Document:

Loan Agreement, dated as of November 15, 2004

 Exhibit 10.1 
  
 Execution Copy 
  

  
 LOAN AGREEMENT 
  
 Dated as of November 15, 2004 
  
 among 
  
 ANTHEM, INC., 
 as the Borrower, 
  
 BANK OF AMERICA, N.A.,

 as Administrative Agent 
 and

 The Other Lenders Party Hereto 
  
 JPMORGAN CHASE BANK, 
 as Syndication
Agent 
  
 UBS LOAN FINANCE LLC 
 and 
 GOLDMAN SACHS CREDIT PARTNERS L.P.,

 as Co-Documentation Agents 
  
 BANC OF AMERICA SECURITIES LLC 
 and

 J.P.MORGAN SECURITIES INC., 
 as Joint Lead Arrangers 
 and 
 Joint Book Managers 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS	  	1
			
	 1.01
	  	 Defined Terms.
	  	1
	 1.02
	  	 Other Interpretive Provisions.
	  	20
	 1.03
	  	 Accounting Terms.
	  	20
	 1.04
	  	 Rounding.
	  	21
	 1.05
	  	 Times of Day.
	  	21
		
	ARTICLE II. THE COMMITMENTS AND THE LOANS	  	21
			
	 2.01
	  	 Loans.
	  	21
	 2.02
	  	 Loans, Conversions and Continuations of Loans.
	  	21
	 2.03
	  	 Prepayments.
	  	22
	 2.04
	  	 Termination or Reduction of Commitments.
	  	23
	 2.05
	  	 Repayment of Loan.
	  	24
	 2.06
	  	 Interest.
	  	24
	 2.07
	  	 Fees.
	  	24
	 2.08
	  	 Computation of Interest and Fees.
	  	24
	 2.09
	  	 Evidence of Debt.
	  	25
	 2.10
	  	 Payments Generally; Administrative Agent’s Clawback.
	  	25
	 2.11
	  	 Sharing of Payments by Lenders.
	  	26
		
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY	  	27
			
	 3.01
	  	 Taxes.
	  	27
	 3.02
	  	 Illegality.
	  	30
	 3.03
	  	 Inability to Determine Rates.
	  	30
	 3.04
	  	 Increased Costs; Reserves on Eurodollar Rate Loans.
	  	31
	 3.05
	  	 Compensation for Losses.
	  	32
	 3.06
	  	 Mitigation Obligations; Replacement of Lenders.
	  	33
	 3.07
	  	 Survival.
	  	33
		
	ARTICLE IV. CONDITIONS PRECEDENT TO LOAN	  	33
			
	 4.01
	  	 Conditions of Loan.
	  	33
		
	ARTICLE V. REPRESENTATIONS AND WARRANTIES	  	35
			
	 5.01
	  	 Corporate Existence and Standing
	  	35
	 5.02
	  	 Authorization and Validity
	  	35
	 5.03
	  	 Compliance with Laws and Contracts
	  	36
	 5.04
	  	 Governmental Consents
	  	36
	 5.05
	  	 Financial Statements
	  	36

					
	 5.06
	  	 Material Adverse Change
	  	36
	 5.07
	  	 Properties
	  	37
	 5.08
	  	 Litigation and Environmental Matters
	  	37
	 5.09
	  	 Taxes
	  	37
	 5.10
	  	 ERISA Compliance
	  	37
	 5.11
	  	 Federal Reserve Regulations
	  	38
	 5.12
	  	 Investment Company
	  	38
	 5.13
	  	 Material Agreements
	  	38
	 5.14
	  	 Disclosure
	  	38
	 5.15
	  	 Purpose of Loans.
	  	39
		
	ARTICLE VI. AFFIRMATIVE COVENANTS	  	39
			
	 6.01
	  	 Financial Reporting
	  	39
	 6.02
	  	 Notices
	  	41
	 6.03
	  	 Use of Proceeds
	  	41
	 6.04
	  	 Conduct of Business.
	  	41
	 6.05
	  	 Taxes
	  	42
	 6.06
	  	 Insurance
	  	42
	 6.07
	  	 Compliance with Laws
	  	42
	 6.08
	  	 Maintenance of Properties
	  	42
	 6.09
	  	 Inspection
	  	42
	 6.10
	  	 Payment of Material Obligations
	  	42
	 6.11
	  	 Actions Prior to and Following the Merger.
	  	43
		
	ARTICLE VII. NEGATIVE COVENANTS	  	43
			
	 7.01
	  	 Liens
	  	43
	 7.02
	  	 Fundamental Changes
	  	43
	 7.03
	  	 Investments and Purchases
	  	44
	 7.04
	  	 Transactions With Affiliates
	  	44
	 7.05
	  	 Subsidiary Debt
	  	44
	 7.06
	  	 Change in Corporate Structure; Fiscal Year; Nature of Business.
	  	44
	 7.07
	  	 Inconsistent Agreements
	  	45
	 7.08
	  	 ERISA Compliance
	  	45
	 7.09
	  	 Merger Agreement; Existing Credit Agreements.
	  	46
	 7.10
	  	 Financial Covenants.
	  	46
		
	ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES	  	46
			
	 8.01
	  	 Events of Default
	  	46
	 8.02
	  	 Remedies Upon Event of Default
	  	48
	 8.03
	  	 Application of Funds
	  	48
		
	ARTICLE IX. ADMINISTRATIVE AGENT	  	49
			
	 9.01
	  	 Appointment and Authority.
	  	49
	 9.02
	  	 Rights as a Lender
	  	49

  

 ii 

					
	 9.03
	  	 Exculpatory Provisions
	  	49
	 9.04
	  	 Reliance by Administrative Agent.
	  	50
	 9.05
	  	 Delegation of Duties
	  	50
	 9.06
	  	 Resignation of Administrative Agent
	  	51
	 9.07
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	51
	 9.08
	  	 No Other Duties, Etc
	  	51
		
	ARTICLE X. MISCELLANEOUS	  	52
			
	 10.01
	  	 Amendments, Etc
	  	52
	 10.02
	  	 Notices; Effectiveness; Electronic Communication.
	  	53
	 10.03
	  	 No Waiver; Cumulative Remedies
	  	54
	 10.04
	  	 Expenses; Indemnity; Damage Waiver.
	  	54
	 10.05
	  	 Payments Set Aside
	  	56
	 10.06
	  	 Successors and Assigns.
	  	56
	 10.07
	  	 Treatment of Certain Information; Confidentiality
	  	60
	 10.08
	  	 Right of Setoff
	  	60
	 10.09
	  	 Interest Rate Limitation
	  	61
	 10.10
	  	 Counterparts; Integration; Effectiveness
	  	61
	 10.11
	  	 Survival of Representations and Warranties
	  	61
	 10.12
	  	 Severability
	  	61
	 10.13
	  	 Replacement of Lenders
	  	62
	 10.14
	  	 Governing Law; Jurisdiction; Etc.
	  	62
	 10.15
	  	 Waiver of Jury Trial
	  	63
	 10.16
	  	 USA PATRIOT Act Notice
	  	63
	 10.17
	  	 Time of the Essence
	  	63
	 10.18
	  	 Entire Agreement
	  	64

  

 iii 

 SCHEDULES 
  

			
	 2.01
	  	 Commitments and Applicable Percentages

	 5.08
	  	 Disclosed Matters

	 5.10
	  	 ERISA Matters

	 5.13
	  	 Material Agreements

	 7.01
	  	 Existing Liens

	 7.03
	  	 Other Permitted Investments

	 7.05
	  	 Subsidiary Debt

	 10.02
	  	 Administrative Agent’s Office; Certain Addresses for Notices

	
	 EXHIBITS
  

	 Form of

		
	 A
	  	 Loan Notice

	 B
	  	 Note

	 C
	  	 Assignment and Assumption

	 D
	  	 Guaranty

	 E
	  	 Opinion Matters

  

 iv 

 LOAN AGREEMENT 
  
 This LOAN AGREEMENT (“Agreement”) is entered into as of November 15, 2004, among ANTHEM, INC., an Indiana
corporation which as of the Merger Effective Date (as hereinafter defined) is to be renamed “WellPoint, Inc.” (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and
individually, a “Lender”), JPMORGAN CHASE BANK as Syndication Agent (the “Syndication Agent”), UBS LOAN FINANCE LLC and GOLDMAN SACHS CREDIT PARTNERS L.P. as Co-Documentation Agents (the “Co-Documentation
Agents”), BANC OF AMERICA SECURITIES LLC (“BAS”) and J.P.MORGAN SECURITIES INC. (“JPMSI”) as Joint Lead Arrangers and Joint Book Managers, and BANK OF AMERICA, N.A., as Administrative Agent. 
  
 The Borrower has requested that the Lenders provide a term loan facility, and
the Lenders are willing to do so on the terms and conditions set forth herein. 
  
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
  
 ARTICLE I. 
 DEFINITIONS AND
ACCOUNTING TERMS 
  
 1.01 Defined Terms. As used in
this Agreement, the following terms shall have the meanings set forth below: 
  
 “Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 
  
 “Administrative Agent’s Office” means the
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 
  
 “Administrative Questionnaire” means an Administrative
Questionnaire in a form supplied by the Administrative Agent. 
  
 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

 
 “Aggregate Commitments” means the Commitments of all the
Lenders. 
  
 “Agreement” means this Loan
Agreement. 
  
 “AICI” means Anthem Insurance
Companies, Inc., an Indiana stock insurance company and a wholly-owned Subsidiary of the Borrower. 
  
 “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of (a)
prior to the Closing Date, the Aggregate Commitments represented by such Lender’s Commitment at such time and (b) on and after the 
  

 1 

 Closing Date, the aggregate outstanding principal amount of the Loans represented by the aggregate outstanding principal
amount of such Lender’s Loan at such time. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable. 
  
 “Applicable Rate”
means, from time to time, the following percentages per annum in respect of the Eurodollar Rate Loans and the Base Rate Loans, as the case may be, based upon the Debt Rating as set forth below: 
  
 Applicable Rate 
  

									
	 Pricing
 Level

	  	 Debt Ratings
 S&P/Moody’s

	  	Eurodollar
Rate+

	 	 	Base
Rate+

	 
	 1
	  	A+/A1 or better	  	0.425	%	 	0.0	%
	 2
	  	A/A2	  	0.500	%	 	0.0	%
	 3
	  	A-/A3	  	0.625	%	 	0.0	%
	 4
	  	BBB+/Baa1	  	0.750	%	 	0.0	%
	 5
	  	BBB/Baa2	  	0.875	%	 	0.0	%
	 6
	  	BBB-/Baa3 or worse	  	1.125	%	 	0.0	%

  
 “Debt Rating” means, as of any date of determination, the rating as determined by either S&P or Moody’s (collectively, the “Debt Ratings”) of the Borrower’s non-credit-enhanced, senior
unsecured long-term debt; provided that if a Debt Rating is issued by each of the foregoing rating agencies, then the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level 1 being the highest and the Debt Rating for
Pricing Level 6 being the lowest) unless there is a split in Debt Ratings of more than one level, in which case the Pricing Level that is one level lower than the Pricing Level of the higher Debt Rating shall apply. 
  
 Initially, the Applicable Rate shall be determined based
upon the Debt Rating specified in the certificate delivered pursuant to Section 4.01(a)(vi). Thereafter, each change in the Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective during the period
commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change. If either S&P or Moody’s shall cease to have in effect a rating of the Borrower’s
non-credit enhanced, senior unsecured long-term debt and Fitch Ratings shall have in effect a rating of such debt, then the ratings of Fitch Ratings will be substituted for the ratings of such agency for all the purposes of the foregoing provisions
of this definition of “Applicable Rate”. 
  
 “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
  
 “Arrangers” means BAS and JPMSI, in their respective
capacities as joint lead arrangers and joint book managers. 
  

 2 

 “Assignment and Assumption” means an assignment and assumption entered into by a Lender
and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit C or any other form approved by the Administrative
Agent. 
  
 “Audited Financial Statements” means
the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2003 and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of
the Borrower and its Subsidiaries, including the notes thereto. 
  
 “Authorized Officer” the chief executive officer, president, chief financial officer or treasurer of a Loan Party, acting singly. Any document delivered hereunder that is signed by an Authorized Officer of a Loan Party
shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Authorized Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

  
 “Bank of America” means Bank of America, N.A.
and its successors. 
  
 “Base Rate” means for any
day a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus  1/2 of 1% and (b) the
rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate.” The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s
costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank of America shall
take effect at the opening of business on the day specified in the public announcement of such change. 
  
 “Base Rate Loan” means the Loans during the periods in which they bear interest based on the Base Rate. 
  
 “Borrower” has the meaning specified in the introductory
paragraph hereto. 
  
 “Business Day” means any
day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any
Eurodollar Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 
  
 “Capitalized Lease” of a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet of
such Person prepared in accordance with GAAP. 
  
 “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP.

  
 “Cash Equivalents” means any of the following
types of investments, to the extent owned by the Borrower free and clear of all Liens: 
  
 (a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or
instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof; 
  

 3 

 (b) time deposits with, or insured certificates of deposit or bankers’ acceptances
of, any commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the
United States, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition and (iii) has combined
capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof; 
  
 (c) commercial paper issued by any Person organized under the laws of any state of the United States and rated at least
“Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than 180 days from the date of acquisition thereof; and 
  
 (d) Investments, classified in accordance with GAAP as
current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either
Moody’s or S&P, and the portfolios of which are limited solely to investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition. 
  
 “Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the
adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender
(or, for the purpose of Section 3.04(b), any Lending Office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority.

  
 “Change of Control” means (a) the acquisition
of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof),
of equity interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding equity interests in the Borrower or (b) the occupation of a majority of the seats (other than vacant seats) on the board
of directors of the Borrower by Persons who were not (i) directors of the Borrower on the date of this Agreement, (ii) nominated by the board of directors of the Borrower, or (iii) appointed by directors referred to in the preceding clauses (i) and
(ii). 
  
 “Closing Date” means the first date all
the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01. 
  

 4 

 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

  
 “Commitment” means, as to each Lender, its
obligation to make a Loan to the Borrower pursuant to Section 2.01, in a principal amount equal to the amount set forth opposite such Lender’s name on Schedule 2.01, as it may be reduced pursuant to Section 2.04, or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement, provided, that if the Securities are issued during the period
between the date hereof and the date the Loans are made, the Commitment of each Lender shall be reduced ratably by an amount equal to the Net Cash Proceeds from the issuance of the Securities and if the New Credit Agreements are entered into during
such period, the Commitment of each Lender shall be reduced ratably by the amount, if any, the aggregate amount of the Commitments exceeds $1,500,000,000. 
  
 “Contingent Obligation” of a Person means any obligation arising under any agreement, undertaking or arrangement by which (a) such Person
assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the financial obligation or liability of any other Person, or (b) agrees to maintain the net
worth or working capital or other financial condition of any other Person, or (c) otherwise assures any creditor of such other Person against loss, including, without limitation, in each case, any comfort letter, operating agreement or take-or-pay
contract or application for a letter of credit, but excluding in each case obligations incurred by either Loan Party or any Insurance Subsidiary under insurance policies or contracts entered into in the ordinary course of business. 
  
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. 
  
 “Controlled Group” means
all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with one or both of the Loan Parties and/or one or more of the Subsidiaries, are treated as a single
employer (i) under Section 414(b) or (c) of the Code or (ii) for the purposes of Section 302 of ERISA or Section 412 of the Code, under Section 414(b), (c), (m) or (o) of the Code. 
  
 “Debt” of a Person means such Person’s (a) obligations for borrowed money, (b) obligations
representing the deferred purchase price of property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (c) obligations, whether or not assumed, secured by
Liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, (d) obligations which are evidenced by notes, bonds, or similar instruments, (e) Capitalized Lease Obligations, (f) Contingent
Obligations and (g) obligations for which such Person is obligated pursuant to or in respect of a letter of credit. 
  
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, 
  

 5 

 rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other
applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
  
 “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default. 
  
 “Default
Rate” means an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2% per annum; provided, however, that with respect to Eurodollar Rate Loans, the
Default Rate shall be an interest rate equal to the interest rate or rates (including any Applicable Rate) otherwise applicable to such Loans plus 2% per annum. 
  

“Defaulting Lender” means any Lender that (a) has failed to fund any portion of the Loans required to be funded by it hereunder within
one Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when
due, unless the subject of a good faith dispute, or (c) has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding. 
  
 “Disclosed Matter” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 5.08 hereto.

  
 “Dollar” and “$” mean lawful
money of the United States. 
  
 “Eligible
Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent, and (ii) unless an Event of Default has occurred and is
continuing, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or
Subsidiaries. 
  
 “Environmental Laws” means any
and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees or binding agreements relating to the environment or the release of any Hazardous Materials into the environment. 
  
 “Environmental Liability” means any liability, contingent or
otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon
(a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
  
 “Equity Interests” means with respect to any Person, the shares of capital stock of (or other ownership or
profit interests in) such Person, all of the warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other 
  

 6 

 ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from
such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not
such shares, warrants, options, rights or other interests are authorized or otherwise existing on any date of determination. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “Eurodollar Rate” means for any Interest Period with respect
to Eurodollar Rate Loans or any portion thereof: 
  
 (a) the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate that appears on the page of the Telerate screen (or any successor thereto) that displays an average British Bankers Association Interest
Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business Days prior to the first day of such
Interest Period, or 
  
 (b) if the rate
referenced in the preceding clause (a) does not appear on such page or service or such page or service shall not be available, the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate on such other page or
other service that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of
approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, or 
  
 (c) if the rates referenced in the preceding clauses (a) and (b) are not available, the rate per annum determined by the Administrative
Agent as the rate of interest at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the portion of the Eurodollar Rate Loans being continued or converted by Bank of America
and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 4:00 p.m. (London time) two Business Days prior to
the first day of such Interest Period. 
  
 “Eurodollar
Rate Loan” means the Loans during the period in which they bear interest at a rate based on the Eurodollar Rate. 
  
 “Event of Default” has the meaning specified in Section 8.01. 
  
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any
payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction
(or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is 
  

 7 

 located, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction
in which the Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 10.13), any withholding tax imposed by the jurisdiction in which the Borrower is resident
that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or the date on which a Participant becomes entitled to the benefits of Section 3.01 pursuant
to Section 10.06(d) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 3.01(e), except to the extent that such Foreign Lender (or its assignor, if
any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 3.01(a). 
  
 “Existing 364-Day Credit Agreement” means the amended and
restated 364-Day Credit Agreement dated as of July 1, 2003 among the Borrower, JPMorgan Chase Bank, as administrative agent, and the lenders party thereto. 
  
 “Existing 5-Year Credit Agreement” means the Five-Year Credit Agreement dated as of November 5, 2001 among the Borrower, AICI, The Chase
Manhattan Bank, as administrative agent, and the lenders party thereto (as amended by the First Amendment thereto dated July 2, 2002). 
  
 “Existing Credit Agreements” means the Existing 364-Day Credit Agreement and the Existing 5-Year Credit Agreement. 
  
 “Federal Funds Rate” means, for any day, the rate per annum
equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day,
and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on
such transactions as determined by the Administrative Agent. 
  
 “Fee Letters” means the various letter agreements between the Borrower and each Lender. 
  
 “Financial Officer” of a Person means the chief financial officer, principal accounting officer, treasurer or controller of such Person
or any officer having substantially the same position for such Person. 
  
 “Fiscal Quarter” means one of the four three-month accounting periods comprising a Fiscal Year. 
  
 “Fiscal Year” means the twelve-month accounting period ending December 31 of each year. 
  

 8 

 “Fitch Ratings” means Fitch Ratings, a wholly-owned subsidiary of Fimalac, S.A., and any
successor thereto. 
  
 “Foreign Lender” means any
Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction. 
  
 “FRB” means
the Board of Governors of the Federal Reserve System of the United States. 
  
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the
ordinary course of its business. 
  
 “GAAP” means
generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently
applied. 
  
 “Governmental Authority” means any
government (foreign or domestic) or any state or other political subdivision thereof or any governmental body, agency, authority, department or commission (including any board of insurance, insurance department or insurance commission and any taxing
authority or political subdivision) or any instrumentality thereof (including any court or tribunal) exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation, partnership
or other entity directly or indirectly owned or controlled by or subject to the control of any of the foregoing (including any supra-national bodies such as the European Union or the European Central Bank). 
  
 “Granting Lender” has the meaning specified in Section
10.06(h). 
  
 “Guarantor” means Anthem
Holding Corp., a wholly-owned Subsidiary of the Borrower. 
  
 “Guaranty” means the Guaranty made by the Guarantor in favor of the Administrative Agent and the Lenders, substantially in the form of Exhibit D. 
  
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law. 
  
 “Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement or puts and calls on any
of the foregoing and with respect to equity securities. 
  

 9 

 “HMO” means a health maintenance organization (or similar entity) doing business as such
(or required to qualify or to be licensed as such) under HMO Regulations. 
  
 “HMO Regulation” means all laws, regulations, directives and administrative orders applicable under federal or state law to health maintenance organizations (or similar entities) and any regulations,
orders and directives promulgated or issued pursuant thereto. 
  
 “HMO Regulator” means any Person charged with the administration, oversight or enforcement of an HMO Regulation and the Blue Cross Blue Shield Association. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
  
 “Indemnitees” has the meaning specified in Section
10.04(b). 
  
 “Indiana Insurance Law” means
the Indiana Insurance Law (Title 27 of the Indiana Code), as the same may be amended or supplemented from time to time. 
  
 “Insurance Regulations” means any Laws applicable to an insurance company. 
  
 “Insurance Regulator” means any Person charged with the administration, oversight or enforcement of any
Insurance Regulation. 
  
 “Insurance Subsidiary”
means any Subsidiary that is now or hereafter engaged in the insurance business or is an HMO, and includes AICI. 
  
 “Interest Payment Date” means, (a) as to the Loans when they are Eurodollar Rate Loans, the last day of each Interest Period applicable
to such Loans and the Maturity Date; provided, however, that if any Interest Period for the Eurodollar Rate Loans exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall
also be Interest Payment Dates; and (b) as to the Loans when they are Base Rate Loans, the last Business Day of each March, June, September and December and the Maturity Date. 
  
 “Interest Period” means, as to the Loans when they are Eurodollar Rate Loans, the period commencing on the
date the Eurodollar Rate Loans (or portion thereof) are converted to or continued as Eurodollar Rate Loans and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its Loan Notice; provided that:

  
 (i) any Interest Period that would otherwise
end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 
  
 (ii) any Interest Period that begins on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

  
 (iii) no Interest Period shall extend beyond
the Maturity Date. 
  

 10 

 “Investment” of a Person means any loan, advance (other than commission, travel and
similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business) or contribution of capital by such Person to any other Person or any
investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made by such Person. 
  
 “IRS” means the United States Internal Revenue Service. 
  
 “Laws” means, collectively, all international, foreign,
Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 
  
 “Lender” has the meaning specified in the introductory
paragraph hereto. 
  
 “Lending Office” means, as
to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

 
 “License” means any license, certificate of authority,
permit or other authorization which is required to be obtained from any Governmental Authority in connection with the operation, ownership or transaction of insurance business. 
  
 “Lien” means any security interest, lien (statutory or other), mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale,
Capitalized Lease or other title retention agreement); provided, however, that a “Lien” shall not be deemed to arise from repurchase transactions or reverse repurchase transactions or from programs where the Borrower or any
Subsidiary lends securities. 
  
 “Liquidity”
means an amount equal to (a) the sum of (i) the unrestricted cash, Cash Equivalents and Permitted Investments set forth in clause (j) of the definition thereof of the Borrower and the Guarantor and (ii) the Aggregate Commitments minus the Total
Outstandings minus (b) the aggregate principal amount of outstanding commercial paper issued by the Borrower. 
  
 “Loan” has the meaning specified in Section 2.01. 
  
 “Loan Documents” means this Agreement, each Note, and the Guaranty. 
  
 “Loan Notice” means a notice of (a) the Loans, (b) a
conversion of the Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 
  

 11 

 “Loan Parties” means, collectively, the Borrower and the Guarantor. 
  
 “Margin Stock” has the meaning assigned to such term under
Regulation U of the FRB. 
  
 “Material Adverse
Effect” means any material adverse effect on (a) the business, property, financial condition or operations of the Borrower and its Subsidiaries, taken as a whole, (b) the ability of either of the Loan Parties to perform any of the
Obligations or (c) the rights or remedies available to the Lenders under this Agreement. 
  
 “Material Insurance Subsidiary” means any Insurance Subsidiary that is a Material Subsidiary. 
  
 “Material Subsidiary” means, at any time, any Subsidiary of the Borrower which, together with its Subsidiaries, has either assets or
revenues from operations that exceed 10% of the combined assets or combined revenues from operations, respectively, of the Borrower and its Subsidiaries taken as a whole. 
  
 “Maturity Date” means the earliest of (a) 270 days after the Closing Date, (b) the second Business Day
after the date of the making of the Loans if the certificate of merger with respect to the Merger has not been filed and all conditions set forth in Section 6.2 and 6.3 of the Merger Agreement that are to be satisfied on or immediately prior to the
Merger Effective Date have not been satisfied or waived, in each case by the second Business Day after the making of the Loans, and (c) the date of acceleration of the Loans pursuant to Section 8.02. 
  
 “Merger” means the merger of the Guarantor with WellPoint
Health Networks Inc. in accordance with Merger Agreement in which the Guarantor will be the surviving corporation. 
  
 “Merger Agreement” means the Amended and Restated Agreement and Plan of Merger, effective as of October 26, 2003, among the Borrower,
WellPoint and the Guarantor. 
  
 “Merger Effective
Date” means the Effective Time (as defined in the Merger Agreement). 
  
 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 
  
 “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which either Loan
Party or any member of the Controlled Group is a party to which more than one employer is obligated to make contributions. 
  
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto, or in lieu thereof, any other association,
agency or other organization performing advisory, coordination or other like functions among insurance departments, insurance commissioners and similar Governmental Authorities of the various states of the United States toward the promotion of
uniformity in the practices of such Governmental Authorities. 
  
 “Net Cash Proceeds” means, with respect to the incurrence or issuance of any Debt, or the sale or issuance of any Equity Interests (including, without limitation, any capital contribution) in any Person, the aggregate
amount of cash received from time to time (whether as 
  

 12 

 initial consideration or through payment or disposition of deferred consideration) by or on behalf of such Person for its
own account in connection with any such transaction, after deducting therefrom only (without duplication), out-of-pocket expenses, including brokerage commissions, underwriting fees and discounts, legal fees, finder’s fees and other similar
fees and commissions. 
  
 “Net Income” means, for
any computation period, with respect to the Borrower on a consolidated basis with the Subsidiaries, cumulative net income earned during such period as determined in accordance with GAAP. 
  
 “Net Tangible Assets” means the consolidated assets of the Borrower and its Subsidiaries, determined in
accordance with GAAP less: (i) all current liabilities and minority interests and (ii) goodwill and other intangibles (other than patents, trademarks, licenses, copyrights and other intellectual property and prepaid assets). 
  
 “Net Worth” means the consolidated shareholders’ equity
of the Borrower determined in accordance with GAAP. 
  
 “New Credit Agreements” means the 5-Year Credit Agreement among the Borrower, Bank of America, as administrative agent, and the lenders party thereto, and the 364-Day Credit Agreement among the Borrower, Bank of America, as
administrative agent, and the lenders party thereto, in each case entered into or to be entered into in connection with the Merger. 
  
 “Note” means a promissory note made by the Borrower in favor of a Lender evidencing the Loan made by such Lender, substantially in the
form of Exhibit B. 
  
 “Obligations” means
all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to the Loans, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 
  
 “Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to
any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in
connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. 
  
 “Other Taxes” means all present or future stamp or
documentary taxes or any other excise or property taxes or similar charges or levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other Loan Document. 
  

 13 

 “Outstanding Amount” means, with respect to the Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any prepayments or repayments of the Loans, as the case may be, occurring on such date. 
  
 “Participant” has the meaning specified in Section 10.06(d). 
  
 “PBGC” means the Pension Benefit Guaranty Corporation. 
  
 “Permitted Investments” means: 
  
 (a) cash and Cash Equivalents; 
  
 (b) receivables owing to the Borrower or any of its
Subsidiaries or any receivables and advances to clients, customers or suppliers, in each case if created, acquired or made in the ordinary course of business; 
  

(c) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers
and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business; 
  
 (d) Investments set forth in Schedule 7.03; 
  
 (e) loans to employees, directors or officers of the Borrower or any Subsidiary in the ordinary course of
business, including, without limitation, in connection with the award of convertible bonds or stock under a stock incentive plan, stock option plan or other equity-based compensation plan or arrangement in the ordinary course of business;

  
 (f) guarantees by the Borrower of the
obligations of any Subsidiary or by any Subsidiary of the obligations of any other Subsidiary; 
  
 (g) equity Investments by the Borrower and its Subsidiaries in Subsidiaries of the Borrower and Indebtedness permitted under clause (iii)
of Section 7.05; 
  
 (h) Hedging
Agreements in the ordinary course of business; 
  
 (i) Purchases; 
  
 (j) readily
marketable securities acquired in conformance with the Borrower’s “investment policy” as of the Closing Date or, in the case of any Subsidiary, such Subsidiary’s investment policy as of the Closing Date (a copy of which
respective investment policies has been delivered to the Administrative Agent and the Lenders) and any successors or amendments to such investment policies so long as such amendments do not substantially modify such investment policies;
provided, however that (i) the amount invested in equity securities (other than such securities of Subsidiaries of the Borrower) at any one time shall not exceed 30% of the amount invested in all securities (other than securities of
Subsidiaries of the Borrower) and (ii) the amount invested in repurchase agreements or reverse repurchase agreements at any one time shall not exceed 30% of the amount invested in all securities (other than securities of Subsidiaries of the
Borrower); and 
  

 14 

 (k) additional loan advances and/or investments not included within the foregoing clauses
hereof, provided that such loans, advances and/or investments made pursuant to this clause (k) shall not exceed an aggregate amount of more than 10% of the consolidated assets of the Borrower and its Subsidiaries, determined in accordance
with GAAP as of the end of the immediately preceding Fiscal Quarter of the Borrower. 
  
 “Permitted Liens” means, as applied to the Borrower and the Subsidiaries: 
  
 (a) any Lien in favor of the Administrative Agent or the Lenders given to secure the payment and performance of the Obligations;

  
 (b) Liens securing obligations in an
aggregate amount not in excess at any time of 10% of Net Tangible Assets at the end of the immediately preceding Fiscal Quarter of the Borrower; 
  
 (c) (i) Liens on real estate for real estate taxes not yet delinquent and (ii) Liens for taxes, assessments, judgments, governmental
charges or levies, or claims that are not yet due or the non-payment of which is being diligently contested in good faith by appropriate proceedings; 
  
 (d) Liens of carriers, warehousemen, mechanics, laborers, and materialmen incurred in the ordinary course of business for sums that are
not overdue by more than 60 days or being diligently contested in good faith by appropriate proceedings; 
  
 (e) Liens incurred in the ordinary course of business in connection with worker’s compensation and unemployment insurance and other
social security laws and regulations; 
  
 (f)
restrictions on the transfer of assets imposed by any applicable federal, state or local statute, regulation or ordinance; 
  
 (g) easements, rights-of-way, zoning restrictions and other similar encumbrances on the use of real property which do not interfere with
the ordinary conduct of the business of the Borrower or any Subsidiary, or Liens incidental to the conduct of the business of the Borrower or any Subsidiary or to the ownership of its properties which were not incurred in connection with Debt or
other extensions of credit and which do not in the aggregate materially detract from the value of such properties or materially impair their use in the operation of the business of the Borrower or any Subsidiary; 
  
 (h) purchase money mortgages or security interests,
conditional sale arrangements and other similar security interests (hereinafter referred to individually as a “Purchase Money Security Interest”); provided, however, that: 
  
 (i) the transaction in which any Purchase Money Security
Interest is proposed to be created is not otherwise prohibited by this Agreement; 
  

 15 

 (ii) any Purchase Money Security Interest shall attach only to the property or assets
acquired in such transaction and shall not extend to or cover any other assets or properties of such Loan Party or Subsidiary; and 
  
 (iii) the Debt secured or covered by any Purchase Money Security Interest shall not exceed the lesser of the cost or fair market value of
the property or asset acquired and shall not be renewed or extended by such Loan Party or Subsidiary; 
  
 (i) judgment Liens arising in connection with court proceedings which do not exceed the Threshold Amount in the aggregate, provided
that the execution or other enforcement of such Liens is effectively stayed; 
  
 (j) Liens consisting of deposits made by the Borrower or any Insurance Subsidiary with the insurance authority in its jurisdiction of domicile or other statutory Liens or Liens or claims, reserves or contingent
payment arrangements imposed or required by applicable insurance law or regulation against the assets of the Borrower or such Insurance Subsidiary or securing regulatory capital or other financial responsibility requirements; 
  
 (k) Purchase Money Security Interests in equipment
constituting inventory of the Borrower or any Subsidiary which is leased (or held for lease) by the Borrower or such Subsidiary to its customers in the ordinary course of business and other Liens on lease receivables, equipment and cash collateral
accounts established in connection therewith; 
  
 (l) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

 
 (m) Liens securing obligations to share with the federal
Center for Medicare and Medicaid Services potential gains from the sale or other disposition of depreciable assets used in the administration of the Medicare program; 
  
 (n) Liens on the property or assets of a corporation which becomes a Subsidiary after the date of this
Agreement securing obligations (and any extension, renewal or replacement thereof that does not increase the outstanding principal amount thereof) which is not prohibited by this Agreement (after giving effect to the acquisition of such Subsidiary),
provided that (i) such Liens existed at the time such corporation became a Subsidiary and were not created in anticipation thereof, (ii) any such Lien is not spread to cover any additional property or assets of such corporation after the time
such corporation becomes a Subsidiary, and (iii) no additional amount of Debt shall be secured by such Liens in reliance upon the provisions of this clause; 
  

 16 

 (o) Liens arising solely by virtue of any statutory or common law provisions relating to
bankers’ liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; provided that (i) such deposit account is not a dedicated cash collateral account
and is not subject to restrictions against access by the Borrower in excess of those set forth by regulations promulgated by the FRB and (ii) such deposit account is not intended by the Borrower or any of its Subsidiaries to provide collateral to
the depository institution in respect of specifically identified or contemplated obligations; and 
  
 (p) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 7.01;
provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary (except proceeds thereof) and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount thereof. 
  
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
Governmental Authority or other entity. 
  
 “Plan” means an employee pension benefit plan, as defined in Section 3(2) of ERISA, as to which either Loan Party or any member of the Controlled Group may have any liability. 
  
 “Pre-Commitment Information” has the meaning given in
Section 4.01(a)(vi)(D). 
  
 “Purchase”
means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which either Loan Party or any Subsidiary (a) acquires any going business or all or substantially all of the assets of any firm,
corporation or division or line of business thereof, whether through purchase of assets, merger or otherwise, or (b) directly or indirectly acquires (in one transaction or as of the most recent transaction in a series of transactions) at least a
majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage
or voting power) of the outstanding partnership interests of a partnership. 
  
 “Register” has the meaning specified in Section 10.06(c). 
  
 “Registration Statement” means the registration statement (Registration No. 333-110830) on Form S-4 under the Securities Act filed with
the Securities and Exchange Commission in connection with the Merger on November 26, 2003, as subsequently amended or supplemented from time to time. 
  
 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees,
agents and advisors of such Person and of such Person’s Affiliates. 
  
 “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such section, with respect to a Single Employer Plan, excluding, however, such events
as to which the PBGC has by regulation waived the requirement of 
  

 17 

 Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event; provided, that a
failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance with either Section 4043(a) of
ERISA or Section 412(d) of the Code. 
  
 “Required
Lenders” means, as of any date of determination prior to the making of the Loans, Lenders having more than 50% of the Aggregate Commitments or, as of any date thereafter, Lenders holding in the aggregate more than 50% of the Total
Outstandings; provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 
  
 “S&P” means Standard & Poor’s Ratings Services,
a division of The McGraw-Hill Companies, Inc. and any successor thereto. 
  
 “SAP” means, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the insurance commissioner (or other similar authority) in the jurisdiction of such
Insurance Subsidiary for the preparation of annual statements and other financial reports by insurance companies of the same type as such Insurance Subsidiary in effect from time to time. 
  
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its
principal functions. 
  
 “Securities” means the
unsecured senior notes of the Borrower to be issued in connection with the Merger. 
  
 “Single Employer Plan” means a Plan subject to Title IV of ERISA maintained by either Loan Party or any member of the Controlled Group for employees of such Loan Party or member of the Controlled
Group, other than a Multiemployer Plan. 
  
 “SPC”
has the meaning specified in Section 10.06(h). 
  
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power
for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled,
directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the
Borrower. 
  
 “Surplus Notes” of AICI means all
notes evidencing obligations of AICI which may from time to time be issued by AICI and which under SAP in effect on the date of this Agreement would be included in the “Liabilities, Surplus and Other Funds” statement of AICI’s Annual
Statement. 
  

 18 

 “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
  
 “Termination Event” means, with respect to a Plan which is subject to Title IV of ERISA, (a) a Reportable Event, (b) the withdrawal of a
Loan Party or any other member of the Controlled Group from such Plan during a plan year in which such Loan Party or member of the Controlled Group was a “substantial employer” as defined in Section 4001(a)(2) of ERISA, (c) the termination
of such Plan, the filing of a notice of intent to terminate such Plan or the treatment of an amendment of such Plan as a termination under Section 4041 of ERISA, (d) the institution by the PBGC of proceedings to terminate such Plan or (e) any event
or condition which could reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or appointment of a trustee to administer, such Plan. 
  
 “Threshold Amount” means $50,000,000. 
  
 “Total Debt” means, at any time, all Debt that would be required to appear as liabilities on the
consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP (including, in any event, Surplus Notes of AICI and surplus notes issued by any other Insurance Subsidiary) plus all guarantee obligations (or
obligations having the economic effect of guarantee obligations) of the Borrower or any Subsidiary in respect of Debt of Persons other than the Borrower or any Subsidiary. 
  
 “Total Debt to Capital Ratio” means, at any time, the ratio of (a) the Total Debt at such time to (b) the
sum of Total Debt plus the Borrower’s Net Worth at such time. 
  
 “Total Outstandings” means the aggregate Outstanding Amount of the Loans. 
  
 “Transactions” means the execution, delivery and performance by the Loan Parties of the Loan Documents, the making of the Loans, the use
of the proceeds thereof, the completion of the Merger and the other transactions contemplated hereby. 
  
 “Type” means, with respect to the Loans, their character as Base Rate Loans or Eurodollar Rate Loans. 
  
 “Unfunded Liability” means the amount (if any) by which the
present value of all vested and unvested accrued benefits under a Single Employer Plan exceeds the fair market value of assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans based on the actuarial
assumptions used by the Plan’s actuary in the most recent annual valuation of the Plan. 
  
 “United States” and “U.S.” mean the United States of America. 
  
 “WellPoint” means WellPoint Health Networks Inc 
  

“WellPoint Credit Agreements” means the Five-Year Credit Agreement dated as of March 30, 2001 among WellPoint, Bank of America, as
administrative agent, and the lenders party thereto (as amended by the First Amendment thereto, dated as of March 28, 2003) and the 
  

 19 

 364-Day Credit Agreement dated as of March 30, 2001 among the Borrower, Bank of America, as administrative agent, and the
lenders party thereto (as amended by the First Amendment thereto, dated as of March 29, 2002, by the Second Amendment thereto, dated as of March 28, 2003 and the Third Amendment thereto, dated as of March 26, 2004). 
  
 “WellPoint Notes” means WellPoint’s Senior unsecured
6 3/8% notes due 2006, issued on June 15, 2001, and WellPoint’s 6 3/8% Senior notes due 2012, issued on January 16, 2002. 
  
 1.02 Other Interpretive Provisions. With reference to this Agreement
and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
  
 (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or
other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all
references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall
include all statutory and regulatory provisions consolidating, amending replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights. 
  
 (b) In the
computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but
excluding;” and the word “through” means “to and including.” 
  
 (c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this
Agreement or any other Loan Document. 
  
 1.03 Accounting
Terms. 
  
 (a) Generally. All accounting terms not
specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time. 
  

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 (b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement
to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with
GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 
  
 1.04 Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest
number). 
  
 1.05 Times of Day. Unless otherwise specified,
all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 
  
 ARTICLE II. 
 THE COMMITMENTS AND THE LOANS 
  
 2.01 Loans. Subject to the terms and conditions set forth herein, each
Lender severally agrees to make one loan (such loan, a “Loan” and collectively all such loans, the “Loans”) to the Borrower on the Closing Date in an amount not to exceed such Lender’s Commitment. The Borrower
may make only one borrowing under this Agreement, and upon such borrowing, each Lender’s Commitment shall permanently reduce to the principal amount of the Loan made by such Lender. The Loans shall initially be made as Base Rate Loans and
thereafter at the Borrower’s option may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
  
 2.02 Loans, Conversions and Continuations of Loans. 
  
 (a) The Loans, each conversion of the Loans (or a portion thereof) from one Type to the other, and each continuation of Eurodollar Rate Loans shall be
made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. The notice of the request for the Loans must be received by the Administrative Agent not later than 11:00 a.m. on the requested date of
the Loans and shall specify such requested date and the principal amount of the Loans to be borrowed, which shall be in a whole multiple of $1,000,000. Each such notice for conversion of the Loans or continuation of Eurodollar Rate Loans must be
received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the requested date of conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate 
  

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 Loans to Base Rate Loans. Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must be
confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by an Authorized Officer of the Borrower. All the Loans at any time shall be either Eurodollar Rate Loans or Base Rate Loans.
Each Loan Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a conversion of the Loans from one Type to the other, or a continuation of the Eurodollar Rate Loans, (ii) the requested date of the conversion or
continuation, as the case may be (which shall be a Business Day), and (iii) if applicable, the duration of the Interest Period with respect to the Eurodollar Rate Loans or portion thereof. If the Borrower fails to give a timely notice requesting a
conversion or continuation, then the Loans shall be converted to Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect. If the Borrower requests a conversion to,
or continuation of Eurodollar Rate Loans (or portion thereof) in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 
  
 (b) Following receipt of a Loan Notice, the Administrative Agent shall
promptly notify each Lender thereof, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in
Section 2.02(a). On the Closing Date, each Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. Upon satisfaction of
the applicable conditions set forth in Section 4.01, the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower
on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower. 
  
 (c) Except as otherwise provided herein, Eurodollar Rate Loans (or the
applicable portion thereof) may be continued or converted only on the last day of the respective Interest Period. During the existence of an Event of Default, the Loans may not be converted to or continued as Eurodollar Rate Loans without the
consent of the Required Lenders. 
  
 (d) The Administrative Agent
shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative

  
 Agent shall notify the Borrower and the Lenders of any change
in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 
  
 (e) After giving effect to all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more
than ten Interest Periods in effect with respect to Loans. 
  
 2.03 Prepayments. 
  
 (a) Optional. The
Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay the Loans in whole or in part without premium or 
  

 22 

 penalty; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A)
three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of
$1,000,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.
Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s
Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of
Eurodollar Rate Loans shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05, provided, that any prepayment of Base Rate Loans which is made in
connection with, or results in, the prepayment in full of all Loans shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be
applied to the Loans of the Lenders in accordance with their respective Applicable Percentages. 
  
 (b) Mandatory. The Borrower shall prepay the Loans, without premium or penalty, (i) to the extent the aggregate outstanding principal amount of the
Loans is in excess of $1,500,000,000, in an amount equal to such excess if the “Closing Date” (as defined in the New Credit Agreements) of the New Credit Agreements is on or after the Closing Date, with such prepayment to be made one
Business Day after such effective date and (ii) in an amount equal to (A) 100% of the Net Cash Proceeds from the issuance of the Securities after the Closing Date, with such prepayment to be made one Business Day after receipt of such Net Cash
Proceeds and (B) 100% of the Net Cash Proceeds from the incurrence or issuance by the Borrower or any of its Subsidiaries (other than Insurance Subsidiaries) of any Debt for borrowed money, including Debt evidenced by notes, bonds or similar
instruments (other than (I) Debt expressly permitted to be incurred or issued pursuant to clause (i) and (iii) of Section 7.05; (II) borrowings under the New Credit Agreements and (III) Debt in respect of commercial paper in an aggregate
outstanding principal amount at any time not exceeding $2,500,000,000) and (C) 100% of the Net Cash Proceeds from the issuance or sale by the Borrower or any of its Subsidiaries (which is or will be as a result thereof subject to the Securities
Exchange Act of 1934, as amended) of any Equity Interests (other than (I) as consideration for any Purchase, (II) in connection with any employees’ or directors’ share plan of the Loan Parties or any of their Subsidiaries, or (III) by any
Subsidiaries of the Loan Parties to the Loan Parties or any of their Subsidiaries), with such prepayment to be made one Business Day after receipt of such Net Cash Proceeds. Any prepayment of the Loans shall be accompanied by all accrued interest on
the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages. 
  
 2.04 Termination or Reduction of Commitments. The Borrower may, prior
to the Closing Date and upon notice to the Administrative Agent, terminate the Aggregate Commitments or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative
Agent not later than 11:00 a.m. 
  

 23 

 three Business Days prior to the date of termination or reduction, and (ii) any such partial reduction shall be in an
aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the
Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. 
  
 2.05 Repayment of Loan. The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such
date. 
  
 2.06 Interest. 
  
 (a) Subject to Section 2.06(b), (i) the principal amount of the
Eurodollar Rate Loans shall bear interest for the respective Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the respective Applicable Rate; and (ii) the Base Rate Loans shall bear interest on
the outstanding principal amount thereof at a rate per annum equal to the Base Rate plus the respective Applicable Rate. 
  
 (b) (i) If any principal of or interest on the Loans or any fee or other amount payable by the Loan Parties hereunder is not paid when due, whether at
stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to the Default Rate to the fullest extent permitted by applicable Laws. 
  
 (i) Accrued and unpaid interest on past due amounts
(including interest on past due interest) shall be due and payable upon demand. 
  
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in
accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 
  
 2.07 Fees. The Borrower shall pay to the Arrangers, the Administrative Agent and each Lender, as the case may be, for their own respective accounts
fees in the amounts and at the times specified in the respective Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
  
 2.08 Computation of Interest and Fees. All computations of interest for Base Rate Loans when the Base Rate is
determined by Bank of America’s “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day
year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on the Loans for the day on which the Loans are made, and shall not accrue on the
Loans, or any portion thereof, for the day on which the Loans or such portion is paid. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

  

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 2.09 Evidence of Debt. The Loan made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Loans
made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect
to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such
Lender’s Loan in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loan and payments with respect thereto. 
  
 2.10 Payments Generally; Administrative Agent’s Clawback.

  
 (a) General. All payments to be made by the
Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the
account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly
distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent
after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be
made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 
  
 (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to
the proposed date of the Loans that such Lender will not make available to the Administrative Agent such Lender’s Loan, the Administrative Agent may assume that such Lender has made such Loan available on such date in accordance with Section
2.02 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its Loan available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but
excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules
on interbank compensation and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an
overlapping period, 
  

 25 

 the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such
period. If such Lender pays its Loan to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall
have failed to make such payment to the Administrative Agent. 
  
 (i) Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender,
in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
  
 A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this Section 2.10(b) shall be conclusive,
absent manifest error. 
  
 (c) Failure to Satisfy Conditions
Precedent. If any Lender makes available to the Administrative Agent funds for its Loan as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because
the conditions set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

  
 (d) Obligations of Lenders Several. The obligations of
the Lenders hereunder to make Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make its Loan or to make any payment under Section 10.04(c) on any date required hereunder
shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or to make its payment under Section 10.04(c). 
  
 (e) Funding Source. Nothing herein shall be deemed to obligate any
Lender to obtain the funds for its Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for its Loan in any particular place or manner. 
  
 2.11 Sharing of Payments by Lenders. If any Lender shall, by
exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on the Loan made by it resulting in such Lender’s receiving payment of a proportion of the amount of its Loan and accrued
interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value)
participations in the Loans of the 
  

 26 

 other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that: 
  
 (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 
  
 (ii) the provisions of this Section 2.11 shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any
Subsidiary thereof (as to which the provisions of this Section 2.11 shall apply). 
  
 The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the
Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
  
 ARTICLE III. 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
  
 3.01
Taxes. 
  
 (a) Payments Free of Taxes. Any and all
payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if the
Borrower shall be required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 3.01) the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make
such deductions and (iii) the Borrower shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
  
 (b) Payment of Other Taxes by the Borrower. Without limiting Section 3.01(a), the Borrower shall timely pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable law. 
  
 (c)
Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender, within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and 
  

 27 

 reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
  
 (d) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

 
 (e) Status of Lenders. Any Foreign Lender that is entitled to an
exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan
Document shall deliver to the Borrower (with a copy to the Administrative Agent), on or prior to the Closing Date, or in the case of a Lender that is an assignee or transferee of an interest under this Agreement pursuant to Section 10.06(b)
(unless the respective Lender was already a Lender hereunder) immediately prior to such assignment or transfer, on the date of such assignment or transfer to such Lender, such properly completed and executed documentation prescribed by applicable
law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.

  
 Without limiting the generality of the foregoing, in the event
that the Borrower is resident for tax purposes in the United States, any Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the Closing Date, or
in the case of a Foreign Lender that is an assignee or transferee of an interest under this Agreement pursuant to Section 10.06(b) (unless the respective Foreign Lender was already a Foreign Lender hereunder immediately prior to such
assignment or transfer), on the date of such assignment or transfer to such Foreign Lender (and from time to time thereafter upon the request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
  
 (i) duly and validly completed copies of Internal Revenue
Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party, 
  
 (ii) duly and validly completed copies of Internal Revenue Service Form W-8ECI, 
  
 (iii) in the case of a Foreign Lender claiming the benefits
of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate (a “Non-Bank Certificate”) to the effect that such Foreign Lender is not (A) a “bank” within the 
  

 28 

 meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower
within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN, or 
  
 (iv) any other form prescribed by applicable law as a basis
for claiming exemption from or a reduction in United States Federal withholding tax duly and validly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding
or deduction required to be made. 
  
 In addition, each Lender
agrees that from time to time after the Closing Date provided there has not been a Change in Law that makes it unable to do so, when a lapse in time or change in circumstances renders the previous certification obsolete or inaccurate in any material
respect, it will deliver to the Borrower new duly completed original signed copies of Internal Revenue Service Form W-8ECI, Form W-8BEN (with respect to the benefits of any income tax treaty), or Form W-8BEN (with respect to the portfolio interest
exemption) and a Non-Bank Certificate, as the case may be, and such other forms as may be required in order to confirm or establish the entitlement of such Lender to a continued exemption from or reduction in United States withholding tax with
respect to payments under this Agreement and any Note. Notwithstanding anything to the contrary contained in Section 3.01(a), (x) the Borrower shall be entitled, to the extent it is required to do so by law, to deduct or withhold
income or similar taxes imposed by the United States (or any political subdivision or taxing authority thereof or therein) from interest, fees or other amounts payable hereunder for the account of any Foreign Lender to the extent that such Lender
has not provided to the Borrower United States Internal Revenue Service Forms that establish a complete exemption from such deduction or withholding (or, in the case of a Foreign Lender that has established a reduced rate of withholding, up to such
reduced rate) and (y) the Borrower shall not be obligated pursuant to Section 3.01(a) to gross up payments to be made to a Lender in respect of income or similar taxes imposed by the United States if such Lender has not provided the Borrower
the Internal Revenue Service Forms required to be provided the Borrower pursuant to this Section 3.01(e). 
  
 (f) Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund of
any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such refund (but
only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 3.01 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative
Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative Agent or such
Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such
Lender is required to repay such refund to such Governmental Authority. This Section 3.01(f) shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its
taxes that it deems confidential) to the Borrower or any other Person. 
  

 29 

 (g) Each Lender that is a United States person (as such term is defined in Section 7701(a)(30) of the
Code) for United States federal income tax purposes agrees to provide the Borrower with two accurate and complete signed original copies of Internal Revenue Service Form W-9 (Request for Taxpayer Identification Number and Certification), or any
successor form, on or prior to the date hereof (or on the date such Lender becomes a Lender hereunder as provided in Section 10.06(b)), when a lapse in time or change in circumstances renders the previous certification obsolete or inaccurate.

  
 (h) If the Borrower is required to pay Lender any additional
amounts pursuant to this Section 3.01, such Lender shall, upon the reasonable request of the Borrower, use reasonable efforts to select an alternative Lending Office which would not result in the imposition of such Taxes or Other Taxes;
provided, however, that no Lender shall be obligated to select an alternative Lending Office if such Lender Party determines that (i) as a result of such selection such Lender would be in violation of an applicable law, regulation, or
treaty, or would incur unreasonable additional costs or expenses or (ii) such selection would be inadvisable for regulatory reasons or inconsistent with the interests of such Lender. 
  
 3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable Lending Office to maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material
restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender
to continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of
the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or
conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 
  
 3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in connection with any request for a conversion to or
continuation of Eurodollar Rate Loans (or any portion thereof) that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period, (b) adequate and reasonable means do not
exist for determining the Eurodollar Rate for any requested Interest Period, or (c) the Eurodollar Rate for any requested Interest Period does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent
will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to maintain Eurodollar Rate Loans shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice.
Upon receipt of such notice, the Borrower may revoke any pending request for a conversion to or continuation of Eurodollar Rate Loans. 
  

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 3.04 Increased Costs; Reserves on Eurodollar Rate Loans. 
  
 (a) Increased Costs Generally. If any Change in Law shall:

  
 (i) impose, modify or deem applicable any
reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by
Section 3.04(e)); 
  
 (ii) change the
basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender); or 

 
 (iii) impose on any Lender or the London interbank market
any other condition, cost or expense affecting this Agreement or Eurodollar Loans made by such Lender; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of maintaining any Eurodollar Loan or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of
principal, interest or any other amount) then, upon request of such Lender, the Borrower will pay to such Lender, such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

 
 (b) Capital Requirements. If any Lender determines that any Change
in Law affecting such Lender or any Lending Office of such Lender or such Lender’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the
capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender, as the
case may be, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
  
 (c) Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its
holding company, as the case may be, as specified in Section 3.04(a) or (b) and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof. 
  
 (d) Delay in
Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s right to demand such compensation, provided
that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this 
  

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 Section 3.04 for any increased costs incurred or reductions suffered more than nine months prior to the date that
such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 
  
 (e) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with
respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of Eurodollar Rate Loans equal to the actual
costs of such reserves allocated to such Loans by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loans,
provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest
Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice. 
  
 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly
compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
  
 (a) any continuation, conversion, payment or prepayment of the Loans other than a Base Rate Loan on a day other than the last day of the respective
Interest Period (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
  
 (b) any failure by the Borrower (for a reason other than the failure of such Lender to make its Loan) to prepay, continue or convert the Loans other than
Base Rate Loans on the date or in the amount notified by the Borrower; or 
  
 (c) any assignment of Eurodollar Rate Loans on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13; 
  
 including any loss of anticipated profits and any loss or expense arising from the
liquidation or reemployment of funds obtained by it to maintain its Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in
connection with the foregoing. 
  
 For purposes of calculating
amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded its portion of Eurodollar Rate Loans at the Eurodollar Rate for such Loans by a matching deposit or other borrowing in the
London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Loan was in fact so funded. 
  

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 3.06 Mitigation Obligations; Replacement of Lenders. 
  
 (a) Designation of a Different Lending Office. If any Lender requests
compensation under Section 3.04, or the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to
Section 3.02, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loan hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates,
if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to
Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender in connection with any such designation or assignment. 
  
 (b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 3.01, the Borrower may replace such Lender in accordance with Section 10.13. 
  
 3.07 Survival. All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments and
repayment of all other Obligations hereunder. 
  
 ARTICLE IV.

 CONDITIONS PRECEDENT TO LOAN 
  
 4.01 Conditions of Loan. The obligation of each Lender to make its Loan hereunder is subject to satisfaction of the following conditions precedent
on or before January 31, 2005: 
  
 (a) The Administrative
Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by an Authorized Officer of the signing Loan Party, each dated the Closing Date
(or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders: 
  
 (i) executed counterparts of this Agreement and the
Guaranty, sufficient in number for distribution to the Administrative Agent, each of the Lenders and the Borrower; 
  
 (ii) a Note executed by the Borrower in favor of each Lender requesting a Note; 
  
 (iii) such certificates of resolutions or other action,
incumbency certificates and/or other certificates of Authorized Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Authorized Officer thereof authorized to act as an
Authorized Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party; 
  

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 (iv) the Organization Documents of each Loan Party and such other documents and
certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; 
  
 (v) favorable opinions of David R. Frick, general counsel of
the Loan Parties, and White & Case LLP, special counsel to the Loan Parties, as to the matters set forth in Exhibit E and such other matters concerning the Loan Parties and the Loan Documents as the Required Lenders may reasonably
request; 
  
 (vi) a certificate signed by an
Authorized Officer of the Borrower, dated the date of this Agreement, certifying (A) that on such date (after giving effect to the applicability of Articles VI and VII) no Default or Event of Default has occurred and is continuing, (B)
each of the representations and warranties set forth in Article V is true and correct in all material respects as of such date, (C) the current Debt Ratings, which shall be not less than BBB- by S&P and Baa3 by Moody’s, and (D) that
(a) all information (other than financial projections as referred to below) that has been made available to the Administrative Agent, the Arrangers or the Lenders by or on behalf of the Borrower or any of its representatives in connection with the
negotiation of this Agreement and the commitments therefor is complete and correct in all material respects on such date, except to the extent that such information specifically refers to an earlier date, in which case it shall be complete and
correct in all material respects as of such earlier date, and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not misleading and (b) all financial
projections concerning the Borrower and its Subsidiaries or WellPoint and its Subsidiaries that have been made available to the Administrative Agent, the Arrangers or the Lenders by or on behalf of the Borrower or any of its representatives in
connection with the negotiation of this Agreement and the commitments therefor have been prepared in good faith based upon reasonable assumptions (all such information and financial projections made available to the Administrative Agent or to the
Arrangers prior to October 17, 2003, the “Pre-Commitment Information”); 
  
 (vii) evidence that, after giving pro forma effect to the Merger (including the termination of the Existing Credit Agreements and the
WellPoint Credit Agreements) (a) the Total Debt to Capital Ratio is not more than 40% and (b) Liquidity is not less than $500,000,000; and 
  
 (viii) such other documents as the Administrative Agent, any Lender or their counsel may have reasonably requested. 
  
 (b) The payment by the Borrower of all accrued and unpaid fees, costs and
expenses to the extent due and payable on or prior to the execution of this Agreement, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 

 

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 (c) The anticipated final terms and conditions of each aspect of the Merger, including, without
limitation, all tax aspects thereof, shall be (i) materially consistent with the description thereof received in writing as part of the Pre-Commitment Information or (ii) otherwise reasonably satisfactory to the Required Lenders. 
  
 (d) The Administrative Agent shall have received satisfactory evidence that,
except for the filing of the certificate of merger with respect to the Merger and the conditions set forth in Section 6.2 and 6.3 of the Merger Agreement that are to be satisfied on or immediately prior to the Merger Effective Date and the making of
the Loans, all conditions (including the receipt of all necessary governmental approvals) for the effectiveness of the Merger have been satisfied. 
  
 (e) The Lenders shall be reasonably satisfied with (i) the amount, tenor, ranking and other terms and conditions of all debt financings that will comprise
part of the Merger transaction and (ii) the amount, terms, conditions and holders of all Debt and other material liabilities owing to third parties to be outstanding on and after the Closing Date. 
  
 Without limiting the generality of the provisions of Section 9.04, for
purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other
matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

  
 ARTICLE V. 
 REPRESENTATIONS AND WARRANTIES 
  
 The Borrower represents and warrants to the Administrative Agent and the Lenders that: 
  
 5.01 Corporate Existence and Standing. Each Loan Party and each Material Subsidiary (i) is a corporation, limited
liability company or other entity duly organized and validly existing under the laws of the jurisdiction of its incorporation; (ii) has all requisite corporate power, and has all material governmental licenses, authorizations, consents and
approvals, necessary to own its assets and carry on its business as now being or as proposed to be conducted; and (iii) is duly qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such
qualification necessary except where the failure so to qualify could not reasonably be expected to have a Material Adverse Effect. 
  
 5.02 Authorization and Validity. Each Loan Party has all requisite corporate power and authority and legal right to execute and deliver each Loan
Document to which it is party and to perform its obligations thereunder. The execution and delivery by each Loan Party of each Loan Document to which it is party and the performance of its obligations hereunder have been duly authorized by proper
corporate proceedings and each Loan Document to which it is party constitutes the legal, valid and binding obligations of the respective Loan Party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditors’ rights generally which may be in effect and to general principles of equity. 
  

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 5.03 Compliance with Laws and Contracts. Each Loan Party is not, and no Subsidiary is, in default
under or in violation of any Laws (including the HMO Regulations and Insurance Regulations) or any order, writ, judgment, injunction, decree or award binding upon or applicable to such Loan Party or such Subsidiary, in each case the consequence of
which default or violation could reasonably be expected to have a Material Adverse Effect. None of the execution and delivery by either Loan Party of each Loan Document to which it is party, the application of the proceeds of the Loans, or
compliance with the provisions of each Loan Document to which it is party will, or at the relevant time did, (i) violate any Law (including HMO Regulations and Insurance Regulations and Regulations U and X of the FRB), order (including HMO
Regulations and Insurance Regulations), writ, judgment, injunction, decree or award binding on either Loan Party or any Subsidiary or either Loan Party’s or any Subsidiary’s Organization Documents or (ii) violate the provisions of or
require the approval or consent of any party to any indenture, instrument or agreement to which either Loan Party or any Subsidiary is a party or is subject, or by which it, or its property, is bound, or conflict with or constitute a default
thereunder, or result in the creation or imposition of any Lien (other than Permitted Liens) in, of or on the property of a Loan Party or any Subsidiary pursuant to the terms of any such indenture, instrument or agreement other than such violations
and failures to obtain that could not reasonably be expected to result in a Material Adverse Effect. 
  
 5.04 Governmental Consents. No order, consent, approval, qualification, license or authorization of, or filing, recording or registration with, or
exemption by, or other action in respect of, any Governmental Authority, including, without limitation, HMO Regulators and Insurance Regulators, or self-regulatory organization is or at the relevant time was necessary or required to authorize, or is
or at the relevant time was required in connection with, the execution, delivery, consummation or performance or the legality, validity, binding effect or enforceability of any of the Loan Documents (other than those which the failure to obtain
could not reasonably be expected to result in a Material Adverse Effect). 
  
 5.05 Financial Statements. The Borrower has furnished to the Lenders (a) the Audited Financial Statements and (b) the unaudited consolidated financial statements of the Borrower and its Subsidiaries for the
Fiscal Quarter ended September 30, 2004 (collectively the “Financial Statements”). Each of the Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as
otherwise expressly noted therein and (ii) fairly present the financial condition of the Borrower and its respective Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted therein and, in the case of such unaudited statements, except for absence of footnotes and normal year-end audit adjustments. The pro forma financial
statements contained in the Registration Statement have been properly applied to the historical amounts, comply in form with the applicable accounting requirements of the Securities Act, and fairly present the effects of the Merger. 
  
 5.06 Material Adverse Change. No material adverse change in the
business, property, financial condition or operations of the Borrower and its Subsidiaries taken as a whole, has occurred since the date of the Audited Financial Statements. 
  

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 5.07 Properties. (a) Each Loan Party and each Subsidiary has good title to, or valid leasehold
interests in, all its real and personal property material to its business, except for such defects in title that could not reasonably be expected to have a Material Adverse Effect. 
  
 (a) Each Loan Party and each Subsidiary owns, or is licensed to use, all trademarks, service marks, tradenames and other
intellectual property in connection with the names “Anthem”, “WellPoint”, “Blue Cross”, “Blue Shield” and “BCBS”, and the use thereof by the Loan Party or Subsidiary, as applicable, does not infringe
upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 5.08 Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator
or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting either Loan Party or any Subsidiary (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely
determined, could reasonably be expected, individually or in the aggregate (excluding from such aggregate any Disclosed Matters), to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement.

  
 (a) Except for the Disclosed Matters and except with respect
to any other matters that, individually or in the aggregate (excluding from such aggregate any Disclosed Matters), could not reasonably be expected to result in a Material Adverse Effect, neither Loan Party and no Subsidiary (A) has failed to comply
with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (B) has become subject to any Environmental Liability or (C) has received notice of any claim with respect
to any Environmental Liability. 
  
 5.09 Taxes. Each Loan
Party and each Subsidiary has filed or caused to be filed on a timely basis (taking into account any extensions granted by the applicable taxing authority) all United States federal and applicable material foreign, state and local Tax returns and
all other material Tax returns which are required to be filed and have paid or caused to be paid all Taxes due pursuant to said Tax returns or pursuant to any assessment received by such Loan Party or Subsidiary, except (a) such Taxes, if any, as
are being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP and (b) to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect.

  
 5.10 ERISA Compliance. Except as disclosed on
Schedule 5.10 or, in the case of clauses (i), (ii), (iv), (v) and (vi) of this Section 5.10, as would not result in a Material Adverse Effect, (i) neither Loan Party nor any other member of the Controlled Group is obligated to
contribute to any Multiemployer Plan or has incurred, or is reasonably expected to incur, any withdrawal liability to any Multiemployer Plan, (ii) each Plan complies in all material respects with all applicable requirements of Laws, (iii) neither
Loan Party nor any member of the Controlled Group has, with respect to any Plan, failed to make any contribution or pay any amount required under Section 412 of the Code or Section 302 of ERISA or the terms of such Plan that could result in a
material liability to the respective Loan Party, (iv) no Single Employer Plan has any material Unfunded Liability, (v) there are no pending or, to the knowledge of either 
  

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 Loan Party, threatened claims, actions, investigations or lawsuits against any Plan, any fiduciary thereof, or either
Loan Party or any member of the Controlled Group with respect to a Plan, (vi) neither Loan Party nor any member of the Controlled Group has engaged in any prohibited transaction (as defined in Section 4975 of the Code or Section 406 of ERISA) in
connection with any Plan which would subject such Person to any liability, (vii) within the last five years neither Loan Party nor any member of the Controlled Group has engaged in a transaction which resulted in a Single Employer Plan with an
Unfunded Liability being transferred out of the Controlled Group and (viii) no Termination Event has occurred or is reasonably expected to occur with respect to any Plan which is subject to Title IV of ERISA that could result in a material liability
to the Loan Parties. 
  
 5.11 Federal Reserve Regulations.
Neither Loan Party nor any Subsidiary is engaged, directly or indirectly, principally, or as one of its important activities, in the business of extending, or arranging for the extension of, credit for the purpose of purchasing or carrying Margin
Stock. No part of the proceeds of any Loan will be used in a manner which would violate, or result in a violation of, Regulation U or Regulation X of the FRB. Neither the making of any Loan hereunder nor the use of the proceeds thereof will violate
or be inconsistent with the provisions of Regulation U or Regulation X. Following the application of the proceeds of the Loans, less than 25% of the value (as determined by any reasonable method) of the assets of the Borrower and its Subsidiaries
which are subject to any limitation on sale, pledge, or other restriction hereunder, taken as a whole, will be represented by Margin Stock. 
  
 5.12 Investment Company. Neither Loan Party nor any Subsidiary is, or after giving effect to the making of the Loans will be, an “investment
company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
  
 5.13 Material Agreements. Other than as disclosed on Schedule 5.13, except to the extent imposed by applicable state Governmental
Authorities or except to the extent could not reasonably be expected to have a Material Adverse Effect, neither Loan Party nor any Subsidiary is a party to any agreement or instrument or subject to any charter or other internal corporate restriction
which restricts or imposes conditions upon the ability of any Subsidiary to (A) pay dividends or make other distributions on its capital stock, (B) make loans or advances to the Loan Parties, (C) repay loans or advances from the Loan Parties or (D)
grant Liens to the Administrative Agent to secure the Obligations. 
  
 5.14 Disclosure. None of the information, exhibits or reports furnished or to be furnished by the Loan Parties or any Subsidiary to the Administrative Agent or to any Lender in connection with the negotiation of this Agreement and
the commitments therefor (taken as a whole) contains any untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements contained herein or therein (taken as a whole) not
misleading in light of the circumstances in which the same were made (it being recognized by the Administrative Agent and the Lenders that any projections as to future events are not to be viewed as facts or factual information and that actual
results during the period or periods covered thereby may differ from the projected results and such differences may be material). 
  

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 5.15 Purpose of Loans. The proceeds of the Loans shall be used to finance any lawful general
corporate purpose, including acquisitions and working capital. 
  
 ARTICLE VI. 
 AFFIRMATIVE COVENANTS 
  
 From the earlier of the effectiveness of the New Credit Agreements and the Closing Date, and so long as any Lender shall
have any Commitment hereunder or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02 and 6.11) cause each
Subsidiary to: 
  
 6.01 Financial Reporting. Maintain, for
itself and each Subsidiary, a system of accounting established and administered in accordance with GAAP, consistently applied, and furnish to the Administrative Agent (for distribution to each Lender): 
  
 (a) As soon as practicable and in any event within 90 days after the close
of each Fiscal Year, the consolidated statements of income, retained earnings and cash flow of the Borrower and its Subsidiaries for such Fiscal Year, and the related consolidated balance sheet of the Borrower and its Subsidiaries as at the end of
such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the preceding Fiscal Year, accompanied by an opinion of Ernst & Young, PricewaterhouseCoopers LLP or such other certified public accountants of
recognized standing which are reasonably satisfactory to the Administrative Agent, which opinion shall not be limited as to scope or contain a “going concern” or like qualification or exception and shall state that such financial
statements fairly present the consolidated financial condition and results of operations, as the case may be, of the Borrower and its Subsidiaries in accordance with GAAP as at the end of, and for, such Fiscal Year. 
  
 (b) As soon as practicable and in any event within 60 days after the close of
each of the first three Fiscal Quarters of each Fiscal Year, the consolidated unaudited balance sheets of the Borrower and its Subsidiaries as at the close of each such period and related consolidated statements of income, retained earnings and cash
flow for the period from the beginning of such Fiscal Year to the end of such Fiscal Quarter, in each case setting forth in comparative form results of the corresponding period in the preceding Fiscal Year, all certified by a Financial Officer of
the Borrower as fairly presenting the consolidated financial condition and results of operations of the Borrower and its Subsidiaries for such period in accordance with GAAP (subject to normal year-end adjustments and the absence of footnotes).

  
 (c) Together with the financial statements required by
Sections 6.01(a) and (b), a compliance certificate signed by a Financial Officer of the Borrower showing the calculations necessary to determine compliance with Section 7.09 of this Agreement and stating that no Default has
occurred, or if a Default has occurred, stating the nature and status thereof and the details of any action taken or proposed to be taken with respect thereto. 
  

(d) As soon as possible and in any event within 10 days after an executive officer of the Borrower knows that any Termination Event that, when taken
together with all other Termination Events that have occurred, could result in a material liability to the Loan Parties has occurred, a statement, signed by a Financial Officer of the Borrower, describing such Termination Event and the action which
the Borrower proposes to take with respect thereto. 
  

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 (e) Promptly upon the filing thereof, copies of all filings and annual, quarterly, monthly or other
regular reports which the Borrower or any Subsidiary files with (i) the Securities and Exchange Commission or (ii) to the extent that it contains information indicating that an event or circumstance constituting or resulting in a Material Adverse
Effect has occurred, the NAIC or any insurance commission or department or analogous Governmental Authority (including, without limitation, any filing made by the Borrower or any Subsidiary pursuant to any insurance holding company act or related
rules or regulations). 
  
 (f) Such other information regarding
the operations, business affairs and financial condition of a Loan Party or Subsidiary or compliance with this Agreement as the Administrative Agent or any Lender may from time to time reasonably request. 
  
 Information required to be delivered pursuant to Sections 6.01(a) and
(b) and Section 6.01(e)(i) and shall be deemed to have been delivered on the date on which the Borrower provides written notice to the Lenders that such information has been posted on the Borrower’s website on the Internet at
http://www.anthem.com (or any successor page including, without limitation, http://www.wellpoint.com) or at http://www.sec.gov; provided that such notice may be included in the certificates delivered pursuant to
Section 6.01(d); provided further that the Borrower shall deliver paper copies of the information referred to in Section 6.01(d) and that, if any Lender requests delivery thereof, the Borrower shall deliver to such Lender
paper copies of the information referred to in Sections 6.01(a) and (b) and Section 6.01(e)(i) within five Business Days after delivery is otherwise required hereunder. 
  
 The Borrower hereby acknowledges that (a) the Administrative Agent and/or the
Arrangers will make available to the Lenders materials or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic
system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public
Lender”). The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers and the Lenders to treat such Borrower Materials as
either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States federal and state securities laws; (y) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.” 
  

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 6.02 Notices. Notify the Administrative Agent and each Lender promptly, but in any event not later
than five Business Days after an executive officer of the Borrower obtains knowledge thereof, of the following: 
  
 (a) The occurrence of any Default if such Default is continuing. 
  

(b) The occurrence of any other development, financial or otherwise, relating specifically to the Borrower or any Subsidiaries (and not of a general
economic or political nature) which could reasonably be expected to have a Material Adverse Effect. 
  
 (c) The receipt of any notice from any Governmental Authority (including, without limitation, HMO Regulators and Insurance Regulators) (i) of the
expiration without renewal, revocation or suspension of, or the institution of any proceedings to revoke or suspend, any License now or hereafter held by the Borrower or any Insurance Subsidiary which is required to conduct insurance business in
compliance with all applicable laws and regulations and the expiration, revocation or suspension of which could reasonably be expected to have a Material Adverse Effect or (ii) of the institution of any disciplinary proceedings against or in respect
of the Borrower or any Insurance Subsidiary, or the issuance of any order, the taking of any action or any request for an extraordinary audit for cause by any Governmental Authority (including, without limitation, HMO Regulators and Insurance
Regulators) which, if adversely determined, could reasonably be expected to have a Material Adverse Effect. 
  
 (d) Any judicial or administrative order limiting or controlling the business of the Borrower or any of its Subsidiaries (and not the industry in which
the Borrower or such Subsidiary is engaged generally) which has been issued or adopted which could reasonably be expected to have a Material Adverse Effect. 
  
 (e) The commencement of any litigation which could reasonably be expected to result in a Material Adverse Effect. 
  
 6.03 Use of Proceeds. Use the proceeds of the Loans for the purposes
described in Section 5.15. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of Regulation U or Regulation X of the Regulations of the FRB. 
  
 6.04 Conduct of Business. (a) Do all things necessary to remain duly
incorporated, validly existing and in good standing in its jurisdiction of incorporation and its jurisdiction of domicile and maintain all requisite authority to conduct its business in each other jurisdiction in which such qualification is
required, except where the failure to maintain such qualification could not reasonably be expected to have a Material Adverse Effect, and (b) do all things necessary to renew, extend and continue in effect all Licenses which may at any time and from
time to time be necessary for the Borrower or any Insurance Subsidiary to conduct business in compliance with all applicable Laws and/or required under the HMO Regulations or the Insurance Regulations in connection with the ownership or operation of
HMOs or insurance companies, except where failure to do so could not reasonably be expected to have a Material Adverse Effect. 
  

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 6.05 Taxes. Timely file United States federal and applicable material foreign, state and local Tax
returns required by applicable law and pay when due (taking into account any applicable extensions) all Taxes, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set
aside in accordance with GAAP. 
  
 6.06 Insurance. Maintain
with financially sound and reputable insurance companies insurance in such amounts and covering such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations or maintain a
system or systems of self-insurance or assumption of risk which accords with the practices of similar businesses. 
  
 6.07 Compliance with Laws. Comply in all material respects with the requirements of all Laws (including, without limitation, the HMO Regulations
and Insurance Regulations pertaining to fiscal soundness, solvency or financial condition) and all orders, writs, injunctions and decrees applicable to which it may be subject, the failure to comply with which could reasonably be expected to have a
Material Adverse Effect. 
  
 6.08 Maintenance of
Properties. Do all things necessary to maintain, preserve, protect and keep its property in good repair, working order and condition (ordinary wear and tear and sales and other dispositions permitted under this Agreement excepted), and make all
necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted at all times other than those things which the failure to do could not reasonably be expected to have a
Material Adverse Effect. 
  
 6.09 Inspection. Permit the
Administrative Agent and each Lender, by its respective representatives and agents and subject to such confidentiality restrictions as the Borrower may reasonably impose, to inspect any of the property, corporate books and financial records of the
Loan Parties or any Material Subsidiary, to examine and make extracts of the books of accounts and other financial records of the Loan Parties or any Material Subsidiary, and to discuss the affairs, finances and accounts of the Loan Parties and each
Subsidiary with, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Administrative Agent or such Lender may designate upon reasonable notice. The Borrower will keep or cause to be kept
appropriate records and books of account reflecting its and their business and financial transactions, such entries to be made in accordance with GAAP or SAP, as applicable, consistently applied. 
  
 6.10 Payment of Material Obligations. Pay its obligations (other than
under agreements and other instruments evidencing Debt, except where failure to pay such Debt would constitute an Event of Default under Section 8.01(e)), including Tax liabilities, that if not paid, could reasonably be expected to result in
a Material Adverse Effect before the same shall become delinquent or in default, except where the validity or amount thereof is being contested in good faith by appropriate proceedings and the Borrower or such Subsidiary has set aside on its books
adequate reserves with respect thereto in accordance with GAAP. 
  

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 6.11 Actions Prior to and Following the Merger. 
  
 (a) Prior to the Merger Effective Date: 
  
 (i) Issue commercial paper only that matures on the Business
Day after issuance; and 
  
 (ii) Deposit or cause
to be deposited in an account maintained with the Administrative Agent or with Fleet Bank, N.A. in trust for the stockholders of WellPoint pursuant to the Merger Agreement all the proceeds of outstanding commercial paper issued by the Borrower and
of Loans hereunder and shall use such proceeds only to fund in part the Merger, to repay purchasers of such commercial paper or to repay such Loans. 
  
 (b) Upon the Merger Effective Date, take all necessary actions so that both the Existing Credit Agreements and all credit facilities of WellPoint
(including the WellPoint Credit Agreements but excluding the WellPoint Notes) have been, or concurrently with the Merger Effective Date shall be, terminated and pay all obligations then due thereunder, and provide evidence of such termination and
payment to the Administrative Agent. 
  
 ARTICLE VII.

 NEGATIVE COVENANTS 
  
 From the earlier of the effectiveness of the New Credit Agreements and the Closing Date, and so long as any Lender shall have any Commitment hereunder or
any Loan or other Obligation hereunder shall remain unpaid or unsatisfied: 
  
 7.01 Liens. The Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly, create, assume, incur, or permit to exist or to be created, assumed, incurred or permitted to exist, directly
or indirectly, any Lien on any of its property, whether now owned or hereafter acquired, except for Permitted Liens. 
  
 7.02 Fundamental Changes. The Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly, liquidate or dissolve itself (or
suffer any liquidation or dissolution) or otherwise wind up, merge or consolidate with any other corporation, or sell, lease or otherwise dispose of all or substantially all of its assets, except that, so long as no Default then exists or would
result therefrom: 
  
 (a) Subsidiaries which are not Material
Subsidiaries may be liquidated or dissolved and their affairs wound up; 
  
 (b) a Loan Party or Subsidiary may merge, consolidate or amalgamate with any other Person; provided, that the Borrower or Subsidiary, as the case may be, is the surviving, continuing or resulting Person in such merger, consolidation
or amalgamation and, in the case of a Subsidiary, continues to be a Subsidiary; 
  
 (c) any Subsidiary may merge into the Borrower or another Subsidiary; 
  
 (d) any Subsidiary may sell, lease or otherwise dispose of any of its assets (whether now owned or hereafter acquired and including shares of capital
stock, receivables and leasehold interests) to the Borrower or to another Subsidiary; 
  

 43 

 (e) any Subsidiary (other than the Guarantor) may liquidate or dissolve or the Borrower or any Subsidiary
may sell, transfer, lease or otherwise dispose of the assets or stock of any Subsidiary (other than the Guarantor) if, in each case, the Borrower determines in good faith that such liquidation, dissolution or disposition is in the best interests of
the Borrower, and 
  
 (f) the Borrower and its Subsidiaries may
sell immaterial businesses, including Subsidiaries (other than the Guarantor). 
  
 7.03 Investments and Purchases. The Borrower shall not, and shall not permit any Insurance Subsidiary to, make or suffer to exist any Investments (including, without limitation, loans and advances to, and other
Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner in any partnership or joint venture, or to make any Purchases, except for (i) in the case of any Insurance Subsidiary, Investments
and Purchases approved by applicable insurance departments or commissioners, or as otherwise permitted by, or not prohibited by, applicable insurance laws; and (ii) Permitted Investments. 
  
 7.04 Transactions With Affiliates. The Borrower shall not, nor shall it permit any Subsidiary to, directly or
indirectly, sell or transfer any assets to, or purchase or acquire any assets of, or otherwise engage in any transaction with, any of its respective Affiliates, except in the ordinary course of business and upon fair and reasonable terms no less
favorable than the Borrower or Subsidiary could obtain or could be entitled to in an arm’s-length transaction with a Person which is not an Affiliate. 
  
 7.05 Subsidiary Debt. The Borrower shall not permit the aggregate principal amount of Debt of the Subsidiaries (excluding (i) Debt outstanding on
the Closing Date and listed on Schedule 7.05 (and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof), (ii) the Debt of the Guarantor in respect of the WellPoint Notes, which the
Guarantor became obligated for pursuant to the Merger, (iii) any Debt of a Subsidiary owed to a Loan Party or another Subsidiary, (iv) Contingent Obligations of any Subsidiary where the “other Person” referred to in the definition of
“Contingent Obligations” is a Subsidiary, but including, without duplication, any guarantee (or obligations having the economic effect of a guarantee) by a Subsidiary of Debt of the Borrower; (v) Hedging Agreements of any Subsidiary in the
ordinary course of business; or (vi) repurchase agreements, reverse repurchase agreements or similar arrangements entered into by any Subsidiary in the ordinary course of business) at any time to exceed $200,000,000. 
  
 7.06 Change in Corporate Structure; Fiscal Year; Nature of Business.
The Borrower shall not, nor shall it permit any Material Subsidiary to, directly or indirectly: 
  
 (a) Substantively alter the general character of its business from that conducted by such Person as of the Closing Date; 
  
 (b) Permit any amendment or modification to be made to its Organization
Documents which is materially adverse to the interests of the Lenders; or 
  
 (c) Change its Fiscal Year to end on any date other than December 31 of each year. 
  

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 7.07 Inconsistent Agreements. The Borrower shall not, nor shall it permit any Subsidiary to,
directly or indirectly, enter into any material indenture, agreement, instrument or other arrangement which, (a) directly or indirectly prohibits or restrains, or has the effect of prohibiting or restraining, or imposes materially adverse conditions
upon, the Transactions or the Obligations, the amending of this Agreement or the ability of any Material Subsidiary to (i) pay dividends or make other distributions on its capital stock, (ii) make loans or advances to a Loan Party or (iii) repay
loans or advances from a Loan Party (other than as required by applicable state Governmental Authorities), or (b) contains any provision which would be violated or breached by the making of Loans or by the performance by either Loan Party of any of
the Obligations or the Transactions; provided that the foregoing shall not apply to (i) restrictions and conditions imposed by law, rule, regulation or regulatory administrative agreement or determination or by this Agreement, (ii) customary
restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted under this Agreement or
(iii) any agreement or other instrument of a Person acquired by the Borrower or any Subsidiary at the time of such acquisition, which restriction is not applicable to any Person, or the assets of any Person, other than the Person so acquired or the
assets of the Person so acquired and was not entered into in contemplation of such acquisition. 
  
 7.08 ERISA Compliance. With respect to each Plan, neither Loan Party nor any member of the Controlled Group shall do the following except as would
not, individually or in the aggregate, have a Material Adverse Effect: 
  
 (a) engage in any “prohibited transaction” (as such term is defined in Section 406 of ERISA or Section 4975 of the Code) for which a civil penalty pursuant to Section 502(i) of ERISA or a tax pursuant to Section 4975 of the Code
for such Plan and all other Plans in the aggregate could be imposed; 
  
 (b) incur any “accumulated funding deficiency” (as such term is defined in Section 302 of ERISA) for such Plan and all other Plans in the aggregate, whether or not waived, or (ii) permit any Unfunded Liability for such Plan and
all other Plans in the aggregate; 
  
 (c) permit the occurrence of
any Termination Event which could result in a liability for such Plan and all other Plans in the aggregate; 
  
 (d) be an “employer” (as such term is defined in Section 3(5) of ERISA) required to contribute to such Plan if it is a Multiemployer Plan or a
“substantial employer” (as such term is defined in Section 4001(a)(2) of ERISA) required to contribute to such Plan if it is a Single Employer Plan; or 
  
 (e) permit the establishment or amendment of such Plan or fail to comply with the applicable provisions of ERISA and the
Code with respect to such Plan which could result in liability to either Loan Party or any member of the Controlled Group. 
  

 45 

 7.09 Merger Agreement; Existing Credit Agreements. The Borrower shall not: 
  
 (a) Alter, amend or otherwise change or supplement, or waive any condition
of, the Merger Agreement or any other agreement, instrument or document relating to the Merger in any respect that is material to the repayment of the Loans; or 
  

(b) Make any additional borrowings under either of the Existing Credit Agreements. 
  
 7.10 Financial Covenants. The Borrower shall: 
  
 (a) Minimum Net Worth. Maintain a minimum Net Worth as of the last day of each Fiscal Quarter after the date hereof
of an amount at least equal to the sum of (i) 75% of the Net Worth of the Borrower as shown in the Closing Date statement contemplated in Section 4.01(a)(vii), plus (ii) 50% of positive Net Income, if any, of the Borrower for each
Fiscal Quarter ending on and after the December 31, 2004 Fiscal Quarter to and including such Fiscal Quarter. 
  
 (b) Total Debt to Capital Ratio. Maintain a Total Debt to Capital Ratio as of the last day of each Fiscal Quarter after the date hereof of not more
than 40%. 
  
 ARTICLE VIII. 
 EVENTS OF DEFAULT AND REMEDIES 
  
 8.01 Events of Default. Any of the following shall constitute an Event of Default: 
  
 (a) Non-Payment. (i) The Borrower shall fail to pay any principal of any Loan when and as the same shall become due
and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; or (ii) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (i))
payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five days; or 
  
 (b) Representations and Warranties. Any representation or warranty made or deemed made by or on behalf of the Borrower to the Lenders or the
Administrative Agent under or in connection with this Agreement or the Transactions, or any certificate or information delivered in connection with this Agreement or the Transactions, shall be false in any material respect on the date as of which
made, deemed made, or delivered; or 
  
 (c) Specific
Covenants. The breach by the Borrower or any Subsidiary of any of the terms or provisions of Section 6.02(a), 6.03 or 6.11 or Section 7.01 (to the extent that a Lien was created, assumed, incurred or permitted to
exist in violation thereof with the knowledge or approval of a Financial Officer) or Section 7.02 through 7.10, or by any member of the Controlled Group of Section 7.08; or 
  
 (d) Other Defaults. The breach by the Borrower (other than breaches
specified in Section 8.01(a), (b) or (c)) of any of the terms or provisions of this Agreement which is not remedied within 30 days after the earlier of (i) the date by which notice of such breach would be required to be given by
the Borrower under this Agreement and (ii) written notice from the Administrative Agent or any Lender to the Borrower; or 
  

 46 

 (e) Cross-Default. The failure by the Borrower or any Subsidiary to make any payment of principal
or interest under any agreement or agreements under which any Debt aggregating in excess of the Threshold Amount was created or is governed when due and payable (beyond any applicable grace period), or the occurrence of any other event or existence
of any other condition, the effect of any of which is to cause, or to permit the holder or holders of such Debt to cause, such Debt to become due prior to its stated maturity; or any such Debt of the Borrower or any Subsidiary shall be declared to
be due and payable or required to be prepaid (other than by regularly scheduled payment) prior to the stated maturity thereof; provided, that this Section 8.01(e) shall not apply to secured Debt that becomes due as a result of the
voluntary sale or transfer of the property or assets securing such Debt where such Debt is paid when due; or 
  
 (f) Insolvency Proceedings, Etc. The Borrower or any of its Material Subsidiaries shall (i) have an order for relief entered with respect to it
under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or
similar official for it or its property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it as bankrupt or insolvent, or seeking dissolution, winding
up, liquidation, reorganization, rehabilitation, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying
the material allegations of any such proceeding filed against it, (v) take any corporate action to authorize or effect any of the foregoing actions set forth in this Section 8.01(f) or (vi) become unable to pay, not pay, or admit in writing
its inability to pay, its debts generally as they become due; or 
  
 (g) Proceedings. (i) Without the application, approval or consent of the Borrower or any of its Material Subsidiaries, a receiver, trustee, examiner, liquidator, conservator or similar official shall be appointed for the Borrower or
any of its Material Subsidiaries or its property, or a proceeding described in Section 8.01(f)(iv) shall be instituted against the Borrower or any of its Material Subsidiaries and such appointment continues undischarged or such proceeding
continues undismissed or unstayed for a period of 60 consecutive days; or 
  
 (h) Judgments. There is entered against the Borrower or any of its Material Subsidiaries (i) a final judgment or order for the payment of money in excess of the Threshold Amount (or multiple judgments or orders
for the payment of an aggregate amount in excess of the Threshold Amount) which has not been paid, bonded or otherwise discharged within 60 days after such judgment becomes final, or (ii) any non-monetary final judgment that has, or could reasonably
be expected to have, a Material Adverse Effect which has not been bonded or discharged within 60 days after such judgment becomes final and, in either case, such judgment or order has not been stayed on appeal or is not otherwise being appropriately
contested in good faith; provided, however, that any such judgment or order shall not give rise to an Event of Default under this Section 8.01(h) if and for so long as (x) the Borrower or such Material Subsidiary has set aside
on its books adequate reserves with respect thereto in accordance with GAAP or (y) (A) the amount of such judgment or order which remains unsatisfied is covered by a valid and binding policy of insurance between the defendant and the insurer
covering full payment thereof and (B) such insurer has been notified, and has not disputed the claim made for payment, of the amount of such judgment or order; or 
  

 47 

 (i) Change of Control. There occurs any Change of Control. 
  
 8.02 Remedies Upon Event of Default. If any Event of Default occurs
and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
  
 (a) declare the commitment of each Lender to make its Loan to be terminated, whereupon such commitments and obligation shall
be terminated; 
  
 (b) declare the unpaid principal amount of all
outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of
which are hereby expressly waived by the Borrower; and 
  
 (c)
exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents; 
  
 provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of
the United States, the obligation of each Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable without
further act of the Administrative Agent or any Lender. 
  
 8.03
Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable as set forth in the proviso to Section 8.02), any amounts received on
account of the Obligations shall be applied by the Administrative Agent in the following order: 
  
 First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and
disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 
  

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest)
payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to
them; 
  
 Third, to payment of that portion of the
Obligations constituting accrued and unpaid interest on the Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable to them; 
  

 48 

 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans,
ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by them; and 
  
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

  
 ARTICLE IX. 
 ADMINISTRATIVE AGENT 
  
 9.01 Appointment and Authority. Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent
hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. The provisions of this Article IX are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any other Loan Party shall have rights as a third
party beneficiary of any of such provisions. 
  
 9.02 Rights as
a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its
Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were
not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 
  
 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the
other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
  
 (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
  
 (b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may
expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and 
  
 (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to
disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
  

 49 

 The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent
or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections
10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the
Administrative Agent by the Borrower or a Lender. 
  
 The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article
IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  
 9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or
otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender
unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and
other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  
 9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties. The exculpatory provisions of this Article IX shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
  

 50 

 9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of
its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United
States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent
gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify
the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent
shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for in this Section 9.06. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties
and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided in this Section 9.06). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article IX and Section 10.04
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was
acting as Administrative Agent. 
  
 9.07 Non-Reliance on
Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related
Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder. 
  
 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of Arrangers, the Syndication Agent or the Co-Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities
under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder. 
  

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 ARTICLE X. 
 MISCELLANEOUS 
  
 10.01
Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required
Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
provided, however, that no such amendment, waiver or consent shall: 
  
 (a) waive any condition set forth in Section 4.01 without the written consent of each Lender; 
  
 (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent
of such Lender; 
  
 (c) postpone any date fixed by this Agreement
or any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

 
 (d) reduce the principal of, or the rate of interest specified herein on,
any Loan, or (subject to clause (iii) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, or change the specific Debt Ratings in any Pricing Level in the definition of
Applicable Rate that would result in a reduction of any interest rate on any Loan or any fee payable hereunder without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the
Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate; 
  
 (e) change Section 2.11 or Section 8.03 in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender; 
  
 (f) change
any provision of this Section 10.01 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of each Lender; or 
  
 (g) release the Guarantor from the Guaranty without the written consent of each Lender; 
  
 and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders
required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (ii) Section 10.06(h) may not be amended, waived or otherwise modified without the consent of each Granting Lender
all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification; and (iii) the Fee Letters may be amended, or rights or 
  

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 privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender. 
  
 10.02 Notices; Effectiveness; Electronic Communication. 
  
 (a) Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in Section 10.02(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

  
 (i) if to the Borrower or the Administrative
Agent, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 
  
 (ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its
Administrative Questionnaire. 
  
 Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient,
shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in Section 10.02(b), shall be effective as provided in
Section 10.02(b). 
  
 (b) Electronic Communications.
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications. 
  
 Unless the
Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be
deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient
at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 
  

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 (c) Change of Address, Etc. Each of the Borrower and the Administrative Agent may change its
address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by
notice to the Borrower, the Administrative Agent. 
  
 (d)
Reliance by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such
notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The
Borrower shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of
the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 
  
 10.03 No Waiver; Cumulative Remedies. No failure by any Lender or the
Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by law. 
  
 10.04 Expenses; Indemnity;
Damage Waiver. 
  
 (a) Costs and Expenses. The
Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the
syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any
counsel for the Administrative Agent or any Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section 10.04, or (B) in
connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 
  
 (b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent
thereof) and each Lender, and each Related Party of 
  

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 any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any
third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the
performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or
alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual
or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of
whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad
faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.

  
 (c) Reimbursement by Lenders. To the extent that the
Borrower for any reason fails to indefeasibly pay any amount required under Section 10.04(a) or (b) to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender
severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment
is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such
sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this Section 10.04(c)
are subject to the provisions of Section 2.09(d). 
  
 (d)
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or
thereby, any Loan or the use of the proceeds thereof. No Indemnitee referred to in Section 10.04(b) shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 
  

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 (e) Payments. All amounts due under this Section 10.04 shall be payable not later than ten
Business Days after demand therefor. 
  
 (f) Survival. The
agreements in this Section 10.04 shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

  
 10.05 Payments Set Aside. To the extent that any
payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such
payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative
Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause (b) of the preceding sentence
shall survive the payment in full of the Obligations and the termination of this Agreement. 
  
 10.06 Successors and Assigns. 
  
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the
Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an Eligible Assignee in accordance with Section 10.06(b), (ii) by way of participation in accordance with Section 10.06(d), (iii) by way of pledge or assignment of a security interest
subject to the restrictions of Section 10.06(f), or (iv) to an SPC in accordance with Section 10.06(h) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.06(d) and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that 
  
 (i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time
owing to it or in the case of an 
  

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 assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment,
determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less
than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); 
  
 (ii) each partial assignment shall be made as an assignment
of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned; 
  
 (iii) any assignment of a Commitment must be approved by the Administrative Agent, unless the Person that is the proposed assignee is
itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee), provided, that, in the case of any assignment of a Commitment to an Affiliate of a Lender, the approval of the Administrative Agent shall
not be unreasonably withheld; and 
  
 (iv) the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire. 
  
 Subject to acceptance
and recording thereof by the Administrative Agent pursuant to Section 10.06(b), from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the
extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall
continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense)
shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.06(b) shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with Section 10.06(d). 
  
 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to
the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each 
  

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 Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by each of the Borrower at any reasonable time and from time to time upon reasonable prior notice. In addition, at any time that a request for a
consent for a material or substantive change to the Loan Documents is pending, any Lender wishing to consult with other Lenders in connection therewith may request and receive from the Administrative Agent a copy of the Register. An assignee that is
a Foreign Lender shall satisfy the requirements of Section 3.01(e). 
  
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or
any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans
owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 
  
 Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide
that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. Subject to Section 10.06(e), the
Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.06(b).
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.10 as though it were a Lender.

  
 (e) Limitations upon Participant Rights. A Participant
shall not be entitled to receive any greater payment under Section 3.01, 3.04 or 3.05 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of
the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is
notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender. 
  
 (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
  

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 (g) Electronic Execution of Assignments. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
  
 (h) Special Purpose Funding Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”)
may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of any Loan that
such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such option or
otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under Section
2.09(b)(ii). Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this
Agreement (including its obligations under Section 3.04), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all
purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting
Lender to the same extent, and as if, such Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one
year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement,
insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the
Administrative Agent, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating
agency, commercial paper dealer or provider of any surety or guarantee or credit or liquidity enhancement to such SPC. 
  
 (i) Dissenting Lender. In the event that the Borrower shall request that the Lenders enter into any amendment, modification, consent or waiver with
respect to this Agreement or any other Loan Document, and any Lender elects not to enter into such amendment, modification, consent or waiver (each such Lender being a “Dissenting Lender”), then the Borrower shall have the right upon 10
days’ written notice to the Administrative Agent and such Dissenting Lender, to require each such Dissenting Lender to assign 100% of the rights and obligations of the Dissenting Lender at par to any Lender or any other financial institution
which satisfies the requirements of Section 10.06 and has been consented to by the Administrative Agent (which 
  

 59 

 consent shall not be unreasonably withheld or delayed). Each such assignment shall be made pursuant to an Assignment and
Assumption and shall comply with the other terms of this Section 10.06. The Borrower shall pay to such Dissenting Lender, concurrently with the effectiveness of such assignment, any amounts payable under Section 3.05 of this Agreement
that would have been payable, in respect of any assignment of Eurodollar Loans, if the Borrower had voluntarily prepaid the respective Loans. The Dissenting Lender shall not be required to pay any fee relating to such assignment. 
  
 10.07 Treatment of Certain Information; Confidentiality. Each of the
Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors,
officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the NAIC), (c) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 10.07, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent
such Information (x) becomes publicly available other than as a result of a breach of this Section 10.07 or (y) becomes available to the Administrative Agent, any Lender, or any of their respective Affiliates on a nonconfidential basis from a
source other than the Borrower. 
  
 For purposes of this
Section 10.07, “Information” means all information or materials received from, or provided by, or on behalf of, the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses,
other than any such information or materials that are available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary. Any Person required to maintain the
confidentiality of Information as provided in this Section 10.07 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as a
reasonable Person would accord to its own confidential information. 
  
 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining
the prior written consent of the Administrative Agent, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and
other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now
or hereafter existing under this Agreement 
  

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 or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under
this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or
obligated on such indebtedness. The rights of each Lender and their respective Affiliates under this Section 10.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates
may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

  
 10.09 Interest Rate Limitation. Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In
determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as
an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of
the Obligations hereunder. 
  
 10.10 Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
This Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties
hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 10.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other
Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default
at the time of the making of the Loans, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 
  
 10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the 
  

 61 

 remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the
parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 10.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under
this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 
  
 (a) the Borrower shall have paid to the Administrative Agent the assignment
fee specified in Section 10.06(b); 
  
 (b) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section
3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 
  
 (c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to
Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 
  
 (d) such assignment does not conflict with applicable Laws. 
  
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
  
 10.14 Governing Law; Jurisdiction; Etc. 
  
 (a) Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 
  
 (b) Submission to Jurisdiction. The Borrower and each other Loan Party irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the Courts of the State of New York sitting in the County of New York and of the United States District Court of the Southern District of New York, and any appellate Court from any
thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding 
  

 62 

 may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such
Federal Court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Agreement or in any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or any other
Loan Party or its properties in the Courts of any jurisdiction. 
  
 (c) Waiver of Venue. The Borrower and each other Loan Party irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any
action or proceeding arising out of or relating to this Agreement or any other Loan Document in any Court referred to in paragraph (b) of this Section 10.14. Each of the parties hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 (d) Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.02.
Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 
  
 10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  
 10.16 USA PATRIOT Act Notice. Each Lender that is subject to the Act
(as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify the Borrower in accordance with the Act. 
  
 10.17 Time of the Essence. Time is of the essence of the Loan Documents. 
  

 63 

 10.18 Entire Agreement. This Agreement and the other Loan Documents represent the final agreement
among the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements among the parties. 
  

 64 

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

					
	THE BORROWER
	 	 	ANTHEM, INC.
			
	 	 	By	 	                 /s/ Michael L. Smith

	 	 	Title:	 	Chief Financial and Accounting Officer
	
	THE ADMINISTRATIVE AGENT
	 	 	BANK OF AMERICA, N.A.
			
	 	 	By	 	                 /s/ Kevin L. Ahart

	 	 	Title:	 	Assistant Vice President
	
	THE INITIAL LENDERS
	 	 	BANC OF AMERICA BRIDGE LLC, as Lender
			
	 	 	By	 	                 /s/ James W. Ford

	 	 	Title:	 	Managing Director
		
	 	 	JPMORGAN CHASE BANK, as Lender
			
	 	 	By	 	                 /s/ Gary L. Spevack

	 	 	Title:	 	Vice President
		
	 	 	UBS LOAN FINANCE LLC, as Lender
			
	 	 	By	 	                 /s/ Patricia O’Kicki

	 	 	Title:	 	Director
			
	 	 	By	 	 /s/ Wilfred Saint

	 	 	Title:	 	Director

  
 [Signature Pages
to Bridge Loan Agreement] 
  

 65 

			
	GOLDMAN SACHS CREDIT PARTNERS L.P., as Lender
		
	By	 	                 /s/ David A. Dodge

	Title:	 	Managing Director
	
	SUNTRUST BANK, as Lender
		
	By	 	                 /s/ W. Brooks Hubbard

	Title:	 	Director
	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Lender
		
	By	 	                 /s/ Kimberly Shaffer

	Title:	 	Director
	
	CITICORP NORTH AMERICA, INC., as Lender
		
	By	 	                 /s/ William W. Archer

	Title:	 	Managing Director
	
	THE BANK OF TOKYO-MITSHBISHI, LTD. NEW YORK BRANCH, as Lender
		
	By	 	                 /s/ J. Terrence Dennehy

	Title:	 	Authorized Signatory

  
 [Signature Pages
to Bridge Loan Agreement] 
  

 66 

			
	THE BANK OF NEW YORK, as Lender
		
	By	 	                 /s/
Patrick Vatel

	Title:	 	Vice President
	
	CREDIT SUISSE FIRST BOSTON, acting through its Cayman Island Branch, as Lender
		
	By	 	                 /s/ Paul Colon

	Title:	 	Director
		
	By	 	                 /s/ Vanessa Gomez

	Title:	 	Associate
	
	DEUTSCHE BANK AG NEW YORK BRANCH, as Lender
		
	By	 	                 /s/ Ruth Leung

	Title:	 	Director
		
	By	 	                 /s/ Clinton Johnson

	Title:	 	Managing Director

  
 [Signature Pages
to Bridge Loan Agreement] 
  

 67Indenture between Flextronics International Ltd. and J.P.Morgan Trust Company

 Exhibit 4.1 
  

FLEXTRONICS INTERNATIONAL LTD. 
  
  
 $500,000,000 
  
 6 1/4% SENIOR SUBORDINATED NOTES DUE 2014 
  
 INDENTURE 
  
  
  
 Dated as of November 17, 2004 
  
  
 J.P. Morgan Trust Company, National Association, 
  
 as Trustee 

 CROSS-REFERENCE TABLE* 
  

					
	   TIA
 Section

	  	 Indenture
 Section

	 310  
	 	 (a)(1)
	  	7.10
	 	 	 (a)(2)
	  	7.10
	 	 	(a)(3)	  	N.A.
	 	 	 (a)(4)
	  	N.A
	 	 	 (a)(5)
	  	7.08; 7.10
	 	 	 (b)
	  	7.08; 7.10; 12.02
	 	 	 (c)
	  	N.A.
	 311
	 	 (a)
	  	7.11
	 	 	 (b)
	  	7.11
	 	 	 (c)
	  	12.03
	 312
	 	 (a)
	  	N.A.
	 	 	 (b)
	  	12.03
	 	 	 (c)
	  	12.03
	 313
	 	 (a)
	  	7.06
	 	 	 (b)(2)
	  	7.06
	 	 	 (c)
	  	7.06; 12.02
	 	 	 (d)
	  	7.06
	 314
	 	 (a)
	  	4.03; 4.14; 12.02
	 	 	 (b)
	  	11.01
	 	 	 (c)(1)
	  	7.02; 12.04; 12.05
	 	 	 (c)(2)
	  	7.02; 12.04; 12.05
	 	 	 (c)(3)
	  	N.A.
	 	 	 (d)
	  	11.01
	 	 	 (e)
	  	12.05
	 	 	 (f)
	  	N.A.
	 315
	 	 (a)
	  	7.01(b)
	 	 	 (b)
	  	7.05
	 	 	 (c)
	  	7.01
	 	 	 (d)
	  	6.05; 7.01(c)
	 	 	 (e)
	  	6.11
	 316
	 	 (a)(last sentence)
	  	2.09
	 	 	 (a)(1)(A)
	  	6.02
	 	 	 (a)(1)(B)
	  	6.04
	 	 	 (a)(2)
	  	9.02
	 	 	 (b)
	  	6.07
	 	 	 (c)
	  	9.04
	 317
	 	 (a)(1)
	  	6.08
	 	 	 (a)(2)
	  	6.09
	 	 	 (b)
	  	2.04
	 318
	 	 (a)
	  	12.01
	 	 	 (c)
	  	12.01

 N.A. means Not Applicable 
  
 Note: This Cross-Reference Table shall not, for any purpose,
be deemed to be a part of the Indenture 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

			
	 	 	ARTICLE 1	  	 
			
	 	 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 
	 SECTION 1.01.
	 	Definitions.	  	1
	 SECTION 1.02.
	 	Other Definitions.	  	17
	 SECTION 1.03.
	 	Trust Indenture Act Definitions.	  	18
	 SECTION 1.04.
	 	Rules of Construction.	  	18
			
	 	 	ARTICLE 2	  	 
			
	 	 	THE NOTES	  	 
	 SECTION 2.01.
	 	Form and Dating.	  	19
	 SECTION 2.02.
	 	Execution and Authentication.	  	20
	 SECTION 2.03.
	 	Registrar and Paying Agent.	  	21
	 SECTION 2.04.
	 	Paying Agent to Hold Money in Trust.	  	21
	 SECTION 2.05.
	 	Holder Lists.	  	21
	 SECTION 2.06.
	 	Transfer and Exchange.	  	22
	 SECTION 2.07.
	 	Replacement Notes.	  	35
	 SECTION 2.08.
	 	Outstanding Notes.	  	35
	 SECTION 2.09.
	 	Treasury Notes.	  	36
	 SECTION 2.10.
	 	Temporary Notes.	  	36
	 SECTION 2.11.
	 	Cancellation.	  	36
	 SECTION 2.12.
	 	Defaulted Interest.	  	36
	 SECTION 2.13.
	 	Cusip Numbers.	  	37
			
	 	 	ARTICLE 3	  	 
			
	 	 	REDEMPTION AND PREPAYMENT	  	 
	 SECTION 3.01.
	 	Notices to Trustee.	  	37
	 SECTION 3.02.
	 	Selection of Notes to Be Redeemed.	  	37
	 SECTION 3.03.
	 	Notice of Redemption.	  	38
	 SECTION 3.04.
	 	Effect of Notice of Redemption.	  	39
	 SECTION 3.05.
	 	Deposit of Redemption Price.	  	39
	 SECTION 3.06.
	 	Notes Redeemed in Part.	  	39
	 SECTION 3.07.
	 	Optional Redemption.	  	39
	 SECTION 3.08.
	 	Mandatory Redemption.	  	40
	 SECTION 3.09.
	 	Offer to Purchase by Application of Excess Proceeds.	  	40

  

 -i- 

					
	 	 	 	  	Page

			
	 	 	ARTICLE 4	  	 
			
	 	 	COVENANTS	  	 
	 SECTION 4.01.
	 	Payment of Notes.	  	42
	 SECTION 4.02.
	 	Maintenance of Office or Agency.	  	43
	 SECTION 4.03.
	 	Reports.	  	43
	 SECTION 4.04.
	 	Compliance Certificate.	  	44
	 SECTION 4.05.
	 	Taxes.	  	45
	 SECTION 4.06.
	 	Stay, Extension and Usury Laws.	  	45
	 SECTION 4.07.
	 	Restricted Payments.	  	45
	 SECTION 4.08.
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.	  	47
	 SECTION 4.09.
	 	Incurrence of Debt and Issuance of Preferred Stock.	  	49
	 SECTION 4.10.
	 	Asset Sales.	  	51
	 SECTION 4.11.
	 	Transactions with Affiliates.	  	52
	 SECTION 4.12.
	 	Liens.	  	53
	 SECTION 4.13.
	 	Corporate Existence.	  	53
	 SECTION 4.14.
	 	Change of Control.	  	53
	 SECTION 4.15.
	 	Designation of Unrestricted Subsidiaries.	  	54
	 SECTION 4.16.
	 	Payments for Consent.	  	55
	 SECTION 4.17.
	 	Money for Payments to Be Held in Trust.	  	55
	 SECTION 4.18.
	 	Status as Investment Company.	  	57
	 SECTION 4.19.
	 	Incurrence of Senior Subordinated Debt.	  	57
	 SECTION 4.20.
	 	Guarantees of Debt.	  	57
	 SECTION 4.21.
	 	Payment of Additional Amounts.	  	57
			
	 	 	ARTICLE 5	  	 
			
	 	 	SUCCESSORS	  	 
	 SECTION 5.01.
	 	Merger, Consolidation or Sale of Assets.	  	59
	 SECTION 5.02.
	 	Successor Corporation Substituted.	  	59
	 SECTION 5.03.
	 	Restrictions upon Reincorporating, Merging or Consolidating into a Subject Country.	  	60
			
	 	 	ARTICLE 6	  	 
			
	 	 	DEFAULTS AND REMEDIES	  	 
	 SECTION 6.01.
	 	Events of Default.	  	61
	 SECTION 6.02.
	 	Acceleration.	  	63
	 SECTION 6.03.
	 	Other Remedies.	  	63
	 SECTION 6.04.
	 	Waiver of Past Defaults.	  	63
	 SECTION 6.05.
	 	Control by Majority.	  	63
	 SECTION 6.06.
	 	Limitation on Suits.	  	64
	 SECTION 6.07.
	 	Rights of Holders of Notes to Receive Payment.	  	64

  

 -ii- 

					
	 	 	 	  	Page

	 SECTION 6.08.
	 	Collection Suit by Trustee.	  	64
	 SECTION 6.09.
	 	Trustee May File Proofs of Claim.	  	64
	 SECTION 6.10.
	 	Priorities.	  	65
	 SECTION 6.11.
	 	Undertaking for Costs.	  	65
			
	 	 	ARTICLE 7	  	 
			
	 	 	TRUSTEE	  	 
			
	 SECTION 7.01.
	 	Duties of Trustee.	  	66
	 SECTION 7.02.
	 	Rights of Trustee.	  	67
	 SECTION 7.03.
	 	Individual Rights of Trustee.	  	68
	 SECTION 7.04.
	 	Trustee’s Disclaimer.	  	68
	 SECTION 7.05.
	 	Notice of Defaults.	  	68
	 SECTION 7.06.
	 	Reports by Trustee to Holders of the Notes.	  	69
	 SECTION 7.07.
	 	Compensation and Indemnity.	  	69
	 SECTION 7.08.
	 	Replacement of Trustee.	  	70
	 SECTION 7.09.
	 	Successor Trustee by Merger, Etc.	  	71
	 SECTION 7.10.
	 	Eligibility; Disqualification.	  	71
	 SECTION 7.11.
	 	Preferential Collection of Claims Against Company.	  	71
			
	 	 	ARTICLE 8	  	 
			
	 	 	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	 
			
	 SECTION 8.01.
	 	Option to Effect Legal Defeasance or Covenant Defeasance.	  	71
	 SECTION 8.02.
	 	Legal Defeasance and Discharge.	  	72
	 SECTION 8.03.
	 	Covenant Defeasance.	  	72
	 SECTION 8.04.
	 	Conditions to Legal or Covenant Defeasance.	  	73
	 SECTION 8.05.
	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.	  	74
	 SECTION 8.06.
	 	Repayment to Company.	  	74
	 SECTION 8.07.
	 	Reinstatement.	  	75
	 SECTION 8.08.
	 	Survival.	  	75
			
	 	 	ARTICLE 9	  	 
			
	 	 	AMENDMENT, SUPPLEMENT AND WAIVER	  	 
			
	 SECTION 9.01.
	 	Without Consent of Holders.	  	75
	 SECTION 9.02.
	 	With Consent of Holders.	  	76
	 SECTION 9.03.
	 	Compliance with Trust Indenture Act.	  	78
	 SECTION 9.04.
	 	Revocation and Effect of Consents.	  	78
	 SECTION 9.05.
	 	Notation on or Exchange of Notes.	  	78
	 SECTION 9.06.
	 	Trustee to Sign Amendments, Etc.	  	78

  

 -iii- 

					
	 	 	 	  	Page

			
	 	 	ARTICLE 10	  	 
			
	 	 	SATISFACTION AND DISCHARGE	  	 
			
	 SECTION 10.01.
	 	Satisfaction and Discharge of Indenture.	  	79
	 SECTION 10.02.
	 	Application of Trust Money.	  	79
			
	 	 	ARTICLE 11	  	 
			
	 	 	MISCELLANEOUS	  	 
			
	 SECTION 11.01.
	 	Trust Indenture Act Controls.	  	80
	 SECTION 11.02.
	 	Notices.	  	80
	 SECTION 11.03.
	 	Communication by Holders with Other Holders.	  	82
	 SECTION 11.04.
	 	Certificate and Opinion as to Conditions Precedent.	  	82
	 SECTION 11.05.
	 	Statements Required in Certificate or Opinion.	  	82
	 SECTION 11.06.
	 	Rules by Trustee and Agents.	  	83
	 SECTION 11.07.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	83
	 SECTION 11.08.
	 	GOVERNING LAW.	  	83
	 SECTION 11.09.
	 	Consent to Jurisdiction and Service.	  	83
	 SECTION 11.10.
	 	No Adverse Interpretation of Other Agreements.	  	84
	 SECTION 11.11.
	 	Successors.	  	84
	 SECTION 11.12.
	 	Severability.	  	84
	 SECTION 11.13.
	 	Counterpart Originals.	  	84
	 SECTION 11.14.
	 	Table of Contents, Headings, Etc.	  	84
	 SECTION 11.15.
	 	Bermuda Branch; Full Recourse Obligations.	  	84
			
	 	 	ARTICLE 12	  	 
			
	 	 	SUBORDINATION	  	 
			
	 SECTION 12.01.
	 	Notes Subordinated to Senior Debt.	  	85
	 SECTION 12.02.
	 	No Payment on Notes in Certain Circumstances.	  	85
	 SECTION 12.03.
	 	Payment Over of Proceeds upon Dissolution, Etc.	  	86
	 SECTION 12.04.
	 	Payments May Be Paid Prior to Dissolution.	  	87
	 SECTION 12.05.
	 	Subrogation.	  	87
	 SECTION 12.06.
	 	Obligations of the Company Unconditional.	  	88
	 SECTION 12.07.
	 	Notice to Trustee.	  	88
	 SECTION 12.08.
	 	Reliance on Judicial Order or Certificate of Liquidating Agent.	  	88
	 SECTION 12.09.
	 	Trustee’s Relation to Senior Debt or Guarantor Senior Debt.	  	89
	 SECTION 12.10.
	 	Subordination Rights Not Impaired by Acts or Omissions of the Company or a Guarantor or Holders of Senior Debt.	  	89
	 SECTION 12.11.
	 	Holders Authorize Trustee to Effectuate Subordination of Securities.	  	90
	 SECTION 12.12.
	 	This Article 12 Not to Prevent Events of Default.	  	90
	 SECTION 12.13.
	 	Trustee’s Compensation Not Prejudiced.	  	90

  

 -iv- 

					
	 	 	 	  	Page

	 EXHIBIT A-1
	 	FORM OF NOTE	  	A-1-1
	 EXHIBIT A-2
	 	FORM OF REGULATION S TEMPORARY GLOBAL NOTE	  	A-2-1
	 EXHIBIT B
	 	FORM OF CERTIFICATE OF TRANSFER	  	B-1
	 EXHIBIT C
	 	FORM OF CERTIFICATE OF EXCHANGE	  	C-1

  

 -v- 

 INDENTURE, dated as of November 17, 2004 by and between Flextronics International Ltd., a Singapore
corporation (the “Company”), and J.P. Morgan Trust Company, National Association, as trustee (the “Trustee”). 
  
 RECITALS 
  
 The Company has duly authorized the creation of an issue of 6 1/4% Senior Subordinated Notes due 2014 (the “Notes”; such term to include the Exchange Notes, the Private Exchange Notes, if any, and the Unrestricted Definitive and Global Notes, if any,
treated as a single class of securities under this Indenture), of substantially the tenor and amount hereinafter set forth, and to provide therefor the Company has duly authorized the execution and delivery of this Indenture. 
  
 All things necessary have been done to make the Notes, when executed by the
Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company and to make this Indenture a valid agreement of each of the Company and the Trustee in accordance with the terms hereof.

  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
  
 For and in consideration of the premises and the purchase of the Notes by
the Holders thereof, it is mutually covenanted and agreed, for the equal and ratable benefit of the Holders, as follows: 
  
 ARTICLE 1 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.01. Definitions. 
  
 “144A Global Note” means a global note in the form of Exhibit A-1 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 aggregate principal amount of the Notes sold in reliance on Rule 144A. 
  
 “Acquired Debt” means, with respect to any specified Person,
(i) Debt of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, including, without limitation, Debt incurred in connection with, or in contemplation of, such
other Person merging with or into or becoming a Restricted Subsidiary of such specified Person, and (ii) Debt secured by a Lien encumbering any asset acquired by such specified Person which, in each case, is not repaid at or within five days
following the date of such acquisition. 
  
 “Additional
Amounts” shall have the definition set forth in Section 4.21. All references herein to payments of principal of, premium, if any, and interest on the Notes shall be deemed to include any applicable Additional Amounts that may become payable
in respect of the Notes. 

 “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” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, shall mean 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. 
  
 “Agent” means any Registrar, Paying Agent or co-registrar. 
  
 “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 or Clearstream that
apply to such transfer or exchange. 
  
 “Asset
Sale” means (i) the sale, lease, transfer, conveyance or other disposition of any assets or rights (including, without limitation, by way of a sale and leaseback) other than in the ordinary course of business (provided that the sale,
lease, transfer, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed pursuant to Section 4.14 and/or Section 5.01 and not pursuant to Section
4.10), and (ii) the issue or sale by the Company or any of its Restricted Subsidiaries of Equity Interests of any of the Company’s Restricted Subsidiaries, in the case of either clause (i) or (ii), whether in a single transaction or a series of
related transactions (a) that have a fair market value in excess of $10.0 million or (b) for net proceeds in excess of $10.0 million. Notwithstanding the foregoing: (v) a transfer of assets by the Company to a Restricted Subsidiary or by a
Restricted Subsidiary to the Company or to another Restricted Subsidiary, (w) a disposition of goods held for sale in the ordinary course of business or obsolete equipment in the ordinary course of business consistent with past practices of the
Company and its Restricted Subsidiaries, (x) assets transferred or disposed of in connection with a Receivables Program, (y) an issuance of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary, and (z) a
Restricted Payment or Permitted Investment that is permitted in Section 4.07 will not be deemed to be Asset Sales. 
  
 “Asset Sale Offer” shall have the definition set forth in Section 4.10. 
  
 “Asset Sale Offer Date” shall have the definition set forth in Section 4.10. 
  
 “Asset Sale Offered Price” shall have the definition set
forth in Section 4.10. 
  
 “Asset Sale Pari Passu
Offer” shall have the definition set forth in Section 4.10. 
  
 “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value (discounted at the rate of interest implicit in such transaction, determined in accordance with GAAP)
of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction (including any period for which such lease has been extended or may, at the option of the lessor, be
extended). 
  

 -2- 

 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the
relief of debtors. 
  
 “Board of Directors”
means, as to any Person, the board of directors of such Person or any duly authorized committee thereof or any other similar duly authorized governing body of such Person. 
  
 “Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or
an Assistant Secretary or any office or director of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  
 “Borrowing Base” means an amount equal to the sum of (i) 85%
of the value of accounts receivable (before giving effect to any related reserves) shown on the Company’s most recent consolidated balance sheet that are not more than 90 days past due in accordance with GAAP and (ii) 60% of the value of the
inventory shown on the Company’s consolidated balance sheet in accordance with GAAP. 
  
 “Business Day” means any day other than a Legal Holiday. 
  
 “Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a
capital lease that would at such time be required to be capitalized on a balance sheet in accordance with GAAP. 
  
 “Capital Stock” means (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and
all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited) and (iv)
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
  
 “Cash Equivalents” means (i) United States dollars, (ii) securities issued or directly and fully guaranteed
or insured by the United States government or any agency or instrumentality thereof having maturities of not more than six months from the date of acquisition, (iii) certificates of deposit and eurodollar time deposits with maturities of six months
or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case with any lender party to the Credit Facility or with any domestic commercial bank having capital and
surplus in excess of $500 million and a Keefe Bank Watch Rating of “B” or better, (iv) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (ii) and (iii) above entered
into with any financial institution meeting the qualifications specified in clause (iii) above and (v) commercial paper having the highest rating obtainable from Moody’s Investors Service, Inc. or Standard & Poor’s Corporation and in
each case maturing within six months after the date of acquisition. 
  
 “Change of Control” means the occurrence of any of the following: (i) the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially 
  

 -3- 

 all of the assets of the Company and its Subsidiaries taken as a whole to any “person” (as such term is used in
Section 13(d)(3) of the Exchange Act); (ii) the adoption by the Company of a plan relating to the liquidation or dissolution of the Company; (iii) the consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as defined above) becomes the “beneficial owner” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of
the Company (measured by voting power rather than number of shares); or (iv) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors. 
  
 “Clearstream” means Clearstream Banking, S.A., formerly
Cedelbank, S.A. 
  
 “Commission” means the
Securities and Exchange Commission. 
  
 “Company”
means Flextronics International Ltd., a Singapore corporation, and all successors thereto. 
  
 “Consolidated Cash Flow” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period plus (i) an amount equal to any extraordinary loss plus any net
loss realized in connection with an Asset Sale (to the extent such losses were deducted in computing such Consolidated Net Income), plus (ii) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such
period, to the extent that such provision for taxes was included in computing such Consolidated Net Income, plus (iii) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued and whether
or not capitalized (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if
any) pursuant to Hedging Obligations), to the extent that any such expense was deducted in computing such Consolidated Net Income, plus (iv) depreciation, amortization (including amortization of goodwill and other intangibles but excluding
amortization of prepaid cash expenses that were paid in a prior period) and other 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) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net
Income, minus (v) other non-recurring non-cash items increasing such Consolidated Net Income for such period (which will be added back to Consolidated Cash Flow in any subsequent period to the extent cash is received in respect of such item in such
subsequent period), in each case, on a consolidated basis and determined in accordance with GAAP. Notwithstanding the foregoing, the provision for taxes on the income or profits of, and the depreciation and amortization and other non-cash charges
of, a Restricted Subsidiary of the referent Person shall be added to Consolidated Net Income to compute Consolidated Cash Flow only to the extent that a corresponding amount would be permitted at the date of determination to be dividended or
similarly distributed to such Person by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements, instruments,
judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders. 
  

 -4- 

 “Consolidated Net Income” means, with respect to any Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that (i) the Net Income (but not loss) of any Person that is not a Restricted
Subsidiary or that is accounted for by the equity method of accounting shall be included only to the extent of the amount of dividends or distributions paid in cash to the referent Person or a Wholly Owned Restricted Subsidiary thereof, (ii) the Net
Income of any Unrestricted Subsidiary shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any
prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that
Subsidiary or its stockholders and (iii) the cumulative effect of a change in accounting principles shall be excluded. 
  
 “Consolidated Net Worth” means, with respect to any Person as of any date, the sum of (i) the consolidated equity of the ordinary
shareholders of such Person and its consolidated Restricted Subsidiaries as of such date plus (ii) the respective amounts reported on such Person’s balance sheet as of such date with respect to any series of preferred stock (other than
Disqualified Stock) that by its terms is not entitled to the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect of the year of such declaration and payment, but only to the extent of any cash
received by such Person upon issuance of such preferred stock, less (x) all write-ups (other than write-ups resulting from foreign currency translations and write-ups of tangible assets of a going concern business made within 12 months after the
acquisition of such business) subsequent to the date of this Indenture in the book value of any asset owned by such Person or a consolidated Restricted Subsidiary of such Person, (y) all investments as of such date in unconsolidated Restricted
Subsidiaries and in Persons that are not Restricted Subsidiaries (except, in each case, Permitted Investments), and (z) all unamortized debt discount and expense and unamortized deferred charges as of such date, all of the foregoing determined in
accordance with GAAP. 
  
 “Continuing Director”
means, as of any date of determination, any member of the Board of Directors of the Company who (i) was a member of such Board of Directors on the date of this Indenture or (ii) was nominated for election or elected to such Board of Directors with
the approval of a majority of the Continuing Directors who were members of such Board at a time of such nomination or election and who voted with respect to such nomination or election; provided that a majority of the members of the Board
voting with respect thereto shall at the time have been Continuing Directors. 
  
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 11.02 hereof or such other address as to which the Trustee may give notice to the Company.

  
 “Credit Agreements” means, with respect to
the Company or any Restricted Subsidiary, one or more debt facilities (including, without limitation, the Credit Facility) or commercial paper facilities with banks or other institutional lenders providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to such lenders or to special purpose 
  

 -5- 

 entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended,
restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time. Debt under Credit Agreements outstanding on the date on which Notes are first issued and authenticated under this Indenture shall be deemed to have
been incurred on such date in reliance on the exception provided by clause (i) of the definition of Permitted Debt. 
  
 “Credit Facility” means, collectively, the Revolving Credit Agreement dated as of March 3, 2004, as amended by Amendment No. 1 thereto
dated April 26, 2004 and Amendment No. 2 thereto dated July 14, 2004 by and among the Company, ABN Amro Bank N.V., as Agent and certain lending institutions party thereto and the Revolving Credit Agreement dated as of March 3, 2004, as amended by
Amendment No. 1 thereto dated April 26, 2004 and Amendment No. 2 thereto dated July 14, 2004 by and among Flextronics International U.S.A. Inc., and ABN Amro Bank N.V., as Agent and certain lending institutions party thereto and in each case, as
amended, modified, renewed, restated, refunded, replaced or refinanced from time to time. 
  
 “Debt” means, with respect to any Person, any indebtedness of such Person, whether or not contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or
letters of credit (or reimbursement agreements in respect thereof) or banker’s acceptances or representing Capital Lease Obligations or the balance deferred and unpaid of the purchase price of any property or representing any Hedging
Obligations, except any such balance that constitutes an accrued expense or trade payable, if and to the extent any of the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet
of such Person prepared in accordance with GAAP, as well as all Debt of others secured by a Lien on any asset of such Person (whether or not such Debt is assumed by such Person) and, to the extent not otherwise included, the Guarantee by such Person
of any Debt of any other Person. The amount of any Debt outstanding as of any date shall be (i) the accreted value thereof, in the case of any Debt that does not require current payments of interest, and (ii) the principal amount thereof, together
with any interest thereon that is more than 30 days past due, in the case of any other Debt. 
  
 “Default” means 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 hereof, in the form of Exhibit A-1 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, but may
bear the Private Placement Legend, if applicable. 
  
 “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 all successors thereto
appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
  
 “Designated Senior Debt” means (i) any Debt under the Credit Facility (and any guarantees thereof) and (ii) any other Senior Debt
otherwise designated by the Company (which designation shall have been approved in writing by the Representative under the Credit Facility, and such 
  

 -6- 

 approval shall have been delivered to the Trustee, so long as (A) the Credit Facility is in effect and (B) the Company
shall not then be a party to a credit facility or similar arrangement (other than the Credit Facility) that provides for loans in an aggregate principal amount that is greater than the aggregate principal amount of loans to the Company that may be
made under the Credit Facility and that are not entered into in violation of the Credit Facility), and the Representative thereunder, as “Designated Senior Debt” and, in the case of the designation by the Company, certified in an
Officers’ Certificate delivered to the Trustee; provided that not less than $5.0 million aggregate principal amount is outstanding under Designated Senior Debt at the date of the designation and at the date of determination. 
  
 “Disqualified Stock” means any Capital Stock that, by its
terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. 
  
 “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). 
  
 “Equity Sale” shall have the definition set forth in Section 3.07. 
  
 “Euroclear” means Morgan Guaranty Trust Company of New York, Brussels office, as operator of the Euroclear system. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, together with the rules and
regulations promulgated thereunder. 
  
 “Exchange
Notes” means the Notes issued in the Exchange Offer pursuant to Section 2.06(f) hereof. 
  
 “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 Company and its Restricted Subsidiaries (other than Debt under the Credit Facility) in existence on the date of this Indenture, until such amounts are repaid. 
  
 “Fair Market Value” means, with respect to any asset or
property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair
Market Value shall be determined by the Board of Directors of the Company acting reasonably and in good faith and shall be evidenced by a Board Resolution of the Board of Directors of the Company. 
  

 -7- 

 “Fixed Charge Coverage Ratio” means with respect to any Person for any period, the ratio
of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the Company or any of its Restricted Subsidiaries incurs, assumes, Guarantees or redeems any Debt (other than
revolving credit borrowings) or issues preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to the date on which the event for which the calculation of the Fixed Charge
Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, Guarantee or redemption of Debt, or such issuance or redemption of preferred
stock, as if the same had occurred at the beginning of the applicable four-quarter reference period. In addition, for purposes of making the computation referred to above, (i) acquisitions that have been made by the Company or any of its Restricted
Subsidiaries, including through mergers or consolidations and including any related financing transactions, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date shall be deemed to
have occurred on the first day of the four-quarter reference period and Consolidated Cash Flow for such reference period shall be calculated without giving effect to clause (iii) of the proviso set forth in the definition of Consolidated Net Income,
(ii) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, shall be excluded, and (iii) the Fixed Charges attributable to
discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be
obligations of the referent Person or any of its Subsidiaries following the Calculation Date. 
  
 “Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of (i) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if
any) pursuant to Hedging Obligations), (ii) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period, (iii) any interest expense on Debt of another Person that is Guaranteed by such
Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries (whether or not such Guarantee or Lien is called upon) and (iv) the product of (a) all dividend payments, whether or not
in cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividend payments on Equity Interests payable solely in Equity Interests of the Company, times (b) a fraction, the numerator of which is one
and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP. 
  
 “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. 
  

 -8- 

 “Global Note Legend” means the legend set forth in Section 2.06(g)(ii), which is
required to be placed on all Global Notes issued under this Indenture. 
  
 “Global Notes” means, individually and collectively, each of the Restricted Global Notes and the unrestricted Global Notes, in the form of Exhibit A-1 or A-2 hereto issued in accordance with Section 2.01, 2.06(b)(iv),
2.06(d)(ii) or 2.06(f) hereof and bearing the Global Note Legend. 
  
 “Government Securities” means securities that are (a) direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentally
thereof) the payment of which the full faith and credit of the United States of America is pledged, (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the United States of America or (c) obligations of a Person the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of
America. 
  
 “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, letters of credit and reimbursement agreements in respect thereof), of all or any
part of any Debt. 
  
 “Hedging Obligations”
means, with respect to any Person, the obligations of such Person under (i) currency exchange or interest rate swap agreements, interest rate cap agreements and interest rate collar agreements and (ii) other agreements or arrangements designed to
protect such Person against fluctuations in interest rates or currency exchange rates. 
  
 “Holder” means a Person in whose name a Note is registered on the Registrar’s or any co-registrar’s books. 
  
 “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 Purchaser” shall have the meaning assigned to such term in the Offering Memorandum. 
  
 “interest,” when used with respect to any Note, means the amount of all interest accruing on such Note, including Liquidated Damages
payable on the Notes pursuant to the Registration Rights Agreement, any applicable Additional Amounts that may become payable in respect of the Notes and all interest accruing subsequent to the occurrence of any events specified in Sections
6.01(vii) and (viii) hereof or which would have accrued but for any such event, whether or not such claims are allowable under applicable law. 
  
 “Interest Payment Date” shall have the meaning assigned to such term in the Notes. 
  

 -9- 

 “Investments” means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the forms of direct or indirect loans (including guarantees of Debt or other obligations), advances or capital contributions (excluding commission, travel and other advances to officers and employees made in the
ordinary course of business), purchases or other acquisitions for consideration of Debt, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with
GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such
Person is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the Equity Interests of such Subsidiary not sold or disposed of in
an amount determined as provided in the final paragraph of Section 4.07. 
  
 “Issue Date” means the date of first issuance of the Notes under the Indenture. 
  
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are
authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on
such payment for the intervening period. 
  
 “Letter of
Transmittal” means the letter of transmittal to be prepared by the Company 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). 
  
 “Liquidated Damages” shall have the meaning specified in the
Notes. 
  
 “Net Income” means, with respect to
any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however, (i) any gain (but not loss), together with any related provision for taxes on
such gain (but not loss), realized in connection with (a) any Asset Sale (including, without limitation, dispositions pursuant to sale and leaseback transactions) or (b) the disposition of any securities by such Person or any of its Subsidiaries or
the extinguishment of any Debt of such Person or any of its Subsidiaries and (ii) any extraordinary or non-recurring gain (but not loss), together with any related provision for taxes on such extraordinary or non-recurring gain (but not loss).

  
 “Net Proceeds” means the aggregate cash
proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net
of (i) the direct costs relating to such Asset Sale (including, without limitation, legal, accounting 
  

 -10- 

 and investment banking fees, and sales commissions) and any relocation expenses incurred as a result thereof, (ii) taxes
paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), (iii) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance
with GAAP, or against any liabilities associated with the Asset Sale, or the assets subject thereto, and retained by the Company or any Restricted Subsidiary, and (iv) amounts required to be applied to the repayment of Debt secured by a Lien on the
asset or assets that were the subject of such Asset Sale, or to the satisfaction of contractual obligations either existing at the date of this Indenture, or entered into after the date of this Indenture in connection with the payment of deferred
purchase price of the properties or assets that were the subject of such Asset Sale. 
  
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
  
 “Note Custodian” means the Person specified in Section 2.03 hereof as the Note Custodian with respect to the Global Notes or any
successor entity thereto appointed as Note Custodian hereunder and having become such pursuant to the applicable provision of this Indenture. 
  
 “Notes” has the meaning assigned to it in the preamble to this Indenture. 
  
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any Debt. 
  
 “Offering Memorandum” means the offering memorandum of the Company, dated November 9, 2004, relating to the Notes. 
  
 “Officer” means the Chief Executive Officer, any president, the Chief Financial Officer and any vice president of the Company.

  
 “Officers’ Certificate” means a
certificate signed by two Officers. 
  
 “Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee and that meets the requirements of Section 12.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company,
any Affiliate of the Company or the Trustee. 
  
 “Pari
Passu Debt” shall mean (i) any Debt of the Company that is pari passu in right of payment to the Notes and (ii) with respect to any Guarantee of the Notes, Debt which ranks pari passu in right of payment to such Guarantee. 
  
 “Pari Passu Debt Amount” shall have the definition set forth
in Section 4.10. 
  
 “Participant” means members
of, or participants in, the Depositary. 
  
 “Participating
Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 
  
 “Permitted Debt” shall have the meaning set forth in Section 4.09. 
  

 -11- 

 “Permitted Investments” means (a) any Investment in the Company or in a Restricted
Subsidiary of the Company that is engaged in the same or a similar line of business as the Company and its Restricted Subsidiaries (or reasonable extensions or expansions thereof); (b) any Investment in Cash Equivalents; (c) any Investment by the
Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment (i) such Person becomes a Restricted Subsidiary of the Company that is engaged in the same or a similar line of business as the Company and its
Restricted Subsidiaries (or reasonable extensions or expansions thereof) or (ii) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a
Restricted Subsidiary of the Company that is engaged in the same or a similar line of business as the Company and its Restricted Subsidiaries (or reasonable extensions or expansions thereof); (d) any Restricted Investment made as a result of the
receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10; (e) any acquisition of assets solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company;
(f) Investments made in exchange for accounts receivable arising in the ordinary course of business which have not been collected for 120 days and which are, in the good faith judgment of the Company, substantially impaired, provided that any such
Investments in excess of $5.0 million shall be approved by the Board of Directors (evidenced by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee); (g) Investments in Permitted Joint Ventures,
and Investments in suppliers to the Company and its Restricted Subsidiaries, in an aggregate amount which when taken together with all other investments pursuant to this clause (g) does not exceed the greater of $10.0 million or 10% of Total Assets
at any one time outstanding; (h) other Investments in any Person having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other
Investments made pursuant to this clause (h) that are at the time outstanding, not to exceed $25.0 million; (i) loans to employees of the Company not to exceed $10.0 million at any one time outstanding; (j) Investments received in connection with
any bankruptcy or reorganization proceeding, or as a result of foreclosure, perfection or enforcement of any Lien or any judgment or settlement of any Person in exchange for or satisfaction of Indebtedness or other obligations or other property
received from such Person, or for other liabilities or obligations of such Person created, in accordance with the terms of this Indenture; and (k) Investments in Hedging Obligations as permitted by Section 4.09. For purposes of calculating the
aggregate amount of Permitted Investments permitted to be outstanding at any one time pursuant to clauses (g) and (h) of the preceding sentence and for calculating the amount of Restricted Investments made pursuant to and in compliance with Section
4.07, (i) to the extent the consideration for any such Investment consists of Equity Interests (other than Disqualified Stock) of the Company, the value of the Equity Interests so issued will be ignored in determining the amount of such Investment
and (ii) the aggregate amount of such Investments made by the Company and its Restricted Subsidiaries on or after the date of this Indenture will be decreased (but not below zero) by an amount equal to the lesser of (y) the cash return of capital to
the Company or a Restricted Subsidiary with respect to such Investment that is sold for cash or otherwise liquidated or repaid for cash (less the cost of disposition, including applicable taxes, if any) and (z) the initial amount of such Investment.

  
 “Permitted Joint Venture” means any Person
which is, directly or indirectly through its subsidiaries or otherwise, engaged principally in the principal business of the Company, or a reasonably related or complementary business, and the Capital Stock (or securities convertible into Capital
Stock) of which is owned by the Company and one or more Persons other than the Company or any affiliate of the Company. 
  

 -12- 

 “Permitted Junior Securities” means Equity Interests in the Company or debt securities
that are subordinated to all Senior Debt (and any debt securities issued in exchange for Senior Debt) to substantially the same extent as, or to a greater extent than, the Notes are subordinated to Senior Debt pursuant to this Indenture. 

 
 “Permitted Refinancing Debt” means any Debt of the
Company 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 Company or any of its Restricted Subsidiaries, provided that: (i)
the principal amount (or accreted value, if applicable) of such Permitted Refinancing Debt does not exceed the principal amount of (or accreted value, if applicable), plus accrued interest on, the Debt so extended, refinanced, renewed, replaced,
defeased or refunded (plus the amount of reasonable expenses incurred in connection therewith); (ii) 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; (iii) 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; and (iv) such Debt is incurred either by the Company or by the Subsidiary which is the obligor on the Debt being extended, refinanced,
renewed, replaced, defeased or refunded. 
  
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision
thereof. 
  
 “Private Exchange Notes” shall have
the meaning specified in the Registration Rights Agreement. 
  
 “Private Placement Legend” means the legend set forth in Section 2.06(g)(i) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
  
 “Purchase Money Obligations” of a Person means Debt of such
Person incurred in connection with the purchase, construction or improvement of property, plant or equipment used in the business of such Person. 
  
 “QIB” means a “qualified institutional buyer,” as defined in Rule 144A. 
  
 “Receivables Program” means, with respect to any Person, an
agreement or other arrangement or program providing for the advance of funds to such Person against the pledge, contribution, sale or other transfer of encumbrances of Receivables Program Assets of such Person or such Person and/or one or more of
its Restricted Subsidiaries. 
  

 -13- 

 “Receivables Program Assets” means all of the following property and interests in
property, whether now existing or existing in the future or hereafter arising or acquired: (i) accounts, (ii) accounts receivable, general intangibles, instruments, contract rights, documents and chattel paper (including, without limitation, all
rights to payment created by or arising from sales of goods, leases of goods, or the rendition of services, no matter how evidenced, whether or not earned by performance), (iii) all unpaid seller’s or lessor’s rights (including, without
limitation, rescission, replevin, reclamation and stoppage in transit) relating to any of the foregoing or arising therefrom, (iv) all rights to any goods or merchandise represented by any of the foregoing (including, without limitation, returned or
repossessed goods), (v) all reserves and credit balances with respect to any such accounts receivable or account debtors, (vi) all letters of credit, security or guarantees of any of the foregoing, (vii) all insurance policies or reports relating to
any of the foregoing, (viii) all collection or deposit accounts relating to any of the foregoing, (ix) all books and records relating to any of the foregoing, (x) all instruments, contract rights, chattel paper, documents and general intangibles
related to any of the foregoing and (xi) all proceeds of any of the foregoing. 
  
 “Receivables Program Debt” means, with respect to any Person, the unreturned portion of the amount funded by the investors under a Receivables Program of such Person. 
  
 “Record Date” for the interest payable on any Interest
Payment Date means the May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 
  
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and among the Company and the
other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time. 
  
 “Registration Statement” means either the Exchange Offer Registration Statement or the Shelf Registration Statement. 
  
 “Regulation S” means Regulation S promulgated under the
Securities Act. 
  
 “Regulation S Global Note”
means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as appropriate. 
  
 “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A-1 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, issued in a denomination equal to the outstanding aggregate principal amount of the Regulation S Temporary Global Note upon
expiration of the Restricted Period. 
  
 “Regulation S
Temporary Global Note” means a temporary Global Note in the form of Exhibit A-2 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, issued in a denomination equal to the outstanding aggregate principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 
  

 -14- 

 “Responsible Officer,” when used with respect to the Trustee, means any officer within
the Corporate Trust Department 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 and includes 144A Global Notes and Regulation S Global Notes. 
  
 “Restricted Investment” means an Investment other than a Permitted Investment. 
  
 “Restricted Note” means either a Restricted Definitive Note or a Restricted Global Note. 
  
 “Restricted Period” means the 40-day distribution compliance
period as defined in Regulation S. 
  
 “Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. On the date the Notes are issued, all Subsidiaries will be Restricted Subsidiaries. 
  
 “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. 
  
 “Securities Act” means the Securities Act of 1933, as amended (or any successor Act), and the rules and regulations promulgated thereunder (or respective successor thereto). 
  
 “Senior Debt” means (i) all Debt of the Company outstanding
under Credit Facilities and all Hedging Obligations with respect thereto, (ii) any other Debt permitted to be incurred by the Company under the terms of this Indenture, unless the instrument under which such Debt is incurred expressly provides that
it is on a parity with or subordinated in right of payment to the Notes, and (iii) all Obligations with respect to the foregoing. Notwithstanding anything to the contrary in the foregoing, Senior Debt will not include (w) any liability for federal,
state, local or other taxes owed or owing by the Company, (x) any Debt of the Company to any of its Restricted Subsidiaries or other Affiliates, (y) any trade payables or (z) any Debt that is incurred in violation of this Indenture. 
  
 “Shelf Registration Statement” means the Shelf Registration
Statement as defined in the Registration Rights Agreement. 
  

 -15- 

 “Significant Subsidiary” means any Restricted Subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof. 
  
 “Special Record Date” for the payment of any defaulted interest means a date fixed by the Trustee pursuant
to Section 2.12 hereof. 
  
 “Stated Maturity”
means, with respect to any installment of interest or principal on any series of Debt, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Debt, and shall not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
  
 “Subject Country” shall mean any jurisdiction other than the country of Singapore and the United States of America, or any state thereof
or the District of Columbia. 
  
 “Subordinated
Debt” means any Debt of the Company which is by its terms subordinated in right of payment to the Notes. 
  
 “Subsidiary” means, with respect to any Person, (i) any corporation, association or other business entity of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person (or a combination thereof) and (ii) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only
general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof). 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date on which this Indenture is
qualified under the TIA, except as set forth in Section 9.03. 
  
 “Total Assets” means, with respect to any date of determination, the total assets of the Company shown on the Company’s consolidated balance sheet in accordance with GAAP on the last day of the fiscal quarter prior to
the date of determination. 
  
 “Trustee” means
the party named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
  
 “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 in the form of Exhibit A-1 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. 
  

 -16- 

 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the
Board of Directors as an Unrestricted Subsidiary in accordance with Section 4.15. 
  
 “U.S. Person” means a U.S. person as defined in Rule 902(o) under the Securities Act. 
  
 “Voting Stock” of any Person means Capital Stock of such Person which ordinarily has voting power for the election of directors (or
persons performing similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. 
  
 “Weighted Average Life to Maturity” means, when applied to any Debt at any date, the number of years
obtained by dividing (i) 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
thereof, 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 (ii) the then outstanding principal amount of such Debt. 
  
 “Wholly Owned Subsidiary” of any Person means a Subsidiary
of such Person all of the outstanding Equity Interests or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by
such Person and one or more Wholly Owned Subsidiaries of such Person. 
  
 SECTION 1.02. Other Definitions. 
  

			
	 Term

	  	 Defined
 in Section

	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	4.10
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Covenant Defeasance”
	  	8.03
	 “Events of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “incur”
	  	4.09
	 “Investment Company Act”
	  	4.18
	 “Legal Defeasance”
	  	8.02
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Paying Agent”
	  	2.03
	 “Permitted Debt”
	  	4.09
	 “Purchase Date”
	  	3.09
	 “Registrar”
	  	2.03
	 “Registration”
	  	4.03
	 “Restricted Payments”
	  	4.07

  

 -17- 

 SECTION 1.03. Trust Indenture Act Definitions. 
  
 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: 
  
 “indenture securities” means the Notes; 
  
 “indenture security holder” means a Holder; 
  
 “indenture to be qualified” means this Indenture; 
  
 “indenture trustee” or “institutional trustee” means the Trustee; and 
  
 “obligor” on the Notes means the Company and any successor obligor upon the Notes. 
  
 All other terms used but not otherwise defined 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; 
  
 (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) provisions
apply to successive events and transactions; 
  
 (6) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the Commission from time to time; 
  
 (7) “herein,” “hereof” and other words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 
  
 (8) the words “including,” “includes” and similar words shall be deemed to be followed by “without
limitation.” 
  

 -18- 

 ARTICLE 2 
  

THE NOTES 
  
 SECTION 2.01. Form and Dating. 
  
 (a) General. 
  
 The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibits A-1 and A-2 hereto. The Notes may have
notations, legends or endorsements required by law, stock exchange rule or usage or agreements to which the Company is subject. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $1,000 and integral
multiples thereof. 
  
 The terms and provisions contained in the
Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company 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) Global Notes. 
  
 Notes issued in global form shall be substantially in the form of Exhibits A-1 or A-2 attached hereto (including the Global Note Legend thereon and the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A-1 attached hereto (but without the Global Note Legend thereon and without the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the aggregate principal amount of the outstanding Notes as shall be specified therein and each shall provide that it shall
represent 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, repurchases 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 shall be made by the Trustee or the Note
Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
  
 (c) Temporary Global Notes. 
  
 Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation S Temporary Global Notes, which shall be
deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, the Note Custodian, as custodian for the Depositary, 
  

 -19- 

 registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding
on behalf of a direct or indirect Depositary participant, such as Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Upon termination of the Restricted Period and the receipt by the
Trustee of (i) a written certificate from the Depositary, together with copies of certificates from a direct or indirect Depositary participant, such as Euroclear or Clearstream certifying that they have received certification of non-United States
beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof who acquired an interest therein during the Restricted Period pursuant to another
exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a 144A Global Note bearing a Private Placement Legend, all as contemplated by Section 2.06(b)(iii) hereof), and (ii) an
Officers’ Certificate from the Company, beneficial interests in the Regulation S Temporary Global Note shall be exchanged for beneficial interests in Regulation S Permanent Global Notes pursuant to the Applicable Procedures. Simultaneously with
the authentication of Regulation S Permanent Global Notes, the Trustee shall, upon direction of the Company, cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S
Permanent Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided.

  
 (d) Euroclear and Clearstream Procedures Applicable.

  
 The provisions of the “Operating Procedures of the
Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial
interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Notes that are held by Participants through Euroclear or Clearstream. 
  

SECTION 2.02. Execution and Authentication. 
  
 Two Officers or one Officer and the Secretary or an Assistant Secretary of the Company shall sign the Notes for the Company by manual or facsimile
signature. 
  
 If an Officer, Secretary or Assistant Secretary
whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 
  
 A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been
authenticated under this Indenture. 
  
 The Trustee shall, upon a
written order of the Company signed by two Officers or one Officer and the Secretary or an Assistant Secretary of the Company (an “Authentication Order”), authenticate Notes for original issue up to the aggregate principal amount stated in
paragraph 4 of the Notes. The aggregate principal amount of Notes outstanding at any time may not exceed $1,000,000 except as provided in Section 2.07 hereof. 
  

 -20- 

 The Trustee may appoint an authenticating agent acceptable to the Company 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 Company. 
  
 SECTION 2.03.
Registrar and Paying Agent. 
  
 The Company shall maintain
an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar,” which term shall also include any co-registrar) and an office or agency where Notes may be presented for payment (“Paying
Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company 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 Company may change any Paying Agent or Registrar without notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Paying
Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
  
 The Company initially appoints The Depository Trust Company (“DTC”)
to act as Depositary with respect to the Global Notes. 
  
 The
Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Note Custodian with respect to the Global Notes. 
  
 The Trustee is authorized and directed to enter into a letter of representations with DTC in the form provided to the Trustee by the Company and to act in
accordance with such letter. 
  
 SECTION 2.04. Paying Agent to
Hold Money in Trust. 
  
 The Company shall require each
Paying Agent other than the Trustee to agree in writing that the Paying Agent shall 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 Liquidated Damages, if any, or
interest on the Notes, and shall notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all such money held by it to the Trustee. The Company at
any time may require a Paying Agent to pay all such money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a
Subsidiary acts as Paying Agent, it shall 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 Company, the Trustee shall
serve as Paying Agent for the Notes. 
  
 SECTION 2.05. Holder
Lists. 
  
 The Trustee shall 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 and shall otherwise comply with 
  

 -21- 

 TIA Section 312(a). If the Trustee is not the Registrar, the Company shall 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 and the Company shall
otherwise comply with TIA Section 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, 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 Company for Definitive Notes if (i) the Company delivers to the Trustee a 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 Company within 120 days after the date of such notice from the Depositary or (ii) the Company in its sole discretion determines
that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the
Company for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates determined by the Company to be required pursuant to Rule 903(c)(3)(ii)(B) under the Securities Act. Upon the
occurrence of either of the preceding events in (i) or (ii) 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 hereof. 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), (c)
or (f) hereof. 
  
 (b) Transfer and Exchange of Beneficial
Interests in the Global Notes. 
  
 The transfer and exchange
of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to
restrictions on transfer comparable to those set forth herein and therein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below,
as applicable, as well as one or more of the other following subparagraphs, as applicable: 
  
 (i) 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 transfers of beneficial interests in the Temporary Regulation 
  

 -22- 

 S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than
an Initial Purchaser or to a transferee who will take delivery of a beneficial ownership interest in a 144A Global Note bearing a Private Placement Legend in accordance with Section 2.06(b)(iii) hereof). 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)(i). 
  
 (ii)
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)(i) above, the transferor of such beneficial interest
must deliver to the Depositary either (A) (1) 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 (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be
credited with such increase or (B) (1) 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 (2) 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 (1) above, provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (x) the expiration of the Restricted
Period and (y) the receipt by the Registrar of any certificates determined by the Company to be required pursuant to Rule 903 under the Securities Act. Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof,
the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted
Global Notes. 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(h) hereof. 
  
 (iii) 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 Section 2.06(b)(ii) above and the Registrar receives the following:

  
 (A) if the transferee will take delivery in
the form of a beneficial interest in the 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 
  
 (B) if the transferee will take delivery in the form of a
beneficial interest in the Regulation S Temporary Global Note or the 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. 
  

 -23- 

 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in the 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 transferred to a Person who takes
delivery thereof in the form of a beneficial interest in a Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) above and: 
  
 (A) 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, makes the certification required by Section 5 of the Registration Rights Agreement in the
applicable Letter of Transmittal or via the Depositary’s book-entry system; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) such transfer is effected by a
Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) 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 
  
 (2) 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 certifications in item (3)(c) or (4)
thereof; and, in each such case set forth in this subparagraph (D), if the Company or the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Company or the Registrar, as
applicable, to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
  
 If any such transfer is effected pursuant
to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt 
  

 -24- 

 of an Authentication Order in accordance with Section 2.02 hereof, 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 (B) or (D) 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. 
  
 (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. 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: 
  
 (A) 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; 
  
 (B) if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) 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, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
  
 (D) if such beneficial interest is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; or 
  
 (E) if such beneficial interest is being transferred to the
Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof, 
  
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the
Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted
Global Note pursuant to this Section 2.06(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 make available for delivery such 
  

 -25- 

 Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  
 (ii) Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof,
a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (x) the expiration of the Restricted Period
and (y) the receipt by the Registrar of any certificates determined by the Company to be required pursuant to Rule 903(c)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the registration
requirements of the Securities Act other than Rule 903 or Rule 904. 
  
 (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. 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: 
  
 (A) such exchange or transfer is effected pursuant to the 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, makes the certifications required by Section 5 of the Registration Rights Agreement in the applicable Letter of Transmittal; 
  
 (B) such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted 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 
  
 (2) 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 an Unrestricted Definitive Note that does not bear the Private Placement Legend, a
certificate from such holder in the form of Exhibit B hereto, including the certifications in item (3)(c) or (4) thereof; 
  

 -26- 

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

(iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. 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 Section 2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee
shall authenticate and make available for delivery to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section
2.06(c)(iv) 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 make available for delivery 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 Section
2.06(c)(iv) shall not bear the Private Placement Legend. 
  
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 
  
 (i) Restricted Definitive Notes to 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: 
  
 (A) 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; 
  
 (B) if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; or 
  
 (C) 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, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof, upon confirmation of such receipt, the Trustee
shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in 
  

 -27- 

 the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above,
the 144A Global Note, and in the case of clause (C) above, the Regulation S Global Note, in each case, bearing the Private Placement Legend. 
  
 (ii) Restricted Definitive Notes to 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: 

 
 (A) 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, makes the certification required under Section 5 of the Registration Rights Agreement in
the applicable Letter of Transmittal; 
  
 (B)
such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or 
  
 (D) the
Registrar receives the following: 
  
 (1) if the
Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

  
 (2) 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 the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item
(3)(c) or (4) thereof; 
  
 and, in each such case set forth in this subparagraph
(D), if the Company or Registrar so requests or if the Applicable Procedures so require, an opinion of counsel in form reasonably acceptable to the Company or Registrar, as applicable, to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 Upon confirmation by the Registrar of satisfaction of the conditions of any
of the subparagraphs in this Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
  

 -28- 

 (iii) Unrestricted Definitive Notes to 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 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 a Definitive Note to a beneficial interest in a Global Note is effected pursuant to subparagraph (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue
and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Definitive Notes 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 shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder
shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by his attorney, duly authorized in writing. In
addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 
  
 (i) 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: 
  
 (A) if the transfer will be made pursuant to Rule 144A, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (B) 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; 
  
 (C) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (3)(a) thereof; or 
  

 -29- 

 (D) if such beneficial interest is being transferred to the Company or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof. 
  
 (ii) Restricted Definitive Notes to 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: 
  

(A) 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, makes the certification required by Section 5 of the Registration Rights Agreement in the applicable Letter of Transmittal; 
  
 (B) any such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) any such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) 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 
  
 (2) 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 certifications in item (3)(c) or (4) thereof;

  
 and, in each such case set forth in this subparagraph (D), if
the Company or Registrar so requests, an opinion of counsel in form reasonably acceptable to the Company or Registrar, as applicable, to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 (iii) 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. 
  

 -30- 

 (f) Exchange Offer. 
  
 Upon the consummation of the Exchange Offer in accordance with the Registration Rights Agreement, the Company 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 aggregate principal amount of the beneficial
interests in the Restricted Global Notes tendered for acceptance by Persons that make the certifications required by Section 5 of the Registration Rights Agreement in the applicable Letters of Transmittal or via the Depositary’s book-entry
system, and accepted for exchange in the Exchange Offer and (ii) Definitive Notes in an aggregate principal amount equal to the aggregate principal amount of the Restricted Definitive Notes tendered for acceptance by Persons that make the
certifications required by Section 5 of the Registration Rights Agreement in the applicable Letters of Transmittal, and accepted for exchange in the 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 Company shall execute and the Trustee shall authenticate and make available for delivery to the Persons designated by the Holders of Definitive Notes so
accepted Definitive Notes in the appropriate principal amount. 
  
 (g) Legends. 
  
 The following legends shall
appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
  
 (i) Private Placement Legend. 
  
 (A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes
issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
  
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘SECURITIES ACT’), AND NEITHER THIS SECURITY NOR ANY
INTEREST OR PARTICIPATION HEREIN (OR THEREIN) MAY BE OFFERED, 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, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS SECURITY, AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE THERETO UNDER RULE 144(k) UNDER THE SECURITIES ACT WHICH IS APPLICABLE TO THIS SECURITY (THE ‘RESALE RESTRICTION TERMINATION DATE’) OTHER THAN (1) TO THE ISSUER OR ITS
SUBSIDIARIES, (2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 
  

 -31- 

 SECURITIES ACT (‘RULE 144A’), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
‘QUALIFIED INSTITUTIONAL BUYER’ WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY IF THIS SECURITY IS NOT IN BOOK-ENTRY FORM), (3) TO A NON-’U.S. PERSON’ IN AN ‘OFFSHORE
TRANSACTION’ (AS SUCH TERMS ARE DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS
SECURITY IF THIS SECURITY IS NOT IN BOOK-ENTRY FORM), (4) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, OR (5)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF ITS PROPERTY OR THE PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES
WITHIN ITS OR THEIR CONTROL, AND SUBJECT TO THE RIGHT OF THE ISSUER OR THE TRUSTEE FOR THE SECURITIES PRIOR TO ANY SUCH SALE, PLEDGE OR OTHER TRANSFER PURSUANT TO CLAUSE (4) ABOVE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS
AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON REQUEST OF THE HOLDER ON OR AFTER THE RESALE RESTRICTION TERMINATION DATE.” 
  
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs
(b)(iv), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 
  
 (ii) Global Note Legend. Each Global Note shall bear
a legend in substantially the following form: 
  
 “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 (I) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE 
  

 -32- 

 MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.” 
  
 (iii) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear a legend in substantially the
following form: 
  
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE ‘SECURITIES ACT’), AND, PRIOR TO THE EXPIRATION OF A DISTRIBUTION COMPLIANCE PERIOD (DEFINED AS 40 DAYS AFTER THE ISSUE DATE WITH RESPECT TO THE NOTES), MAY NOT BE: OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S, AS DEFINED IN THE SECURITIES ACT, OR (2) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (‘RULE 144A’) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. 

 
 THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE
CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE
PAYMENT OF INTEREST HEREON.” 
  
 (h) 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 shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11 hereof. 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 shall be reduced accordingly and an endorsement shall 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 shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
  

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 (i) General Provisions Relating to Transfers and Exchanges. 
  
 (i) To permit registrations of transfers and exchanges, the
Company shall, subject to the other provisions of this Section 2.06, execute and the Trustee shall authenticate Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s request. 
  
 (ii) No service charge shall be made to a holder of a
beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company 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, 3.09, 4.10, 4.14 and 9.05 hereof). 
  
 (iii) The Registrar shall 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. 
  
 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Company, 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. 
  
 (v) The Company shall not be required (A) to issue, to
register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 Business Days before the day of the mailing of a notice of redemption or repurchase under Section 3.02 or 4.14 hereof, as applicable, and
ending at the close of business on such day, (B) to register the transfer of or to exchange any Note so selected for redemption or repurchase in whole or in part, except the unredeemed portion of any Note being redeemed or repurchased in part or (c)
to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date. 
  
 (vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company 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 Company shall be
affected by notice to the contrary. 
  
 (vii) The
Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
  
 (viii) All certifications, certificates and opinions of counsel required to be submitted to the Registrar pursuant to this Section 2.06 to
effect a registration of transfer or exchange may be submitted by facsimile. 
  
 (ix) Each Holder agrees to indemnify the Trustee and the Registrar against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this
Indenture and/or applicable United States federal or state securities law. 
  

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 (x) Neither the Trustee nor the Registrar shall have any obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or
beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and
to examine the same to determine substantial compliance as to form with the express requirements hereof. 
  
 SECTION 2.07. Replacement Notes. 
  
 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. 
  
 The Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto, and may charge for its expenses (including the fees and expenses of the Trustee and reasonable attorney’s fees and expenses) in replacing a Note. 
  
 Every replacement Note is an additional obligation of the Company and shall
be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
  
 If any mutilated, lost, stolen or destroyed Note has become or is about to become due and payable, the Company, in its sole 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 those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those
described in this Section as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
  
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser or protected purchaser. 
  

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 If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be
outstanding and interest on it ceases to accrue. 
  
 If the Paying
Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest. 
  
 SECTION 2.09.
Treasury Notes. 
  
 In determining whether the Holders of
the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person that is an Affiliate of the Company, shall be considered as though not outstanding, except that for the
purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned shall be so disregarded. 
  
 SECTION 2.10. Temporary Notes. 
  
 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an
Authentication order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the company considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 
  
 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 
  
 SECTION 2.11. Cancellation. 
  
 The Company at any time may deliver Notes to the Trustee for cancellation.
The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall destroy cancelled Notes (subject to the record retention requirements of the Exchange Act). Certification of the destruction of all canceled Notes shall be delivered to the Company. The Company may not
issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
  
 SECTION 2.12. Defaulted Interest. 
  
 If the Company defaults in a payment of interest on the Notes, it shall 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 on a subsequent Special Record Date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall 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 Company shall fix or cause to be fixed each such Special Record Date and payment date, provided that no such Special Record Date shall be less
than 10 days prior to the related payment date for 
  

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 such defaulted interest. At least 15 days before the Special Record Date, the Company (or, upon the written request of
the Company, the Trustee in the name and at the expense of the company) shall mail or cause to be mailed to Holders a notice that states the Special Record Date, the related payment date and the amount of such interest to be paid. The defaulted
interest shall be considered paid upon deposit with the Trustee or the Paying Agent of an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest, and interest on such defaulted interest shall
thereafter cease to accrue from that date. The Company may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements of any securities exchange or other trading market on which the securities of the
company are listed or traded, and upon such notice as may be required by such exchange or trading market, if, after written notice given by the Company to the Trustee of the proposed payment, such manner of payment shall be deemed practicable by the
Trustee. 
  
 SECTION 2.13. Cusip Numbers. 
  
 The Company in issuing the Notes may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use CUSIP numbers in notice of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or the omission of such
numbers. The Company shall promptly notify the Trustee of any change in the CUSIP numbers. 
  
 ARTICLE 3 
  
 REDEMPTION AND
PREPAYMENT 
  
 SECTION 3.01. Notices to Trustee.

  
 If the Company elects to redeem Notes pursuant to the
optional redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee, at least 40 days (35 days in the case of redemption of less than all the Notes) but not more than 60 days before a redemption date, an Officers’ Certificate
setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed, (iv) the redemption price and (v) the CUSIP numbers of the Notes to be
redeemed. 
  
 SECTION 3.02. Selection of Notes to Be
Redeemed. 
  
 If less than all of the Notes are to be
redeemed at any time, the Trustee shall select the Notes to be redeemed or purchased among the Holders of the Notes in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the
Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Company considers fair and appropriate. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless
otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. 
  

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 The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the
case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be
redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also
apply to portions of Notes called for redemption. 
  
 SECTION
3.03. Notice of Redemption. 
  
 Subject to the provisions
of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail or send by overnight delivery or telecopy, a notice of redemption to each Holder whose
Notes are to be redeemed at its registered address. The notice shall identify the Notes to be redeemed and shall state: 
  
 (a) the redemption date; 
  
 (b) the redemption price; 
  
 (c) 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 shall be issued upon cancellation of the original Note; 
  
 (d) the name and address of the Paying Agent; 
  
 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price; 
  
 (f) that, unless the Company defaults
in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the redemption date; 
  
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

  
 (h) 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 Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided,
however, that the Company shall have delivered to the Trustee, at least 45 days 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. 
  

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 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. A notice of redemption may not be conditional. 
  
 SECTION 3.05. Deposit of Redemption Price. 
  
 Prior to 12:00 noon New York City time on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay
the redemption price of and accrued interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
  
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or
the portions of Notes called for redemption. If a Note is redeemed 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. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption 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 in Part. 
  
 Upon surrender and cancellation of a Note that is redeemed in part, the
Company shall issue and, upon the Company’s written, request, the Trustee shall authenticate, for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
  
 SECTION 3.07. Optional Redemption. 
  
 (a) The Notes will not be redeemable at the Company’s option prior to
November 15, 2009. Thereafter, the Notes will be subject to redemption at any time at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of
principal amount) set forth below, plus accrued and unpaid interest thereon to the applicable redemption date (subject to the right of Holders as of the relevant record date to receive interest due on the relevant interest payment date), if redeemed
during the twelve-month period beginning on November 15 of the years indicated below: 
  

				
	 Year

	  	 Percentage
 of Principal
 Amount

	 
	 2009
	  	103.125	%
	 2010
	  	102.083	%
	 2011
	  	101.042	%
	 2012 and thereafter
	  	100.000	%

  

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 (b) Ordinary Shares Offering. In addition, at any time, or from time to time, prior to November
15, 2007, the Company may, at its option, use the net cash proceeds of one or more public or private offerings of Ordinary Shares of the Company (an “Equity Sale”) to redeem, on a pro rata basis, up to 35% in aggregate principal amount of
the Notes at a redemption price of 106.250% of the principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of redemption; provided that at least 65% in aggregate principal amount of Notes remains outstanding
immediately after any such redemption; provided, further, that such redemption occur within 90 days of the date of the closing of such Equity Sale. 
  
 (c) Taxation. If, as the result of any change in or any amendment to the laws, including any applicable double
taxation treaty or convention, of Singapore (or any Other Jurisdiction, as defined in Section 4.21), or of any political subdivision or taxing authority thereof, affecting taxation, or any change in the application or interpretation or official
position regarding the application of such laws, double taxation treaty or convention (a “Change in Tax Law”), which change or amendment becomes effective on or after the original issuance date of the Notes (or, in certain circumstances,
such later date on which any assignee of the Company or a successor corporation to the Company becomes such as permitted under this Indenture), it is determined by the Company or such assignee (which terms, for purposes of the remainder of this
paragraph, include any successor thereto) that (i) the Company or its assignee would be required to make payments of Additional Amounts on the next succeeding date for the payment thereof and (ii) the effect of such Change in Tax Law cannot be
avoided through any reasonable measures available to the Company, the Company may, at its option, redeem the Notes in whole at any time at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to
the date fixed for redemption (the “Tax Redemption Price”). 
  
 (d) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through 3.06 hereof. 
  
 SECTION 3.08. Mandatory Redemption. 
  
 Except as provided in Sections 4.10 and 4.14 hereof, the Company shall not be required to make mandatory redemption or sinking fund payments with respect
to the Notes. 
  
 SECTION 3.09. Offer to Purchase by
Application of Excess Proceeds. 
  
 In the event that,
pursuant to Section 4.10 hereof, the Company shall be required to commence an Asset Sale Offer, it shall follow the procedures specified below. 
  

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 The Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no
longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). Not earlier than 30 days and not later than 60 days from the date the notice of the Asset Sale Offer is given to Holders, or to the
extent that a longer period is required by applicable law (the “Purchase Date”), the Company shall purchase the principal amount of Notes required to be purchased pursuant to Section 4.10 hereof (the “Offer Amount”) or, if less
than the Offer Amount has been tendered, all Notes tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 
  
 If the Purchase Date is on or after a Record Date and on or before the
related Interest Payment Date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to Holders who tender Notes
pursuant to the Asset Sale Offer. 
  
 Upon the commencement of an
Asset Sale Offer, the Company shall send, by first class mail, overnight delivery or telecopy a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable
such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Sale offer, shall state: 
  
 (a) that the Asset Sale Offer is being made pursuant to this
Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer shall remain open; 
  
 (b) the Offer Amount, the purchase price and the Purchase Date; 
  
 (c) that any Note not tendered or accepted for payment shall continue to accrue interest; 
  
 (d) that, unless the Company defaults in making such
payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; 
  
 (e) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may only elect to have all of such Note purchased and
may not elect to have only a portion of such Note purchased; 
  
 (f) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the
Note completed, or transfer by book-entry transfer, to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 
  
 (g) that Holders shall be entitled to withdraw their
election if the Company, the depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the aggregate
principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
  

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 (h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the
Offer Amount, the Company shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $1,000, or integral multiples thereof, shall be
purchased); and 
  
 (i) that Holders whose Notes
were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
  
 On or before 12:00 noon New York City time on the Purchase Date, the Company shall, to the extent lawful, accept for
payment, on a pro rata basis to the extent necessary, the Offer Amount or portions thereof tendered pursuant to the Asset Sale offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an
Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly
(but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall
promptly issue a new Note, and the Trustee, upon written request from the Company, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so
accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Asset Sale Offer on the Purchase Date. 
  
 Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant
to the provisions of Sections 3.01 through 3.06 hereof. 
  
 ARTICLE
4 
  
 COVENANTS 
  
 SECTION 4.01. Payment of Notes. 
  
 The Company shall pay or cause to be paid the principal of, premium, if any,
and interest and Liquidated Damages, if any, on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Liquidated Damages, if any, shall be considered paid on the date due if the Paying Agent, if
other than the Company or a Subsidiary thereof, holds as of 12:00 noon New York City time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and
interest and Liquidated Damages, if any, then due. 
  

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 Notwithstanding anything to the contrary in this Indenture, the Company may, to the extent it is required
to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments hereunder. 
  
 The Company shall 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; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated
Damages (without regard to any applicable grace period) at the same rate to the extent lawful. 
  
 SECTION 4.02. Maintenance of Office or Agency. 
  
 The Company shall maintain in the Borough of Manhattan, the City of New York an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be
surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall 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 Company shall fail to maintain any such required office or agency or shall 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 located at 4 New York Plaza, 1st Fl., New York, New York 10004-2413. 
  
 The Company 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 shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York an office or agency for such purposes. The Company shall 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 Company hereby designates the Corporate Trust Office of
the Trustee as one such office or agency of the Company in accordance with Section 2.03 hereof. 
  
 SECTION 4.03. Reports. 
  
 At all times from and after the date of the commencement of an Exchange Offer or the effectiveness of a shelf registration statement with respect to the
Notes (the “Registration”), whether or not the Company is then required to file reports with the Commission, the Company shall file with the Commission all such reports and other information as it would be required to file with the
Commission by Sections 13(a) or 15(d) under the Exchange Act if it were subject thereto. The Company shall supply the applicable Trustee and each applicable Holder or shall supply to the applicable Trustee for forwarding to each such applicable
Holder, without cost to such Holder, copies of such reports and other information. At all times prior to the date of the Registration, the Company shall, at its cost, deliver to the Trustee and each Holder of the Notes quarterly and annual reports
substantially equivalent to those which would be required by the Exchange Act if the Company were subject thereto. In addition, 
  

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 at all times prior to the Registration, upon the request of any Holder or any prospective purchaser of the Notes
designated by a Holder, the Company shall supply to such Holder or such prospective purchaser the information required under Rule 144A under the Securities Act. 
  

SECTION 4.04. Compliance Certificate. 
  
 (a) The Company shall deliver to the Trustee within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the
activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company 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 Company 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 shall have occurred, describing all such Defaults or Events of Default of which he or she may have
knowledge and what action the Company 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 Company is taking or proposes to take with respect thereto. For purposes of this paragraph, such compliance shall be
determined without regard to any period of grace or requirement of notice provided under this Indenture. 
  
 (b) So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to Section 4.03(a) hereof shall be accompanied by a written statement of the Company’s independent public accountants (who shall be a firm of established national reputation) that in making the examination
necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Article 4 or Article 5 hereof or, if any such violation has occurred,
specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such violation. 
  
 (c) The Company shall, so long as any of the Notes are outstanding, 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 Company is taking or proposes to take with respect thereto.

  
 (d) If Liquidated Damages are payable under the Registration
Rights Agreement, the Company shall deliver to the Trustee a certificate to that effect stating (i) the amount of Liquidated Damages that is payable and (ii) the date on which Liquidated Damages is payable. Unless and until a Responsible Officer of
the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no Liquidated Damages are payable. If Liquidated Damages have been paid by the Company directly to the persons entitled to them, the
Company shall deliver to the Trustee a certificate setting forth the particulars of such payment. 
  

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 SECTION 4.05. Taxes. 
  
 The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes,
assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
  
 SECTION 4.06. Stay, Extension and Usury Laws. 
  
 The Company covenants (to the extent that it may lawfully do so) that it
shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as through no such law has been enacted. 
  
 SECTION 4.07. Restricted Payments. 
  
 (A) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 
  
 (i) declare or pay any dividend or make any other payment or
distribution on account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company) or to the direct or indirect
holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company), except to the
extent the entirety of such dividend or distribution is actually paid to the Company or a Restricted Subsidiary of the Company (and in the case of a dividend or distribution by any non-Wholly Owned Restricted Subsidiary of the Company, to any other
holder of Equity Interests of such non-Wholly Owned Restricted Subsidiary on a pro rata basis); 
  
 (ii) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or
consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company; 
  
 (iii) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any Subordinated
Debt, except a payment of interest or principal at Stated Maturity; or 
  
 (iv) make any Restricted Investment 
  

 -45- 

 (all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as
“Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
  
 (a) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 
  
 (b) the Company would, at the time of such Restricted
Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Debt pursuant to the covenant described
in Section 4.09(a); and 
  
 (c) such Restricted
Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries after the Issue Date (excluding Restricted Payments permitted by clause (ii) of the next succeeding paragraph), is less
than the sum of 
  
 (i) 50% of the Consolidated
Net Income (or if Consolidated Net Income shall be a loss, minus 100% of such loss) of the Company for the period (taken as one accounting period) from (and including) the fiscal quarter commencing October 1, 2004 to the end of the Company’s
most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, plus 
  
 (ii) 100% of the aggregate Fair Market Value received by the Company from the issue or sale since October 1, 2004 of Capital Stock of the
Company (other than Disqualified Stock) or of Disqualified Stock or debt securities of the Company that have been converted into such Capital Stock (other than Capital Stock (or Disqualified Stock or convertible debt securities) sold to a Restricted
Subsidiary of the Company and other than Disqualified Stock or convertible debt securities that have been converted into Disqualified Stock), plus 
  
 (iii) the aggregate amount equal to the net reduction in Restricted Investments in Unrestricted Subsidiaries on or after the Issue Date
resulting from the redesignation of any Unrestricted Subsidiary as a Restricted Subsidiary, not to exceed the aggregate amount of Restricted Investments made by the Company or any Restricted Subsidiary in such Unrestricted Subsidiary on or after the
Issue Date, plus 
  
 (iv) $250.0 million.

  
 (B) So long as no Default or Event of Default shall have
occurred and be continuing, the foregoing provisions shall not prohibit 
  
 (i) the payment of any dividend within 60 days after the date of declaration thereof, if at said date of declaration such payment would have complied with the provisions of this Indenture; 
  

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 (ii) the redemption, repurchase, retirement or other acquisition of any Equity Interests
of the Company or any Subsidiary of the Company or any Subordinated Debt, in each case in exchange for, or out of the net proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, other Equity Interests of the
Company (other than any Disqualified Stock); provided, however, that the amount of any such net proceeds that are utilized for any such redemption, repurchase, retirement or other acquisition shall be excluded from clause (ii) of the
preceding paragraph; and 
  
 (iii) the
redemption, repurchase, refinancing or defeasance of Subordinated Debt in exchange for, or with the net cash proceeds from, an incurrence of Permitted Refinancing Debt. 
  
 (C) The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of the Restricted
Payment of the asset(s) or securities proposed to be transferred or issued by the Company or such Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any non-cash Restricted Payment having a fair market value
in excess of $10.0 million shall be determined by the Board of Directors, whose resolution with respect thereto shall be delivered to the Trustee. Not later than the date of making any Restricted Payment, the Company shall deliver to the Trustee an
Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 4.07 were computed. 
  
 SECTION 4.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 
  
 (A) The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary to: 
  
 (i) (a) pay dividends or make any other distributions to the Company or any of its Restricted Subsidiaries
(1) on its Capital Stock or (2) with respect to any other interest or participation in, or measured by, its profits, or (b) pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 
  
 (ii) make loans or advances to the Company or any of its
Restricted Subsidiaries; or 
  
 (iii) transfer
any of its properties or assets to the Company or any of its Restricted Subsidiaries. 
  
 (B) The foregoing restrictions shall not apply to encumbrances or restrictions existing under or by reason of: 
  
 (a) Existing Debt as in effect on the date of this Indenture; 
  

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 (b) the Credit Facility as in effect as of the date of this Indenture, and any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof, provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings are not more restrictive taken as a whole with respect to such dividend and other payment restrictions than those contained in such Existing Debt as in effect on the Issue Date (as determined by the Board of Directors of the Company in
its reasonable and good faith judgment); 
  
 (c)
this Indenture and the Notes; 
  
 (d) applicable
law; 
  
 (e) any instrument governing Debt or
Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Debt was incurred in connection with or in contemplation of such acquisition), which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired, provided that, in the case of Debt, such Debt was permitted by the
terms of this Indenture to be incurred; 
  
 (f)
customary non-assignment provisions in leases and other agreements entered into in the ordinary course of business and consistent with past practices, restricting assignment or restricting transfers of non-cash assets; 
  
 (g) Purchase Money Obligations for property acquired in the
ordinary course of business that impose restrictions of the nature described in clause (A)(iii) above on the property so acquired; 
  
 (h) Permitted Refinancing Debt, provided that the restrictions contained in the agreements governing such Permitted Refinancing Debt are
not more restrictive taken as a whole than those contained in the agreements governing the Debt being refinanced (as determined by the Board of Directors of the Company in its reasonable and good faith judgment); 
  
 (i) contracts for the sale of assets; 
  
 (j) customary provisions in agreements with respect to
Permitted Joint Ventures; 
  
 (k) any Debt or any
agreement pursuant to which such Debt was issued if (A) the encumbrance or restriction applies only upon a payment or financial covenant default or event of default contained in such Debt or agreement and (B) the encumbrance or restriction is not
materially more disadvantageous to the Holders of the Notes than is customary in comparable financings (as determined in good faith by the Board of Directors of the Company); or 
  
 (l) reasonable and customary borrowing base, net worth and similar covenants set forth in agreements
evidencing Debt otherwise permitted by this Indenture. 
  

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 SECTION 4.09. Incurrence of Debt and Issuance of Preferred Stock. 
  
 (a) The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Debt (including Acquired Debt) and
the Company shall not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that the Company and any Restricted Subsidiary may incur Debt (including Acquired Debt) if the Fixed Charge Coverage
Ratio for the Company’s and its Restricted Subsidiaries’ most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Debt is incurred would
have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Debt had been incurred at the beginning of such four-quarter period. 
  
 (b) The provisions of the first paragraph of this covenant shall not apply to
the incurrence of any of the following items of Debt (collectively, “Permitted Debt”): 
  
 (i) the incurrence by the Company or any of its Restricted Subsidiaries of Credit Facility Debt and letters of credit (with letters of
credit being deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) under Credit Agreements; provided that the aggregate principal amount of all Credit Facility
Debt outstanding under all Credit Agreements and incurred pursuant to this clause (i), after giving effect to such incurrence, including all Permitted Refinancing Debt incurred to refund, refinance or replace any other Debt incurred pursuant to this
clause (i), together with all amounts outstanding under clause (ii) below, does not exceed the greater of $1.5 billion and the Borrowing Base as of the most recent fiscal quarter ended for which financial statements are available; 
  
 (ii) the incurrence by the Company or any of its Restricted
Subsidiaries of Receivables Program Debt in an aggregate amount at any one time outstanding not to exceed, together with the amounts outstanding under clause (i) above, the greater of $1.5 billion or the Borrowing Base as of the most recent fiscal
quarter ended for which financial statements are available; 
  
 (iii) the incurrence by the Company and its Restricted Subsidiaries of Existing Debt; 
  
 (iv) the incurrence by the Company or any of its Restricted Subsidiaries of Debt represented by the Notes; 
  
 (v) the incurrence by the Company or any of its Restricted
Subsidiaries of Permitted Refinancing Debt in exchange for, or the net proceeds of which are used to refund, refinance or replace, Debt that was permitted by this Indenture to be incurred; 
  
 (vi) the incurrence by the Company or any of its Restricted
Subsidiaries of intercompany Debt between or among the Company and any of its Wholly Owned Restricted 
  

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 Subsidiaries; provided, however, that (i) if the Company is the obligor on such Debt, such Debt is
expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes and (ii) (A) any subsequent issuance or transfer of Equity Interests that results in any such Debt being held by a Person other than the Company
or a Wholly Owned Restricted Subsidiary and (B) any sale or other transfer of any such Debt to a Person that is neither the Company nor a Wholly Owned Restricted Subsidiary shall be deemed, in each case, to constitute an incurrence of such Debt by
the Company or such Restricted Subsidiary, as the case may be; 
  
 (vii) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations that are incurred for the purpose of fixing or hedging interest rate risk with respect to any floating rate Debt that is
permitted by the terms of this Indenture to be outstanding or for the purpose of fixing or hedging currency exchange risk with respect to any currency exchanges; 
  
 (viii) Capital Lease Obligations and Purchase Money Obligations of the Company and its Restricted
Subsidiaries in aggregate principal amount (or accreted value, as applicable) at any time outstanding not to exceed 10.0% of Total Assets; 
  
 (ix) Guarantees by the Company or any of its Restricted Subsidiaries of Debt of the Company or any Restricted Subsidiary permitted to be
incurred under another provision of this covenant; 
  
 (x) Debt of the Company or any Restricted Subsidiary in respect of performance bonds, bankers’ acceptances, trade letters of credit, surety bonds and guarantees provided by the Company or any Restricted Subsidiary in the ordinary
course of business, not to exceed at any given time 2.5% of Total Assets; and 
  
 (xi) the incurrence by the Company or any of its Restricted Subsidiaries of additional Debt in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted
Refinancing Debt incurred to refund, refinance or replace any other Debt incurred pursuant to this clause (xi), not to exceed $250.0 million. 
  
 (c) For purposes of determining compliance with this covenant, in the event that an item of Debt meets the criteria of more than one of the categories of
Permitted Debt described in clauses (b)(i) through (b)(xi) above or is entitled to be incurred pursuant to the first paragraph of this covenant, the Company shall, in its sole discretion, classify all or any portion of such item of Debt in any
manner that complies with this covenant and such item of Debt or portion thereof will be treated as having been incurred pursuant to only one of such clauses or pursuant to the first paragraph hereof. Accrual of interest, the accretion of accreted
value and the payment of interest in the form of additional Debt will not be deemed to be an incurrence of Debt for purposes of this covenant. 
  
 (d) Debt or Preferred Stock of any Person which is outstanding at the time such Person becomes a Restricted Subsidiary of the Company (including upon
designation of any Subsidiary or other Person as a Restricted Subsidiary or upon a revocation such that such Subsidiary becomes a Restricted Subsidiary) or is merged with or into or consolidated with the Company or a Restricted 
  

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 Subsidiary of the Company shall be deemed to have been incurred at the time such Person becomes such a Restricted
Subsidiary of the Company or is merged with or into or consolidated with the Company or a Restricted Subsidiary of the Company, as applicable. 
  
 SECTION 4.10. Asset Sales. 
  
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
  
 (i) the Company (or the Restricted Subsidiary, as the case
may be) receives consideration at the time of such Asset Sale at least equal to the fair market value (evidenced by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee) of the assets or Equity
Interests issued or sold or otherwise disposed of; and 
  
 (ii) at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of cash; provided that the amount of (x) any liabilities (as shown on the Company’s or such Restricted
Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any guarantee thereof) that are assumed by the
transferee of any such assets pursuant to a customary novation agreement or other agreement that releases or indemnifies the Company or such Restricted Subsidiary from further liability and (y) any securities, notes or other obligations received by
the Company or any such Restricted Subsidiary from such transferee that are immediately converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received) shall be deemed to be cash for purposes of this provision.

  
 Within 365 days after the receipt of any Net Proceeds from an
Asset Sale, the Company may apply such Net Proceeds at its option, (a) to permanently repay, reduce or secure letters of credit in respect of Senior Debt (and to correspondingly reduce commitments with respect thereto in the case of revolving
borrowings), and/or (b) to the acquisition of a controlling interest in another business, the making of a capital expenditure or Permitted Investment or the acquisition of other assets, in each case, for use in the same or a similar line of business
as the Company was engaged in on the date of such Asset Sale or reasonable extensions thereof. Pending the final application of any such Net Proceeds, the Company may temporarily reduce indebtedness under the Credit Facility (or any alternative or
subsequent revolving credit agreement where borrowings thereunder constitute Senior Debt or Debt of a Subsidiary) or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture. Any Net Proceeds from Asset Sales that
are not applied or invested as provided in the first sentence of this paragraph will be deemed to constitute “Excess Proceeds.” 
  
 When the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company will be required to make an offer (an “Asset Sale Offer”) to all
Holders of Notes and holders of any other Pari Passu Debt outstanding with provisions requiring the Company to make an offer to purchase or redeem such indebtedness with the proceeds from any Asset Sale as follows: (A) the Company will make an offer
to purchase from all Holders of the Notes in accordance with the procedures set forth in this Indenture in the maximum principal amount (expressed as a multiple of $1,000) of Notes that may be purchased out of an amount (the “Note Amount”)
equal to the product of such Excess Proceeds 
  

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 multiplied by a fraction, the numerator of which is the outstanding principal amount of the Notes, and the denominator of
which is the sum of the outstanding principal amount of the Notes and such Pari Passu Debt (subject to proration in the event such amount is less than the aggregate Asset Sale Offered Price (as defined herein) of all Notes tendered), and (B) to the
extent required by such Pari Passu Debt to permanently reduce the principal amount of such Pari Passu Debt, the Company will make an offer to purchase or otherwise repurchase or redeem Pari Passu Debt (an “Asset Sale Pari Passu Offer”) in
an amount (the “Pari Passu Debt Amount”) equal to the excess of the Excess Proceeds over the Note Amount; provided that in no event will the Company be required to make an Asset Sale Pari Passu Offer in a Pari Passu Debt Amount
exceeding the principal amount of such Pari Passu Debt plus accrued and unpaid interest thereon plus the amount of any premium required to be paid to repurchase such Pari Passu Debt. The offer price for the Notes will be payable in cash in an amount
equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to the date (the “Asset Sale Offer Date”) such Asset Sale Offer is consummated (the “Asset Sale Offered Price”), in accordance with the
procedures set forth in this Indenture. To the extent that the aggregate Asset Sale Offered Price of the Notes tendered pursuant to the Asset Sale Offer is less than the Note Amount relating thereto or the aggregate amount of Pari Passu Debt that is
purchased in an Asset Sale Pari Passu Offer is less than the Pari Passu Debt Amount, the Company may use any remaining Excess Proceeds for general corporate purposes. If the aggregate principal amount of Notes and Pari Passu Debt surrendered by
holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro rata basis. Upon the completion of the purchase of all the Notes tendered pursuant to an Asset Sale Offer and the completion of an
Asset Sale Pari Passu Offer, the amount of Excess Proceeds, if any, shall be reset at zero. 
  
 The Company shall comply with the applicable tender offer rules, including Rule l4e-1 under the Exchange Act, and any other applicable securities laws or regulations in connection with an Asset Sale Offer. 

 
 SECTION 4.11. Transactions with Affiliates. 
  
 The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding,
loan, advance or guarantee with, or for the benefit of, any Affiliate (each of the foregoing, an “Affiliate Transaction”), unless: 
  
 (i) such Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that
would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 
  
 (ii) the Company delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $10.0 million, a resolution of the Board of Directors set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with clause (i) above and that such Affiliate Transaction has
been approved by a majority of the disinterested members of the Board of Directors; provided that (w) any employment agreement or compensation arrangement entered into by 
  

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 the Company or any of its Restricted Subsidiaries in the ordinary course of business and consistent with
the past practice of the Company or such Restricted Subsidiary that is not otherwise prohibited by this Indenture, (x) transactions between or among the Company and/or its Restricted Subsidiaries that are not otherwise prohibited by this Indenture,
(y) Restricted Payments and Permitted Investments that are permitted by the provisions of this Indenture described in Section 4.07, and (z) indemnification of officers and directors, in each case, shall not be deemed Affiliate Transactions.

  
 SECTION 4.12. Liens. 
  
 The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly create, incur, assume or suffer to exist any Lien that secures obligations under any Pari Passu Debt or Subordinated Debt on any asset or property of the Company or such Restricted Subsidiary, or any income or
profits therefrom, or assign or convey any right to receive income therefrom, unless the Notes are equally and ratably secured with the obligations so secured or until such time as such obligations are no longer secured by a Lien. 
  
 SECTION 4.13. Corporate Existence. 
  
 Subject to Article 5 hereof, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect (i) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be
amended from time to time) of the Company or any such Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its subsidiaries; provided, however, that the Company shall not be required to
preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business
of the Company and its Subsidiaries, taken as a whole, and that the lose thereof is not adverse in any material respect to the Holders of the Notes. 
  
 SECTION 4.14. Change of Control. 
  
 (a) Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require the Company to repurchase all or any part (equal to
$1,000 or integral multiples thereof) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) at an offer price in cash equal to 101% of the aggregate principal amount thereof, plus accrued and
unpaid interest thereon, if any, to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder of Notes describing the transaction or transactions
that constitute the Change of Control and offering to repurchase Notes on the date specified in such notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control
Payment Date”), pursuant to the procedures required by this Indenture and described in such notice. 
  
 (b) The Company will comply with the requirements of Rule l4e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. 
  

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 (c) On the Change of Control Payment Date, the Company will, to the extent lawful, (i) accept for payment
all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered and (iii) deliver or
cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. The Paying Agent will promptly mail to each
Holder of Notes so 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 equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $1,000 or integral multiples thereof. 
  
 Prior to complying with the provisions of this covenant, but in any event within 90 days following a Change of Control, the Company will either repay in
full in cash all outstanding Senior Debt or obtain the requisite consents, if any, under all agreements governing outstanding Senior Debt to permit the repurchase of Notes required by this covenant. The Company shall publicly announce the results of
the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
  
 The Change of Control provisions described above will be applicable whether or not any other provisions of this Indenture are applicable. 
  
 (d) The Company shall not be required to make a Change of Control Offer upon
a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and
purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
  
 SECTION 4.15. Designation of Unrestricted Subsidiaries. 
  
 (a) The Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if: 
  
 (i) that designation would not cause a Default; 

 
 (ii) the Company will, on the date of such designation
after giving pro forma effect thereto as if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Debt pursuant to the Fixed Charge Coverage Ratio test set forth in the first
paragraph of Section 4.09; and 
  
 (iii) the
Company would be permitted to make an Investment equal to the sum of the (i) fair market value, as determined in good faith by the Board of Directors of the Company, of the Capital Stock of such Subsidiary plus (ii) the amount of Debt such
Subsidiary owes to the Company, pursuant to the first paragraph of Section 4.07. 
  

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 (b) The Board of Directors may revoke its designation and redesignate any Unrestricted Subsidiary to be a
Restricted Subsidiary if: 
  
 (i) no Default or
Event of Default shall have occurred and be continuing at the time of or after giving effect to revocation; and 
  
 (ii) all Liens and Debt of such Unrestricted Subsidiary outstanding immediately following such revocation would, if incurred at such time,
have been permitted to be incurred at such time for all purposes under this Indenture. 
  
 Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolutions giving effect to such designation. 
  
 SECTION 4.16. Payments for Consent. 
  
 Neither the Company nor any of its Subsidiaries will, directly or
indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder of any Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the
Notes unless such consideration is offered to be paid or is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

 
 SECTION 4.17. Money for Payments to Be Held in Trust. 

 
 If the Company shall at any time act as its own Paying Agent, it shall,
on or before each due date of the principal, premium, interest or Liquidated Damages, if any, with respect to the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal, premium,
interest or Liquidated Damages, if any, so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action or failure so to act. 
  
 Whenever the Company shall have one or more Paying Agents for the Notes, it
shall, on or before each due date of the principal, premium, interest or Liquidated Damages, if any, with respect to the Notes, deposit with a Paying Agent a sum in same day funds (or New York Clearing House funds if such deposit is made prior to
the date on which such deposit is required to be made) sufficient to pay the principal, premium, interest or Liquidated Damages, if any, so becoming due (or at the option of the Company, payment of interest may be mailed by check to the Holders of
the Notes at their respective addresses set forth in the register of Holders; provided that all payments with respect to Notes represented by one or more permanent global Notes will be paid by wire transfer of immediately available funds to
the account of the Depository Trust Company or any successor thereto) such sum to be held in trust for the benefit of the Persons entitled to such principal, premium, interest or Liquidated Damages, if any, and (unless such Paying Agent is the
Trustee) the Company shall promptly notify the Trustee of such action or any failure so to act. In the absence of a written request 
  

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 from the Company to return unclaimed funds to the Company, the Trustee shall from time to time deliver all unclaimed
funds to or as directed by applicable escheat authorities, as determined by the Trustee in its sole discretion, in accordance with the customary practices and procedures of the Trustee. Any unclaimed funds held by the Trustee pursuant to this
section shall be held uninvested and without any liability for interest. 
  
 The Company shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section,
that such Paying Agent shall: 
  
 (a) hold all
sums held by it for the payment of the principal of, premium, if any, or interest on Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

  
 (b) give the Trustee written notice of any
default by the Company (or any other obligor upon the Notes) in the making of any payment of principal, premium, interest or Liquidated Damages, if any; 
  
 (c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums
so held in trust by such Paying Agent; and 
  
 (d) acknowledge, accept and agree to comply in all respects with the provisions of this Indenture relating to the duties, rights and obligations of such Paying Agent. 
  
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal, premium, interest or Liquidated Damages, if any, with respect to a Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company at the written
request of the Company or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, shall at the expense of the Company cause notice to be promptly sent to each Holder that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification any
unclaimed balance of such money then remaining will be repaid to the Company. 
  

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 SECTION 4.18. Status as Investment Company. 
  
 The Company shall not, and shall not permit any of its Subsidiaries or
controlled Affiliates to, conduct its business in a fashion that would cause the Company to be required to register as an “investment company” (as that term is defined in the Investment Company Act of 1940, as amended (the “Investment
Company Act”)), or otherwise to become subject to regulation under the Investment Company Act. For purposes of establishing the Company’s compliance with this provision, any exemption which is or would become available under Section
3(c)(1) or Section 3(c)(7) of the Investment Company Act will be disregarded. 
  
 SECTION 4.19. Incurrence of Senior Subordinated Debt. 
  
 The Company shall not incur, create, issue, assume, guarantee or otherwise become liable for any Debt that is subordinate or junior in right of payment to any Senior Debt and senior in any respect in right of payment
to the Notes. 
  
 SECTION 4.20. Guarantees of Debt.

  
 The Company shall not permit any of its Restricted
Subsidiaries, directly or indirectly, to guarantee or pledge any assets to secure the payment of any Pari Passu Debt or Debt of the Company junior to or subordinated in right of payment to any Pari Passu Debt unless the Company causes each such
Restricted Subsidiary to execute and deliver to the Trustee, prior to or concurrently with the issuance of such guarantee, a supplemental indenture, in form satisfactory to the Trustee, pursuant to which such Restricted Subsidiary unconditionally
guarantees on a senior subordinated basis the payment of principal of, premium, if any, and interest on the Notes. 
  
 Notwithstanding the foregoing, any such Guarantee by a Restricted Subsidiary of the Notes shall provide by its terms that it (and all Liens securing the
same) shall be automatically and unconditionally released and discharged upon any sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s Capital Stock in, or all or substantially all the assets of,
such Restricted Subsidiary, which sale, exchange or transfer is made in compliance with the applicable provisions of this Indenture. 
  
 SECTION 4.21. Payment of Additional Amounts. 
  
 Any amounts paid, or caused to be paid, by the Company or its assignee (or any successor to the Company or such assignee as permitted under this
Indenture) under this Indenture shall be paid without deduction or withholding for any and all present and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account of
Singapore (including any political subdivision or taxing authority thereof) or the jurisdiction of incorporation or residence (other than the United States or any political subdivision or taxing authority thereof) of any assignee of the Company or
any successor to the Company, or any subsidiary, branch, division or other entity through which the Company may from time to time direct any payments of principal, premium, if any, and interest on the Notes or any political subdivision or taxing
authority thereof (an “Other Jurisdiction”), or, if deduction or withholding of any taxes, levies, imposts or other governmental charges (“Taxes”) shall at any time be required by Singapore or an Other Jurisdiction, 

 

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 the Company, its assignee or any relevant successor will (subject to timely compliance by the Holders or beneficial
owners of the relevant Notes with any relevant administrative requirements) pay or cause to be paid such additional amounts (“Additional Amounts”) in respect of principal of, premium, if any, or interest, as may be necessary in order that
the net amounts paid to the Holders of the Notes or the Trustee pursuant to this Indenture, after such deduction or withholding, shall equal the respective amounts that the Holder would have received if such Taxes had not been withheld or deducted;
provided, however, that the foregoing shall not apply to: 
  
 (i) any present or future Taxes which would not have been so imposed, assessed, levied or collected but for the fact that the Holder or beneficial owner of the relevant Note is or has been a domiciliary, national or
resident of, engages or has been engaged in business, maintains or has maintained a permanent establishment, or is or has been physically present in Singapore or the Other Jurisdiction, or otherwise has or has had some connection with Singapore or
the Other Jurisdiction (other than the holding or ownership of a Note, or the collection of principal of, premium, if any, and interest on, or the enforcement of, a Note); 
  
 (ii) any present or future Taxes which would not have been so imposed, assessed, levied or collected but for
the fact that, where presentation is required, the relevant Note was presented more than thirty days after the date such payment became due or was provided for, whichever is later; 
  
 (iii) any present or future Taxes which are payable otherwise than by deduction or withholding on or in
respect of the relevant Note; 
  
 (iv) any
present or future Taxes which would not have been so imposed, assessed, levied or collected but for the failure to comply, on a sufficiently timely basis, with any certification, identification or other reporting requirements with which Holders
legally could have complied concerning the nationality, residence, identity or connection with Singapore or the Other Jurisdiction or any other relevant jurisdiction of the Holder or beneficial owner of the relevant Note, if such compliance is
required by a statute or regulation of Singapore, the Other Jurisdiction or any other relevant jurisdiction, or by a relevant treaty, as a condition to relief or exemption from such Taxes; 
  
 (v) any present or future Taxes which would not have been so
imposed, assessed, levied or collected if the beneficial owner of the relevant Note had been the Holder of such Note; or 
  
 (vi) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge. 

 
 Notwithstanding the foregoing, this Indenture does not provide for the
payment of Additional Amounts due to any deduction or withholding requirement imposed by any governmental unit other than Singapore, an Other Jurisdiction or a taxing authority or political subdivision thereof. 
  

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 ARTICLE 5 
  

SUCCESSORS 
  
 SECTION 5.01. Merger, Consolidation or Sale of Assets. 
  
 The Company shall not consolidate or merge with or into (whether or not the Company is the surviving corporation), or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to another corporation, Person or entity unless: 
  
 (i) the Company is the surviving corporation or the entity or the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation organized or existing under the laws of either (A) the United States, any
state thereof, the District of Columbia or Singapore or (B) a Subject Country, in which case the Company will have satisfied its obligations as set forth in Section 5.03; 
  
 (ii) the entity or Person formed by or surviving any such consolidation or merger (if other than the
Company) or the entity or Person to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of the Company under the Notes and this Indenture pursuant to a supplemental indenture
in a form reasonably satisfactory to the Trustee; 
  
 (iii) immediately after such transaction no Default or Event of Default exists; and 
  
 (iv) except in the case of a merger of the Company with or into a Wholly Owned Restricted Subsidiary of the Company, the Company or the
entity or Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made (x) will have Consolidated Net Worth
immediately after the transaction equal to or greater than the Consolidated Net Worth of the Company immediately preceding the transaction and (y) will, at the time of such transaction and after giving pro forma effect thereto as if such transaction
had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Debt pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09. 
  
 SECTION 5.02. Successor Corporation Substituted. 
  
 Upon any consolidation or merger or any transfer of all or substantially all
of the assets of the Company in accordance with Section 5.01 hereof, the successor Person formed by such consolidation or into which the Company is merged or to which such transfer is made shall succeed to and (except in the case of a lease) be
substituted for (so that from and after the date of such consolidation, merger or transfer, the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise
every right and power of, the 
  

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 Company under this Indenture with the same effect as if such successor Person had been named herein as the company, and
(except in the case of a lease) the Company shall be released from the obligations under the Notes and this Indenture except with respect to any obligations that arise from, or are related to, such transaction. 
  
 SECTION 5.03. Restrictions upon Reincorporating, Merging or Consolidating
into a Subject Country. 
  
 The Company may not consolidate
or merge with or into (whether or not the Company is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions (a
“Subject Transaction”) to, another corporation, Person or entity unless it satisfies certain conditions. If the surviving or resulting transferee, lessee or successor Person (the “Successor Corporation”) in a Subject Transaction
is incorporated in a Subject Country, then the Company must satisfy the conditions specified in paragraphs (A), (B) and (C) below as promptly as practicable but no later than 60 days following the date of such Subject Transaction: 
  
 (A) the Company shall have delivered to the Trustee a
written opinion, in form and substance satisfactory to the Trustee, of independent legal counsel of recognized standing, as to the continued validity, binding effect and enforceability of this Indenture and the Notes and to the further effect that
such counsel is not aware of any pending change in, or amendment to, the laws (or any regulations promulgated thereunder) of any Subject Country in which the proposed Successor Corporation is incorporated or maintains its principal place of business
or principal executive office, or any taxing authority thereof or therein, affecting taxation, or any pending execution of or amendment to, or any pending change in application of or official position regarding, any treaty or treaties affecting
taxation to which any such Subject Country is a party, which, in any such case, would permit the Company to redeem the Notes as described in Section 3.07, it being understood that such counsel may, in rendering such opinion, rely, to the extent
appropriate, on opinions of independent local counsel of recognized standing and the Company may instead deliver two or more opinions of counsel which together cover all of the foregoing matters; 
  
 (B) the Company shall have delivered to the Trustee a
certificate, in form and substance satisfactory to the Trustee, signed by two executive officers of the Successor Corporation, as to the continued validity, binding effect and enforceability of this Indenture and the Notes; and 
  
 (C) the Successor Corporation shall, promptly but no later
than 60 days following the date of such Subject Transaction, consent to the jurisdiction of the Courts of the State of New York. 
  
 In the event of any Subject Transaction in which the Successor Corporation is organized and existing under the laws of a Subject Country, the Company will
indemnify and hold harmless the Holder of each Note from and against any and all present and future taxes, levies, imposts, charges 
  

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 and withholdings (including, without limitation, estate, inheritance, capital gains and other similar taxes), and any and
all present and future registration, stamp, issue, documentary or other similar taxes, duties, fees or charges, imposed, assessed, levied or collected by or for the account of any jurisdiction or political subdivision or taxing or other governmental
agency or authority thereof or therein on or in respect of the Notes, this Indenture or any other agreement relating to calculations to be performed with respect to the Notes or any amount paid or payable under any of the foregoing which, in any
such case, would not have been imposed had such Subject Transaction not occurred. 
  
 ARTICLE 6 
  
 DEFAULTS AND
REMEDIES 
  
 SECTION 6.01. Events of Default.

  
 (a) “Events of Defaults” are: 
  
 (i) default for 30 days in the payment when due of interest
on the Notes (whether or not prohibited by the subordination provisions of this Indenture); 
  
 (ii) default in payment when due of the principal of, or premium, if any, on the Notes (whether or not prohibited by the subordination
provisions of this Indenture); 
  
 (iii) failure
by the Company for 30 days after notice from either the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes to comply with the provisions described in Sections 4.07, 4.09, 4.10, 4.14 or 5.01; 
  
 (iv) failure by the Company for 60 days after notice from
either the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes to comply with any of its other agreements in this Indenture or the Notes; 
  
 (v) default under any mortgage, indenture or instrument under which there may be issued or by which there
may be secured or evidenced any Debt for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries) whether such Debt or guarantee now exists, or
is created after the date of this Indenture, which default (a) is caused by a failure to pay principal of or premium, if any, or interest on such Debt prior to the expiration of the grace period provided in such Debt on the date of such default (a
“Payment Default”) or (b) results in the acceleration of such Debt prior to its express maturity and, in each case, the principal amount of any such Debt, together with the principal amount of any other such Debt the maturity of which has
been so accelerated, aggregates $50.0 million or more; 
  
 (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments aggregating in excess of $50.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; or 
  

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 (vii) the Company or any of its Significant Subsidiaries: 
  
 (A) commences a voluntary case under any Bankruptcy Law,

  
 (B) consents to the entry of an order for
relief against it in an involuntary case under any Bankruptcy Law, 
  
 (C) consents to the appointment of a custodian of it or for all or substantially all of its property, 
  
 (D) makes a general assignment for the benefit of its creditors, 
  
 (E) generally is not paying its debts as they become due; or 
  
 (viii) a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that: 
  
 (A) is
for relief against the Company or any of its Significant Subsidiaries, 
  
 (B) appoints a custodian of the Company or any of its Significant Subsidiaries or for all or substantially all of the property of the Company or any of its Significant Subsidiaries, or 
  
 (C) orders the liquidation of the Company or any of its
Significant Subsidiaries; and the order or decree remains unstayed and in effect for 60 consecutive days. 
  
 (b) The Company shall be required to deliver to the Trustee annually a statement regarding compliance with this Indenture, and the Company shall be
required within 30 days of becoming aware of any Default or Event of Default to deliver to the Trustee a statement specifying such Default or Event of Default. The Trustee may withhold from Holders notice of any continuing Default or Event of
Default (except a Default or Event of Default relating to the payment of principal of, premium, if any, or interest on, the Notes) if it determines that withholding notice is in their interest. 
  
 (c) In the case of any Event of Default occurring by reason of any willful
action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Notes on November 15, 2009 pursuant
to the optional redemption provisions of this Indenture, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. If an Event of Default occurs prior to November
15, 2009 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of the Notes prior to November 15, 2009, then the premium specified in this
Indenture shall also become immediately due and payable to the extent permitted by law upon the acceleration of the Notes. 
  

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 SECTION 6.02. Acceleration. 
  
 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 all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company, any Restricted
Subsidiary, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable without further action or notice. The Holders of a
majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission 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, the Trustee may pursue any available remedy to collect the payment of
principal, premium, if any, and interest and Liquidated Damages, if any, 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. 
  
 The
Holders of a majority in aggregate principal amount of the Notes then outstanding 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 this Indenture
except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. 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. 
  
 SECTION 6.05. Control by Majority. 
  
 Holders may not enforce this Indenture or the Notes except as provided herein. Holders of a majority in principal amount of the then outstanding Notes 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. However, the Trustee may refuse to follow any direction that conflicts with law or
this Indenture or that the Trustee determines may be unduly prejudicial to the rights of other Holders or that may involve the Trustee in personal liability. 
  

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 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: 
  
 (a) the Holder of a Note gives to the Trustee written notice
of a continuing Event of Default; 
  
 (b) the
Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
  
 (c) such Holder of a Note or Holders offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any
loss, liability or expense; 
  
 (d) the Trustee
does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
  
 (e) during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a
direction inconsistent with the request. 
  
 A Holder of a Note
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 a Note to receive payment of principal,
premium and Liquidated Damages, if any, and interest an the Note, on or after the respective due dates expressed in the Note (including 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(i) or (ii) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the
whole amount of principal of, premium and Liquidated Damages, if any, 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. 
  
 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 Company (or 
  

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 any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to participate as a
member, voting or otherwise, of any official committee of creditors appointed in such matter 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 to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any
amount due 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 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 any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder 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 counsel 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 for amounts due and unpaid on the Notes for principal, premium and Liquidated Damages, if any, and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and Liquidated Damages, if any, and interest, respectively, and 
  
 Third: to the Company 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 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 cost 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 
  

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 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 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
  
 ARTICLE 7 
  
 TRUSTEE 
  
 SECTION 7.01. Duties of
Trustee. 
  
 (a) If an Event of Default has occurred and is
continuing, the Trustee shall 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 man would exercise or use under the circumstances in the conduct of his own
affairs. 
  
 (b) Except during the occurrence and continuance of
an Event of Default: 
  
 (i) the duties of the
Trustee shall 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 
  
 (ii)
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 similar documents) or opinions furnished to the Trustee and
conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates (or similar documents) and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated therein or otherwise verify the contents thereof). 
  
 (c) The Trustee may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure to act, or its own willful
misconduct, except that: 
  
 (i) this paragraph
does not limit the effect of paragraph (b) of this Section 7.01; 
  
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and

  
 (iii) the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
  

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 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way
relates to the Trustee, the Paying Agent, Registrar or Note Custodian is subject to paragraphs (a), (b), (c) and (e) of this Section 7.01. 
  
 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no
obligation to exercise any of its rights and powers under this Indenture at be request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense including
reasonable attorneys’ fees that might be incurred by it in compliance with such request or direction. 
  
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in
trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  
 SECTION 7.02. Rights of Trustee. 
  
 (a) The Trustee may conclusively rely upon any document 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 any such document. The Trustee shall receive and retain financial reports and statements of the Company as provided herein, but it shall have no duty to review or analyze such reports or
statements to determine compliance with covenants or other obligations of the Company. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall 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 of its selection and the advice of such counsel or any opinion of counsel shall 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 shall not be responsible for the misconduct or negligence of any such attorney or agent
appointed with due care. 
  
 (d) The Trustee shall 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 Company shall be sufficient if signed by
an Officer of the Company. 
  
 (f) The Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall 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. 
  
 (g) Prior to the occurrence of an Event of Default hereunder and after the curing of all Events of Default which may have occurred, the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, 
  

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 notice, request, order, approval, bond or other paper or document unless requested in writing to do so by the Holders
representing more than 25% in aggregate principal amount of Notes then outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters it may see fit; provided, however, that
if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture, the Trustee may require indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to so proceeding. 
  
 (h) The permissive rights of the Trustee to do things enumerated in this
Indenture should not be construed as a duty unless so specified herein. 
  
 (i) The immunities and protections extended to the Trustee shall extend to its directors, officers, employees and agents, and shall apply to the Trustee in all its roles hereunder. 
  
 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 Company or any Affiliate of the Company 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 shall not be responsible for and makes no representation as to
the validity, priority or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of
this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall 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. 
  
 (a) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 
  
 (b) If a Default or Event of Default occurs and is continuing and if it is
known to the Trustee in accordance with the provisions of paragraph (a) of this Section 7.05, the Trustee shall mail to Holders a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of
Default in payment of principal of, premium, if any, 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. 
  

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 SECTION 7.06. Reports by Trustee to Holders of the Notes. 
  
 Within 60 days after each May 15 beginning with the May 15 following the
date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA Section 313(a) (but if no event described in TIA Section
313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA Section
313(c). 
  
 A copy of each report at the time of its mailing to
the Holders shall be mailed to the Company and filed with the Commission and each stock exchange on which the Notes are listed in accordance with TIA Section 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any
stock exchange. 
  
 SECTION 7.07. Compensation and
Indemnity. 
  
 The Company shall pay to the Trustee from time
to time such compensation for its acceptance of this Indenture and services hereunder as the parties shall agree from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel. 
  
 The Company shall indemnify the Trustee and hold it harmless 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 company (including this Section 7.07) and defending itself against any claim (whether asserted by the Company 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 gross negligence or bad faith. The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate
counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement, made without its consent, which consent shall not be unreasonably withheld or delayed. 
  
 The obligations of the Company under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture or the resignation or removal of the Trustee. 
  
 To secure the Company’s payment obligations in this Section, the Trustee shall 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 shall survive the satisfaction and discharge of this Indenture. 
  

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 When the Trustee incurs expenses or renders services after an Event of Default specified in Section
6.01(vii) or (viii) 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. 
  
 The Trustee shall comply with the provisions of TIA Section 313(b)(2) to the
extent applicable. 
  
 SECTION 7.08. Replacement of
Trustee. 
  
 A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
  
 The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in
principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
  
 (a) the Trustee fails to comply with Section 7.10 hereof; 
  
 (b) 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; 
  
 (c) a custodian or public officer takes charge of the Trustee or its property; or 
  
 (d) the Trustee becomes incapable of acting. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in
principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
  
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the
Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 If the Trustee, after written request by any Holder of a Note who has been a Holder of a Note for at least six months, fails
to comply with Section 7.10 hereof, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  

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 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to
the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice
of its succession to Holders of the Notes. The retiring Trustee shall 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 Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
  
 SECTION 7.09. Successor Trustee by Merger, Etc. 
  
 If the Trustee consolidates, merges or converts into, or transfers by sale
or otherwise all or substantially all of its corporate trust business to (including the administration of this Indenture), another corporation, the successor corporation without any further act shall be the successor Trustee. 
  
 SECTION 7.10. Eligibility; Disqualification. 
  
 There shall 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 (or in the case of a subsidiary of a bank holding company, its parent shall have) a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of
TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section 310(b). 
  
 SECTION 7.11. Preferential Collection of Claims Against Company. 
  
 The Trustee is subject to TIA Section 311 (a), excluding any creditor relationship listed in TIA Section 311 (b). A Trustee who has resigned or been
removed shall be subject to TIA Section 311 (a) to the extent indicated therein. 
  
 ARTICLE 8 
  
 LEGAL DEFEASANCE
AND COVENANT DEFEASANCE 
  
 SECTION 8.01. Option to Effect
Legal Defeasance or Covenant Defeasance. 
  
 The Company may,
at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes upon compliance with the conditions set
forth below in this Article 8. 
  

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 SECTION 8.02. Legal Defeasance and Discharge. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Debt represented by the outstanding Notes, which
shall 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 (i) and (ii) below, and to have satisfied all of its obligations under such Notes and this
Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments delivered to it by the Company acknowledging the same), except for the following provisions which shall survive until otherwise terminated
or discharged hereunder: (i) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due from the trust referred to below, (ii) the
Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in
trust, (iii) the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s obligations in connection therewith and (iv) Section 8.02 of this Indenture. Subject to compliance with this Article 8, the Company may exercise
its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
  
 SECTION 8.03. Covenant Defeasance. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Article 5 and in Sections 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14 and 4.16 hereof with respect to the outstanding
Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall 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 shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not
be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such 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 shall 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 shall be unaffected thereby. In addition, upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(iii) through 6.01(vi) hereof shall not constitute Events of Default.

  

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 SECTION 8.04. Conditions to Legal or Covenant Defeasance. 
  
 The following shall be the conditions to the application of either Section
8.02 or 8.03 hereof to the outstanding Notes: 
  
 In order to
exercise either Legal Defeasance or Covenant Defeasance: 
  
 (i) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars, non-callable Government Securities, or a 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, if any, and interest on the outstanding Notes on the stated maturity or on the applicable redemption date, as the
case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 
  
 (ii) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an opinion of counsel in the United States
confirming that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) 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 of the outstanding Notes 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; 
  
 (iii) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an opinion of counsel in the United States
confirming that the Holders of the outstanding Notes 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; 
  
 (iv) no Default or Event of Default shall have occurred 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) or insofar as Events of Default from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of deposit; 

 
 (v) 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 Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is
bound; 
  
 (vi) the Company must have delivered
to the Trustee an opinion of counsel to the effect that on and after the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting
creditors’ rights generally; 
  

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

 
 (viii) the Company must deliver to the Trustee an
Officers’ Certificate and an opinion of counsel, each stating that all conditions precedent provided for 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 and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively, and solely for purposes of this Section 8.05, the “Trustee”) pursuant to
Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the
Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds
except to the extent required by law. 
  
 The Company shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
  
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable Government Securities 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
the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), 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 Company. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, premium, interest or Liquidated Damages, if any, on any Note and remaining unclaimed for two years after such principal, and premium, if any, interest or Liquidated Damages has become due
and payable shall be paid to the Company or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured creditor, look only to the Company for payment thereof, and all liability of
the 
  

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 Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall
Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money
then remaining will be repaid to the Company. 
  
 If and to the
extent applicable escheat law so requires prior to delivery of any unclaimed funds to the Company pursuant to the preceding paragraph, the Trustee shall from time to time deliver all unclaimed funds to or as directed by applicable escheat
authorities, as determined by the Trustee in its sole discretion, in accordance with the customary practices and procedures of the Trustee. Any unclaimed funds held by the Trustee pursuant to this section shall be held uninvested and without
liability for interest. 
  
 SECTION 8.07. Reinstatement.

  
 If the Trustee or Paying Agent is unable to apply any United
States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, 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 Company’s obligations under this Indenture and the Notes shall 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, if the Company makes any payment of principal of, premium, if any, interest or Liquidated Damages on any Note
following the reinstatement of its obligations, the Company shall 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. 
  
 SECTION 8.08. Survival. 
  
 The Trustee’s rights under this Article 8 shall survive termination of
this Indenture. 
  
 ARTICLE 9 
  
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 SECTION 9.01. Without Consent of Holders. 
  
 Notwithstanding Section 9.02 hereof, the Company and the Trustee may amend
or supplement this Indenture or the Notes without the consent of any Holder: 
  
 (a) to cure any ambiguity, omission, defect or inconsistency; 
  

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 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes
or to alter the provisions of Article 2 hereof (including the related definitions in a manner that does not materially adversely affect any Holder); 
  
 (c) to provide for the assumption of the Company obligations to the Holders of the Notes by a successor to the Company pursuant to Article
5 hereof; 
  
 (d) to make any change that would
provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights hereunder of any Holder; 
  
 (e) to comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA;

  
 (f) to provide for the issuance of the
Exchange Notes in accordance with the Registration Rights Agreement; or 
  
 (g) to make all payments of principal and interest through its branch office in any foreign country instead of its Bermuda foreign branch office; provided that such change shall not have an adverse effect on
the Holders; and provided, further, that Section 11.15 shall be amended accordingly. 
  
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture
and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this
Indenture or otherwise. 
  
 SECTION 9.02. With Consent of
Holders. 
  
 Except as provided below in this Section 9.02,
the Company and the Trustee, may amend or supplement this Indenture (including Section 3.09 and 4.10 hereof) and the Notes or any supplemental indenture or modify the rights of the Holders with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the 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 of, 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 or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the
Notes); provided that no such modification may, without the consent of each Holder affected thereby: 
  
 (i) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver, 
  

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 (ii) reduce the principal of or change the fixed maturity of any Note or alter or waive
the provisions with respect to the redemption of the Notes (other than provisions relating to the covenants in Section 4.14), 
  
 (iii) reduce the rate of or change the time for payment of interest, including default interest, on any Note, 
  
 (iv) waive a Default or Event of Default in the payment of
principal of or premium, if any, or interest 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 Notes and a waiver of the payment default that resulted from such
acceleration), 
  
 (v) make any Note payable in
money other than that stated in the Notes, 
  
 (vi) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of or premium, if any, or interest on the Notes, 
  
 (vii) waive a redemption payment with respect to any Note
(other than a payment required by one of the covenants in Section 4.14) or 
  
 (viii) make any change in the foregoing amendment and waiver provisions. 
  
 In addition, any amendment or supplement to the provisions of Article 12 of this Indenture will require the consent of the Holders of at least 75% in
aggregate principal amount of the Notes then outstanding if such amendment would adversely affect the rights of Holders of Notes. 
  
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the
Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 
  
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but
it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 
  

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 SECTION 9.03. Compliance with Trust Indenture Act. 
  
 Every amendment or supplement to this Indenture or the Notes shall 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 is a continuing consent by the Holder and every subsequent Holder 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 or subsequent Holder 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. An amendment or waiver shall become effective upon receipt by the Trustee of the
requisite number of written consents under Section 9.01 or 9.02 as applicable. 
  
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken
pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who held Notes at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give
such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. 
  
 SECTION 9.05. Notation on or Exchange of Notes. 
  
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for
all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

 
 SECTION 9.06. Trustee to Sign Amendments, Etc. 
  
 Trustee shall sign any amended or supplemental indenture authorized pursuant
to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee and all other conditions to the execution and delivery of such amendment or supplement set forth in this Article
9 are fulfilled. The Company may not sign an amendment or supplemental indenture until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01
hereof) shall be fully protected in relying upon 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 that such amendment is the
legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). 
  

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 ARTICLE 10 
  
 SATISFACTION AND DISCHARGE 
  
 SECTION 10.01. Satisfaction and Discharge of Indenture. 
  

This Indenture shall be discharged and shall cease to be of further effect as to all Notes issued hereunder, when either 
  
 (a) all such Notes theretofore authenticated and delivered
(except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust) have been delivered to the Trustee for cancellation; or 
  
 (b) (i) all such Notes not theretofore delivered to the Trustee for cancellation have become due and payable and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust
for the purpose an amount of money sufficient to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal amount, premium, if any, and accrued interest to the date of such
deposit; (ii) the Company has paid all sums payable by it under this Indenture; and (iii) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at Stated Maturity or on the
redemption date, as the case may be. 
  
 In addition, the Company
must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been complied with. 
  
 SECTION 10.02. Application of Trust Money. 
  
 Subject to the provisions of the last paragraph of Section 4.17 hereof, all money deposited with the Trustee pursuant to
Section 10.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to Persons entitled thereto, of the principal (and premium, if any), interest and Liquidated Damages, if any, for whose payment such money has been deposited with the Trustee. 
  
 If the Trustee or Paying Agent is unable to apply any money or Government
Securities in accordance with Section 10.01 hereof 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 
  

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 such application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as
though such deposit had occurred pursuant to Section 10.01 hereof, provided that if the Company has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
  
 ARTICLE 11 
  
 MISCELLANEOUS 
  
 SECTION 11.01. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA Section 318(c), the imposed duties shall control. 
  
 SECTION 11.02. Notices. 
  
 Any notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail
(registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
  
 If to the Company: 
  
 Flextronics International Inc. 
 Room 908 Dominion Centre 
 43-59 Queen’s Road East 
 Wanchi, Hong Kong 
 Attention: President 
 Facsimile: 852-2276-1804 
  
 with a copy to: 
  
 Flextronics International Ltd. 
 2090 Fortune Drive 
 San Jose, CA 95131 
 Attention: Investors Relations 
 Facsimile: (408) 428-1341 
  

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 Fenwick & West LLP 
 801 California Street 
 Mountain View, CA 04041 
 Attention: David K. Michaels, Esq. 
 Facsimile: (415) 281-1350 
  
 If to the Trustee: 
  
 J.P. Morgan Trust Company, 
 National Association 
 560 Mission Street, 13th Floor 
 San Francisco, CA 94105 
 Attention: James Nagy 
 Facsimile: (415) 315-7585 
  
 With a copy to: 
  
 Nixon Peabody LLP 
 Two Embarcadero Center 
 Suite 2700 
 San Francisco, California 94111-3996 
 Attention: Varya Simpson 
 Facsimile: (866) 741-1481 
  
 The
Company 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) shall 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 by the sender’s telecopier, 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 shall 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 or sent
by telecopy, with receipt acknowledged by sender’s telecopier. Any notice or communication shall also be so mailed to any Person described in TIA Section 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is given in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except that any notice or communication to the Trustee shall
be deemed to have been duly given to the Trustee when received at the Corporate Trust Office of the Trustee. 
  

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 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each
Agent at the same time. 
  
 SECTION 11.03. Communication by
Holders with Other Holders. 
  
 Holders may communicate
pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 
  
 SECTION 11.04. Certificate and Opinion as to Conditions Precedent.

  
 Upon any request or application by the Company to the Trustee
to take any action under this Indenture, except with respect to the initial authentication of Notes on the date of this Indenture, the Company shall furnish to the Trustee: 
  
 (a) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall
include the statements set forth in Section 11.05 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

  
 (b) an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
  
 SECTION 11.05. 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 Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 
  
 (a) a statement that the Person making such certificate or
opinion has read such covenant or condition; 
  
 (b) 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; 
  
 (c) a statement that, in the opinion of such Person, he or she has or they have made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
  

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 SECTION 11.06. 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 11.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No past, present or future director, officer, employee, incorporator, agent
or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Notes, this Indenture or for any claim 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 waiver and release are part of the consideration for issuance of the Notes. 
  
 SECTION 11.08. GOVERNING LAW. 
  
 THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 The Company shall submit to the jurisdiction of the U.S. federal and New York
state courts located in the Borough of Manhattan, City and State of New York for purposes of all legal actions and proceedings instituted in connection with the Notes and this Indenture. 
  
 SECTION 11.09. Consent to Jurisdiction and Service. 
  
 To the fullest extent permitted by applicable law, the Company hereby irrevocably submits to the jurisdiction of any Federal
or State court located in the Borough of Manhattan in The City of New York, New York in any suit, action or proceeding based on or arising out of or relating to this Agreement or any Notes or Exchange Notes, and irrevocably agree that all claims in
respect of such suit or proceeding may be determined in any such court. The Company irrevocably waives, to the fullest extent permitted by law, any objection which they may have to the laying of the venue of any such suit, action or proceeding
brought in such a court and any claim that any suit, action or proceeding brought in such a court has been brought in an inconvenient forum. The Company agrees that final judgment in any such suit, action or proceeding brought in such a court may be
enforced in the courts of any jurisdiction to which the Company is subject by a suit upon such judgment, provided that service of process is effected upon the Company in the manner specified herein or as otherwise permitted by law. To the
extent that the Company has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of now, attachment prior to judgment, attachment in aid of execution, executor or otherwise) with
respect to itself or its property, the Company hereby irrevocably waives such immunity in respect of their respective obligations under this Agreement, to the extent permitted by law. 
  

 -83- 

 SECTION 11.10. No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 SECTION 11.11. Successors. 
  

All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its
successors. 
  
 SECTION 11.12. Severability. 
  
 In case any provision in this Indenture or in the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 SECTION 11.13. Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

  
 SECTION 11.14. 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 shall in no way modify or restrict any of the terms or provisions hereof. 
  
 SECTION 11.15. Bermuda Branch; Full Recourse Obligations. 

 
 Notwithstanding anything to the contrary contained herein, all payments
of principal and interest by the Company with respect to the Notes will be made by the Company through its Bermuda branch office; provided, however, that notwithstanding the foregoing, the Company acknowledges that its Obligations hereunder
are full recourse to the Company and are in no manner limited to any extent to any branch thereof and shall in no manner impair the Trustee’s ability to collect any Obligation from the Company. 
  

 -84- 

 ARTICLE 12 
  
 SUBORDINATION 
  
 SECTION 12.01. Notes Subordinated to Senior Debt. 
  
 The Company covenants and agrees, and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Notes shall be issued
subject to the provisions of this Article 12; and each Person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Notes by the Company shall,
to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior
Debt) of all Obligations on the Senior Debt; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Debt, and that each holder of Senior Debt, whether now outstanding or hereafter created, incurred,
assumed or guaranteed, shall be deemed to have acquired Senior Debt, in reliance upon the covenants and provisions contained in this Indenture. 
  
 SECTION 12.02. No Payment on Notes in Certain Circumstances. 
  
 (a) If (i) a default in the payment of the principal of, premium, if any, or interest on Designated Senior Debt occurs and
is continuing beyond any applicable period of grace or (ii) any other default occurs and is continuing with respect to Designated Senior Debt that permits holders of the Designated Senior Debt to which such default relates to accelerate its maturity
and, in the case of clause (ii), the Trustee receives a notice of such default (a “Payment Blockage Notice”) from the Company and the holders of any Designated Senior Debt then, the Company may not make any payment upon or in respect of
the Notes (except Permitted Junior Securities or from the trust described in Article 8). Payments on the Notes may and shall be resumed (x) in the case of a payment default, upon the date on which such default is cured or waived and (y) in case of a
nonpayment default, the earlier of (a) the date on which such nonpayment default is cured or waived, (b) 179 days after the date on which the applicable Payment Blockage Notice is received, (c) the date such Designated Senior Debt shall have been
discharged or paid in full in cash or (d) the date such Payment Blockage Period shall have been terminated by written notice to the Company or the Trustee from the holders of Designated Senior Debt initiating such Payment Blockage Period, after
which, in the case of clauses (a), (b), (c) and (d), the Company shall resume making any and all required payments in respect of the Notes, including any payments not made to the Holders of the Notes during the Payment Blockage Period due to the
foregoing prohibitions, unless the provisions described in clause (i) are then applicable. No new period of payment blockage may be commenced unless and until 360 days have elapsed since the effectiveness of the immediately prior Payment Blockage
Notice. No nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice unless such default shall have been cured or
waived for a period of not less than 90 days. 
  
 The Trustee must
provide the holders of Designated Senior Debt at least 10 days’ prior written notice of any acceleration of the maturity of the Notes. 
  

 -85- 

 As a result of the subordination provisions described above, in the event of a liquidation or insolvency,
Holders of the Notes may recover less ratably than creditors of the Company who are holders of Senior Debt. 
  
 (b) In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Holder when such payment is prohibited by
Section 12.02(a), such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt (pro rata to such holders on the basis of the respective amount of Senior Debt held by such
holders) as their respective interests may appear. The Trustee shall be entitled to conclusively rely on information regarding amounts then due and owing on the Senior Debt, if any, received from the holders of Senior Debt (or their
Representatives), or, if such information is not received from such holders or their Representatives, from the Company and only amounts included in the information provided to the Trustee shall be paid to the holders of Senior Debt. The Company
shall keep complete and accurate records of the names, addresses and amounts owed to all holders of Senior Debt and shall produce such records to the Trustee upon request and the Trustee shall be absolutely protected in relying on such records in
paying over or delivering moneys pursuant to this Article 12. 
  
 Nothing contained in this Article 12 shall limit or compromise the right of the Trustee or the Holders to take any action to accelerate the maturity of the Notes pursuant to Section 6.02 or to pursue any rights or remedies hereunder or
otherwise; provided, however, that all Senior Debt thereafter due or declared to be due shall first be paid in full in cash or Cash Equivalents before the Holders are entitled to receive any payment of any kind or character with
respect to Obligations on the Notes. 
  
 SECTION 12.03. Payment
Over of Proceeds upon Dissolution, Etc. 
  
 (a) Upon any
distribution to creditors of the Company in a total or partial liquidation, winding-up, reorganization or dissolution of the Company or in a voluntary or involuntary bankruptcy, reorganization, insolvency, receivership or similar proceeding relating
to the Company or its property, an assignment for the benefit of creditors or any marshalling of the Company’s assets and liabilities, the holders of Senior Debt will be entitled to receive payment in full in cash of all Obligations due in
respect of such Senior Debt (including interest after the commencement of any such proceeding at the rate specified in the applicable Senior Debt) before the Holders of the Notes will be entitled to receive any payment with respect to the Notes, and
until all Obligations with respect to Senior Debt are paid in full in cash, any distribution to which the Holders of the Notes would be entitled shall be made to the holders of Senior Debt (except that Holders of the Notes may receive Permitted
Junior Securities and payments made from the trust described in Article 8). 
  
 (b) To the extent any payment of Senior Debt (whether by or on behalf of the Company, as proceeds of security or enforcement of any right of setoff or otherwise) is declared to be fraudulent or preferential, set aside
or required to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then, if such payment is recovered by, or paid
over to, such receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not
occurred. 
  

 -86- 

 (c) In the event that, notwithstanding the foregoing, any payment or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, shall be received by any Holder when such payment or distribution is prohibited by Section 12.03(a), such payment or distribution shall be held in trust for the benefit of,
and shall be paid over or delivered to, the holders of Senior Debt (pro rata to such holders on the basis of the respective amount of Senior Debt held by such holders) or their Representatives, or to the trustee or trustees under any
indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, for application to the payment of Senior Debt remaining unpaid until all such Senior Debt has been paid in full in cash or Cash
Equivalents, after giving effect to any concurrent payment, distribution or provision therefor to or for the holders of such Senior Debt. 
  
 (d) The consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation or dissolution of the Company
following the conveyance or transfer of all or substantially all of its assets, to another corporation upon the terms and conditions provided in Article 5 hereof shall not be deemed a dissolution, winding-up, liquidation or reorganization for the
purposes of this Section if, in the event the Company is not the surviving corporation, such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, assume the Company’s obligations hereunder in accordance with
Article 5 hereof. 
  
 SECTION 12.04. Payments May Be Paid Prior
to Dissolution. 
  
 Nothing contained in this Article 12 or
elsewhere in this Indenture shall prevent (i) the Company, except under the conditions described in Sections 12.02 and 12.03, from making payments at any time for the purpose of making payments of principal of and interest on the Notes, or from
depositing with the Trustee any monies for such payments, or (ii) in the absence of actual knowledge by the Trustee that a given payment would be prohibited by Section 12.02 or 12.03, the application by the Trustee of any monies deposited with it
for the purpose of making such payments of principal of, and interest on, the Notes to the Holders entitled thereto unless at least one Business Day prior to the date upon which such payment would otherwise become due and payable, the Trustee shall
have received the written notice provided for in Section 12.02(a) or in Section 12.07. The Company shall give prompt written notice to the Trustee of any dissolution, winding-up, liquidation or reorganization of the Company. 
  
 SECTION 12.05. Subrogation. 
  
 Subject to the payment in full in cash or Cash Equivalents of all Senior
Debt, the Holders shall be subrogated to the rights of the holders of Senior Debt to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Debt until the Notes shall be paid in full; and, for the
purposes of such subrogation, no such payments or distributions to the holders of the Senior Debt or by or on behalf of the Company or by or on behalf of the Holders by virtue of this Article 12 which otherwise would have been made to the Holders
shall, as between the Company and the Holders, be deemed to be a payment by the Company to or on account of the Senior Debt, it being understood that the provisions of this Article 12 are and are intended solely for the purpose of defining the
relative rights of the Holders, on the one hand, and the holders of the Senior Debt, on the other hand. 
  

 -87- 

 SECTION 12.06. Obligations of the Company Unconditional. 
  
 Nothing contained in this Article 12 or elsewhere in this Indenture or in
the Notes is intended to or shall impair, as among the Company, creditors other than the holders of Senior Debt, and the Holders, the obligation of the Company, which is absolute and unconditional, to pay to the Holders the principal of and any
interest on the Notes as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company other than the holders of any Senior Debt, nor
shall anything herein or therein prevent the Holders or the Trustee on their behalf from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article 12 of the
holders of Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy. 
  
 SECTION 12.07. Notice to Trustee. 
  
 The Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to or by the
Trustee in respect of the Notes pursuant to the provisions of this Article 12. Regardless of anything to the contrary contained in this Article 12 or elsewhere in this Indenture, the Trustee shall not be charged with knowledge of the existence of
any default or event of default with respect to any Senior Debt or of any other facts which would prohibit the making of any payment to or by the Trustee unless and until the Trustee shall have received notice in writing referencing this Indenture
and the Notes from the Company, or from a holder of Senior Debt or a Representative therefor, and, prior to the receipt of any such written notice, the Trustee shall be entitled to assume (in the absence of actual knowledge of a Responsible Officer
to the contrary) that no such facts exist. 
  
 In the event that
the Trustee determines in good faith that any evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this Article 12, the Trustee may request such Person to
furnish evidence to the reasonable satisfaction of the Trustee as to the amounts of Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this Article 12, and if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such person to receive such payment. 
  
 SECTION 12.08. Reliance on Judicial Order or Certificate of Liquidating
Agent. 
  
 Upon any payment or distribution of assets of the
Company referred to in this Article 12, the Trustee, subject to the provisions of Article Seven hereof, and the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which bankruptcy, dissolution,
winding-up, liquidation or reorganization proceedings are pending, or upon a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, delivered to the Trustee or the Holders,
for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Debt and other Debt of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all
other facts pertinent thereto or to this Article 12. 
  

 -88- 

 SECTION 12.09. Trustee’s Relation to Senior Debt or Guarantor Senior Debt. 
  
 The Trustee and any agent of the Company or the Trustee shall be entitled to
all the rights set forth in this Article 12 with respect to any Senior Debt which may at any time be held by it in its individual capacity or any other capacity to the same extent as any other holder of Senior Debt and nothing in this Indenture
shall deprive the Trustee or any such agent of any of its rights as such holder. The Trustee shall not be liable to any holder of Senior Debt if it shall mistakenly pay over or deliver to the Holders, the Company or any other Person monies or assets
to which any such holder of the Senior Debt shall be entitled by virtue of this Article 12. 
  
 With respect to the holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article 12, and no implied covenants or
obligations with respect to the holders of Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt. 
  
 Whenever a distribution is to be made or a notice given to holders or owners
of Senior Debt, the distribution may be made and the notice may be given to their Representative, if any. 
  
 SECTION 12.10. Subordination Rights Not Impaired by Acts or Omissions of the Company or a Guarantor or Holders of Senior Debt. 
  
 No right of any present or future holders of any Senior Debt to enforce
subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the
Company with the terms of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with. 
  
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without the
consent of or notice to the Trustee, without incurring responsibility to the Trustee or the Holders and without impairing or releasing the subordination provided in this Article 12 or the obligations hereunder of the Holders to the holders of the
Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend or supplement in any manner Senior Debt, or any instrument
evidencing or securing the same or any agreement under which Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt; (iii) release any Person liable in any
manner for the payment or collection of Senior Debt; and (iv) exercise or refrain from exercising any rights against the Company or any other Person. 
  

 -89- 

 SECTION 12.11. Holders Authorize Trustee to Effectuate Subordination of Securities. 
  
 Each Holder by its acceptance of the Notes authorizes and expressly directs
the Trustee on its behalf to take such action as may be necessary or appropriate to effectuate, as between the holders of Senior Debt and the Holders, the subordination provided in this Article 12, and appoints the Trustee its attorney-in-fact for
such purposes, including, in the event of any dissolution, winding-up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of
creditors or otherwise) tending towards liquidation of the business and assets of the Company, the filing of a claim for the unpaid balance of its Notes and accrued interest in the form required in those proceedings. 
  
 If the Trustee does not file a proper claim or proof of debt in the form
required in such proceeding prior to 30 days before the expiration of the time to file such claim or claims, then the holders of the Senior Debt or their Representative are or is hereby authorized to have the right to file and are or is hereby
authorized to file an appropriate claim for and on behalf of the Holders of said Notes. Nothing herein contained shall be deemed to authorize the Trustee or the holders of Senior Debt or their Representative to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee or the holders of Senior Debt or their Representative to vote in
respect of the claim of any Holder in any such proceeding. 
  
 SECTION 12.12. This Article 12 Not to Prevent Events of Default. 
  
 The failure to make a payment on account of principal of or interest on the Notes by reason of any provision of this Article 12 will not be construed as preventing the occurrence of an Event of Default. 
  
 SECTION 12.13. Trustee’s Compensation Not Prejudiced. 

 
 Nothing in this Article 12 will apply to amounts due to the Trustee
pursuant to other Sections in this Indenture. 
  
 [Signature Page
Follows] 
  

 -90- 

 [Indenture Signature Page] 
  
  

					
	 Dated as of November 17, 2004
	 	 
		
	 	 	FLEXTRONICS INTERNATIONAL LTD.
			
	 	 	By:	 	 /s/ Robert R.B. Dykes

	 	 	Name:	 	Robert R.B. Dykes
	 	 	Title:	 	President, Systems Group

  

 -91- 

			
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ James Nagy

	Name:	 	James Nagy
	Title:	 	Vice President

  

 -92- 

 EXHIBIT A-1 
  
 (Face of Note) 
  
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 
  
 [This Note is issued with original issue discount for purposes of Section 1271 et seq. of the Internal Revenue Code. For
each $1,000 of principal amount of this Security, the issue price is $[            ] and the amount of original issue discount is
$[            ]. The issue date of this Security is May 8, 2003 and the yield to maturity is [            ]%.] 
  
 FLEXTRONICS INTERNATIONAL LTD. 
  
 6 1/4% Senior Subordinated Notes due 2014 
  

			
	 No.
	 	CUSIP No.                    
	 $[            ]
	 	 

  
 FLEXTRONICS
INTERNATIONAL LTD., a Singapore company, promises to pay to [Insert if a Global Note: Cede & Co.] [Insert if a Definitive Note: ] or registered assigns, the principal sum of
[                    ] ($            ) Dollars on November 15, 2014. 

 
 Interest Payment Dates: May 15 and November 15.

  
 Record Dates: May 1 and November 1.

  

 A-1-1 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  
 Dated: November 17, 2004 
  

			
	FLEXTRONICS INTERNATIONAL LTD.
		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 This is one of the Notes
referred to in the within-mentioned Indenture: 
  
 Dated: November 17, 2004

  

			
	J.P. Morgan Trust Company, National Association, as Trustee
		
	By:	 	  

	 	 	Authorized Signatory

  

 A-1-2 

 (Back of Note) 
  

6 1/4% Senior
Subordinated Notes due 2014 
  
 Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. PRINCIPAL AND INTEREST. Flextronics International Ltd., a Singapore company (the “Company”), promises to pay interest on the principal
amount of this Note at 6 1/4% per annum from November 17, 2004 until maturity and shall pay the Liquidated
Damages payable in accordance with the provisions of the following paragraph. The Company shall pay interest and Liquidated Damages semi-annually on May 15 and November 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 shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if
there is no existing Default or Event of Default relating to 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 May 15, 2005. The Company shall 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 1.0% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Liquidated Damages (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

  
 The Holder of this Note is entitled to the benefits of
the Registration Rights Agreement. If (a) the Company fails to file any of the Registration Statements required by the Registration Rights Agreement on or before the date specified for such filing, (b) any of such Registration Statements is not
declared effective by the Commission on or prior to the date specified for such effectiveness, (c) the Company fails to consummate the Registered Exchange Offer within 225 days of the Issue Date with respect to the Exchange Offer Registration
Statement, or (d) any Registration Statement required by the Registration Rights Agreement is declared effective but thereafter ceases to be effective in connection with its intended purpose (each such event referred to in clauses (a) through (d)
above a “Registration Default”), then the Company shall pay to each holder of Transfer Restricted Notes (as defined in the Registration Rights Agreement) affected thereby liquidated damages (“Liquidated Damages”) which shall
accrue and be payable semi-annually on the Notes and the Exchange Notes (in addition to the stated interest on the Notes and the Exchange Notes) from and including the date such Registration Default occurs to, but excluding the date on which the
applicable Registration Statement is filed or is declared effective, the Registered Exchange Offer is consummated, or the applicable Registration Statement is again declared effective or made usable. During the time that Liquidated Damages is
accruing continuously, the rate of such Liquidated Damages shall be 0.25% per annum during the first 90-day period and shall increase by 0.25% per annum for each subsequent 90-day period, but in no event shall such rate exceed 1.00% per annum in the
aggregate regardless of the number of Registration Defaults. If, after the cure of all Registration Defaults then in effect, there is a subsequent Registration Default, the rate of Liquidated Damages for such subsequent Registration Default shall
initially be 0.50%, regardless of the Liquidated Damages rate in effect with respect to any prior Registration Default at the time of the cure of such Registration Default. 
  

 A-1-3 

 2. METHOD OF PAYMENT. The Company shall pay interest on the Notes (except defaulted interest) and
Liquidated Damages to the Persons who are registered Holders at the close of business on May 1 or November 1 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 shall be payable as to principal, premium and Liquidated Damages, if any, and interest at the office or agency of the Company maintained for such
purpose within or outside of the City and State of New York, or, at the option of the Company, payment of interest and Liquidated Damages may be made by check mailed to the Holders at their addresses set forth in the register of Holders kept by the
Registrar, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest, premium and Liquidated Damages on, all Global Notes and all other Notes the Holders of which
shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall 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, J.P. Morgan
Trust Company, National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Restricted Subsidiaries may
act in any such capacity. 
  
 4. INDENTURE. The Company
issued the Notes under an Indenture dated as of November 17, 2004 (“Indenture”) between the Company 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 Sections 77aaa-77bbbb) (the “TIA”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA 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 obligations of the Company limited to $500 million in aggregate principal amount.

  
 5. OPTIONAL REDEMPTION. 
  
 (a) Prior to November 15, 2009. The Notes shall not be redeemable at
the Company’s option prior to November 15, 2009. Thereafter, the Notes shall be subject to redemption at any time at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption
prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest thereon to the applicable redemption date (subject to the right of Holders as of the relevant Record Date to receive interest due on the relevant
Interest Payment Date), if redeemed during the twelve-month period beginning on November 15 of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2009
	  	103.125	%
	 2010
	  	102.083	%
	 2011
	  	101.042	%
	 2012 and thereafter
	  	100.000	%

  
 (b) Ordinary Shares
Offering. In addition, at any time, or from time to time, prior to November 15, 2007, the Company may, at its option, use the net cash proceeds of one or more public or private offerings of Ordinary Shares of the Company (an “Equity
Sale”) to redeem, on a pro rata basis, up to 35% in aggregate principal amount of the Notes at a redemption price of 106.25% of the 
  

 A-1-4 

 principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of redemption; provided
that at least 65% in aggregate principal amount of Notes remains outstanding immediately after any such redemption; provided, further, that such redemption occurs within 90 days of the date of the closing of such Equity Sale.

  
 (c) Any redemption pursuant to this Section 5 shall be made
pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 
  
 (d) Taxation. If, as the result of any change in or any amendment to the laws, including any applicable double taxation treaty or convention, of Singapore (or any Other Jurisdiction, as defined in Section 4.21
of the Indenture), or of any political subdivision or taxing authority thereof, affecting taxation, or any change in the application or interpretation or official position regarding the application of such laws, double taxation treaty or convention
(a “Change in Tax Law”), which change or amendment becomes effective on or after the original issuance date of the Notes (or, in certain circumstances, such later date on which any assignee of the Company or a successor corporation to the
Company becomes such as permitted under the Indenture), it is determined by the Company or such assignee (which terms, for purposes of the remainder of this paragraph, include any successor thereto) that (i) the Company or its assignee would be
required to make payments of Additional Amounts on the next succeeding date for the payment thereof and (ii) the effect of such Change in Tax Law cannot be avoided through any reasonable measures available to the Company, the Company may, at its
option, redeem the Notes in whole at any time at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the date fixed for redemption (the “Tax Redemption Price”). 
  
 6. MANDATORY REDEMPTION. The Company shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes. 
  
 7. REPURCHASE AT OPTION OF HOLDER. 
  
 (a) Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require the Company to repurchase all or any part (equal to $1,000 or integral multiples thereof) of such Holder’s Notes
pursuant to the offer described below (the “Change of Control Offer”) at an offer price in cash equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of purchase (the
“Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder of Notes describing the transaction or transactions that constitute the Change of Control and offering to
repurchase Notes on the date specified in such notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures required by
the Indenture and described in such notice. 
  
 (b) The Company
will comply with the requirements of Rule l4e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the Notes as a result of a
Change of Control. 
  
 (c) On the Change of Control Payment Date,
the Company will, to the extent lawful, (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of
all Notes or portions thereof so tendered and (iii) deliver or cause to be delivered to the 
  

 A-1-5 

 Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes
or portions thereof being purchased by the Company. The Paying Agent will promptly mail to each Holder of Notes so 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 equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $1,000 or integral multiples thereof.

  
 (d) The Indenture provides that the Company shall not, and
shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless (i) the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least equal to the fair market value
(evidenced by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee) of the assets of Equity Interests issued or sold or otherwise disposed of and (ii) at least 75% of the consideration therefor
received by the Company or such Restricted Subsidiary is in the form of cash; provided that the amount of (x) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or
any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any guarantee thereof) that are assumed by the transferee of any such assets pursuant to a customary novation agreement
or other agreement that releases or indemnifies the Company or such Restricted Subsidiary from further liability and (y) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that
are immediately converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received) shall be deemed to be cash for purposes of this provision. 
  
 Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company may apply such Net Proceeds at its
option, (a) to permanently repay, reduce or secure letters of credit in respect of Senior Debt (and to correspondingly reduce commitments with respect thereto in the case of revolving borrowings), and/or (b) to the acquisition of a controlling
interest in another business, the making of a capital expenditure or Permitted Investment or the acquisition of other assets, in each case, for use in the same or a similar line of business as the Company was engaged in on the date of such Asset
Sale or reasonable extensions thereof. Pending the final application of any such Net Proceeds, the Company may temporarily reduce indebtedness under the Credit Facility (or any alternative or subsequent revolving credit agreement where borrowings
thereunder constitute Senior Debt or Debt of a Subsidiary) or otherwise invest such Net Proceeds in any manner that is not prohibited by the Indentures. Any Net Proceeds from Asset Sales that are not applied or invested as provided in the first
sentence of this paragraph will be deemed to constitute “Excess Proceeds.” 
  
 (e) When the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company will be required to make an offer (an “Asset Sale Offer”) to all Holders of Notes and holders of any other Pari Passu Debt
outstanding with provisions requiring the Company to make an offer to purchase or redeem such indebtedness with the proceeds from any Asset Sale as follows: (A) the Company will make an offer to purchase from all Holders of the Notes in accordance
with the procedures set forth in the Indenture in the maximum principal amount (expressed as a multiple of $1,000) of Notes that may be purchased out of an amount (the “Note Amount”) equal to the product of such Excess Proceeds multiplied
by a fraction, the numerator of which is the outstanding principal amount of the Notes, and the denominator of which is the sum of the outstanding principal amount of the Notes and such Pari Passu Debt (subject to proration in the event such amount
is less than the aggregate Asset Sale Offered Price (as defined herein) of all Notes tendered), and (B) to the extent required by such Pari Passu Debt to permanently reduce the principal amount of such Pari Passu Debt, the 
  

 A-1-6 

 Company will make an offer to purchase or otherwise repurchase or redeem Pari Passu Debt (as “Asset Sale Pari Passu
Offer”) in an amount (the “Pari Passu Debt Amount”) equal to the excess of the Excess Proceeds over the Note Amount; provided that in no event will the Company be required to make an Asset Sale Pari Passu Offer in a Pari Passu
Debt Amount exceeding the principal amount of such Pari Passu Debt plus accrued and unpaid interest thereon plus the amount of any premium required to be paid to repurchase such Pari Passu Debt. The offer price for the Notes will be payable in cash
in an amount equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to the date (the “Asset Sale Offer Date”) such Asset Sale Offer is consummated (the “Asset Sale Offer Price”), in
accordance with the procedures set forth in the Indenture. To the extent that the aggregate Asset Sale Offered Price of the Notes tendered pursuant to the Asset Sale Offer is less than the Note Amount relating thereto or the aggregate amount of Pari
Passu Debt that is purchased in an Asset Sale Pari Passu Offer is less than the Pari Passu Debt Amount, the Company may use any remaining Excess Proceeds for general corporate purposes. If the aggregate principal amount of Notes and the Pari Passu
Debt surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro rata basis. Upon the completion of the purchase of all the Notes tendered pursuant to an Asset Sale Offer and the
completion of an Asset Sale Pari Passu Offer, the amount of Excess Proceeds, if any, shall be reset at zero. 
  
 8. NOTICE OF REDEMPTION. Notice of redemption shall 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 $1,000 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. On and after the
redemption date interest shall cease to accrue on Notes or portions thereof called for redemption. 
  
 9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000.
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 Company may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company 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 Company 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. 
  
 10. PERSONS DEEMED OWNERS. The registered Holder
of a Note on the Registrar’s books may be treated as its owner for all purposes under the Indenture. 
  
 11. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented with the consent of
the Holders of at least a majority in aggregate principal amount of the then outstanding Notes, and any existing default or compliance with any provision of the Indenture or the Note may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented among other things, to 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 Company’s obligations to Holders of the Notes in case of a merger or consolidation or sale of all or substantially all of the
Company’s assets in accordance with the terms of the Indenture, to make any change that would provide 
  

 A-1-7 

 any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under
the Indenture of any such Holder, or to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the TIA. 
  
 12. DEFAULTS AND REMEDIES. 
  

(a) Events of Default under the Indenture include: (i) default for 30 days in the payment when due of interest on the Notes (whether or not prohibited
by the subordination provisions of the Indenture), (ii) default in payment when due of the principal of, or premium, if any, on the Notes (whether or not prohibited by the subordination provisions of the Indenture), (iii) failure by the Company for
30 days after notice from either the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes to comply with the provisions in Sections 4.07, 4.09, 4.10, 4.14 or 5.01 of the Indenture; (iv) failure by the Company for
60 days after notice from either the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes to comply with any of its other agreements in the Indenture or the Notes; (v) default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or evidenced any Debt for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted
Subsidiaries) whether such Debtor guarantee now exists, or is created after the date of the Indenture, which default (a) is caused by a failure to pay principal of or premium, if any, or interest on such Debt prior to the expiration of the grace
period provided in such Debt on the date of such default (a “Payment Default”) or (b) results in the acceleration of such Debt prior to its express maturity and, in each case, the principal amount of any such Debt, together with the
principal amount of any other such Debt the maturity of which has been so accelerated, aggregated $50.0 million or more; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments aggregating in excess of $50.0 million,
which judgments are not paid, discharged or stayed for a period of 60 days; and (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Significant Subsidiaries. 
  
 (b) 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 all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or
insolvency, with respect to the Company, any Restricted Subsidiary, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable
without further action or notice. 
  
 (c) The Holders of a
majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders, 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 interest on, or the principal of the Notes. 
  
 (d) The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of all the Holders, 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 interest on, or the principal of, the Notes. 
  
 (e) The Company shall be required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company shall be
required upon becoming aware of any Default or Event of Default to deliver to the Trustee a statement specifying such Default or Event 
  

 A-1-8 

 of Default. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default
or Event of Default relating to the payment of principal of, premium, if any, or interest on, the Notes) if it determines that withholding notice is in their interest. 
  
 13. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
  

14. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for
any obligations of the Company with respect to the Notes or the Indenture, or for any claim based on, or in respect or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note will waive and release any and all such
liability. Such waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under federal securities laws and it is the view of the Commission that such a waiver is against public
policy. 
  
 15. AUTHENTICATION. This Note shall not be
valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
  
 16. 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 entirety), 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). 
  
 17. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders under
the Indenture, Holders shall have all the rights set forth in the Registration Rights Agreement. 
  
 18. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company 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. 
  
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests
may be made to: 
  
 Flextronics International Ltd. 
 2090 Fortune Drive 
 San Jose, CA 95l31

 Attention: Investor Relations 
  

 A-1-9 

 ASSIGNMENT FORM 
  
 To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 
  

	
	  

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

	  

	  

	  

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

  

			
	Date:                    	 	Your
Signature:                                      
                                      
	 	 	(Sign exactly as your name appears on the face of this Note)
		
	 	 	Tax Identification No.:
                                        
                        
		
	 	 	SIGNATURE GUARANTEE:
		
	 	 	  

		
	 	 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

  

 A-1-10 

 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the
box below: 
  

			
	 ̈ Section 4.10	 	 ̈ Section 4.14

  
 If you want to elect
to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 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:
		
	 	 	

		
	 	 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

  

 A-1-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE1 
  
 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)

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

  

 A-1-12 

 EXHIBIT A-2 
  
 (Face of Regulation S Temporary Global Note) 
  
 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 NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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. 
  
 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 (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE COMPANY. 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, PRIOR TO THE EXPIRATION OF A DISTRIBUTION COMPLIANCE PERIOD (DEFINED AS 40 DAYS AFTER THE ISSUE DATE WITH RESPECT TO THE NOTES), MAY NOT BE: OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S, AS DEFINED IN THE SECURITIES ACT OR (2) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. 

 
 THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND
PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST
HEREON. 
  

 A-2-1 

 [This Note is issued with original issue discount for purposes of Section 1271 et seq. of the Internal Revenue
Code. For each $1,000 of principal amount of this Security, the issue price is $[        ] and the amount of original issue discount is $[        ]. The
issue date of this Security is November 17, 2004 and the yield to maturity is 6 1/4%.] 
  

 A-2-2 

 FLEXTRONICS INTERNATIONAL LTD. 
  
 6 1/4% Senior Subordinated Notes due 2014 
  

			
	No.	  	CUSIP No.                     
	$[        ]	  	 

  
 FLEXTRONICS
INTERNATIONAL LTD., a Singapore company, promises to pay to [CHASE NOMINEE COMPANY] or registered assigns, the principal sum of
[                    ] ($            ) Dollars on November 15, 2014.

  
 Interest Payment Dates: May 15 and November 15. 
  
 Record Dates: May 1 and November 1. 
  

 A-2-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  
 Dated: November 17, 2004 
  

			
	FLEXTRONICS INTERNATIONAL LTD.
		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 This is one of the Notes
referred to in the within-mentioned Indenture: 
  
 Dated: November 17, 2004

  

			
	 J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

		
	By:	 	  

	 	 	Authorized Signatory

  

 A-2-4 

 (Back of Regulation S Temporary Global Note) 
  
 6 1/4% Senior Subordinated Notes due 2014 
  
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 1. PRINCIPAL AND INTEREST. Flextronics International Ltd., a Singapore company (the “Company”), promises to pay interest on the principal
amount of this Note at 6 1/4% per annum from November 17, 2004 until maturity and shall pay the Liquidated
Damages payable in accordance with the provisions of the following paragraph. The Company shall pay interest and Liquidated Damages semi-annually on May 15 and November 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 shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if
there is no existing Default or Event of Default relating to 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 November 15. The Company shall 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 1.0% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Liquidated Damages (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

  
 The Holder of this Note is entitled to the benefits of
the Registration Rights Agreement. If (a) the Company fails to file any of the Registration Statements required by the Registration Rights Agreement on or before the date specified for such filing, (b) any of such Registration Statements is not
declared effective by the Commission on or prior to the date specified for such effectiveness, (c) the Company fails to consummate the Registered Exchange Offer within 180 days of the Issue Date with respect to the Exchange Offer Registration
Statement, or (d) any Registration Statement required by the Registration Rights Agreement is declared effective but thereafter ceases to be effective in connection with its intended purpose (each such event referred to in clauses (a) through (d)
above a “Registration Default”), then the Company shall pay to each holder of Transfer Restricted Notes (as defined in the Registration Rights Agreement) affected thereby liquidated damages (“Liquidated Damages”) which shall
accrue and be payable semi-annually on the Notes and the Exchange Notes (in addition to the stated interest on the Notes and the Exchange Notes) from and including the date such Registration Default occurs to, but excluding the date on which the
applicable Registration Statement is filed or is declared effective, the Registered Exchange Offer is consummated, or the applicable Registration Statement is again declared effective or made usable. During the time that Liquidated Damages is
accruing continuously, the rate of such Liquidated Damages shall be 0.25% per annum during the first 90-day period and shall increase by 0.25% per annum for each subsequent 90-day period, but in no event shall such rate exceed 1.00% per annum in the
aggregate regardless of the number of Registration Defaults. If, after the cure of all Registration Defaults then in effect, there is a subsequent Registration Default, the rate of Liquidated Damages for such subsequent Registration Default shall
initially be 0.50%, regardless of the Liquidated Damages rate in effect with respect to any prior Registration Default at the time of the cure of such Registration Default. 
  

 A-2-5 

 2. METHOD OF PAYMENT. The Company shall pay interest on the Notes (except defaulted interest) and
Liquidated Damages to the Persons who are registered Holders at the close of business on the May 1 or November 1 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 shall be payable as to principal, premium and Liquidated Damages, if any, and interest at the office or agency of the Company maintained for such
purpose within or outside of the City and State of New York, or, at the option of the Company, payment of interest and Liquidated Damages may be made by check mailed to the Holders at their addresses set forth in the register of Holders kept by the
Registrar, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest, premium and Liquidated Damages on, all Global Notes and all other Notes the Holders of which
shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall 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, J.P. Morgan
Trust Company, National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Restricted Subsidiaries may
act in any such capacity. 
  
 4. INDENTURE. The Company
issued the Notes under an Indenture dated as of November 17, 2004 (“Indenture”) between the Company 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 Sections 77aaa-77bbbb) (the “TIA”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA 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 obligations of the Company limited to $400 million in aggregate principal amount.

  
 5. OPTIONAL REDEMPTION. 
  
 (a) Prior to November 15, 2009. The Notes shall not be redeemable at
the Company’s option prior to November 15, 2009. Thereafter, the Notes shall be subject to redemption at any time at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption
prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest thereon to the applicable redemption date (subject to the right of Holders as of a relevant Record Date to receive interest due on the relevant
Interest Payment Date), if redeemed during the twelve-month period beginning on November 15 of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2009
	  	103.125	%
	 2010
	  	102.083	%
	 2011
	  	101.042	%
	 2012 and thereafter
	  	100.000	%

  
 (b) Ordinary Shares
Offering. In addition, at any time, or from time to time, prior to November 15, 2007, the Company may, at its option, use the net cash proceeds of one or more public or private offerings of Ordinary Shares of the Company (an “Equity
Sale”) to redeem, on a pro rata basis, up to 35% in aggregate principal amount of Notes at a redemption price of 106.25% of the principal 
  

 A-2-6 

 amount thereof plus accrued and unpaid interest thereon, if any, to the date of redemption; provided that at least
65% in aggregate principal amount of Notes remains outstanding immediately after the occurrence of any such redemption; provided, further, that such redemption occurs within 90 days of the date of the closing of such Equity Sale.

  
 (c) Any redemption pursuant to this Section 5 shall be made
pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 
  
 (d) Taxation. If, as the result of any change in or any amendment to the laws, including any applicable double taxation treaty or convention, of Singapore (or any Other Jurisdiction, as defined in Section 4.21
of the Indenture), or of any political subdivision or taxing authority thereof, affecting taxation, or any change in the application or interpretation or official position regarding the application of such laws, double taxation treaty or convention
(a “Change in Tax Law”), which change or amendment becomes effective on or after the original issuance date of the Notes (or, in certain circumstances, such later date on which any assignee of the Company or a successor corporation to the
Company becomes such as permitted under the Indenture), it is determined by the Company or such assignee (which terms, for purposes of the remainder of this paragraph, include any successor thereto) that (i) the Company or its assignee would be
required to make payments of Additional Amounts on the next succeeding date for the payment thereof and (ii) the effect of such Change in Tax Law cannot be avoided through any reasonable measures available to the Company, the Company may, at its
option, redeem the Notes in whole at any time at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the date fixed for redemption (the “Tax Redemption Price”). 
  
 6. MANDATORY REDEMPTION. The Company shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes. 
  
 7. REPURCHASE AT OPTION OF HOLDER. 
  
 (a) Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require the Company to repurchase all or any part (equal to $1,000 or integral multiples thereof) of such Holder’s Notes
pursuant to the offer described below (the “Change of Control Offer”) at an offer price in cash equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of purchase (the
“Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder of Notes describing the transaction or transactions that constitute the Change of Control and offering to
repurchase Notes on the date specified in such notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures required by
the Indenture and described in such notice. 
  
 (b) The Company
will comply with the requirements of Rule l4e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the Notes as a result of a
Change of Control. 
  
 (c) On the Change of Control Payment Date,
the Company will, to the extent lawful, (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of
all Notes or portions thereof so tendered and (iii) deliver or cause to be delivered to the 
  

 A-2-7 

 Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes
or portions thereof being purchased by the Company. The Paying Agent will promptly mail to each Holder of Notes so 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 equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $1,000 or integral multiples thereof.

  
 (d) The Indenture provides that the Company shall not, and
shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless (i) the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least equal to the fair market value
(evidenced by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee) of the assets of Equity Interests issued or sold or otherwise disposed of and (ii) at least 75% of the consideration therefor
received by the Company or such Restricted Subsidiary is in the form of cash; provided that the amount of (x) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or
any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any guarantee thereof) that are assumed by the transferee of any such assets pursuant to a customary novation agreement
or other agreement that releases or indemnifies the Company or such Restricted Subsidiary from further liability and (y) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that
are immediately converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received) shall be deemed to be cash for purposes of this provision. 
  
 Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company may apply such Net Proceeds at its
option, (a) to permanently repay, reduce or secure letters of credit in respect of Senior Debt (and to correspondingly reduce commitments with respect thereto in the case of revolving borrowings), and/or (b) to the acquisition of a controlling
interest in another business, the making of a capital expenditure or Permitted Investment or the acquisition of other assets, in each case, for use in the same or a similar line of business as the Company was engaged in on the date of such Asset
Sale or reasonable extensions thereof. Pending the final application of any such Net Proceeds, the Company may temporarily reduce indebtedness under the Credit Facility (or any alternative or subsequent revolving credit agreement where borrowings
thereunder constitute Senior Debt or Debt of a Subsidiary) or otherwise invest such Net Proceeds in any manner that is not prohibited by the Indentures. Any Net Proceeds from Asset Sales that are not applied or invested as provided in the first
sentence of this paragraph will be deemed to constitute “Excess Proceeds.” 
  
 (e) When the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company will be required to make an offer (an “Asset Sale Offer”) to all Holders of Notes and holders of any other Pari Passu Debt
outstanding with provisions requiring the Company to make an offer to purchase or redeem such indebtedness with the proceeds from any Asset Sale as follows: (A) the Company will make an offer to purchase from all Holders of the Notes in accordance
with the procedures set forth in the Indenture in the maximum principal amount (expressed as a multiple of $1,000) of Notes that may be purchased out of an amount (the “Note Amount”) equal to the product of such Excess Proceeds multiplied
by a fraction, the numerator of which is the outstanding principal amount of the Notes, and the denominator of which is the sum of the outstanding principal amount of the Notes and such Pari Passu Debt (subject to proration in the event such amount
is less than the aggregate Asset Sale Offered Price (as defined herein) of all Notes tendered), and (B) to the extent required by such Pari Passu Debt to permanently reduce the principal amount of such Pari Passu Debt, the 
  

 A-2-8 

 Company will make an offer to purchase or otherwise repurchase or redeem Pari Passu Debt (as “Asset Sale Pari Passu
Offer”) in an amount (the “Pari Passu Debt Amount”) equal to the excess of the Excess Proceeds over the Note Amount; provided that in no event will the Company be required to make an Asset Sale Pari Passu Offer in a Pari Passu
Debt Amount exceeding the principal amount of such Pari Passu Debt plus accrued and unpaid interest thereon plus the amount of any premium required to be paid to repurchase such Pari Passu Debt. The offer price for the Notes will be payable in cash
in an amount equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to the date (the “Asset Sale Offer Date”) such Asset Sale Offer is consummated (the “Asset Sale Offer Price”), in
accordance with the procedures set forth in the Indenture. To the extent that the aggregate Asset Sale Offered Price of the Notes tendered pursuant to the Asset Sale Offer is less than the Note Amount relating thereto or the aggregate amount of Pari
Passu Debt that is purchased in an Asset Sale Pari Passu Offer is less than the Pari Passu Debt Amount, the Company may use any remaining Excess Proceeds for general corporate purposes. If the aggregate principal amount of Notes and the Pari Passu
Debt surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro rata basis. Upon the completion of the purchase of all the Notes tendered pursuant to an Asset Sale Offer and the
completion of an Asset Sale Pari Passu Offer, the amount of Excess Proceeds, if any, shall be reset at zero. 
  
 8. NOTICE OF REDEMPTION. Notice of redemption shall 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 $1,000 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. On and after the
redemption date interest shall cease to accrue on Notes or portions thereof called for redemption. 
  
 9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000.
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 Company may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company 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 Company 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. 
  
 10. PERSONS DEEMED OWNERS. The registered Holder
of a Note on the Registrar’s books may be treated as its owner for all purposes under the Indenture. 
  
 11. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented with the consent of
the Holders of at least a majority in aggregate principal amount of the then outstanding Notes, and any existing default or compliance with any provision of the Indenture or the Note may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented among other things, to 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 Company’s obligations to Holders of the Notes in case of a merger or consolidation or sale of all or substantially all of the
Company’s assets in accordance with the terms of the Indenture, to make any change that would provide 
  

 A-2-9 

 any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under
the Indenture of any such Holder, or to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the TIA. 
  
 12. DEFAULTS AND REMEDIES. 
  

(a) Events of Default under the Indenture include: (i) default for 30 days in the payment when due of interest on the Notes (whether or not prohibited
by the subordination provisions of the Indenture), (ii) default in payment when due of the principal of, or premium, if any, on the Notes (whether or not prohibited by the subordination provisions of the Indenture), (iii) failure by the Company for
30 days after notice from either the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes to comply with the provisions in Sections 4.07, 4.09, 4.10, 4.14 or 5.01 of the Indenture; (iv) failure by the Company for
60 days after notice from either the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes to comply with any of its other agreements in the Indenture or the Notes; (v) default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or evidenced any Debt for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted
Subsidiaries) whether such Debtor guarantee now exists, or is created after the date of the Indenture, which default (a) is caused by a failure to pay principal of or premium, if any, or interest on such Debt prior to the expiration of the grace
period provided in such Debt on the date of such default (a “Payment Default”) or (b) results in the acceleration of such Debt prior to its express maturity and, in each case, the principal amount of any such Debt, together with the
principal amount of any other such Debt the maturity of which has been so accelerated, aggregated $50.0 million or more; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments aggregating in excess of $50.0 million,
which judgments are not paid, discharged or stayed for a period of 60 days; and (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Significant Subsidiaries. 
  
 (b) 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 all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or
insolvency, with respect to the Company, any Restricted Subsidiary, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable
without further action or notice. 
  
 (c) The Holders of a
majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders, 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 interest on, or the principal of the Notes. 
  
 (d) The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of all the Holders, 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 interest on, or the principal of, the Notes. 
  
 (e) The Company shall be required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company shall be
required upon becoming aware of any Default or Event of Default to deliver to the Trustee a statement specifying such Default or Event 
  

 A-2-10 

 of Default. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default
or Event of Default relating to the payment of principal of, premium, if any, or interest on, the Notes) if it determines that withholding notice is in their interest. 
  
 13. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept
deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
  

14. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for
any obligations of the Company with respect to the Notes or the Indenture, or for any claim based on, or in respect or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note will waive and release any and all such
liability. Such waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under federal securities laws and it is the view of the Commission that such a waiver is against public
policy. 
  
 15. AUTHENTICATION. This Note shall not be
valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
  
 16. 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 entirety), 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). 
  
 17. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders under
the Indenture, Holders shall have all the rights set forth in the Registration Rights Agreement. 
  
 18. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company 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. 
  
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests
may be made to: 
  
 Flextronics International Ltd. 
 2090 Fortune Drive 
 San Jose, CA 95131

 Attention: Investor Relations 
  

 A-2-11 

 ASSIGNMENT FORM 
  

	
	 To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to.
  

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

	  

	  

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

	  
 to transfer this Note on the
books of the Company. The agent may substitute another to act for him.

  

					
	 Date:
	 	_______________________                                	  	Your Signature:__________________________________________
	 	 	 	  	(Sign exactly as your name appears on the face of this Note)
			
	 	 	 	  	Tax Identification No:______________________________
			
	 	 	 	  	 SIGNATURE GUARANTEE:
  

			
	 	 	 	  	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

  

 A-2-12 

 OPTION OF HOLDER TO ELECT PURCHASE 
  

					
	 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the box
below:

		
	  ̈ Section 4.10
	    	 ̈ Section 4.14
	
	 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14
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:
  

		
	 	    	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

  

 A-2-13 

 SCHEDULE OF EXCHANGES OF REGULATION S TEMPORARY GLOBAL NOTE 
  
 The following exchanges of a part of this Regulation S Temporary Global Note
for an interest in another Global Note, or of other Restricted Global Notes for an interest in this Regulation S Temporary 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)

  

 A-2-14 

 EXHIBIT B 
  
 FORM OF CERTIFICATE OF TRANSFER 
  
 Flextronics International Ltd. 
 2090 Fortune Drive 
 San Jose, CA 95131 
 Attention: Investor Relations 
  
 J.P. Morgan Trust Company, 
 National Association, as Trustee 
  
 [                            ] 
 [                            ] 
 Attention: Corporate Trust Department 
  
 Re: Flextronics International Ltd. 6 1/4% Senior
Subordinated Notes due 2014 
  
 Reference is hereby made to
the Indenture, dated as of November 17, 2004 (the “Indenture”), between Flextronics International Ltd., as issuer (the “Company”), and J.P. Morgan Trust Company, National Association, 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 this Indenture and the Securities Act. 

  

	 (2)    
	  ̈        Check if Transferee will take delivery of a beneficial interest in the Temporary Regulation S Global Note, 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 and, accordingly, the Transferor hereby further certifies that (i) 

  

 B-1 

 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 this 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, the Temporary
Regulation S Global Note and/or the Definitive Note and in this Indenture and the Securities Act. 
  

	 (3)    
	  ̈        Check and complete if Transferee will take delivery of a beneficial interest in a Definitive 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)
 ̈ such Transfer is being effected to the Company 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 this 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 this 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 this Indenture. 
  

 B-2 

 (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 this 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 this 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 this 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 Company. 
  

					
	 	 	  

	 	 	    (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 
  
 Flextronics International Ltd. 
 2090 Fortune Drive 
 San Jose, CA 95131 
 Attention: Investor Relations 
  
 J.P. Morgan Trust Company, 
 National Association, as Trustee 
 101 California Street, Suite 2725 
 San Francisco, CA 94111 
 Attention: Corporate Trust Department 
  
 Re: Flextronics International Ltd. 6 1/4% Senior Subordinated Notes due 2014 (CUSIP No.                 )

  
 Reference is hereby made to the Indenture, dated as of
November 17, 2004 (the “Indenture”), between Flextronics International Ltd., as issuer (the “Company”) and J.P. Morgan Trust Company, National Association, 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 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-1 

 (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 this 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 this Indenture and the
Securities Act. 
  

 C-2 

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

					
	 	 	  

	 	 	(Insert Name of Owner)
			
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
	Dated:                             	 	 	 	 

  

 C-3

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