Document:

Separation of Employment and Consulting Agreement

 Exhibit 10.1 

SEPARATION OF EMPLOYMENT AND CONSULTING AGREEMENT 

This Separation of Employment and Consulting Agreement (this “Agreement”) is made as of the 29th day of June 2010, by and
between Inspire Pharmaceuticals, Inc., a corporation organized and existing under the laws of the State of Delaware and having a principal place of business of 4222 Emperor Boulevard, Suite 200, Durham, North Carolina 27703 (the “Company”)
and Benjamin R. Yerxa, Ph.D. (the “Executive”). 
 WHEREAS, the Company currently employs the Executive as the
Executive Vice President and Chief, Research and Development, of the Company; and 
 WHEREAS, the Executive desires to
resign from his position as Executive Vice President and Chief, Research and Development, of the Company and simultaneously therewith to enter into this Agreement with the Company effective August 1, 2010 (the “Effective Date”); and

 WHEREAS, the Company desires to obtain from the Executive, and the Executive desires to provide to the Company,
consulting services through December 31, 2010; 
 WHEREAS, the Executive and the Company mutually desire to:
(i) establish the terms and conditions of the Executive’s post-employment consultancy, and (ii) ratify and confirm the rights and obligations of the Company and the Executive as set forth in the Employee Confidentiality, Invention
Assignment and Non-Compete Agreement, entered into by the Company and the Executive on February 4, 2000, a copy of which is attached hereto as Exhibit A (the “Non-Compete Agreement”); and 

WHEREAS, in consideration of the foregoing objectives, the Executive and the Company wish to enter into this Agreement.

 IT IS HEREBY AGREED, by and between the Executive and the Company as follows: 

 

	 	1.	Resignation. As of the Effective Date, the Executive hereby resigns from his position as Executive Vice President and Chief, Research and
Development, of the Company. 

  

	 	2.	Consultancy. 

  

	 	(a)	For the period commencing on the Effective Date and ending on December 31, 2010 (the “Consulting Period”), the Executive shall (i) perform
consulting services reasonably requested by the Company (the “Services”) and as mutually agreed to by the Executive and the Company and (ii) report directly to the Company’s President and Chief Executive Officer. In performing
the Services, the Executive agrees to be available for meetings from time to time at the principal executive offices of the Company and elsewhere at such times as shall be mutually agreed by the parties. The Executive agrees not to engage in full
time employment with anyone other than the Company while performing Services during the Consulting Agreement pursuant to this Agreement without the prior written consent of the Company’s President and Chief Executive Officer.

  

	 	(b)	During the Consulting Period, the Executive shall be treated as an independent contractor and shall not be deemed to be an employee of the Company or any affiliate of
the Company. The Company acknowledges that at all times during the Consulting Period, the Executive shall be a “Key Advisor” as such term is defined in the Corporation’s 2010 Equity Compensation Plan (the “2010 Plan”).

  

	 	3.	Contingent Obligations. The obligations of the Company under this Agreement are subject to, and contingent upon, the Executive continuing to be
willing to provide the Services in a consulting capacity to the Company from the date hereof until the expiration of the Consulting Period. 

  

	 	4.	Compensation. In consideration of the Executive’s execution of this Agreement, and his agreement to be legally bound by its terms, the Company will
provide the Executive with the following compensation: 

  

	 	(a)	Consulting Payments; Reimbursement. The Executive shall be paid as follows during the Consulting Period for the provision of the Services (collectively, the
“Consulting Payments”): (i) Ten Thousand Dollars ($10,000) for each full calendar month during the Consulting Period (it being understood and agreed that for purposes of this consultancy, a full calendar month shall entail one
(1) eight (8) hour day of Service per week by Executive); and (ii) a pro rated portion of the Ten Thousand Dollars ($10,000) payment for each partial month during the Consulting Period. In addition, the Company will reimburse the
Executive for necessary and reasonable out-of-pocket business expenses incurred in connection with the performance of Services. All such expenses shall be supported by receipts. Upon receipt by Company of all such receipts, Company shall promptly
reimburse Executive. 

  

	 	(b)	 Separation Payment. The Executive shall be paid a single sum cash payment equal to the sum of (i) his current annual base salary and
(ii) an amount representing his “target” bonus for 2010 under the Company’s Executive Officer Cash Bonus Plan that is equal to 50% of his current annual base salary, pro rated for the period from January 1, 2010 through the
Effective Date (the “Separation Payment”). The Separation Payment shall be paid to the Executive on the
60th day following the Effective Date provided that the
Executive has signed and not revoked this Agreement prior to that date. 

  

	 	(c)	 Stock Options. The post-termination exercise period for the Executive’s outstanding vested stock options granted prior to July 1, 2005
under the Company’s 1995 Equity Compensation Plan with an exercise price of $9.42 or lower (such options being referred to collectively as the “Vested Options”) shall be extended, to the extent necessary, to permit the exercise of
those options through the 90th day following the
termination of the consultancy described herein (such options being referred to as the “Vested Options”). Except as specifically provided for in this Agreement, all other terms of the Vested Options shall remain unchanged.

  

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	 	(d)	Other Reimbursement of Expenses. The Executive shall be paid any unpaid business-related expenses incurred by the Executive and substantiated to the Company, but
not reimbursed to the Executive as of the Effective Date. 

  

	 	(e)	COBRA; Accrued Obligations. The Executive shall continue his existing coverage under the existing Company health and dental plans through the first day of the
month coincident with or next following the Effective Date. Thereafter, the Executive may elect to continue medical and dental benefits, through the Consolidated Omnibus Budget Reconciliation Act of 1984, as amended (“COBRA”), in
accordance with federal and state regulations, provided that he pays the appropriate premiums for the coverage and returns the necessary paperwork. The Company will send the COBRA paperwork to the Executive under separate cover. The Company shall
subsidize Executive’s COBRA premiums at active employee rates for a period of one-year following the Effective Date, thereafter Executive shall be required to pay the full COBRA premium in order to retain COBRA coverage. The Executive shall
also be entitled to the payment of any accrued base salary that has not yet been paid to the Executive, payment for accrued but unused vacation days in accordance with the Company’s applicable policies, and any payments or benefits expressly
required by applicable law. 

  

	 	(f)	Outplacement Services. The Company shall provide the Executive with outplacement services as contracted for by the Company for a period of twelve
(12) months following the Effective Date. 

  

	 	(g)	Payments After Revocation Period. Notwithstanding anything to the contrary, prior to the expiration of the Revocation Period without revocation (i) no
amount of the Separation Payment shall be paid, (ii) the changes to the Vested Options shall not become effective, (iii) the subsidization of the COBRA premiums shall not be made; and (iv) outplacement services shall not be provided.

  

	 	(h)	No Additional Consideration. Except as set forth in this Agreement, it is expressly agreed and understood that Releasees (as defined below) do not have, and will
not have, any obligation to provide the Executive at any time in the future with any payments, benefits or considerations other than those recited in this Agreement, or those required by law, other than under the terms of any benefit plans which
provide benefits or payments to former employees according to their terms and other than the Release Exclusions (as defined below). The Executive further agrees and acknowledges that he is owed no additional payments from the Company beyond what is
due to him under this Agreement. 

  

	 	(i)	 Taxes. The Company may make such provisions and take such action as it deems necessary or appropriate for the withholding of any taxes which the
Company deems is required by any law or regulation of any governmental authority, whether federal, state or local, to withhold in connection with any benefits under 

 

 3 

	 	 
this Agreement, including, but not limited to, the withholding of appropriate sums from any amount otherwise payable to the Executive. 

 

	 	5.	Release of Claims. 

  

	 	(a)	Release of Company. In consideration of the promises of the Company set forth herein, the Executive, and his heirs, executors and administrators, intending to be
legally bound, hereby permanently and irrevocably agrees that the Executive’s employment with the Company will terminate on the Effective Date and hereby REMISE, RELEASE and FOREVER DISCHARGE Company and any individual or organization related
to the Company and against whom or which the Executive could assert a claim, including any and all affiliates, and their officers, directors, shareholders, partners, employees and agents, and their respective successors and assigns, heirs, executors
and administrators (hereinafter referred to collectively as “Releasees”), of and from any and all causes of action, suits, debts, claims and demands whatsoever, which he had, has, or may have against Releasees from the beginning of the
Executive’s employment or other service with the Company or the Executive’s ownership of Company common stock to the Effective Date arising from or relating in any way to the Executive’s relationship to the Company as an employee,
other service provider or shareholder and the termination of his employment relationship with the Company, other than the Release Exclusions (as hereinafter defined), including without limitation claims under the North Carolina Equal Employment
Practices Act, N.C.G.S.A. § 143 et. seq., Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq.,
the Employee Retirement Income Security Act 29 U.S.C. § 1001 et seq., the Age Discrimination in Employment Act, as amended 29 U.S.C. § 621 et seq. (the “ADEA”), any other claim under any federal, state,
or local common law, statutory or regulatory provision, now or hereafter recognized, and all claims for counsel fees and costs. The Executive agrees and covenants that should any other person, organization, or other entity file, charge, claim, sue,
or cause or permit to be filed any civil action, suit or legal proceeding arising from or relating in any way to the Executive’s relationship to the Company, the Executive will not seek or accept any personal relief in such civil action, suit
or legal proceeding. This release does not give up the Executive’s rights, if any, to a claim that the Executive has or may have (the “Release Exclusion”) to enforce any rights under this Agreement, particularly with respect to
the payment of any amount to the Executive described in Section 4 of this Agreement, or to make or pursue any claim for benefits under any employee benefit plan (as defined in Section 3(8) of the Employee Retirement Income Security Act of
1974, as amended) sponsored by the Company arising from Executive’s participation in such Plan. 

  

	 	(b)	 Release of Executive. The Company hereby REMISES, RELEASES and FOREVER DISCHARGES Executive of and from any and all causes of action, suits,
debts, claims and demands whatsoever, which it had, has, or may have against Executive from the beginning of the Executive’s employment or other service with the Company to the Effective Date arising from or relating in any

  

 4 

	 	 
way to the Executive’s relationship to the Company as an employee, other service provider or shareholder and the termination of his employment relationship with the Company, any other claim
under any federal, state, or local common law, statutory or regulatory provision, now or hereafter recognized, and all claims for counsel fees and costs. This release does not give up the Company’s rights, if any, to a claim that the Company
has or may have to enforce any rights under this Agreement. 

  

	 	(c)	Satisfaction. The Executive also agrees that the payments in Section 4 of this Agreement are in full satisfaction of any liability or obligation of the
Company to the Executive as of the Effective Date, other than the Release Exclusions. 

  

	 	(d)	Release of Consultancy Claims. The Executive and the Company covenant and agree that within 10 days following the conclusion of his consultancy, they shall
execute and not revoke a second release agreement releasing the Releasees and the Executive of and from any and all causes of action, suits, debts, claims and demands whatsoever, which he and it had, has, or may have against the Releasees and the
Executive, respectively, from the beginning of the Executive’s consultancy with the Company through the date of the release on a form prescribed by the Company, which shall be a mutual release substantially similar to the releases contained in
this Agreement, except to account for any changes in any of the applicable laws governing these releases. 

  

	 	6.	Confidentiality, Invention Assignment and Non-Competition Agreement. 

 

	 	(a)	Non-Compete Agreement. The Executive acknowledges his continuing legal obligations under Section 1 through 7 of the Non-Compete Agreement, the terms of
which are incorporated herein by reference. 

  

	 	(b)	 In addition to the Executive’s ongoing legal obligations under Sections 1 through 7 of the Non-Compete Agreement, and in connection with this
Agreement, during the one-year period following the expiration of the Consulting Period, the Executive shall not directly or indirectly, through any other person, firm, corporation, or other entity (whether as an officer, director, employee,
partner, consultant, holder of more than two percent of the outstanding equity or debt of the entity, lender, or in any other manner or capacity) engage in or participate in any business that develops, sells, markets, or offers to sell
(i) Ophthalmic products that would compete with the Company’s products and product candidates (including, without limitation, topical ocular antibiotic products, and product candidates for dry eye and blepharitis); and/or (ii) Cystic
Fibrosis products that would compete with the Company’s products and product candidates (including, without limitation, ion-channel modulators, and agents that hydrate or clear airways) anywhere in the World. Notwithstanding the foregoing,
nothing in this Agreement or in the Non-Compete Agreement shall restrict the Executive from engaging in or participating in preclinical work for a company that does not have products (or product candidates that are already in the clinical trial
stage) that are or could, in the reasonable opinion of the Company’s Chief 

  

 5 

	 	 
Executive Officer be likely to compete with the Company’s products and product candidates or non-profit organizations involved in such areas, subject to, in all cases, Executive’s
continuing compliance with any confidentiality provisions contained in the Non-Compete Agreement. 

  

	 	7.	Termination. The Company and the Executive acknowledge that the performances of the promises of each are expressly contingent upon the fulfillment and
satisfaction in all material respects of the obligations of the other party as set forth in this Agreement. 

  

	 	8.	Revocation. The Executive has the right to revoke this Agreement for a period of seven (7) days (the “Revocation Period”) following his
execution of this Agreement by giving written notice to the Company. 

  

	 	9.	Notice. Except as otherwise specifically provided herein, any notice, consent, demand or other communication to be given under or in connection with this
Agreement shall be in writing and shall be deemed duly given when delivered personally, when transmitted by facsimile transmission, one (1) day after being deposited with Federal Express or other nationally recognized overnight delivery service
or three (3) days after being mailed by first class mail, charges or postage prepaid, properly addressed, if to the Company, at its principal office, and, if to the Executive, at the address set forth following his signature below. Either party
may change such address from time to time by notice to the other. 

  

	 	10.	Acknowledgements. 

  

	 	(a)	No Admission of Violation. The Company and the Executive agree and acknowledge that this Agreement is not and shall not be construed to be an admission of any
violation of any federal, state or local statute or regulation, or of any duty owed by either party. 

	 	

	 	(b)	Confidential Information. The Executive represents that any and all documents containing confidential information of the Company will be returned to the Company
upon the Effective Date. 

	 	

	 	(c)	Review; Advice. The Executive hereby certifies that he (i) has read the terms of this Agreement, (ii) has been advised by the Company to consult with
an attorney of his own choice prior to executing this Agreement, (iii) has had an opportunity to do so, and (iv) understands this Agreement’s terms and effects. 

	 	

	 	(d)	No Additional Representations. The Executive hereby certifies that neither Releasees nor any representative of Releasees has made any representations to the
Executive concerning this Agreement other than those contained herein. 

	 	

	 	(e)	 ADEA Waiver; 21-Day Period of Consideration. The Executive acknowledges that he (i) has been informed that this Agreement includes a waiver
of claims 

  

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under the ADEA, and (ii) has the right to consider this Agreement for a period of twenty-one (21) days. 

 

	 	(f)	Acknowledgment of Revocation Period. Executive understands that he has the right to revoke this Agreement for a period of seven (7) days following his
execution of this Agreement by giving written notice to the Company. 

  

	 	(g)	Authorization. Appropriate officers of the Company have been authorized to finalize any and all documentation required in connection with each of the terms and
conditions of this Agreement. 

  

	 	11.	Successors and Assigns. This Agreement and all rights of the Executive shall inure to the benefit of and be enforceable by the Executive’s personal
or legal representatives, estate, executors, administrators, heirs and beneficiaries. In the event of the Executive’s death, any amounts accrued and unpaid through the date of death shall be paid to the Executive’s estate, heirs and
representatives in accordance with the terms of the Agreement. The Executive may not assign this Agreement or any rights, interests, or obligations hereunder without the prior written approval of the other party. Subject to the preceding sentence,
this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

  

	 	12.	Entire Agreement. 

  

	 	(a)	This Agreement, together with the Non-Compete Agreement, constitutes the complete and entire understanding between the Company and the Executive with respect to the
matters covered hereunder, and supersede any and all prior agreements and understandings between the Company and the Executive to the extent they are inconsistent with this Agreement. 

 

	 	(b)	If any provision of this Agreement is deemed invalid, the remaining provisions shall not be affected. 

 

	 	13.	Amendment. This Agreement may be amended or modified at any time by a written instrument executed by both the Company and the Executive.

  

	 	14.	Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant
or condition. A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any one or
more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 

  

 7 

	 	15.	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one
and the same Agreement. 

  

	 	16.	Headings and Construction. The headings of sections in this Agreement are for convenience of reference only and are not intended to qualify the meaning of
any section. 

  

	 	17.	Choice of Law. The provisions of this Agreement shall be governed by the laws of the State of North Carolina, without regard to any choice of law
provisions. 

 [Signature Page to Follow] 

 

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 IN WITNESS WHEREOF, and intending to be legally bound hereby, the Company and the
Executive have executed the foregoing Agreement on the dates indicated below. 
  

			
	 EXECUTIVE

		
	 By:
	 	 /s/ Benjamin R. Yerxa, Ph.D.

		
	 Name:
	 	 Benjamin R. Yerxa, Ph.D.

		
	 Date:
	 	 June 29, 2010

	
	 INSPIRE PHARMACEUTICALS, INC.

		
	 By:
	 	 /s/ Adrian Adams

		
	 Name:
	 	 Adrian Adams

		
	 Title:
	 	 President and Chief Executive Officer

		
	 Date:
	 	 June 29, 2010

 

 9Indenture

 Exhibit 4.1 

 
  

Entertainment Properties Trust 

and each of the Guarantors named herein 
  

 
 INDENTURE

 Dated as of June 30, 2010 

$250,000,000 

7.750% Senior Notes due 2020 
  

 
 UMB Bank, n.a.,

 Trustee 
  

 
  

 

 CROSS-REFERENCE TABLE* 

 

			
	Trust Indenture
Act Section	  	Indenture Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	12.03
	       (c)
	  	12.03
	 313(a)
	  	7.06
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 12.02
	       (d)
	  	7.06
	 314(a)(4)
	  	12.05
	       (c)(1)
	  	N.A.
	       (c)(2)
	  	N.A.
	       (c)(3)
	  	N.A.
	       (e)
	  	12.05
	       (f)
	  	N.A.
	 315(a)
	  	2.02
	       (b)
	  	2.02
	       (c)
	  	2.02
	       (d)
	  	2.02
	       (e)
	  	N.A.
	 316(a) (last sentence)
	  	N.A.
	       (a)(1)(A)
	  	N.A.
	       (a)(1)(B)
	  	N.A.
	       (a)(2)
	  	N.A.
	       (b)
	  	N.A.
	       (c)
	  	12.16
	 317(a)(1)
	  	N.A.
	       (a)(2)
	  	N.A.
	       (b)
	  	N.A.
	 318(a)
	  	N.A.
	       (b)
	  	N.A.
	       (c)
	  	12.01

 N.A. means not applicable.

	*	This Cross Reference Table is not part of this Indenture. 

 TABLE OF CONTENTS 

 

					
	 	    	 	  	Page
		
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
	 Section 1.01
	    	Definitions	  	1
	 Section 1.02
	    	Other Definitions	  	14
	 Section 1.03
	    	Incorporation by Reference of Trust Indenture Act	  	14
	 Section 1.04
	    	Rules of Construction	  	14
		
	 ARTICLE 2 THE NOTES
	  	15
	 Section 2.01
	    	Form, Dating and Denominations	  	15
	 Section 2.02
	    	Execution and Authentication	  	16
	 Section 2.03
	    	Registrar and Paying Agent	  	17
	 Section 2.04
	    	Paying Agent to Hold Money in Trust	  	17
	 Section 2.05
	    	Holder Lists	  	18
	 Section 2.06
	    	Transfer and Exchange	  	18
	 Section 2.07
	    	Replacement Notes	  	29
	 Section 2.08
	    	Outstanding Notes	  	29
	 Section 2.09
	    	Treasury Notes	  	30
	 Section 2.10
	    	Temporary Notes	  	30
	 Section 2.11
	    	Cancellation	  	30
	 Section 2.12
	    	Defaulted Interest	  	30
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	31
	 Section 3.01
	    	Notices to Trustee	  	31
	 Section 3.02
	    	Selection of Notes to Be Redeemed	  	31
	 Section 3.03
	    	Notice of Redemption	  	32
	 Section 3.04
	    	Effect of Notice of Redemption	  	32
	 Section 3.05
	    	Deposit of Redemption or Purchase Price	  	33
	 Section 3.06
	    	Notes Redeemed or Purchased in Part	  	33
	 Section 3.07
	    	Optional Redemption	  	33
	 Section 3.08
	    	Mandatory Redemption	  	33
		
	 ARTICLE 4 COVENANTS
	  	34
	 Section 4.01
	    	Payment of Notes	  	34
	 Section 4.02
	    	Maintenance of Office or Agency	  	34
	 Section 4.03
	    	Reports	  	34
	 Section 4.04
	    	Compliance Certificate	  	35
	 Section 4.05
	    	Corporate Existence	  	36
	 Section 4.06
	    	Limitations on Incurrence of Debt	  	36
	 Section 4.07
	    	Maintenance of Total Unencumbered Assets	  	37
	 Section 4.08
	    	Additional Guarantees	  	37
	 Section 4.09
	    	Offer to Repurchase Upon a Change of Control	  	37
		
	 ARTICLE 5 SUCCESSORS
	  	39
	 Section 5.01
	    	Merger, Consolidation, or Sale of Assets	  	39
	 Section 5.02
	    	Successor Substituted	  	40

  

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	 	  	 	  	Page
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	40
	 Section 6.01
	  	Events of Default	  	40
	 Section 6.02
	  	Acceleration	  	42
	 Section 6.03
	  	Other Remedies	  	42
	 Section 6.04
	  	Waiver of Past Defaults	  	42
	 Section 6.05
	  	Control by Majority	  	43
	 Section 6.06
	  	Limitation on Suits	  	43
	 Section 6.07
	  	Rights of Holders of Notes to Receive Payment	  	43
	 Section 6.08
	  	Collection Suit by Trustee	  	43
	 Section 6.09
	  	Trustee May File Proofs of Claim	  	44
	 Section 6.10
	  	Priorities	  	44
	 Section 6.11
	  	Undertaking for Costs	  	44
		
	 ARTICLE 7 TRUSTEE
	  	45
	 Section 7.01
	  	Duties of Trustee	  	45
	 Section 7.02
	  	Rights of Trustee	  	46
	 Section 7.03
	  	Individual Rights of Trustee	  	46
	 Section 7.04
	  	Trustee’s Disclaimer	  	46
	 Section 7.05
	  	Notice of Defaults	  	47
	 Section 7.06
	  	Reports by Trustee to Holders of the Notes	  	47
	 Section 7.07
	  	Compensation and Indemnity	  	47
	 Section 7.08
	  	Replacement of Trustee	  	48
	 Section 7.09
	  	Successor Trustee by Merger, etc.	  	49
	 Section 7.10
	  	Eligibility; Disqualification	  	49
	 Section 7.11
	  	Preferential Collection of Claims Against Issuer	  	49
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	50
	 Section 8.01
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	50
	 Section 8.02
	  	Legal Defeasance and Discharge	  	50
	 Section 8.03
	  	Covenant Defeasance	  	50
	 Section 8.04
	  	Conditions to Legal or Covenant Defeasance	  	51
	 Section 8.05
	  	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	52
	 Section 8.06
	  	Repayment to Issuer	  	52
	 Section 8.07
	  	Reinstatement	  	53
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	53
	 Section 9.01
	  	Without Consent of Holders of Notes	  	53
	 Section 9.02
	  	With Consent of Holders of Notes	  	54
	 Section 9.03
	  	Compliance with Trust Indenture Act	  	55
	 Section 9.04
	  	Revocation and Effect of Consents	  	55
	 Section 9.05
	  	Notation on or Exchange of Notes	  	55
	 Section 9.06
	  	Trustee to Sign Amendments, etc.	  	56
		
	 ARTICLE 10 NOTES GUARANTEES
	  	56
	 Section 10.01
	  	Notes Guarantee	  	56
	 Section 10.02
	  	Limitation on Guarantor Liability	  	57
	 Section 10.03
	  	Execution and Delivery of Notes Guarantee	  	57
	 Section 10.04
	  	Guarantors May Consolidate, etc., on Certain Terms	  	57
	 Section 10.05
	  	Releases Following Sale of Assets	  	58

  

 -ii- 

					
	 	    	 	  	Page
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	59
	 Section 11.01
	    	Satisfaction and Discharge	  	59
	 Section 11.02
	    	Application of Trust Money	  	60
		
	 ARTICLE 12 MISCELLANEOUS
	  	60
	 Section 12.01
	    	Trust Indenture Act Controls	  	60
	 Section 12.02
	    	Notices	  	60
	 Section 12.03
	    	Communication by Holders of Notes with Other Holders of Notes	  	61
	 Section 12.04
	    	Certificate and Opinion as to Conditions Precedent	  	61
	 Section 12.05
	    	Statements Required in Certificate or Opinion	  	62
	 Section 12.06
	    	Rules by Trustee and Agents	  	62
	 Section 12.07
	    	No Personal Liability of Directors, Officers, Employees and Stockholders	  	62
	 Section 12.08
	    	Governing Law	  	62
	 Section 12.09
	    	No Adverse Interpretation of Other Agreements	  	62
	 Section 12.10
	    	Successors	  	63
	 Section 12.11
	    	Severability	  	63
	 Section 12.12
	    	Counterpart Originals	  	63
	 Section 12.13
	    	Table of Contents, Headings, etc.	  	63
	 Section 12.14
	    	Benefits of Indenture	  	63
	 Section 12.15
	    	Legal Holidays	  	63
	 Section 12.16
	    	Acts of Holders	  	63

 SCHEDULES 

 

			
	 Schedule I
	  	GUARANTORS

EXHIBITS 
  

			
	Exhibit A	    	Form of Note
	Exhibit B	    	Form of Certificate of Transfer
	Exhibit C	    	Form of Certificate of Exchange
	Exhibit D	    	Form of Supplemental Indenture

  

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 INDENTURE dated as of June 30, 2010 among Entertainment Properties Trust, a Maryland real
estate investment trust (the “Issuer”), the Guarantors (as defined herein) parties hereto from time to time and UMB Bank, n.a., as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined
herein) of (i) the Issuer’s 7.750% Senior Notes due 2020 issued on the Closing Date (the “Initial Notes”), (ii) any Additional Notes (as defined herein) that may be issued on any other date following the Issue Date
(as defined herein) and (iii) if and when issued pursuant to the Registration Rights Agreement (as defined herein), any Exchange Notes (as defined herein) issued in exchange for Initial Notes or Additional Notes (all such notes in clauses (i),
(ii) and (iii) being referred to collectively as the “Notes”): 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

“144A Global Note” means a global note substantially in the form of Exhibit A hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on
Rule 144A. 
 “Acquired Debt” means Debt of a Person (1) existing at the time such Person becomes a
Subsidiary or (2) assumed in connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition. Acquired Debt is
deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional
paying agent. 
 “Annual Debt Service” as of any date means the amount which was expensed in the four
consecutive fiscal quarters ending on the most recent Measurement Date for interest on Debt of the Issuer and its Restricted Subsidiaries, excluding (1) amortization of debt discount and deferred financing cost, (2) all gains and losses
associated with the unwinding or break-funding of interest rate swap agreements, (3) the write-off of unamortized deferred financing fees, (4) prepayment fees, premiums and penalties and (5) non-cash swap ineffectiveness charges.

 “Applicable Premium” means, with respect to any Note on any redemption date, the excess of: 

(a) the present value at such redemption date of (i) the aggregate principal amount of the Note plus (ii) all
required interest payments due on the Note through July 15, 2020 (excluding interest paid prior to the redemption date and accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such
redemption date plus 50 basis points; over 

 (b) the principal amount of the Note. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Authorized Newspaper” means a newspaper, printed in the English language or in an official language of the country of
publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the term is used or in the financial community of each such place.
Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers in the same city meeting the foregoing requirements and in each case on any
Business Day. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors. 
 “Board of Directors” means: 

(1) with respect to the Issuer, its Board of Trustees; 

(2) with respect to a corporation, the Board of Directors of the corporation; 

(3) with respect to a partnership, the Board of Directors of the general partner of the partnership or the board or
committee of the general partner of the partnership serving a similar function; and 
 (4) with respect to any
other Person, the board or committee of such Person serving a similar function. 
 “Board Resolutions” means a
copy of resolutions certified by the Secretary or an Assistant Secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 “Broker-Dealer” means any broker or dealer registered under the Exchange Act. 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in the City of New
York are required or authorized to close. 
 “Capital Stock” means, with respect to any entity, any capital
stock (including preferred stock), shares, interests, participation or other ownership interests (however designated) of such entity and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options
to purchase any thereof; provided, however, that leases of real property that provide for contingent rent based on the financial performance of the tenant shall not be deemed to be Capital Stock. 

“Capitalized Lease Obligation” means, at the time any determination is to be made, the amount of the liability in
respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
  

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 “Change of Control” means the occurrence of one or more of the following
events: 
 (1) any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Issuer to any “person” or “group” (as such terms are defined in Sections 13(d) and 14(d)(2) of the Exchange Act), together with any Affiliates thereof (whether
or not otherwise in compliance with the provisions of this Indenture); 
 (2) a “person” or
“group” (as such terms are defined in Sections 13(d) and 14(d)(2) of the Exchange Act), becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total voting
power of the Voting Stock of the Issuer on a fully diluted basis; or 
 (3) the approval by the holders of
Capital Stock of the Issuer of any plan or proposal for the liquidation or dissolution of the Issuer (whether or not otherwise in compliance with the provisions of this Indenture). 

“Clearstream” means Clearstream Banking, S.A., or its successor. 

“Commission” means the Securities and Exchange Commission. 

“Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Issuer and its
Restricted Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (1) total interest expense of the Issuer and its Restricted Subsidiaries for such period, including
interest or distributions on Debt of the Issuer and its Restricted Subsidiaries, (2) provision for taxes based on income or profits of the Issuer and its Restricted Subsidiaries for such period, (3) amortization of debt discount and
deferred financing costs, (4) provisions for gains and losses on properties, (5) depreciation and amortization (excluding amortization of prepaid cash expenses that were paid in a prior period), (6) the effect of any non-cash charge
resulting from a change in accounting principles in determining Earnings from Operations for such period, (7) amortization of deferred charges, (8) the aggregate amount of all non-cash expenses (excluding any such non-cash expense to the
extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period), determined on a consolidated basis, to the extent such items increased or decreased
Earnings from Operations for such period and (9) straight-lined rental revenue. 
 “Corporate Trust Office of the
Trustee” will be at the address of the Trustee specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Issuer. 

“Credit Agreement” means the Credit Agreement, to be dated as of June 30, 2010, among the Issuer and the initial
Guarantors, as Borrowers, KeyBank National Association, as Administrative Agent, J.P. Morgan Chase Bank, N.A., and RBC Capital Markets, as Co-Syndication Agents, KeyBanc Capital Markets, Inc., J.P. Morgan Securities Inc. and RBC Capital Markets, as
Joint Book Runners and Joint Lead Arrangers, and the other financial institutions signatory thereto and their assignees, in each case as amended, modified, renewed, extended, increased, refunded, replaced or refinanced from time to time (whether or
not with the original agents or lenders and whether or not contemplated under the original agreement relating thereto). 

“Credit Facilities” means, one or more debt facilities (including, without limitation, the Credit Agreement),
indentures, or commercial paper facilities, in each case with banks or other institutional lenders or other qualified buyers providing for revolving credit loans, term loans, notes, receivables financing (including through the sale of receivables to
such lenders or to special purpose entities formed 
  

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 to borrow from such lenders against such receivables) or letters of credit, in each case, as amended,
restated, modified, renewed, extended, increased, refunded, replaced or refinanced in whole or in part from time to time (whether or not with the original agents or lenders and whether or not contemplated under the original agreement relating
thereto). 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any
successor entity thereto. 
 “Debt” of the Issuer or any of its Restricted Subsidiaries means, without
duplication, any indebtedness of the Issuer or any Restricted Subsidiary, whether or not contingent, in respect of: 

(1) borrowed money or evidenced by bonds, notes, debentures or similar instruments; 

(2) indebtedness for borrowed money secured by any encumbrance existing on property owned by the Issuer or its Restricted
Subsidiaries, to the extent of the lesser of (x) the amount of indebtedness so secured or (y) the Fair Market Value of the property subject to such encumbrance; 

(3) the reimbursement obligations in connection with any letters of credit actually drawn or amounts representing the
balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense, trade payable, conditional sale obligations or obligations under any title retention agreement; 

(4) the principal amount of all obligations of the Issuer and its Restricted Subsidiaries with respect to redemption,
repayment or other repurchase of any Disqualified Stock; and 
 (5) any lease of property by the Issuer or any
of its Restricted Subsidiaries as lessee which is reflected on the Issuer’s or such Restricted Subsidiaries’ consolidated balance sheet as a Capitalized Lease Obligation, 

to the extent, in the case of items of indebtedness under clauses (1) through (5) above, that any such items would appear as a liability on the
Issuer’s or such Restricted Subsidiaries’ consolidated balance sheet in accordance with GAAP. 
 Debt also includes,
to the extent not otherwise included, any obligation by the Issuer and its Restricted Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of
another Person (other than the Issuer or any of its Restricted Subsidiaries); it being understood that Debt shall be deemed to be incurred by the Issuer or any of its Restricted Subsidiaries whenever the Issuer or such Restricted Subsidiary shall
create, assume, guarantee or otherwise become liable in respect thereof; provided, however, that a Person shall not be deemed to have incurred Debt (or be liable with respect to such Debt) by virtue of Standard Securitization
Undertakings. 
 Debt shall not include (a) Debt arising from agreements of the Issuer or any Restricted Subsidiary
providing for indemnification, adjustment or holdback of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of
Debt incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition or (b) contingent obligations under performance bonds, performance guarantees, surety bonds, appeal
bonds or similar obligations incurred in the ordinary course of business and consistent with past practices. In the case of Debt as of any date issued with original issue discount, the amount of such Debt shall be the accreted value thereof as of
such date. 
  

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 “Default” means, with respect to this Indenture and the Notes, any event
that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 
 “Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and
shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person
specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Disqualified Stock” means, with respect to any entity, any Capital Stock of such entity which by the terms of such
Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (other than pursuant to a change of control provision not materially more
favorable to the holder thereof than as described in Section 4.09), (1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for Capital
Stock which is not Disqualified Stock or for Subordinated Debt), (2) is convertible into or exchangeable or exercisable for Debt, other than Subordinated Debt or Disqualified Stock, or (3) is redeemable at the option of the holder thereof,
in whole or in part (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), in each case on or prior to the stated maturity of the Notes. 

“Domestic Subsidiary” means any Restricted Subsidiary that was formed under the laws of the United States or any state
of the United States or the District of Columbia. 
 “Earnings from Operations” for any period means the
consolidated net income of the Issuer and its Restricted Subsidiaries (excluding non-controlling interests), excluding gains and losses on sales of investments, extraordinary items (including, in any event, losses on extinguishment of debt),
distributions on equity securities, property valuation losses, and the net income of any Person, other than a Restricted Subsidiary of the Issuer (except to the extent of cash dividends or distributions paid to the Issuer or any Restricted
Subsidiary) as reflected in the financial statements of the Issuer and its Restricted Subsidiaries for such period, on a consolidated basis determined in accordance with GAAP, and excluding the cumulative effect of changes in accounting principles.

 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock
(but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear system, or its successor. 
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended. 
 “Exchange Notes” means the Notes issued in the Exchange
Offer pursuant to Section 2.06(i) hereof or pursuant to a registered exchange offer for Notes with a Private Placement Legend. 
  

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 “Exchange Offer” has the meaning set forth in the Registration Rights
Agreement. 
 “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights
Agreement. 
 “Existing Debt” means Debt of the Issuer and its Restricted Subsidiaries (other than Debt under
the Credit Agreement) in existence on the Issue Date, until such amounts are repaid. 
 “Fair Market Value”
means, with respect to any asset, the price (after taking into account any liabilities relating to such assets) which could be negotiated in an arm’s-length free market transaction between a willing seller and a willing buyer, neither of which
is under pressure or compulsion to complete the transaction. Fair Market Value shall be determined by the Board of Directors of the Issuer in good faith. 

“Fitch” means Fitch, Inc. or any successor to the rating agency business thereof. 

“Foreign Currency” means any currency, currency unit or composite currency issued by the government of one or more
countries other than the United States of America or by any recognized confederation or association of such governments. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect on the date of determination. 
 “Global Note” means,
individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto issued in accordance with Section 2.01 or 2.06 hereof. 

“Global Note Legend” means the legend set forth in Section 2.06(k), which is required to be placed on all Global
Notes issued under this Indenture. 
 “Government Obligations” means securities which are (1) direct
obligations of the United States of America or the government which issued the Foreign Currency in which the Notes are payable, for the payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of America or such government which issued the Foreign Currency in which Notes are payable, the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America or such other government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of
interest on or principal of the Government Obligation evidenced by such depository receipt. 
 “Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof, of all or any part of any Debt. 
  

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 “Guarantors” means each Domestic Subsidiary of the Issuer that is a
guarantor of or borrower under the Credit Agreement and executes this Indenture; and their respective successors and assigns; provided, however, that any Person constituting a Guarantor as described above shall cease to constitute a
Guarantor when its Guarantee of the Notes is released in accordance with the terms of this Indenture. 
 “Hedging
Obligations” means, with respect to any specified Person, the obligations of such Person under: 
 (1)
interest rate swap agreements, interest rate cap agreements and interest rate collar agreements; and 
 (2)
other agreements or arrangements designed to protect such Person against fluctuations in interest rates or foreign exchange rates. 

“Holder” means a Person in whose name a Note is registered. 

“incur” means issue, create, assume, guarantee, incur or otherwise become liable for; provided, however,
that any Debt or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be incurred by such Subsidiary at the time it becomes a
Restricted Subsidiary. Neither the accrual of interest nor the accretion of original issue discount shall be deemed to be an incurrence of Debt. The term “incurrence” when used as a noun shall have a correlative meaning. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 “Initial Purchasers” means, with respect to the Initial Notes, J.P. Morgan Securities Inc., Barclays Capital
Inc., RBC Capital Markets Corporation and KeyBanc Capital Markets Inc. 
 “Interest Payment Date” has the
meaning set forth in the Notes. 
 “Issue Date” means June 30, 2010. 

“Issuer” has the meaning set forth in the preamble hereto. 

“Letter of Transmittal” means the letter of transmittal to be prepared by the Issuer and sent to all Holders of the
Notes for use by such Holders in connection with the Exchange Offer. 
 “Lien” means, with respect to any
asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction. 
  

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 “Moody’s” means Moody’s Investors Service, Inc. or any successor
to the rating agency business thereof. 
 “Non-Recourse Debt” means Debt: 

(1) as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support of any
kind (including any undertaking, agreement or instrument that would constitute Debt), other than pursuant to Standard Securitization Undertakings, or (b) is directly or indirectly liable as a guarantor or otherwise, other than pursuant
to Standard Securitization Undertakings; and 
 (2) as to which the lenders have been notified in writing that
they will not have any recourse to the stock or assets of the Issuer or any of its Restricted Subsidiaries, other than pursuant to Standard Securitization Undertakings. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note” has the meaning stated in the preamble to this Indenture. 

“Notes Guarantee” means the Guarantee by each Guarantor of the Issuer’s payment obligations under this Indenture
and on the Notes, executed pursuant to the provisions of this Indenture. 
 “Officer” means, with respect to
any Person, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Chief Investment Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such
Person. 
 “Officers’ Certificate” means a certificate signed on behalf of the Issuer by two Officers of
the Issuer, one of whom must be the principal executive officer, the principal financial officer, the principal investment officer, the treasurer or the principal accounting officer of the Issuer or a general partner of the Issuer, that meets the
requirements of Section 2.02, 8.04 or 12.05, as applicable. 
 “Opinion of Counsel” means an opinion from
legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 2.02, 8.04 or 12.05, as applicable. The counsel may be an employee of or counsel to the Issuer, any Subsidiary of the Issuer or the Trustee.

 “Outstanding” shall have the meaning ascribed thereto in Section 2.08. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Business” means any business activity or investments related to a leasehold or equity interest, secured note,
mortgage, deed of trust, collateralized mortgage obligations, commercial mortgage-backed securities, other secured debt securities, secured debt derivative or other debt instruments, so long as such investment relates directly or indirectly to real
property that constitutes or is used as a movie theatre, retail complex, ski area, winery, vineyard, water-park, school or other properties customarily constituting assets of a REIT, plus any other business in which the Issuer and its
Restricted Subsidiaries were engaged on the Issue Date and such business activities as are complementary, incidental, ancillary or related to, or are reasonable extensions of, the foregoing. 

 

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 “Permitted Debt” means: 

(1) Permitted Refinancing Debt of Debt permitted to be incurred under this Indenture (other than pursuant to clauses (2),
(3), (10) or (11) below); 
 (2) Debt under Credit Facilities in an aggregate principal amount not to
exceed $420.0 million at any one time outstanding; provided that such Debt may only be Secured Debt if the Issuer and the Restricted Subsidiaries, on the date of such incurrence after giving pro forma effect thereto and any related
transactions as if the same had occurred at the beginning of the applicable four-quarter period, would be permitted to incur at least $1.00 of additional Secured Debt (other than Permitted Debt) pursuant to Section 4.06(b) hereof. Debt
outstanding under Credit Facilities on the Issue Date will be deemed to have been incurred pursuant to this clause (2); 

(3) other Debt in an aggregate principal amount not to exceed $100.0 million at any one time outstanding; 

(4) Existing Debt (other than Debt under the Credit Agreement, the Notes and the Notes Guarantees); 

(5) the Notes issued on the Issue Date (and Notes Guarantees) and any Exchange Notes (and related Notes Guarantees)
issued in exchange therefor pursuant to the Registration Rights Agreement; 
 (6) Debt owed to and held by the
Issuer or a Restricted Subsidiary; provided, however, that (A) any subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent
transfer of such Debt (other than to the Issuer or a Restricted Subsidiary) shall be deemed, in each case, to constitute the incurrence of such Debt by the obligor thereon, (B) if the Issuer is the obligor on such Debt and a Subsidiary
Guarantor is not the obligee thereon, such Debt is expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes, and (C) if a Subsidiary Guarantor is the obligor on such Debt and a Subsidiary
Guarantor is not the obligee thereon, such Debt is expressly subordinated to the prior payment in full in cash of all obligations of such Subsidiary Guarantor with respect to its Subsidiary Guaranty related to the Notes; 

(7) Debt arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn
against insufficient funds in the ordinary course of business; provided, however, that such Debt is extinguished within five Business Days of its incurrence; 

(8) Debt (A) in respect of worker’s compensation claims, self-insurance obligations, banker’s acceptance,
and performance, surety or appeal bonds provided in the ordinary course of business, (B) under any Hedging Obligations in the ordinary course of business (and not for speculative purposes) and (C) arising from agreements providing for
indemnification, adjustment of purchase price or similar obligations, or from Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Issuer or any of its Restricted Subsidiaries pursuant to such
agreements, in any case incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Debt incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary
for the purpose of financing such acquisition), in a principal amount not to exceed the gross proceeds actually received by the Issuer and its Restricted Subsidiaries on a consolidated basis in connection with such disposition; 

(9) Debt of the Issuer, to the extent the net proceeds thereof are promptly (A) used to purchase Notes tendered in
an offer to purchase made as a result of Change of Control, or (B) deposited to defease the Notes pursuant to Sections 8.02 and 8.03 or (C) deposited to discharge the obligations under the Notes and the Indenture as described in Article 8;

  

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 (10) Debt incurred by the Issuer or any of its Restricted Subsidiaries of
intercompany Debt between or among the Issuer and any of its Restricted Subsidiaries; provided, however, that (A) any subsequent issuance or transfer of Equity Interests that results in any such Debt being held by a Person other than the
Issuer or a Restricted Subsidiary of the Issuer and (B) any sale or other transfer of any such Debt to a Person that is not either the Issuer or a Restricted Subsidiary of the Issuer, will be deemed, in each case, to constitute an incurrence of
such Debt by the Issuer or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (10); and 

(11) the Guarantee by the Issuer or any of the Guarantors of Debt of the Issuer or a Restricted Subsidiary of the Issuer
to the extent that the guaranteed Debt was permitted to be incurred under the Indenture; provided that if the Debt being guaranteed is subordinated to or pari passu with the Notes, then the Guarantee must be subordinated or pari
passu, as applicable, to the same extent as the Debt guaranteed. 
 “Permitted Refinancing Debt” means any
Debt of the Issuer or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Debt of the Issuer or any of its Restricted Subsidiaries (other than
intercompany Debt); provided, however, that: 
 (1) the principal amount (or accreted value, if
applicable) of such Permitted Refinancing Debt does not exceed 103% of the principal amount (or accreted value, if applicable) of the Debt extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Debt and the
amount of all expenses and premiums incurred in connection therewith); 
 (2) such Permitted Refinancing Debt
has a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Debt being extended, refinanced, renewed, replaced, defeased or
refunded; and 
 (3) if the Debt being extended, refinanced, renewed, replaced, defeased or refunded is
subordinated in right of payment to the Notes, such Permitted Refinancing Debt has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of
Notes as those contained in the documentation governing the Debt being extended, refinanced, renewed, replaced, defeased or refunded. 

“Person” means any individual, corporation, partnership, joint venture, real estate investment trust, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Place of Payment” means the place or places where the principal of (and premium, if any) and interest on the Notes are
payable as specified. 
 “Private Placement Legend” means the legend set forth in Section 2.06(j) to be
placed on all Notes issued under this Indenture except where otherwise permitted by the provisions hereof. 

“QIB” means any “qualified institutional buyer” (as defined in Rule 144A). 

 

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 “Real Estate Assets” means, as of any date, the real estate, mortgage and
lease assets of such Person and its Restricted Subsidiaries on such date, on a consolidated basis determined in accordance with GAAP. 

“Record Date” has the meaning set forth in the Notes. 

“Registration Rights Agreement” means (1) in the case of the Initial Notes, the registration rights agreement dated
June 30, 2010, among the Issuer, the Guarantors and the Initial Purchasers named therein, entered into in connection with the Initial Notes and (2) in the case of any Additional Notes, any registration rights agreement with respect to such
Additional Notes entered into in connection with the initial issuance thereof. 
 “Regulation S” means
Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Global Note bearing
the Private Placement Legend and deposited with or on behalf of the Depositary and registered in the name of the Depositary or its nominee, issued in an initial denomination equal to the outstanding principal amount of the Notes initially sold in
reliance on Rule 903. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within
the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Period” means, in relation to the Initial Notes, the 40 consecutive days beginning on and including the
later of (A) the day on which the Initial Notes are offered to persons other than distributors (as defined in Regulation S under the Securities Act) and (B) the Issue Date; and, in relation to any Additional Notes that bear the
Private Placement Legend, it means the comparable period of 40 consecutive days. 
 “Restricted Subsidiary” of
a Person means any Subsidiary of the referenced Person that is not an Unrestricted Subsidiary. 
 “Rule 144”
means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the
Securities Act. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. or any
successor to the rating agency business thereof. 
  

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 “Secured Debt” means, for any Person, Debt secured by a Lien on the
property of such Person or any of its Restricted Subsidiaries. 
 “Securities Act” means the Securities Act of
1933, as amended. 
 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the
Registration Rights Agreement. 
 “Significant Subsidiary” means each Restricted Subsidiary that is a
significant subsidiary, if any, of the Issuer, as defined in Regulation S-X under the Securities Act. 
 “Standard
Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Issuer or any Restricted Subsidiary which are reasonably customary in commercial mortgage backed securities transactions by the
parent or sponsoring entity. 
 “Subordinated Debt” means Debt which by the terms of such Debt is subordinated
in right of payment to the principal of and interest and premium, if any, on the Notes or any Guarantee thereof. 

“Subsidiary” means, for any Person, any corporation or other entity of which a majority of the Voting Stock is owned,
directly or indirectly, by such Person or one or more other Subsidiaries of such Person. 
 “TIA” means the
Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended, as in effect on the date on which this Indenture is qualified under the TIA. 

“Total Assets” means, for any Person as of any date, the sum of (a) Undepreciated Real Estate Assets plus
(b) the book value of all assets (excluding Real Estate Assets and intangibles) of such Person and its Restricted Subsidiaries as of such date of determination on a consolidated basis determined in accordance with GAAP. 

“Total Unencumbered Assets” means, for any Person as of any date, the sum of, without duplication: 

(1) those Undepreciated Real Estate Assets that are not subject to a Lien securing Debt; and 

(2) all other assets (excluding accounts receivable and intangibles) of such Person and its Restricted Subsidiaries not
subject to a Lien securing Debt, 
 all determined on a consolidated basis in accordance with GAAP; provided that in
determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of Section 4.07, all investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated
entities shall be excluded from Total Unencumbered Assets. 
 “Treasury Rate” means, as of any redemption date,
the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at
least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to July 15, 2020;
provided, however, that if the period from the redemption date to July 15, 2020, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will
be used. 
  

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

 “Undepreciated Real Estate Assets” means, as of any date, the cost (being the original cost to the Issuer or
any of its Restricted Subsidiaries plus capital improvements) of Real Estate Assets of the Issuer and its Restricted Subsidiaries on such date, before depreciation and amortization of such Real Estate Assets, determined on a consolidated basis in
conformity with GAAP. 
 “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and
are not required to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a permanent Global
Note substantially in the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of
and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend. 

“Unrestricted Subsidiary” means any Subsidiary created or acquired after the date of the Indenture, but only to the
extent that such Subsidiary: 
 (1) has no Debt other than Non-Recourse Debt; 

(2) is not party to any agreement, contract, arrangement or understanding with the Issuer or any of its Restricted
Subsidiaries unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Issuer or such Restricted Subsidiary in the aggregate than those that might be obtained at the time from Persons who are not
Affiliates of the Issuer; 
 (3) is a Person with respect to which neither the Issuer nor any of its Restricted
Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating
results; and 
 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Debt
of the Issuer or any of its Restricted Subsidiaries, other than pursuant to Standard Securitization Undertakings. 
 If, at any time, any
Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture and any Debt of such Subsidiary will be deemed to be
incurred by a Restricted Subsidiary of the Issuer as of such date and, if such Debt is not permitted to be incurred as of such date under Section 4.06, the Issuer will be in default of such covenant. 

“Unsecured Debt” means, for any Person, any Debt of such Person or its Restricted Subsidiaries which is not Secured
Debt. 
 “U.S. Person” means a U.S. Person as defined in Rule 902(k) of Regulation S under the Securities Act.

  

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 “Voting Stock” of any Person as of any date means the Capital Stock of such
Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted
Average Life to Maturity” means, when applied to any Debt at any date, the number of years obtained by dividing: 

(1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund,
serial maturity or other required payments of principal, including payment at final maturity, in respect of the Debt, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment; by 
 (2) the then outstanding principal amount of such Debt. 

Section 1.02 Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Additional Notes”
	  	2.02
	 “Adjusted Total Assets”
	  	4.06
	 “Change of Control Offer”
	  	4.09
	 “Change of Control Payment”
	  	4.09
	 “Change of Control Payment Date”
	  	4.09
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Legal Defeasance”
	  	8.02
	 “Measurement Date”
	  	4.06
	 “Paying Agent”
	  	2.03
	 “Registrar”
	  	2.03

 Section 1.03 Incorporation by
Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. 
 The following TIA terms used in this Indenture have the following
meanings: 
 “obligor” on the Notes and the Notes Guarantees means the Issuer and the Guarantors, respectively,
and any successor obligor upon the Notes and the Notes Guarantees, respectively. 
 All other terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule under the TIA have the meanings so assigned to them. 

Section 1.04 Rules of Construction. 

Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 
  

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 (2) an accounting term not otherwise defined has the meaning assigned to it
in accordance with GAAP; 
 (3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the Commission from time to time; and 
 (8) any requirement to pay
interest on the Notes shall include all additional interest required pursuant to the Registration Rights Agreement. 
 ARTICLE 2

 THE NOTES 

Section 2.01 Form, Dating and Denominations. 

(a) General. The Notes will be substantially in the form of Exhibit A hereto, shall have such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Issuer may deem appropriate
and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Notes may be
listed, or to conform to usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Issuer,
the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Form of Trustee’s Certificate of
Authentication. Subject to Section 2.02, the Trustee’s certificate of authentication shall be in substantially the following form: 

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

 

			
	UMB Bank, n.a.,
	As Trustee
		
	By:	 	 
		 	Authorized Signatory

  

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 (c) Global Notes. The Notes shall initially be issued in the form of one or more
Global Notes and shall include the Global Note Legend and a related schedule of exchanges of interests in the Global Notes attached thereto. Each Global Note shall provide that it represents the Outstanding Notes as specified therein and each shall
provide that it represents the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Notes represented thereby will be made by the Trustee or the
Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(d) Private Placement Legend. Except as permitted by Section 2.06(g), any Note not registered under the Securities Act shall
bear the Private Placement Legend on the face thereof. 
 Section 2.02 Execution and Authentication. 

Two Officers must sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive
evidence that the Note has been authenticated under this Indenture. 
 The Trustee will authenticate (i) Initial Notes for
original issue on the Issue Date in an aggregate principal amount of $250,000,000, (ii) pursuant to the Exchange Offer, Exchange Notes from time to time for issue only in exchange for a like principal amount of Initial Notes and
(iii) subject to compliance with Section 4.06, Notes (“Additional Notes”) for original issue after the Issue Date (such Notes to be substantially in the form of Exhibit A) in an unlimited amount (and if issued with a
Private Placement Legend, the same principal amount of Exchange Notes in exchange therefor upon consummation of an Exchange Offer for such Additional Notes) if such Additional Notes are fungible with the Initial Notes for U.S. federal income tax
purposes, in each case upon written order of the Issuer in the form of an Officers’ Certificate, which Officers’ Certificate shall, in the case of any issuance of Additional Notes, certify that such issuance is in compliance with
Section 4.06, together with an enforceability opinion that contains customary exceptions. In addition, each such Officers’ Certificate shall specify the amount of Notes to be authenticated, the date on which the Notes are to be
authenticated, whether the securities are to be Initial Notes, Exchange Notes or Additional Notes and the aggregate principal amount of Notes outstanding on the date of authentication, and shall further specify the amount of such Notes to be issued
as Global Notes or Definitive Notes. Such Notes shall initially be in the form of one or more Global Notes, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Notes to be issued,
(ii) shall be registered in the name of the Depositary or its nominee and (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction. All Notes issued under this Indenture shall vote and
consent together on all matters as one class and no series of Notes will have the right to vote or consent as a separate class on any matter. 

The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Issuer. 
  

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 In authenticating Notes, and accepting the additional responsibilities under this Indenture
in relation to such Notes, the Trustee shall be entitled to receive, and (subject to TIA §§ 315(a) through 315(d)) shall be fully protected in relying upon, 

(1) an Opinion of Counsel stating that: 

(i) the form of such Notes have been established in conformity with the provisions of this Indenture; 

(ii) the terms of such Notes have been established in conformity with the provisions of this Indenture; and 

(iii) such Notes, when completed by appropriate insertions and executed and delivered by the Issuer to the Trustee for
authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute
legal, valid and binding obligations of the Issuer, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting the enforcement of
creditors’ rights, to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights of Holders of such Notes; and 

(2) an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the
issuance of the Notes have been complied with and that, to the best of the knowledge of the signers of such Officers’ Certificate, no Event of Default with respect to any of the Notes shall have occurred and be continuing. 

Section 2.03 Registrar and Paying Agent. 

The Issuer will maintain in each Place of Payment for the Notes an office or agency where such Notes may be presented for registration of
transfer or for exchange (“Registrar”) and an office or agency where such Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The
Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any
Paying Agent or Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or
Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The
Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 

The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global
Notes. 
 Section 2.04 Paying Agent to Hold Money in Trust. 

The Issuer will require each Paying Agent for Notes other than the Trustee to agree in writing that the Paying Agent will hold in trust
for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest on the Notes, and will notify the 
  

 -17- 

 Trustee of any default by the Issuer in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer
or a Subsidiary of the Issuer) will have no further liability for the money. If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as
Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 

The Trustee in respect of the Notes will preserve in as current a form as is reasonably practicable the most recent list available to it
of the names and addresses of all Holders of Notes and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar of the Notes, the Issuer will furnish to the Trustee at least seven Business Days before each Interest Payment
Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of the Notes and the Issuer shall otherwise comply with TIA
§ 312(a). 
 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be
exchanged by the Issuer for Definitive Notes if: 
 (1) the Issuer delivers to the Trustee notice from the
Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after
the date of such notice from the Depositary; or 
 (2) the Issuer in its sole discretion determines that the
Global Notes (in whole but not in part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee. 

Upon the occurrence of either of the preceding events in subparagraph (1) or (2) above, Definitive Notes shall be issued in
such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note
or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as
provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c). 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the
Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to
those set forth in this Indenture to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with the subparagraphs below: 

 

 -18- 

 (1) Transfer of Beneficial Interests in the Same Global Note.
Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private
Placement Legend; provided, however, that prior to the expiration of the Restricted Period, no transfer of beneficial interests in a Regulation S Global Note may be made to a U.S. Person or for the account or benefit of a U.S. Person (other
than an Initial Purchaser) unless permitted by applicable law and made in compliance with subparagraphs (ii) and (iii) below. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in
the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers
and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(i) both: 

(A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(B) instructions given in accordance with the Applicable Procedures containing information regarding the Participant
account to be credited with such increase; or 
 (ii) both: 

(A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(B) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in subparagraph (1) above. 
 Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(l). 
 (3) Transfer of Beneficial Interests to Another
Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the
requirements of subparagraph (2) above and the Registrar receives the following: 
  

 -19- 

 (i) if the transferee will take delivery in the form of a beneficial
interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 

(ii) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an
Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of subparagraph (2) above, and 

(i) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a
Person participating in the distribution of the Exchange Notes or (3) a Person who is an “affiliate” (as defined in Rule 144) of the Issuer; 

(ii) such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (iii) such transfer is effected by a Broker-Dealer pursuant to an Exchange Offer Registration
Statement and such Broker-Dealer complies with the terms of the Registration Rights Agreement; or 
 (iv) the
Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof, or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the applicable certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (iv), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in this
Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  

 -20- 

 If any such transfer is effected pursuant to subparagraph (ii) or (iv) above at a
time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an authentication order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (ii) or (iv) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the
form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for
Definitive Notes. 
 (1) Transfer and Exchange of Beneficial Interests in Restricted Global Notes for Restricted
Definitive Notes. Subject to Section 2.06(a), if any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Restricted Definitive Note, then upon receipt by the Registrar of the following documentation: 

(i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(ii) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities
Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(iii) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with
Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; and 

(iv) if such beneficial interest is being transferred to the Issuer or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06 (l), and the Issuer shall execute and the Trustee shall authenticate and deliver to the Person designated in the certificate a
Restricted Definitive Note in the appropriate principal amount. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this paragraph (c) shall be registered in such name or names and
in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Restricted
Definitive Notes to the Persons in whose names such Notes are so registered. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this subparagraph (1) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (2) Transfer and Exchange of
Beneficial Interests in Restricted Global Notes for Unrestricted Definitive Notes. Subject to Section 2.06(a), a holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted
Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 
  

 -21- 

 (i) such exchange or transfer is effected pursuant to an Exchange Offer in
accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a
Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an “affiliate” (as defined in Rule 144) of the Issuer; 

(ii) such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (iii) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement and such Broker-Dealer complies with the terms of the Registration Rights Agreement; or 
 (iv) the
Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Definitive Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or

 (B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of a Definitive Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit B hereto, including the applicable
certifications in item (4) thereof, 
 and, in each such case set forth in this subparagraph (iv), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained in this Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(3) Transfer and Exchange of Beneficial Interests in Unrestricted Global Notes for Unrestricted Definitive Notes. Subject to
Section 2.06(a), if any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the
form of a Definitive Note, then, upon satisfaction of the conditions set forth in subparagraph (b)(2) above, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to paragraph
(l) below, and the Issuer shall execute and the Trustee shall authenticate and deliver to the Person designated in the certificate a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this subparagraph (c)(3) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the
Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
subparagraph (c)(3) shall not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes for
Beneficial Interests. 
  

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 (1) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in
Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in
the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(i) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a
Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(ii) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities
Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; or 

(iii) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in
accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof, 

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause
(i) above, the appropriate Restricted Global Note, in the case of clause (ii) above, the 144A Global Note, and in the case of clause (iii) above, the Regulation S Global Note. 

(2) Transfer and Exchange of Restricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of a
Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if: 
 (i) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person who is an “affiliate” (as defined in Rule 144) of the Issuer; 

(ii) such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (iii) such transfer is effected by a Broker-Dealer pursuant to an Exchange Offer Registration
Statement and such Broker-Dealer complies with the terms of the Registration Rights Agreement; or 
 (iv) the
Registrar receives the following: 
 (A) if the Holder of such Definitive Notes proposes to exchange such Notes
for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(B) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof; 

 

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 and, in each such case set forth in this subparagraph (iv), if the Registrar so requests or
if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in
this Indenture and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

Upon satisfaction of the conditions of any of the subparagraphs in this subparagraph (d)(2), the Trustee shall cancel the Definitive
Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (3) Transfer
and Exchange of Unrestricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such
Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable
Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from an Unrestricted Definitive Note or a Restricted Definitive Note, as the case may be, to a
beneficial interest is effected pursuant to subparagraph (2)(ii), (2)(iv) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an authentication order in accordance
with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Unrestricted Definitive Notes or Restricted Definitive Notes, as the case may be, so
transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of
Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer of such Holder’s Definitive Notes to a Person who takes delivery thereof in the form of one or more
Definitive Notes, of any authorized denominations and of like aggregate principal amount or the exchange of such Holder’s Definitive Notes for Definitive Notes, of any authorized denominations and of like aggregate principal amount. Prior to
such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by
such Holder or by its attorney, duly authorized in writing. 
 (f) Transfer of Restricted Definitive Notes to Restricted
Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(1) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(2) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications in item (2) thereof; and 
  

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 (3) if the transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including, if the Registrar so requests, a certification or Opinion of Counsel in form reasonably acceptable to
the Issuer to the effect that such transfer is in compliance with the Securities Act. 
 (g) Transfer and Exchange of
Restricted Definitive Notes for Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form
of an Unrestricted Definitive Note if 
 (1) such exchange or transfer is effected pursuant to an Exchange Offer
in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a
Person participating in the distribution of the Exchange Notes or (3) a Person who is an “affiliate” (as defined in Rule 144) of the Issuer; 

(2) any such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (3) any such transfer is effected by a Broker-Dealer pursuant to an Exchange Offer Registration
Statement and such Broker-Dealer complies with the terms of the Registration Rights Agreement; or 
 (4) the
Registrar receives the following: 
 (i) if the Holder of such Restricted Definitive Notes proposes to exchange
such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take
delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the applicable certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (4), if the Registrar so requests, an Opinion of Counsel in form reasonably
acceptable to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained in this Indenture and in the Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act. 
 (h) Transfer of Unrestricted Definitive Notes to Unrestricted Definitive
Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (i) Exchange Offer. Upon the
occurrence of an Exchange Offer in accordance with the Registration Rights Agreement (which the Trustee shall have no duty to confirm that such Exchange Offer is in accordance with the Registration Rights Agreement), the Issuer shall issue and, upon
receipt of an authentication order in accordance with Section 2.02 hereof, the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the 

 

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 beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that make the
certifications in the applicable Letters of Transmittal required by Section 2(a) of the Registration Rights Agreement, and accepted for exchange in an Exchange Offer and (ii) subject to Section 2.06(a), Definitive Notes in an
aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in an Exchange Offer. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the
applicable Restricted Global Notes to be reduced accordingly, and the Issuer shall execute and the Trustee shall authenticate and deliver to the Persons designated by the Holders of Restricted Definitive Notes so accepted Unrestricted Definitive
Notes in the appropriate principal amounts. 
 (j) Private Placement Legend. 

(1) Except as permitted by subparagraph (2) below, the following legend will appear on the face of each Global Note (other than an
Unrestricted Global Note) and each Definitive Note (other than an Unrestricted Definitive Note) and all Notes issued in exchange therefor or substitution thereof: 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL
OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR IN THE CASE OF RULE 144A NOTES, AND 40 DAYS IN THE CASE OF REGULATION S NOTES AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM 

 

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 THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 THE HOLDER OF THIS SECURITY WILL, AND
EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.” 

(2) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(4), (c)(2), (c)(3), (d)(2),
(d)(3), (e) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(k) Global Note Legend. The following legend will appear on the face of all Global Notes issued under this Indenture: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL
NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
  

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 (l) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the
Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased
accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(m) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an authentication order in accordance with Section 2.02 or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon
exchange or transfer pursuant to Sections 2.10, 3.06, and 9.05 hereof). The Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being
redeemed in part. 
 (3) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of
transfer or exchange. 
 (4) The Issuer will not be required: 

(i) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business
15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

(ii) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part; 
 (iii) to register the transfer of or to exchange a
Note between a Record Date and the next succeeding Interest Payment Date; or 
 (iv) to register the transfer of
any Note which has been surrendered for repayment at the option of Holder, except the portion, if any, of such Note not to be so repaid. 

(5) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may
deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the
Issuer shall be affected by notice to the contrary. 
  

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 (6) The Trustee will authenticate Global Notes and Definitive Notes in
accordance with the provisions of Section 2.02 hereof. 
 (7) All orders and instructions required to be
submitted to the Registrar or the Issuer pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Issuer or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an authentication order in accordance with Section 2.02, will authenticate a replacement Note if the Trustee’s requirements are met. In every
case of any request for a substitute or replacement Note, security or indemnity must be supplied by the Holder of such Note that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer may charge for its expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
 Notwithstanding the provisions of the previous two
paragraphs, in case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 

Section 2.08 Outstanding Notes. 

The Notes “Outstanding” at any time are all the Notes authenticated by the Trustee except for: 

(1) Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

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

(3) Notes, except to the extent provided in Sections 8.02 and 8.03, with respect to which the Issuer has effected
defeasance and/or covenant defeasance as provided in Article 8; and 
 (4) Notes which have been paid pursuant
to Section 4.01 or 11.01 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Issuer. 
  

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 Section 2.09 Treasury Notes. 

In determining whether the Holders of the requisite principal amount of Outstanding Notes have given any request, demand, authorization,
direction, notice, waiver or consent, and for the purpose of making the calculations required by TIA § 313, Notes owned by the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes
which the Trustee knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with
respect to such Notes and that the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 

Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an authentication
order in accordance with Section 2.02, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as may be
reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 

Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 

The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of canceled
Notes (subject to the record retention requirement of the Exchange Act). The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation, except for replacement Notes for mutilated
Notes pursuant to Section 2.07 hereof. 
 Section 2.12 Defaulted Interest. 

If the Issuer defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders of the Notes on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer will notify the Trustee
in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special record date and payment date, provided that no such special
record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense
of the Issuer) will mail or cause to be mailed to Holders of Notes a notice that states the special record date, the related payment date and the amount of such interest to be paid on such Notes. 

 

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 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notices to Trustee. 

The election of the Issuer to redeem or purchase in an offer to purchase Notes shall be evidenced by a Board Resolution. The Issuer
shall, at least 45 days prior to the redemption date fixed by the Issuer (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such redemption date and of the principal amount of Notes to be redeemed by delivering to
the Trustee an Officers’ Certificate setting forth: 
 (1) the paragraph of the Notes and/or Section of
this Indenture pursuant to which the redemption shall occur; 
 (2) the redemption date; 

(3) the principal amount of Notes to be redeemed, plus accrued interest, if any, to the redemption date; and 

(4) the redemption price, including any make-whole amount or premium, if applicable. 

Section 3.02 Selection of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select the particular
Notes for redemption or purchase from the Outstanding Notes not previously called for redemption, as follows: 

(1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal
national securities exchange on which the Notes are listed; or 
 (2) if the Notes are not listed on any
national securities exchange, on a pro rata basis, by lot or by any such similar method in accordance with the procedures of DTC. 

In the event of partial redemption by lot, the particular Notes to be redeemed will be selected, unless otherwise provided in this
Indenture, not less than 30 nor more than 60 days prior to the redemption date by the Trustee. 
 The Trustee will promptly
notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected
will be in amounts equal to $2,000 or any integral multiple of $1,000; provided, however, that if all of the Outstanding Notes of a Holder are to be redeemed or purchased, the entire amount of such Notes held by such Holder, even if not a
multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

  

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 Section 3.03 Notice of Redemption. 

At least 30 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the
Notes or a satisfaction and discharge of this Indenture pursuant to Article 8 or 11 of this Indenture. Any notice that is mailed to the Holders of Notes in the manner herein provided shall be conclusively presumed to have been duly given, whether or
not the Holder receives such notice. 
 The notice will identify the Notes to be redeemed and will state: 

(1) the redemption date; 

(2) the redemption price, including the accrued interest to the redemption date and any make-whole amount or premium, if
applicable; 
 (3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be
redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent at the Place of Payment to collect the
redemption price; 
 (6) that, unless the Issuer defaults in making such redemption payment, interest on Notes
called for redemption ceases to accrue on and after the redemption date; 
 (7) the paragraph of the Notes
and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 

(8) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice
or printed on the Notes. 
 At the Issuer’s request, the Trustee will give the notice of redemption in the Issuer’s
name and at its expense; provided, however, that the Issuer has delivered to the Trustee, at least 45 days (or such shorter period of time as is satisfactory to the Trustee) prior to the redemption date, an Officers’ Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price therein specified. A notice of redemption of Notes may not be conditional. 
  

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 Section 3.05 Deposit of Redemption or Purchase Price. 

On or before the redemption or purchase date, the Issuer will deposit with the Trustee or with the Paying Agent money in the currency or
currencies, currency unit or units or composite currency or currencies in which the Notes are payable sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or
the Paying Agent will promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be
redeemed or purchased. 
 If the Issuer complies with the provisions of the preceding paragraph, on and after the redemption or
purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued
and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date; provided, however, that installments of interest on Notes whose maturity is on or prior to the
redemption date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the Record Date. If any Note called for redemption or purchase is not so paid upon surrender for
redemption or purchase because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any
interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part at a Place of Payment therefor (with, if the Issuer or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), the Issuer will issue and, upon receipt of an
authentication order in accordance with Section 2.02, the Trustee will promptly authenticate and mail, or cause to be transferred by book entry, to each Holder at the expense of the Issuer a new Note of any authorized denomination as requested
by the Holder in an aggregate principal amount equal to and in exchange for the unredeemed or unpurchased portion of the principal of the Note so surrendered and the Paying Agent will promptly mail to each Holder of Notes to be redeemed or purchased
payment for such Notes. 
 Section 3.07 Optional Redemption. 

The Issuer will not be entitled to redeem all or any portion of the Notes at its option except as provided in the next sentence. The
Issuer will be entitled at its option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the Applicable Premium as of, and any accrued and unpaid interest to, but not including,
the redemption date (subject to the right of the holders of Notes on the relevant record date to receive interest due on the relevant interest payment date). 

Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06. 

Section 3.08 Mandatory Redemption. 

The Issuer is not required to make mandatory redemption payments with respect to the Notes. 

 

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 ARTICLE 4 

COVENANTS 
 Section 4.01
Payment of Notes. 
 The Issuer will pay or cause to be paid the principal of, premium, if any, and interest on the Notes on
the dates, in the currency or currency unit and in the manner provided in the terms of the Notes and this Indenture. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Issuer, or a
Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the
rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; the Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
 Section 4.02 Maintenance of Office or
Agency. 
 The Issuer will maintain in each Place of Payment for the Notes an office or agency (which may be an office of
the Trustee or an Affiliate of the Trustee, Registrar or co-registrar) where the Notes may be presented or surrendered for payment, where the Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or
upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer fails to
maintain any such required office or agency or fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Issuer of its obligation to maintain an office or agency in the
Place of Payment for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby designates as a Place of Payment for the Notes the Corporate Trust Office of the Trustee in Kansas City, Missouri as
one such office or agency of the Issuer in accordance with Section 2.03 hereof. 
 Section 4.03 Reports. 

Whether or not required by the Commission, so long as any Notes are outstanding, the Issuer shall furnish to the Holders of Notes, within
the time periods specified in the Commission’s rules and regulations: 
 (1) all quarterly and annual
financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Issuer were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Issuer’s certified independent accountants; and 

 

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 (2) all current reports that would be required to be filed with the
Commission on Form 8-K if the Issuer were required to file such reports. 
 For so long as any Notes remain outstanding, the
Issuer shall furnish to the holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

The availability of the foregoing materials on the Commission’s website shall be deemed to satisfy the foregoing delivery
obligations. 
 Whether or not required by the Commission, the Issuer shall file a copy of all of the information and reports
referred to in clauses (1) and (2) above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a filing) and make such
information available to securities analysts and prospective investors upon request. 
 The quarterly and annual financial
information required by the preceding paragraphs will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and
Results of Operations, of the financial condition and results of operations of the Issuer, as applicable, and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Issuer.

 Section 4.04 Compliance Certificate. 

(a) The Issuer and each Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’
Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Issuer has kept,
observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuer has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or
Events of Default of which he or she may have knowledge and what action the Issuer is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Issuer is taking or proposes to take with respect thereto. For purposes of this
Section 4.04, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 

(b) So long as any of the Notes are outstanding, the Issuer will deliver to the Trustee, forthwith upon any Officer becoming aware of any
Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto. 

 

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 Section 4.05 Existence. 

Except as permitted by Article 5 and Section 10.04, the Issuer and its Restricted Subsidiaries shall do all things necessary to
preserve and keep their existence, rights and franchises; provided, however, that the existence of a Restricted Subsidiary may be terminated if the Board of Directors of the Issuer determines that it is in the best interests of the
Issuer to do so and the Issuer and its Restricted Subsidiaries will not be required to preserve any right or franchise if it determines that the preservation of that right or franchise is no longer desirable in the conduct of its business and that
its loss is not disadvantageous in any material respect to the Holders of Notes. 
 Section 4.06 Limitations on Incurrence of Debt. 

 (a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, incur any additional Debt (other than Permitted
Debt) if, immediately after giving effect to the incurrence of such additional Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Restricted Subsidiaries’ outstanding Debt on a
consolidated basis determined in accordance with GAAP would be greater than 60% of the sum of (without duplication): 

(1) the Total Assets of the Issuer and its Restricted Subsidiaries as of the end of the calendar year or quarter covered
by the Issuer’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, as of the end of the calendar quarter covered
by the Issuer’s most recent report filed with the Trustee) prior to the incurrence of such additional Debt (the “Measurement Date”); and 

(2) the purchase price of any Real Estate Assets or mortgages receivable acquired, and the amount of any securities
offering proceeds received (to the extent that such proceeds were not used to acquire Real Estate Assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Restricted Subsidiaries on a consolidated basis since the
Measurement Date (such sum of clauses (1) and (2) being collectively referred to as “Adjusted Total Assets”). 

(b) In addition to the limitations in Section 4.06(a), the Issuer shall not, and shall not permit any Restricted Subsidiary to,
incur any Secured Debt (other than Permitted Debt) if, immediately after giving effect to the incurrence of such additional Secured Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its
Restricted Subsidiaries’ outstanding Secured Debt on a consolidated basis in accordance with GAAP is greater than 40% of Adjusted Total Assets. 

(c) In addition to the limitations in Sections 4.06(a) and (b), the Issuer shall not, and shall not permit any Restricted Subsidiary to,
incur any Debt (other than Permitted Debt) if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters ended on the Measurement Date shall have been less than 1.5x, on a pro
forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that: 

(1) such Debt and any other Debt incurred by the Issuer and any of its Restricted Subsidiaries on a consolidated basis
since the first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had been incurred at the beginning of such period; 

 

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 (2) the repayment or retirement of any other Debt by the Issuer and any of
its Restricted Subsidiaries on a consolidated basis since the first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit
facility shall be computed based upon the average daily balance of such Debt during such period); 
 (3) in the
case of Acquired Debt or Debt incurred in connection with any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such period with appropriate pro forma adjustments to, among other
things Consolidated Income Available for Debt Service, with respect to such acquisition being included in such pro forma calculation; and 

(4) in the case of any acquisition or disposition by the Issuer or any of its Restricted Subsidiaries on a consolidated
basis of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the
first day of such period with the appropriate pro forma adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 

If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant
four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt will be computed on a pro forma basis as if the average interest rate in effect during the entire such
four-quarter period had been the applicable rate for the entire such period; provided, however, that for purposes of calculating Annual Debt Service for Debt for which there is a corresponding Hedging Obligation, Annual Debt Service
shall be calculated after giving effect to the Hedging Obligation. 
 Section 4.07 Maintenance of Total Unencumbered Assets.

 The Issuer and its Restricted Subsidiaries shall maintain Total Unencumbered Assets as of the end of each fiscal quarter of
not less than 150% of the aggregate outstanding principal amount of the Issuer’s and its Restricted Subsidiaries’ Unsecured Debt as of the end of each fiscal quarter, all calculated on a consolidated basis in accordance with GAAP.

 Section 4.08 Additional Guarantees. 

The Issuer shall and shall cause each Domestic Subsidiary that is a guarantor of or borrower under the Credit Agreement to become a
Guarantor and execute a supplemental indenture and deliver a customary Opinion of Counsel satisfactory to the Trustee within ten Business Days of the date on which it incurred such Debt. The form of supplemental indenture is attached as Exhibit D to
this Indenture. 
 Section 4.09 Offer to Repurchase Upon a Change of Control. 

(a) If a Change of Control occurs, each Holder of Notes will have the right to require the Issuer to purchase some or all (in principal
amounts of $2,000 or an integral multiple of $1,000) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), unless, after giving pro forma effect to the Change of Control, (i) at
least two of Fitch, Moody’s and S&P shall have confirmed their ratings of the Notes at the levels in effect immediately prior to the announcement of a Change of Control transaction or higher and (ii) the Person formed by or surviving
any consolidation or merger or to which any sale, assignment, transfer, conveyance or other disposition has been made forming the basis of the Change of Control is principally engaged in a Permitted Business. 

 

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 (b) Any Change of Control Offer will include a cash offer price of 101 % of the
principal amount of any Notes purchased plus accrued and unpaid interest and additional interest, if any, to the date of purchase (the “Change of Control Payment”). If a Change of Control Offer is required, within ten Business Days
following a Change of Control, the Issuer will mail a notice to each holder describing the Change of Control and offering to repurchase Notes on a specified date (the “Change of Control Payment Date”). The Change of Control Payment
Date will be no earlier than 30 days and no later than 60 days from the date the notice is mailed. The notice shall state: 

(1) that the Change of Control Offer is being made pursuant to this Section 4.09 and that all Notes tendered will be
accepted for payment; 
 (2) the purchase price and the Change of Control Payment Date; 

(3) that any Note not tendered will continue to accrue interest; 

(4) that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment
pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

(5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender
the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the
Change of Control Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the Paying
Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes
delivered for purchase, and a statement that such Holder is withdrawing its election to have the Notes purchased; and 

(7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000. 

The Issuer will comply with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations to
the extent those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable securities laws or securities regulations conflict with the provisions of the covenant described above, the Issuer will
comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the covenant described above by virtue of that compliance. 

(c) On the Change of Control Payment Date, the Issuer will, to the extent lawful: 

(1) accept for payment all Notes properly tendered and not withdrawn pursuant to the Change of Control Offer; 

 

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 (2) deposit the Change of Control Payment with the Paying Agent in respect
of all Notes so accepted; and 
 (3) deliver to the Trustee the Notes accepted and an officers’ certificate
stating the aggregate principal amount of all Notes purchased by the Issuer. 
 The Paying Agent will promptly mail to each
holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail, or cause to be transferred by book entry, to each holder a new Note in principal amount equal to any unpurchased
portion of the Notes surrendered. 
 (d) A third party, instead of the Issuer, may make the Change of Control Offer in
compliance with the requirements set forth in this Indenture and purchase all Notes properly tendered and not withdrawn. In addition, the Issuer shall not be obligated to make or consummate a Change of Control Offer with respect to the Notes, if it
has irrevocably elected to redeem all of the Notes pursuant to Section 3.07 and has not defaulted in its redemption obligations. The provisions under this Section 4.09 may be waived or modified with the written consent of the holders of a
majority in principal amount of the Notes then outstanding. 
 ARTICLE 5 

SUCCESSORS 

Section 5.01 Merger, Consolidation, or Sale of Assets. 

The Issuer may not, directly or indirectly, (1) consolidate or merge with or into another Person (whether or not the Issuer is the
surviving corporation); or (2) sell, assign, transfer, convey, lease (other than to an unaffiliated operator in the ordinary course of business) or otherwise dispose of all or substantially all of the properties or assets of the Issuer and its
Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person; unless: 
 (1)
either: 
 (i) the Issuer is the surviving corporation or trust; or 

(ii) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a corporation or trust organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 

(2) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or the Person to which
such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Issuer under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; and 

(3) immediately after such transaction, on a pro forma basis giving effect to such transaction or series of transactions
(and treating any obligation of the Issuer or any Restricted Subsidiary incurred in connection with or as a result of such transaction or series of transactions as having been incurred at the time of such transaction), no Default or Event of Default
exists under this Indenture. 
  

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 This Section 5.01 will not apply to a sale, assignment, transfer, conveyance or other
disposition of assets between or among the Issuer and its Restricted Subsidiaries. 
 Section 5.02 Successor Substituted.

 Upon any consolidation or merger, or any sale, assignment, transfer, conveyance, transfer or other disposition of all or
substantially all of the properties or assets of the Issuer in accordance with Section 5.01, the successor Person formed by such consolidation or into which the Issuer is merged or to which such sale, assignment, transfer, conveyance or other
disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such successor initially had been named as the Issuer herein. Such successor
thereupon may cause to be signed, and may issue either in its own name or in the name of the Issuer, any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the
order of such successor, instead of the Issuer, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Notes which previously shall have been signed and delivered
by the Officers of the Issuer to the Trustee for authentication, and any Notes which such successor thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. 

In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be
made in the Notes thereafter to be issued as may be appropriate. 
 When a successor assumes all the obligations of its
predecessor under this Indenture, the Notes and the Registration Rights Agreement following a consolidation or merger, or any sale, assignment, transfer, conveyance, transfer or other disposition of 90% or more of the assets of the predecessor in
accordance with the foregoing provisions, the predecessor shall be released from those obligations. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

Each of the following is an “Event of Default” wherever used herein with respect to the Notes: 

(1) the Issuer or its Restricted Subsidiaries do not pay the principal or any premium on the Notes when due and payable;

 (2) the Issuer or its Restricted Subsidiaries do not pay interest on the Notes within 30 days after the
applicable due date; 
 (3) the Issuer or its Restricted Subsidiaries do not comply with their obligations under
Section 5.01; 
 (4) the Issuer or its Restricted Subsidiaries fail to make or consummate a Change of
Control Offer following a Change of Control when required as described under Section 4.09; 
  

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 (5) the Issuer or its Restricted Subsidiaries remain in breach of any other
term of this Indenture for 60 days after they receive a notice of Default stating they are in breach. Either the Trustee or the Holders of more than 25% in principal amount of the then outstanding Notes may send the notice; 

(6) final judgments aggregating in excess of $10.0 million (exclusive of amounts covered by insurance) are entered
against the Issuer and its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days; 

(7) the Issuer or its Restricted Subsidiaries default under any of their indebtedness in an aggregate principal amount
exceeding $25.0 million after the expiration of any applicable grace period, which default results in the acceleration of the maturity of such indebtedness. Such default is not an Event of Default if the other indebtedness is discharged, or the
acceleration is rescinded or annulled, within a period of 30 days after the Issuer or its Restricted Subsidiaries receive notice specifying the default and requiring that they discharge the other indebtedness or cause the acceleration to be
rescinded or annulled. Either the Trustee or the Holders of more than 25% in principal amount of the then Outstanding Notes may send the notice; 

(8) the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary: 
 (i) commences a voluntary case under Bankruptcy Law; 

(ii) consents to the entry of an order for relief against it in an involuntary case under Bankruptcy Law; 

(iii) consents to the appointment of a custodian of it or for all or substantially all of its property; 

(iv) makes a general assignment for the benefit of its creditors; or 

(v) an admission in writing by the Issuer of its inability to pay its debts as they become due; 

(9) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as
a whole, would constitute a Significant Subsidiary, in an involuntary case; 
 (ii) appoints a custodian of the
Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer or any of its Significant Subsidiaries, or
any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; or 
 (iii) orders
the liquidation of the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; 

 

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 (iv) and the order or decree remains unstayed and in effect for 60
consecutive days; or 
 (10) any Note Guarantee of a Significant Subsidiary of the Issuer ceases to be in full
force and effect or is declared null and void or any Guarantor denies or disaffirms its obligations under this Indenture or any Note Guarantee other than by reason of the release of any such Note Guarantee in accordance with this Indenture.

 Section 6.02 Acceleration. 

In the case of an Event of Default specified in clause (8) or (9) of Section 6.01, with respect to the Issuer or any of
its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, all Outstanding Notes will become due and payable immediately without further action or notice. If any other Event of
Default with respect to the Notes at the time Outstanding occurs and has not been cured, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding may declare the entire principal amount of the Notes to
be due and immediately payable by written notice to the Issuer and the Trustee. Upon any such declaration, such principal amount (or specified amount) of the Notes shall become due and payable immediately. The Holders of a majority in aggregate
principal amount of the Notes then Outstanding by written notice to the Trustee may on behalf of all of the Holders rescind and annul an acceleration and its consequences if the rescission or annulment would not conflict with any judgment or decree
and if all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived. 

Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing with respect to the Notes at the time Outstanding, the Trustee may pursue any available
remedy to collect the payment of principal, premium and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 

Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes by written notice to the Trustee may on
behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium or interest on, the Notes (excluding
in connection with an offer to purchase) or in respect of a covenant or provision of this Indenture which under Article 9 may not be modified or amended without the consent of the Holder of each Outstanding Note; provided, however,
that the Holders of a majority in aggregate principal amount of the then Outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration as provided in Section 6.02.
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereon. 
  

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 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the Notes then Outstanding may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the
Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 

Section 6.06 Limitation on Suits. 

A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 

(1) such Holder has given the Trustee written notice that an Event of Default with respect to the Notes has occurred and
remains uncured; 
 (2) the Holders of at least a majority in aggregate principal amount of all Outstanding
Notes have made a written request that the Trustee take action because of the Event of Default, and offered reasonable indemnity to the Trustee against the cost and other liabilities of taking that action; 

(3) the Trustee has not taken action for 60 days after receipt of the notice and offer of indemnity; and 

(4) the Holders of at least a majority in principal amount of all Outstanding Notes have not given the Trustee a
direction inconsistent with such request within such 60-day period. 
 A Holder of any Notes may not use this Indenture to
prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07
Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any
Holder of any Note to receive payment of principal, premium and interest on such Note, on or after the respective due dates expressed in such Note (excluding in connection with an offer to purchase), or to bring suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08
Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing
with respect to the Notes, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal, premium and interest remaining unpaid on the Notes and interest on
overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel. 
  

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 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer or
any other obligor upon the Notes, their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder of Notes to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to the Trustee any amount due to it
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders of Notes may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Note any plan of reorganization, arrangement, adjustment or composition affecting
the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Note in any such proceeding. 

Section 6.10 Priorities. 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment
of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes in respect of which or for the benefit of which such money has been collected for
amounts due and unpaid on such Notes for principal, premium and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal, premium and interest, respectively; and 

Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of
a Note pursuant to Section 6.06 hereof, or a suit by Holders of more than 10% in principal amount of the then Outstanding Notes. 
  

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 ARTICLE 7 

TRUSTEE 
 Section 7.01
Duties of Trustee. 
 (a) If an Event of Default with respect to the Notes has occurred and is continuing, the Trustee will
exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 (b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for
its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1)
this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (2) the Trustee
will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with
any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture or with a direction received by it pursuant to Section 6.05. 

(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the Trustee to
expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder, unless such Holder has offered to the Trustee security and
indemnity satisfactory to it against any loss, liability or expense. 
  

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 (f) The Trustee will not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee shall be subject to the provisions of this Section 7.01. 
 Section 7.02 Rights of
Trustee. 
 (a) The Trustee may conclusively rely upon any document (whether original or facsimile) believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent
appointed with due care unless the Trustee was negligent in acting through its attorneys and agents. 
 (d) The Trustee will not
be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient
if signed by an Officer of the Issuer. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance
with such request or direction. 
 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or
any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission for permission to
continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it
shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it will not be responsible for the use or application of any
money received by any Paying Agent 
  

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 other than the Trustee, and it will not be responsible for any statement or recital herein or any statement
in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing with respect to the Notes and if the Trustee has actual knowledge of such
Default or Event of Default, the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs, unless such default shall have been cured or waived. Except in the case of a Default or Event of
Default in payment of principal of, premium or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the
Holders of the Notes. 
 Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 120 days after the end of each fiscal year beginning with the end of the fiscal year following the date of this Indenture, and
for so long as Notes remain Outstanding, the Trustee will mail to all Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within
the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

(b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Issuer and filed by the
Trustee with the Commission and each stock exchange on which such Notes are listed in accordance with TIA § 313(d). The Issuer will promptly notify the Trustee when the Notes are listed on any stock exchange. 

Section 7.07 Compensation and Indemnity. 

(a) The Issuer will pay to the Trustee from time to time reasonable compensation as agreed upon between the Trustee and Issuer for its
acceptance of this Indenture and services hereunder. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon written request for all
reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services (including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel), except any such
disbursement, advances and expenses as shall be determined to have been caused by the Trustee’s own negligence, bad faith or willful misconduct. 

(b) The Issuer and each Guarantor will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising
out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer and the Guarantors (including this Section 7.07) and defending
itself against any claim (whether asserted by the Issuer, the Guarantors or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss,
liability or expense may be attributable to its negligence, bad faith, or willful misconduct. The Trustee will notify the Issuer in writing promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will
not relieve the Issuer or any of the Guarantors of their obligations hereunder. The Issuer or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Issuer will pay the
reasonable fees and expenses of such counsel. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 

 

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 (c) The obligations of the Issuer and the Guarantors under this Section 7.07 will
survive the satisfaction and discharge of this Indenture. 
 (d) To secure the Issuer’s payment obligations in this
Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and
discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(8) or (9) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign with respect to
the Notes in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the then Outstanding Notes may remove the Trustee with respect to the Notes by so
notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 
 (1) the Trustee fails
to comply with Section 7.10 hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order
for relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (3) a custodian or public officer
takes charge of the Trustee or its property; or 
 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns, is removed, is incapable of acting or if a vacancy exists in the office of Trustee for any reason, the
Issuer, by Board Resolution, will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then Outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Issuer. 
 (d) If a successor Trustee does not take office within 60 days
after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then Outstanding Notes, may petition any court of competent jurisdiction for the appointment of a
successor Trustee. 
  

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 (e) If the Trustee, after written request by any Holder of Notes who has been a Holder of
Notes for at least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) The successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture without any further act, deed or conveyance. The successor Trustee will
mail a notice of its succession to the Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided
for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

(g) Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (f) of this Section. 

(h) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
 Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further
act on the part of the parties hereto. 
 Section 7.10 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100
million as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 

Section 7.11 Preferential Collection of Claims Against Issuer. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has
resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
  

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 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may, at its option, at any time, elect to have Section 8.02 (if applicable) or Section 8.03 (if applicable) be
applied to the Outstanding Notes that either have become due and payable or will become due and payable within one year, or scheduled for redemption within one year, upon compliance with the conditions set forth below in this Article. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02 with respect to any
Outstanding Notes, the Issuer and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all such Outstanding Notes
(including the related Notes Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantors will be deemed to have
paid and discharged the entire Debt represented by such Outstanding Notes (including the related Notes Guarantees), which will thereafter be deemed to be “Outstanding” only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, such Notes Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of such Outstanding Notes to receive payments in respect of the principal of, or interest or
premium on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (2)
the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (3)
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’ obligations in connection therewith; and 

(4) this Article 8. 

Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of their option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to any
Outstanding Notes, the Issuer and the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04, be released from each of their obligations under the covenants contained in Sections 4.02, 4.03, 4.04, 4.05, 4.06,
4.07, 4.08, 4.09, 5.01 and 10.04 with respect to such Outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and such Notes will thereafter be
deemed not “Outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “Outstanding”
for all 
  

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 other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the Outstanding
Notes and the related Notes Guarantees, the Issuer and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and the related Notes Guarantees will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the
option applicable to this Section 8.03 with respect to any Outstanding Notes, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(4) through 6.01(7) hereof will not constitute Events of Default.

 Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof with respect to any
Outstanding Notes: 
 (1) the Issuer irrevocably deposits with the Trustee for the Notes, in trust, for the
benefit of the Holders, money in such currency or currencies, or currency unit or currency units, in which such Note is then specified as payable at maturity, non-callable Government Obligations applicable to such Notes (determined on the basis of
the currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity), or any combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay the principal of, premium and interest on such Outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 

(2) in the case of an election under Section 8.02 hereof, the Issuer has delivered to the Trustee an Opinion of
Counsel in the United States reasonably acceptable to such Trustee confirming that: 
 (i) the Issuer has
received from, or there has been published by, the IRS a ruling; or 
 (ii) since the date of this Indenture,
there has been a change in the applicable federal income tax law, 
 in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of an
election under Section 8.03 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders will not recognize income, gain or loss for federal income
tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

 

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 (4) no Default or Event of Default shall have occurred in respect of the
Notes and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default
under, any material agreement or instrument (other than this Indenture) to which the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is bound; 

(6) the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by Issuer
with the intent of preferring the Holders over the other creditors of Issuer with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; and 

(7) the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money or Government Obligations (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of any Outstanding Notes will be held in trust and applied by such Trustee, in accordance with
the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as such Trustee may determine, to the Holders of the Notes of all sums due and to become due
thereon in respect of principal, premium and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer will pay and indemnify such Trustee against any tax, fee or other charge imposed on or assessed against the money or
non-callable Government Obligations deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders. 

Notwithstanding anything in this Article 8 to the contrary, such Trustee will deliver or pay to the Issuer from time to time upon the
request of the Issuer any money or non-callable Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to such Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 Section 8.06 Repayment to Issuer. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of,
premium or interest on any Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust;
and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being 
  

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required to make any such repayment, may at the expense of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date
specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 

Section 8.07 Reinstatement. 

(a) If the Trustee or Paying Agent is unable to apply any money or non-callable Government Obligations deposited in respect of the Notes
in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and the
Guarantor’s obligations under this Indenture and the Notes and the related Notes Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying
Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that the principles set forth in paragraphs (b) and (c) of this Section 8.07 shall
apply following such reinstatement; provided further, however, that if the Issuer makes any payment of principal of, premium or interest on any Note following the reinstatement of its obligations, the Issuer will be subrogated to the
rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 (b) If
reinstatement of the Issuer’s and Guarantors’ obligations under this Indenture, the Notes and the related Notes Guarantees shall occur as provided in Section 8.07(a), such reinstatement shall be deemed to have occurred as of the date
of such deposit except that no Default will be deemed to have occurred solely by reason of a breach while any such obligation was suspended. 

(c) Neither (1) the continued existence following the reinstatement of the foregoing obligations of facts and circumstances
or obligations that were incurred or otherwise came into existence while the foregoing obligations were suspended nor (2) the performance of any such obligations, including the consummation of any transaction pursuant to, and on materially the
same terms as, a contractual agreement in existence prior to the reinstatement of the foregoing obligations, shall constitute a breach of any such obligations or cause a Default or Event of Default in respect thereof; provided, however, that
(A) the Issuer and its Restricted Subsidiaries did not incur or otherwise cause such facts and circumstances or obligations to exist in anticipation of the reinstatement of the foregoing obligations and (B) the Issuer and its Restricted
Subsidiaries did not reasonably believe that such incurrence or actions would result in such reinstatement. For purposes of clause (2) above, any increase in the consideration to be paid prior to such amendment or modification to the terms of
an existing obligation following the reinstatement of the foregoing obligations that does not exceed 10% of the consideration that was to be paid prior to such amendment or modification shall not be deemed a “material” amendment or
modification. For purposes of clauses (A) and (B) above, anticipation and reasonable belief may be determined by the Issuer and shall be conclusively evidenced by a board resolution to such effect adopted by the Board of Directors of the
Issuer. 
 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture,
the Notes Guarantees or the Notes without the consent of any Holder of a Note: 
  

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 (1) to cure any ambiguity, defect or inconsistency; 

(2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to provide for the assumption of the Issuer’s obligations to Holders of Notes in the case of a merger or
consolidation or sale of all or substantially all of the Issuer’s assets; 
 (4) to add additional
Guarantees with respect to the Notes; 
 (5) to secure the Notes; 

(6) to make any other change that would provide any additional rights or benefits to the Holders of Notes or that does
not adversely affect the legal rights under this Indenture of any such Holder; or 
 (7) to comply with
requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA. 
 Section 9.02 With
Consent of Holders of Notes. 
 Except as provided above in Section 9.01 and in this Section 9.02, the Issuer, the
Guarantors and the Trustee may amend or supplement this Indenture, the Notes Guarantees and the Notes with the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes affected by such amendment or supplemental
indenture voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event
of Default (other than a Default or Event of Default in the payment of the principal or premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of
this Indenture, the Notes Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then Outstanding Notes affected thereby voting as a single class (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). 
 Without the consent of each
Holder affected, an amendment or waiver may not (with respect to any Notes held by a non-consenting Holder): 

(1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

(2) reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to the
redemption of the Notes (other than the provisions of Section 4.09); 
 (3) reduce the rate of or change
the time for payment of interest on any Note; 
 (4) waive a Default or Event of Default in the payment of
principal of, or interest or premium on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then Outstanding Notes and a waiver of the payment Default that resulted
from such acceleration); 
 (5) make any Note payable in money other than that stated in the Notes; 

 

 -54- 

 (6) make any change in Section 6.04 or 6.07 hereof relating to waivers
of past Defaults or the rights of Holders of Notes to receive payments of principal of or interest or premium on the Notes; 

(7) waive a redemption payment with respect to any Note (other than payments pursuant to Section 4.09); 

(8) release any Guarantor from any of its obligations under its Notes Guarantee or this Indenture, except in accordance
with the terms of this Indenture; 
 (9) modify or change any provisions of this Indenture affecting the ranking
of the Notes or the Notes Guarantees in any manner adverse to the Holders of the Notes; and 
 (10) make any
change in the amendment and waiver provisions set forth in clauses (1) through (9) of this Section 9.02. 

Section 2.08 hereof shall determine which Notes are considered to be “Outstanding” for purposes of this Section 9.02.

 It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of
any proposed amendment or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Issuer will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any
defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 

Section 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with
the TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder
of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder
of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its
terms and thereafter binds every Holder. 
 Section 9.05 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Outstanding Note thereafter authenticated.
The Issuer in exchange for all Outstanding Notes may issue and the Trustee shall, upon receipt of an authentication order in accordance with Section 2.02, authenticate new Notes that reflect the amendment, supplement or waiver. 

 

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 Failure to make the appropriate notation or issue a new Note will not affect the validity
and effect of such amendment, supplement or waiver. 
 Section 9.06 Trustee to Sign Amendments, etc. 

Upon the request of the Issuer accompanied by Board Resolutions authorizing the execution of any amended or supplemental indenture, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the
Issuer in the execution of an amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental indenture. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof)
will be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized
or permitted by this Indenture and complies with the terms of this Indenture. 
 ARTICLE 10 

NOTES GUARANTEES 

Section 10.01 Notes Guarantee. 

(a) Subject to this Article 10, each of the Guarantors, jointly and severally, fully and unconditionally guarantees to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, such Note or the obligations of the Issuer hereunder or thereunder, that:

 (1) the principal of, premium and interest on such Note will be promptly paid in full when due, whether at
maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on such Note, if any, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly
paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any
extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or
enforceability of the Notes issued with the benefit of Notes Guarantees or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery
of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor, other than payment in full of all obligations under the Notes.
Each Guarantor in respect of the Notes hereby waives diligence, presentment, demand of 
  

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payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands
whatsoever and covenant that this Notes Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee or such Holder, this Notes Guarantee, to the extent theretofore discharged, will be reinstated in full force and
effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of its Notes Guarantee notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable by such
Guarantor for the purpose of its Notes Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Notes Guarantee.

 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes issued with the benefit of Notes Guarantees, each Holder, hereby confirms that it is the
intention of all such parties that the Notes Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
federal or state law to the extent applicable to any Notes Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each such Guarantor will, after giving effect
to any maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Notes Guarantee not constituting a fraudulent transfer or conveyance. 

Section 10.03 [Intentionally Omitted]. 

Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 

No Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into
(whether or not such Guarantor is the surviving Person), another Person, other than the Issuer or another Guarantor, unless: 

(1) immediately after giving effect to that transaction, no Default or Event of Default exists under this Indenture; and

 (2) subject to Section 10.05, the Person acquiring the property in any such sale or disposition or the
Person formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under this Indenture and its Notes Guarantee pursuant to a supplemental indenture satisfactory to the Trustee. 

 

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 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the
successor Person, by supplemental indenture, of the Notes Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will
succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Notes Guarantees to be endorsed upon all of the Notes
issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Notes Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Notes Guarantees
theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Notes Guarantees had been issued at the date of the execution hereof. 

Except as set forth in Article 5, and notwithstanding this Section 10.04, nothing contained in this Indenture or in any of the Notes
will prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuer or another
Guarantor. 
 Section 10.05 Releases Following Sale of Assets. 

The Notes Guarantee of a Guarantor will be released, and any Person acquiring assets or surviving any merger or consolidation with a
Guarantor (including by way of consolidation, merger, sale or conveyance under Section 10.04) or Capital Stock of a Guarantor in accordance with the provisions of clauses (1) or (2) below shall not be required to assume the
obligations of any such Guarantor: 
 (1) in connection with any sale or other disposition of all or
substantially all of the assets of that Guarantor (including by way of consolidation, merger, sale or conveyance under Section 10.04) to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Guarantor;

 (2) in connection with any sale of all of the Capital Stock of a Guarantor to a Person that is not (either
before or after giving effect to such transaction) the Issuer or a Guarantor; 
 (3) in connection with a
Guarantor becoming an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture; 

(4) in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor and the
dissolution of that Guarantor, in each case in accordance with the applicable provisions of this Indenture; 

(5) in the event that the Issuer exercises its discharge or full defeasance options under Article 8; or 

(6) in the event that the obligation as a borrower or guarantor by such Guarantor of the Credit Agreement is released or
discharged (other than as a result of payment under such obligation) and such Guarantor is not otherwise required to provide a Notes Guarantee in accordance with Section 4.08. 

Any Guarantor not released from its obligations under its Notes Guarantee will remain liable for the full amount of principal of and
interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in this Article 10. 
  

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 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect (except as to any surviving rights of registration of transfer
or exchange of Notes expressly provided for herein), when: 
 (1) either: 

(A) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and
Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Issuer) have been delivered to the Trustee for cancellation; or 

(B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
making of a notice of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee for Notes as trust funds in trust solely for the
benefit of the Holders, money in such currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity, non-callable Government Obligations applicable to such Notes (determined on the basis of
the currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity), or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest, to
pay and discharge the entire indebtedness on such Notes not delivered to the Trustee for cancellation for principal, premium and accrued interest to the date of maturity or redemption; 

(2) no Default or Event of Default with respect to the Notes has occurred and is continuing on the date of such deposit
or will occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer or any Guarantor are a party or by which the Issuer or any Guarantor are
bound; 
 (3) the Issuer or any Guarantor have paid or caused to be paid all sums payable by them under this
Indenture with respect to the Notes; and 
 (4) the Issuer has delivered irrevocable instructions to the Trustee
to apply the money on deposit in the trust referred to in subclause (B) of clause (1) above toward the payment of such Notes at maturity or on the redemption date, as the case may be. 

In addition, the Issuer must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee for Notes stating that all
conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of
this Indenture, if money has been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the provisions of Section 11.02 and Section 8.06 will survive. In addition, nothing in this Section 11.01
will be deemed to discharge those provisions of Section 7.07 that, by their terms, survive the satisfaction and discharge of this Indenture. 
  

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 Section 11.02 Application of Trust Money. 

Subject to the provisions of Section 8.06, all money deposited with the Trustee in respect of any Notes pursuant to
Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent
required by law and Section 2.04. 
 If the Trustee or Paying Agent is unable to apply any money or Government Obligations
in accordance with Section 11.01 in respect of any Notes by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
Issuer’s and any Guarantor’s obligations under this Indenture and such Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 and the provisions of Section 8.07 shall apply to the extent
provided therein. 
 ARTICLE 12 

MISCELLANEOUS 

Section 12.01 Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties
will control. 
 Section 12.02 Notices. 

Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing in the English language
and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Issuer and/or any Guarantor: 

Entertainment Properties Trust 

30 Pershing Road, Suite 201 

Kansas City, MO 64108 

Telecopier No.: (816) 472-5794 

Attention: General Counsel 

With a copy to: 

Stinson Morrison Hecker LLP 

1201 Walnut, Suite 2900 

Kansas City, MO 64106-2150 

Telecopier No.: (816) 412-1129

Attention: Craig Evans, Esq. 
  

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 If to the Trustee: 

UMB Bank, n.a. 

1010 Grand Blvd., 4th Floor 

Kansas City, MO 64108 

Attention: Corporate Trust Manager 

Facsimile: (816) 860-3021 

The Issuer, any Guarantor or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices
or communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given:
at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first
class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person
described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it. 
 If the Issuer mails a notice or communication to Holders, it will mail a copy to the Trustee and each
Agent at the same time. 
 Section 12.03 Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the
Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 12.04
Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Issuer to the Trustee to take
any action under this Indenture, the Issuer shall furnish to the Trustee: 
 (1) an Officers’ Certificate
in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been satisfied; and 
 (2) an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Notwithstanding the foregoing, in the case of any such request or application as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to 
  

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such particular request or application, no additional certificate or opinion need be furnished unless specifically required. 

Section 12.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such
Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules
and set reasonable requirements for its functions. 
 Section 12.07 No Personal Liability of Directors, Officers, Employees and
Stockholders. 
 No past, present or future director, officer, employee or stockholder of the Issuer or any of its
Subsidiaries or any successor thereof, as such, will have any liability for any obligations of the Issuer or any of its Subsidiaries under the Notes or this Indenture based on, in respect of, or by reason of such obligations or their creation. Each
holder by accepting a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities under federal
securities laws. 
 Section 12.08 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTES GUARANTEES 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. 

Section 12.09 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  

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 Section 12.10 Successors. 

All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture
will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Article 10 and any applicable indentures supplemental hereto. 

Section 12.11 Severability. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 12.12 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the
same agreement. 
 Section 12.13 Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 12.14 Benefits of Indenture. 

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

Section 12.15 Legal Holidays. 

In any case where any Interest Payment Date, redemption date, purchase date or stated maturity of any Note shall not be a Business Day at
any Place of Payment, then (notwithstanding any other provision of this Indenture or of such Note (other than a provision of such Note which specifically states that such provision shall apply in lieu of this Section)) payment of interest or
principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, redemption
date or purchase date, or at the stated maturity. 
 Section 12.16 Acts of Holders. 

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

 

 -63- 

 (b) The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may be proved in any reasonable manner which the Trustee deems sufficient. 
 (c) The
ownership of Notes shall be proved by the register maintained by the Registrar. 
 (d) If the Issuer shall solicit from the
Holders of Notes any request, demand, authorization, direction, notice, consent, waiver or other act, the Issuer may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other act, but the Issuer shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to
such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed,
such request, demand, authorization, direction, notice, consent, waiver or other act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the
purpose of determining whether Holders of the requisite proportion of Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other act, and for that purpose the
Outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of
this Indenture not later than eleven months after the record date. 
 (e) Any request, demand, authorization, direction, notice,
consent, waiver or other act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything
done, omitted or suffered to be done by the Trustee, any Registrar, any Paying Agent, any authenticating agent or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

[Signatures on following page] 
  

 -64- 

 SIGNATURES 

 

			
	ENTERTAINMENT PROPERTIES TRUST
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President and Chief Financial Officer

  

			
	30 WEST PERSHING, LLC
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

			
	EPT DOWNREIT II, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

			
	EPT HUNTSVILLE, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

			
	MEGAPLEX FOUR, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

			
	WESTCOL CENTER, LLC
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

			
	EPT MELBOURNE, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

			
	CROTCHED MOUNTAIN PROPERTIES, LLC
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

			
	EDUCATION CAPITAL SOLUTIONS, LLC
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

			
	EPR HIALEAH, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

			
	EPT 909, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

			
	EPT CROTCHED MOUNTAIN, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

  

 -2- 

			
	EPT KALAMAZOO, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT MAD RIVER, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT MOUNT ATTITASH, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT MOUNT SNOW, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT NINETEEN, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT SKI PROPERTIES, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT WATERPARKS, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

 

 -3- 

			
	MEGAPLEX NINE, INC.
		
	By:	 	/s/ Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPR METROPOLIS TRUST
		
	By:	 	/s/ Mark Peterson
		 	Title: Signatory Trustee
	
	YONGEDUNDAS SIGNAGE TRUST
		
	By:	 	/s/ Mark Peterson
		 	Title: Signatory Trustee

  

 -4- 

			
	TRUSTEE:
	
	UMB Bank, n.a.
		
	By:	 	/s/ Brent Keep
		 	Name: Brent Keep
		 	Title: Vice President

  

 -5- 

 EXHIBIT A 

[FORM OF NOTE] 

[Face of Note] 

Global Notes Legend, if applicable 

Private Placement Legend, if applicable 
  

 
 CUSIP#
[            ] 
 7.750% Senior Note due 2020

  

				
	 No.     
	  	$	                     

ENTERTAINMENT PROPERTIES TRUST 

Entertainment Properties Trust, a Maryland real estate investment trust, promises to pay to CEDE & CO. or registered
assigns, the principal sum of                      Dollars [, as revised by the Schedule of Increases or Decreases in the Global Note attached
hereto,]1 on July 15, 2020. 

Interest Payment Dates: January 15 and July 15 

Record Dates: January 1 and July 1 

Dated:             , 20     

 
  

	1
	 To be included only if Note is issued in global form. 

  

 A-1 

			
	 ENTERTAINMENT PROPERTIES TRUST

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 A-2 

			
	 This is one of the Notes referred to in the

within-mentioned Indenture:

	    UMB BANK N.A.,
	    as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

 A-3 

 [Form of Back of Note] 

7.750% Senior Notes due 2020 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 (1) Interest. Entertainment Properties Trust (the “Issuer”) promises to pay interest
on the principal amount of this Note at 7.750% per annum from June 30, 2010 until maturity. The Issuer will pay interest semi-annually in arrears on January 15 and July 15 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from June 30, 2010;
provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be January 15, 2011. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; the Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 (2) Method of Payment. The Issuer will pay interest on the Notes (except defaulted interest) to the
Persons who are registered Holders of Notes at the close of business on the January 1 or July 1 (each, a “Record Date”) next preceding the Interest Payment Date, even if such Notes are canceled after such record date and
on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Issuer
maintained for such purpose within or without the City and State of New York, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided
that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions
to the Issuer or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(3) Paying Agent and Registrar. Initially, UMB Bank, n.a., the Trustee under the Indenture, will act as Paying
Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer or any of its Subsidiaries may act in any such capacity. 

(4) Indenture. The Issuer issued the Notes under an indenture, dated as of June 30, 2010 (the
“Indenture”), among the Issuer, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb). The Notes are 
  

 A-4 

 
subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Issuer. 

(5) Optional Redemption. The Issuer will not be entitled to redeem all or any portion of the Notes at its option
except as provided in the next sentence. The Issuer will be entitled at its option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the Applicable Premium as of, and any accrued
and unpaid interest to, but not including, the redemption date (subject to the right of the Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date). Notice of such redemption must be mailed by
first-class mail to each Holder’s registered address, not less than 30 nor more than 60 days prior to the redemption date (or such shorter period as is satisfactory to the Trustee). 

After notice of optional redemption has been given as provided in this Indenture, if funds for the redemption of any Notes
called for redemption have been made available on the redemption date, such Notes called for redemption will cease to bear interest on the date fixed for the redemption specified in the redemption notice and the only right of the Holders of such
Notes will be to receive payment of the redemption price. 
 Any redemption pursuant to Section 3.08 of the
Indenture shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 
 (6)
Mandatory Redemption. The Issuer will not be required to make mandatory redemption payments with respect to the Notes. 

(7) Repurchase at Option of Holder. If a Change of Control occurs, each Holder of Notes will have the right to
require the Issuer to purchase some or all (in principal amounts of $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”),
unless, after giving pro forma effect to the Change of Control, (i) at least two of Fitch, Moody’s and S&P shall have confirmed their ratings of the Notes at the levels in effect immediately prior to the announcement of a Change of
Control transaction or higher and (ii) the Person formed by or surviving any consolidation or merger or to which any sale, assignment, transfer, conveyance or other disposition has been made forming the basis of the Change of Control is
principally engaged in a Permitted Business. 
 Any Change of Control Offer will include a cash offer price of
101% of the principal amount of any Notes purchased plus accrued and unpaid interest and additional interest, if any, to the date of purchase (the “Change of Control Payment”). If a Change of Control Offer is required, within 10
Business Days following a Change of Control, the Issuer shall mail a notice to each holder describing the Change of Control and offering to repurchase Notes on a specified date (the “Change of Control Payment Date”). The Change of
Control Payment Date will be no earlier than 30 days and no later than 60 days from the date the notice is mailed. 

(8) Notice of Redemption. Notice of redemption will be mailed at least 30 days but not more than 60 days before the
redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. 
  

 A-5 

 [(9) Registration Rights Agreement. The Notes are
entitled to the benefit of the Registration Rights
Agreement.]2 

(10) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000
and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period
between a Record Date and the corresponding Interest Payment Date. 
 (11) Persons Deemed Owners. The
registered Holder of a Note may be treated as its owner for all purposes. 
 (12) Amendment, Supplement and
Waiver. Subject to certain exceptions, the Indenture, the Notes Guarantees or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes affected by such
amendment or supplemental indenture voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture, the Notes Guarantees or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then Outstanding Notes affected thereby voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Notes Guarantees or the Notes may be amended or supplemented to, among other
things, cure any ambiguity, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of certificated Notes; to provide for the assumption of the Issuer’s obligations to Holders of Notes in the case of a merger or
consolidation or sale of all or substantially all of the Issuer’s assets; add additional Guarantees with respect to the Notes; secure the Notes; to make any other change that would provide any additional rights or benefits to the Holders of
Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; or to comply with requirements of the Commission in order to effect or maintain the qualification of the applicable Indenture under the Trust Indenture
Act. 
 (13) Defaults and Remedies. Events of Default with respect to the Notes (as defined in the
Indenture) include: (i) default in the payment of principal or any premium on the Notes when due and payable; (ii) default in the payment of interest on the Notes within 30 days after the applicable due date; (iii) failure to comply
with Section 5.01 of the Indenture; (iv) failure to make or consummate a Change of Control Offer following a Change of Control when required under Section 4.09 of the Indenture; (v) breach of any other term of the Indenture for
60 days after receipt of a notice of Default stating the Issuer is in breach; (vi) certain final judgments are entered against the Issuer and its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days;
(vii) default under any of certain Debt of the Issuer and its Restricted Subsidiaries, which default results in the acceleration of the maturity of such indebtedness, unless such 

 

  

	2
	 To be included in Notes bearing the Private Placement Legend. 

A-6 

 
other Debt is discharged, or the acceleration is rescinded or annulled, within 30 days after the Issuer or its Restricted Subsidiaries receives notice of the default; (viii) certain events
in bankruptcy, insolvency or reorganization occur with respect to the Issuer or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; and (ix) any Notes Guarantee of
a Significant Subsidiary of the Issuer ceases to be in full force and effect or is declared null and void or any Guarantor denies or disaffirms its obligations under the Indenture or any Notes Guarantee other than by reason of the release of any
such Notes Guarantee in accordance with the Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then Outstanding Notes may declare the entire principal amount of the
Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all Outstanding Notes will become due and payable without further action or notice. Holders may
not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, the Holders of a majority in principal amount of the then Outstanding Notes may direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default in the payment of principal, premium, if any, or interest) if and so long as it determines that withholding
notice is in the interest of the Holders of the Notes. Subject to certain exceptions, the Holders of a majority in aggregate principal amount of the then Outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes
waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of principal of, premium, if any, or interest on the Notes. The Issuer is required to deliver to
the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required upon becoming aware of any Default or Event of Default to deliver to the Trustee a statement specifying such Default or Event of Default.

 (14) Trustee Dealings with Issuer. The Trustee, in its individual or any other capacity, may make loans
to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 

(15) No Recourse Against Others. No past, present or future director, officer, employee or stockholder of the
Issuer or any of its Subsidiaries, as such, will have any liability for any obligations of the Issuer or any of its Subsidiaries under the Notes or the Indenture based on, in respect of, or by reason of such obligations or their creation. Each
Holder by accepting a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. 

(16) Authentication. This Note will not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 (17) Abbreviations. Customary abbreviations may be used in the name of a Holder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 (18) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

 A-7 

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Entertainment Properties Trust 

30 West Pershing Road, Suite 201 
 Kansas City,
MO 64108 
 Attention: Chief Executive Officer 

Facsimile No.: (816) 472-5794 
  

 A-8 

 Assignment Form 

To assign this Note, fill in the form below: 
  

	
	 (I) or (we) assign and transfer this Note to:
_____________________________________________________________________________

	(Insert assignee’s legal
name)                                        
                                    
	
	  

	(Insert assignee’s Soc. Sec. or Tax I.D. No.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

and irrevocably appoint
                                         
                                         
                                         
                                         
             
 to transfer this Note on the books of the Issuer. The agent may
substitute another to act for him. 
 Date:
                     
  

			
	 Your Signature:
	 	  

	(Sign exactly as your name appears on the face of this Note)

Signature Guarantee*:                     

  
  

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

 

 A-9 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.09 of the Indenture, check the appropriate box
below: 
  ̈  Section 4.09 

If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 4.09 of the Indenture, state the
amount you elect to have purchased: 
 $
                     
 Date:
                     
  

			
	 Your Signature:
	 	  

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

Signature Guarantee*:                     

  
  

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

 

 A-10 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE3 

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

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

  
  

	3
	 This schedule should be included only if the Note is issued in global form. 

 

 A-11 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 

Entertainment Properties Trust 
 30 West
Pershing Road, Suite 201 
 Kansas City, MO 64108 

Attention: Chief Executive Officer 
 Facsimile
No.: (816) 472-5794 
 UMB Bank, n.a. 

1010 Grand Blvd., 4th Floor 
 Kansas City, MO
64108 
 Attention: Corporate Trust Manager 

Facsimile: (816) 860-3021 

Re: 7.750% Senior Notes due 2020 

Reference is hereby made to the indenture, dated as of June 30, 2010 (the “Indenture”), among Entertainment
Properties Trust (the “Issuer”), the Guarantors named therein and UMB Bank, n.a., as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $         in such Note[s] or interests (the
“Transfer”), to              (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that: 
 [CHECK ALL THAT APPLY] 
  

						
	 1.
	  	 ̈	 	  	Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Definitive Note pursuant to Rule 144A. The Transfer is being effected
pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive
Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act.
			
	 2.
	  	 ̈	 	  	Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act

  

 B-1 

									
	 	  	 	  	and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United
States and (x) at the time the buy
order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or
(y) the transaction was executed
in, on or through the facilities of a designated offshore securities market and neither
such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the
United States, (ii) no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the
registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the expiration of
the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other
than an Initial Purchaser).
Upon consummation of the proposed transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the
Private Placement Legend printed
on the Regulation S Global Note and/or the Definitive Note and in the Indenture and
the Securities Act.
			
	 3.
	  	 ̈	  	Check and complete if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note pursuant to any provision of the Securities Act
other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):
					
		  		  	(a)	  	 ̈	  	such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;
					
		  		  		  		  	or
					
		  		  	(b)	  	 ̈	  	or such Transfer is being effected to the Issuer or a subsidiary thereof;
					
		  		  		  		  	or
					
		  		  	(c)	  	 ̈	  	such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the
Securities Act.
			
	 4.
	  	 ̈	  	Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.
					
		  		  	(a)	  	 ̈	  	Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with
the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject

 

 B-2 

										
	 	  	 	  	 	  	 	  	to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the
Indenture.
					
		  		  	 (b)
	  	 ̈	 	  	Check if Transfer is pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
					
		  		  	 (c)
	  	 ̈	 	  	Check if Transfer is pursuant to other exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of
the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the
Indenture.

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Issuer. 
  

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:
                     
  

 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

									
	 1.
	    	The Transferor owns and proposes to transfer the following:
				
		    		    		    	 [CHECK ONE OF (a) OR (b)]

				
		    	(a)	    	 ̈	    	a beneficial interest in the:
					
		    		    	(i)	    	 ̈	    	144A Global Note (CUSIP [             ]), or
					
		    		    	(ii)	    	 ̈	    	Regulation S Global Note (CUSIP [             ])), or
				
		    	 (b)
	    	 ̈	    	a Restricted Definitive Note.
		
	 2.
	    	After the Transfer the Transferee will hold:
				
		    		    		    	 [CHECK ONE]

				
		    	(a)	    	 ̈	    	a beneficial interest in the:
					
		    		    	(i)	    	 ̈	    	144A Global Note (CUSIP [             ]), or
					
		    		    	(ii)	    	 ̈	    	Regulation S Global Note (CUSIP [             ]), or
					
		    		    	(iii)	    	 ̈	    	Unrestricted Global Note (CUSIP [             ]), or
				
		    	(b)	    	 ̈	    	a Restricted Definitive Note; or
				
		    	(c)	    	 ̈	    	an Unrestricted Definitive Note,
		
		    	in accordance with the terms of the Indenture.

  

 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 

Entertainment Properties Trust 
 30 West
Pershing Road, Suite 201 
 Kansas City, MO 64108 

Attention: Chief Executive Officer 
 Facsimile
No.: (816) 472-5794 
 UMB Bank, n.a. 

1010 Grand Blvd., 4th Floor 
 Kansas City, MO
64108 
 Attention: Corporate Trust Manager 

Facsimile: (816) 860-3021 

Re: 7.750% Senior Notes due 2020 

(CUSIP [            ]) 

Reference is hereby made to the indenture, dated as of June 30, 2010 (the “Indenture”), among Entertainment
Properties Trust (the “Issuer”), the Guarantors named therein and UMB Bank, n.a., as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of
Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note. 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant 

 

 C-1 

 
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(c)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in
an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States. 
 (d)  ̈ Check if
Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2.
Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes. 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] _ 144A Global Note, _ Regulation S Global Note with an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

 

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 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuer. 
  

			
	  

		 	[Insert Name of Transferor]
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Dated:
                     
  

 C-3 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                 , 20    , among
                     (the “Guaranteeing Subsidiary”), Entertainment Properties Trust, a Maryland real estate investment trust
(the “Issuer”), the other Guarantors (as defined in the Indenture referred to below) and UMB Bank, n.a., as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture, dated as of June 30, 2010 (the
“Indenture”), providing for the issuance of 7.750% Senior Notes due 2020 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations (as defined in the Indenture) under the Notes and the Indenture on the terms and conditions set forth herein
(the “Notes Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 

(a) Subject to Article 10 of the Indenture, the Guaranteeing Subsidiary hereby, jointly and severally with all other
Guarantors, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the
obligations of the Issuer hereunder or thereunder, that: 
 (i) the principal of, and premium, if any, and
interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the
Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

 

 D-1 

 (ii) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors
shall be jointly and severally obligated to pay the same immediately. 
 (b) The obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or
thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor, other than payment in full of all
Obligations under the Notes. 
 (c) The following is hereby waived: diligence, presentment, demand of payment,
filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever. 

(d) This Notes Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes
and the Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 

(e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors, or any
custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee or such Holder, this Notes Guarantee, to the extent theretofore discharged, shall be
reinstated in full force and effect. 
 (f) The Guaranteeing Subsidiary shall not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. 

(g) As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity
of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Notes Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by
the Guarantors for the purpose of this Notes Guarantee. 
 (h) The Guarantors shall have the right to seek
contribution from any nonpaying Guarantor so long as the exercise of such right does not impair the rights of the Holders under this Notes Guarantee. 

(i) In accordance with Section 10.02 of the Indenture, after giving effect to any maximum amount and all other
contingent and fixed liabilities that are relevant under any applicable Bankruptcy Law or fraudulent conveyance law, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under Article 10 of the Indenture, this 
  

 D-2 

 
Notes Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guarantor under this Notes Guarantee will not constitute a fraudulent transfer or conveyance.

 3. Guaranteeing Subsidiary may Consolidate, etc., on Certain Terms. 

(a) The Guaranteeing Subsidiary may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or
merge with or into (whether or not the Guaranteeing Subsidiary is the surviving Person) another Person, other than the Issuer or another Guarantor unless: 

(i) immediately after giving effect to such transaction, no Default or Event of Default exists; and 

(ii) subject to Section 10.05 of the Indenture, the Person acquiring the property in any such sale or disposition or
the Person formed by or surviving any such consolidation or merger assumes all of the obligations of the Guaranteeing Subsidiary under the Indenture and this Notes Guarantee pursuant to a supplemental indenture in form and substance reasonably
satisfactory to the Trustee. 
 (b) In case of any such consolidation, merger, sale or conveyance and upon the assumption by the
successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of this Notes Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions
of the Indenture to be performed by the Guaranteeing Subsidiary, such successor Person shall succeed to and be substituted for the Guaranteeing Subsidiary with the same effect as if it had been named herein as a Guaranteeing Subsidiary. Such
successor Person thereupon may cause to be signed any or all of the Notes Guarantees to be endorsed upon all of the Notes issuable under the Indenture which theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the
Notes Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Notes Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Notes Guarantees
had been issued at the date of the execution hereof. 
 (c) Except as set forth in Articles 4 and 5 and Section 10.04 of
the Indenture, and notwithstanding clauses (a) and (b) above, nothing contained in the Indenture or in any of the Notes shall prevent any consolidation or merger of the Guaranteeing Subsidiary with or into the Issuer or another Guarantor,
or shall prevent any sale or conveyance of the property of the Guaranteeing Subsidiary as an entirety or substantially as an entirety to the Issuer or another Guarantor. 

4. Releases. 

(a) The Notes Guarantee of a Guaranteeing Subsidiary shall be released, and any Person acquiring assets (including by way of merger or
consolidation) or Capital Stock of a Guaranteeing Subsidiary under those circumstances specified in Section 10.05 of the Indenture shall not be required to assume the obligations of such Guaranteeing Subsidiary. Upon delivery by the Issuer to
the Trustee of an Officers’ Certificate and an Opinion of Counsel stating that the provisions of Section 10.05 of the Indenture have been complied with, the Trustee shall execute any documents reasonably required in order to evidence the
release of the Guaranteeing Subsidiary from its obligations under this Notes Guarantee. 
 (b) Any Guarantor not released from
its obligations under its Notes Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in Article 10 of the Indenture. 

 

 D-3 

 5. No Recourse Against Others. No past, present or future director, officer,
employee, incorporator, stockholder, equity holder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Issuer or the Guaranteeing Subsidiary under the Notes, this Notes Guarantee, the Indenture or
this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against public policy. 

6. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL
INDENTURE 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. 

7. 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. 
 8. Effect of Headings. The Section headings herein are for
convenience only and shall not affect the construction hereof. 
 9. The Trustee. The Trustee shall not be responsible in
any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuer.

  

 D-4 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:
            , 20     
  

			
	 ENTERTAINMENT PROPERTIES TRUST

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [EXISTING GUARANTORS]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 UMB BANK, N.A., as Trustee

		
	 By:
	 	  

		 	Authorized Signatory

  

 D-5

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