offering of the Notes, and will not offer or sell, any securities in a manner that would be integrated with the offer and sale of the Notes and would cause the exemption from registration provided by Rule 506 of Regulation D under the U.S. Securities Act (“Regulation D”) to be unavailable for offers and sales of the Notes in accordance with this Agreement.
(w)    General Solicitation or Advertising.  None of the Issuer or its Significant Subsidiaries or any person acting on any of their behalf has offered or will offer to sell, or has solicited or will solicit offers to buy Notes in the United States by means of any form of “general solicitation” or “general advertising” (as such terms are defined in Regulation D) or has taken or 

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will take any action that would constitute a public offering of the Notes in the United States within the meaning of Section 4(a)2 of the U.S. Securities Act.
(x)    Directed Selling Efforts.  During the period in which Notes are offered for sale, none of the Issuer, its Significant Subsidiaries, or any person acting on any of their behalf has engaged in or will engage in any “directed selling efforts,” as such term is defined in Regulation S under the U.S. Securities Act (“Regulation S”) or has taken or will take any action that would cause the exclusion from registration afforded by Rule 903 of Regulation S to be unavailable for offers and sales of Notes in accordance with this Agreement.
(y)    Use of Proceeds.  The Issuer will not access, use or withdraw the proceeds of the Notes until such time as (i) the Lien on, and security interest in, all right, title and interest of the Issuer in the Collateral (other than the Litigation Proceeds and the Pledged Deposit Accounts), as security for the Secured Obligations, has been perfected and constitutes and creates a fully perfected Lien; (ii) an Opinion of Counsel has been delivered to the Indenture Trustee that the Security Documents (other than the Account Control Agreement) are valid and enforceable against the Issuer and constitute and create a fully perfected Lien on, and security interest in, all right, title and interest of the Issuer in the Collateral (other than the Litigation Proceeds and the Pledged Deposit Accounts), as security for the Secured Obligations; and (iii) the Issuer has complied with its other obligations under Section 4.11 of the Indenture (other than with respect to the Account Control Agreement). 
(z)    Deposit of Proceeds. The Issuer will deposit the proceeds from the issuance of any Notes into (i) a Pledged Deposit Account or (ii) a New Issuer Deposit Account with respect to which a New Issuer Deposit Account Control Agreement is in effect. As of the Initial Issue Date, the Issuer does not have any deposit accounts established with a banking institution in the Issuer’s name with a balance of $100,000 or more other than the Pledged Deposit Accounts.
Section 3.2        Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Issuer, on behalf of itself, and not on behalf of or jointly and severally with any other Purchaser, that as of the date hereof:
(a)    Due Authorization.  This Agreement has been duly authorized by the Purchaser and, on the Initial Issue Date or Additional Issue Date, as applicable, will have been duly executed and delivered by the Purchaser.
(b)    Binding Obligation.  Assuming the due authorization, execution and delivery thereof by the other parties thereto, this Agreement constitutes a valid and legally binding obligation of the Purchaser, enforceable in accordance with its respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.
(c)    No Violation.  The execution, delivery and performance of this Agreement by the Purchaser and compliance with the terms and provisions hereof will not result in a breach or violation of any of the terms and provisions of, or constitute a default under or conflict with, (i) any statute, rule, regulation or order of any governmental agency or body or any court, domestic 

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or foreign, having jurisdiction over the Purchaser or any of its properties, (ii) any agreement or instrument to which the Purchaser is a party or by which the Purchaser is bound or to which any of the properties of the Purchaser is subject, or (iii) the organizational documents of the Purchaser.
(d)    Purchaser Letter. The Purchaser hereby delivers a letter in the form of Exhibit A hereto (a “Purchaser Letter”) to the Issuer and makes the representations and warranties set forth in the Purchaser Letter to the Issuer. 
(e)    U.S. Securities Act. The Purchaser represents and warrants that it is either (i) in the United States or a U.S. Person (as defined in Rule 902(k) of Regulation S under the U.S. Securities Act) and purchasing the Notes as an “accredited investor”, as defined in Rule 501(a) of Regulation D under the U.S. Securities Act, or (ii) or a non-“U.S. Person” (as such term is defined in Rule 902(k) of Regulation S under the U.S. Securities Act) and, in either case, that it will transfer interests in any Note only in accordance with the Indenture and applicable law.
SECTION IV.    INDEMNIFICATION

The Issuer agrees to indemnify and hold harmless each of the Purchaser and its affiliates (including, without limitation, controlling persons) and each member, partner, director, officer, employee, shareholder, advisor, agent, affiliate, successor, partner, representative and assign of each of the forgoing (each an “Indemnified Person”) from and against any and all actions (including shareholder actions, derivative or otherwise), suits, investigation, inquiry, claims, losses, damages, liabilities, joint or several, expenses or proceedings of any kind or nature whatsoever which may be incurred by or asserted against or involve any such Indemnified Person as a result of or arising out of or in any way related to or resulting from the Transaction Documents, the use of proceeds thereof or the other transactions contemplated thereby (regardless of whether any such Indemnified Person is a party thereto and regardless of whether such matter is initiated by a third party or otherwise) (any of the foregoing, a “Proceeding”), and the Issuer jointly and severally agrees to reimburse each Indemnified Person upon demand for any legal or other out-of-pocket expenses incurred in connection with investigating, defending, preparing to defend or participating in any such Proceeding; provided, however, that no Indemnified Person will be indemnified for any such cost, expense or liability to the extent determined by a final, nonappealable judgment of a court of competent jurisdiction to have resulted solely from the gross negligence, bad faith or willful misconduct of such Indemnified Person.  In the case of any Proceeding to which the indemnity in this paragraph applies, such indemnity and reimbursement obligations shall be effective, whether or not such Proceeding is brought by the Issuer or its securityholders or creditors, an Indemnified Person or any other person, or an Indemnified Person is otherwise a party thereto and whether or not any aspect of the Transaction Documents or the transactions thereunder are consummated.  Notwithstanding any other provision of the Transaction Documents, (i) no Indemnified Person shall be responsible or liable for damages arising from the unauthorized use by others of information or other materials obtained through internet, electronic, telecommunications or other information transmission and (ii) no Indemnified Person shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Issuer, or any its securityholders or creditors arising out of, related 

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to or in connection with the Transaction Documents or the other transactions contemplated thereby, except to the extent of direct (as opposed to special, indirect, consequential or punitive) damages determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted solely from such Indemnified Person’s gross negligence, bad faith or willful misconduct, and it is further agreed that the Purchaser shall have liability (if any) only to the Issuer (as opposed to any other Person) and that the Purchaser shall be liable solely in respect of its own commitment under the Transaction Documents on a several, and not joint, basis with any other Purchaser.
The Issuer will not, without the prior written consent of the Indemnified Person, settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any Proceeding in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional release of each Indemnified Person from all liability arising out of such Proceeding 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 such Indemnified Person.
SECTION V.    MISCELLANEOUS

Section 5.1        Amendments and Waivers. This Agreement may only be amended in writing by all of the parties hereto (other than as expressly set forth in Section 2.3 hereof).
Section 5.2        Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing, and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or, in the case of mail notice, when received, addressed as follows in the case of the Issuer and in the case of the Purchaser, as set forth on the signature page  or, to such other address as may be hereafter notified to the Indenture Trustee by the respective parties hereto:
		
	The Issuer:
	Emergent Capital, Inc.

5355 Town Center Road, Suite 701 
Boca Raton, FL 33486
Attention of:  Office of the General Counsel

Section 5.3        No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any party hereto, any right, remedy, power or privilege under any of the Transaction Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege under any of the Transaction Documents preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided in the Transaction Documents are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

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Section 5.4        Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Issuer and the Purchaser, and their respective successors and assigns, provided that the Issuer may not assign its rights hereunder without prior written consent from the Purchaser.
Section 5.5        Counterparts. This Agreement may be executed by the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Section 5.6        Severability. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provisions in any other jurisdiction.
Section 5.7    Governing Law. THIS AGREEMENT, OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, THE RELATIONSHIP OF THE PARTIES HERETO AND THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK.
Section 5.8        Termination. This Agreement shall remain in full force and effect until the payment in full of the principal of and interest on the Notes and all other amounts payable to the Purchaser or the Indenture Trustee under the Transaction Documents. 
Section 5.9        Limited Recourse; No Proceedings. The obligations of the Issuer under this Agreement are solely the obligations of the Issuer. No recourse shall be had for the payment of any fee or other obligation or claim arising out of or relating to this Agreement or any other agreement, instrument, document or certificate executed and delivered or issued by the Issuer, or any officer of it in connection therewith, against any partner, member, stockholder, employee, officer, director or incorporator of the Issuer.
Section 5.10    Legal Counsel.  Foley & Lardner LLP is acting as legal counsel to the Issuer in connection with this Agreement and the offering contemplated herein.  Purchaser hereby consents to such representation and acknowledges that Foley & Lardner LLP will not and has not represented the Purchaser in connection with this Agreement and the offering contemplated herein and that the Purchaser has been advised to obtain independent legal counsel with respect to such matters.

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Section 5.11    Survival of Representations and Warranties and Indemnification.  All representations and warranties made and indemnification provided hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the other Transaction Documents, the purchase or transfer by the Purchaser of any Note or portion thereof or interest therein, the payment of any Note and the termination of this Agreement and shall continue in full force and effect notwithstanding the termination of or under this Agreement or the other Transaction Documents. All statements contained in any certificate or other instrument delivered by or on behalf of the Issuer pursuant to this Agreement shall be deemed representations and warranties of the Issuer under this Agreement.
Section 5.12    Submission to Jurisdiction; Waivers. THE ISSUER AND THE PURCHASER HEREBY IRREVOCABLY AND UNCONDITIONALLY:
(1)    SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT TO WHICH IT IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK LOCATED IN NEW YORK COUNTY, AND APPELLATE COURTS FROM ANY THEREOF;
(2)    CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;
(3)    AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS SET FORTH IN SECTION 5.2 OR AT SUCH OTHER ADDRESS OF WHICH THE INDENTURE TRUSTEE SHALL HAVE BEEN NOTIFIED PURSUANT THERETO; AND
(4)    AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION.

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Section 5.13    WAIVERS OF JURY TRIAL. THE ISSUER AND THE PURCHASER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT RELATED HERETO AND FOR ANY COUNTERCLAIM THEREIN.
Section 5.14    Authorization for Indenture Trustee.  The delivery to the Indenture Trustee and the Purchasers of an opinion of counsel as described in Section 4.11 of the Indenture with respect to each of the Irish Share Charge, the Pledged Irish Profit Participating Note Assignment, any Deposit Account Control Agreement or any Litigation Proceeds Account Control Agreement shall be deemed to be conclusive authorization by the Purchasers on which the Indenture Trustee may exclusively rely, and by its receipt of such an opinion of counsel the Indenture Trustee shall be fully protected, in executing and delivering each such agreement and any document or instrument contemplated thereby, without any obligation to determine or confirm the advisability or suitability thereof on behalf of the Purchasers.

    

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers as of the day and year first above written.
EMERGENT CAPITAL, INC., as Issuer
By:    
      Name:    
      Title:    

[Note Purchase Agreement Signature Page]

PURCHASER:

By:            
Name:    
Title:    

Address for Section 5.2 Notices:
                        
________________________________________
________________________________________
________________________________________
________________________________________

    

    

[Note Purchase Agreement Signature Page – Purchaser]

-i-EX-4.7

 Exhibit 4.7 

INTERNATIONAL FLAVORS & FRAGRANCES INC. 

as Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 Dated as of March 14, 2016 

to 
 BASE INDENTURE 

Dated as of March 2, 2016 

€500,000,000 1.75% SENIOR NOTES DUE 2024 

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		
	ARTICLE I	  	
		
	DEFINITIONS	  	
			
	SECTION 1.01.	  	Definitions of Terms	  	1
		
	ARTICLE II	  	
		
	THE NOTES	  	
			
	SECTION 2.01.	  	Designation and Terms of the Notes	  	5
	SECTION 2.02.	  	Currency and Denomination	  	6
	SECTION 2.03.	  	Form of Notes	  	6
	SECTION 2.04.	  	Registrar and Paying Agent	  	7
	SECTION 2.05.	  	Place of Payment; Transfer and Exchange	  	7
	SECTION 2.06.	  	No Sinking Fund	  	7
		
	ARTICLE III	  	
		
	REDEMPTION AND REPURCHASE OF THE NOTES	  	
			
	SECTION 3.01.	  	Optional Redemption by the Company	  	7
	SECTION 3.02.	  	Offer to Repurchase Upon Change of Control Triggering Event	  	8
	SECTION 3.03.	  	Redemption for Tax Reasons	  	9
		
	ARTICLE IV	  	
		
	COVENANTS	  	
			
	SECTION 4.01.	  	Additional Covenants	  	9
	SECTION 4.02.	  	Limitations on Sale and Lease-Back Transactions	  	11
		
	ARTICLE V	  	
		
	PAYMENT OF ADDITIONAL AMOUNTS	  	
			
	SECTION 5.01.	  	Payment of Additional Amounts	  	11
	SECTION 5.02.	  	No Other Requirements	  	13
		
	ARTICLE VI	  	
			
	SECTION 6.01.	  	General	  	14
	SECTION 6.02.	  	Other Coin or Currency Units	  	14
		
	ARTICLE VII	  	
		
	MISCELLANEOUS	  	
			
	SECTION 7.01.	  	Ratification of Indenture	  	14
	SECTION 7.02.	  	Counterparts	  	14

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 7.03.
	  	Separability	  	 	14	  
	 SECTION 7.04.
	  	Governing Law; Jury Trial Waiver	  	 	14	  
	 SECTION 7.05.
	  	Conflicts with Trust Indenture Act	  	 	15	  
	 SECTION 7.06.
	  	Effect of Headings	  	 	15	  
	 SECTION 7.07.
	  	Effect on Successors and Assigns	  	 	15	  
	 SECTION 7.08.
	  	Patriot Act	  	 	15	  
	 SECTION 7.09.
	  	Trustee Disclaimer; Incorporation by Reference	  	 	15	  

  
 -ii- 

 FIRST SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”), dated as of
March 14, 2016 (the “Supplemental Indenture”), between International Flavors & Fragrances Inc., a New York corporation (the “Company”), and U.S. Bank National Association, as trustee (the
“Trustee”): 
 WHEREAS, the Company executed and delivered a base indenture, dated as of March 2, 2016 (the
“Base Indenture, and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to provide for, among other things, the issuance from time to time of
the Company’s debt securities in one or more series as might be authorized under the Indenture; 
 WHEREAS, the Base Indenture provides
that the Company may enter into an indenture supplemental to the Base Indenture to establish the form and terms of any series of Securities (as defined in the Base Indenture) as provided by Section 2.01 of the Base Indenture; 

WHEREAS, the Company desires to enter into this Supplemental Indenture to provide for the establishment of a series of Securities to be known
as the 1.75% Senior Notes due 2024 (the “Notes”), the form, substance, terms, provisions and conditions of which are set forth in the Indenture; 

WHEREAS, all acts and requirements necessary to make this Supplemental Indenture, when executed and delivered by the parties hereto, the
legal, valid and binding obligations of the Company, in accordance with its terms, have been done. 
 NOW THEREFORE, each party agrees as
follows for the benefit of the other parties and for the equal and ratable benefit of the holders of the Notes: 
 ARTICLE I 

DEFINITIONS 

SECTION 1.01. Definitions of Terms. 

Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Base Indenture. The following
definitions supplement and, to the extent inconsistent with, replace the definitions in Article I of the Base Indenture with respect to the Notes: 

“Additional Amounts” has the meaning set forth in Section 5.01. 

“Additional Notes” has the meaning set forth in Section 2.01. 

“Applicable Law” has the meaning set forth in Section 7.08 

“Attributable Debt” as used with respect to a Sale and Lease-Back Transaction of a
Principal Property means, at the time of determination, the lesser of (1) the fair market value of the Principal Property leased (as determined in good faith by the Board of Directors of the Company) or (2) the present value of the total
net amount of rent required to be paid under such 

 
lease during the remaining term thereof (including any period for which such lease has been extended), discounted at the rate of interest set forth or implicit in the terms of such lease, as
determined in good faith by the Board of Directors of the Company, compounded semi-annually. In the case of any lease that is terminable by the lessee upon the payment of a penalty, such net amount shall be
the lesser of (x) the net amount determined assuming termination upon the first date such lease may be terminated (in which case the net amount shall also include the amount of the penalty, but no rent shall be considered as required to be paid
under such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) and (y) the net amount determined assuming no such termination. 

“Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in
The City of New York or The City of London are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor
thereto, operates. 
 “Change of Control” means the occurrence of any of the following: (1) the direct or indirect
sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of our properties or assets and of our subsidiaries’ properties or
assets taken as a whole to any “person” (as that term is used in Section 13(d)(3) and Section 14(d)(2) of the Exchange Act) other than us or one of our subsidiaries; (2) the adoption of a plan relating to our liquidation or
dissolution; (3) the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any “person” (as defined in clause (1) above) becomes the beneficial owner (as defined
in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of our then outstanding Voting Stock (measured by voting power rather than
number of shares); or (4) we consolidate with, or merge with or into, any Person, or any Person consolidates with, or merges with or into, us, in any such event pursuant to a transaction in which any of our outstanding Voting Stock or Voting
Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of our Voting Stock 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. 

“Change of Control Offer” has the meaning set forth in Section 3.02. 

“Change of Control Payment” has the meaning set forth in Section 3.02. 

“Change of Control Payment Date” has the meaning set forth in Section 3.02. 

“Change of Control Triggering Event” means the occurrence of both (1) a Change of Control and (2) a Ratings Event.
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 completed. 

“Code” has the meaning set forth in Section 5.01(b). 

  
 2 

 “Common Depositary” means the Depositary for the Notes, acting as the common
depositary for Euroclear and Clearstream, which initially shall be Elavon Financial Services Limited. 
 “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 (Bundesanleihe) whose maturity is closest to the
maturity of the Notes being 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 such independent investment bank, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Comparable Government Bond Rate” means 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, 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. 

“Consolidated Net Tangible Assets” as used herein means, as of any particular time, the total of all the assets appearing on
the most recent consolidated balance sheet of the Company and the Subsidiaries (less applicable reserves and other properly deductible items) after deducting therefrom: (i) all current liabilities, including current maturities of long-term debt and of obligations under capital leases; and (ii) the total of the net book values of all assets of the Company and the Subsidiaries properly classified as intangible assets under U.S. generally
accepted accounting principles (including goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangible assets). 

“Debt” has the meaning set forth in Section 4.01(a). 

“Euro” or “€” means the single currency introduced at the third stage of the European Monetary Union
pursuant to the Treaty establishing the European Community, as amended. 
 “FATCA” has the meaning set forth in Section
5.01. 
 “Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, if applicable, the equivalent investment grade credit rating from any substitute Rating Agency selected by the Company. 

“Lien” has the meaning set forth in Section 4.01(a). 

“Market Exchange Rate” means the noon buying rate in The City of New York for cable transfer of Euros as certified for
customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York. 

“Moody’s” means Moody’s Investors Service, Inc. 

  
 3 

 “Notes” has the meaning set forth in the recitals. 

“Noteholder,” “holder,” “holder of Notes,” “registered holder,” or other
similar term, means the Person or Persons in whose name or names a particular Note shall be registered on the books of the Company kept for that purpose in accordance with the terms of this Indenture. 

“Person,” as used herein, means any individual, corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization, limited liability company, government or any agency or political subdivision thereof or any other entity, and includes a “person” as used in Section 13(d)(3) of the Exchange Act. 

“Principal Property” means the land, improvements, building and fixtures (including any leasehold interest thereof)
constituting the principal corporate office, any manufacturing plant or any manufacturing or research or engineering facility (whether owned at or acquired after the date of the Indenture) that is owned or leased by the Company or a Restricted
Subsidiary, that is located within the continental United States and has a net book value at the time of the determination in excess of the greater of 10% of Consolidated Net Tangible Assets or $50 million, unless the Board of Directors has
determined in good faith that such property is not material to the operation of the business conducted by the Company and the Subsidiaries taken as a whole, provided, however, that the Company’s corporate office located at 521
West 57th Street, New York, New York 10019-2960 shall not be deemed a Principal Property. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases
to rate the notes or fails to make a rating of the notes publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by us (as certified by a resolution of our board of directors) as a replacement agency for Moody’s or S&P, or both as the case may be. 

“Ratings Event” means the occurrence of the events described in (1) or (2) below on any date during the period
commencing 60 days prior to the date of the public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control (the
“Trigger Period”), which Trigger Period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies: (1) in the event the Notes are
rated by both Rating Agencies as Investment Grade, the rating of the Notes shall be reduced so that the Notes are rated below Investment Grade by both Rating Agencies, or (2) in the event the Notes are rated Investment Grade by one Rating
Agency and below Investment Grade by the other Rating Agency, the rating of the Notes by either Rating Agency shall be decreased by one or more gradations (including gradations within rating categories, as well as between rating categories) so that
the Notes are then rated below Investment Grade by both Rating Agencies. 
 “Restricted Subsidiary” means any Subsidiary
(i) substantially all of whose property is located within the continental United States, (ii) which owns a Principal Property and (iii) in which the Company’s investment exceeds 1% of the aggregate amount of assets included on a
consolidated balance sheet of the Company and its Subsidiaries as of the end of the last fiscal quarter for which financial information is available. However, the term “Restricted Subsidiary” shall exclude any Subsidiary that is
principally engaged in the leasing and financing of real property. 

  
 4 

 “Sale and Lease-Back Transaction” means
any arrangement with any Person providing for the leasing by the Company or any Restricted Subsidiary of any Principal Property, whether owned at the date of this Indenture or thereafter acquired (excluding temporary leases of a term, including
renewal periods, of not more than three years), that has been or is to be sold or transferred by the Company or any Restricted Subsidiary to such Person with the intention of taking back a lease of this property. 

“S&P” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc. 
 “United States Person” means a citizen or individual
resident of the United States, a corporation (or other entity that is treated as a corporation for U.S. federal income tax purposes) that is created or organized in or under the laws of the United States, or any State thereof or the District of
Columbia, an estate whose income is subject to U.S. federal income tax regardless of its source, or a trust (i) if a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S. persons are authorized to
control all substantial decisions of the trust, or (ii) that validly elects to be treated as a U.S. person for U.S. federal income tax purposes. 

ARTICLE II 
 THE
NOTES 
 SECTION 2.01. Designation and Terms of the Notes. 

(a) The Company hereby creates one series of securities designated “1.75% Senior Notes due 2024” issued pursuant to this
Supplemental Indenture. 
 (b) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is
unlimited. The Notes shall be issued initially in an aggregate principal amount of €500,000,000. 
 (c) The Company may, from time to
time, without the consent of the holders of the Notes and in accordance with this Indenture, create and issue additional Notes ranking equally and ratably with, having the same terms and conditions as, the Notes in all respects (other than the
original issuance date, the issue price and, under certain circumstances, the first payment of interest) (“Additional Notes”) so as to form a single series with the Notes, including for purposes of voting and redemptions,
provided that any such further securities shall be fungible with the Notes for U.S. federal income tax purposes. 
 (d) Unless
previously redeemed or repurchased in accordance with Article III of this Supplemental Indenture, the Notes will become due and payable on March 14, 2024. 

  
 5 

 (e) The Notes will bear interest at the rate of 1.75% per annum, computed on the basis of
the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was 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 Market Association). 

(f) The Interest Payment Date for the Notes shall be March 14 of each calendar year, beginning on March 14, 2017, to holders of
record at the close of business on the fifteenth calendar day (whether or not that date is a Business Day), immediately preceding such Interest Payment Date (each such date, a “Regular Record Date”) and on the Maturity. Interest on
the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. 

SECTION 2.02. Currency and Denomination. 

(a) The Notes shall be issued in minimum denominations of €100,000 and in integral multiples of €1,000 above that amount. 

(b) Principal of, and premium, if any, and interest on, and Additional Amounts, if any, with respect to the Notes shall be payable in Euro.
However, 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 shall 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 Euro shall be converted into U.S. Dollars on the basis of the then most recently available Market Exchange Rate for Euro. Any payment in respect of the Notes so made in
U.S. Dollars shall not constitute an Event of Default under the Notes or the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for obtaining exchange rates, effecting conversions or otherwise handling redenominations.

 SECTION 2.03. Form of Notes. 

(a) The Notes shall be issued in the form of one or more Global Securities, substantially in the form set forth in Exhibit A, and
deposited with, or on behalf of, the Common Depositary and shall be registered in the name of USB Nominees (UK) Limited, or its nominee, for, and in respect of interests held through, Euroclear and Clearstream. 

(b) The provisions of the Base Indenture (including, but not limited to, Section 2.11 of the Base Indenture) relating to Global
Securities shall apply to the Notes. 
 (c) Any holder of a Global Security shall, by acceptance of such Global Security, agree that the
transfers of beneficial interests in such Global Security may be effected only through book-entry procedures maintained by the Common Depositary, and that, except as provided for in Section 2.11 of the
Base Indenture, ownership of a beneficial interest in the Notes represented thereby shall be required to be reflected in book-entry form. Transfers of a Global Security shall be limited to transfers in whole
and not in part, to the Common Depositary, its successors and their respective nominees. Interests of beneficial owners in a Global Security shall be transferred in accordance with the rules and procedures of Clearstream and Euroclear, or their
respective successors. 

  
 6 

 SECTION 2.04. Registrar and Paying Agent. 

The Company has, pursuant to that certain Agency Agreement dated March 14, 2016, initially appointed Elavon Financial Services Limited,
UK Branch as the Paying Agent and Elavon Financial Services Limited as the Registrar for the Notes. 
 SECTION 2.05. Place of
Payment; Transfer and Exchange. 
 The place or places where payments will be made, where the Notes may be surrendered for registration
of transfer, exchange or redemption and where notices may be given to the Company in respect of the Notes will initially be the office of the Paying Agent at Fifth Floor, 125 Old Broad Street, London EC2N 1AR, United Kingdom (or such other office of
the Paying Agent in London, United Kingdom as agreed to by the Company and the Paying Agent); provided, however, that the payment of interest may be made at the option of the Company by check mailed to the address of the Person
entitled thereto at such address as shall appear in the Security Register. 
 SECTION 2.06. No Sinking Fund. 

There shall be no sinking fund with respect to the Notes. 

ARTICLE III 

REDEMPTION AND REPURCHASE OF THE NOTES 

SECTION 3.01. Optional Redemption by the Company. 

The Company at its option may, at any time, redeem the Notes, in whole or in part, upon payment of a redemption price for the Notes to be
redeemed (the “Redemption Price”) equal to: 
 (a) prior to December 14, 2023, the greater of: 

(i) 100% of the principal amount of the Notes to be redeemed on that 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 on
that Redemption Date (not including any portion of any payment of interest accrued to the Redemption Date) discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Markets
Association)) at the applicable Comparable Government Bond Rate, plus 30 basis points; or 

  
 7 

 (b) on or after December 14, 2023, 100% of the principal amount of the Notes to be redeemed
on that Redemption Date; 
 plus, in each case, accrued and unpaid interest on the Notes being redeemed to, but excluding, the Redemption Date. 

If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable Depository procedures, in the
case of Notes represented by a Global Security, or by trustee, in accordance with the lot, in the case of Notes that are not represented by a Global Security; provided, however, that no Notes of a principal amount of €100,000 or
less shall be redeemed in part. 
 SECTION 3.02. Offer to Repurchase Upon Change of Control Triggering Event. 

(a) Upon a Change of Control Triggering Event, unless the Company has previously exercised any right to redeem the Notes pursuant to Section
3.01, each Noteholder will have the right to require the Company to repurchase all or any part (in minimum denominations of €100,000 or integral multiples of €1,000 in excess thereof) of such Holder’s Notes pursuant to the offer
described below (the “Change of Control Offer”) at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of
repurchase (the “Change of Control Payment”). Within 30 days following the date upon which the Change of Control Triggering Event occurs 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 shall mail a notice to each Noteholder (with a written copy of such notice to the Trustee) describing the transaction or transactions that constitute the Change of Control Triggering Event
and offering to repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to
the procedures required herein and described in such notice. 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 completed on or
prior to the Change of Control Payment Date. The Company shall 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 Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with this Section, the Company
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section by virtue of such conflicts. 

(b) The Company shall not be required to make a Change of Control Offer if a third party makes an offer to purchase the Notes at a purchase
price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, on such Notes to the date of purchase, in the manner, at the times and otherwise in compliance with the requirements for a Change of Control
Offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer. 

  
 8 

 (c) On the Change of Control Payment Date, the Company shall, to the extent lawful,
(i) accept for payment all the Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all the Notes or portions
of Notes properly tendered; and (iii) deliver or cause to be delivered to the Trustee for cancellation the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of the Notes or portions
thereof being purchased by the Company. The Paying Agent shall promptly mail to each holder of the Notes properly tendered the Change of Control Payment for such Notes, and the Trustee, upon receipt of a Company Request, shall promptly authenticate
and mail (or cause to be transferred by book entry) to each holder of the Notes a new Note equal in principal amount to any unpurchased portion of the Notes surrendered by such holder, if any, in denominations as set forth in this Supplemental
Indenture. 
 SECTION 3.03. Redemption for Tax Reasons. 

If as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or
any political subdivision or taxing authority thereof or therein), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or
becomes effective on or after March 7, 2016, the Company becomes or will become obligated, based upon a written opinion of independent counsel selected by the Company, to pay Additional Amounts with respect to the Notes as set forth in
Article V hereof, and such obligation cannot be avoided by the Company taking reasonable measures available to it, then the Notes may be redeemed at the option of the Company, in whole, but not in part, having given not less than 30 days nor
more than 60 days’ prior notice to the holders of the Notes, at a redemption price equal to 100% of the principal amount of the Notes being redeemed together with accrued and unpaid interest thereon, to, but excluding, the Redemption Date,
provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be obliged to pay Additional Amounts as a payment in respect of the Notes then due. 

ARTICLE IV 

COVENANTS 

SECTION 4.01. Additional Covenants. 

In addition to those covenants set forth in Article 4 of the Base Indenture, the Company shall comply with the following covenants: 

(a) Limitation on Liens. The Company agrees that it will not, nor will it permit any Restricted Subsidiaries to, issue, incur, create,
assume or guarantee any debt for borrowed money, collectively referred to as “Debt,” secured by any mortgage, deed of trust, security interest, pledge, lien, charge or other encumbrance, each a “Lien” and
collectively “Liens,” upon any Principal Property or shares of stock (or other equivalents of or interests in equity) or indebtedness of a Restricted Subsidiary without in any such case providing concurrently with the issuance,
incurrence, creation, assumption or guaranty of such secured 

  
 9 

 
Debt, or the grant of such Lien, that the Notes (together with, at the Company’s option, any other indebtedness of or guarantee by the Company ranking equally with the Notes) shall be
secured equally and ratably with (or, at the option of the Company, prior to) such secured Debt. The foregoing restriction, however, will not apply to: 

(1) Liens on property, shares of stock or indebtedness of a Person existing at the time such Person becomes a Restricted
Subsidiary, provided that such Liens are not created in anticipation of the transaction in which such Person becomes a Restricted Subsidiary; 

(2) Liens on property acquired by the Company or a Restricted Subsidiary existing at the time of acquisition by the Company or
a Restricted Subsidiary; 
 (3) Liens on property acquired by the Company or a Restricted Subsidiary and created prior to, at
the time of, or within 180 days after the acquisition thereof, or the completion of construction, the completion of improvements or the commencement of substantial commercial operation of such property, for the purpose of financing all or any part
of the purchase price thereof, such construction or the making of such improvements; 
 (4) Liens to secure indebtedness
owing to the Company or a Restricted Subsidiary; 
 (5) Liens existing on the date of the initial issuance of any Notes; 

(6) Liens on property, shares of stock or indebtedness of a Person existing at the time such Person is merged into or
consolidated with the Company or a Restricted Subsidiary or at the time of a sale, lease or other disposition of all or substantially all of the properties of a Person as an entirety or substantially as an entirety to the Company or a Restricted
Subsidiary, provided that such Lien was not incurred in contemplation of such merger or consolidation or sale, lease or other disposition; 

(7) Liens in favor of the United States of America or any state, territory or possession thereof (or the District of Columbia),
or any department, agency, instrumentality or political subdivision of the United States of America or any state, territory or possession thereof (or the District of Columbia) to secure partial, progress, advance or other payments pursuant to any
contract or statute or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of constructing or improving the property subject to such liens; or 

(8) extensions, renewals or replacements of any Lien referred to in the foregoing clauses (1) through (7) or of any
Debt secured thereby; provided, however, that such extension, renewal or replacement Lien shall secure no larger an amount of Debt than that existing at the time of such extension, renewal or replacement. 

  
 10 

 (b) Notwithstanding the restrictions in Section 4.01(a), the Company or a Restricted
Subsidiary may issue, incur, create, assume or guarantee Debt secured by a Lien which would otherwise be subject to the foregoing restrictions, without equally and ratably securing the Notes, provided that after giving effect thereto, the
aggregate amount of all Debt so secured by Liens (not including Liens permitted under clauses (1) through (8) above) does not exceed the greater of (1) 15% of Consolidated Net Tangible Assets or (2) $100 million. 

SECTION 4.02. Limitations on Sale and Lease-Back Transactions. 

(a) The Company covenants that it will not, nor will it allow the Restricted Subsidiaries to, enter into, any Sale and Lease-Back Transaction with respect to any Principal Property, other than any such transaction involving a lease for a term of not more than three years or any such transaction between the Company and one of the
Restricted Subsidiaries or between Restricted Subsidiaries, unless at the effective time of such transaction: 
 (1) the
Company or the Restricted Subsidiary would be entitled, pursuant to the covenant relating to Limitation on Liens set forth in Section 4.01, without equally and ratably securing the Notes, to incur Debt secured by a Lien on the Principal
Property involved in such transaction in an amount at least equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction; or 

(2) the Company or the Restricted Subsidiary applies, within 180 days of the effective date of the Sale and Lease-Back Transaction, an amount equal to the greater of (i) the net proceeds of such sale or (ii) the Attributable Debt with respect to such Sale and Lease-Back
Transaction, to either, or a combination of, (x) the prepayment or retirement, other than any mandatory retirement, mandatory prepayment or sinking fund payment or payment at Maturity, of debt for borrowed money of the Company or a Restricted
Subsidiary, other than debt subordinate to the Notes or debt to the Company or a Restricted Subsidiary, that matures more than 12 months after its creation or (y) the purchase, construction or development of other comparable property. 

ARTICLE V 
 PAYMENT
OF ADDITIONAL AMOUNTS 
 SECTION 5.01. Payment of Additional Amounts. 

(a) All payments in respect of the Notes shall be made by or on behalf of the Company free and clear of, and without deduction or withholding
for or on account of, any present or future taxes, duties, assessments or other governmental charges of whatever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United
States, unless such withholding or deduction is required by law. If such withholding or deduction is required by law, the Company will pay to a holder or beneficial owner who is not a United States person such additional amounts (the
“Additional Amounts”) as are necessary in order that the net payment received by such holder or beneficial owner, after such withholding or deduction, will not be less than the amount that such holder or beneficial owner would have
received absent such withholding or deduction. 

  
 11 

 (b) Notwithstanding the foregoing, the obligation to pay Additional Amounts under
Section 5.01(a) shall not apply: 
 (1) to any tax, assessment or other governmental charge that would not have been
imposed but for the holder or beneficial owner, a fiduciary, settlor, beneficiary, member or shareholder of the holder or beneficial owner, or a person holding a power over an estate or trust administered by a fiduciary holder or beneficial owner,
being treated as: 
  

	 	(i)	being or having been present in, or engaged in a trade or business in, the United States, being treated as having been present in, or engaged in a trade or business in, the United States, or having or having had a
permanent establishment in the United States; 

  

	 	(ii)	having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment in respect of the Notes or the enforcement of
any rights under the indenture), including being or having been a citizen or resident of the United States or treated as being or having been a resident thereof; 

  

	 	(iii)	being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for U.S. federal income tax purposes, a foreign tax exempt organization, or a corporation that
has accumulated earnings to avoid United States federal income tax; 

  

	 	(iv)	being or having been a “10-percent shareholder,” as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the
“Code”), or any successor provision, of the Company; or 

  

	 	(v)	being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, within the meaning of section 881(c)(3) of the Code or any
successor provision; 

 (2) to any beneficial owner that is not the sole beneficial owner of the Notes, or a
portion of the Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership or limited liability company
would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

  
 12 

 (3) to any tax, assessment or other governmental charge that would not have been
imposed but for the failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or
beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from
such tax, assessment or other governmental charge; 
 (4) to any tax, assessment or other governmental charge that is imposed
otherwise than by withholding or deducting by the Company or a Paying Agent from the payments of principal or interest on a Note; 

(5) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax,
assessment or other governmental charge; 
 (6) to any tax, assessment or other governmental charge that would not have been
imposed but for the presentation by the holder of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for,
whichever occurs later; 
 (7) to any tax, assessment or other governmental charge required to be withheld or deducted that
is imposed on a payment pursuant to Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections that is substantively comparable and not materially more onerous to comply with), any Treasury regulations promulgated
thereunder, or any other official interpretations thereof (collectively, “FATCA”), any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance
enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; 
 (8) any tax,
assessment or other governmental charge that is imposed or withheld solely 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; or 
 (9) in the case of any combination of items (1) through (8). 

SECTION 5.02. No Other Requirements. The Notes are subject in all cases to any tax, fiscal or other law or regulation or
administrative or judicial interpretation applicable to the Notes. Except as specifically provided under this Article 5, the Company shall not be required to make any payment for any tax, duty, assessment or governmental charge of whatever nature
imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision. 

  
 13 

 ARTICLE VI 

DEFEASANCE 

SECTION 6.01. General. The defeasance provisions under Article XI of the Base Indenture shall be applicable to the Notes. 

SECTION 6.02. Other Coin or Currency Units. Pursuant to Section 11.07 of the Base Indenture, the coin or currency unit to be
deposited with the Paying Agent under the provisions of Article XI of the Base Indenture shall be Euro. 
 ARTICLE VII 

MISCELLANEOUS 

SECTION 7.01. Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects
ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. The provisions of this Supplemental Indenture shall, subject to the terms hereof, supersede
the provisions of the Base Indenture to the extent the Base Indenture is inconsistent herewith. 
 SECTION 7.02. Counterparts.
This Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile
or PDF may be used in lieu of the originals shall be deemed to be their original signatures for all purposes. 
 SECTION 7.03.
Separability. In case any provision contained in this Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions of this Supplemental Indenture or of the Notes, but this Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

SECTION 7.04. Governing Law; Jury Trial Waiver. This Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York. 
 EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER, BY ITS ACCEPTANCE OF A NOTE, HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 14 

 SECTION 7.05. Conflicts with Trust Indenture Act. If and to the extent that any
provision of this Supplemental Indenture limits, qualifies or conflicts with a provision required under the terms of the Trust Indenture Act, such Trust Indenture Act provision shall control. 

SECTION 7.06. Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the
construction hereof. 
 SECTION 7.07. Effect on Successors and Assigns. 

All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by or on behalf of the Company shall bind
their respective successors and assigns, whether so expressed or not. 
 SECTION 7.08. Patriot Act. 

In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”), the Trustee is required to obtain,
verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly, the Company agrees to provide to the Trustee, upon its request from time to time such
identifying information and documentation as may be available for such party in order to enable the Trustee to comply with Applicable Law. 

SECTION 7.09. Trustee Disclaimer; Incorporation by Reference. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this First Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company. 

The rights, protections, indemnities and immunities of the Trustee and its agents as enumerated under the Base Indenture are incorporated by
reference into this First Supplemental Indenture. 

  
 15 

 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. 
  

			
	INTERNATIONAL FLAVORS & FRAGRANCES INC.
		
	By:	 	     /s/ Robert G. Anderson

		 	Name: Robert G. Anderson
		 	Title:   Treasurer
	
	 U.S. BANK NATIONAL ASSOCIATION
as Trustee

		
	By:	 	     /s/ Beverly Freeney

		 	Name: Beverly Freeney
		 	Title:   Vice President

 Exhibit A 

THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED, AS
NOMINEE OF ELAVON FINANCIAL SERVICES LIMITED, AS COMMON DEPOSITARY (THE “COMMON DEPOSITARY”) FOR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM”) AND EUROCLEAR BANK S.A./N.V. (“EUROCLEAR” AND, TOGETHER
WITH CLEARSTREAM, “EUROCLEAR/CLEARSTREAM”). 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND
ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, USB NOMINEES (UK) LIMITED, HAS AN INTEREST HEREIN. 
 International Flavors & Fragrances
Inc. 
 1.75% Senior Notes due 2024 
  

					
	No. 1	 		  	 CUSIP NO. 459506 AD3

ISIN NO. XS1319817323

Common Code: 131981732
  

€500,000,000.00
 as
revised by “Exchanges of Interests in
 the Global Note,” attached hereto

 International Flavors & Fragrances Inc., a corporation duly organized and existing under the
laws of the State of New York (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, as the nominee of Elavon Financial Services Limited, as common depositary for Clearstream Banking, société anonyme and Euroclear Bank, S.A./N.V., the principal sum of FIVE HUNDRED MILLION EURO, or such
greater or lesser amount set forth on “Exchanges of Interests in the Global Note,” attached hereto, on March 14, 2024 and to pay interest thereon from March 14, 2016 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, annually in arrears on March 14 in each year, commencing March 14, 2017 at the rate of 1.75% per annum, until the principal hereof is paid or made available for payment; provided that any
principal and any such installment of interest that is overdue shall bear interest at the rate of 1.75% per annum (to the extent that payment of such interest shall be legally enforceable) from the dates such amounts are due until they are paid
or made available for payment. Interest will be 

 
computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid
on the Note 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 Market Association). 

The interest so payable, and punctually paid or duly provided for (except for Defaulted Interest), on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the fifteenth calendar day (whether or
not a Business Day), as the case may be, next preceding such Interest Payment Date even if the Notes are cancelled, repurchased or redeemed after the Regular Record Date and on or before the Interest Payment Date. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

The term “Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in
The City of New York or The City of London are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor
thereto, operates. 
 Payments in respect of the Notes (including principal, premium, if any, and interest) will be made at the office or
agency maintained for that purpose in London (initially the office of the Paying Agent maintained for such purpose); provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto at such address as shall appear in the Security Register. 
 All payments on this Note will be made in Euro. 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 shall 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 Euro shall be converted into U.S. Dollars on the basis of the then most recently available Market Exchange Rate for Euro. Any payment in respect of the Notes so made in U.S.
Dollars shall not constitute an Event of Default under the Notes or the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for obtaining exchange rates, effecting conversions or otherwise handling redenominations. 

  
 2 

 “Euro” or “€” means the single currency introduced at the third stage of
the European Monetary Union pursuant to the Treaty establishing the European Community, as amended. 
 References herein to any payment on
the Notes include the related payment of Additional Amounts, as applicable. 
 Reference is hereby made to the further provisions of the
Notes set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee 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. 

  
 3 

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

Dated: March 14, 2016 
  

			
	 INTERNATIONAL FLAVORS &

FRAGRANCES INC.

		
	By:	 	  

		 	Name:
		 	Title:
	
	 INTERNATIONAL FLAVORS &

FRAGRANCES INC.

		
	By:	 	  

		 	Name:
		 	Title:

  
 4 

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: March 14, 2016 
 U.S. BANK NATIONAL ASSOCIATION, as
Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

  
 5 

 (Reverse of Note) 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an
Indenture, dated as of March 2, 2016, as supplemented by a First Supplemental Indenture, dated as of March 14, 2016 (collectively herein called the “Indenture,” which term shall have the meaning assigned to it in such
instrument), between the Company and U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture). This Note is one of the series designated on the face
hereof, initially limited in aggregate principal amount to €500,000,000. Reference is hereby made to the Indenture and all indentures supplemental thereto or Officer’s Certificates for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Noteholders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

The Notes are subject to redemption prior to the stated maturity at any time, as a whole or from time to time, in part, at the election of the
Company, at a Redemption Price equal to (a) prior to December 14, 2023, the greater of (1) 100% of the principal amount of the Notes to be redeemed on that Redemption Date and (2) the sum of the present values of the remaining
scheduled payments of principal and interest on the Notes to be redeemed on that Redemption Date (not including any portion of any payment of interest accrued to the Redemption Date) discounted to the Redemption Date on an annual basis
(ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Markets Association)) at the applicable Comparable Government Bond Rate, plus 30 basis points, or (b) on or after December 14, 2023, 100% of the principal
amount of the Notes to be redeemed on that Redemption Date. Notwithstanding the foregoing, installments of interest that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable to the holders of such
Notes as of the close of business on the relevant Regular Record Date referred to on the face hereof, all as provided in the Indenture. 

Notice of any redemption will be mailed at least 30 days, but not more than 60 days, before the Redemption Date to each holder of Notes. If
the Company elects to redeem fewer than all of the Notes, the Notes to be redeemed shall be selected by the applicable Depository procedures, in the case of Notes represented by a Global Note, or by Trustee, in accordance with the lot, in the case
of Notes that are not represented by a Global Note; provided, however, that no Notes of a principal amount of €100,000 or less shall be redeemed in part. 

In the event of redemption or repurchase of this Note in part only, a new Note or Notes of like tenor for the unredeemed portion hereof will
be issued in the name of the Noteholder hereof upon the cancellation hereof. 
 If, as a result of any change in, or amendment to, the laws
(or any regulations or rulings promulgated under the laws) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in, or amendments to, an official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after March 7, 2016, the Company becomes or will become obligated, based upon a written opinion of

  
 6 

 
independent counsel selected by the Company, to pay Additional Amounts with respect to the Notes, and such obligation cannot be avoided by the Company taking reasonable measurers available to it,
then the Company may at its option redeem, in whole, but not in part, the Notes at a redemption price equal to 100% of their principal amount, together with interest accrued but unpaid on the Notes to (but excluding) the date fixed for redemption.

 Upon a Change of Control Triggering Event, unless the Company has previously exercised any right to redeem the Notes, each Noteholder
will have the right to require the Company to repurchase all or any part (in minimum denominations of €100,000 or integral multiples of €1,000 in excess thereof) of such holder’s Notes pursuant to the offer described below (the
“Change of Control Offer”) at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of repurchase (the “Change of
Control Payment”). Within 30 days following the date upon which the Change of Control Triggering Event occurs 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 shall mail a notice to each Noteholder (with a written copy of such notice to the Trustee) describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date
specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures required herein and described in such
notice. 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 completed on or prior to the Change of Control Payment Date. The
Company shall 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 Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Triggering Event provisions of the Notes or the Indenture, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations under such Change of Control Triggering Event provisions by virtue of such conflicts. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Note or certain affirmative or restrictive
covenants and Events of Default with respect to this Note, in each case, upon compliance with certain conditions set forth in the Indenture. There shall be no sinking fund with respect to the Notes. 

If an Event of Default with respect to the 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. 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification or waiver of the rights and obligations of the Company and the rights of the holders of the Notes to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Noteholders of a majority in aggregate principal amount of the Notes at the time Outstanding to be affected. 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 of the Notes, to waive compliance with certain 

  
 7 

 
provisions of the Indenture and certain past Defaults (other than with respect to nonpayment or in respect of a provision that cannot be amended without the written consent of each Noteholder
affected) under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such Noteholder 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. 
 As
provided in and subject to the provisions of the Indenture, the holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless such holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, the holders of not less than 25% in aggregate principal amount of the Notes at the time Outstanding
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee satisfactory indemnity, and the Trustee shall not have received from the holders of a majority in
aggregate principal amount of the Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The
foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the holder hereof or its attorney duly authorized in writing, and thereupon one or more new Notes of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes are issuable only in registered
form without coupons in denominations of €100,000 and integral multiples of €1,000 thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount
of the Notes of like tenor of a different authorized denomination, as requested by the Noteholder surrendering the same. 
 No service
charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 8 

 The Indenture and this Note shall be governed by, and construed in accordance with, the laws of
the State of New York. 
 Payment of Additional Amounts 

All payments in respect of the Notes shall be made by or on behalf of the Company free and clear of, and without deduction or withholding for
or on account of, any present or future taxes, duties, assessments or other governmental charges of whatever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States,
unless such withholding or deduction is required by law. 
 If such withholding or deduction is required by law, the Company will pay to a
holder or beneficial owner who is not a United States person the Additional Amounts as are necessary in order that the net payment received by such holder or beneficial owner, after such withholding or deduction, will not be less than the amount
that such holder or beneficial owner would have received absent such withholding or deduction; provided, however, that the foregoing obligation will not apply: 

(1) to any tax, assessment or other governmental charge that would not have been imposed but for the holder or beneficial owner, a fiduciary,
settlor, beneficiary, member or shareholder of the holder or beneficial owner, or a person holding a power over an estate or trust administered by a fiduciary holder or beneficial owner, being treated as: 

(i) being or having been present in, or engaged in a trade or business in, the United States, being treated as having been present in, or
engaged in a trade or business in, the United States, or having or having had a permanent establishment in the United States; 
 (ii) having
a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment in respect of the Notes or the enforcement of any rights under the indenture),
including being or having been a citizen or resident of the United States or treated as being or having been a resident thereof; 
 (iii)
being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for U.S. federal income tax purposes, a foreign tax exempt organization, or a corporation that has accumulated earnings to
avoid United States federal income tax; 
 (iv) being or having been a “10-percent
shareholder,” as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision, of the Company; or 

(v) being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its
trade or business, within the meaning of section 881(c)(3) of the Code or any successor provision; 

  
 9 

 (2) to any beneficial owner that is not the sole beneficial owner of the Notes, or a portion of
the Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership or limited liability company would not
have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

(3) to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the holder or any other person
to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if compliance is required by
statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge; 

(4) to any tax, assessment or other governmental charge that is imposed otherwise than by withholding or deducting by the Company or a Paying
Agent from the payments of principal or interest on a Note; 
 (5) to any estate, inheritance, gift, sales, excise, transfer, wealth,
capital gains or personal property tax or similar tax, assessment or other governmental charge; 
 (6) to any tax, assessment or other
governmental charge that would not have been imposed but for the presentation by the holder of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on
which payment thereof is duly provided for, whichever occurs later; 
 (7) to any tax, assessment or other governmental charge required to
be withheld or deducted that is imposed on a payment pursuant to Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections that is substantively comparable and not materially more onerous to comply with), any
Treasury regulations promulgated thereunder, or any other official interpretations thereof (collectively, “FATCA”), any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law,
regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; 

(8) any tax, assessment or other governmental charge that is imposed or withheld solely 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; or 

(9) in the case of any combination of items (1) through (8). 

“United States Person” means a citizen or individual resident of the United States, a corporation (or other entity that is
treated as a corporation for U.S. federal income tax purposes) that is created or organized in or under the laws of the United States, or any State thereof or the District of Columbia, an estate whose income is subject to U.S. federal income tax
regardless of its source, or a trust (i) if a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) that
validly elects to be treated as a U.S. person for U.S. federal income tax purposes. 

  
 10 

 ASSIGNMENT FORM 

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

 
  

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

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                        agent to
transfer this Note on the books of the Company. The agent may substitute another to act for him or her. 
  

 
  

									
	Date:	 	  
	 		 	Your Name:	 	  

		 		 		 		 	(Print your name exactly as it
appears on the face of this Note)
					
		 		 		 	Your	 	  

	 	 	 	Signature:	 	(Sign exactly as your name
appears on the face of this Note)
					
		 		 		 	Signature Guarantee*:	 	  

  
  

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

  
 11 

 EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a definitive Note, or exchanges of a part of another
Global Note or definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of

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

  
 12

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