Document:

Supplemental Indenture by and among XM Satellite Radio Holdings Inc

 EXHIBIT 4.7 
  

  

 XM Satellite Radio Inc. 
 SENIOR SECURED FLOATING RATE NOTES DUE 2009 
  

 SUPPLEMENTAL INDENTURE 

Dated as of April 26, 2006 
  

 The Bank of New York 
 Trustee 
  

  

 SUPPLEMENTAL INDENTURE, dated as of April 26, 2006, by and among XM Satellite Radio Inc., a Delaware
corporation (the “Company”), XM Satellite Radio Holdings Inc., a Delaware corporation (the “Parent Guarantor”) and The Bank of New York, as trustee (the “Trustee”). 
 WITNESSETH 
 WHEREAS the
Company has executed and delivered to the Trustee an Indenture dated as of April 20, 2004 (as amended and supplemented, the “Indenture”), providing for the issuance of Senior Secured Floating Rate Notes due 2009 (the
“Notes”); 
 WHEREAS, in connection with a tender offer being undertaken by the Company (the “Tender Offer”), the Company
has commenced a solicitation of consents from the Holders to certain amendments (the “Proposed Amendments”) to the Indenture set forth in the Offering Circular and Solicitation of Consents of the Company dated April 12, 2006 (the
“Consent Solicitation Statement”); 
 WHEREAS, this Supplemental Indenture evidences the Proposed Amendments described in the
Consent Solicitation Statement; 
 WHEREAS, Section 9.02 of the Indenture provides, among other things, that with the written consent of
Holders of a majority in principal amount of the Notes outstanding (the “Outstanding Amount”) voting as a single class, the Company may from time to time amend or supplement the Indenture, subject to certain exceptions specified in
Section 9.02 of the Indenture; 
 WHEREAS, on April 12, 2006, the Company mailed or otherwise delivered the Consent Solicitation
Statement to each Holder of record as of such date; 
 WHEREAS, the Holders of a majority of the Outstanding Amount have consented to the
amendments effected by this Supplemental Indenture in accordance with the provisions of the Indenture; 
 WHEREAS, this Supplemental
Indenture has been duly authorized by all necessary corporate action on the part of the Company; and 
 WHEREAS, the Company has delivered,
or caused to be delivered, to the Trustee an Officers’ Certificate and an Opinion of Counsel meeting the requirements of Sections 9.06, 13.04 and 13.05 of the Indenture and stating that the execution and delivery of this Supplemental Indenture
is permitted by the Indenture and that all conditions precedent (including any covenants compliance with which constitutes a condition precedent), if any, provided for in the Indenture relating to this Supplemental Indenture have been satisfied.

 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby acknowledged,
the Company, the Parent Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
  

 1 

 ARTICLE I 
 AMENDMENTS 
 SECTION 1.01. Deletion of Certain Definitions. Sections 1.01 and 1.02 of
the Indenture are hereby amended by deleting the definition of each term that is used in the Indenture only in the Articles, Sections or Subsections thereof that are deleted pursuant to Section 1.02 hereof. 
 SECTION 1.02. Deletion of Certain Sections. Each of the following Articles, Sections and Subsections of the Indenture is hereby amended by
deleting the text of such Article, Section or Subsection in its entirety and replacing such text, in each case, with the words “Intentionally Omitted”: 
  

			
	Section 4.03	  	Reports
	Section 4.05	  	Taxes
	Section 4.06	  	Stay, Extension and Usury Laws
	Section 4.07	  	Restricted Payments
	Section 4.08	  	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	Section 4.09	  	Incurrence of Indebtedness and Issuance of Disqualified Stock
	Section 4.10	  	Asset Sales
	Section 4.11	  	Transactions with Affiliates
	Section 4.12	  	Liens
	Section 4.13	  	Corporate Existence
	Section 4.14	  	Offer to Repurchase Upon Change of Control
	Section 4.15	  	Sale and Leaseback Transactions
	Section 4.16	  	Payments for Consent
	Section 4.17	  	Insurance
	Section 5.01	  	Merger, Consolidation, or Sale of Assets

 Any corresponding provisions reflected in the Notes shall also be deleted and replaced with “Intentionally
Deleted.” Effective as of the date hereof, none of the Company, the Parent Guarantor, the Trustee or any other parties to or beneficiaries of the Indenture or the Notes shall have any rights, obligations or liabilities under such deleted
Sections or Articles, and such Sections and Articles shall not be considered in determining whether a Default or Event of Default has occurred or whether the Company or the Parent Guarantor has observed, performed and complied with the provisions of
the Indenture and the Notes. 
  

 2 

 ARTICLE II 
 MISCELLANEOUS 
 SECTION 2.01. Ratification of Indenture; Supplemental Indentures Part of
Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. Upon the execution and delivery of this
Supplemental Indenture by the Company, the Parent Guarantor and the Trustee, this Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be
bound hereby. Any and all references, whether within the Indenture or in any notice, certificate or other instrument or document, shall be deemed to include a reference to this Supplemental Indenture (whether or not made), unless the context shall
otherwise require. 
 SECTION 2.02. Governing Law; Governance, Etc. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. This Supplemental
Indenture shall be governed and construed in accordance with the applicable terms and provisions of the Indenture as amended hereby, which terms and provisions are incorporated herein by reference, as if this Supplemental Indenture were the
“Indenture” referred to therein. 
 SECTION 2.03. Trustee Acceptance. The Trustee accepts the Indenture, as supplemented
hereby, and agrees to perform the same upon the terms and conditions set forth therein, as supplemented hereby. The recitals contained herein shall be taken as the statements of the Company, the Parent Guarantor and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 SECTION 2.04. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 SECTION 2.05. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof. 

SECTION 2.06. Terms. Capitalized terms used but not defined herein have the meanings assigned to them in the Indenture. 
 SECTION 2.07. Entire Agreement. This Supplemental Indenture, together with the Indenture as amended hereby and the Notes, the Security Agreements
and the Intercreditor Agreements, contains the entire agreement of the parties, and supersedes all other representations, warranties, agreements and understandings between the parties, oral or otherwise, with respect to the matters contained herein
and therein. 
  

 3 

 SECTION 2.08. Benefits of Supplemental Indenture. Nothing in this Supplemental Indenture, the
Indenture, or the Notes, express or implied, shall give to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder, and the Holders, any benefit of any legal or equitable right, remedy or claim under the
Indenture, the Supplemental Indenture or the Notes. 
 SECTION 2.09. Notation on Notes. Pursuant to Section 9.05 of the
Indenture, new Notes reflecting the amendments to the Indenture made hereby shall not be issued; however, corresponding changes to the Notes to reflect the amendments made hereby shall be deemed to be made to the Notes as of the date of this
Supplemental Indenture. The Trustee may, but shall not be required to, place an appropriate notation as to this Supplemental Indenture on any Note hereafter authenticated in accordance with Section 9.05 of the Indenture. 
 SECTION 2.10. Effectiveness of Supplemental Indenture. Notwithstanding anything to the contrary contained herein, this Supplemental Indenture
shall become effective upon the acceptance by the Company of the Notes tendered in connection with the Tender Offer, provided, however, that this Supplemental Indenture will cease to be operative if the Company fails to purchase outstanding Notes
comprising a majority of the Outstanding Amount. 
  

 4 

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

			
	XM Satellite Radio Inc.
		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	 XM Satellite Radio Holdings Inc.,
 as Parent
Guarantor

		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	The Bank of New York
		
	By:	 	 /s/ Remo Reale

	Name:	 	Remo Reale
	Title:	 	Vice President

  

 5Registration Rights Agreement

 EXHIBIT 10.1 
 Execution Copy 
  

 REGISTRATION RIGHTS AGREEMENT 
 Dated as of May 1, 2006 
 By and Among 
 XM SATELLITE RADIO INC.

 as Issuer, 
 XM SATELLITE RADIO
HOLDINGS INC. 
 as Guarantor 
 and

 UBS SECURITIES LLC 
 J.P. MORGAN
SECURITIES INC. 
 BEAR, STEARNS & CO. INC. 
 CITIGROUP GLOBAL MARKETS INC. 
 CREDIT SUISSE SECURITIES (USA) LLC, 
 as Initial Purchasers 
 $600,000,000
9.75 % Senior Notes due 2014 
 $200,000,000 Senior Floating Rate Notes due 2013 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page
	1.	  	Definitions	  	1
			
	2.	  	Exchange Offer	  	5
			
	3.	  	Shelf Registration	  	8
			
	4.	  	Liquidated Damages	  	9
			
	5.	  	Registration Procedures	  	11
			
	6.	  	Registration Expenses	  	19
			
	7.	  	Indemnification	  	20
			
	8.	  	Rules 144 and 144A	  	22
			
	9.	  	Underwritten Registrations	  	23
			
	10.	  	Miscellaneous	  	23
				
		  	(a)	  	No Inconsistent Agreements	  	23
				
		  	(b)	  	Adjustments Affecting Registrable Notes	  	23
				
		  	(c)	  	Amendments and Waivers	  	23
				
		  	(d)	  	Notices	  	24
				
		  	(e)	  	Successors and Assigns	  	25
				
		  	(f)	  	Counterparts	  	25
				
		  	(g)	  	Headings	  	25
				
		  	(h)	  	Governing Law	  	25
				
		  	(i)	  	Severability	  	25
				
		  	(j)	  	Securities Held by the Issuer or Its Affiliates	  	25
				
		  	(k)	  	Third-Party Beneficiaries	  	25
				
		  	(l)	  	Attorneys’ Fees	  	25
				
		  	(m)	  	Entire Agreement	  	26
		
	SIGNATURES	  	S-1

  

 -i- 

 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is dated as of May 1, 2006, by and among XM Satellite Radio Inc., a Delaware
corporation (the “Company”) and XM Satellite Radio Holdings Inc., a Delaware corporation (the “Guarantor” and together with the Company, the “Issuer”), on the one hand, and UBS Securities LLC, J.P. Morgan
Securities Inc., Bear, Stearns & Co. Inc., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC (collectively, the “Initial Purchasers”), on the other hand. 
 This Agreement is entered into in connection with the Purchase Agreement, dated as of April 21, 2006, by and among the Issuer and the Initial
Purchasers (the “Purchase Agreement”), relating to the offering of $600,000,000 aggregate principal amount of the Company’s 9.75% Senior Notes due 2014 (the “Senior Fixed Rate Notes”) and $200,000,000 aggregate
principal amount of the Company’s Senior Floating Rate Notes due 2013 (the “Senior Floating Rate Notes” and together with the Senior Fixed Rate Notes, the “Notes,” and each, as “Series” of
Notes). The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes under the Purchase Agreement. 
 The parties hereby agree as follows: 
 Section 1. Definitions 
 As used in this Agreement, the following terms shall have the following meanings: 
 “action” shall have the meaning set forth in Section 7(c) hereof. 
 “Advice” shall have the meaning set forth in Section 5 hereof. 
 “Agreement” shall have the meaning set forth in the first introductory paragraph hereto. 
 “Applicable Period” shall have the meaning set forth in Section 2(b) hereof. 
 “Board of Directors” shall have the meaning set forth in Section 5 hereof. 
 “Business Day” shall mean a day that is not a Legal Holiday. 
 “Commission” shall mean the Securities and Exchange Commission. 
 “Consummation Deadline” shall have the meaning set forth in Section 2(a) hereof. 
 “Day” shall mean a calendar day. 
 “Damages Payment Date” shall have the meaning set forth in Section 4(b) hereof. 
 “Delay
Period” shall have the meaning set forth in Section 5 hereof. 

 “Effectiveness Period” shall have the meaning set forth in Section 3(b) hereof.

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Exchange Notes” shall have the meaning set forth in Section 2(a) hereof.

 “Exchange Offer” shall have the meaning set forth in Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall have the meaning set forth in Section 2(a) hereof. 
 “Holder” shall mean any holder of a Registrable Note or Registrable Notes. 
 “Indentures” shall mean the Senior Fixed Rate Notes Indenture and the Senior Floating Rate Notes Indenture 
 “Initial Purchasers” shall have the meaning set forth in the first introductory paragraph hereof. 
 “Inspectors” shall have the meaning set forth in Section 5(n) hereof. 
 “Issue Date” shall mean May 1, 2006, the date of original issuance of the Notes. 
 “Issuer” shall have the meaning set forth in the introductory paragraph hereto and shall also include the Issuers’ permitted
successors and assigns. 
 “Legal Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in New
York, New York are required by law, regulation or executive order to remain closed. 
 “Liquidated Damages” shall have the
meaning set forth in Section 4(a) hereof. 
 “Losses” shall have the meaning set forth in Section 7(a) hereof.

 “NASD” shall have the meaning set forth in Section 5(s) hereof. 
 “Notes” shall have the meaning set forth in the second introductory paragraph hereto. 
 “Participant” shall have the meaning set forth in Section 7(a) hereof. 
 “Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
 “Person” shall mean an individual, corporation, partnership, joint venture association, joint stock company, trust, unincorporated
limited liability company, government or any agency or political subdivision thereof or any other entity. 
  

 -2- 

 “Private Exchange” shall have the meaning set forth in Section 2(b) hereof.

 “Private Exchange Notes” shall have the meaning set forth in Section 2(b) hereof. 
 “Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, any prospectus subject to
completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Purchase Agreement” shall have the meaning set forth in the second introductory paragraph hereof. 
 “Records” shall have the meaning set forth in Section 5(n) hereof. 
 “Registrable Notes” shall mean each Note upon its original issuance and at all times subsequent thereto, each Exchange Note as to which
Section 2(c)(iii) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all times subsequent thereto, in each case until (i) a Registration
Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iii) hereof is applicable, the Exchange Offer Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been declared effective by
the Commission and such Note, Exchange Note or such Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for
an Exchange Note or Exchange Notes that may be resold without restriction under state and federal securities laws, (iii) such Note, Exchange Note or Private Exchange Note, as the case may be, ceases to be outstanding for purposes of the
Indenture or (iv) such Note, Exchange Note or Private Exchange Note has been sold in compliance with Rule 144 or is salable pursuant to Rule 144(k). 
 “Registration Default” shall have the meaning set forth in Section 4(a) hereof. 
 “Registration Statement” shall mean any appropriate registration statement of the Issuer covering any of the Registrable Notes filed with the Commission under the Securities Act, and all amendments and supplements to any
such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Requesting Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
 “Rule 144” shall mean Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule
(other than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of an issuer of such
securities being free of the registration and prospectus delivery requirements of the Securities Act. 
  

 -3- 

 “Rule 144A” shall mean Rule 144A promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the Commission. 
 “Rule 415” shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Senior Fixed Rate Notes Damages Payment Date” shall have the meaning set forth in Section 4(b) hereof.

 “Senior Floating Rate Notes Damages Payment Date” shall have the meaning set forth in Section 4(b) hereof.

 “Senior Fixed Rate Notes Indenture” shall mean the indenture, dated as of May 1, 2006, by and among the Company, the
Guarantor and The Bank of New York, as trustee, pursuant to which the Senior Fixed Rate Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 
 “Senior Floating Rate Notes Indenture” shall mean the indenture, dated as of May 1, 2006, by and among the Company, the Guarantor
and The Bank of New York, as trustee, pursuant to which the Senior Floating Rate Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 
 “Series” shall have the meaning set forth in the second introductory paragraph hereto. 
 “Shelf Filing Event” shall have the meaning set forth in Section 2(c) hereof. 
 “Shelf Registration” shall have the meaning set forth in Section 3(a) hereof. 
 “Shelf Registration Statement” shall mean a Registration Statement filed in connection with a Shelf Registration. 
 “TIA” shall mean the Trust Indenture Act of 1939, as amended. 
 “Trustee” shall mean the trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes and
Private Exchange Notes. 
 “Underwritten registration or underwritten offering” shall mean a registration in which
securities of the Issuer is sold to an underwriter for reoffering to the public. 
  

 -4- 

 Section 2. Exchange Offer 
 (a) The Issuer shall (i) file a Registration Statement (the “Exchange Offer Registration Statement”) within 90 days after the Issue
Date with the Commission on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes of each Series for a like aggregate principal amount of notes of
such Series (the “Exchange Notes”) that are identical in all material respects to the Notes of such Series (except that the Exchange Notes shall not contain terms with respect to transfer restrictions or Liquidated Damages upon a
Registration Default), (ii) use its reasonable best efforts to cause the Exchange Offer Registration Statement to be declared effective under the Securities Act within 180 days after the Issue Date and (iii) use its reasonable best efforts
to consummate the Exchange Offer within 30 Business Days, or longer if required by the federal securities laws, after the date on which the Exchange Offer Registration Statement is declared effective (the “Consummation Deadline”).
Upon the Exchange Offer Registration Statement being declared effective by the Commission, the Issuer will offer the Exchange Notes of each Series in exchange for surrender of the Notes of such Series. The Issuer shall keep the Exchange Offer open
for not less than 30 days (or longer if required by applicable law) after the date notice of the Exchange Offer is mailed to Holders. 
 Each
Holder that participates in the Exchange Offer will be required to represent to the Issuer in writing that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement or
understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act or, if it is an affiliate, it will comply with the registration
and prospectus delivery requirements of the Securities Act to the extent applicable, (iii) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes, (iv) if such Holder
is a broker-dealer that will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, it will deliver a prospectus in connection with any resale of such Exchange
Notes and (v) such Holder has full power and authority to transfer the Notes in exchange for the Exchange Notes and that the Issuer will acquire good and unencumbered title thereto free and clear of any liens, restrictions, charges or
encumbrances and not subject to any adverse claims. 
 (b) The Issuer and the Initial Purchasers acknowledge that the staff of the Commission
has taken the position that any broker-dealer that elects to exchange Notes that were acquired by such broker-dealer for its own account as a result of market-making or other trading activities for Exchange Notes in the Exchange Offer (a
“Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of
such Exchange Notes (other than a resale of an unsold allotment resulting from the original offering of the Notes). 
 The Issuer and the
Initial Purchasers also acknowledge that the staff of the Commission has taken the position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and
the means by which Participating Broker-Dealers may resell the Exchange Notes, without naming the Participating Broker-Dealers or specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers
to satisfy their prospectus delivery obligations under the Securities Act in connection with resales of Exchange Notes for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 
  

 -5- 

 In light of the foregoing, if requested by a Participating Broker-Dealer (a “Requesting
Participating Broker-Dealer”), the Issuer agrees to use its reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective for a period not to exceed one year from the Consummation Deadline, or such longer
period if extended pursuant to the last paragraph of Section 5 hereof (such period, the “Applicable Period”), or such earlier date as all Requesting Participating Broker-Dealers shall have notified the Issuer in writing that
such Requesting Participating Broker-Dealers have resold all Exchange Notes acquired in the Exchange Offer. The Issuer shall include a plan of distribution in such Exchange Offer Registration Statement that meets the requirements set forth in the
preceding paragraph. 
 With respect to each Series, if, prior to consummation of the Exchange Offer, the Initial Purchasers or any Holder,
as the case may be, holds any Notes of such Series acquired by it that have, or that are reasonably likely to be determined to have, the status of an unsold allotment in an initial distribution, or if any Holder is not entitled to participate in the
Exchange Offer, the Issuer upon the request of the Initial Purchasers or any such Holder, as the case may be, shall simultaneously with the delivery of the Exchange Notes of such Series in the Exchange Offer, issue and deliver to the Initial
Purchasers or any such Holder, as the case may be, in exchange (the “Private Exchange”) for such Notes of such Series held by the Initial Purchasers or any such Holder, as the case may be, a like principal amount of notes of such
Series (the “Private Exchange Notes”) of the Issuer that are identical in all material respects to the Exchange Notes of such Series except that the Private Exchange Notes of such Series may be subject to restrictions on transfer
and bear a legend to such effect. The Private Exchange Notes of each Series shall be issued pursuant to the same indenture as the Exchange Notes of such Series and bear the same CUSIP number as the Exchange Notes of such Series. 
 For each Note surrendered in the Exchange Offer, the Holder will receive an Exchange Note having a principal amount equal to that of the surrendered
Note. With respect to each Series, Interest on each Exchange Note and Private Exchange Note issued pursuant to the Exchange Offer and in the Private Exchange will accrue from the last interest payment date on which interest was paid on the Notes of
such Series surrendered in exchange therefor or, if no interest has been paid on the Notes of such Series, from the Issue Date. 
 Upon
consummation of the Exchange Offer in accordance with this Section 2, the Issuer shall have no further registration obligations other than the Issuer’s continuing registration obligations with respect to (i) Private Exchange Notes,
(ii) Exchange Notes held by Participating Broker-Dealers and (iii) Notes or Exchange Notes as to which clause (c)(iii) of this Section 2 applies. 
 In connection with the Exchange Offer, the Issuer shall: 
 (1) mail or cause to be mailed to
each Holder entitled to participate in the Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
  

 -6- 

 (2) utilize the services of a depositary for the Exchange Offer with an address in the
Borough of Manhattan, The City of New York; 
 (3) permit Holders to withdraw tendered Notes at any time prior to the close of
business, New York time, on the last Business Day on which the Exchange Offer shall remain open; and 
 (4) otherwise comply
in all material respects with all applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange Offer and
the Private Exchange, if any, the Issuer shall: 
 (1) accept for exchange all Notes validly tendered and not validly
withdrawn by the Holders pursuant to the Exchange Offer and the Private Exchange, if any; 
 (2) deliver or cause to be
delivered to the Trustee for cancellation all Notes so accepted for exchange; and 
 (3) cause the Trustee to authenticate and
deliver promptly to each such Holder of Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Registrable Notes of such Holder so accepted for exchange; provided, however, that in the case of any
Registrable Notes held in global form by a depository, authentication and delivery to such depository of one or more Exchange Notes in global form in such amount shall satisfy such requirement. 
 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private Exchange, as
the case may be, does not violate applicable law or any applicable interpretation of the staff of the Commission, (ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental agency which might
materially impair the ability of the Issuer to proceed with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing action or proceeding with respect to the Issuer and (iii) all
governmental approvals shall have been obtained, which approvals the Issuer deems necessary for the consummation of the Exchange Offer or Private Exchange. 
 With respect to each Series, the Exchange Notes and the Private Exchange Notes of such Series shall be issued under (i) the applicable Indenture for such Series or (ii) an indenture identical in all material
respects to the applicable Indenture (in either case, with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the TIA) and which, in either case, has been qualified
under the TIA and shall provide that (a) the Exchange Notes of such Series shall not be subject to the transfer restrictions set forth in the applicable Indenture and (b) the Private Exchange Notes of such Series shall be subject to the
transfer restrictions set forth in the applicable Indenture. The applicable Indenture or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Notes of such Series shall vote and consent together on all matters as
one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes of such Series will have the right to vote or consent as a separate class on any matter. 
  

 -7- 

 (c) In the event that (1) the Issuer is not (a) required to file the Exchange Offer
Registration Statement or (b) permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or the applicable interpretations of the staff of the Commission or (2) any Holder of Transfer
Restricted Securities notifies the Issuer prior to the 20th day following the consummation of the Exchange Offer
that (a) it is prohibited by law or the applicable interpretations of the staff of the Commission from participating in the Exchange Offer or (b) that it may not resell the Exchange Notes acquired by it in the Exchange Offer to the public
without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales or (c) that it is a Participating Broker Dealer and owns Notes acquired directly from the
Issuer or an affiliate of the Issuer (each such event referred to in clauses (1) or (2) of this sentence, a “Shelf Filing Event”), then the Issuer shall file a Shelf Registration pursuant to Section 3 hereof.

 Section 3. Shelf Registration 
 If at any time a Shelf Filing Event shall occur, then: 
 (a) Shelf Registration. The Issuer shall file with the Commission a
Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as to which Section 2(c)(iii) is
applicable (the “Shelf Registration”). The Issuer shall use its reasonable best efforts to file with the Commission the Shelf Registration as promptly as practicable, but in no event later than 30 days after the date on which the
obligation to file the Shelf Registration arises pursuant to this Agreement. The Shelf Registration shall be on Form S-3 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners
designated by them (including, without limitation, one or more underwritten offerings). The Issuer shall not permit any securities other than the Registrable Notes to be included in the Shelf Registration. 
 (b) The Issuer shall use its reasonable best efforts (x) to cause the Shelf Registration to be declared effective under the Securities Act on or
prior to the later of 120 calendar days after the date on which the obligation to file the Shelf Registration arises pursuant to this Agreement and (y) to keep the Shelf Registration continuously effective under the Securities Act for the
period ending on the date which is at least two years from the Issue Date, subject to extension pursuant to the penultimate paragraph of Section 5 hereof (the “Effectiveness Period”), or such shorter period ending when all
Registrable Notes covered by the Shelf Registration have been sold in the manner set forth and as contemplated in the Shelf Registration; provided, however, that (i) the Effectiveness Period in respect of the Shelf Registration
shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and (ii) the Issuer may suspend the effectiveness of
the Shelf Registration Statement by written notice to the Holders solely as a result of the filing of a post-effective amendment to the Shelf Registration Statement to incorporate annual audited financial information with respect to the Issuer where
such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related Prospectus. 
  

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 (c) Supplements and Amendments. The Issuer agrees to supplement or make amendments to the Shelf
Registration Statement as and when required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration,
or with respect to each Series, if reasonably requested by the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement or by any underwriter of such Registrable Notes; provided, however,
that the Issuer shall not be required to supplement or amend any Shelf Registration Statement upon the request of any Holder or any underwriter if such requested supplement or amendment would, in the good faith judgment of the Issuer violate any
laws, including the Securities Act, the Exchange Act or the rules and regulations promulgated thereunder. 
 (d) During any consecutive 365
day period, the Issuer may suspend the effectiveness of the Shelf Registration Statement on up to two consecutive 45-day periods if there is a possible acquisition or business combination or other transaction, business development or event involving
the Issuer that may require disclosure in the Shelf Registration Statement and the Board of Directors of the Issuer determines in the exercise of its reasonable judgment that such disclosure is not in the best interests of the Issuer and its
stockholders or obtaining any financial statements relating to an acquisition or business combination required to be included in the Shelf Registration Statement would be impracticable. In such a case, the Issuer shall promptly notify the Holders of
the suspension of the Shelf Registration Statement’s effectiveness, provided that such notice shall not require the Issuer to disclose the possible acquisition or business combination or other transaction, business development or event if the
Board of Directors of the Issuer determines in good faith that such acquisition or business combination or other transaction, business development or event should remain confidential. Upon the abandonment, consummation, or termination of the
possible acquisition or business combination or other transaction, business development or event, or the availability of the required financial statements with respect to a possible acquisition or business combination, the suspension of the use of
the Shelf Registration Statement pursuant to this Section 3(d) shall cease. 
 Section 4. Liquidated Damages 
 (a) The Issuer and the Initial Purchasers agree that the Holders will suffer damages if the Issuer fails to fulfill its obligations under Section 2
or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuer agrees that if: 
 (i) the Exchange Offer Registration Statement is not filed with the Commission on or prior to the 90th day following the Issue Date or, if that day is not a Business Day, the next day that is a Business Day,

 (ii) the Exchange Offer Registration Statement is not declared effective on or prior to the 180th day following the Issue
Date or, if that day is not a Business Day, the next day that is a Business Day, 
 (iii) the Exchange Offer is not
consummated on or prior to the Consummation Deadline, or, if that day is not a Business Day, the next day that is a Business Day; or 
  

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 (iv) the Shelf Registration Statement is required to be filed but is either (a) not
filed with the Commission on or prior to the 30th day following the date on which the obligation to file the Shelf Registration arises pursuant to this Agreement or (b) not declared effective on or prior to the 120th day following the date on
which the obligation to file the Shelf Registration arises pursuant to this Agreement, or, if either such day is not a Business Day, the next day that is a Business Day or (c) is declared effective by such date but thereafter ceases to be
effective or usable, except if the Shelf Registration ceases to be effective or usable as specifically permitted by the penultimate paragraph of Section 5 hereof 
 (each such event referred to in clauses (i) through (iv) a “Registration Default”), liquidated damages in the form of additional cash interest (“Liquidated Damages”) will
accrue on the affected Notes and the affected Exchange Notes of each Series, as applicable. With respect to each Series, the rate of Liquidated Damages will be $0.05 per week per $1,000 principal amount of Notes of such Series for the first 90-day
period immediately following the occurrence of a Registration Default, increasing by an additional $0.05 per week per $1,000 principal amount of Notes of such Series with respect to each subsequent 90-day period up to a maximum amount of additional
interest of $0.30 per week per $1,000 principal amount of Notes of such Series, from and including the date on which any such Registration Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults
have been cured or (2) the date on which all the Notes and Exchange Notes of such Series otherwise become freely transferable by Holders other than affiliates of the Issuer without further registration under the Securities Act. 
 Notwithstanding the foregoing, (1) the amount of Liquidated Damages payable shall not increase because more than one Registration Default has occurred and is
pending and (2) a Holder of Notes or Exchange Notes who is not entitled to the benefits of the Shelf Registration Statement (i.e., such Holder has not elected to include information) shall not be entitled to Liquidated Damages with
respect to a Registration Default that pertains to the Shelf Registration Statement. If, after the cure of all Registration Defaults then in effect, there is a subsequent Registration Default, the rate of Liquidated Damages for such subsequent
Registration Default shall initially be $0.05 per week per $1,000 principal amount of Notes regardless of the rate in effect with respect to any prior Registration Default at the time of cure of such Registration Default. 
 (b) With respect to each Series, so long as Notes of such Series remain outstanding, the Issuer shall notify the Trustee within five Business Days after
each and every date on which an event occurs in respect of which Liquidated Damages is required to be paid. With respect to the Senior Fixed Rate Notes, any amounts of Liquidated Damages due pursuant to clauses (a)(i), (a)(ii), (a)(iii) or (a)(iv)
of this Section 4 will be payable in cash semi-annually on each May 1 and November 1 (each a “Senior Fixed Rate Notes Damage Payment Date”), commencing with the first such date occurring after any such Liquidated
Damages commence to accrue, to Holders to whom regular interest is payable on such Damages Payment Date with respect to Senior Fixed Rate Notes that are Registrable Securities. With respect to the Senior Floating Rate Notes, any amounts of
Liquidated Damages due pursuant to clauses (a)(i), (a)(ii), (a)(iii) or (a)(iv) of this Section 4 will be payable in cash semi-annually on each May 1, August 1, November 1 and February 1 (each a “Senior
Floating Rate Notes Damage Payment Date” and, together with each Senior Fixed Rate Notes Damage Payment Date, a “Damage Payment Date”), commencing with the first such date occurring after any such Liquidated Damages
commence to accrue, to Holders to whom regular interest is payable on such Damages Payment 
  

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 Date with respect to Senior Floating Rate Notes that are Registrable Securities. With respect to each Series, the amount
of Liquidated Damages for Registrable Notes of such Series will be determined by multiplying the applicable rate of Liquidated Damages by the aggregate principal amount of all such Registrable Notes of such Series outstanding on the applicable
Damages Payment Date following such Registration Default in the case of the first such payment of Liquidated Damages with respect to a Registration Default (and thereafter at the next succeeding applicable Damage Payment Date until the cure of such
Registration Default), multiplied by a fraction, the numerator of which is the number of days such Liquidated Damages rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the
case of a partial month, the actual number of days elapsed), and the denominator of which is 360. 
 Section 5. Registration
Procedures 
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuer shall effect
such registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuer hereunder,
the Issuer shall, subject to the terms and limitations otherwise provided herein: 
 (a) Prepare and file with the Commission
the Registration Statement or Registration Statements prescribed by Section 2 or 3 hereof, and use its reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided herein;
provided, however, that if (1) such filing is pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered
under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuer
shall furnish to and afford the Holders of the Registrable Notes covered by such Registration Statement or each such Participating Broker-Dealer, as the case may be, its counsel (if such counsel is known to the Issuer) and the managing underwriters,
if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such
filing or such later date as is reasonable under the circumstances). The Issuer shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount of the
Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, its counsel, or the managing underwriters, if any, shall reasonably object on a timely basis. 
 (b) Prepare and file with the Commission such amendments and post-effective amendments to each Shelf Registration Statement or Exchange
Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to be
supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the provisions of the
Securities 
  

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 Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by
such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance
with the intended methods of distribution set forth in such Registration Statement or Prospectus, as so amended. 
 (c) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Issuer has received written notice that such Broker-Dealer will be a Participating Broker-Dealer in the applicable Exchange
Offer, notify the selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, their counsel (if such counsel is known to the Issuer) and the managing underwriters, if any, as promptly as possible, and, if
requested by any such Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the
same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuer, one conformed copy of such Registration Statement or post-effective
amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration
Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be delivered in
connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Issuer contained in any agreement (including any underwriting agreement) contemplated by
Section 5(m)(i) hereof cease to be true and correct in all material respects, (iv) of the receipt by the Issuer of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration
Statement or any of the Registrable Notes or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any
information becoming known to the Issuer that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that
requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Issuer’s determination that a post-effective amendment to a
Registration Statement would be appropriate. 
 (d) If (1) a Shelf Registration is filed pursuant to Section 3
hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 
  

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 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period, use its reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or
suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes, as the case may be, for sale in any jurisdiction, and, if any such order is issued, to use its reasonable best efforts to obtain
the withdrawal of any such order at the earliest practicable moment. 
 (e) If (1) a Shelf Registration is filed pursuant
to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period and if reasonably requested by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration
Statement or any Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such Registration Statement or Prospectus a prospectus supplement or post-effective amendment such information as the managing underwriter or
underwriters (if any), such Holders or any Participating Broker-Dealer, as the case may be (based upon advice of counsel), determine is reasonably necessary to be included therein and (ii) make all required filings of such prospectus supplement
or such post-effective amendment as soon as practicable after the Issuer has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; provided, however, that the Issuer shall
not be required to take any action hereunder that would, in the written opinion of counsel to the Issuer, violate applicable laws. 
 (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be, who so requests, its
counsel and each managing underwriter, if any, at the sole expense of the Issuer, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules,
and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
 (g) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be, its respective counsel, and the
underwriters, if any, at the sole expense of the Issuer, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as
such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Issuer hereby consents to the use of such Prospectus and each amendment or supplement thereto (provided the manner of such use complies with any
limitations resulting from any applicable 
  

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 laws, including state securities laws and subject to the provisions of this Agreement) by each of the
selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Notes covered by, or the
sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 
 (h) Prior to any public offering of Registrable Notes or Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, use its reasonable best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any,
and its respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or Blue
Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request; provided, however, that where Exchange Notes or Registrable
Notes are offered other than through an underwritten offering, the Issuer agrees to use its reasonable best efforts to cause the Issuer’s counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed
pursuant to this Section 5(h); keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably
necessary or advisable to enable the disposition in such jurisdictions of such Exchange Notes or Registrable Notes covered by the applicable Registration Statement; provided, however, that the Issuer shall not be required to
(A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or
(C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
 (i) If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company and enable such Registrable Notes to be in such
denominations and registered in such names as the managing underwriter or underwriters, if any, or selling Holders may request at least five Business Days prior to any sale of such Registrable Notes or Exchange Notes. 
 (j) Use its reasonable best efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes
or Exchange Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuer will cooperate in all reasonable respects with the filing of such Registration Statement and the
granting of such approvals. 
  

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 (k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or
(2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, upon the occurrence of any event contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the
Commission, at the sole expense of the Issuer, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file
any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any
such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. 
 (l) Prior to the effective date of the first Registration Statement relating to the Registrable Notes of each
Series, (i) provide the Trustee with certificates for the Registrable Notes of each Series in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes of each Series.

 (m) In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration, enter into an
underwriting agreement, in a form reasonably satisfactory to the Issuer, as is customary in underwritten offerings of debt securities similar to the Notes and take all such other actions as are reasonably requested by the managing underwriter or
underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect to the
business of the Issuer and its subsidiaries, as then conducted (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by
reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) use its reasonable best efforts
to obtain the written opinions of counsel to the Issuer and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily
covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) use its reasonable best efforts to obtain “cold comfort” letters and
updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuer (and, if necessary, any other independent certified public accountants
of any subsidiary of the Issuer or of any business acquired by the Issuer for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the
underwriters, 
  

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 such letters to be in reasonable and customary form and covering matters of the type customarily covered
in “cold comfort” letters in connection with underwritten offerings; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable than those set forth in
Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents) with
respect to all parties to be indemnified pursuant to said Section; provided that the Issuer shall not be required to provide indemnification to any underwriter selected in accordance with the provisions of Section 9 hereof with respect
to information relating to such underwriter furnished in writing to the Issuer by or on behalf of such underwriter expressly for inclusion in such Registration Statement. The above shall be done at each closing under such underwriting agreement, or
as and to the extent required thereunder. 
 (n) If (1) a Shelf Registration is filed pursuant to Section 3 hereof
or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during
the Applicable Period, make available for inspection by any selling Holder of such Registrable Notes being sold or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes,
if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally
kept, during reasonable business hours, all financial and other records, pertinent corporate documents and instruments of the Issuer and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them
to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuer and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration
Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and that it will not disclose, or use in connection with any market transactions in violation of any applicable securities laws, any Records
that the Issuer determines, in good faith, to be confidential and that it notifies the Inspectors in writing are confidential unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such
Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such information is necessary or advisable in the opinion
of counsel for an Inspector in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, relating to, or involving this Agreement or the Purchase
Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records has been made generally available to the public other than through an act of such Inspector in violation
of this Section 5(n); provided, however, that (i) each Inspector shall agree to use reasonable best efforts to provide notice to the Issuer of the potential disclosure of any information by such Inspector pursuant to clause
(i), (ii) or (iii) of this sentence to permit the Issuer to obtain a protective order (or waive the provisions of this paragraph (n)) and (ii) each such Inspector shall take such actions as are reasonably necessary to protect the
confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. 
  

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 (o) With respect to each Series, provide an indenture trustee for the Registrable Notes
or the Exchange Notes of such Series, as the case may be, and cause the applicable Indenture or the trust indenture provided for in Section 2(a) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the
first Registration Statement relating to the Registrable Notes of such Series; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes or Exchange Notes of such Series, as applicable,
to effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its reasonable best efforts to cause such trustee to execute, all documents as may be
required to effect such changes, and all other forms and documents required to be filed with the Commission to enable such indenture to be so qualified in a timely manner. 
 (p) Comply with all applicable rules and regulations of the Commission and make generally available to the Issuer’s securityholders
earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) (i) commencing at the end of any fiscal quarter in which Registrable
Notes or Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Issuer after
the effective date of a Registration Statement, which statements shall cover said 12-month periods consistent with the requirements of Rule 158. 
 (q) Upon the request of a Holder, upon consummation of the Exchange Offer or a Private Exchange, use its reasonable best efforts to obtain an opinion of counsel to the Issuer, in a form reasonable and customary for
underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Notes or Private Exchange Notes, as the case
may be, and the related indentures constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with its respective terms, subject to customary exceptions and qualifications. 
 (r) If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Issuer (or
to such other Person as directed by the Issuer) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being cancelled in exchange
for the Exchange Notes or the Private Exchange Notes, as the case may be; provided that in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 
 (s) Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in
the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. (the “NASD”). 
  

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 (t) Use its reasonable best efforts to take all other steps reasonably necessary or
advisable to effect the registration of the Exchange Notes and/or Registrable Notes covered by a Registration Statement contemplated hereby. 
 The Issuer may require each seller of Registrable Notes or Exchange Notes as to which any registration is being effected to furnish to the Issuer such information regarding such seller and the distribution of such Registrable Notes or
Exchange Notes as the Issuer may, from time to time, reasonably request. The Issuer may exclude from such registration the Registrable Notes of any seller so long as such seller fails to furnish such information within a reasonable time after
receiving such request and in the event of such an exclusion, the Issuer shall have no further obligation under this Agreement (including, without limitation, the obligations under Section 4) with respect to such seller or any subsequent Holder
of such Registrable Notes. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Issuer all information required to be disclosed in order to make any information previously furnished to the Issuer by such
seller not materially misleading. 
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any
securities of the Issuer, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is
not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Issuer, or
(ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the
applicable Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
 Each Holder of
Registrable Notes and each Participating Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes that, upon actual receipt of any notice from the Issuer (x) of the happening of any event of the kind described in
Section 5(c)(ii), 5(c)(iii), 5(c)(iv), or 5(c)(v) hereof, or (y) that the Board of Directors of the Issuer (the “Board of Directors”) has resolved that the Issuer has a bona fide business purpose for doing so, then
the Issuer may delay the filing or the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement (if not then filed or effective, as applicable) and shall not be required to maintain the effectiveness thereof or
amend or supplement the Exchange Offer Registration Statement or the Shelf Registration, in all cases, for a period (a “Delay Period”) expiring upon the earlier to occur of (i) in the case of the immediately preceding
clause (x), such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by
the Issuer that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto or (ii) in the case of the immediately preceding clause (y), the date which is the earlier of
(A) the date on which such business purpose ceases to interfere with the Issuer’s obligations to file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (B) 60 days after the Issuer notifies
the Holders of such good faith determination. There shall not be more than 60 days of Delay Periods during any 12-month period. Each of the Effectiveness Period and the Applicable Period, if applicable, shall be extended by the number of days during
any Delay Period. Any Delay Period will not alter the obligations of the Issuer to pay Liquidated Damages under the circumstances set forth in Section 4 hereof. 
  

 -18- 

 In the event of any Delay Period pursuant to clause (y) of the preceding paragraph, notice shall be
given as soon as practicable after the Board of Directors makes such a determination of the need for a Delay Period and shall state, to the extent practicable, an estimate of the duration of such Delay Period and shall advise the recipient thereof
of the agreement of such Holder provided in the next succeeding sentence. Each Holder, by his acceptance of any Registrable Note, agrees that during any Delay Period, each Holder will discontinue disposition of such Notes or Exchange Notes covered
by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be. 
 Section 6. Registration Expenses 
 All fees and expenses incident to the performance of or compliance with this Agreement by
the Issuer (other than any underwriting discounts or commissions) shall be borne by the Issuer, whether or not the Exchange Offer Registration Statement or the Shelf Registration is filed or becomes effective or the Exchange Offer is consummated,
including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with the NASD in connection with an underwritten offering and (B) fees and
expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the
eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the holders of Registrable Notes are located, in the case of an Exchange Offer, or (y) as provided in Section 5(h)
hereof, in the case of a Shelf Registration or in the case of Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates
for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders
of a majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or in respect of Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be,
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuer and reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes (exclusive of any counsel
retained pursuant to Section 7 hereof), (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m)(iii) hereof (including, without limitation, the expenses of any special audit and
“cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuer desires such insurance, (vii) fees and expenses of all other Persons retained by the Issuer,
(viii) internal expenses of the Issuer (including, without limitation, all salaries and expenses of officers and employees of the Issuer performing legal or accounting duties), (ix) the expense of any annual audit, (x) the fees and
expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable, and (xi) the expenses relating to printing, word
processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding the foregoing or anything to the contrary, each Holder shall pay
all underwriting discounts and commissions of any underwriters with respect to any Registrable Notes sold by or on behalf of it. 
  

 -19- 

 Section 7. Indemnification 
 (a) The Issuer agrees to indemnify and hold harmless each Holder of Registrable Notes and each Participating Broker-Dealer selling Exchange Notes during
the Applicable Period, each Person, if any, who controls any such Person within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, the agents, employees, officers and directors of each Holder and each
such Participating Broker-Dealer and the agents, employees, officers and directors of any such controlling Person (each, a “Participant”) from and against any and all losses, liabilities, claims, damages and expenses (including, but
not limited to, reasonable attorneys’ fees and any and all reasonable out-of-pocket expenses actually incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all
reasonable amounts paid in settlement of any claim or litigation (in the manner set forth in clause (c) below)) (collectively, “Losses”) to which they or any of them may become subject under the Securities Act, the Exchange Act
or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus
(as amended or supplemented if the Issuer shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not misleading, provided that (i) the foregoing indemnity shall not
be available to any Participant insofar as such Losses are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to such Participant furnished to the
Issuer in writing by or on behalf of such Participant expressly for use therein, and (ii) that the foregoing indemnity with respect to any preliminary prospectus shall not inure to the benefit of any Participant from whom the Person asserting
such Losses purchased Registrable Notes if (x) it is established in the related proceeding that such Participant failed to send or give a copy of the Prospectus (as amended or supplemented if such amendment or supplement was furnished to such
Participant prior to the written confirmation of such sale) to such Person with or prior to the written confirmation of such sale, if required by applicable law, and (y) the untrue statement or omission or alleged untrue statement or omission
was completely corrected in the Prospectus (as amended or supplemented if amended or supplemented as aforesaid) and such Prospectus does not contain any other untrue statement or omission or alleged untrue statement or omission that was the subject
matter of the related proceeding. This indemnity agreement will be in addition to any liability that the Issuer may otherwise have, including, but not limited to, liability under this Agreement. 
 (b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless the Issuer, each Person, if any, who controls the Issuer within
the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, and each of its agents, employees, officers and directors and the agents, employees, officers and directors of any such controlling Person from and
against any Losses to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Issuer shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or
caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required 
  

 -20- 

 to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the
circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in
reliance upon and in conformity with information relating to such Participant furnished in writing to the Issuer by or on behalf of such Participant expressly for use therein. 
 (c) Promptly after receipt by an indemnified party under subsection 7(a) or 7(b) above of notice of the commencement of any action, suit or proceeding
(collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing
of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have under this Section 7 except to the extent that it has been prejudiced in any
material respect by such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement of such action, the indemnifying party will be entitled to participate in such action, and
to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense of such action with counsel reasonably satisfactory to such indemnified
party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and expenses of such counsel shall be at the expense of such indemnified party
or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel to take
charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action (including any impleaded parties) include such indemnified party and the indemnifying party or
parties (or such indemnifying parties have assumed the defense of such action), and such indemnified party or parties shall have reasonably concluded, that there may be defenses available to it or them that are different from or additional to those
available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and
expenses of counsel shall be borne by the indemnifying parties. In no event shall the indemnifying party be liable for the fees and expenses of more than one counsel (together with appropriate local counsel) at any time for all indemnified parties
in connection with any one action or separate but substantially similar or related actions arising in the same jurisdiction out of the same general allegations or circumstances. Any such separate firm for the Participants shall be designated in
writing by Participants who sold a majority in interest of Registrable Notes sold by all such Participants and shall be reasonably acceptable to the Issuer and any such separate firm for the Issuer, its affiliates, officers, directors,
representatives, employees and agents and such control Person of the Issuer shall be designated in writing by the Issuer and shall be reasonable acceptable to the Holders. An indemnifying party shall not be liable for any settlement of any claim or
action effected without its written consent, which consent may not be unreasonably withheld. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in
respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on
claims that are the subject matter of such proceeding. 
  

 -21- 

 (d) In order to provide for contribution in circumstances in which the indemnification provided for in
this Section 7 is for any reason held to be unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under this Section 7, each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received by each indemnifying party, on the one hand, and each indemnified party, on the other hand, from the
sale of the Notes to the Initial Purchasers or the resale of the Registrable Notes by such Holder, as applicable, or (ii) if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault of each indemnified party, on the one hand, and each indemnifying party, on the other hand, in connection with the statements or omissions that resulted in such
Losses, as well as any other relevant equitable considerations. The relative benefits received by the Issuer, on the one hand, and each Participant, on the other hand, shall be deemed to be in the same proportion as (x) the total proceeds from
the sale of the Notes to the Initial Purchasers (net of discounts and commissions but before deducting expenses) received by the Issuer are to (y) the total net profit received by such Participant in connection with the sale of the Registrable
Notes. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Issuer or such Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission. 
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation or
by any other method of allocation that does not take into account the equitable considerations referred to above. Notwithstanding the provisions of this Section 7, (i) in no case shall any Participant be required to contribute any amount
in excess of the amount by which the net profit received by such Participant in connection with the sale of the Registrable Notes exceeds the amount of any damages that such Participant has otherwise been required to pay by reason of any untrue or
alleged untrue statement or omission or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made against another party or
parties under this Section 7, notify such party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation
it or they may have under this Section 7 or otherwise, except to the extent that it has been prejudiced in any material respect by such failure; provided, however, that no additional notice shall be required with respect to any
action for which notice has been given under this Section 7 for purposes of indemnification. Anything in this section to the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without
its written consent, provided, however, that such written consent was not unreasonably withheld. 
 Section 8. Rules 144 and
144A 
 The Guarantor covenants that it will file the reports required, if any, to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations adopted by the Commission 
  

 -22- 

 thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at
any time the Guarantor is not required to file such reports, it will, upon the request of any Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act.
The Guarantor further covenants that for so long as any Registrable Notes remain outstanding it will take such further action as any Holder of Registrable Notes may reasonably request from time to time to enable such Holder to sell Registrable Notes
without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144(k) and Rule 144A under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation
hereafter adopted by the Commission. 
 Section 9. Underwritten Registrations 
 If any of the Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers
and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such offering and shall be reasonably acceptable to the Issuer. 
 No Holder of Registrable Notes may participate in any underwritten registration hereunder if such Holder does not (a) agree to sell such
Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) complete and execute all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such underwriting arrangements. 
 Section 10. Miscellaneous

 (a) No Inconsistent Agreements. The Issuer has not, as of the date hereof, and shall not have, after the date of this Agreement,
entered into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders
hereunder do not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuer’s other issued and outstanding securities under any such agreements. The Issuer has not entered and
will not enter into any agreement with respect to any of its securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement. 
 (b) Adjustments Affecting Registrable Notes. The Issuer shall not, directly or indirectly, take any action with respect to the Registrable Notes
of each Series as a class that would adversely affect the ability of the Holders of Registrable Notes of such Series to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (I) the Issuer and (II)(A) the Holders of not less than a majority in aggregate principal amount of the then outstanding
Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange Notes held by all
Participating Broker-Dealers; provided, however, that Section 7 
  

 -23- 

 and this Section 10(c) may not be amended, modified or supplemented except pursuant to a written agreement duly
signed and delivered by the Issuer and each Holder and each Participating Broker-Dealer (including any Person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any
Registration Statement) affected by any such amendment, modification, supplement or waiver. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of
Holders of Registrable Notes whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders
of at least a majority in aggregate principal amount of the Registrable Notes being sold pursuant to such Registration Statement. 
 (d)
Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail,
next-day air courier or telecopier: 
 (i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current
address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 
 (ii) if to the Issuer, at the address as follows: 
 XM Satellite Radio Inc. 
 XM Satellite Radio Holdings Inc. 
 1500
Eckington Place, NE 
 Washington, DC 20002 
 Telephone: (202) 380-4000 
 Fax: (202) 380-4534 
 Attention: General Counsel 
 (iii) if to the
Initial Purchasers, at the address as follows: 
 c/o UBS Securities LLC 
 677 Washington Boulevard 
 Stamford, CT
06901 
 Telephone: (203) 719-3000 
 Fax number: (212) 719-1099 
 Attention: High Yield Capital Markets 
 With a copy at such address to the attention of Legal Department, fax number (203) 719-6177 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after
being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery.

  

 -24- 

 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person
giving the same to the Trustee at the address and in the manner specified in such Indenture. 
 (e) Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the
benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign holds Registrable Notes. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. 
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof. 
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK. 
 (i)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set
forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially
the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions
without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (j) Securities Held by the Issuer
or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuer or any of its affiliates (as such term is defined in Rule 405 under the
Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 (k) Third-Party Beneficiaries. Holders and beneficial owners of Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. No other
Person is intended to be, or shall be construed as, a third-party beneficiary of this Agreement. 
 (l) Attorneys’ Fees. As
between the parties to this Agreement, in any action or proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable
attorneys’ fees actually incurred in addition to its costs and expenses and any other available remedy. 
  

 -25- 

 (m) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is
intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or
warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuer on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in
interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 -26- 

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

  

			
	 XM SATELLITE RADIO INC.

		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	XM SATELLITE RADIO HOLDINGS INC.
		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	UBS SECURITIES, LLC
	J.P. MORGAN SECURITIES INC.
	BEAR, STEARNS & CO. INC.
	CITIGROUP GLOBAL MARKETS INC.
	CREDIT SUISSE SECURITIES (USA) LLC
		
	By:	 	UBS Securities LLC,
		 	as Representative of the several Initial Purchasers
		
	By:	 	 /s/ Reswan Mirza

	Name:	 	Reswan Mirza
	Title:	 	Executive Director
		
	By:	 	 /s/ Yuri Brodsky

	Name:	 	Yuri Brodsky
	Title:	 	Director

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