Document:

Stock Incentive Plan

 Exhibit 10.1 
  
 As amended through 
 May 20, 2004 
  
 BJ’s WHOLESALE CLUB, INC. 
 1997 STOCK INCENTIVE PLAN 
  
 1. Purpose 
  
 The purpose of this 1997 Stock Incentive Plan (the “Plan”) of
BJ’s Wholesale Club, Inc., a Delaware corporation (the “Company”), is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate persons who make (or are
expected to make) important contributions to the Company by providing such persons with equity ownership opportunities and performance-based incentives and thereby better aligning the interests of such persons with those of the Company’s
stockholders. Except where the context otherwise requires, the term “Company” shall include any present or future subsidiary corporations of BJ’s Wholesale Club, Inc. as defined in Section 424(f) of the Internal Revenue Code of 1986,
as amended, and any regulations promulgated thereunder (the “Code”). 
  
 2. Eligibility 
  
 All of
the Company’s employees, officers, directors, consultants and advisors are eligible to be granted options, stock appreciation rights, restricted stock, or other stock-based awards (each, an “Award”) under the Plan. Any person who has
been granted an Award under the Plan shall be deemed a “Participant”. 
  
 3. Administration, Delegation 
  
 (a) Administration by Board of Directors. The Plan will be administered by the Board of Directors of the Company (the “Board”). The Board shall have authority to grant Awards and to adopt, amend and repeal such
administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall
deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming
any interest in the Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action or determination relating to or under the Plan made in good faith. 
  
 (b) Delegation to Executive Officers. To the extent permitted by
applicable law, the Board may delegate to one or more executive officers of the Company the power to make Awards and exercise such other powers under the Plan as the Board may determine, provided that the Board shall fix the maximum number of shares
subject to Awards and the maximum number of shares for any one Participant to be made by such executive officers. 

 (c) Appointment of Committees. To the extent permitted by applicable law, the Board may delegate
any or all of its powers under the Plan to one or more committees or subcommittees of the Board (a “Committee”). The Board shall appoint one such Committee of not less than two members, each member of which shall be (i) an
“independent director” within the meaning of Section 303A of The New York Stock Exchange Listed Company Manual, (ii) an “outside director” within the meaning of Section 162(m) of the Code and (iii) a “non-employee
director” as defined in Rule 16b-3 promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”). All references in the Plan to the “Board” shall mean the Board or a Committee of the Board or the executive
officer referred to in Section 3(b) to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee or executive officer. 
  
 4. Stock Available for Awards 
  
 (a) Number of Shares. Subject to adjustment under Section 4(c), Awards may be made under the Plan for up to the sum
of (i) 10,000,000 shares of common stock, $0.01 par value per share, of the Company (the “Common Stock”) plus (ii) such additional number of shares of Common Stock (up to 4,000,000) as is equal to the sum of (x) the number of shares which
remained available for grant under the Company’s 1997 Replacement Stock Incentive Plan (the “Replacement Plan”) upon its expiration and (y) the number of shares subject to awards granted under the Replacement Plan which are not
actually issued pursuant to such awards because such awards expire or are terminated, surrendered or cancelled without having been fully exercised or are forfeited in whole or in part or otherwise result in any Common Stock not being issued. If any
Award expires or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part (including as the result of shares of Common Stock subject to such Award being repurchased by the Company at the original
issuance price pursuant to a contractual repurchase right) or results in any Common Stock not being issued (including as the result of an Award being settled for cash), the unused Common Stock covered by such Award shall again be available for the
grant of Awards under the Plan. Further, shares of Common Stock tendered to the Company by a Participant to exercise an Award shall be added to the number of shares of Common Stock available for the grant of Awards under the Plan. However, in the
case of Incentive Stock Options (as hereinafter defined), the foregoing provisions shall be subject to any limitations under the Code. Shares issued under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares.

  
 (b) Sub-limits. Subject to adjustment under Section
4(c), the following sub-limits on the number of shares subject to Awards shall apply: 
  
 (1) Section 162(m) Per-Participant Limit. The maximum number of shares with respect to which Awards may be granted to any
Participant under the Plan shall be 1,000,000 per fiscal year. For purposes of the foregoing limit, the combination of an Option in tandem with an SAR (as each is hereafter defined) shall be treated as a single Award. The per-participant limit
described in this Section 4(b)(1) shall be construed and applied consistently with Section 162(m) of the Code or any successor provision thereto, and the regulations thereunder (“Section 162(m)”). 
  

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 (2) Limit on Awards other than Options and SARS. The maximum number of shares with
respect to which Awards other than Options and SARs may be granted from and after the date of the 2004 Annual Meeting of Stockholders shall be 1,000,000. 
  
 (3) Limit on Awards to Directors. The maximum number of shares with respect to which Awards may be granted from and after the date
of the 2004 Annual Meeting of Stockholders to directors who are not employees of the Company at the time of grant shall be 300,000. 
  
 (c) Adjustment to Common Stock. In the event of any stock split, stock dividend, recapitalization, reorganization, merger, consolidation,
combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under
this Plan, (ii) the sub-limits set forth in Section 4(b), (iii) the number and class of security and exercise price per share subject to each outstanding Option and each Option issuable under Section 6, (iv) the share- and per-share-related
provisions of each Stock Appreciation Right, (v) the repurchase price per security subject to each outstanding Restricted Stock Award and (vi) the terms of each other outstanding stock-based Award shall be appropriately adjusted by the Company (or
substituted Awards may be made, if applicable) to the extent the Board shall determine, in good faith, that such an adjustment (or substitution) is necessary and appropriate. If this Section 4(c) applies and Section 10(e)(1) and/or Section 10(e)(2)
also applies to any event, then Section 10(e)(2) or Section 10(e)(1) (in that order) shall be applicable to such event, and this Section 4(c) shall not be applicable. 
  
 5. Stock Options 
  
 (a) General. The Board may grant options to purchase Common Stock (each, an “Option”) and determine the number of shares of Common Stock
to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including conditions relating to applicable federal or state securities laws, as it considers necessary or
advisable. An Option which is not intended to be an Incentive Stock Option (as hereinafter defined) shall be designated a “Nonstatutory Stock Option”. 
  

(b) Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as defined in Section 422 of the Code
(an “Incentive Stock Option”) shall only be granted to employees of the Company and shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. The Company shall have no liability to a
Participant, or any other party, if an Option (or any part thereof) which is intended to be an Incentive Stock Option is not an Incentive Stock Option. 
  

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 (c) Exercise Price. The Board shall establish the exercise price of each Option and specify it in
the applicable option agreement; provided, however, that no Option shall be granted at an exercise price of less than 100% of fair market value on the date of grant. 
  
 (d) Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as
the Board may specify in the applicable option agreement; provided, however, that no Option will be granted for a term in excess of 10 years. 
  
 (e) Exercise of Option. Options may be exercised by delivery to the Company of a written notice of exercise signed by the proper person or by any
other form of notice (including electronic notice) approved by the Board together with payment in full as specified in Section 5(f) for the number of shares for which the Option is exercised. Shares of Common Stock subject to the Option will be
delivered by the Company following exercise either as soon as practicable or, subject to such conditions as the Board shall specify, on a deferred basis (with the Company’s obligation to be evidenced by an instrument providing for future
delivery of the deferred shares at the time or times specified by the Board). 
  
 (f) Payment Upon Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows: 
  
 (1) in cash or by check, payable to the order of the Company; 
  
 (2) except as the Board may otherwise provide in an Option
Agreement, by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required tax withholding, (ii) delivery by the Participant to
the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding or (iii) delivery of shares of
Common Stock owned by the Participant valued at their fair market value as determined by (or in a manner approved by) the Board in good faith (“Fair Market Value”), which Common Stock (x) was owned by the Participant for such minimum
period of time, if any, as may be established by the Board in its discretion and (y) is not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements; 
  
 (3) to the extent permitted by applicable law and by the Board and explicitly provided in an Option
Agreement (i) by delivery of a promissory note of the Participant to the Company on terms determined by the Board or (ii) by payment of such other lawful consideration as the Board may determine; or 
  
 (4) any combination of the above permitted forms of payment.

  

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 (g) Limitation on Repricing. Unless such action is approved by the Company’s stockholders:
(1) no outstanding Option granted under the Plan may be amended to provide an exercise price per share that is lower than the then-current exercise price per share of such outstanding Option (other than adjustments pursuant to Section 4(c)) and (2)
the Board may not cancel any outstanding Option and grant in substitution therefor new Options under the Plan covering the same or a different number of shares of Common Stock and having an exercise price per share lower than the then-current
exercise price per share of the cancelled Option. 
  
 6. Director
Options. 
  
 (a) Initial Grant. Upon the
commencement of service on the Board by any individual who is not then an employee of the Company or any subsidiary of the Company, the Company shall grant to such person a Nonstatutory Stock Option to purchase 10,000 shares of Common Stock (subject
to adjustment under Section 4(c)). 
  
 (b) Annual Grant. On
the date of each annual meeting of stockholders of the Company, the Company shall grant to each member of the Board of Directors of the Company who is both serving as a director of the Company immediately prior to and immediately following such
annual meeting and who is not then an employee of the Company or any of its subsidiaries, a Nonstatutory Stock Option to purchase 5,000 shares of Common Stock (subject to adjustment under Section 4(c)); provided, however, that a director shall not
be eligible to receive an option grant under this Section 6(b) until such director has served on the Board for at least six months. 
  
 (c) Terms of Director Options. Options granted under this Section 6 shall (i) have an exercise price equal to the closing sale price (for the
primary trading session) of the Common Stock on The New York Stock Exchange or on the other national securities exchange or national securities association on which the Common Stock is then traded on the trading date immediately prior to the date of
grant (and if the Common Stock is not then traded on a national securities exchange or national securities association, the fair market value of the Common Stock on such date as determined by the Board), (ii) vest on a cumulative basis as to
one-third of the shares subject to the Option on the first day of the month of each of the first three anniversaries of the date of grant of such Option (provided that no additional vesting shall take place after the Participant ceases to serve as a
director and further provided that the Board may provide for accelerated vesting in the case of death, disability, attainment of mandatory retirement age or retirement following at least 10 years of service), (iii) expire on the earlier of 10 years
from the date of grant or one year following cessation of service on the Board and (iv) contain such other terms and conditions as the Board shall determine. 
  
 (d) Board Discretion. The Board retains the specific authority to from time to time increase or decrease the number of shares subject to options
granted under this Section 6, subject to the provisions of Section 4(b)(3). 
  

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 7. Stock Appreciation Rights. 
  
 (a) General. A Stock Appreciation Right, or SAR, is an Award entitling the holder, upon exercise, to receive an
amount in cash or Common Stock or a combination thereof (such form to be determined by the Board) determined in whole or in part by reference to appreciation, from and after the date of grant, in the fair market value of a share of Common Stock.
SARs may be based solely on appreciation in the fair market value of Common Stock or on a comparison of such appreciation with some other measure of market growth such as (but not limited to) appreciation in a recognized market index. The date as of
which such appreciation or other measure is determined shall be the exercise date unless another date is specified by the Board in the SAR Award. 
  
 (b) Grants. Stock Appreciation Rights may be granted in tandem with, or independently of, Options granted under the Plan. 
  
 (1) Tandem Awards. When Stock Appreciation Rights are
expressly granted in tandem with Options, (i) the Stock Appreciation Right will be exercisable only at such time or times, and to the extent, that the related Option is exercisable (except to the extent designated by the Board in connection with an
Acquisition Event or a Change in Control Event) and will be exercisable in accordance with the procedure required for exercise of the related Option; (ii) the Stock Appreciation Right will terminate and no longer be exercisable upon the termination
or exercise of the related Option, except to the extent designated by the Board in connection with an Acquisition Event or a Change in Control Event and except that a Stock Appreciation Right granted with respect to less than the full number of
shares covered by an Option will not be reduced until the number of shares as to which the related Option has been exercised or has terminated exceeds the number of shares not covered by the Stock Appreciation Right; (iii) the Option will terminate
and no longer be exercisable upon the exercise of the related Stock Appreciation Right; and (iv) the Stock Appreciation Right will be transferable only with the related Option. 
  
 (2) Independent SARS. A Stock Appreciation Right not expressly granted in tandem with an Option will
become exercisable at such time or times, and on such conditions, as the Board may specify in the SAR Award. 
  
 (c) Exercise. Stock Appreciation Rights may be exercised by delivery to the Company of a written notice of exercise signed by the proper person or
by any other form of notice (including electronic notice) approved by the Board, together with any other documents required by the Board. 
  
 8. Restricted Stock 
  
 (a) General. The Board may grant Awards entitling recipients to acquire shares of Common Stock, subject to the right of the Company to repurchase
all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares if issued at no cost) from the recipient in the event that conditions specified by the 
  

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 Board in the applicable Award are not satisfied prior to the end of the applicable restriction period or periods
established by the Board for such Award (each, “Restricted Stock Award”). 
  
 (b) Terms and Conditions. The Board shall determine the terms and conditions of any such Restricted Stock Award, including the conditions for repurchase (or forfeiture) and the issue price, if any. Any stock
certificates issued in respect of a Restricted Stock Award shall be registered in the name of the Participant and, unless otherwise determined by the Board, deposited by the Participant, together with a stock power endorsed in blank, with the
Company (or its designee). At the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or if the Participant has died, to the
beneficiary designated, in a manner determined by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death (the “Designated Beneficiary”). In the absence of an
effective designation by a Participant, Designated Beneficiary shall mean the Participant’s estate. 
  
 (c) Deferred Delivery of Shares. The Board may, at the time any Restricted Stock Award is granted, provide that, at the time Common Stock would
otherwise be delivered pursuant to the Award, the Participant shall instead receive an instrument evidencing the right to future delivery of Common Stock at such time or times, and on such conditions, as the Board shall specify. The Board may at any
time accelerate the time at which delivery of all or any part of the Common Stock shall take place. The Board may also permit an exchange of unvested shares of Common Stock that have already been delivered to a Participant for an instrument
evidencing the right to future delivery of Common Stock at such time or times, and on such conditions, as the Board shall specify. 
  
 9. Other Stock-Based Awards 
  
 The Board shall have the right to grant other Awards based upon the Common Stock having such terms and conditions as the Board may determine, including
the grant of shares based upon certain conditions, and the grant of securities convertible into Common Stock. At the time any such Award is granted, the Board may provide that, at the time Common Stock would otherwise be delivered pursuant to the
Award, the Participant will instead receive an instrument evidencing the Participant’s right to future delivery of the Common Stock. 
  
 10. General Provisions Applicable to Awards 
  
 (a) Transferability of Awards. Except as the Board may otherwise determine or provide in an Award, Awards shall not be sold, assigned, transferred,
pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution or, other than in the case of an Incentive Stock Option, pursuant to a
qualified domestic relations order, and, during the life of the Participant, shall be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees.

  

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 (b) Documentation. Each Award shall be evidenced in such form (written, electronic or otherwise)
as the Board shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 
  
 (c) Board Discretion. Except as otherwise provided by the Plan, each type of Award may be made alone or in addition or in relation to any other
type of Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly. 
  
 (d) Termination of Status. The Board shall determine the effect on an Award of the disability, death, retirement, authorized leave of absence or
other change in the employment or other status of a Participant and the extent to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or Designated Beneficiary may exercise rights
under the Award. 
  
 (e) Acquisition Events; Change of Control
Events 
  
 (1) Consequences of Acquisition
Events. Subject to Section 10(e)(2), upon the occurrence of an Acquisition Event (as defined below), or the execution by the Company of any agreement with respect to an Acquisition Event, the Board shall take any one or more of the following
actions with respect to then outstanding Awards: (i) provide that outstanding Options shall be assumed, or equivalent Options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), provided that any such Options
substituted for Incentive Stock Options shall satisfy, in the determination of the Board, the requirements of Section 424(a) of the Code; (ii) upon written notice to the Participants, provide that all then unexercised Options will become exercisable
in full as of a specified time (the “Acceleration Time”) prior to the Acquisition Event and will terminate immediately prior to the consummation of such Acquisition Event, except to the extent exercised by the Participants between the
Acceleration Time and the consummation of such Acquisition Event; (iii) in the event of an Acquisition Event under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment for each share of Common Stock
surrendered pursuant to such Acquisition Event (the “Acquisition Price”), provide that all outstanding Options shall terminate upon consummation of such Acquisition Event and each Participant shall receive, in exchange therefor, a cash
payment equal to the amount (if any) by which (A) the Acquisition Price multiplied by the number of shares of Common Stock subject to such outstanding Options (whether or not then exercisable), exceeds (B) the aggregate exercise price of such
Options; (iv) provide that all Restricted Stock Awards then outstanding shall become free of all restrictions prior to the consummation of the Acquisition Event; and (v) provide that any Stock Appreciation Rights or other stock-based Awards
outstanding (A) shall become exercisable, realizable or vested in full, or shall be free of all conditions or restrictions, as applicable to each such Award, prior to the consummation of the 
  

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 Acquisition Event, or (B), if applicable, shall be assumed, or equivalent Awards shall be substituted, by
the acquiring or succeeding corporation (or an affiliate thereof). 
  
 An “Acquisition Event” shall mean: (a) any merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or
by being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation; (b) any sale of all or substantially all of the assets of the Company; or (c) the complete liquidation of the Company. 
  
 (2) Consequences of Change of Control Events. Except to the extent otherwise provided in the instrument evidencing an Award or in
any other agreement between a Participant and the Company, (i) upon the occurrence of a Change of Control Event, all Options and Stock Appreciation Rights then outstanding shall automatically become immediately exercisable in full and (ii) the
restrictions and conditions on all other Awards then outstanding shall be deemed waived only if and to the extent specified (whether at the time of grant or otherwise) by the Board. 
  
 A “Change of Control Event” shall have the meaning set forth on Annex A hereto. 
  
 (3) Assumption of Options Upon Certain Events. The
Board may grant Awards under the Plan in substitution for stock and stock-based awards held by employees of another corporation who become employees of the Company as a result of a merger or consolidation of the employing corporation with the
Company or the acquisition by the Company of property or stock of the employing corporation. The substitute Awards shall be granted on such terms and conditions as the Board considers appropriate in the circumstances notwithstanding any limitations
contained in Section 2 and Section 5. 
  
 (f) Withholding.
Each Participant shall pay to the Company, or make provision satisfactory to the Company for payment of, any taxes required by law to be withheld in connection with Awards to such Participant. The Board may allow Participants to satisfy such tax
obligations in whole or in part in shares of Common Stock, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value; provided, however, that, except as otherwise provided by the Board, the total tax
withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll
taxes, that are applicable to such supplemental income). Shares surrendered to satisfy tax withholding requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. The Company may, to the extent
permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to a Participant. 
  

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 (g) Amendment of Award. Except as otherwise provided in Section 5(g) with respect to option
repricing, the Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or realization, and converting an Incentive
Stock Option to a Nonstatutory Stock Option, provided that the Participant’s consent to such action shall be required unless the Board determines that the action, taking into account any related action, would not materially and adversely affect
the Participant. 
  
 (h) Conditions on Delivery of Stock.
The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction
of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or
stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or
regulations. 
  
 (i) Acceleration. The Board may at any
time provide that any Award shall become immediately exercisable in full or in part, free of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be. 
  
 (j) Performance Conditions. 
  
 (1) This Section 10(j) shall be administered by a Committee
approved by the Board, all of the members of which are “outside directors” as defined by Section 162(m) (the “Section 162(m) Committee”). 
  

(2) Notwithstanding any other provision of the Plan, if the Section 162(m) Committee determines at the time a Restricted Stock Award or
an other stock-based Award is granted to a Participant who is then an officer, that such Participant is, or is likely to be as of the end of the tax year in which the Company would claim a tax deduction in connection with such Award, a Covered
Employee (as defined in Section 162(m)), then the Section 162(m) Committee may provide that this Section 10(j) is applicable to such Award. 
  
 (3) If a Restricted Stock Award or an other stock-based Award is subject to this Section 10(j), than the lapsing of restrictions thereon
and the distribution of cash or Shares pursuant thereto, as applicable, shall be subject to the achievement of one or more objective performance goals established by the Section 162(m) Committee, which shall be based on the relative or absolute
attainment of specified levels of one or any combination of the following: operating income, pre-tax income, net income, gross profit dollars, costs, any of the preceding measures as a percent of sales, earnings per share, sales, return on equity,
and return on investment. Such performance goals may be applied by excluding the impact of charges for 
  

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 restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring items,
and the cumulative effects of accounting changes, each as defined by generally accepted accounting principles, subject to paragraph (6) below. Such performance goals may vary by Participant and may be different for different Awards. Such performance
goals shall be set by the Section 162(m) Committee within the time period prescribed by, and shall otherwise comply with the requirements of, Section 162(m). 
  

(4) Notwithstanding any provision of the Plan, with respect to any Restricted Stock Award or other stock-based Award that is subject to
this Section 10(j), the Section 162(m) Committee may adjust downwards, but not upwards, the cash or number of Shares payable pursuant to such Award, and the Section 162(m) Committee may not waive the achievement of the applicable performance goals
except in the case of the death or disability of the Participant. 
  
 (5) The Section 162(m) Committee shall have the power to impose such other restrictions on Awards subject to this Section 10(j) as it may deem necessary or appropriate to ensure that such Awards satisfy all
requirements for “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code, or any successor provision thereto. 
  
 (6) The Section 162(m) Committee shall make no adjustments to the performance goals included in an outstanding Award, the effect of which
is to increase the incentive payment to the Chief Executive Officer or to other executive officers, except for the following: 
  
 (A) Events classified as extraordinary items or discontinued operations or presented as special nonrecurring charges (or income) in
accordance with generally accepted accounting principles. 
  
 (B) Disposal of a business segment or a group of two or more warehouse stores, a major administrative unit, or major assets, if quantified and disclosed in Management’s Discussion and Analysis of Financial
Condition and Results of Operations of the Company’s Annual Report on Form 10-K. 
  
 (C) Conversion of convertible bonds or preferred stock convertible into common stock; a repurchase by the Company of outstanding shares of
stock, if such a repurchase has a material impact on the performance that is being measured; or an increase in the number of shares of common stock for earnings per share calculation purposes due to a new equity or convertible debenture offering,
but not by exercise of Awards under this Plan or any similar plan. 
  
 (D) Balance sheet recapitalization or restructuring that materially alters the allocation between debt and equity for the Company. 
  

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 (E) Changes in accounting practice to comply with new legislation or with rules
promulgated by the Securities and Exchange Commission or the Financial Accounting Standards Board and changes in tax laws that affect tax rates, credits, or the definition of taxable income, if material. 
  
 (F) Unusual and material losses beyond the Company’s
control, such as acts of God (e.g., earthquake or widespread hurricane damage). 
  
 (G) Reserves for future period events which will not occur until after the performance measurement period. 
  
 (H) Adjustments attributable to prior periods in the case of
a newly acquired business. 
  
 (I) Adjustments of
goals made immediately after completion by the Company’s independent public accountants of the audit of the Company’s financial statements for the fiscal year immediately preceding the performance period, made solely to “true-up”
goals that were based on estimated results for said preceding year. 
  
 (J) Gains and losses from sales of a minority interest in a subsidiary. 
  
 (K) Net incremental expense incurred by the Company as a result of opening new warehouse stores in excess of the number incorporated in
the performance goals. The amount of the adjustment shall be equal to the average operating loss incurred by new warehouse stores opened by the Company in the same fiscal year. 
  
 In no event, however, shall the Section 162(m) Committee make any adjustment which would cause Awards to which this Section
10(j) applies not qualify as performance-based compensation under Section 162(m). 
  
 11. Miscellaneous 
  
 (a)
No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with
the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Award.

  
 (b) No Rights As Stockholder. Subject to the provisions
of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the record holder of such shares.
Notwithstanding the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend and the 
  

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 exercise price of and the number of shares subject to an Option are adjusted as of the date of the distribution of the
dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date and the distribution date for such stock dividend shall be entitled to receive, on the distribution date, the stock
dividend with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date for such stock dividend. 
  
 (c) Effective Date and Term of Plan. 
  
 (1) The Plan was adopted by the Board on May 30, 1997 and
approved by the stockholders of Waban Inc. on July 10, 1997 and by Waban Inc. as the sole stockholder of the Company on July 10, 1997. The Plan initially became effective on July 28, 1997, the date on which Waban Inc. completed the spin-off of the
Company by distributing to the stockholders of Waban Inc., on a pro rata basis, in a tax-free distribution, all of the then outstanding shares of Common Stock of the Company (the “Distribution Date”). 
  
 (2) No Awards shall be granted under the Plan after July 27,
2007, but Awards previously granted may extend beyond that date. 
  
 (d) Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time, provided that (1) no Award granted to a Participant designated as subject to Section 162(m) by the Board after the date of
such amendment shall become exercisable, realizable or vested, as applicable to such Award (to the extent that such amendment to the Plan was required to grant such Award to a particular Participant), unless and until such amendment shall have been
approved by the Company’s stockholders; (2) to the extent determined by the Board, no amendment requiring stockholder approval under any applicable legal, regulatory or listing requirement shall become effective until such stockholder approval
is obtained; and (3) if the New York Stock Exchange amends its corporate governance rules so that such rules no longer require stockholder approval of “material revisions” of equity-compensation plans, then, from and after the effective
date of such an amendment to the NYSE rules, no amendment of the Plan which (i) materially increases the benefits accruing to participants under the Plan, (ii) materially increases the number of securities which may be issued under the Plan or (iii)
materially modifies the requirements as to eligibility for participation in the Plan shall become effective unless stockholder approval is obtained. 
  
 (e) Stockholder Approval. For purposes of this Plan, stockholder approval shall mean approval by a vote of the stockholders in accordance with the
requirements of Section 162(m) and any other applicable law or regulation. 
  
 (f) Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware, without regard to any applicable conflicts
of law. 
  

 13 

 ANNEX A 
  
 DEFINITION OF CHANGE OF CONTROL EVENT 
  
 For the purpose of this Plan, a “Change of Control” shall mean: 
  
 (a) The acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”))(a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then-outstanding
shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company, (ii) any acquisition
by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iv) any acquisition by any corporation pursuant to a transaction which
satisfies the criteria set forth in clauses (i), (ii) and (iii) of subsection (c) of this definition; or 
  
 (b) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board; provided, however, that any individual becoming a director subsequently to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board (except that this proviso shall not apply to any individual whose initial assumption of office as a director occurs
as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board); or 
  
 (c) Consummation of a reorganization, merger or
consolidation involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, immediately following such Business Combination, (i) all or
substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 60% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, of the corporation
resulting from such Business Combination (which as used in section (c) of this definition shall include, without limitation, a corporation which as a result of such transaction owns the Company or 
  

 14 

 all or substantially all of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding
any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of,
respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such corporation and (iii) at least half of the members
of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination;
or 
  
 (d) Approval by the stockholders of the
Company of a complete liquidation or dissolution of the Company. 
  
 kw04:1997stockincentiveplan052004 
  

 15Indenture, dated as of 12/03/2003

 Exhibit 4.1 
  
 EXECUTION VERSION 
  
 Dated as of December 3, 2003 
  
 EMPRESA BRASILEIRA DE TELECOMUNICAÇÕES S.A., 
 as the Company 
  
 and

  
 EMBRATEL PARTICIPAÇÕES S.A., 

as the Guarantor 
  
 and 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Trustee 
  
 INDENTURE 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page

	 1.
	  	Definitions and Other Provisions of General Application	  	1
				
	 	  	1.1.	  	 Definitions
	  	1
				
	 	  	1.2.	  	 Compliance Certificates and Opinions
	  	7
				
	 	  	1.3.	  	 Form of Documents Delivered to Trustee
	  	8
				
	 	  	1.4.	  	 Acts of Holders; Record Dates
	  	8
				
	 	  	1.5.	  	 Notices, Etc., to Trustee, Company and Guarantor
	  	10
				
	 	  	1.6.	  	 Notice to Holders; Waiver
	  	11
				
	 	  	1.7.	  	 Conflict with Trust Indenture Act
	  	11
				
	 	  	1.8.	  	 Effect of Headings and Table of Contents
	  	12
				
	 	  	1.9.	  	 Successors and Assigns
	  	12
				
	 	  	1.10.	  	 Separability Clause
	  	12
				
	 	  	1.11.	  	 Benefits of Indenture
	  	12
				
	 	  	1.12.	  	 Governing Law
	  	12
				
	 	  	1.13.	  	 Legal Holidays
	  	12
				
	 	  	1.14.	  	 Consent to Service; Jurisdiction
	  	12
				
	 	  	1.15.	  	 Language of Notices, Etc.
	  	13
			
	 2.
	  	Security Forms	  	13
				
	 	  	2.1.	  	 Forms Generally
	  	13
				
	 	  	2.2.	  	 Form of Trustee’s Certificate of Authentication
	  	14
			
	 3.
	  	The Securities	  	14
				
	 	  	3.1.	  	 Amount Unlimited; Issuable in Series
	  	14
				
	 	  	3.2.	  	 Denominations
	  	17
				
	 	  	3.3.	  	 Execution, Authentication, Delivery and Dating
	  	17
				
	 	  	3.4.	  	 Registration, Registration of Transfer and Exchange
	  	19
				
	 	  	3.5.	  	 Mutilated, Destroyed, Lost and Stolen Securities
	  	21
				
	 	  	3.6.	  	 Payment of Interest; Interest Rights Preserved
	  	22
				
	 	  	3.7.	  	 Persons Deemed Owners
	  	23
				
	 	  	3.8.	  	 Cancellation
	  	23
				
	 	  	3.9.	  	 Computation of Interest
	  	24
				
	 	  	3.10.	  	 CUSIP or ISIN Numbers
	  	24
			
	 4.
	  	Satisfaction And Discharge	  	24

  

 i 

 TABLE OF CONTENTS 
  
 (continued) 
  

							
	 	  	 	  	 	  	Page

	 	  	4.1.	  	 Satisfaction and Discharge of Indenture
	  	24
				
	 	  	4.2.	  	 Application of Trust Money
	  	25
			
	 5.
	  	Remedies	  	25
				
	 	  	5.1.	  	 Events of Default
	  	25
				
	 	  	5.2.	  	 Acceleration of Maturity; Rescission and Annulment
	  	26
				
	 	  	5.3.	  	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	27
				
	 	  	5.4.	  	 Trustee May File Proofs of Claim
	  	27
				
	 	  	5.5.	  	 Trustee May Enforce Claims Without Possession of Securities
	  	28
				
	 	  	5.6.	  	 Application of Money Collected
	  	28
				
	 	  	5.7.	  	 Limitation on Suits
	  	28
				
	 	  	5.8.	  	 Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	29
				
	 	  	5.9.	  	 Restoration of Rights and Remedies
	  	29
				
	 	  	5.10.	  	 Rights and Remedies Cumulative
	  	29
				
	 	  	5.11.	  	 Delay or Omission Not Waiver
	  	30
				
	 	  	5.12.	  	 Control by Holders
	  	30
				
	 	  	5.13.	  	 Waiver of Past Defaults
	  	30
				
	 	  	5.14.	  	 Undertaking for Costs
	  	30
				
	 	  	5.15.	  	 Waiver of Usury, Stay or Extension Laws
	  	31
			
	 6.
	  	The Trustee	  	31
				
	 	  	6.1.	  	 Certain Duties and Responsibilities
	  	31
				
	 	  	6.2.	  	 Notice of Default; Potential Default
	  	31
				
	 	  	6.3.	  	 Certain Rights of Trustee
	  	32
				
	 	  	6.4.	  	 Not Responsible for Recitals or Issuance of Securities
	  	33
				
	 	  	6.5.	  	 May Hold Securities
	  	33
				
	 	  	6.6.	  	 Money Held in Trust
	  	33
				
	 	  	6.7.	  	 Compensation and Reimbursement
	  	33
				
	 	  	6.8.	  	 Conflicting Interests
	  	34
				
	 	  	6.9.	  	 Corporate Trustee Required; Eligibility
	  	34
				
	 	  	6.10.	  	 Resignation and Removal; Appointment of Successor
	  	35
				
	 	  	6.11.	  	 Acceptance of Appointment by Successor
	  	36
				
	 	  	6.12.	  	 Merger, Conversion, Consolidation or Succession to Business
	  	37

  

 ii 

 TABLE OF CONTENTS 
  
 (continued) 
  

							
	 	  	 	  	 	  	Page

	 	  	6.13.	  	 Preferential Collection of Claims Against Company
	  	37
				
	 	  	6.14.	  	 Appointment of Authenticating Agent
	  	37
				
	 	  	6.15.	  	 Appointment of Luxembourg Transfer Agent
	  	39
			
	 7.
	  	Holders’ Lists and Reports by Trustee and Company	  	39
				
	 	  	7.1.	  	 Company to Furnish Trustee Names and Addresses of Holders
	  	39
				
	 	  	7.2.	  	 Preservation of Information; Communications to Holders
	  	39
				
	 	  	7.3.	  	 Reports by Trustee
	  	40
			
	 8.
	  	Supplemental Indentures	  	40
				
	 	  	8.1.	  	 Supplemental Indentures without Consent of Holders
	  	40
				
	 	  	8.2.	  	 Supplemental Indentures or Waiver with Consent of Holders
	  	41
				
	 	  	8.3.	  	 Execution of Supplemental Indentures
	  	42
				
	 	  	8.4.	  	 Effect of Supplemental Indentures
	  	42
				
	 	  	8.5.	  	 Conformity with Trust Indenture Act
	  	43
				
	 	  	8.6.	  	 Reference in Securities to Supplemental Indentures
	  	43
				
	 	  	8.7.	  	 Effect of Waiver
	  	43
				
	 	  	8.8.	  	 Notice to Luxembourg Stock Exchange
	  	43
			
	 9.
	  	Covenants	  	43
				
	 	  	9.1.	  	 Payment of Principal, Premium and Interest and Performance Obligations
	  	43
				
	 	  	9.2.	  	 Maintenance of Office or Agency
	  	43
				
	 	  	9.3.	  	 Money for Security Payments To Be Held in Trust
	  	44
				
	 	  	9.4.	  	 Notification of Default and Events of Default
	  	45
				
	 	  	9.5.	  	 Financial Statements and Reports by Company
	  	45
				
	 	  	9.6.	  	 Compliance with Laws
	  	45
				
	 	  	9.7.	  	 Books of Account
	  	46
				
	 	  	9.8.	  	 Maintenance of Properties
	  	46
				
	 	  	9.9.	  	 Maintenance of Insurance
	  	46
				
	 	  	9.10.	  	 Payments of Taxes and Other Claims
	  	46
				
	 	  	9.11.	  	 Indemnification of Judgment Currency
	  	46
				
	 	  	9.12.	  	 Further Acts
	  	47
			
	 10.
	  	Redemption of Securities	  	47
				
	 	  	10.1.	  	 Right of Redemption
	  	47

  

 iii 

 TABLE OF CONTENTS 
  
 (continued) 
  

							
	 	  	 	  	 	  	Page

	 	  	10.2.	  	 Selection by Trustee of Securities to be Redeemed
	  	47
				
	 	  	10.3.	  	 Notice of Redemption
	  	48
				
	 	  	10.4.	  	 Deposit of Redemption Price
	  	48
				
	 	  	10.5.	  	 Securities Payable on Redemption Date
	  	49
				
	 	  	10.6.	  	 Securities Redeemed in Part
	  	49
			
	 11.
	  	Guaranty	  	49
				
	 	  	11.1.	  	 The Guaranty
	  	49
				
	 	  	11.2.	  	 Guaranty Unconditional
	  	50
				
	 	  	11.3.	  	 Discharge; Reinstatement
	  	50
				
	 	  	11.4.	  	 Waiver by the Guarantor
	  	50
				
	 	  	11.5.	  	 Subrogation and Contribution
	  	51
				
	 	  	11.6.	  	 Stay of Acceleration
	  	51
				
	 	  	11.7.	  	 Execution and Delivery of Guaranty
	  	51
			
	 12.
	  	Defeasance and Covenant Defeasance	  	51
				
	 	  	12.1.	  	 Company’s Option to Effect Defeasance or Covenant Defeasance
	  	51
				
	 	  	12.2.	  	 Defeasance and Discharge
	  	51
				
	 	  	12.3.	  	 Covenant Defeasance
	  	52
				
	 	  	12.4.	  	 Conditions to Defeasance or Covenant Defeasance
	  	52
				
	 	  	12.5.	  	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions
	  	54
				
	 	  	12.6.	  	 Reinstatement
	  	55

  
 Note: This table of contents shall
not, for any purpose, be deemed to be a part of this Indenture. 
  

 iv 

 Indenture, dated as of December 3, 2003 among EMPRESA BRASILEIRA DE TELECOMUNICAÇÕES S.A., a
company organized under the laws of the Federative Republic of Brazil (herein called the “Company”), having its principal office at Avenida Presidente Vargas, 1,012-10o andar 20071-910, Rio de Janeiro, RJ, Brazil, EMBRATEL
PARTICIPAÇÕES S.A., a company organized under the laws of the Federative Republic of Brazil (herein called the “Guarantor”), having its principal office at Rua Regente Feijó, 166, Sala 1687-B, 20060-060 Rio
de Janeiro, RJ, Brazil, and Deutsche Bank Trust Company Americas, a bank duly organized and existing under the laws of New York, as Trustee (herein called the “Trustee”). 
  
 RECITALS OF THE COMPANY AND THE GUARANTOR 
  

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its debt securities (herein called
collectively the “Securities”), to be issued in one or more tranches of one or more series as in this Indenture provided. All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms,
have been done. 
  
 In addition, the Guarantor has duly authorized the execution
and delivery of this Indenture as guarantor of the Securities. All things necessary to make this Indenture a valid agreement of the Guarantor, in accordance with its terms, have been done. 
  
 Now, Therefore, This Indenture Witnesseth: 
  
 It is hereby covenanted and agreed that the terms and conditions upon which the Securities
are issued, authenticated, delivered and accepted by all Persons (as defined below) who shall from time to time be or become the Holders thereof, which said terms and conditions the Trustee hereby accepts and agrees to discharge pursuant to the
terms hereof, are as follows: 
  

	1.	Definitions and Other Provisions of General Application 

  

	 	1.1.	Definitions 

  
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	1.1.1	the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

  

	 	1.1.2	terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

 

	 	1.1.3	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with the Brazilian corporate law method of accounting, and, except as
otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean the Brazilian corporate law method of accounting at the date of such
computation; 

  

	 	1.1.4	unless the context otherwise requires, any reference to an “Article” or a “Section” or a “Clause” refers to an Article or Section or Clause, as
the case may be, of this Indenture; 

  

 1 

	 	1.1.5	unless the context otherwise requires, any reference to a statute, rule or regulation refers to the same (including any successor statute, rule or regulation thereto) as it may be
amended from time to time; and 

  

	 	1.1.6	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision. 

  
 “Act,” when used with respect to any Holder, has the meaning specified in Section 1.4. 
  
 “Additional Notes” means, with respect to any series of Securities, notes issued from time to time after the date on which Securities of
such Series were first issued, under the terms of the Indenture on terms and conditions identical to those of that series of Securities and forming a single series with that series of Securities. 
  
 “Affiliate” means, with respect to any Person, any other
Person who Controls, is Controlled by or is under common Control with such Person. 
  
 “Agent Members” has the meaning specified in Clause 3.4.5. 
  
 “Applicable Procedures” of the Depositary means, with respect to any matter at any time, the policies and procedures of the Depositary,
if any, that are applicable to such matter at such time. 
  
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series. 
  
 “Board of Directors” means either the board of directors of
the Company or the Guarantor, as applicable, or any committee of that board duly authorized to act for it in respect hereof. 
  
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of each of the Company and the
Guarantor to have been duly adopted by the Board of Directors of each of the Company and the Guarantor and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  
 “Brazil” means the Federative Republic of Brazil.

  
 “Brazilian GAAP” means the Brazilian
corporate law method of accounting. 
  
 “Business
Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in The City of New York, the city of São Paulo, the City of Rio de Janeiro or the Place of Payment are authorized or
obligated by law or executive order to close. 
  
 “Clearstream, Luxembourg” has the meaning specified in Clause 3.4.5. 
  
 “Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if
at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under applicable law, then the body performing such duties at such time. 
  

 2 

 “Company” means the Person named as the “Company” in the first paragraph of
this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
  
 “Company Request” or “Company Order” means
a written request or order signed on behalf of the Company by the President (signing alone or with another officer), or by any two officers in accordance with its Bylaws and delivered to the Trustee. The President may execute a power of attorney and
empower others to execute such certificate upon its behalf. 
  
 “Control” of a Person means the power, directly or indirectly, to direct, determine, manage, control or cause the direction of the management, business, operations, activities, investments or policies of such Person,
whether through the ownership of any interest in such Person, by contract or otherwise. 
  
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered which office as of the date hereof is located at
60 Wall Street, New York, NY 10005, Attention: Corporate Trust and Agency Services, 27th Floor. 
  
 “corporation” means a corporation, association, company,
limited liability company, joint-stock company or business trust. 
  
 “Covenant Defeasance” has the meaning specified in Section 12.3. 
  
 “Default,” with respect to any series, means an event which with notice or lapse of time would be an Event of Default with respect to the Securities of such series. 
  
 “Defaulted Interest” has the meaning specified in Section
3.6. 
  
 “Defeasance” has the meaning specified
in Section 12.2. 
  
 “Depositary” means with
respect to the Securities of any series issuable in whole or in part in the form of one or more Global Securities, the Person designated as Depositary by the Company pursuant to Clause 3.1.16 until a successor Depositary shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean such successor Depositary. 
  
 “Dollar” and “$” mean a U.S. Dollar or other equivalent unit in such coin or currency of the United States as at the
time shall be legal tender for the payment of public and private debts. 
  
 “Euroclear” has the meaning specified in Clause 3.4.5. 
  
 “Event of Default” has the meaning specified in Section 5.1. 
  

 3 

 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and
any successor statute thereto. 
  
 “Expiration
Date” has the meaning specified in Clause 1.4.7. 
  
 “Global Security” means a Security that evidences all or part of the Securities of any series and is authenticated and delivered to, and registered in the name of, the Depositary for such Securities or a nominee thereof.

  
 “Guarantor” means the Person named as the
“Guarantor” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such Person. 
  
 “Guaranty” means the guaranty of the Securities by the
Guarantor pursuant to this Indenture. 
  
 “Holder” means, with respect to any Security, a Person in whose name such Security is registered in the Security Register. 
  
 “Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of
and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include unless the context otherwise requires, the terms of particular series of Securities established as contemplated by
Section 3.1. 
  
 “Interest Payment Date,” when
used with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 
  
 “Judgment Currency” has the meaning specified in Section 9.11. 
  
 “Maturity,” when used with respect to any Security, means the date on which the principal of such Security
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment at the option of the Holder or otherwise. 
  
 “Notice of Default” means a written notice of the kind
specified in Section 6.2. 
  
 “Notice of
Redemption” means a written notice of the kind specified in Section 10.3. 
  
 “Offer” means, an offer to purchase notes at a purchase price of 100% of their principal amount plus accrued and unpaid interest thereon to the date of purchase in accordance with the procedures set
forth herein and, if applicable, to purchase other Senior Indebtedness on the terms and to the extent contemplated thereby. 
  
 “Officers’ Certificate” means a certificate signed in the name of the Company or the Guarantor by the President (signing alone or
with another officer), or by any two officers in accordance with its Bylaws, and delivered to the Trustee. The President may execute a power of attorney and empower others to execute such certificate upon its behalf. 
  

 4 

 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the
Company or the Guarantor, and who shall be reasonably acceptable to the Trustee that is delivered to the Trustee. 
  
 “Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and
delivered under this Indenture, except: 
  

	 	(i)	Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

  

	 	(ii)	Securities or portions thereof for whose payment, redemption or repurchase money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other
than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such
redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; and 

  

	 	(iii)	Securities which have been paid pursuant to Section 3.5 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;

  
 provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount
of a Security denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the Dollar equivalent, determined as of such date in the manner provided as contemplated by Clause 3.1.10, of the
principal amount of such Security, and (B) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a Responsible Officer of the Trustee actually knows to be so owned
shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 
  
 “Paying Agent” means any Person that is authorized by the Company to pay the principal of or any premium or interest on any Securities on
behalf of the Company. 
  

 5 

 “Person” means any individual, corporation, company, limited liability company,
voluntary association, partnership, joint venture, trust, unincorporated organization or government (or any agency, instrumentality or political subdivision thereof). 
  
 “Place of Payment,” when used with respect to the Securities of any series and subject to Section 9.2,
means the place or places where the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Clause 3.1.6. 
  
 “Process Agent” has the meaning specified in Section 1.14. 
  
 “Redemption Date,” when used with respect to any
Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
  
 “Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant
to this Indenture as set forth in any supplemental indenture or in such Security. 
  
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Clause 3.1.5.

  
 “Repurchase Date,” when used with respect to
any Security to be repurchased, means the date fixed for such repurchase by or pursuant to this Indenture. 
  
 “Repurchase Price,” when used with respect to any Security to be repurchased, means the price at which it is to be repurchased pursuant
to this Indenture as and to the extent set forth for a particular series set forth pursuant to Section 3.1. 
  
 “Responsible Officer,” when used with respect to the Trustee, means any vice president, any assistant secretary, any assistant
treasurer, any trust officer, any assistant trust officer or any other officer of the Trustee, in each case, located in the Corporate Trust and Agency Services department (or successor department) of the Trustee, and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
  

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated
and delivered under this Indenture. All references herein to the Securities shall be deemed to include the Guaranty of the Securities, which is an integral part thereof. 
  
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and any successor statute
thereto. 
  
 “Security Register” and
“Security Registrar” have the respective meanings specified in Section 3.4. 
  
 “Senior Indebtedness” means all unsubordinated Indebtedness of the Company or of any Subsidiary, whether outstanding on the Closing Date or Incurred thereafter. 
  

 6 

 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by
the Trustee pursuant to Section 3.6. 
  
 “Stated
Maturity” when used with respect to any Indebtedness (including, without limitation, the Securities) means the date specified in the instrument governing such Indebtedness as the fixed date on which any principal amount of such Indebtedness
is due and payable (including, without limitation, by reason of any required redemption, purchase, defeasance or sinking fund payment) and, when used with respect to any installment of interest on Indebtedness, means the date on which such
installment is due and payable. 
  
 “Subsidiary”
means any corporation or other entity of which at least a majority of the outstanding securities or other ownership interest having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing
similar functions of such corporation or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation or entity shall have or might have voting power by reason of
the happening of any contingency) is as at the time, directly or indirectly, owned or controlled by such person or persons and/or one or more of its Subsidiaries; provided, however, that “Subsidiary” shall not include any
corporation or other entity where by contract such person or persons may not control such corporation or other entity. 
  
 “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939 and any successor statute thereto. 
  
 “Trustee” means the Person named as the “Trustee”
in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture. Thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. If
at any time there is more than one Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
  
 “United States” or “U.S.” means the United States of America (including the States
thereof and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 
  

	 	1.2.	Compliance Certificates and Opinions 

  
 Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company and the Guarantor
shall furnish to the Trustee such certificates and opinions as may be required hereunder and under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of
the Company or the Guarantor, or an Opinion of Counsel if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. 
  
 Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (except for certificates provided for in Section 9.4) shall include, 
  

 7 

	 	1.2.1	a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

  

	 	1.2.2	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

  

	 	1.2.3	a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to
whether or not such covenant or condition has been complied with; and 

  

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

  

	 	1.3.	Form of Documents Delivered to Trustee 

  
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such
matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

	 	1.4.	Acts of Holders; Record Dates 

  

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

  

	 	1.4.2	The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a
notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is 

  

 8 

 by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall
also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

  

	 	1.4.3	The ownership of Securities of any series shall be proved by the Security Register for such series or by a certificate of the Security Registrar for such series.

  

	 	1.4.4	Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company or the Guarantor in reliance thereon,
whether or not notation of such action is made upon such Security. 

  

	 	1.4.5	The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and
the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the
Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no
effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any
record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 1.6. 

  

	 	1.4.6	The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of
(i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to institute proceedings referred to in Clause 5.7.2 or (iv) any direction referred to in Section 5.12, in each case with respect to
Securities of such series. If any record date is set pursuant to this 

  

 9 

 paragraph, the Holders of Outstanding Securities of such series on such record date, and no other
Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action
(whereupon the record date previously set shall automatically and without any action by any Person be canceled and of no effect), nor shall anything in this paragraph be construed to render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date,
the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6. 
  

	 	1.4.7	With respect to any record date set pursuant to this Section, the party hereto that sets such record date may designate any day as the “Expiration Date” and
from time to time may change the Expiration Date to any earlier or later day, provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder
of Securities of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto that set
such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the
foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 

  
 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to
all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
  

	 	1.5.	Notices, Etc., to Trustee, Company and Guarantor 

  
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be
made upon, given or furnished to, or filed with, 
  

	 	1.5.1	the Trustee by any Holder or by the Company or Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (which may be by
facsimile) to or with the Trustee at its Corporate Trust Office, or 

  

	 	1.5.2	(i) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and

  

 10 

 mailed, first-class postage prepaid, to both the Company and the Guarantor and (ii) the Guarantor by the
Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to both the Guarantor and the Company, in either case addressed to it at the
address specified below or at any other address previously furnished in writing to the Trustee by the Company or the Guarantor: 
  

			
	 Avenida Presidente Vargas, 1,012

	 15o andar 20071-910 Rio de Janiero, RJ, Brazil

	 Attention:
	 	 General Counsel

	 Fax:
	 	 011-5521-2121-8999

	 Tel:
	 	 011-5521-2519-7299

  

	 	1.6.	Notice to Holders; Waiver 

  
 Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if
in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed
for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect
to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to
give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
  
 Notwithstanding the provisions of this Section 1.6, in case any series of Securities are listed in any stock exchange, a
notice to holders of such Securities given in accordance with the rules and procedures of such stock exchange shall be regarded as a valid notice under this section 1.6. 
  

	 	1.7.	Conflict with Trust Indenture Act 

  
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and
govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this
Indenture as so modified or excluded, as the case may be. 
  

 11 

	 	1.8.	Effect of Headings and Table of Contents 

  
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

	 	1.9.	Successors and Assigns 

  
 All covenants and agreements in this Indenture by the Company or the Guarantor shall bind its respective successors and assigns, whether so expressed or
not. 
  

	 	1.10.	Separability Clause 

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

	 	1.11.	Benefits of Indenture 

  
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder
and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  

	 	1.12.	Governing Law 

  
 THIS INDENTURE, THE SECURITIES AND THE GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

  

	 	1.13.	Legal Holidays 

  
 In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day, then (notwithstanding any
other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the
Interest Payment Date, Redemption Date or at the Stated Maturity, as the case may be; provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be to
such Business Day if such payment is made or duly provided for on such Business Day. 
  

	 	1.14.	Consent to Service; Jurisdiction 

  
 The Company, the Guarantor and the Trustee irrevocably submit to the non-exclusive jurisdiction of any court of the State of New York or any United States
Federal court sitting in The City of New York, New York, United States, and any appellate court from any thereof, in any suit, action or proceeding arising out of this Indenture and the Securities to which each is or is to be a party, or for
recognition or enforcement of any judgment, and the Company, the Guarantor and the Trustee hereby irrevocably and unconditionally agree that all claims in respect of such action or proceeding may be heard 
  

 12 

 and determined in any such court of the State of New York or, the extent permitted by law, in such
Federal court. The Company, the Guarantor and the Trustee irrevocably waive, to the fullest extent permitted by law, any objection to any suit, action or proceeding that may be brought in connection with this Indenture in such courts whether on the
grounds of venue, residence, or domicile or on the grounds that any such suit, action or proceeding has been brought in an inconvenient forum. The Company, the Guarantor and the Trustee agree that final judgment in any such suit, action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Indenture or the Securities shall affect any right that any party may otherwise have to bring
any action or proceeding relating to this Indenture or the Securities in the courts of any jurisdiction. 
  
 Each of the Company and the Guarantor hereby irrevocably appoints and empowers CT Corporation System, located at 111 Eighth Avenue, New York, New York
10011 as its authorized agent (the “Process Agent”) to accept and acknowledge for and on its behalf and on behalf of its property service of any and all legal process, summons, notices and documents which may be served in any such
suit, action or proceeding in any New York State court or United States Federal court sitting in The City of New York, New York, United States and any appellate court from any thereof, which service may be made on such designee, appointee and agent
in accordance with legal procedures prescribes for such courts. The Company and the Guarantor will take any and all action necessary to continue such designation in full force and effect and to advise the Trustee of any change of address of such
Process Agent; should such Process Agent become unavailable for this purpose for any reason, the Company and the Guarantor will promptly and irrevocably designate a new Process Agent within New York, New York, which will agree to act as such, with
the powers and for the purposes specified in this section. The Company and the Guarantor irrevocably consent and agree to the service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action,
suit or proceeding by hand delivery, to it at its address set forth in Section 1.5 or to any other address of which they shall have given notice pursuant to Section 1.5 or to any Process Agent. Service upon the Company, the Guarantor or the Process
Agent as provided for herein will, to the fullest extent permitted by law, constitute valid and effective personal service upon it and the failure of the Process Agent to give any notice of such service to the Company or the Guarantor shall not
impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. 
  

	 	1.15.	Language of Notices, Etc. 

  
 Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language,
except that any published notice may be in an official language of the country of publication. 
  

	2.	Security Forms 

  

	 	2.1.	Forms Generally 

  
 The Securities and the Trustee’s certificates of authentication shall be in substantially the form established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, 
  

 13 

 substitutions and other variations as are required or permitted therein, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary thereof or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by
the Secretary or an Assistant Secretary of the Company and the Guarantor and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities. 
  
 The definitive Securities shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
  

	 	2.2.	Form of Trustee’s Certificate of Authentication 

  
 This is one of the Securities referred to in the within-mentioned Indenture. 
  
 Dated: [            ] 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Trustee 
  

			
	                    By:	 	  

	 	 	Authorized Officer

  

	3.	The Securities 

  

	 	3.1.	Amount Unlimited; Issuable in Series 

  
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
  
 The Securities may be issued in one or more tranches of one or more series.
There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to
the issuance of Securities of any series, 
  

	 	3.1.1	the title of the Securities, including CUSIP Numbers, of the series (which shall distinguish the Securities of the series from Securities of any other series);

  

	 	3.1.2	any limit upon the aggregate principal amount of the Securities which may be authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4, 3.5, 8.6 or 10.3 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been
authenticated and delivered hereunder); 

  

 14 

	 	3.1.3	the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest; 

  

	 	3.1.4	the date or dates on which the principal of the Securities of the series is payable; 

  

	 	3.1.5	the rate or rates or the method of determination thereof at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall
accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date; 

  

	 	3.1.6	the place or places, if any, in addition to or instead of the Corporate Trust Office of the Trustee, where the principal of and any premium and interest on Securities of the
series shall be payable and the manner in which any payment may be made; 

  

	 	3.1.7	the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the
option of the Company; 

  

	 	3.1.8	the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder
thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

  

	 	3.1.9	if other than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of the series shall be issuable; 

  

	 	3.1.10	if other than the currency of the United States, the currency, currencies or currency units in which payment of the principal of and any premium and interest on any
Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States for purposes of the definition of “Outstanding” in Section 1.1; 

  

	 	3.1.11	if the amount of payments of principal of or any premium or interest on any Securities of the series may be determined with reference to an index, the manner in which such
amounts shall be determined; 

  

	 	3.1.12	if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or a Holder thereof, in one or more currencies
or currency units other than that or those in which the Securities are stated to be payable, the currency, currencies or currency units in which payment of the principal of and any premium and interest on Securities of such series as to which such
election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 

  

 15 

	 	3.1.13	if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the
Maturity thereof pursuant to Section 5.2; 

  

	 	3.1.14	any collateral or other security pledged against payment of principal, interest or premium, if any, on the Securities; 

  

	 	3.1.15	if additional amounts are to be paid on any Securities of any series to enable the holders thereof to receive such amounts as would have been received by them in the absence
of withholding or deductions for taxes, the terms and conditions under which such amounts shall be paid; 

  

	 	3.1.16	if and as applicable, that the Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary
or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in Section 3.4 in which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the name
of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be registered; 

  

	 	3.1.17	the terms and conditions, if any, pursuant to which the Securities are convertible into or exchangeable for any other securities; 

  

	 	3.1.18	any addition to or change in the covenants set forth in Article 9 which applies to the Securities of the series; 

  

	 	3.1.19	the applicability of Article 11 with respect to the securities of such series; 

  

	 	3.1.20	any addition to or change in the Events of Default set forth in Section 5.1; and 

  

	 	3.1.21	any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Clause 8.1.5). 

  
 All Securities of any one series shall be substantially identical except as
to issue price and first payment of interest. 
  
 If any of the
terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officers’ Certificate setting forth the terms of the series. 
  
 Notwithstanding Clause 3.1.2 herein and unless otherwise expressly provided with respect to a series of Securities, the aggregate principal amount of a series of Securities may be increased and additional Securities
of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series as so increased. 
  

 16 

	 	3.2.	Denominations 

  
 The Securities shall be issuable only in registered form without coupons and, unless otherwise specified as contemplated by Clause 3.1.9, only in
denominations of $1,000 and any integral multiple thereof. 
  

	 	3.3.	Execution, Authentication, Delivery and Dating 

  
 The Securities shall be executed on behalf of the Company by the President (signing alone or with another officer), or by any two officers in accordance
with its Bylaws. The President may execute a power of attorney and empower others to execute such Security on its behalf. The Guaranty on the Securities shall be endorsed on behalf of the Guarantor by the President (signing alone or with another
officer), or by any two officers in accordance with its Bylaws. The President may execute a power of attorney and empower others to endorse such Guaranty on its behalf. The signature of any of these officers on the Securities or the Guaranty may be
manual or facsimile. 
  
 Securities bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of
such Securities or did not hold such offices at the date of such Securities. Guaranties bearing the manual or facsimile endorsement of individuals who were at any time the proper officers of the Guarantor shall bind the Guarantor, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of Securities bearing such endorsement or did not hold such offices at the date of such Securities. 
  
 At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the Company and properly endorsed by the Guarantor to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and
the Trustee in accordance with such Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1
and 3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying
upon, an Opinion of Counsel stating, 
  

	 	3.3.1	if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form has been established in conformity with the
provisions of this Indenture; 

  

	 	3.3.2	if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms have been established in conformity with
the provisions of this Indenture; 

  

	 	3.3.3	that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, 

  

 17 

 insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights and to general equity principles; and 
  

	 	3.3.4	that the Guaranty, when the Securities upon which it shall have been endorsed shall have been authenticated and delivered by the Trustee and when properly endorsed by the
Guarantor in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute a valid and legally binding obligation of the Guarantor enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and general equity principles. 

  
 If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if, in the
opinion of counsel to the Trustee, the issue of such Securities pursuant to this Indenture will adversely affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture. 
  
 Notwithstanding the provisions of Section 3.1 and of the preceding
paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series
to be issued and in that case the Trustee may rely, as to the authorization by the Company and the Guarantor of any of such Securities and the Guaranty, the form and terms thereof and the legality, validity, binding effect and enforceability
thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Sections 2.1 and 3.1 and this Section, as applicable, in connection with the first authentication of Securities of such series. 
  
 Each Security shall be dated the date of its authentication except as
otherwise provided pursuant to Section 3.1 with respect to the Securities of such series. 
  
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for
herein executed by the Trustee or an Authenticating Agent by manual signature of an authorized officer, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and
delivered hereunder. 
  
 Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.8, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  

 18 

	 	3.4.	Registration, Registration of Transfer and Exchange 

  
 The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register for each series of Securities (the registers maintained in such
office and in any other office or agency of the Company in a Place of Payment being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Securities and of transfers and exchanges of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers and exchanges of Securities as
herein provided. Upon surrender for registration of transfer of any Security at an office or agency of the Company designated for such purpose, and subject to the other provisions of this Section, the Company shall execute and the Guarantor shall
(if such Securities are guaranteed) endorse, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series of any authorized denomination or denominations and
of a like aggregate principal amount. 
  
 Notwithstanding any
other provision of this Section, unless and until it is exchanged in whole or in part for the individual Securities represented thereby, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a
whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series
or a nominee of such successor Depositary. 
  
 At the option of
the Holder, and subject to the other provisions of this Section, Securities of any series (other than a Global Security, except as set forth below) may be exchanged for other Securities of the same series, of any authorized denomination or
denominations of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, and subject to the other provisions of this Section, the
Company shall execute and the Guarantor shall (if such Securities are guaranteed) endorse, and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive. 
  
 All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company, evidencing the same debt, and subject to the other provisions of this Section, entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange. 
  
 Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed,
by the Holder thereof or his attorney duly authorized in writing. 
  
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges pursuant to Section 8.6 or 10.6 not involving any transfer. 
  

 19 

 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the
Company shall not be required (A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of
the mailing of a notice of redemption of any such Securities selected for redemption and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange any Security so selected for redemption in whole or
in part, except the unredeemed portion of any Security being redeemed in part. 
  
 The provisions of Clauses 3.4.1, 3.4.2, 3.4.3, 3.4.4 and 3.4.5 below shall apply only to Global Securities: 
  

	 	3.4.1	Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary or a nominee thereof and delivered to such Depositary or a nominee
thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 

  

	 	3.4.2	Notwithstanding any other provision in this Indenture or the Securities, no Global Security of a series may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security of a series in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (A) the Depositary has notified the Company that it is unwilling or unable to continue
as Depositary for such Global Security or ceases to function as a clearing agency registered under the Exchange Act at a time when such Depositary is required to be so registered in order to act as a depositary and a successor Depositary is not
appointed by the Company within 90 days after the Company receives such notice or (B) the Trustee has instituted or has been directed to institute any judicial proceeding in a court to enforce the rights of Holders and the Trustee has been advised
by counsel that in connection with such a proceeding it is necessary or appropriate for the Trustee to obtain possession of the Securities of that series or (C) unless otherwise specified with respect to such series pursuant to Section 3.1, a
request for certificates has been made by the Company upon 60 days’ prior written notice given to the Trustee in accordance with the Depositary’s customary procedures and to the Depositary. Any Global Security exchanged pursuant to Clause
(A) above shall be so exchanged in whole and not in part and any Global Security exchanged pursuant to Clause (B) or (C) above may be exchanged in whole or from time to time in part as directed by the Trustee or the Company as applicable. Any
Security issued in exchange for a Global Security or any portion thereof shall be a Global Security, provided that any such Security so issued that is registered in the name of a Person other than a Depositary or a nominee thereof shall not
be a Global Security. 

  

	 	3.4.3	Securities issued in exchange for a Global Security or any portion thereof pursuant to Clause 3.4.2 above shall be issued in definitive, fully registered form, without
interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depositary shall designate and
shall bear any legends required hereunder. Any Global Security to be exchanged in whole shall be surrendered by the Depositary to the Trustee, as Security Registrar. With regard to any Global Security to be exchanged in part,

  

 20 

 either such Global Security shall be so surrendered for exchange or, if the Trustee is acting as
custodian for the Depositary or its nominee with respect to such Global Security, the principal amount thereof shall be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records
of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Security issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof. 
  

	 	3.4.4	In the event of the occurrence of any of the events specified in Clause 3.4.2 above, the Company will promptly make available to the Trustee a reasonable supply of
certificated Securities in definitive, fully registered form, without interest coupons. 

  

	 	3.4.5	Neither any members of, or participants in, the Depositary (“Agent Members”) nor any other Persons on whose behalf Agent Members may act (including Euroclear
Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream, Luxembourg”) and account holders and participants therein) shall have any
rights under this Indenture with respect to any Global Security, or under any Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other person on whose behalf an Agent Member may act, the operation of
customary practices of such Persons governing the exercise of the rights of a holder of any Security. 

  

	 	3.4.6	None of the Company, the Guarantor, the Trustee or any agent of the Company, the Guarantor or the Trustee shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

  

	 	3.5.	Mutilated, Destroyed, Lost and Stolen Securities 

  
 If any mutilated Security is surrendered to the Trustee, the Company shall execute, the Guarantor shall endorse and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and
(ii) such Security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the
Company shall execute, the Guarantor shall endorse and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding. 
  

 21 

 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security, pay such Security upon compliance with the foregoing provisions. 
  
 Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
  
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of that series duly issued hereunder. 
  
 The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  

	 	3.6.	Payment of Interest; Interest Rights Preserved 

  
 Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
  
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case,
as provided in Clause 3.6.1 or 3.6.2 below: 
  

	 	3.6.1	The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be
paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause
provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the

  

 22 

 receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each
Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having
been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be
payable pursuant to the following Clause 3.6.2. 
  

	 	3.6.2	The Company may make payment of any Defaulted Interest on the Securities of any series to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 

  
 Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  

	 	3.7.	Persons Deemed Owners 

  
 Prior to due surrender of a Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or
the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 3.6) interest on such Security and for all
other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Guarantor, the Trustee nor any agent of the Company, the Guarantor or the Trustee shall be affected by notice to the contrary. 
  

	 	3.8.	Cancellation 

  
 Unless otherwise specified pursuant to Section 3.1 for Securities of a particular series, Securities surrendered for payment, redemption, repurchase,
registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in
this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of as directed by a Company Order. 
  

 23 

	 	3.9.	Computation of Interest 

  
 Unless otherwise specified pursuant to Section 3.1 with respect to the Securities of a particular series, interest on the Securities shall be computed on
the basis of a 360-day year of twelve 30-day months. 
  

	 	3.10.	CUSIP or ISIN Numbers 

  
 The Company in issuing the Securities may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
The Company will promptly notify the Trustee of any change in the CUSIP or ISIN numbers. 
  

	4.	Satisfaction And Discharge 

  

	 	4.1.	Satisfaction and Discharge of Indenture 

  
 This Indenture, with respect to Securities of any series, shall cease to be of further effect (except as to any surviving rights of registration of
transfer or exchange of Securities herein expressly provided for), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
  

	 	4.1.1	either 

  

	 	(i)	all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 3.5 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 9.3) have been
delivered to the Trustee for cancellation; or 

  

	 	(ii)	all such Securities not theretofore delivered to the Trustee for cancellation 

  

	 	(a)	have become due and payable, or 

  

	 	(b)	will become due and payable at their Stated Maturity within one year, or 

  

	 	(c)	are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense,
of the Company, 

  

 24 

 and the Company, in the case of (i) or (ii) above, has deposited or caused to be deposited with the
Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the
date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity, Redemption Date or Repurchase Date, as the case may be; 
  

	 	4.1.2	the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

  

	 	4.1.3	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to
the satisfaction and discharge of this Indenture have been complied with. 

  
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company and the Guarantor to the Trustee under Section 6.7, the obligations of the Company and the Guarantor to any
Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (ii) of Clause 4.1.1 of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 9.3 shall
survive such satisfaction and discharge. 
  

	 	4.2.	Application of Trust Money 

  
 Subject to the provisions of the last paragraph of Section 9.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and
applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. 
  

	5.	Remedies 

  

	 	5.1.	Events of Default 

  
 “Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body) shall have occurred and be continuing: 
  

	 	5.1.1	the Company fails to pay any interest (including additional amounts pursuant to Clause 3.1.15, if any) on any of the Securities of such series on the date when it becomes due
and payable and such failure continues for a period of 30 days; or 

  

	 	5.1.2	the Company fails to pay any principal or premium, if any (including additional amounts pursuant to Clause 3.1.15, if any), on any of the Securities of such series on the
date when due; or 

  

 25 

	 	5.1.3	the Company fails to perform or observe any other material covenant or agreement in respect of the Securities of such series contained in this Indenture or in a supplemental
indenture (other than a covenant or agreement which has been expressly included in this Indenture solely for the benefit of series of Securities other than that series) and such failure continues for a period of 30 days after written notice of
default has been given to the Company by the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of such series. 

  

	 	5.1.4	any additional Events of Default that are set forth with respect to the series pursuant to Section 3.1. 

  

	 	5.2.	Acceleration of Maturity; Rescission and Annulment 

  
 If an Event of Default with respect to any series of Securities occurs and is continuing and has not been cured or waived, then and in every such case,
the Trustee may, at the written request of the Holders of not less than 25% in principal amount of the Outstanding Securities of that series, by notice in writing to the Company, declare the principal of all the Securities to be due and payable
immediately, and upon any such declaration such principal and any accrued interest and any unpaid additional amounts pursuant to Clause 3.1.15 thereon shall become immediately due and payable.  
  
 At any time after such a declaration of acceleration with respect to
Securities of any series at the time Outstanding has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
  

	 	5.2.1	the Company has paid or deposited with the Trustee a sum sufficient to pay 

  

	 	(i)	all overdue interest and any additional amounts pursuant to Clause 3.1.15 thereon on all of the Securities of that series, 

  

	 	(ii)	the principal of any Securities of that series which have become due otherwise than by such declaration of acceleration, 

  

	 	(iii)	to the extent that payment of such interest is lawful, interest upon overdue interest at the rate borne by (or prescribed therefor in) the Securities of that series, and

  

	 	(iv)	all reasonable and duly documented sums paid or advanced by the Trustee hereunder and all amounts owing the Trustee under Section 6.7; 

  
 and 
  

	 	5.2.2	all Events of Default other than the non-payment of the principal of and interest on Securities of such series which have become due solely by such declaration of
acceleration, have been cured or waived as provided in Section 5.13. 

  

 26 

 No such rescission shall affect any subsequent default or impair any right consequent thereon.

  

	 	5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee 

  
 The Company covenants that if 
  

	 	5.3.1	default is made in the payment of any interest (including any additional amounts pursuant to Clause 3.1.15) on any Security when such interest becomes due and payable and
such default continues for a period of 30 days, or 

  

	 	5.3.2	default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, 

  
 the Company will, upon demand of the Trustee, pay to it, for the benefit of
the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest, and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and
premium and on any overdue interest, at the rate borne by (or prescribed therefor in) such Securities, together with any additional amounts pursuant to Clause 3.1.15 thereon, and, in addition thereto, such further amount as shall be sufficient to
cover the reasonable and duly documented costs and expenses of collection, including the reasonable and duly documented compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and all amounts due the Trustee under
Section 6.7. 
  
 If an Event of Default with respect to
Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of that series by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  

	 	5.4.	Trustee May File Proofs of Claim 

  
 In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be
entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7. 
  
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any 
  

 27 

 Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a Trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
  

	 	5.5.	Trustee May Enforce Claims Without Possession of Securities 

  
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as Trustee of an express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  

	 	5.6.	Application of Money Collected 

  
 Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of all amounts due the Trustee under
Section 6.7; 
  
 SECOND: To the payment of the
amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium and interest, respectively; and 
  
 THIRD: Any remaining amounts shall be repaid to the Company. 
  

	 	5.7.	Limitation on Suits 

  
 No Holder of any Securities of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for
the appointment of a receiver or Trustee, or for any other remedy hereunder, unless 
  

	 	5.7.1	such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series; 

  

	 	5.7.2	the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee hereunder; 

  

 28 

	 	5.7.3	such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance
with such request; 

  

	 	5.7.4	the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

  

	 	5.7.5	no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Securities of that series; 

  
 it being
understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
  

	 	5.8.	Unconditional Right of Holders to Receive Principal, Premium and Interest 

  
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and any premium and (subject to Section 3.6) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or repurchase, on the
Redemption Date or Repurchase Date, as the case may be), and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  

	 	5.9.	Restoration of Rights and Remedies 

  
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Guarantor, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  

	 	5.10.	Rights and Remedies Cumulative 

  
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 3.5, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
  

 29 

	 	5.11.	Delay or Omission Not Waiver 

  
 No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be. 
  

	 	5.12.	Control by Holders 

  
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that 
  

	 	5.12.1	such direction shall not be in conflict with any rule of law or with this Indenture, 

  

	 	5.12.2	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

  

	 	5.12.3	subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible
Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability against which indemnity would not be satisfactory. 

  

	 	5.13.	Waiver of Past Defaults 

  
 The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities
of such series waive any past Event of Default with respect to the Securities of such series and its consequences, except a default 
  

	 	5.13.1	in the payment of the principal of or any premium or interest on any Security of such series, or 

  

	 	5.13.2	in respect of a covenant or provision hereof which under Article 8 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series
affected. 

  
 Upon any such waiver, such default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

  

	 	5.14.	Undertaking for Costs 

  
 In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted
by it as Trustee, a court may 
  

 30 

 require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may
assess costs, including reasonable and duly documented attorneys’ fees and expenses, against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust
Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company, the Guarantor, or the Trustee or in any suit to require the Company to repurchase any Security
in accordance with its terms. 
  

	 	5.15.	Waiver of Usury, Stay or Extension Laws 

  
 Each of the Company and the Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any
manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company and
the Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted. 
  

	6.	The Trustee 

  

	 	6.1.	Certain Duties and Responsibilities 

  
 The duties and responsibilities of the Trustee shall be as specifically set forth in this Indenture and as provided by the Trust Indenture Act. If an
Event of Default has occurred and is continuing, the Trustee may exercise such of the rights and powers vested in it by this Indenture and shall use the same degree of care and skill in its exercise thereof as a prudent person would exercise or use
under the circumstances in the conduct of his own affairs. Except during the continuance of an Event of Default, the Trustee need perform only those duties as are specifically set forth in this Indenture and no duties, covenants or obligations of
the Trustee shall be implied in this Indenture. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not
therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
  

	 	6.2.	Notice of Default; Potential Default 

  
 If, to the knowledge of the Trustee, a Default occurs hereunder with respect to Securities of any series and has not been cured or waived, the Trustee
shall give the Holders of Securities of such series notice of such Default as and to the extent required by the Trust Indenture Act (a “Notice of Default”), provided, however, that in the case of any default of the character
specified in Clause 5.1.3 with respect to Securities of such series no such notice to Holders shall be given until at least 30 days after the occurrence thereof and provided further that except in the case of a default of the character
specified in 
  

 31 

 Clauses 5.1.1 or 5.1.2 with respect to any series, the Trustee shall to the extent permitted in Section
315(b) of the Trust Indenture Act be permitted to withhold such notice if the conditions therein specified are met. If on the Business Day prior to an Interest Payment Date the Company has not deposited with the Trustee funds sufficient to pay the
interest due on the next Interest Payment Date, then the Trustee shall provide written notice to the Guarantor of such failure. 
  

	 	6.3.	Certain Rights of Trustee 

  
 Subject to the provisions of Section 6.1: 
  

	 	6.3.1	the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper
party or parties; 

  

	 	6.3.2	any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution. Any request or direction of the Guarantor mentioned herein shall be sufficiently evidenced by a written request or direction signed on behalf of the Guarantor by the President (signing alone or
with another officer), or by any two officers in accordance with its Bylaws. The President may execute a power of attorney and empower others to execute such certificate upon its behalf; 

  

	 	6.3.3	whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action
hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 

  

	 	6.3.4	the Trustee may consult with counsel of its own choice and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

  

	 	6.3.5	the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to
this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

  

	 	6.3.6	the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document in connection with this Indenture, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make 

  

 32 

 such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 
  

	 	6.3.7	the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not
be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; provided that the Trustee shall be required to terminate any such agent if it has actual knowledge of any willful or
negligent failure by such agent to perform its delegated duties; and 

  

	 	6.3.8	the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee from the Company, the Guarantor or any Holder, and such notice references the Securities and this
Indenture. 

  

	 	6.4.	Not Responsible for Recitals or Issuance of Securities 

  
 Neither the Trustee nor any Authenticating Agent assumes any responsibility for the correctness of the recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company or the Guarantor of Securities or the proceeds thereof. 
  

	 	6.5.	May Hold Securities 

  
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or the Guarantor, in its individual or
any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company and the Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Security Registrar or such other agent. 
  

	 	6.6.	Money Held in Trust 

  
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 
  

	 	6.7.	Compensation and Reimbursement 

  

	 	6.7.1	The Company agrees to pay to the Trustee from time to time such compensation as shall be agreed in writing between the parties for all services rendered by it hereunder
(which compensation shall not be limited by any provision of law in regard to the compensation of a Trustee of an express trust). 

  

 33 

	 	6.7.2	The Company agrees, except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable and itemized expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable and duly documented compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or willful misconduct. 

  

	 	6.7.3	The Company agrees to fully indemnify each of the Trustee and any predecessor for, and to hold it harmless against, any and all losses, liabilities, damages, claims or
reasonable and duly documented expenses incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and reasonable and
duly documented expenses of defending itself against any claim (whether asserted by a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

  
 As security for the performance of the obligations of the Company and the
Guarantor under this Section, the Trustee shall have a claim prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (premium, if any) or interest on
such Securities. 
  
 The provisions of this Section shall survive
the satisfaction and discharge of this Indenture. 
  

	 	6.8.	Conflicting Interests 

  
 If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest
or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest
by virtue of being a Trustee under this Indenture with respect to Securities of more than one series. 
  

	 	6.9.	Corporate Trustee Required; Eligibility 

  
 There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be a Trustee hereunder for
Securities of one or more other series. Each Trustee shall be a Person that (i) is eligible pursuant to the Trust Indenture Act to act as such, (ii) has a combined capital and surplus of at least $100,000,000, (iii) is subject to supervision or
examination by Federal or State authority, and (iv) has its Corporate Trust Office in the United States. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining
authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee with respect to the Securities 
  

 34 

 of any series shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article. 
  

	 	6.10.	Resignation and Removal; Appointment of Successor 

  
 No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 
  
 The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument
of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 45 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series. 
  
 The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to
the Company. 
  
 If at any time: 
  

	 	6.10.1	the Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least
six months, or 

  

	 	6.10.2	the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder, or

  

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

  

then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 5.14,
any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities
and the appointment of a successor Trustee or Trustees. 
  
 If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint
a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time
there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, 
  

 35 

 removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the
Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the
Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

  
 The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each
notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
  

	 	6.11.	Acceptance of Appointment by Successor 

  
 In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder. 
  
 In case of the appointment hereunder of a
successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-Trustees of the same trust and that each such Trustee shall be 
  

 36 

 Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on
request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates. 
  
 Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or
second preceding paragraph, as the case may be. 
  
 No successor
Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
  
 If a Trustee is removed with or without cause, all fees and expenses (including the reasonable fees and expenses of counsel) of the Trustee incurred in
the administration of the trust or in performing of the duties hereunder shall be paid to the Trustee. 
  

	 	6.12.	Merger, Conversion, Consolidation or Succession to Business 

  
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. 
  

	 	6.13.	Preferential Collection of Claims Against Company 

  
 If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 
  

	 	6.14.	Appointment of Authenticating Agent 

  
 The Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon
original issue and upon exchange, registration of transfer, or partial redemption or pursuant to Section 3.5, and 
  

 37 

 Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such
reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, have a
combined capital and surplus of at least $100,000,000, be subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of
said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

  
 Any corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part
of the Trustee or the Authenticating Agent. 
  
 An Authenticating
Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the Security Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
  
 The Authenticating Agent shall indemnify and hold harmless the Trustee against any loss, liability or expense (including attorney’s fees) incurred by the Trustee and shall defend any claim asserted against the
Trustee by reason of any acts or failures to act of the authenticating agent. 
  
 The Company and the Guarantor agree to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 
  

 38 

 If an appointment is made pursuant to this Section, the Securities may have endorsed thereon, in addition
to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  
 This is one of the Securities referred to in the within-mentioned Indenture. 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Trustee 
  

			
	                     By:
	 	  

	 	 	 as Authenticating Agent

		
	                     By:
	 	  

	 	 	 Authorized Officer

  

	 	6.15.	Appointment of Luxembourg Transfer Agent 

  
 For so long as the rules of the Luxembourg Stock Exchange so require, the Company and the Guarantor shall appoint and maintain a transfer agent located in
Luxembourg with respect to Securities listed on the Luxembourg Stock Exchange. 
  

	7.	Holders’ Lists and Reports by Trustee and Company 

  

	 	7.1.	Company to Furnish Trustee Names and Addresses of Holders 

  
 The Company will furnish or cause to be furnished to the Trustee 
  

	 	7.1.1	semi-annually, not more than 15 days after each Regular Record Date with respect to each series of Securities, a list, in such form as the Trustee may reasonably require, of
the names and addresses of the Holders of Securities of such series as of such Regular Record Date, and 

  

	 	7.1.2	at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished; 

  
 excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar. 
  

	 	7.2.	Preservation of Information; Communications to Holders 

  

	 	7.2.1	The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee
as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.

  

 39 

	 	7.2.2	The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and duties of
the Trustee, shall be as provided by the Trust Indenture Act. 

  

	 	7.2.3	Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of
them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

  

	 	7.3.	Reports by Trustee 

  
 The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each December 3 following the date of this Indenture deliver to Holders a
brief report, dated as of such December 3, which complies with the provisions of such Section 313(a). 
  
 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities
are listed, with the Commission (unless at the time no Outstanding Securities have been registered with the Commission pursuant to the Securities Act) and with the Company. The Company will promptly notify the Trustee when any Securities are listed
on any stock exchange. 
  

	8.	Supplemental Indentures 

  

	 	8.1.	Supplemental Indentures without Consent of Holders 

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

	 	8.1.1	to evidence the succession of another Person to the Company or the Guarantor and the assumption by any such successor of the covenants of the Company or the Guarantor herein
and in the Securities; or 

  

	 	8.1.2	to add to the covenants of the Company or the Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of
less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company or the Guarantor; or 

 

	 	8.1.3	to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit
of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 

  

 40 

	 	8.1.4	to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form,
registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 

  

	 	8.1.5	to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change or
elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with
respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or 

  

	 	8.1.6	to secure the Securities pursuant to the requirements of any covenant set forth pursuant to Clause 3.1.18 or otherwise; or 

  

	 	8.1.7	to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or 

  

	 	8.1.8	to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11; or 

  

	 	8.1.9	to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture, provided that such action pursuant to this Clause 8.1.9 shall not adversely affect the interests of the Holders of Securities of any series in any material respect.

  

	 	8.2.	Supplemental Indentures or Waiver with Consent of Holders 

  
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental
indenture or waiver, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, the Guarantor, when authorized by a Board Resolution, and the Trustee may (i) enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under
this Indenture or (ii) waive the application of any provision of this Indenture; provided, however, that no such supplemental indenture or waiver shall, without the consent of the Holder of each Outstanding Security affected thereby,

  

	 	8.2.1	change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of
interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of any Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2, or

  

 41 

 change any Place of Payment where, or the coin or currency in which, any Security or any premium or
interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, or repurchase on or after the Redemption Date or Repurchase Date), or

  

	 	8.2.2	reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

  

	 	8.2.3	modify any of the provisions of this Section, Section 5.13 or Section 9.12, except to increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in
the references to “the Trustee” and concomitant changes in this Section and Section 9.12, or the deletion of this proviso, in accordance with the requirements of Section 6.11. 

  
 A supplemental indenture or waiver which changes or eliminates any covenant
or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
  
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture or waiver, but
it shall be sufficient if such Act shall approve the substance thereof. 
  

	 	8.3.	Execution of Supplemental Indentures 

  
 In executing, or accepting the additional trusts created by, any supplemental indenture or waiver permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture or waiver is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture or waiver which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

  

	 	8.4.	Effect of Supplemental Indentures 

  
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
  

 42 

	 	8.5.	Conformity with Trust Indenture Act 

  
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 
  

	 	8.6.	Reference in Securities to Supplemental Indentures 

  
 Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required
by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee
and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
  

	 	8.7.	Effect of Waiver 

  
 A waiver shall be effective to waive compliance with the particular provision and for the particular instance for which the waiver was made and, until
such waiver shall become effective, the obligations of the Company or the Guarantor and the duties of the Trustee in respect of any such provision shall remain in full force and effect. 
  

	 	8.8.	Notice to Luxembourg Stock Exchange 

  
 So long as any Securities of a series are listed on the Luxembourg Stock Exchange, the Company shall, if then required under the rules and regulations of
the Luxembourg Stock Exchange, give notice to the Luxembourg Stock Exchange of any supplemental indenture or waiver of any covenant in regards such series effected pursuant to this Article 8. 
  

	9.	Covenants 

  

	 	9.1.	Payment of Principal, Premium and Interest and Performance Obligations 

  

The Company agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest
(together with any additional amounts pursuant to Clause 3.1.15 payable thereon) on the Securities of that series and comply with all of its other obligations under the terms of the Securities of that series and the Indenture. 
  

	 	9.2.	Maintenance of Office or Agency 

  
 For so long as the Securities of any series are Outstanding, the Company will maintain in the Borough of Manhattan, The City of New York, an office or
agency where notices and demands to or upon the Company and the Guarantor in respect of the Securities (in this case, without regard to the form of the Securities) and this Indenture may be served. Initially this office will be at the offices of CT
Corporation System located at 111 Eighth Avenue, New York, New York, 10011 and the Company will give prompt written notice to the Trustee of any change in the location, of such office or agency, which shall be in the same general location. If at any
time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such 
  

 43 

 presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
  

	 	9.3.	Money for Security Payments To Be Held in Trust 

  
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the
principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 
  
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on the business day prior to each due date of the
principal of or any premium or interest on any Securities of that series, deposit in Dollars with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
  
 The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the
provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any Default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment in respect of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the
Securities of that series. 
  
 The Company may at any time, for
the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be
held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with
respect to such money. 
  
 Any money deposited with the Trustee
or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due
and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company and the
Guarantor for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as Trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying
Agent, before being required to make any such repayment, may, at the expense of the Company, cause to be published once, in a newspaper published in the 
  

 44 

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

  

	 	9.4.	Notification of Default and Events of Default 

  
 The Company (and each other obligor on the Securities of any series) will deliver to the Trustee, at least annually, an Officers’ Certificate, signed
in the case of the Company, by the Company’s Diretor Presidente or Diretor Econômico-Financeiro stating that to the best knowledge of the signers thereof the Company is in compliance with the covenants and conditions under
the Indenture and the Notes (without regard to any period of grace or requirement of notice provided hereunder) and that no Event of Default exists or, if an Event of Default exists, specifying the nature and status thereof of which they may have
knowledge and what actions have been taken and will be taken with respect to such Event of Default. 
  
 If at any time the Company or the Guarantor becomes aware that a Default or Event of Default is continuing, the Company or the Guarantor, as the case may
be, shall file (each with respect to itself) as soon as possible and in any event within 15 days after the Company or the Guarantor becomes aware of such occurrence, an Officers’ Certificate with the Trustee describing the details thereof and
the action it is taking or proposes to take. In addition, for so long as any Securities are listed on the Luxembourg Stock Exchange and to the extent required by the rules and regulations of the Luxembourg Stock Exchange, the Company will also
notify the Luxembourg Stock Exchange of the Event of Default and prior to publication of notice of the Event of Default in Luxembourg, submit a draft of the notice to the Luxembourg Stock Exchange. 
  

	 	9.5.	Financial Statements and Reports by Company 

  
 At all times while the Company or the Guarantor files any financial statements or reports with the SEC, the Company or the Guarantor, as the case may be,
shall furnish a copy of such statements or reports to the Trustee within 15 calendar days of the date of filing. 
  
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s and the Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 
  

	 	9.6.	Compliance with Laws 

  
 The Company and the Guarantor shall comply with all applicable laws and regulations of any governmental or other regulatory authority having jurisdiction
over either of them for the purposes of the Securities and ensure that all necessary consents and approvals of, and registrations and filings with, any such authority in connection therewith are obtained and maintained in full force and effect.

  

 45 

	 	9.7.	Books of Account 

  
 The Company shall, and shall cause each of its Subsidiaries to, keep adequate records and books of account in which full, true and correct entries are
made of all dealings and transactions in relation to its business and activities in conformity with Brazilian GAAP, and in material conformity with all applicable requirements of any governmental authority having regulatory jurisdiction over the
Company or its Subsidiaries. 
  

	 	9.8.	Maintenance of Properties 

  
 The Company shall, and shall cause each of its Subsidiaries to, maintain, preserve and protect all of its material properties and equipment necessary in
the operation of its principal business in good order and condition, subject to wear and tear in the ordinary course of business, and not permit any material waste of its properties. 
  

	 	9.9.	Maintenance of Insurance 

  
 The Company shall, and shall cause each of its Subsidiaries to, maintain liability and casualty insurance with financially sound and reputable insurance
companies in such amounts with such deductibles and against such risks as is customary for similarly situated businesses except when the failure to do so would not have a material adverse effect on the Company and its Subsidiaries as a whole or have
a material adverse effect on the rights of Holders of Securities. 
  

	 	9.10.	Payments of Taxes and Other Claims 

  
 The Company shall, and shall cause each of its Subsidiaries to, pay or discharge or cause to be paid or discharged, before the same shall become
delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the Company or such Subsidiary, as the case may be, and (ii) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon
the property of the Company or such Subsidiary, as the case may be, provided, however, that neither the Company nor any Subsidiary will be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose
amount, applicability or validity is being contested in good faith and, if appropriate, by appropriate legal proceedings or where the failure to do so would not have a material adverse effect on the Company and its Subsidiaries taken as a whole or
have a material adverse effect on the rights of Holders of Securities. 
  

	 	9.11.	Indemnification of Judgment Currency 

  
 The Company and the Guarantor shall, so long as they are not prohibited to do so pursuant to any applicable law or regulation, indemnify the Trustee and
any Holder of a Security against any loss incurred by the Trustee or such Holder, as the case may be, as a result of any judgment or order being given or made for any amount due under this Indenture or such Security and being expressed and paid in a
currency (the “Judgment Currency”) other than Dollars, and as a result of any variation between (i) the rate of exchange at which the Dollar amount is converted into the Judgment Currency for the purpose of such judgment or order
and (ii) the spot rate of exchange in The City of New York at which the Trustee or such Holder, as the case may be, on the date of payment of 
  

 46 

 such judgment or order is able to purchase Dollars with the amount of the Judgment Currency actually
received by the Trustee or such Holder. The foregoing indemnity shall constitute a separate and independent obligation of the Company and the Guarantor and shall continue in full force and effect notwithstanding any such judgment or order as
aforesaid. The term “spot rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, Dollars. The provisions of this section shall survive the satisfaction and
discharge of this Indenture. 
  

	 	9.12.	Further Acts 

  
 The Company and the Guarantor will each take any action, satisfy any condition or do any thing (including the obtaining or effecting of any necessary
consent, approval, authorization, exemption, filing, license, order, recording or registration) at any time required in accordance with the applicable laws and regulations to be taken, fulfilled or done in order (i) to enable it lawfully to enter
into, exercise its rights and perform and comply with its obligations under the Securities, this Indenture and any supplemental indenture, (ii) to ensure that those obligations are legally binding and enforceable, (iii) to make the Securities, this
Indenture and any supplemental indenture admissible in evidence in the courts of the State of New York and Brazil and (iv) to enable the Trustee to exercise and enforce its respective rights under this Indenture and any supplemental indenture and to
carry out the terms, provisions and purposes of this Indenture and any supplemental indenture; 
  

	10.	Redemption of Securities 

  

	 	10.1.	Right of Redemption 

  

	 	10.1.1	The Securities of any series which are redeemable before their Stated Maturity may not be redeemed at the election of the Company except in accordance with their terms and
(except as otherwise specified as contemplated by Section 3.1 for such Securities) in accordance with the provisions of this Article. 

  

	 	10.1.2	The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company, the Company shall, at
least 45 days prior to the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities specified therefor in
the Securities of a series to be redeemed. 

  

	 	10.2.	Selection by Trustee of Securities to be Redeemed 

  

	 	10.2.1	If less than all the Securities are to be redeemed, the particular Securities to be redeemed shall be selected not less than 30 days and not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities not previously called for redemption, in compliance with the rules (if any) of any stock exchange on which the Securities are listed or, if the Securities are then not listed, on a pro
rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate, provided, that redemption of portions of the principal amount of Securities are unless otherwise specified for a particular series pursuant to Section 3.1
made in denominations of integral multiples of US$1,000. 

  

 47 

	 	10.2.2	The Trustee shall promptly notify the Company and each Security Registrar in writing of the Securities selected for redemption and, in the case of any Securities selected for
partial redemption, the principal amount thereof to be redeemed. 

  

	 	10.2.3	For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

  

	 	10.3.	Notice of Redemption 

  
 Notice of Redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 90 days prior to the Redemption Date, to
each Holder of Securities to be redeemed, at his address appearing in the Security Register. 
  
 All notices of redemption shall state: 
  

	 	10.3.1	the Redemption Date, 

  

	 	10.3.2	the Redemption Price and amount of accrued interest, if any, 

  

	 	10.3.3	that on the Redemption Date the Redemption Price and any accrued interest shall become due and payable upon each Security to be redeemed and that interest thereon shall cease
to accrue on and after said date, 

  

	 	10.3.4	the conversion rate (if applicable), the date on which the right to convert the Securities to be redeemed shall terminate and the place or places where such Securities may be
surrendered for conversion, 

  

	 	10.3.5	the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued interest, and 

  

	 	10.3.6	applicable CUSIP or ISIN Numbers. 

  
 Notice of Redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company, and such notice, when given to the Holders, shall be irrevocable. 
  

	 	10.4.	Deposit of Redemption Price 

  
 On the Business Day prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 9.3) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date. 
  

 48 

	 	10.5.	Securities Payable on Redemption Date 

  
 Notice of Redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the Company to the Person in whose name such Security is registered at the Redemption Price, together with accrued interest to the Redemption Date; provided, however,
that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section 3.6. 
  
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by (or prescribed therefor in) the Security.

  

	 	10.6.	Securities Redeemed in Part 

  
 Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and
in exchange for the unredeemed portion of the principal of the Security so surrendered. 
  

	11.	Guaranty 

  

	 	11.1.	The Guaranty 

  
 Subject to the provisions of this Article, and to the extent stated in any supplemental indenture or Board Resolution establishing the terms of any series
pursuant to Section 3.1, the Guarantor hereby irrevocably and unconditionally guarantees to each Holder of a security of each such series authenticated and delivered by the Trustee and to the Trustee the full and punctual payment (whether at the
Stated Maturity, upon redemption, purchase pursuant to an offer to purchase or acceleration or otherwise) of the principal, premium, interest, additional amounts pursuant to Clause 3.1.15 and all other amounts that may come due and payable under
each Security and the full and punctual payment of all other amounts payable by the Company under the Indenture as they come due. Upon failure by the Company to pay punctually any such amount, the Guarantor shall forthwith pay the amount not so paid
at the place and time and in the manner specified in the Indenture. 
  

 49 

	 	11.2.	Guaranty Unconditional 

  
 The obligations of the Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, will not be released,
discharged or otherwise affected by 
  

	 	11.2.1	any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under the Indenture or any Security, by operation of law or
otherwise; 

  

	 	11.2.2	any modification or amendment of or supplement to the Indenture or any Security; 

  

	 	11.2.3	any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company
or its assets or any resulting release or discharge of any obligation of the Company contained in the Indenture or any Security; 

  

	 	11.2.4	the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Company, the Trustee or any other Person, whether in connection with
the Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim; 

  

	 	11.2.5	any invalidity or unenforceability relating to or against the Company for any reason of the Indenture or any Security, or any provision of applicable law or regulation
purporting to prohibit the payment by the Company of the principal of or interest on any Security or any other amount payable by the Company under the Indenture; or 

  

	 	11.2.6	any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other circumstance whatsoever which might, but for the provisions
of this paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 

  

	 	11.3.	Discharge; Reinstatement 

  
 The Guarantor’s obligations hereunder will remain in full force and effect until the principal of, premium, if any, and interest on the Securities
and all other amounts payable by the Company under the Indenture have been paid in full. If at any time any payment of the principal of, premium, if any, or interest on any Security or any other amount payable by the Company under the Indenture is
rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the Guarantor’s obligations hereunder with respect to such payment will be reinstated as though such payment had
been due but not made at such time. 
  

	 	11.4.	Waiver by the Guarantor 

  

	 	11.4.1	The Guarantor unconditionally and irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as

  

 50 

 any requirement that at any time any action be taken by any Person against the Company or any other
Person. The Guaranty constitutes a guaranty of payment and not of collection. 
  

	 	11.4.2	The Guarantor unconditionally and irrevocably waives any and all rights provided under Articles 827, 830, 834, 835, 837, 838 and 839 of the Brazilian Civil Code and Article
595 of the Brazilian Civil Procedure Code. 

  

	 	11.5.	Subrogation and Contribution 

  
 Upon making any payment with respect to any obligation of the Company under this Article, the Guarantor making such payment will be subrogated to the
rights of the payee against the Company with respect to such obligation; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation until the
principal of (and premium, if any) and interest on all Securities of the relevant series shall have been paid in full. 
  

	 	11.6.	Stay of Acceleration 

  
 If acceleration of the time for payment of any amount payable by the Company under the Indenture or the Securities is stayed upon the insolvency,
bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of the Indenture are nonetheless payable by the Guarantor forthwith on demand by the Trustee or the Holders. 
  

	 	11.7.	Execution and Delivery of Guaranty 

  
 The execution by the Guarantor of the Indenture or a supplemental indenture evidences the Guaranty of such Guarantor, whether or not the person signing as
an officer of the Guarantor still holds that office at the time of authentication of any Security. The delivery of any Security by the Trustee after authentication constitutes due delivery of the Guaranty set forth in the Indenture on behalf of the
Guarantor. 
  

	12.	Defeasance and Covenant Defeasance 

  

	 	12.1.	Company’s Option to Effect Defeasance or Covenant Defeasance 

  
 The Company may elect, at its option at any time, to have Section 12.2 or Section 12.3 applied to any Securities or any series of Securities designated
pursuant to Section 3.1 as being defeasible pursuant to such Section 12.2 or 12.3, in accordance with any applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Section. Any such
election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities. 
  

	 	12.2.	Defeasance and Discharge 

  
 Upon the Company’s exercise of its option to have this Section applied to any Securities or any series of Securities, as the case may be, the Company
shall be deemed to have been discharged from its obligations with respect to such Securities or series of Securities 
  

 51 

 as provided in this Section on and after the date the conditions set forth in Section 12.4 are satisfied
(hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other
obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive
until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 12.4 and as more fully set forth in such Section, payments in respect of the principal of
and any premium and interest on such Securities when payments are due, (ii) the Company’s obligations with respect to such Securities under Sections 3.4, 3.5, 9.2 and 9.3, (iii) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and (iv) this Article 12. Subject to compliance with this Article, the Company may exercise its option to have this Section 12.2 applied to any Securities notwithstanding the prior exercise of its option to have Section 12.3 applied to
such Securities. 
  

	 	12.3.	Covenant Defeasance 

  
 Upon the Company’s exercise of its option to have this Section applied to any Securities or any series of Securities, as the case may be, (i) the
Company shall be released from any covenants provided pursuant to Section 9.5 (except as required by the Trust Indenture Act) and Section 9.6 through and including Section 9.12 and as may be provided pursuant to Clauses 3.1.18, 8.1.2 or 8.1.8 for
the benefit of the Holders of such Securities, and (ii) the occurrence of any event specified in Clause 5.1.3 shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this Section on and
after the date the conditions set forth in Section 12.4 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply
with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Clause 5.1.3, whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document) but the remainder of this Indenture and such Securities shall be unaffected thereby. 
  

	 	12.4.	Conditions to Defeasance or Covenant Defeasance 

  
 The following shall be the conditions to the application of Section 12.2 or Section 12.3 to any Securities or any series of Securities, as the case may
be: 
  

	 	12.4.1	The Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof 

  

 52 

 delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and
discharge, the principal of and any premium, interest and any additional amounts pursuant to Clause 3.1.15 on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein,
“U.S. Government Obligation” means (x) any security which is (A) a direct obligation of the United States for the payment of which the full faith and credit of the United States is pledged or (B) an obligation of a Person controlled
or supervised by and acting as any agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case (A) or (B), is not callable or
redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in Clause (x) above
and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of
principle or interest evidenced by such depositary receipt. 
  

	 	12.4.2	In the event of any election to have Section 12.2 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an
Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of this instrument, there has been a change in the applicable U.S. Federal income tax
law, in either case (i) or (ii) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for U.S. federal income tax purposes as a result of the deposit, Defeasance and
discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.

  

	 	12.4.3	In the event of an election to have Section 12.3 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to the effected with respect to such Security and will be subject
to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur. 

  

	 	12.4.4	The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that neither such Securities nor any other Securities of the same series, if then listed
on any securities exchange, will be delisted as a result of such deposit. 

  

 53 

	 	12.4.5	No event which is, or after notice or lapse of time both would become, an Event of Default with respect to such Securities or any other Securities shall have occurred and be
continuing at the time of such deposit. 

  

	 	12.4.6	Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are
in default within the meaning of such Act). 

  

	 	12.4.7	Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is
a party or by which it is bound. 

  

	 	12.4.8	Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company
Act unless such trust shall be registered under such Act or exempt from registration thereunder. 

  

	 	12.4.9	The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such
Defeasance or Covenant Defeasance have been complied with. 

  

	 	12.5.	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions 

  
 All money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section
12.4 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from
other funds except to the extent required by law. 
  
 The Company
shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 12.4, or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities. 
  
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Order any money or U.S.
Government Obligations held by it as provided in Section 12.4 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities. 
  

 54 

	 	12.6.	Reinstatement 

  
 If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order of
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to
Section 12.2 or 12.3 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of
or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.

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

 55 

 In Witness Whereof, the parties hereto have caused this Indenture to be duly executed, all as of the day and year
first above written. 
  
 EMPRESA BRASILEIRA DE
TELECOMUNICAÇÕES S.A., 
 as the Company 
  

			
	 By:
	 	  
 /S/    NORBERT
GLATT

	 	 	 Name:  Norbert Glatt

	 	 	 Title:  Chief Financial Officer

		
	 By:
	 	  
 /S/    CLÁUDIA DE AZERÊDO SANTOS

	 	 	 Name:  Cláudia de Azerêdo Santos

	 	 	 Title:  General Counsel

  
 EMBRATEL PARTICIPAÇÕES S.A., 
 as Guarantor 
  

			
	 By:
	 	  
 /S/    NORBERT
GLATT

	 	 	 Name:  Norbert Glatt

	 	 	 Title:  Chief Financial Officer

		
	 By:
	 	  
 /S/    CLÁUDIA DE AZERÊDO SANTOS

	 	 	 Name:  Cláudia de Azerêdo Santos

	 	 	 Title:  General Counsel

  
 Sworn
to before me this 21st day of November, 2003. 
  

	
	  
 /S/    LENORE
REEVES

	 Notary Public

  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Trustee 
  

			
	 By:
	 	  
 /S/    DOROTHY
ROBINSON

	 	 	 Name:  Dorothy Robinson

	 	 	 Title:  Vice President

  

 56 

 Certain Sections of this Indenture relating to Section 310 
 through 318, inclusive, of the Trust Indenture Act of 1939: 
  

					
	TRUST INDENTURE ACT SECTION

	  	INDENTURE SECTION

			
	§310	 	(a)(1)	  	6.9
	 	 	(a)(2)	  	6.9
	 	 	(a)(3)	  	Not Applicable
	 	 	(a)(4)	  	Not Applicable
	 	 	(a)(5)	  	6.9
	 	 	(b)	  	6.8
	 	 	 	  	6.10
			
	§311	 	(a)	  	6.13
	 	 	(b)	  	6.13
			
	§312	 	(a)	  	7.1
	 	 	 	  	7.2
	 	 	(b)	  	7.2
	 	 	(c)	  	7.2
			
	§313	 	(a)	  	7.3
	 	 	(b)	  	7.3
	 	 	(c)1	  	7.3
	 	 	(c)2	  	7.3
	 	 	(c)3	  	7.3
	 	 	(d)	  	7.3
			
	§314	 	(a)	  	9.5
	 	 	(a)(4)	  	9.4
	 	 	(b)	  	Not Applicable
	 	 	(c)	  	9.5
	 	 	(d)	  	9.5
			
	§315	 	(a)	  	6.1
	 	 	(b)	  	6.2
	 	 	(c)	  	6.1
	 	 	(d)	  	6.1
	 	 	(e)	  	5.14
			
	§316	 	(a)(1)(A)	  	5.12
	 	 	(a)(1)(B)	  	5.13
	 	 	(a)(2)	  	Not Applicable
	 	 	(b)	  	5.8
	 	 	(c)	  	1.4
			
	§317	 	(a)(1)	  	5.3
	 	 	(a)(2)	  	5.4
	 	 	(b)	  	9.3
			
	§318	 	(a)	  	1.7

  
 Note: This
reconciliation and tie shall not, for any purpose, be deemed to be part of this Indenture. 
  

 i

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