Document:

EX-10.1

 Exhibit 10.1 

$10,000,000 

MEDICINOVA, INC. 

Common Stock 
 EQUITY
DISTRIBUTION AGREEMENT 
 October 16, 2013 

Macquarie Capital (USA) Inc. 
 125 W. 55th Street 

New York, NY 10019 
 Ladies and Gentlemen: 

MediciNova, Inc., a Delaware corporation (the “Company”), and Macquarie Capital (USA) Inc. (“MCUSA”), hereby
agree as follows: 
 1. Issuance and Sale of Shares. The Company agrees that, from time to time during the term of this Equity
Distribution Agreement (the “Agreement”), on the terms and subject to the conditions set forth herein, it may issue and sell through MCUSA, acting as agent, or to MCUSA, acting as principal, shares (the “Shares”) of
the Company’s common stock par value $0.001 per share (the “Common Stock”) up to an aggregate offering price of $10,000,000, provided, however, that in no event shall the Company issue or sell through MCUSA such number
of Shares that (a) would cause the Company to not satisfy the eligibility requirements for use of Form S-3 (including Instruction I.B.6. thereof in the event that such instruction becomes applicable to the Company during the term of this
Agreement), (b) exceeds the number of shares of Common Stock registered on the effective Registration Statement (as defined below) pursuant to which the offering is being made, or (c) exceeds the number of authorized but unissued shares of
the Company’s Common Stock (the lesser of (a), (b) and (c), the “Maximum Amount”). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in this
Section 1 on the number of Shares issued and sold under this Agreement shall be the sole responsibility of the Company, and MCUSA shall have no obligation in connection with such compliance, provided that MCUSA strictly follows the trading
instructions provided pursuant to any Issuance Notice. The issuance and sale of Shares through or to MCUSA will be effected pursuant to the Registration Statement (as defined below) filed by the Company and declared effective by the Securities and
Exchange Commission (the “Commission”) of the United States of America (the “United States” or “U.S.”), although nothing in this Agreement shall be construed as requiring the Company to use the
Registration Statement to issue Common Stock in any other transaction. 
 The Company has filed, in accordance with the provisions of
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the “Securities Act”), with the Commission a Registration Statement on Form S-3 (No. 333-185022), including a base
prospectus, relating to certain securities, including the Shares, to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the “Exchange Act”). The Company has prepared a prospectus supplement to the base prospectus included as part of such
registration statement specifically relating to the Shares (the “Prospectus Supplement”). The Company will furnish to MCUSA, for use by MCUSA, copies of the prospectus included as part of such registration statement, as supplemented
by the Prospectus Supplement, relating to the Shares. Except where the context otherwise requires, such registration statement, as amended when it became effective, including all documents filed as part thereof or incorporated by reference therein,
and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B
or 462(b) of the Securities Act, as well as any comparable successor registration statement filed by the Company for the sale of shares of its Common Stock, including the Shares, collectively are 

 
herein called the “Registration Statement.” The base prospectus, including all documents incorporated therein by reference, included in the Registration Statement (the
“Base Prospectus”), as it may be supplemented by the Prospectus Supplement, in the form in which such Base Prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to
Rule 424(b) under the Securities Act, together with the then issued Issuer Free Writing Prospectus(es) (as defined below), if any, and any other prospectus filed after the date hereof by the Company with respect to the Shares, including without
limitation, each Subsequent Supplement (as defined below), is herein called the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and
include the documents incorporated by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer
to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein (the “Incorporated Documents”). For purposes of this Agreement, all references to the
Registration Statement, the Prospectus or any amendment or supplement to either thereof shall be deemed to include any copy filed with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System
(“EDGAR”). 
 2. Placements. Each time that the Company wishes to issue and sell the Shares hereunder (each, a
“Proposed Issuance”), it will notify MCUSA by email notice (or other method mutually agreed to in writing by the parties) (an “Issuance Notice”) containing the number of Shares to be issued, the time period during
which sales are requested to be made (or the Trading Day (as defined in Section 3) for an underwriting commitment by MCUSA), and any minimum price per share below which sales may not be made, in each case subject to the minimum pricing and
maximum volume requirements further set forth in this Section 2 unless mutually waived, in substantially the form attached hereto as Schedule 1. MCUSA and the Company agree that (unless altered by mutual written agreement or the parties)
no Issuance Notice shall propose: 
 (a) the sale of an amount of Shares greater than the Maximum Issuance Size. The “Maximum Issuance
Size” shall be the lower of: 
 (i) $50,000.00 or 

(ii) 10% of the lower of the 5-day or 3-month average daily traded value of the Common Stock on the Nasdaq Global Market
(“Nasdaq”) (unless 10% of the lower of the 5-day or 3-month average daily traded value of the Common Stock on the Jasdaq Market of the Tokyo Securities Exchange (“TSE,” and with the Nasdaq, the
“Exchanges”) is greater, in which case the value from the TSE shall be used) as determined by reference to Bloomberg as of the date of the Issuance Notice, nor 

(b) a price per Share less than the greater of $1.29 or the last available closing price of a share of the Common Stock on the Nasdaq (the
“Minimum Price”). 
 The Company may not provide Issuance Notices to MCUSA on consecutive Trading Days, unless mutually agreed by both
parties. The Issuance Notice shall originate from any of the individuals from the Company set forth on Schedule 2 (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the
individuals from MCUSA set forth on Schedule 2, as such Schedule 2 may be amended from time to time. The Issuance Notice shall be effective upon receipt by MCUSA, to be promptly confirmed by MCUSA to the Company by email, unless and until
(i) in accordance with the notice requirements set forth in Section 4, MCUSA declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Shares contemplated for sale under this
Agreement have been sold, (iii) in accordance with the notice requirements set forth in Section 4, the Company suspends or terminates the Issuance Notice in conjunction with termination of the Agreement, (iv) the Company has not
fulfilled its obligations pursuant to Section 7(q), or (v) the Agreement has been terminated under the provisions of Section 11. The amount of any discount, commission or other compensation to be paid by the Company to MCUSA in
connection with the sale of the Shares shall be calculated in accordance with the terms set forth in Schedule 3. It is expressly acknowledged and agreed that neither the Company nor MCUSA will have any obligation whatsoever with respect to an
Issuance Notice or any Shares unless and until the Company delivers an Issuance Notice to MCUSA and MCUSA does not decline such Issuance Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein.
Notwithstanding any other provision of this Agreement, during any period in which the Company’s insider trading policy (or functional equivalent) would prohibit the purchase or sale of Common Stock by persons subject to the

  
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policy, or during any period in which the Company is in possession of material non-public information, the Company and MCUSA agree that (i) no sales of Shares shall occur, (ii) the
Company shall not request the sale of any Shares to occur, and (iii) MCUSA shall not become obligated to offer to sell any Shares. 

3. Sale of Shares by MCUSA. 

(a) Subject to the terms and conditions herein set forth, including without limitation, the continuing accuracy of the representations and
warranties of the Company herein, the satisfactory performance by the Company of its obligations hereunder and the continuing satisfaction of the conditions specified in Section 7 of this Agreement, upon the Company’s issuance of an
Issuance Notice, and unless the sale of the Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, MCUSA, for the period specified in the Issuance Notice, will use its
commercially reasonable efforts consistent with its customary trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Nasdaq and the TSE, to sell such Shares up to the amount specified in such
Issuance Notice, and otherwise in accordance with the terms of such Issuance Notice, provided that the Company shall not solicit sales of such Shares in Japan other than in trades on or through the TSE. If acting as a sales agent as to such
Shares, MCUSA will provide written confirmation to the Company (including by email correspondence) no later than the opening of the Trading Day (as defined below) next following the Trading Day on which it has made any sale of Shares hereunder
setting forth the number of Shares sold on such day, the aggregate amount of compensation payable by the Company to MCUSA pursuant to Section 2 with respect to all such sales on such day, and the Net Proceeds (as defined below) payable to the
Company, with an itemization of deductions made by MCUSA (as set forth in Section 5(a)) from gross proceeds for the Shares that it receives from such sales. MCUSA may sell Shares by any method permitted by law deemed to be an “at the
market” offering as defined in Rule 415 of the Securities Act, including without limitation sales made directly on the Exchanges, on any other existing trading market for the Common Stock or to or through a market maker. Whether acting as
a sales agent or principal under this Agreement, MCUSA shall be entitled to enter into arrangements with one or more selling group members (“Selling Agents”) for the distribution of the Shares, including without limitation,
Macquarie Bank Limited, provided, however, that MCUSA shall be, as between the Company and MCUSA, solely responsible for satisfaction of the fees and expenses of each such Selling Agent from the remuneration received by MCUSA pursuant to this
Agreement. During the term of this Agreement and notwithstanding anything to the contrary herein, each of the Company and MCUSA agrees that in no event will it engage in any market making, bidding, stabilization or other trading activity with regard
to the Common Stock if such activity would be prohibited under Regulation M or other anti-manipulation rules under the Securities Act and shall not engage in solicitations of sales in Japan in a manner that would not be exempt from registration
or qualification requirements of the offering regulations under Japanese securities laws. For the purposes hereof, “Trading Day” means any day on which shares of the Common Stock are purchased and sold on the Nasdaq. 

(b) The Company acknowledges and agrees that (i) there can be no assurance that MCUSA will be successful in selling Shares,
(ii) MCUSA will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason and (iii) MCUSA shall be under no obligation to purchase Shares on a principal basis pursuant to this
Agreement, except as otherwise specifically agreed in writing by MCUSA and the Company. 
 (c) During the term of this Agreement, neither
MCUSA nor any of its affiliates or subsidiaries shall engage in (i) any short sale of any security of the Company or (ii) any sale of any security of the Company that MCUSA does not own or any sale which is consummated by the delivery of a
security of the Company borrowed by, or for the account of, MCUSA. Neither MCUSA nor any of its affiliates or subsidiaries, shall engage in any proprietary trading or trading for MCUSA’s (or its affiliates’ or subsidiaries’) own
account. Under no circumstances during the term of this Agreement shall MCUSA (or its affiliates or subsidiaries) be or become the beneficial owner of greater than 4.99% of the Company’s issued and outstanding Common Stock. 

4. Suspension of Sales. The Company or MCUSA may, upon notice to the other party in writing (including by email correspondence to each
of the individuals of the other party set forth on Schedule 2 , if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed
immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on Schedule 2), suspend any sale of Shares; provided, however, that such suspension shall not affect
or impair either party’s obligations with respect to any Shares sold hereunder 

  
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prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4 shall be effective against the other unless it is made to two of the
individuals named on Schedule 2 hereto, as such schedule may be amended from time to time. 
 5. Representations and
Warranties of the Company. The Company represents and warrants to, and agrees with, MCUSA that as of each Applicable Time (as defined in Section 19(a)): 

(a) The Registration Statement has been filed with the Commission under the Securities Act and declared effective by the Commission under the
Securities Act. No stop order suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the Company’s knowledge, are contemplated or threatened by the
Commission. The Company satisfied all applicable requirements for the use of Form S-3 under the Securities Act when the Registration Statement was filed. The Commission has not issued an order preventing or suspending the use of the Base
Prospectus, any Issuer Free Writing Prospectus (as defined below) or the Prospectus relating to the proposed offering of the Shares and no proceedings for such purpose have been instituted or are pending or, to the Company’s knowledge, are
contemplated or threatened by the Commission. The Prospectus delivered to MCUSA for use in connection with the offering of Shares was, at the time of such delivery, identical to the electronically transmitted copies thereof filed with the
Commission. At the respective times each part of the Registration Statement and each amendment thereto became effective or was deemed effective, as the case may be, the Registration Statement complied and will comply in all material respects with
the Securities Act (including, but not limited, to the requirements set forth in Rule 415(a)(1)(x) and 415(a)(4) under the Securities Act) and did not and will not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading. The immediately preceding sentence does not apply to statements in or omissions from the Registration Statement or any amendments or supplements thereto based
upon and in conformity with written information furnished to the Company by MCUSA specifically for use therein. The Registration Statement contains all exhibits and schedules required to be filed by the Securities Act. 

(b) The Company has delivered to MCUSA, or made available through EDGAR, one complete copy of the Registration Statement and of each consent
of experts filed as a part thereof, and conformed copies of the Registration Statement (without exhibits), and the Prospectus, as amended or supplemented, in such quantities and at such places as MCUSA has reasonably requested. 

(c) Neither the Prospectus nor any amendments or supplements thereto, at the time the Prospectus or any such amendment or supplement was
issued, as of the date of this Agreement, at each Applicable Time and at all times during which a prospectus is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Act or any similar
rule) in connection with any sale of the Shares (the “Delivery Period”), as the case may be, included or will include an untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading. The foregoing sentence does not apply to statements in or omissions from the Prospectus or any amendments or supplements thereto based upon and in
conformity with written information furnished to the Company by MCUSA specifically for use therein. 
 (d) Each Incorporated Document, at
the time it was or hereafter is filed with the Commission, conformed and will conform when filed in all material respects with the requirements of the Exchange Act and the rules and regulations promulgated thereunder, and was or will be filed on a
timely basis with the Commission; no Incorporated Document when it was filed (or, if an amendment with respect to any Incorporated Document was filed, when such amendment was filed), contained an untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and no Incorporated Document, when it is filed, will contain an untrue statement of a material fact or will omit to state a
material fact required to be stated therein or necessary in order to make the statements therein not misleading. There is no material document of a character required to be described in the Registration Statement or the Prospectus or to be filed as
an exhibit to the Registration Statement which was not described or filed as required. All material agreements of the Company and all agreements governing or evidencing any and all related party transactions have been filed with the Commission in
accordance with the Exchange Act. 

  
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 (e) The financial statements of the Company, together with the related notes, included or
incorporated by reference in the Registration Statement and the Prospectus comply in all material respects with the requirements of the Securities Act and the Exchange Act and fairly present in all material respects the financial condition of the
Company and its consolidated Subsidiaries (as defined below) as of the dates indicated and the results of operations and changes in cash flows for the periods covered thereby and the supporting schedules included in the Registration Statement
present fairly the information required to be stated therein. The summary and selected consolidated financial and statistical data, if any, included or incorporated by reference into the Registration Statement and the Prospectus present fairly in
all material respects the information shown therein and have been compiled on a basis consistent with the Company’s audited financial statements. The assumptions used in preparing the pro forma financial statements, if any, provide a reasonable
basis for presenting the significant effects attributable to the transactions or events described therein, any related pro forma adjustments comply with Regulation G and give appropriate effect to the assumptions, and the pro forma columns and
reconciliations therein reflect the proper application of adjustments to the corresponding historical financial statements. Such financial statements and supporting schedules, if any, have been prepared in conformity with generally accepted
accounting principles as applied in the United States (“GAAP”), as applicable, applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto and comply in all material
respects with the Securities Act, the Exchange Act and the applicable rules and regulations of the Commission thereunder. No other financial statements or schedules are required to be included in the Registration Statement or the Prospectus.
Ernst & Young LLP has reported on the financial statements of the Company and its consolidated Subsidiaries and is an independent public accounting firm with respect to the Company within the meaning and requirements of the Securities Act
and the rules and regulations promulgated thereunder and the rules and regulations of the Public Company Accounting Oversight Board. 
 (f)
The Company had a reasonable basis for, and made in good faith, each “forward-looking statement” (within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained or incorporated by reference
in the Registration Statement or the Prospectus. 
 (g) All statistical or market-related data included or incorporated by reference in the
Registration Statement or the Prospectus are based on or derived from sources that the Company reasonably believes to be reliable and accurate, and the Company has obtained the written consent of such sources to the use of such data, to the extent
required. 
 (h) The Common Stock is registered under Section 12(b) of the Exchange Act, is subject to the continuous disclosure
obligation under the Financial Instruments and Exchange Act of Japan and is listed for trading on the Nasdaq and the TSE. There is no action pending to delist the shares of Common Stock from Nasdaq or TSE, and the Company has taken no action
designed to, or likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or suspending the Common Stock from trading on Nasdaq or TSE, nor has the Company received any notification that Nasdaq or TSE is
currently contemplating terminating such listing. The Shares have been approved for listing on the Nasdaq and TSE subject to notice of issuance. 

(i) The Shares have been qualified for sale under the securities laws of such jurisdictions (United States and foreign) as MCUSA determines to
be applicable to sales of the Shares, or are or will be exempt from the qualification and broker-dealer requirements of such jurisdictions. 

(j) Neither the Company nor any of its directors, officers or controlling persons has taken, directly or indirectly, any action that is
designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company, including the Common Stock, to facilitate the sale or resale of the Shares.
Neither the Company, nor any of its directors, officers or controlling persons has distributed, or will distribute, any offering material in connection with the offering and sale of the Shares other than the Registration Statement, Prospectus,
and/or any Permitted Free Writing Prospectus or other materials, if any, permitted by the Securities Act. 
 (k) The Company was not as of
the time of the filing of the Registration Statement and as of the date hereof is not an “ineligible issuer,” as defined in Rule 405 under the Securities Act. The Company has not, directly or indirectly, distributed and will not
distribute any prospectus or other offering material in connection with the 

  
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offering and sale of the Shares other than the Prospectus and other materials, if any, permitted under the Securities Act to be distributed. 

(l) The Company is not and, after giving effect to the offering and sale of the Shares, will not be an “investment company,” as such
term is defined in the Investment Company Act of 1940, as amended. 
 (m) The Company has filed in a timely manner all reports required to
be filed pursuant to Sections 13(a), 13(e), 14 and 15(d) of the Exchange Act during the preceding 12 months. The Company was at the time of filing of the Registration Statement, and at the date hereof remains eligible to use Form S-3
under the Securities Act for the primary offering of the Shares contemplated by this Agreement subject to the limitations in Form S-3. The Company meets the requirements for use of Form S-3 under the Securities Act for the offering of the Shares,
including but not limited to the transactions requirements for an offering made by the issuer set forth in General Instruction I.B.1 of Form S-3. 

(n) There are no transfer taxes or other similar fees or charges under United States law or the laws of any state or any political subdivision
thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance and sale by the Company of the Shares. 

(o) The Company has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction of
incorporation. The Company has the corporate power and authority to own its properties and conduct its business as currently being carried on and as described in the Registration Statement and the Prospectus. The Company is duly qualified to do
business as a foreign corporation in good standing in California, which is the jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary and in which the failure to so qualify
would have or is reasonably likely to result in a material adverse effect upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company or in its ability to perform its obligations
under this Agreement (“Material Adverse Effect”). 
 (p) Other than MediciNova (Europe) Limited, MediciNova Japan, Inc.,
Avigen, Inc. and the Company’s interest in Zhejiang Sunmy Bio-Medical Co., Ltd. (collectively, for purposes of this Agreement, the “Subsidiaries”), the Company (i) has no subsidiaries and does not own any securities issued
by any other business organization or governmental authority, (ii) does not directly or indirectly, control any capital stock or other ownership interest in or have any direct or indirect interest in or control over any corporation,
partnership, business trust, limited liability company, limited liability partnership, joint stock company, trust, unincorporated association, joint venture or other entity of any kind, and (iii) has no “variable interests” in
“variable interest entities” as such terms are defined in Financial Accounting Standards Board Interpretation No. 46. Each of the Subsidiaries has been duly organized and is validly existing and, as applicable, is a corporation or
business entity in good standing under the laws of its jurisdiction of incorporation with full corporate power and authority to own its properties and other assets and conduct its business as described in the Registration Statement and the
Prospectus, and is duly qualified or licensed to do business as a foreign corporation and, as applicable, is in good standing under the laws of each jurisdiction which requires such qualification or license, except where the failure to be so
qualified or in good standing would not have a Material Adverse Effect. Except as set forth in the Registration Statement and the Prospectus, all of the outstanding shares of capital stock of the Subsidiaries are owned, directly or indirectly, by
the Company. 
 (q) The Company has the power and authority to enter into this Agreement. This Agreement has been duly authorized, executed
and delivered by the Company, and constitutes a valid, legal and binding obligation of the Company, enforceable in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except as
such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. 

(r) Neither the Company nor any of its Subsidiaries is in violation, breach or default under its certificate of incorporation, bylaws or other
equivalent organizational or governing documents. The execution, delivery and performance of this Agreement and the consummation of the transactions herein contemplated will not (A) result in a breach or violation of any of the terms and
provisions of, or constitute a default under, any law, rule or regulation to which the Company or any of its Subsidiaries is subject, or by which any property or asset of the 

  
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Company is bound or affected, including without limitation the federal securities laws with respect to any further securities issued or issuable under the terms of existing warrants as a result
of the sales of Shares hereunder, (B) conflict with, result in any violation or breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any right of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or other instrument (the “Contracts”) or obligation or other
understanding to which the Company or any of its Subsidiaries is a party or by which any property or asset of the Company is bound or affected, or (C) result in a breach or violation of any of the terms and provisions of, or constitute a
default under, the Company’s charter or bylaws or any Subsidiary’s equivalent organizational or governing documents, except, in the cases of clauses (A) and (B) above, for any such violation or default that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (s) All consents, approvals, orders,
authorizations and filings required on the part of the Company in connection with the execution, delivery or performance of this Agreement have been obtained or made, other than such consents, approvals, orders and authorizations the failure of
which to make or obtain is not reasonably likely to result in a Material Adverse Effect and any filings required under securities laws to comply with applicable law reporting obligations in the U.S. and Japan and covenants in this Agreement. Except
as disclosed in the Registration Statement, there are no holders of securities of the Company or any of its Subsidiaries having rights of first refusal or preemptive rights to purchase Common Stock or registration rights requiring the Company to
register under the Securities Act any shares of Common Stock or shares of any other capital stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated
hereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise, and the Company has complied with or obtained waiver of the notice requirements of the disclosed
rights of first refusal, preemptive rights and/or registration rights, if any. 
 (t) All of the issued and outstanding shares of capital
stock of the Company are duly authorized and validly issued, fully paid and nonassessable, and conform to the description thereof in the Registration Statement and the Prospectus. None of the outstanding shares of capital stock of the Company or any
Subsidiary were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities. The authorized capital stock of the Company, as of the close of business on October 14, 2013,
consists of (i) 100,000,000 shares of Common Stock, of which 22,377,943 shares are issued and outstanding and 6,780,204 shares are issuable pursuant to the exercise of outstanding options and warrants and (ii) 3,000,000 shares of Preferred
Stock, par value $0.01 per share, of which 220,000 shares are issued and outstanding. Since December 31, 2012, the Company has not issued any securities or granted any rights to acquire securities other than (i) pursuant to the agreement
between the Company and Aspire Capital Fund, LLC dated August 20, 2012 (the “Aspire Agreement”), (ii) pursuant to the equity distribution agreement between the Company and MCUSA dated as of April 17, 2013 (the
“April MCUSA Agreement”), (iii) pursuant to the securities purchase agreement among the Company and investors named therein dated as of May 9, 2013 (the “May Private Placement”), (iv) Common Stock of
the Company pursuant to the exercise of previously outstanding options in connection with the Company’s equity incentive plans, outstanding warrants and other outstanding obligations, or (v) options granted pursuant to such equity
incentive plans in the ordinary course of business consistent with past practice, in each case as disclosed in the Prospectus. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to
purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company or any Subsidiary other than those described in the Prospectus. The description of the Company’s equity incentive plans
or arrangements, and the options, warrants or other rights granted thereunder, set forth in the Prospectus accurately and fairly presents the information required by the Securities Act to be shown with respect to such plans, arrangements, options
and rights. 
 (u) The Shares, when issued, will be duly authorized and validly issued, fully paid and nonassessable, issued in compliance
with all applicable securities laws, and free of preemptive, registration or similar rights. 
 (v) The Company and its Subsidiaries have
filed all foreign, federal, state and local returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. The Company and its Subsidiaries have
paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company and its Subsidiaries. The provisions for taxes payable, if any, shown on the financial statements
filed with 

  
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or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial
statements. Except as disclosed in writing to MCUSA, (i) no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company and its Subsidiaries, and
(ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or any of its Subsidiaries. The term “taxes” means all federal, state, local, foreign, and
other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits,
customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term “returns” means all returns,
declarations, reports, statements, and other documents required to be filed in respect to taxes. 
 (w) Subsequent to December 31,
2012, except as disclosed in the Registration Statement, (i) the Company and its Subsidiaries have not incurred any material liabilities or obligations, direct or contingent, required to be reflected on a consolidated balance sheet in
accordance with GAAP, or entered into any material transactions other than in the ordinary course of business, (ii) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock,
(iii) there has not been any change in the capital stock of the Company (other than a change in the number of outstanding shares of Common Stock due to the issuance of shares pursuant to the Aspire Agreement, the April MCUSA Agreement, the May
Private Placement, the issuance of shares upon the exercise of outstanding options or warrants or the issuance of restricted stock awards or restricted stock units under the Company’s existing equity incentive plans), (iv) there has not
been any material change in the Company’s long-term or short-term debt, on a consolidated basis in accordance with GAAP, and (v) there has not been the occurrence of any Material Adverse Effect. 

(x) There are no actions, suits or proceedings pending or to the knowledge of the Company, threatened against or affecting the Company or any
of its Subsidiaries or to the knowledge of the Company pending against any of their respective officers or directors in their capacity as such, before or by any federal, state or foreign court or governmental agency, authority or body, or any
arbitrator or mediator, which would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect. 
 (y)
The Company and its Subsidiaries hold, and each is in compliance with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders (“Permits”) of any governmental or self regulatory
agency, authority or body (including without limitation the U.S. Food and Drug Administration (“FDA”)), and any other foreign, federal, state or local authority performing similar functions to those performed by the FDA required for
the conduct of its business, and all such Permits are in full force and effect, in each case except where the failure to hold, or comply with, any of them is not reasonably likely to result in a Material Adverse Effect. Neither the Company nor any
of its Subsidiaries has received any notice of proceedings relating to the revocation, modification, suspension or non-renewal of any such Permit. No approval, authorization, consent or order of or filing with any national, state or local
governmental or regulatory commission, board, body, authority or agency is required in connection with the issuance and sale of the Shares or the consummation by the Company of the transactions contemplated hereby (including, without limitation, the
Exchanges, or approval of the stockholders of the Company (including as may be required by the Exchanges)), other than (i) registration of the Shares under the Securities Act, (ii) any necessary qualification under the securities or blue
sky laws of the various jurisdictions in which the Shares are being offered by MCUSA or its Selling Agents, (iii) filing of any reports under the Exchange Act, (iv) such approvals as may be required by the Conduct Rules of FINRA,
(v) approval of the listing of the shares by the Exchanges, and (iv) the Extraordinary Report under the Financial Instruments and Exchange Act of Japan which must be submitted to the Kanto Local Finance Bureau. 

(z) Each of the Company and its Subsidiaries holds good and marketable title to all real property, leases in real property, or other interests
in real property described in the Registration Statement and the Prospectus as being owned or held by the Company or any of its Subsidiaries, in each case free and clear of all liens, claims, security interests, other encumbrances or defects, except
as described in the Registration Statement and the Prospectus. Each of the Company and its Subsidiaries owns or leases all such properties as are necessary to its respective operations as now conducted or as proposed to be conducted (consistent with
the disclosure in the Registration Statement and Prospectus), except where the failure to so own or lease would not reasonably be expected to have a Material Adverse Effect. 

  
 8 

 (aa) Each of the Company and its Subsidiaries, as applicable, has good title to, or a valid
leasehold interest in, the tangible personal property, equipment, improvements, fixtures, and other personal property and appurtenances that are used by the Company or its Subsidiaries that are material to the conduct of their businesses (the
“Company Fixtures and Equipment”), except that the Company Fixtures and Equipment do not include any property included in the Interests (as defined below). The Company Fixtures and Equipment are structurally sound, are in good
operating condition and repair, are adequate for the uses to which they are being put, are not in need of maintenance or repairs except for ordinary, routine maintenance and repairs and are sufficient for the conduct of the Company’s and/or its
Subsidiaries’ businesses, as applicable, in the manner as conducted prior to the Applicable Time. Each of the Company and its Subsidiaries owns all of its Company Fixtures and Equipment free and clear of all liens, claims, security interests,
other encumbrances or defects, except as described in the Registration Statement and the Prospectus and except for those that are not reasonably likely to result in a Material Adverse Effect. 

(bb) Except as disclosed in the Registration Statement and the Prospectus, (i) the Company and each Subsidiary owns or has a valid
license to use all trademarks, trademark applications, trade names, domain names, patents, patent applications, patent rights, copyrights, technology, know-how, trade secrets, service marks, trade dress rights, and other intellectual property and
proprietary rights (collectively, “Intellectual Property”) and has such other licenses, approvals, permits, and governmental authorizations, each as required by governmental authorities, with respect to such Intellectual Property,
in each case sufficient to conduct its business as now conducted and as currently proposed to be conducted. To the Company’s knowledge, the registered Intellectual Property of the Company and each Subsidiary is valid and enforceable, with all
material patent applications of the Company having been properly filed and prosecuted in accordance with applicable law, subject, as to enforceability, to general principals of equity, (ii) the Company has no knowledge that the conduct of its
business or the business of any Subsidiary, as now conducted infringes, misappropriates, or otherwise conflicts with the Intellectual Property of any third party, (iii) the Company has not received a written notice within the prior six
(6) years of any infringement, misappropriation or conflict by Intellectual Property owned or controlled by any third party, of or with the Company or any Subsidiary’s Intellectual Property, (iv) there is no pending or, to the
Company’s knowledge, threatened action, suit, proceeding, or other claim against the Company or any Subsidiary or, to the Company’s knowledge, any employee (in his or her capacity as an employee of the Company or any Subsidiary) of the
Company or any Subsidiary, asserting that the Company or any Subsidiary’s Intellectual Property infringes third party Intellectual Property and (v) neither the Company nor any Subsidiary has, within the prior six (6) years, received
any written notice of infringement with respect to any patent or any written notice challenging the validity, scope or enforceability of any Intellectual Property owned by the Company or any Subsidiary. Except as disclosed in the Registration
Statement and the Prospectus, the Company and each Subsidiary’s Intellectual Property is free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest whether imposed by agreement, contract, understanding, law
or equity, which, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. 
 (cc) The Company
has complied with, is not in violation of, and has not received any notice of violation relating to, any law, rule or regulation relating to the conduct of its business, or the ownership or operation of its property and assets, including, without
limitation, (A) the Currency and Foreign Transactions Reporting Act of 1970, as amended, or any money laundering laws, rules or regulations, (B) the Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder,
(C) the Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder, and (D) the Employment Retirement Income Security Act of 1974 and the rules and regulations thereunder and published interpretations thereunder
(collectively “ERISA”), in each case except where the failure to be in compliance is not reasonably likely to result in a Material Adverse Effect. No “prohibited transaction” (as defined in Section 406 of ERISA), or
Section 4975 of the Internal Revenue Code of 1986, as amended from time to time (the “IRC”), or “accumulated funding deficiency” (as defined in Section 302 of ERISA) or any of the events set forth in
Section 4043(b) of ERISA (other than events with respect to which the thirty (30)-day notice requirement under Section 4043 of ERISA has been waived) has occurred or would reasonably be expected to occur with respect to any employee
benefit plan of the Company or any of its Subsidiaries which could, singularly or in the aggregate, have a Material Adverse Effect. Each employee benefit plan of the Company or any of its Subsidiaries is in compliance in all material respects with
applicable law, including ERISA and the IRC, except for any non-compliance that is not reasonably likely to result in a Material Adverse Effect. The Company and its Subsidiaries have not incurred and would not reasonably be expected to incur
material liability under Title IV of ERISA with respect to the termination of, or withdrawal from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any of its Subsidiaries would have any liability that is intended
to be 

  
 9 

 
qualified under Section 401(a) of the IRC is so qualified, and nothing has occurred, whether by action or by failure to act, which would reasonably be expected, singularly or in the
aggregate, cause the loss of such qualification. 
 (dd) The Company and its Subsidiaries (i) are in compliance with all Environmental
Laws (as defined below), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of
any such permit, license or approval where, in each of the foregoing clauses (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The term
“Environmental Laws” means all federal, state, local or foreign laws relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or
subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous
Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or
demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder. 

(ee) Neither the Company nor, to the knowledge of the Company, any director, officer, employee, representative, agent or affiliate of the
Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds of the sale of the
Shares contemplated hereby, or lend, contribute or otherwise make available such proceeds to any person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(ff) The Company carries, or is covered by, insurance in such amounts and covering such risks as is customary for companies engaged in similar
businesses in similar industries and as the Company reasonably believes is adequate for the conduct of its business and the value of its properties. 

(gg) Except as disclosed in the Registration Statement, no labor dispute with any current or former employee(s) of the Company exists or, to
the knowledge of the Company, is imminent. The Company does not plan to terminate any employee(s) and is not aware of any planned resignation by one or more employees that is reasonably likely to result in a Material Adverse Effect. 

(hh) The operations of the Company and each Subsidiary are and have been conducted at all times in compliance in all material respects with
applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any
related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

(ii) Neither the Company nor any of its Subsidiaries nor, to its knowledge, any other party is in violation, breach or default of any Contract
that is reasonably likely to result in a Material Adverse Effect or that is required to be disclosed in accordance with the Exchange Act but is not so disclosed. 

(jj) No statement, representation, warranty or covenant made by the Company in this Agreement or in any certificate or document required to be
delivered by this Agreement to MCUSA contains any untrue statement of a fact or omits any fact necessary in order to make the statements and information contained herein or therein, as applicable, not misleading. 

(kk) Neither the Company nor any Subsidiary has nor have, to the Company’s knowledge, any of its or any Subsidiary’s employees or
agents at any time during the last five years (i) made any unlawful contribution to any candidate for foreign office, or failed to disclose fully any contribution in violation of law, or (ii) made any payment to any federal or state
governmental officer or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United States or any jurisdiction thereof. 

  
 10 

 (ll) To the Company’s knowledge, no (i) officer or director of the Company,
(ii) owner of 5% or more of the Company’s unregistered securities or (iii) owner of any amount of the Company’s unregistered securities acquired within the 180-day period prior to the Filing Date (as defined below), has any
direct or indirect affiliation or association with any FINRA member. 
 (mm) Neither the Company nor any of its Subsidiaries or any related
entities (i) is required to register as a “broker” or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person
associated with a FINRA member” or “associated person of a FINRA member” (within the meaning of Article I of the Bylaws of the NASD). 

(nn) Other than MCUSA, no person or entity has the right to act as a sales agent, underwriter or as a financial advisor in connection with the
sale of the Shares contemplated hereby nor are there any contracts, agreements or understandings that would give rise to any other person having a valid claim against the Company or MCUSA for a brokerage commission, finder’s fee or like payment
in connection with the offering contemplated by this Agreement, except MCUSA’s Selling Agents subject to Section 3, or that may affect MCUSA’s compensation as calculated by FINRA. The Company is not a party to any effective agreement
with an agent or underwriter for any other “at-the-market” or continuous equity transaction or concurrent equity or debt transaction; the Company has terminated the Aspire Agreement and has no remaining obligations thereunder. The Company
has not made any direct or indirect payments (in cash, securities or otherwise) to (i) any person, as a finder’s fee, investing fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company
persons who provided capital to the Company, (ii) to the Company’s knowledge, any FINRA member, or (iii) to the Company’s knowledge, any person or entity that has any direct or indirect affiliation or association with any FINRA
member within the 12-month period prior to the date on which the Registration Statement was filed with the Commission (“Filing Date”) or thereafter or from the Filing Date to the execution date of this Agreement. 

(oo) The Company acknowledges and agrees that MCUSA has informed the Company that MCUSA may, to the extent permitted under the Securities Act
and the Exchange Act, purchase and sell shares of Common Stock for its own account while this Agreement is in effect, provided, that unless acting as an underwriter pursuant to specific agreement by the Parties consistent with the terms of
this Agreement, (i) no such purchase or sales shall take place while an Issuance Notice is in effect (except to the extent MCUSA may engage in sales of Shares purchased or deemed purchased from the Company as a “riskless principal” or in a
similar capacity) and (ii) the Company shall not be deemed to have authorized or consented to any such purchases or sales by MCUSA. 
 (pp)
No transaction has occurred prior to the date hereof between or among the Company or its Subsidiaries and any of its officers or directors, stockholders or any affiliate or affiliates of any such officer or director or stockholder that is required
to be and is not described in the Registration Statement and the Prospectus. 
 (qq) The Company has established and maintains disclosure
controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act) and such controls and procedures are effective in ensuring that material information relating to the Company, including its Subsidiaries, is made known to the
principal executive officer and the principal financial officer. The Company has utilized such controls and procedures in preparing and evaluating the disclosures included or incorporated by reference in the Registration Statement and Prospectus.

 (rr) The Company and each of its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) amounts reflected on the Company’s
consolidated balance sheet for assets are compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

(ss) Neither the Company nor any of its Subsidiaries is, or has ever been, a U.S. real property holding corporation within the meaning of
Section 897 of the IRC. 
 (tt) There is no transaction, arrangement, or other relationship between the Company or any of its
Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company 

  
 11 

 
in the Registration Statement or the Prospectus and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect. 

(uu) None of the Company, its Subsidiaries or any of their affiliates, nor any person or entity acting on their behalf has, directly or
indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the transactions contemplated by this Agreement to require approval of stockholders of the Company under any
applicable stockholder approval provisions, including, without limitation, under the rules and regulations of Nasdaq and/or the TSE. None of the Company, its Subsidiaries, their affiliates nor any person or entity acting on their behalf will take
any action or steps that would cause the offering of any of the Shares to be integrated with other offerings of securities of the Company. 

(vv) The Company and its board of directors have taken all necessary action, if any, in order to render inapplicable any stockholder rights
plan or similar arrangement relating to accumulations of beneficial ownership of shares of Common Stock or a change in control of the Company or any of its Subsidiaries. 

(ww) Except as disclosed in the Registration Statement and the Prospectus, the Company and each Subsidiary possesses all certificates,
authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct its business (including without limitation, applications for marketing approval, manufacture, distribution, promotion,
testing, use, or sale of any product candidates) as disclosed in the Registration Statement and the Prospectus, except where the failure to possess such certificates, authorizations and permits would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The Company has not received and is otherwise not aware of any notices, correspondence or other communications from any regulatory agency or subdivision thereof, relating to the revocation or
modification of, non-compliance with, or failure to obtain, any such certificate, authorization or permit. 
 (xx) To the Company’s
knowledge, the clinical and preclinical studies conducted by or on behalf of the Company and any Subsidiary that are described in the Registration Statement or the Prospectus or the results of which are referred to in the Registration Statement or
the Prospectus were and, if still ongoing, are being conducted in material compliance with all laws and regulations applicable thereto in the jurisdictions in which they are being conducted including without limitation on those laws and regulations
applicable to clinical and preclinical studies from which data will be submitted to support marketing approval. The descriptions in the Registration Statement and the Prospectus of the results of such studies do not contain any misstatement of a
material fact or omit to state any material facts necessary to make such descriptions not misleading and fairly present the data derived from such studies and the Company has no knowledge of any clinical study the aggregate results of which are
materially inconsistent with the results of any clinical study conducted by or on behalf of the Company or any Subsidiary that is described in and the results of which are referred to in the Registration Statement or Prospectus. Except as disclosed
in the Registration Statement and the Prospectus, the Company has not received any written notices or statements from the FDA or any other domestic or foreign governmental agency or authority (A) imposing, requiring, requesting or suggesting a
clinical hold, termination, suspension or material modification for or of any clinical or preclinical studies that are described in the Registration Statement or the Prospectus or the results of which are referred to in the Registration Statement or
the Prospectus, or (B) suspending, revoking, modifying or limiting any previously granted, issued or approved license, permit or other authorization related to or required for the conduct of any clinical trial or preclinical study described in
or the results of which are referred to in the Registration Statement. 
 (yy) Except as disclosed in the Registration Statement and the
Prospectus, to the Company’s knowledge, the manufacture and distribution of the potential products of the Company or any Subsidiary is in compliance, in all material respects, with all laws, rules and regulations applicable to such activities,
including without limitation applicable good manufacturing practices, except for such non-compliance as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as disclosed in the Registration
Statement and the Prospectus, neither the Company nor any Subsidiary has, either voluntarily or involuntarily, initiated, conducted or issued, or caused to be initiated, conducted or issued, any recall, field correction, investigator notice, or
other notice or action relating to any alleged product defect of any potential product of the Company or any Subsidiary, or any violation of any material applicable law, rule, regulation or any Permit, and the Company is not aware of any facts or
information that would cause it to initiate any such notice or action and has no knowledge or reason to believe that the FDA or any other domestic or foreign governmental 

  
 12 

 
agency or authority or any institutional or ethical review board or other non-governmental authority intends to impose, require, request or suggest such notice or action. The studies, tests and
preclinical or clinical trials conducted by or on behalf of the Company that are described in the Registration Statement and Prospectus were and, if still pending, are being, conducted in all material respects in accordance with experimental
protocols, procedures and controls pursuant to, where applicable, accepted professional scientific standards and the descriptions of the results of the such studies, tests and preclinical or clinical trials contained in the Registration Statement
and Prospectus are accurate in all material respects. The Company has not received and is otherwise not aware of any notices, correspondence or other communication from the FDA or other governmental regulatory agency or subdivision thereof, or any
institutional or ethical review boards, asserting non-compliance with any applicable statutes, rules, regulations, orders, or other laws, or requiring or requesting the termination, suspension or modification of any preclinical or clinical studies,
tests, investigations, or trials conducted by, or on behalf of, the Company or any Subsidiary or in which the Company or any Subsidiary has participated. 

Any certificate signed by an officer of the Company and delivered to MCUSA or to counsel for MCUSA pursuant to or in connection with this
Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to MCUSA as to the matters set forth therein. 

6. Sale and Delivery; Settlement. 

(a) Unless otherwise specified in the applicable Issuance Notice, settlement for sales of Shares will occur on the second Business Day
following the date on which such sales are made (each, a “Settlement Date” and the first such settlement date, the “First Delivery Date”). The amount of proceeds to be delivered to the Company on a Settlement Date
against receipt of the Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received by MCUSA at which such Shares were sold, after deduction for (i) MCUSA’s commission, discount or other
compensation for such sales payable by the Company pursuant to Section 2 hereof, (ii) any other amounts due and payable by the Company to MCUSA hereunder pursuant to Section 7(g) hereof, and (iii) any transaction fees imposed by
any governmental or self-regulatory organization in respect of such sales. 
 (b) On or before each Settlement Date, the Company will, or
will cause its transfer agent to, electronically transfer the Shares being sold by crediting MCUSA’s or its designee’s account (provided MCUSA shall have given the Company written notice of such designee at least one Business Day prior to
the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Settlement Date, MCUSA will deliver the related Net Proceeds in same-day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if
the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Shares on a Settlement Date, the Company will, in addition to and in no way limiting the rights and obligations set forth in Section 9(a), (i) hold
MCUSA harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company and (ii) pay to MCUSA any commission, discount, or other
compensation to which it would otherwise have been entitled absent such default. 
 (c) Certificates for the Shares, if any, shall be in
such denominations and registered in such names as MCUSA may request in writing at least one full business day before the Settlement Date. The certificates for the Shares, if any, will be made available for examination and packaging by MCUSA in The
City of New York not later than noon (New York time) on the business day prior to the Settlement Date. 
 (d) Under no
circumstances shall the Company cause or request the offer or sale of any Shares if, after giving effect to the sale of such Shares, the aggregate gross sales proceeds sold pursuant to this Agreement would exceed the lesser of (A) together with
all sales of Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to time to be issued and sold under this
Agreement by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to MCUSA in writing. Under no circumstances shall the Company cause or request the offer or sale of any
Shares at a price lower than the Minimum Price unless authorized from time to time by the Company’s board of directors, duly authorized committee thereof or a duly authorized executive committee, and notified to MCUSA in writing. Further, under
no 

  
 13 

 
circumstances shall the aggregate offering amount of Shares sold pursuant to this Agreement, including any separate underwriting or similar agreement covering principal transactions, exceed the
Maximum Amount. 
 (e) The Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Shares shall only be
effected by or through MCUSA; provided, however, that the foregoing limitation shall not apply to (i) the exercise of any option, warrant, right or any conversion privilege set forth in the instrument governing such security or
(ii) sales solely to employees or security holders of the Company or its Subsidiaries, or to a trustee or other person acquiring such securities for the accounts of such persons. 

7. Covenants of the Company. The Company covenants and agrees with MCUSA that: 

(a) Before amending or supplementing the Registration Statement or the Prospectus, to furnish to MCUSA a copy of each such proposed amendment
or supplement and not to file any such proposed amendment or supplement to which MCUSA reasonably objects (other than any prospectus supplement relating to the offering of securities other than the Shares). The Company will notify MCUSA promptly of
the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and
any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information. 

(b) During any period in which a Prospectus relating to any Shares is required to be delivered by MCUSA under the Securities Act with respect
to a pending sale of Shares, including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act, the Company will advise MCUSA, promptly after it receives notice or obtains knowledge thereof, of the
issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any other order preventing or suspending the use of the Prospectus, of the suspension of the qualification of the
Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose or any examination pursuant to Section 8(e) of the Securities Act, or if the Company becomes the subject of a
proceeding under Section 8A of the Securities Act in connection with the offering of the Shares; and the Company will promptly use its commercially reasonable efforts to prevent the issuance of any stop or other order or to obtain its
withdrawal if such a stop or other order should be issued. 
 (c) During any period in which a Prospectus relating to the Shares is required
to be delivered by MCUSA under the Securities Act with respect to a pending sale of the Shares (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will (i) comply with
all requirements imposed upon it by the Securities Act, as from time to time in force, and, subject to 7(a) above, file on or before their respective due dates all reports and any definitive proxy or information statements required to be filed by
the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act and (ii) include in its quarterly reports on Form 10-Q, and in its annual reports on Form 10-K, a
summary for the relevant reporting period of (A) the number of Shares sold to or through MCUSA pursuant to this Agreement, (B) the Net Proceeds received by the Company from such sales and (C) the compensation paid by the Company to
MCUSA with respect to such sales, or alternately, on such dates as the Securities Act shall require, prepare a prospectus supplement (each, a “Subsequent Supplement”) with such summary information and, at least once a quarter, and
subject to Section 7(a) above, file such Subsequent Supplement pursuant to Rule 424(b) under the Securities Act (and within the time periods required thereby). The Company shall deliver such number of copies of each Subsequent Supplement to
each exchange or market on which such sales were effected as may be required by the rules or regulations thereof. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration
Statement or Prospectus to comply with the Securities Act, the Company will promptly notify MCUSA to suspend the offering of Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the
expense of the Company) so as to correct such statement or omission or effect such compliance. 
 (d) During any period in which the
Prospectus relating to the Shares is required to be delivered by MCUSA under the Securities Act with respect to a pending sale of the Shares (including in circumstances where 

  
 14 

 
such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause the Shares to be listed on the Exchanges
and to maintain such listings. 
 (e) The Company will furnish to MCUSA and its counsel (at the expense of the Company) copies of the
Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during any period in which a
Prospectus relating to the Shares is required to be delivered under the Securities Act (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule. The copies of the Registration Statement and the Prospectus
and any supplements or amendments thereto furnished to MCUSA will be identical to the electronically transmitted copies thereof filed with the Commission. Notwithstanding the foregoing, the Company will not be required to furnish any document (other
than the Prospectus) to MCUSA to the extent such document is available on EDGAR. 
 (f) The Company will make generally available to its
security holders as soon as practicable an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act. “Earnings statement” and “make generally
available” will have the meanings contained in Rule 158 under the Securities Act. 
 (g) The Company, whether or not the transactions
contemplated hereunder are consummated or this Agreement is terminated, in accordance with the provisions of Section 11 hereunder, will pay all expenses incident to the performance of the Company’s obligations hereunder, which the parties
acknowledge include expenses relating to: (i) the preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of each Prospectus and of each amendment and supplement thereto, and of this Agreement,
(ii) the preparation, issuance and delivery of the Shares, (iii) the printing and delivery to MCUSA of copies of the Prospectus and any amendments and supplements thereto, (iv) the fees and expenses incurred in connection with the
listing or qualification of the Shares for trading on the Exchange, (v) the fees and expenses incurred in connection with required filings by the Company or MCUSA with the Commission and FINRA, and (vi) the Company’s counsel, audit
and other professional fees and expenses in support of the transactions contemplated by this Agreement. 
 (h) The Company will use the Net
Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.” 
 (i) During either the pendency of any
Issuance Notice given hereunder or for the five (5) days thereafter, the Company shall provide MCUSA notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any
shares of Common Stock (other than Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock; provided, that such
notice shall not be required in connection with the (i) issuance, grant or sale of Common Stock, options to purchase shares of Common Stock or Common Stock issuable upon the exercise of options or other equity awards pursuant to any employee or
director stock option or benefits plan or stock ownership plan or issuances, (ii) the issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company may adopt from time to time or (iii) the issuance of Common Stock upon
the exercise of any currently outstanding warrants, options or other rights in effect or outstanding and disclosed in filings by the Company available on EDGAR; and provided further, that the price per Share of Common Stock in such sales
(other than those exempted in subclauses (i)-(iii) hereof) shall not be below the Minimum Price. 
 (j) The Company agrees to notify MCUSA
if General Instruction I.B.6. of Form S-3 shall become applicable to the Company upon the Company’s filing of its annual report on Form 10-K for the fiscal year ended December 31, 2013 with the Commission no later than five
(5) business days prior to the filing of the Form 10-K, which notification shall include a calculation of the number of shares to be issuable in accordance with General Instruction I.B.6. after such filing. 

(k) The Company will, at any time during the pendency of an Issuance Notice, advise MCUSA promptly after it shall have received notice or
obtained knowledge thereof, of any information or fact that would 

  
 15 

 
alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to MCUSA pursuant to this Agreement. 

(l) The Company will cooperate with any reasonable ongoing due diligence review conducted by MCUSA, its counsel and/or its agents in
connection with the transactions contemplated hereby, including, without limitation, providing information and making available requested documents and senior corporate officers, during regular business hours and at the Company’s principal
offices, via telephone, or via e-mail, as MCUSA may reasonably request throughout the term of this Agreement. 
 (m) To the extent
required by applicable law, the Company shall endeavor to qualify the Shares for offer and sale under the securities or Blue Sky laws of such U.S. jurisdictions as MCUSA shall reasonably request, and in each case to continue such qualifications in
effect so long as necessary under such laws for the distribution of the Shares provided, however, that the Company shall not be required to qualify to do business in any U.S. jurisdiction where it is not now qualified or to take any action
which would subject it to general or unlimited service of process in any U.S. jurisdiction where it is not now subject. 
 (n) Prior
to or on the date the first Issuance Notice is given hereunder and then each time the Company: 
 (i) files the Prospectus relating to the
Shares or amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Shares) the Registration Statement or the Prospectus relating to the Shares by means of a post-effective amendment,
sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Shares; 

(ii) files an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information
or a material amendment to the previously filed Form 10-K); 
 (iii) files its quarterly reports on Form 10-Q under the Exchange
Act; or 
 (iv) files a current report on Form 8-K containing amended financial information (other than information
“furnished” pursuant to Items 2.02 or 7.01 of Form 8-K) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a “Representation Date”),

 the Company shall furnish MCUSA with a certificate, in the form attached hereto as Exhibit 7(n) within three (3) Trading Days of
any Representation Date. The Company further agrees that each delivery of an Issuance Notice hereunder shall be deemed to be an affirmation by the Company to MCUSA that the representations and warranties of the Company contained in or made pursuant
to this Agreement are true and correct in all material respects as of the date of such acceptance as though made at and as of such date, and an undertaking that such representations and warranties will be true and correct in all material respects as
of the Settlement Date for the Shares relating to such Issuance Notice as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and
supplemented relating to such Shares). The requirement to provide a certificate under this Section 7(n) shall be automatically waived for any Representation Date occurring at a time at which no Issuance Notice is pending, which waiver shall
continue until the earlier to occur of the date the Company delivers a Issuance Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date; provided, however, that
such waiver shall not apply for any Representation Date on which the Company files its annual report on Form 10-K. 
 (o) Concurrent
with and dated as of the date of execution of this Agreement, the Company shall cause to be furnished to MCUSA a written opinion and negative assurance letter of Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) and a written
opinion of Anderson Mori & Tomotsune (“Anderson Mori,” and Pillsbury and Anderson Mori together, the “Company Counsel”), in the forms attached hereto as Exhibit 7(o)(1). Within three
(3) Trading Days of each subsequent Representation Date with respect to which the Company is obligated to deliver a certificate 

  
 16 

 
in the form attached hereto as Exhibit 7(n), the Company shall cause to be furnished to MCUSA a written opinion of each Company Counsel and a negative assurance letter of Pillsbury in
the forms attached hereto as Exhibit 7(o)(2). 
 (p) Concurrent with and dated as of the date of execution of this Agreement and
then within five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(n) for which no waiver is applicable, the Company shall
cause its independent accountants (and any other independent accountants whose report is included in the Registration Statement or the Prospectus), to furnish MCUSA letters (the “Comfort Letters”) in form and substance satisfactory
to MCUSA, (i) confirming that they are an independent registered public accounting firm within the meaning of the Securities Act, the Exchange Act, and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm
with respect to the financial information and other matters ordinarily covered by accountants’ “comfort letters” to underwriters in connection with registered public offerings (the first such letter, the “Initial Comfort
Letter”) and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement
and the Prospectus, as amended and supplemented to the date of such letter. 
 (q) The Company agrees that MCUSA shall not be obligated to
accept and take action on any Issuance Notice received on or after a Representation Date unless and until it has received the Opinion and Comfort Letter contemplated by Sections 7(o) and (p) in relation to such Representation Date and the
Company has satisfied its obligations pursuant to Section 7(l). 
 (r) The Company will timely file with the Exchanges all material
documents and notices required by the Exchanges from the Company. 
 (s) The Company will use its commercially reasonable efforts to comply
with all requirements imposed upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Shares as contemplated by the provisions hereof and the
Prospectus. 
 (t) Other than a free writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance in
writing by the Company and MCUSA in its capacity as agent hereunder consistent with Section 20 hereof, neither MCUSA nor the Company (including its agents and representatives) will, directly or indirectly, make, use, prepare, authorize, approve
or refer to any free writing prospectus relating to the Shares to be sold by MCUSA as agent hereunder. 
 (u) If the Company has reason to
believe that the exemptive provisions set forth in Regulation M under the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify MCUSA and instruct it to suspend sales of the Shares under this
Agreement until that or other exemptive provisions have been satisfied in the judgment of each party. 
 (v) The Company shall maintain, at
its expense, a registrar and transfer agent for the Common Stock. 
 (w) If, immediately prior to the third anniversary of the initial
effective date of the Registration Statement, any of the Shares remain unsold, the Company will, at its option, prior to that third anniversary file, if it has not already done so, a new shelf registration statement relating to the Shares, in a form
satisfactory to MCUSA, and use its best efforts to cause such new registration statement to be declared effective within 180 days after that third anniversary so as to enable the continued public offering and sale of the Shares after such third
anniversary, and otherwise will take all other action necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated hereby. References herein to the Registration Statement shall include any new shelf
registration statement relating to the offering of the Shares. 
 (x) The Company will not, and will use its commercially reasonable efforts
to cause its officers, trustees and affiliates not to, (i) take, directly or indirectly, any action designed to stabilize or manipulate the price of any security of the Company, or which may cause or result in, or which might in the future
reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company, to facilitate the 

  
 17 

 
sale or resale of any of the Shares, (ii) sell, bid for, purchase or pay anyone any compensation for soliciting purchases of the Shares during the pendency of any Issuance Notice or (iii) pay or
agree to pay to any person any compensation for soliciting any order to purchase any other securities of the Company during the pendency of any Issuance Notice; provided, however, that upon consent of MCUSA the Company may bid for and
purchase Common Stock in accordance with Rule 10b-18 under the Exchange Act. 
 (y) The Company will ensure that there are at all times
sufficient shares of Common Stock to provide for the issuance, free of any preemptive rights, out of its authorized but unissued shares of Common Stock, of the Maximum Amount. 

(z) As of the execution of this Agreement, the Company has not, and during the term of this Agreement will not, without first obtaining the
prior written consent of MCUSA, enter into any agreement with an agent or underwriter for any other “at-the-market” or continuous equity transaction to run concurrent with the offering contemplated by this Agreement or any other concurrent
equity or debt transaction. 
 8. Conditions to MCUSA’s Obligations. The obligations of MCUSA hereunder with respect to each
Issuance Notice will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by MCUSA of a due
diligence review satisfactory to MCUSA in its reasonable judgment, and to the continuing satisfaction (or waiver by MCUSA in its sole discretion) of the following additional conditions: 

(a) The Registration Statement shall have become effective and shall be available for the sale of all Shares contemplated to be issued by any
Issuance Notice. 
 (b) None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request
for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements to
the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any
proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Shares for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus untrue in any material respect or that requires the making of any changes in
the Registration Statement, related Prospectus or documents so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (c) Except as contemplated
in the Prospectus, or disclosed in the Incorporated Documents, there shall not have been any material adverse change, on a consolidated basis, in the authorized capital stock of the Company or any Material Adverse Effect, or any development that
could reasonably be expected to cause a Material Adverse Effect, the effect of which, in the reasonable judgment of MCUSA (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it
impracticable or inadvisable to proceed with the offering of the Shares on the terms and in the manner contemplated in the Prospectus. 

(d) MCUSA shall have received the opinions of Company Counsel and negative assurance letter of Pillsbury required to be delivered pursuant to
Section 7(o) on or before the date on which such delivery of such opinions and negative assurance letter is required pursuant to Section 7(o). 

(e) MCUSA shall have received the Comfort Letter required to be delivered pursuant to Section 7(p) on or before the date on which such
delivery of such opinion is required pursuant to Section 7(p). 

  
 18 

 (f) MCUSA shall have received the certificate required to be delivered pursuant to
Section 7(n) on or before the date on which delivery of such certificate is required pursuant to Section 7(n). 
 (g) Trading in
the Common Stock shall not have been suspended on either of the Exchanges. FINRA shall confirm it has not objected to the fairness or reasonableness of the terms or arrangements under this Agreement. 

(h) On each date on which the Company shall have been required to deliver a certificate pursuant to Section 7(n), the Company shall have
used its commercially reasonable efforts to furnish to MCUSA such appropriate further information, certificates and documents as MCUSA may have reasonably requested. All such opinions, certificates, letters and other documents will have been in
compliance with the provisions hereof. The Company will have furnished MCUSA with such conformed copies of such opinions, certificates, letters and other documents as MCUSA shall have reasonably requested. 

(i) All filings with the Commission required by Rule 424 under the Securities Act shall have been filed prior to the issuance of any
Issuance Notice hereunder and shall have been made within the applicable time period prescribed for such filing by Rule 424. 
 (j) The
Shares shall have been listed and authorized for trading on Nasdaq and be eligible for resale on the TSE, and satisfactory evidence of such actions shall have been provided to MCUSA and its counsel, which may include oral confirmations from a
representatives of Nasdaq and TSE. 
 (k) There shall not have occurred any event or condition that would permit MCUSA to terminate this
Agreement pursuant to Section 11(a). 
 (l) MCUSA may in its sole discretion waive compliance with any condition to its obligations
hereunder. 
 9. Indemnification and Contribution. 

(a) The Company agrees to indemnify and hold harmless MCUSA, the directors, officers, partners, employees and agents of MCUSA and each person,
if any, who (i) controls MCUSA within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or (ii) is controlled by or is under common control with MCUSA (a “MCUSA Affiliate”), from and against any and
all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section
9(c)) of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third party, or otherwise, or any claim asserted), as and when incurred, to which MCUSA, or any
such person, may become subject under the Securities Act, the Exchange Act or other federal or state or foreign statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or
are based, directly or indirectly, on (i) any breach by the Company of its representations, warranties and covenants under this Agreement or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement or the Prospectus, or any amendments thereto (including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B, if applicable) or the
omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this indemnity agreement shall not apply to the extent that such loss,
claim, liability, expense or damage arises from or is caused directly or indirectly by an untrue statement or omission or alleged untrue statement or omission made in reliance on and in conformity with information furnished in writing to the Company
by or on behalf of MCUSA expressly for inclusion in the Registration Statement or Prospectus. This indemnity agreement will be in addition to any liability that the Company might otherwise have. 

(b) MCUSA agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration
Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under

  
 19 

 
common control with the Company (a “Company Affiliate”) against any and all losses, liabilities, claims, damages and expenses to which the Company, or any such person, may become
subject under the Securities Act, the Exchange Act or other federal or state or foreign statutory law or regulation, at common law or otherwise, as and when incurred, but only insofar as such loss, liability, claim, damage or expense arises from or
is caused directly or indirectly by an untrue statement or omission or alleged untrue statement or omission made in reliance on and in conformity with information furnished in writing to the Company by or on behalf of MCUSA expressly for inclusion
in the Registration Statement or Prospectus. 
 (c) Any party that proposes to assert the right to be indemnified under this Section 9
will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 9, notify each such indemnifying party of the
commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than
under this Section 9 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights
or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it
elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the
action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party
for any legal or other expenses except as provided below. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified
party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses
available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the
indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel
to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying
party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than
one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party
receives a written invoice relating to such fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No
indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this
Section 9 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising or that may arise out of such
claim, action or proceeding and (2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 

(d) In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or MCUSA, the Company and MCUSA will contribute to the total losses, claims, liabilities, expenses and damages
(including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Company
from persons other than MCUSA, if any), to which the Company and MCUSA may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand, and MCUSA, on the other. The relative
benefits received by the Company on the one hand and MCUSA on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Shares (before deducting expenses) received by the

  
 20 

 
Company bear to the total compensation received by MCUSA from the sale of Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by
applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and MCUSA,
on the other, with respect to the statements or omissions that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such
relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company, on the
one hand, or MCUSA, on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and MCUSA agree that it would not be just and equitable if
contributions pursuant to this Section 9(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an
indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this Section 9(d) shall be deemed to include, for the purpose of this Section 9(d), any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 9(c) hereof. Notwithstanding the foregoing provisions of this
Section 9(d), MCUSA shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9(d), any person who controls a party to this Agreement within the meaning of the Securities
Act, and any officers, directors, partners, employees or agents of MCUSA, will have the same rights to contribution as that party, and each trustee of the Company and each officer of the Company who signed the Registration Statement will have the
same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for
contribution may be made under this Section 9(d), will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any
other obligation it or they may have under this Section 9(d) except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for
a settlement entered into pursuant to the last sentence of Section 9(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to
Section 9(c) hereof. 
 10. Representations and Warranties to Survive Delivery. All representations and warranties of the
Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation (or statements as to the results thereof) made by or on behalf of MCUSA, any MCUSA Affiliate, or the
Company (or any of their respective officers, directors, representatives or controlling persons thereof), (ii) delivery and acceptance of the Shares and payment therefor or (iii) any termination of this Agreement. 

11. Termination. 
 (a)
MCUSA may terminate this Agreement, by written notice to the Company pursuant to Section 12, as hereinafter specified at any time (1) if there has been, since the time of execution of this Agreement or since the date as of which
information is given in the Prospectus, any Material Adverse Effect, or any development or event that has occurred or is reasonably likely to occur that is reasonably likely to, in the sole judgment of MCUSA, have a Material Adverse Effect and makes
it impractical or inadvisable to market the Shares or to enforce contracts for the sale of the Shares, (2) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets,
any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is
such as to make it, in the judgment of MCUSA, impracticable or inadvisable to market the Shares or to enforce contracts for the sale of the Shares, (3) if trading in the Shares has been suspended or limited by the Commission or either of the
Exchanges, or if trading generally on either of the Exchanges has been suspended or limited, or minimum prices for trading have been fixed on either of the Exchanges, (4) if any suspension of trading of any securities of the Company on any
exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance 

  
 21 

 
services in the United States shall have occurred and be continuing, or (6) if a banking moratorium has been declared by either U.S. Federal or New York authorities. 

(b) The Company shall have the right, by giving five (5) days written notice to MCUSA pursuant to Section 12, to terminate this
Agreement in its sole discretion at any time after the date of this Agreement. 
 (c) MCUSA shall have the right, by giving five
(5) days written notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. 

(d) Unless earlier terminated pursuant to this Section 11, this Agreement shall automatically terminate upon the first to occur of
(i) the mutual consent of the Company and MCUSA; and (ii) the issuance and sale of Shares through MCUSA pursuant to this Agreement for an aggregate purchase price that shall equal or exceed the Maximum Amount. 

(e) This Agreement shall remain in full force and effect unless terminated pursuant to Sections 8(k), 11(a), (b), (c), or (d) above or
otherwise by mutual agreement of the parties. 
 (f) Any termination of this Agreement shall be effective on the date specified in
the applicable notice of termination; provided, however, that such termination shall not be effective until the close of business on the date specified in such notice by MCUSA or the Company, as the case may be. If such termination shall
occur prior to the Settlement Date for any sale of Shares, such Shares shall settle in accordance with the provisions of this Agreement. 

(g) If this Agreement is terminated pursuant to Section 8(k) or this Section 11, such termination shall be without liability of any
party to any other party except as provided in Section 7(g) hereof, and except that, in the case of any termination of this Agreement, Section 9, Section 12, Section 16 and Section 17 hereof, and the obligation herein to pay
any discount, commission or other compensation on the sales of Shares which has accrued but is unpaid, shall survive such termination and remain in full force and effect. 

12. Notices. All statements, requests, notices and agreements hereunder shall be in writing, and: 

(a) if to MCUSA, shall be delivered or sent by mail or facsimile transmission to 125 W. 55th Street, New York, NY 10019 Attention: Ken Savio,
Executive Director (Fax: 212-231-2598 or email: ken.savio@macquarie.com), with copies to Ryan Burke (Fax: 212-231-2598, or email: ryan.burke@macquarie.com), Charlie Baynes-Reid and Judie Park (Fax: 212-231-1718, or email:
charlie.baynes-reid@macquarie.com and judie.park@macquarie.com), and K&L Gates LLP, 1 Park Plaza, 12th Floor, Irvine, California 92614, Attention: Thomas Poletti & Shoshannah Katz
(Fax: 949-623-4477, or email: thomas.poletti@klgates.com and shoshannah.katz@klgates.com); and 
 (b) if to the Company, shall be delivered
or sent by mail or facsimile or electronic transmission to the address of the Company set forth in the Registration Statement, Attention: Chief Executive Officer, (Fax: (858) 373-7000), with a copy to Pillsbury Winthrop Shaw Pittman LLP, 510 W.
Broadway, Suite 1100, San Diego, CA 92101-3575, Attention: David R. Snyder & Patty M. DeGaetano (Fax: 619-236-1995, or email: dave.snyder@pillsburylaw.com and patty.degaetano@pillsburylaw.com). 

Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof. 

13. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and MCUSA and their respective
successors and the affiliates, controlling persons, officers and directors referred to in Section 9 hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of
such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party. 

  
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 14. Adjustments for Stock Splits. The parties acknowledge and agree that all share-related
numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares. 

15. Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and placement
notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this
Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and MCUSA. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and
provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be
in accordance with the intent of the parties as reflected in this Agreement. 
 16. Governing Law. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York. The Company hereby submits to the non-exclusive jurisdiction of any court of the State of New York located in New York County or the United States District Court for the
Southern District of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated thereby. The Company irrevocably and unconditionally waives any objection to the laying of venue of any suit or
proceeding arising out of or relating to this Agreement or the transactions contemplated thereby in any court of the State of New York located in New York County or the United States District Court for the Southern District of New York and
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. 

17. Waiver of Jury Trial. To the fullest extent allowable by applicable law from time to time, each of the Company and MCUSA hereby
waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or the transactions contemplated hereby. 

18. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission or scan and electronic mail transmission. 

19. Definitions. As used in this Agreement, the following terms have the respective meanings set forth below: 

(a) “Applicable Time” means the date of this Agreement, each date on which an Issuance Notice is given, each Settlement Date,
each Representation Date and such other time(s) as agreed to by the Company and MCUSA. 
 (b) “Issuer Free Writing
Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433, relating to the Shares that (1) is required to be filed with the Commission by the Company, (2) is a “road show” that is a
“written communication” within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description
of the Shares or of the offering that does not reflect the final terms, and all free writing prospectuses that are listed in Exhibit 19(b) hereto, in each case in the form filed or required to be filed with the Commission or, if not
required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g) under the Securities Act. 
 (c)
“Rule 433” means Rule 433 of the Securities Act. 
 All references in this Agreement to financial statements and
schedules and other information that is “contained,” “included” or “stated” in the Registration Statement or the Prospectus (and all other references of like 

  
 23 

 
import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference in the Registration Statement or the Prospectus, as
the case may be. 
 All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of
the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433,
are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to “supplements” to the Prospectus shall include, without
limitation, any supplements, “wrappers” or similar materials prepared in connection with any offering, sale or private placement of any Shares by MCUSA outside of the United States. 

20. Permitted Free Writing Prospectuses. The Company represents, warrants and agrees that, unless it obtains the prior written consent
of MCUSA, and MCUSA represents, warrants and agrees that, unless it obtains the prior written consent of the Company, it has not made and will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus, or that
would otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. Any such Issuer Free Writing Prospectus consented to by MCUSA or by the Company, as the case may be, is
hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing
prospectus,” as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and
record keeping, and will furnish copies of any Permitted Free Writing Prospectus to MCUSA. The Company and MCUSA agree that under no circumstances shall the parties utilize any free writing prospectus would not qualify and has not qualified
and been consented to as a Permitted Free Writing Prospectus. 
 21. Absence of Fiduciary Relationship. The Company acknowledges and
agrees that (i) MCUSA has been retained solely to act as underwriter or sales agent in connection with the sale of the Shares and that no fiduciary, advisory or other agency relationship between the Company and MCUSA has been created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether MCUSA has advised or is advising the Company on other matters; (ii) the Company is capable of evaluating and understanding and understands and accepts the terms,
risks and conditions of the transactions contemplated by this Agreement; (iii) the Company has been advised that MCUSA and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the
Company and that MCUSA has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; (iv) MCUSA has not provided any legal, accounting, regulatory or tax advice with
respect to the transactions contemplated by this Agreement and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; and (v) it waives, to the fullest extent permitted by law,
any claims it may have against MCUSA, for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that MCUSA shall have no liability (whether direct or indirect) to the Company in respect to such fiduciary claim or to any person
asserting a fiduciary duty claim on behalf of or in right of the Company, including shareholders, partners, employees or creditors of the Company. 

[Remainder of Page Intentionally Blank] 

  
 24 

 If the foregoing correctly sets forth the agreement between the Company and MCUSA, please
indicate your acceptance in the space provided for that purpose below. 
  

			
	Very truly yours,
	
	MEDICINOVA, INC.
		
	By:	 	  /s/ Dr. Yuichi Iwaki

	Name: Yuichi Iwaki, M.D., Ph.D.
	Title: President and Chief Executive Officer

  

			
	ACCEPTED as of the date first-above written:
	
	MACQUARIE CAPITAL (USA) INC.
		
	By:	 	  /s/ Ken Savio

	Name:	 	Ken Savio
	Title:	 	Executive Director
	
	MACQUARIE CAPITAL (USA) INC.
		
	By:	 	  /s/ Tim Gould

	Name:	 	Tim Gould
	Title:	 	Managing Director

 [Signature page to Equity Distribution Agreement] 

  
 25 

 SCHEDULE 1 

FORM OF ISSUANCE NOTICE 
 From:
  [            ] 
 To:
      [            ] 
 Gentlemen: 

Pursuant to the terms and subject to the conditions contained in the Equity Distribution Agreement between MediciNova, Inc. (the “Company”) and
Macquarie Capital (USA) Inc. (“MCUSA”) dated October [    ], 2013 (the “Agreement”), I hereby request on behalf of the Company that MCUSA [sell as an agent up to
[—] shares of the Company’s Common Stock, par value $0.001 per share, at a minimum market price of $[—]     per
share on or before [—            ], 201[—].1] Capitalized terms defined in the Agreement shall have the same meanings when used herein. 
 The Company
hereby confirms as of the date of this Issuance Notice: 
  

	 	•	 	The Prospectus, including the Incorporated Documents, as of the date hereof, does not, and as of the anticipated Settlement Date for the sale of such shares, will not, contain an untrue statement of a material fact or
omit to state a material fact necessary in order to make the statement therein, in light of the circumstances under which they were made, not misleading. 

  

	 	•	 	The sale of shares as requested herein, pursuant to the Agreement, shall be subject to all of the representations, warranties, covenants and other terms and conditions of the Agreement, except to the extent amended or
modified hereby, all of which are expressly incorporated herein by reference. Each of the representations and warranties set forth in the Agreement shall be deemed to have been made at and as of the date hereof and at and as of any Settlement Date.

  

	 	•	 	The number of shares proposed for sale pursuant to this Issuance Notice does not exceed the Maximum Amount, including the aggregate offering price of sales to be made under this Issuance Notice, plus the aggregate
offering price of all sales made previously under the Agreement. 

 Please promptly confirm receipt of this Issuance Notice. 

 

	1 	Alternate language for underwritten distribution: “purchase as principal for distribution [—] shares of the Company’s Common Stock, par value $0.001 per
share, at a price of $[—] for settlement on [—].” Note that stated settlement date shall be T+2 from the Trading Day on which notice is
given. 

  
 26 

 SCHEDULE 2 

Macquarie Capital (USA) Inc. 
 Ken Savio:
ken.savio@macquarie.com 
 Ryan Burke: ryan.burke@macquarie.com 

Tim Gould: tim.gould@macquarie.com 
 Catherine Rivera:
catherine.rivera@macquarie.com 
  

	Cc:	(which shall not constitute notice for purpose of the Agreement) 

 Thomas Poletti:
Thomas.poletti@klgates.com 
 Shoshannah Katz: Shoshannah.katz@klgates.com 

MediciNova, Inc. 
 Yuichi Iwaki, M.D., Ph.D.:
iwaki@medicinova.com 
 Michael Gennaro: Gennaro@medicinova.com 

Kazuko Matsuda, M.D., Ph.D., MPH: matsuda@medicinova.com 

Masatsune Okajima: okajima@medicinova.com 
  

	Cc:	(which shall not constitute notice for purpose of the Agreement) 

 Patty M. DeGaetano:
patty.degaetano@pillsburylaw.com 
 David R. Snyder: dave.snyder@pillsburylaw.com). 

  
 27 

 SCHEDULE 3 

COMPENSATION 
 For sales of the
Shares for which MCUSA acts as a sales agent under this Agreement, MCUSA shall be paid a fee equal to 7.0% of the gross proceeds at the applicable Settlement Date. For Shares MCUSA purchases directly from the Company for distribution, the funds
provided to MCUSA at the Settlement Date shall include a 7.0% commission discount from the per Share offering price. 

  
 28 

 Exhibit 7(n) 

OFFICER’S CERTIFICATE 
 The
undersigned, the duly qualified and elected                      of MediciNova, Inc., a Delaware corporation (the “Company”), does
hereby certify in such capacity and on behalf of the Company, pursuant to Section 7(n) of the Equity Distribution Agreement dated October [    ], 2013 (the “Agreement”) between the Company and Macquarie
Capital (USA) Inc., that to the best of the knowledge of the undersigned: 
 (i) The representations and warranties of the Company set forth
in Section 5 of the Agreement (A) to the extent such representations and warranties are subject to qualifications and exceptions contained therein relating to knowledge, materiality or Material Adverse Effect, are true and correct on and
as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific calendar date and which were true and correct as of such
date, and (B) to the extent such representations and warranties are not subject to any qualifications or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof, with the same
force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely as of a specific calendar date and which were true and correct as of such date; and 

(ii) The Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the
Agreement at or prior to the date hereof. 
  

			
	By:	 	   

	Name:	 	
	Title:	 	
	Date:	 	

  
 29 

 Exhibit 7(o)(1) 

FORM OF LEGAL OPINIONS AND NEGATIVE ASSURANCE LETTER 

  
 30 

 Exhibit 7(o)(2) 

FORM OF LEGAL OPINIONS AND NEGATIVE ASSURANCE LETTER 

  
 31 

 Exhibit 19(b) 

ISSUER FREE WRITING PROSPECTUSES 

[None.] 

  
 32EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 MPT
OPERATING PARTNERSHIP, L.P. 
 and 

MPT FINANCE CORPORATION, 

as Issuers, 
 MEDICAL
PROPERTIES TRUST, INC. 
 as Parent Guarantor, 

the SUBSIDIARY GUARANTORS party hereto, 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Trustee 

BASE INDENTURE 
 Dated
as of October 10, 2013 
 Debt Securities 

 CROSS-REFERENCE TABLE 

 

					
	 TIA Section
	  	Indenture
Section
	 310
	 	(a)	  	7.10
		 	(b)	  	7.10
		 	(c)	  	N.A.
	 311
	 	(a)	  	7.11
		 	(b)	  	7.11
		 	(c)	  	N.A.
	 312
	 	(a)	  	5.01
		 	(b)	  	5.02
		 	(c)	  	5.02
	 313
	 	(a)	  	5.03
		 	(b)	  	5.03
		 	(c)	  	13.03
		 	(d)	  	5.03
	 314
	 	(a)	  	4.05
		 	(b)	  	N.A.
		 	(c)(1)	  	13.05
		 	(c)(2)	  	13.05
		 	(c)(3)	  	N.A.
		 	(d)	  	N.A.
		 	(e)	  	13.05
		 	(f)	  	N.A.
	 315
	 	(a)	  	7.01
		 	(b)	  	6.07 & 13.03
		 	(c)	  	7.01
		 	(d)	  	7.01
		 	(e)	  	6.08
	 316
	 	(last sentence)	  	1.01
		 	(a)(1)(A)	  	6.06
		 	(a)(1)(B)	  	6.06
		 	(a)(2)	  	9.01(d)
		 	(b)	  	6.04
		 	(c)	  	5.04
	 317
	 	(a)(1)	  	6.02
		 	(a)(2)	  	6.02
		 	(b)	  	4.04
	 318
	 	(a)	  	13.07

 N.A. means Not Applicable 
 NOTE:
This Cross-Reference table shall not, for any purpose, be deemed part of this Indenture. 

  
 i 

 Table of Contents 

 

					
	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
		
	 Section 1.01     Definitions
	  	 	1	  
	 Section 1.02     Other Definitions
	  	 	5	  
	 Section 1.03     Incorporation by Reference of Trust Indenture Act
	  	 	5	  
	 Section 1.04     Rules of Construction
	  	 	5	  
	
	ARTICLE II	  
	DEBT SECURITIES	  
		
	 Section 2.01     Forms Generally
	  	 	6	  
	 Section 2.02     Form of Trustee’s Certificate of Authentication
	  	 	6	  
	 Section 2.03     Principal Amount; Issuable in Series
	  	 	6	  
	 Section 2.04     Execution of Debt Securities
	  	 	8	  
	 Section 2.05     Authentication and Delivery of Debt Securities
	  	 	9	  
	 Section 2.06     Denomination of Debt Securities
	  	 	10	  
	 Section 2.07     Registration of Transfer and Exchange
	  	 	10	  
	 Section 2.08     Temporary Debt Securities
	  	 	11	  
	 Section 2.09     Mutilated, Destroyed, Lost or Stolen Debt Securities
	  	 	11	  
	 Section 2.10     Cancellation of Surrendered Debt Securities
	  	 	12	  
	 Section 2.11     Provisions of the Indenture and Debt Securities for the Sole Benefit of the Parties and the
Holders
	  	 	12	  
	 Section 2.12     Payment of Interest; Interest Rights Preserved
	  	 	12	  
	 Section 2.13     Securities Denominated in Dollars
	  	 	12	  
	 Section 2.14     Wire Transfers
	  	 	12	  
	 Section 2.15     Securities Issuable in the Form of a Global Security
	  	 	13	  
	 Section 2.16     Medium Term Securities
	  	 	14	  
	 Section 2.17     Defaulted Interest
	  	 	15	  
	 Section 2.18     CUSIP Numbers
	  	 	15	  
	
	ARTICLE III	  
	REDEMPTION OF DEBT SECURITIES	  
		
	 Section 3.01     Applicability of Article
	  	 	16	  
	 Section 3.02     Notice of Redemption; Selection of Debt Securities
	  	 	16	  
	 Section 3.03     Payment of Debt Securities Called for Redemption
	  	 	17	  
	 Section 3.04     Mandatory and Optional Sinking Funds
	  	 	17	  
	 Section 3.05     Redemption of Debt Securities for Sinking Fund
	  	 	17	  
	
	ARTICLE IV	  
	PARTICULAR COVENANTS OF THE ISSUERS	  
		
	 Section 4.01     Payment of Principal of and Premium, If Any, and Interest on, Debt Securities
	  	 	18	  
	 Section 4.02     Maintenance of Offices or Agencies for Registration of Transfer, Exchange and Payment of Debt
Securities
	  	 	19	  
	 Section 4.03     Appointment to Fill a Vacancy in the Office of Trustee
	  	 	19	  
	 Section 4.04     Duties of Paying Agents, etc.
	  	 	19	  
	 Section 4.05     SEC Reports; Financial Statements
	  	 	20	  
	 Section 4.06     Compliance Certificate
	  	 	21	  
	 Section 4.07     Further Instruments and Acts
	  	 	21	  
	 Section 4.08     Existence
	  	 	21	  

  
 ii 

					
	ARTICLE V	  
	HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE	  
		
	 Section 5.01     Issuers to Furnish Trustee Information as to Names and Addresses of Holders; Preservation of
Information
	  	 	21	  
	 Section 5.02     Communications to Holders
	  	 	22	  
	 Section 5.03     Reports by Trustee
	  	 	22	  
	 Section 5.04     Record Dates for Action by Holders
	  	 	22	  
	
	ARTICLE VI	  
	REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT	  
		
	 Section 6.01     Events of Default
	  	 	22	  
	 Section 6.02     Collection of Debt by Trustee, etc.
	  	 	24	  
	 Section 6.03     Application of Moneys Collected by Trustee
	  	 	25	  
	 Section 6.04     Limitation on Suits by Holders
	  	 	26	  
	 Section 6.05     Remedies Cumulative; Delay or Omission in Exercise of Rights Not a Waiver of Default
	  	 	26	  
	 Section 6.06     Rights of Holders of Majority in Principal Amount of Debt Securities to Direct Trustee and to
Waive Default
	  	 	26	  
	 Section 6.07     Trustee to Give Notice of Events of Defaults Known to It, but May Withhold Such Notice in Certain
Circumstances
	  	 	27	  
	 Section 6.08     Requirement of an Undertaking to Pay Costs in Certain Suits under the Indenture or Against the
Trustee
	  	 	27	  
	
	ARTICLE VII	  
	CONCERNING THE TRUSTEE	  
		
	 Section 7.01     Certain Duties and Responsibilities
	  	 	27	  
	 Section 7.02     Certain Rights of Trustee
	  	 	28	  
	 Section 7.03     Trustee Not Liable for Recitals in Indenture or in Debt Securities
	  	 	29	  
	 Section 7.04     Trustee, Paying Agent or Registrar May Own Debt Securities
	  	 	29	  
	 Section 7.05     Moneys Received by Trustee to Be Held in Trust
	  	 	29	  
	 Section 7.06     Compensation and Reimbursement
	  	 	30	  
	 Section 7.07     Right of Trustee to Rely on an Officer’s Certificate Where No Other Evidence Specifically
Prescribed
	  	 	30	  
	 Section 7.08     Separate Trustee; Replacement of Trustee
	  	 	30	  
	 Section 7.09     Successor Trustee by Merger
	  	 	31	  
	 Section 7.10     Eligibility; Disqualification
	  	 	31	  
	 Section 7.11     Preferential Collection of Claims Against Issuers
	  	 	31	  
	 Section 7.12     Compliance with Tax Laws
	  	 	32	  
	
	ARTICLE VIII	  
	CONCERNING THE HOLDERS	  
		
	 Section 8.01     Evidence of Action by Holders
	  	 	32	  
	 Section 8.02     Proof of Execution of Instruments and of Holding of Debt Securities
	  	 	32	  
	 Section 8.03     Who May Be Deemed Owner of Debt Securities
	  	 	32	  
	 Section 8.04     Instruments Executed by Holders Bind Future Holders
	  	 	32	  
	
	ARTICLE IX	  
	SUPPLEMENTAL INDENTURES	  
		
	 Section 9.01     Purposes for Which Supplemental Indenture May Be Entered into Without Consent of Holders
	  	 	33	  
	 Section 9.02     Modification of Indenture with Consent of Holders of Debt Securities
	  	 	34	  
	 Section 9.03     Effect of Supplemental Indentures
	  	 	35	  
	 Section 9.04     Debt Securities May Bear Notation of Changes by Supplemental Indentures
	  	 	35	  

  
 iii 

					
	ARTICLE X	  			
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  			
		
	 Section 10.01     Consolidations and Mergers of the Issuers
	  	 	35	  
	 Section 10.02     Rights and Duties of Successor Issuer
	  	 	36	  
		
	ARTICLE XI	  			
	 SATISFACTION AND DISCHARGE OF

INDENTURE; DEFEASANCE; UNCLAIMED MONEYS
	  			
		
	 Section 11.01     Applicability of Article
	  	 	36	  
	 Section 11.02     Satisfaction and Discharge of Indenture; Defeasance
	  	 	36	  
	 Section 11.03     Conditions of Defeasance
	  	 	37	  
	 Section 11.04     Application of Trust Money
	  	 	38	  
	 Section 11.05     Repayment to Issuers
	  	 	38	  
	 Section 11.06     Indemnity for U.S. Government Obligations
	  	 	38	  
	 Section 11.07     Reinstatement
	  	 	38	  
		
	ARTICLE XII	  			
	[RESERVED]	  			
		
	ARTICLE XIII	  			
	MISCELLANEOUS PROVISIONS	  			
		
	 Section 13.01     Successors and Assigns of Issuers Bound by Indenture
	  	 	38	  
	 Section 13.02     Acts of Board, Committee or Officer of Successor Issuer Valid
	  	 	38	  
	 Section 13.03     Required Notices or Demands
	  	 	38	  
	 Section 13.04     Indenture and Debt Securities to Be Construed in Accordance with the Laws of the State of New
York
	  	 	40	  
	 Section 13.05     Officer’s Certificate and Opinion of Counsel to Be Furnished upon Application or Demand by
Issuers
	  	 	40	  
	 Section 13.06     Payments Due on Legal Holidays
	  	 	40	  
	 Section 13.07     Provisions Required by TIA to Control
	  	 	40	  
	 Section 13.08     Computation of Interest on Debt Securities
	  	 	40	  
	 Section 13.09     Rules by Trustee, Paying Agent and Registrar
	  	 	40	  
	 Section 13.10     No Recourse Against Others
	  	 	40	  
	 Section 13.11     Severability
	  	 	41	  
	 Section 13.12     Effect of Headings
	  	 	41	  
	 Section 13.13     Indenture May Be Executed in Counterparts
	  	 	41	  
	 Section 13.14     U.S.A. Patriot Act
	  	 	41	  
	 Section 13.15     Force Majeure
	  	 	41	  
		
	ARTICLE XIV	  			
	GUARANTEE	  			
		
	 Section 14.01     Guarantee
	  	 	41	  
	 Section 14.02     Limitation on Guarantors’ Liability
	  	 	42	  
	 Section 14.03     Execution and Delivery of Guarantee
	  	 	42	  
	 Section 14.04     Release of a Guarantor
	  	 	42	  
		
	 FORM OF NOTATION OF GUARANTEE
	  	 	A-1	  

  
 iv 

 THIS INDENTURE IS AMONG MPT Operating Partnership, L.P., a Delaware limited partnership
(“Opco” or the “Partnership”), MPT Finance Corporation, a Delaware corporation (“Finco” or “Finance Corporation”), and, together with Opco, the “Issuers”, each, an
“Issuer”), Medical Properties Trust, Inc., a Maryland corporation (the “Parent” or “Parent Guarantor”), as Guarantor, each of the other Guarantors named herein, as Guarantors, and Wilmington Trust,
National Association, existing under the laws of the United States of America, as Trustee (the “Trustee”). 
 RECITALS OF
THE ISSUERS AND GUARANTORS 
 The Issuers, the Parent Guarantor and the Subsidiary Guarantors have duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of the Issuers’ debentures, notes, bonds or other evidences of indebtedness to be issued in one or more series unlimited as to principal amount (herein called the
“Debt Securities”), which Debt Securities may be guaranteed by the Parent Guarantor each of the Subsidiary Guarantors, as in this Indenture provided. 

All things necessary to make this Indenture a valid agreement of the Issuers, the Parent Guarantor and the Subsidiary Guarantors, in
accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH 

That in order to declare the terms and conditions upon which the Debt Securities are authenticated, issued and delivered, and in consideration
of the premises, and of the purchase and acceptance of the Debt Securities by the Holders thereof, the Issuers, the Parent Guarantor, the Subsidiary Guarantors and the Trustee covenant and agree with each other, for the benefit of the respective
Holders from time to time of the Debt Securities or any series thereof, as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

“Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under
direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”),
as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” means any Registrar or paying agent. 

“Bankruptcy Law” means Title 11 of the United States Code, as amended, or any insolvency or other similar Federal or state
law for the relief of debtors. 
 “Board of Directors” means, in relation to the Partnership, the Board of Directors of the
general partner of the Partnership or any authorized committee of the Board of Directors of the general partner of the Partnership or any directors and/or officers of the general partner of the Partnership to whom such Board of Directors or such
committee shall have duly delegated its authority to act hereunder. If the Partnership shall change its form of entity to other than a limited partnership, the references to the Board of Directors of the general partner of the Partnership shall mean
the board of directors (or other comparable governing body) of the Partnership. When used in reference to Finance Corporation, the “Board of Directors” means its board of directors. 

“Business Day” means a day other than a Saturday, Sunday or any other day on which banking institutions in New York City or
the location of the Corporate Trust Office of the Trustee are authorized or required by law, regulation or executive order to close. 

  
 1 

 “Capital stock” means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated, whether voting or non-voting), including partnership or limited liability company interests, whether general or limited, in the equity of such Person, whether outstanding on the
Issue Date or issued thereafter, including all Common Stock and Preferred Stock. 
 “Common Stock” means, with respect to
any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital Stock,
including partnership interests, whether general or limited, of such Person’s equity, including all series and classes of common stock. 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Debt” of any Person at any date means any obligation created or assumed by such Person for the repayment of borrowed money
and any guarantee thereof. 
 “Debt Security” or “Debt Securities” has the meaning stated in the first
recital of this Indenture and more particularly means any debt security or debt securities, as the case may be, of any series authenticated and delivered under this Indenture. 

“Default” means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of
Default. 
 “Depositary” means, unless otherwise specified by the Issuers pursuant to either Section 2.03 or 2.15,
with respect to Debt Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the
Exchange Act or other applicable statute or regulations. 
 “Dollar” or “$” means such currency of the
United States as at the time of payment is legal tender for the payment of public and private debts. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor statute. 
 “Finance Corporation” means MPT
Finance Corporation, a Delaware corporation, and its successors. 
 “Floating Rate Security” means a Debt Security that
provides for the payment of interest at a variable rate determined periodically by reference to an interest rate index specified pursuant to Section 2.03. 

“GAAP” means generally accepted accounting principles in the United States, as in effect from time to time. 

“Global Security” means with respect to any series of Debt Securities issued hereunder, a Debt Security which is executed by
the Issuers and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and any indentures supplemental hereto, or resolution of the Board of Directors of
the Partnership and set forth in an Officer’s Certificate, which shall be registered in the name of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all
the Outstanding Debt Securities of such series or any portion thereof, in either case having the same terms, including, without limitation, the same original issue date, date or dates on which principal is due and interest rate or method of
determining interest. 
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection
in the ordinary course of business, direct or indirect, in any manner, including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness or
other obligations. The term “guarantee” or “Guarantee” used as a verb has a corresponding meaning. 

  
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 “Guarantor” means the Parent and each Subsidiary Guarantor. 

“Holder,” “Holder of Debt Securities” or other similar terms means, a Person in whose name a Debt Security
is registered in the Debt Security Register (as defined in Section 2.07(a)). 
 “Indenture” means this instrument as
originally executed, or, if amended or supplemented as herein provided, as so amended or supplemented and shall include the form and terms of particular series of Debt Securities as contemplated hereunder, whether or not a supplemental indenture is
entered into with respect thereto. 
 “Issuer Order” means a written request or order signed on behalf of each Issuer by an
Officer thereof and delivered to the Trustee. 
 “Issuers” means the Partnership and Finance Corporation. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York, 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 for the intervening period. 
 “Lien” means any mortgage, pledge, security interest, encumbrance,
lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest). 

“Officer” means any of the following with respect to any Person: the Chairman of the Board of Directors, the Chief Executive
Officer, the Chief Financial Officer, Chief Accounting Officer, Chief Operating Officer, the President, any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice
President”), the Treasurer, any Assistant Treasurer, the Controller, the General Counsel or the Secretary or any Assistant Secretary of such Person (or, with respect to the Partnership, so long as it remains a partnership, of its general
partner). 
 “Officer’s Certificate” means a certificate signed by an Officer of the Parent, each of the Issuers or a
Guarantor, as applicable (or, with respect to the Partnership, so long as it remains a partnership, of its general partner). 

“Opinion of Counsel” means a written opinion reasonably acceptable to the Trustee from legal counsel. The counsel may be an
employee of, or counsel to the Issuers, a Guarantor or the Trustee. 
 “Original Issue Discount Debt Security” means any
Debt Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.01. 

“Outstanding,” when used with respect to any series of Debt Securities, means, as of the date of determination, all Debt
Securities of that series theretofore authenticated and delivered under this Indenture, except: 
 (a) Debt Securities of that series
theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Debt Securities of that series for whose payment or
redemption money in the necessary amount has been theretofore deposited with the Trustee or any paying agent (other than the Partnership) in trust or set aside and segregated in trust by the Partnership (if the Partnership shall act as its own
paying agent) for the Holders of such Debt Securities; provided, that, if such Debt Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been
made; and 

  
 3 

 (c) Debt Securities of that series which have been paid pursuant to Section 2.09 or in
exchange for or in lieu of which other Debt Securities have been authenticated and delivered pursuant to this Indenture, other than any such Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it
that such Debt Securities are held by a protected purchaser in whose hands such Debt Securities are valid obligations of the Issuers; 
 provided, however,
that in determining whether the Holders of the requisite principal amount of the Outstanding Debt Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Debt Securities owned by the
Partnership or any other obligor upon the Debt Securities or any Affiliate of the Partnership or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Debt Securities which a Trust Officer actually knows to be so owned shall be so disregarded. Debt Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Debt Securities and that the pledgee is not the Partnership or any other obligor upon the Debt
Securities or an Affiliate of the Partnership or of such other obligor. In determining whether the Holders of the requisite principal amount of Outstanding Debt Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, the principal amount of an Original Issue Discount Debt Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the maturity thereof pursuant to Section 6.01. 
 “Partnership”
means MPT Operating Partnership, L.P., a Delaware limited partnership, and its successors. 
 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) that have a preference on liquidation or with respect to distributions over any other class of Capital Stock, including preferred partnership interests, whether general or limited, or such
Person’s preferred or preference stock, including all series and classes of such preferred or preference stock. 
 “Redemption
Date,” when used with respect to any Debt Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor statute. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of
any contingency beyond the control of the issuer unless such contingency has occurred). 
 “Subsidiary” means, with respect
to any Person, any corporation, association or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person and
the accounts of which would be consolidated with those of such Person in its consolidated financial statements in accordance with GAAP, if such statements were prepared as of such date. 

“Subsidiary Guarantors” means any Subsidiary of the Partnership (other than Finance Corporation) who may execute this
Indenture, or a supplement hereto, for the purpose of providing a Guarantee of Debt Securities pursuant to this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture or a supplement hereto,
and thereafter “Subsidiary Guarantors” shall mean such successor Person. 

  
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 “TIA or Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

 “Trustee” initially means Wilmington Trust, National Association and any other Person or Persons appointed as such from
time to time pursuant to Section 7.08, and, subject to the provisions of Article VII, includes its or their successors and assigns. If at any time there is more than one such Person, “Trustee” as used with respect to the Debt
Securities of any series shall mean the Trustee with respect to the Debt Securities of that series. 
 “Trust Officer”
means any officer or assistant officer of the Trustee assigned by the Trustee to administer its corporate trust matters. 
 “United
States” means the United States of America (including the States and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 

“U.S. Government Obligations” means direct obligations of, obligations guaranteed by, or participations in pools consisting
solely of obligations of or obligations guaranteed by, the United States of America for the payment of which obligations or guarantee the full faith and credit of the United States of America is pledged and that are not callable or redeemable at the
option of the issuer thereof. 
 “Voting Stock” means with respect to any Person, Capital Stock of any class or kind
ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person. 

“Yield to Maturity” means the yield to maturity, calculated at the time of issuance of a series of Debt Securities, or, if
applicable, at the most recent redetermination of interest on such series and calculated in accordance with accepted financial practice. 

Section 1.02 Other Definitions. 
  

					
	 Term
	  	Defined in Section	 
	 “Debt Security Register”
	  	 	2.07	  
	 “Defaulted Interest”
	  	 	2.17	  
	 “Event of Default”
	  	 	6.01	  
	 “Funding Guarantor”
	  	 	14.05	  
	 “Guarantee”
	  	 	14.01	  
	 “Place of Payment”
	  	 	2.03	  
	 “Registrar”
	  	 	2.07	  
	 “Successor Issuer”
	  	 	2.01	  

 Section 1.03 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to
a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
 All terms used in this Indenture
that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them 

Section 1.04 Rules of Construction. Unless the context otherwise requires: 

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

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) or is not exclusive; 

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

(e) provisions apply to successive events and transactions; and 

(f) the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount thereof that would be
shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP. 
 ARTICLE II 

DEBT SECURITIES 

Section 2.01 Forms Generally. The Debt Securities of each series shall be in substantially the form established without the
approval of any Holder by or pursuant to a resolution of the Board of Directors of the Partnership and in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Issuers may deem appropriate (and, if not contained in a supplemental indenture
entered into in accordance with Article IX, as are not prohibited by the provisions of this Indenture) or as may be required or appropriate to comply with any law or with any rules made pursuant thereto or with any rules of any securities exchange
on which such series of Debt Securities may be listed, or to conform to general usage, or as may, consistently herewith, be determined by the Officers executing such Debt Securities as evidenced by their execution of the Debt Securities. 

The definitive Debt Securities of each series shall be printed, lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the officers executing such Debt Securities, as evidenced by their execution of such Debt Securities. 

Section 2.02 Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication on all Debt
Securities authenticated by the Trustee shall be in substantially the following form: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
    as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Section 2.03 Principal Amount; Issuable in Series. The aggregate principal amount of Debt
Securities which may be issued, executed, authenticated, delivered and outstanding under this Indenture is unlimited. 
 The Debt Securities
may be issued in one or more series in fully registered form. There shall be established, without the approval of any Holders, in or pursuant to a resolution of the Board of Directors of the Partnership and set forth in an Officer’s Certificate
and established in one or more indentures supplemental hereto, prior to the issuance of Debt Securities of any series any or all of the following: 

(a) the title of the Debt Securities of the series (which shall distinguish the Debt Securities of the series from all other Debt Securities);

  
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 (b) any limit upon the aggregate principal amount of the Debt Securities of the series which may
be authenticated and delivered under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt Securities of the series pursuant to this Article II); 

(c) the date or dates on which the principal of and premium, if any, on the Debt Securities of the series are payable; 

(d) the rate or rates (which may be fixed or variable) at which the Debt Securities of the series shall bear interest, if any, or the method
of determining such rate or rates, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable, or the method by which such date will be determined, the record dates for the
determination of Holders thereof to whom such interest is payable; and the basis upon which interest will be calculated if other than that of a 360-day year of twelve thirty-day months; 

(e) the place or places, if any, in addition to or instead of the corporate trust office of the Trustee, where the principal of, and premium,
if any, and interest on, Debt Securities of the series shall be payable (“Place of Payment”); 
 (f) the price or prices at
which, the period or periods within which and the terms and conditions upon which Debt Securities of the series may be redeemed, in whole or in part, at the option of the Issuers or otherwise; 

(g) whether Debt Securities of the series are entitled to the benefits of any Guarantee of any of Guarantors pursuant to this Indenture; 

(h) the obligation, if any, of the Issuers to redeem, purchase or repay Debt Securities of the series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof, and the price or prices at which and the period or periods within which and the terms and conditions upon which Debt Securities of the series shall be redeemed, purchased or repaid, in whole
or in part, pursuant to such obligations; 
 (i) if other than denominations of $1,000 and any integral multiple thereof, the denominations
in which Debt Securities of the series shall be issuable; 
 (j) if the amount of principal of or any premium or interest on Debt Securities
of the series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts will be determined; 

(k) if the principal amount payable at the Stated Maturity of Debt Securities of the series will not be determinable as of any one or more
dates prior to such Stated Maturity, the amount which will be deemed to be such principal amount as of any such date for any purpose, including the principal amount thereof which will be due and payable upon any maturity other than the Stated
Maturity or which will be deemed to be Outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be determined); 

(l) any changes or additions to Article XI, including the addition of additional covenants that may be subject to the covenant defeasance
option pursuant to Section 11.02(b); 
 (m) if other than the principal amount thereof, the portion of the principal amount of Debt
Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01 or provable in bankruptcy pursuant to Section 6.02; 

(n) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the Debt Securities of the series of any properties,
assets, moneys, proceeds, securities or other collateral, including whether certain provisions of the TIA are applicable and any corresponding changes to provisions of this Indenture as currently in effect; 

  
 7 

 (o) any addition to or change in the Events of Default with respect to the Debt Securities of the
series and any change in the right of the Trustee or the Holders to declare the principal of, and premium and interest on, such Debt Securities due and payable; 

(p) if the Debt Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities, the terms and
conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Debt Securities in definitive registered form; and the Depositary for such Global Security or Securities and the form of any
legend or legends to be borne by any such Global Security or Securities in addition to or in lieu of the legend referred to in Section 2.15(a); 

(q) any trustees, authenticating or paying agents, transfer agents or registrars; 

(r) the applicability of, and any addition to or change in the covenants and definitions currently set forth in this Indenture or in the terms
currently set forth in Article X, including conditioning any merger, conveyance, transfer or lease permitted by Article X upon the satisfaction of any Debt coverage standard by the Partnership or its Successor Issuer (as defined in Article X); 

(s) with regard to Debt Securities of the series that do not bear interest, the dates for certain required reports to the Trustee; 

(t) whether Finco will be a co-Issuer of the Debt Securities; 

(u) the currency or currency unit in which the Debt Securities will be payable, if not the Dollar; and 

(v) any other terms of the Debt Securities of the series (which terms may eliminate or amend any definition, term or covenant of this
Indenture with respect to such series of Debt Securities). 
 All Debt Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to such resolution of the Board of Directors of the Partnership and as set forth in such Officer’s Certificate and in any such indenture supplemental hereto. 

Section 2.04 Execution of Debt Securities. The Debt Securities shall be signed on behalf of the Partnership by one of its Officers
and on behalf of Finance Corporation by one of its Officers and, if the seal of either Issuer is reproduced thereon, it shall be attested by its (or, so long as the Partnership is a partnership, its general partner’s) Secretary, an Assistant
Secretary, a Treasurer or an Assistant Treasurer. Such signatures upon the Debt Securities may be the manual or facsimile signatures of the present or any future such authorized Officers and may be imprinted or otherwise reproduced on the Debt
Securities. The seal of an Issuer, if any, may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Debt Securities. 

Only such Debt Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, signed
manually by the Trustee, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Debt Security executed on behalf of the Partnership and Finance Corporation shall be
conclusive evidence that the Debt Security so authenticated has been duly authenticated and delivered hereunder. 
 In case any Officer of
an Issuer who shall have signed any of the Debt Securities shall cease to be such Officer before the Debt Securities so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Issuers, such Debt Securities
nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Debt Securities had not ceased to be such Officer; and any Debt Security may be signed on behalf of the Issuers by such Persons as, at the actual
date of the execution of such Debt Security, shall be the proper Officers of the Issuers, although at the date of such Debt Security or of the execution of this Indenture any such Person was not such Officer. 

  
 8 

 Section 2.05 Authentication and Delivery of Debt Securities. At any time and from time to
time after the execution and delivery of this Indenture, the Issuers may deliver to the Trustee for authentication Debt Securities of any series executed by the Issuers, and the Trustee shall thereupon authenticate and deliver said Debt Securities
to or upon an Issuer Order. In authenticating such Debt Securities, and accepting the additional responsibilities under this Indenture in relation to such Debt Securities, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall
be fully protected in relying upon: 
 (a) a copy of any resolution or resolutions of the Board of Directors of the Partnership, certified by
the Secretary or Assistant Secretary of the Partnership (or its general partner, so long as the Partnership remains a partnership), authorizing the terms of issuance of any series of Debt Securities; 

(b) an executed supplemental indenture; 

(c) an Officer’s Certificate; and 

(d) an Opinion of Counsel prepared in accordance with Section 13.05 which shall also state: 

(i) that the form of such Debt Securities has been established by or pursuant to a resolution of the Board of Directors or by a
supplemental indenture as permitted by Section 2.01 in conformity with the provisions of this Indenture; 
 (ii) that
the terms of such Debt Securities have been established by or pursuant to a resolution of the Board of Directors of the Partnership or by a supplemental indenture as permitted by Section 2.03 in conformity with the provisions of this Indenture;

 (iii) that such Debt Securities, when authenticated and delivered by the Trustee and issued by the Issuers in the manner
and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuers, enforceable in accordance with their terms except as the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights generally and rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general applicability and other customary
exceptions and qualifications; 
 (iv) that each Issuer has the partnership or corporate, as the case may be, power to issue
such Debt Securities and has duly taken all necessary partnership or corporate, as appropriate, action with respect to such issuance; 

(v) that the issuance of such Debt Securities will not contravene the organizational documents of the Issuers; 

(vi) that authentication and delivery of such Debt Securities and the execution and delivery of any supplemental indenture will
not violate the terms of this Indenture; and 
 (vii) such other matters as the Trustee may reasonably request. 

Such Opinion of Counsel need express no opinion as to whether a court in the United States would render a money judgment in a currency other
than that of the United States. 
 The Trustee shall have the right to decline to authenticate and deliver any Debt Securities under this
Section 2.05 if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors, trustees
or Officers (or any combination thereof) shall determine that such action would expose the Trustee to personal liability to existing Holders. 

  
 9 

 The Trustee may appoint an authenticating agent reasonably acceptable to the Issuers to
authenticate Debt Securities of any series. Unless limited by the terms of such appointment, an authenticating agent may authenticate Debt Securities 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 any Registrar, paying agent or agent for service of notices and demands. 

Unless otherwise provided in the form of Debt Security for any series, each Debt Security shall be dated the date of its authentication. 

Section 2.06 Denomination of Debt Securities. Unless otherwise provided in the form of Debt Security for any series, the Debt
Securities of each series shall be issuable only as fully registered Debt Securities in such Dollar denominations as shall be specified or contemplated by Section 2.03. In the absence of any such specification with respect to the Debt
Securities of any series, the Debt Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof. 

Section 2.07 Registration of Transfer and Exchange. 

(a) The Issuers shall keep or cause to be kept a register for each series of Debt Securities issued hereunder (hereinafter collectively
referred to as the “Debt Security Register”), in which, subject to such reasonable regulations as it may prescribe, the Issuers shall provide for the registration of all Debt Securities and the transfer of Debt Securities as in this
Article II provided. At all reasonable times the Debt Security Register shall be open for inspection by the Trustee. Subject to Section 2.15, upon due presentment for registration of transfer of any Debt Security at any office or agency to be
maintained by the Issuers in accordance with the provisions of Section 4.02, the Issuers shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Debt Security or Debt Securities of
authorized denominations for a like aggregate principal amount. In no event may Debt Securities be issued as, or exchanged for, bearer securities. 

Unless and until otherwise determined by the Partnership by resolution of its Board of Directors, the Debt Security Register shall be kept at
the principal corporate trust office of the Trustee and, for this purpose, the Trustee shall be designated “Registrar.” 

Debt Securities of any series (other than a Global Security, except as set forth below) may be exchanged for a like aggregate principal amount
of Debt Securities of the same series of other authorized denominations. Subject to Section 2.15, Debt Securities to be exchanged shall be surrendered at the office or agency to be maintained by the Issuers as provided in Section 4.02, and
the Issuers shall execute and the Trustee shall authenticate and deliver in exchange therefor the Debt Security or Debt Securities which the Holder making the exchange shall be entitled to receive. 

(b) All Debt Securities presented or surrendered for registration of transfer, exchange or payment shall (if so required by the Issuers, the
Trustee or the Registrar) be duly endorsed or be accompanied by a written instrument or instruments of transfer, in form satisfactory to the Issuers, the Trustee and the Registrar, duly executed by the Holder or his attorney duly authorized in
writing. 
 All Debt Securities issued in exchange for or upon transfer of Debt Securities shall be the valid obligations of the Issuers,
evidencing the same debt, and entitled to the same benefits under this Indenture as the Debt Securities surrendered for such exchange or transfer. 

No service charge shall be made for any exchange or registration of transfer of Debt Securities (except as provided by Section 2.09), but
the Issuers may require payment of a sum sufficient to cover any tax, fee, assessment or other governmental charge that may be imposed in relation thereto, other than those expressly provided in this Indenture to be made at the Issuers’ own
expense or without expense or without charge to the Holders. 
 The Issuers shall not be required (i) to issue, register the transfer
of or exchange any Debt Securities for a period of 15 days next preceding any mailing of notice of redemption of Debt Securities of such series or (ii) to register the transfer of or exchange any Debt Securities selected, called or being called
for redemption. 

  
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 Prior to the due presentation for registration of transfer of any Debt Security, the Issuers, the
Guarantors, the Trustee, any paying agent or any Registrar may deem and treat the Person in whose name a Debt Security is registered as the absolute owner of such Debt Security for the purpose of receiving payment of or on account of the principal
of, and premium, if any, and (subject to Section 2.12) interest on, such Debt Security and for all other purposes whatsoever, whether or not such Debt Security is overdue, and none of the Issuers, the Guarantors, the Trustee, any paying agent
or any Registrar shall be affected by notice to the contrary. 
 None of the Issuers, the Guarantors, the Trustee, any agent of the Trustee,
any paying agent or any Registrar will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests. 
 Section 2.08 Temporary Debt Securities. Pending the preparation
of definitive Debt Securities of any series, the Issuers may execute and the Trustee shall authenticate and deliver temporary Debt Securities (printed, lithographed, photocopied, typewritten or otherwise produced) of any authorized denomination, and
substantially in the form of the definitive Debt Securities in lieu of which they are issued, in registered form with such omissions, insertions and variations as may be appropriate for temporary Debt Securities, all as may be determined by the
Issuers with the concurrence of the Trustee. Temporary Debt Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Debt Security shall be executed by the Issuers and be authenticated by the
Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Debt Securities. 
 If
temporary Debt Securities of any series are issued, the Issuers will cause definitive Debt Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Debt Securities of such series, the temporary Debt
Securities of such series shall be exchangeable for definitive Debt Securities of such series upon surrender of the temporary Debt Securities of such series at the office or agency of the Issuers at a Place of Payment for such series, without charge
to the Holder thereof, except as provided in Section 2.07 in connection with a transfer. Upon surrender for cancellation of any one or more temporary Debt Securities of any series, the Issuers shall execute and the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of definitive Debt Securities of the same series of authorized denominations and of like tenor. Until so exchanged, temporary Debt Securities of any series shall in all respects be entitled to
the same benefits under this Indenture as definitive Debt Securities of such series. 
 Upon any exchange of a portion of a temporary Global
Security for a definitive Global Security or for the individual Debt Securities represented thereby pursuant to Section 2.07 or this Section 2.08, the temporary Global Security shall be endorsed by the Trustee to reflect the reduction of
the principal amount evidenced thereby, whereupon the principal amount of such temporary Global Security shall be reduced for all purposes by the amount to be exchanged and endorsed. 

Section 2.09 Mutilated, Destroyed, Lost or Stolen Debt Securities. If (a) any mutilated Debt Security is surrendered to the
Trustee at its corporate trust office referred to in Section 13.03 or (b) the Issuers and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Debt Security, and there is delivered to the Issuers and
the Trustee such security or indemnity as may be required by them to save each of them and any paying agent harmless, and neither the Issuers nor the Trustee receives notice that such Debt Security has been acquired by a protected purchaser, then
the Issuers shall execute and, upon an Issuer Order, the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Debt Security, a new Debt Security of the same series of like tenor, form,
terms and principal amount, bearing a number not contemporaneously Outstanding. Upon the issuance of any substituted Debt Security, the Issuers or the Trustee may require the payment of a sum sufficient to cover any tax, fee, assessment or other
governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Debt Security which has matured or is about to mature or which has been called for redemption shall become mutilated or be destroyed,
lost or stolen, the Issuers may, instead of issuing a substituted Debt Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Debt Security) if the applicant for such payment shall furnish the
Issuers and the Trustee with such security or indemnity as either may require to save it harmless from all risk, however remote, and, in case of destruction, loss or theft, evidence to the satisfaction of the Issuers and the Trustee of the
destruction, loss or theft of such Debt Security and of the ownership thereof. 

  
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 Every substituted Debt Security of any series issued pursuant to the provisions of this
Section 2.09 by virtue of the fact that any Debt Security is destroyed, lost or stolen shall constitute an original additional contractual obligation of the Issuers, whether or not the destroyed, lost or stolen Debt Security shall be found at
any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Debt Securities of that series duly issued hereunder. All Debt Securities shall be held and owned upon the express condition
that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities, and shall preclude any and all other rights or remedies, notwithstanding any law or statute existing or
hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

Section 2.10 Cancellation of Surrendered Debt Securities. All Debt Securities surrendered for payment, redemption, registration of
transfer or exchange shall, if surrendered to the Issuers or any paying agent or a Registrar, be delivered to the Trustee for cancellation by it, or if surrendered to the Trustee, shall be canceled by it, and no Debt Securities shall be issued in
lieu thereof except as expressly permitted by any of the provisions of this Indenture. All canceled Debt Securities held by the Trustee shall be destroyed (subject to the record retention requirements of the Exchange Act and the Trustee) and
certification of their cancellation delivered to the Issuers, upon request. On request of the Issuers, the Trustee shall deliver to the Issuers canceled Debt Securities held by the Trustee (subject to the Trustee’s record retention
requirements). If the Issuers shall acquire any of the Debt Securities, however, such acquisition shall not operate as a redemption or satisfaction of the Debt represented thereby unless and until the same are delivered or surrendered to the Trustee
for cancellation. The Issuers may not issue new Debt Securities to replace Debt Securities they have redeemed, paid or delivered to the Trustee for cancellation. 

Section 2.11 Provisions of the Indenture and Debt Securities for the Sole Benefit of the Parties and the Holders. Nothing in this
Indenture or in the Debt Securities, expressed or implied, shall give or be construed to give to any Person, other than the parties hereto, the Holders or any Registrar or paying agent, any legal or equitable right, remedy or claim under or in
respect of this Indenture, or under any covenant, condition or provision herein contained; all its covenants, conditions and provisions being for the sole benefit of the parties hereto, the Holders and any Registrar and paying agents. 

Section 2.12 Payment of Interest; Interest Rights Preserved. 

(a) Interest on any Debt Security that is payable and is punctually paid or duly provided for on any interest payment date shall be paid to
the Person in whose name such Debt Security is registered at the close of business on the regular record date for such interest notwithstanding the cancellation of such Debt Security upon any transfer or exchange subsequent to the regular record
date. Payment of interest on Debt Securities shall be made at the corporate trust office of the Trustee (except as otherwise specified pursuant to Section 2.03), or at the option of the Issuers, by check mailed to the address of the Person
entitled thereto as such address shall appear in the Debt Security Register or, if provided pursuant to Section 2.03 and in accordance with arrangements satisfactory to the Trustee, at the option of the Holder by wire transfer to an account
designated by the Holder. 
 (b) Subject to the foregoing provisions of this Section 2.12 and Section 2.17, each Debt Security of
a particular series delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Debt Security of the same series shall carry the rights to interest accrued and unpaid, and to accrue, which were carried
by such other Debt Security. 
 Section 2.13 Securities Denominated in Dollars. Except as otherwise specified pursuant to
Section 2.03 for Debt Securities of any series, payment of the principal of, and premium, if any, and interest on, Debt Securities of such series will be made in Dollars. 

Section 2.14 Wire Transfers. Notwithstanding any other provision to the contrary in this Indenture, the Issuers may make any
payment of moneys required to be deposited with the Trustee on account of principal of, or premium, if any, or interest on, the Debt Securities (whether pursuant to optional or mandatory redemption payments, interest payments or otherwise) by wire
transfer in immediately available funds to an account designated by the Trustee before 12:00 p.m., New York City time, on the date such moneys are to be paid to the Holders of the Debt Securities in accordance with the terms hereof. 

  
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 Section 2.15 Securities Issuable in the Form of a Global Security. 

(a) If the Issuers shall establish pursuant to Sections 2.01 and 2.03 that the Debt Securities of a particular series are to be issued in
whole or in part in the form of one or more Global Securities, then the Issuers shall execute and the Trustee or its agent shall, in accordance with Section 2.05, authenticate and deliver, such Global Security or Securities, which shall
represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Debt Securities of such series to be represented by such Global Security or Securities, or such portion thereof as the Issuers shall specify
in an Officer’s Certificate, shall be registered in the name of the Depositary for such Global Security or Securities or its nominee, shall be delivered by the Trustee or its agent to the Depositary or pursuant to the Depositary’s
instruction and shall bear a legend substantially to the following effect: 
 “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS 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. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.” 

or such other legend as may then be required by the Depositary for such Global Security or Securities. 

(b) Notwithstanding any other provision of this Section 2.15 or of Section 2.07 to the contrary, and subject to the provisions of
paragraph (c) below, unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in part for definitive Debt Securities in registered form, a Global Security may be transferred, in whole but not in
part and in the manner provided in Section 2.07, only by the Depositary to a nominee of the Depositary for such Global Security, or by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or by the Depositary or a
nominee of the Depositary to a successor Depositary for such Global Security selected or approved by the Issuers, or to a nominee of such successor Depositary. 

(c) (1) If at any time the Depositary for a Global Security or Securities notifies the Issuers that it is unwilling or unable to continue as
Depositary for such Global Security or Securities or if at any time the Depositary for the Debt Securities for such series shall no longer be eligible or in good standing under the Exchange Act or other applicable statute, rule or regulation, the
Issuers shall appoint a successor Depositary with respect to such Global Security or Securities. If a successor Depositary for such Global Security or Securities is not appointed by the Issuers within 90 days after the Issuers receive such notice or
become aware of such ineligibility, the Issuers shall execute, and the Trustee or its agent, upon receipt of an Issuer Order for the authentication and delivery of such individual Debt Securities of such series in exchange for such Global Security
or Securities, will authenticate and deliver, individual Debt Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Security or Securities in exchange for
such Global Security or Securities. 
 (i) If an Event of Default occurs and the Depositary for a Global Security or
Securities notifies the Trustee of its decision to require that the Debt Securities of any series or portion thereof issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or
Securities, the Issuers shall appoint a successor Depositary with respect to such Global Security or Securities. In such event the Issuers will execute, and the Trustee, upon receipt of an 

  
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Issuer Order for the authentication and delivery of individual Debt Securities of such series in exchange in whole or in part for such Global Security or Securities, will authenticate and deliver
individual Debt Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such series or portion thereof in exchange for such Global Security or Securities. 

(ii) If specified by an Issuer pursuant to Sections 2.01 and 2.03 with respect to Debt Securities issued or issuable in the
form of a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual Debt Securities of such series of like tenor and terms in definitive form on such terms as are
acceptable to the Issuers, the Trustee and such Depositary. Thereupon the Issuers shall execute, and the Trustee or its agent upon receipt of an Issuer Order for the authentication and delivery of definitive Debt Securities of such series shall
authenticate and deliver, without service charge, to each Person specified by such Depositary a new Debt Security or Securities of the same series of like tenor and terms and of any authorized denomination as requested by such Person in aggregate
principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and to such Depositary a new Global Security of like tenor and terms and in an authorized denomination equal to the difference, if any,
between the principal amount of the surrendered Global Security and the aggregate principal amount of Debt Securities delivered to Holders thereof. 

(iii) In any exchange provided for in any of the preceding three paragraphs, the Issuers will execute and the Trustee or its
agent will authenticate and deliver individual Debt Securities. Upon the exchange of the entire principal amount of a Global Security for individual Debt Securities, such Global Security shall be canceled by the Trustee or its agent. Except as
provided in the preceding paragraph, Debt Securities issued in exchange for a Global Security pursuant to this Section 2.15 shall be registered in such names and in such authorized denominations as the Depositary for such Global Security,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or the Registrar. The Trustee or the Registrar shall deliver such Debt Securities to the Persons in whose names such Debt Securities are so
registered. 
 (iv) Payments in respect of the principal of and interest on any Debt Securities registered in the name of the
Depositary or its nominee will be payable to the Depositary or such nominee in its capacity as the registered owner of such Global Security. The Issuers, the Guarantors and the Trustee may treat the Person in whose name the Debt Securities,
including the Global Security, are registered as the owner thereof for the purpose of receiving such payments and for any and all other purposes whatsoever. None of the Issuers, the Guarantors, the Trustee, any Registrar, the paying agent or any
agent of the Issuers, the Guarantors or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of the beneficial ownership interests of the Global Security by the Depositary or its
nominee or any of the Depositary’s direct or indirect participants, or for maintaining, supervising or reviewing any records of the Depositary, its nominee or any of its direct or indirect participants relating to the beneficial ownership
interests of the Global Security, the payments to the beneficial owners of the Global Security of amounts paid to the Depositary or its nominee, or any other matter relating to the actions and practices of the Depositary, its nominee or any of its
direct or indirect participants. None of the Issuers, the Guarantors, the Trustee or any such agent will be liable for any delay by the Depositary, its nominee, or any of its direct or indirect participants in identifying the beneficial owners of
the Debt Securities, and the Issuers, the Guarantors and the Trustee may conclusively rely on, and will be protected in relying on, instructions from the Depositary or its nominee for all purposes (including with respect to the registration and
delivery, and the respective principal amounts, of the Debt Securities to be issued). 
 Section 2.16 Medium Term Securities.
Notwithstanding any contrary provision herein, if all Debt Securities of a series are not to be originally issued at one time, it shall not be necessary for the Issuers to deliver to the Trustee an Officer’s Certificate, resolutions of the
Board of Directors of the Partnership, supplemental indenture, Opinion of Counsel or written order or any other document otherwise required pursuant to Section 2.01, 2.03, 2.05 or 13.05 at or prior to the time of authentication of each Debt
Security of such series if such documents are delivered to the Trustee or its agent at or prior to the authentication upon original issuance of the first such Debt Security of such series to be issued; provided, that any subsequent request by the
Issuers to the Trustee to authenticate Debt Securities of such series upon original issuance shall constitute a representation and warranty by the Issuers that, as 

  
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of the date of such request, the statements made in the Officer’s Certificate delivered pursuant to Section 2.05 or 13.05 shall be true and correct as if made on such date and that the
Opinion of Counsel delivered at or prior to such time of authentication of an original issuance of Debt Securities shall specifically state that it shall relate to all subsequent issuances of Debt Securities of such series that are identical to the
Debt Securities issued in the first issuance of Debt Securities of such series. 
 An Issuer Order delivered by the Issuers to the Trustee
in the circumstances set forth in the preceding paragraph, may provide that Debt Securities which are the subject thereof will be authenticated and delivered by the Trustee or its agent on original issue from time to time upon the telephonic or
written order of Persons designated in such written order (any such telephonic instructions to be promptly confirmed in writing by such Person) and that such Persons are authorized to determine, consistent with the Officer’s Certificate,
supplemental indenture or resolution of the Board of Directors of the Partnership relating to such written order, such terms and conditions of such Debt Securities as are specified in such Officer’s Certificate, supplemental indenture or such
resolution. 
 Section 2.17 Defaulted Interest. Any interest on any Debt Security of a particular series which is payable, but
is not punctually paid or duly provided for, on the dates and in the manner provided in the Debt Securities of such series and in this Indenture (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof
on the relevant record date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Issuers, at their election in each case, as provided in clause (i) or (ii) below: 

(i) The Issuers may elect to make payment of any Defaulted Interest to the Persons in whose names the Debt Securities of such
series are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuers shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Debt Security of such series and the date of the proposed payment, and at the same time the Issuers shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. Thereupon the Issuer shall fix a special record date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not
less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Issuer shall promptly but, in any event, not less than 15 days prior to the special record date, notify the Trustee of such special record date and, the
Issuer (or, upon written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall cause notice of the proposed payment date of such Defaulted Interest, the special record date therefor and the amount of the Default
Interest to be paid to be mailed first-class, postage prepaid to each Holder as such Holder’s address appears in the Security Register, not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted
Interest and the special record date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Debt Securities of such series are registered at the close of business on such special record date. 

(ii) The Issuers may make payment of any Defaulted Interest on the Debt Securities of such series in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Debt Securities of such series may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuers to the Trustee of the
proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Section 2.18 CUSIP
Numbers. The Issuers in issuing the Debt Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any
such notice may state that no representation is made as to the accuracy of such numbers either as printed on the Debt Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers
printed on the Debt Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuers will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

  
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 ARTICLE III 

REDEMPTION OF DEBT SECURITIES 

Section 3.01 Applicability of Article. The provisions of this Article shall be applicable to the Debt Securities of any series
which are redeemable before their Stated Maturity except as otherwise specified as contemplated by Section 2.03 for Debt Securities of such series. 

Section 3.02 Notice of Redemption; Selection of Debt Securities. In case the Issuers shall desire to exercise the right to redeem
all or, as the case may be, any part of the Debt Securities of any series in accordance with their terms, by resolution of the Board of Directors of the Partnership or a supplemental indenture, the Issuers shall fix a date for redemption and shall
give notice of such redemption at least 30 and not more than 60 days prior to the date fixed for redemption to the Holders of Debt Securities of such series so to be redeemed as a whole or in part, in the manner provided in Section 13.03. The
notice if given in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Debt
Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Debt Security of such series. 

Each such notice of redemption shall specify (i) the date fixed for redemption, (ii) the redemption price at which Debt Securities
of such series are to be redeemed (or the method of calculating such redemption price), (iii) the Place or Places of Payment that payment will be made upon presentation and surrender of such Debt Securities, (iv) that any interest accrued
to the date fixed for redemption will be paid as specified in said notice, (v) that the redemption is for a sinking fund payment (if applicable), (vi) that, unless otherwise specified in such notice, if the Issuers default in making such
redemption payment, the paying agent is prohibited from making such payment pursuant to the terms of this Indenture, (vii) that on and after said date any interest thereon or on the portions thereof to be redeemed will cease to accrue,
(viii) that in the case of Original Issue Discount Securities original issue discount accrued after the date fixed for redemption will cease to accrue, (ix) the terms of the Debt Securities of that series pursuant to which the Debt
Securities of that series are being redeemed and (x) 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 Debt Securities of that series. If less than all the Debt
Securities of a series are to be redeemed the notice of redemption shall specify the certificate numbers of any Debt Securities of that series to be redeemed that are not in global form. In case any Debt Security of a series is to be redeemed in
part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Debt Security, a new Debt Security or Debt Securities
of that series in principal amount equal to the unredeemed portion thereof, will be issued. 
 At least forty five days before the date
fixed for redemption, unless the Trustee consents to a shorter period, the Issuers shall give written notice to the Trustee of the Redemption Date, the principal amount of Debt Securities to be redeemed and the series and terms of the Debt
Securities pursuant to which such redemption will occur. Such notice shall be accompanied by an Officer’s Certificate and an Opinion of Counsel to the effect that such redemption will comply with the conditions herein, and such notice may be
revoked at any time prior to the giving of a notice of redemption to the Holders pursuant to this Section 3.02. If fewer than all the Debt Securities of a series are to be redeemed, the record date relating to such redemption shall be selected
by the Issuers and given in writing to the Trustee, which record date shall be not less than three days after the date of notice to the Trustee. 

By 12:00 p.m, New York City time, on the Redemption Date for any Debt Securities, the Issuers shall deposit with the Trustee or with a paying
agent (or, if the Partnership is acting as its own paying agent, segregate and hold in trust) an amount of money in Dollars (except as provided pursuant to Section 2.03) sufficient to pay the redemption price of such Debt Securities or any
portions thereof that are to be redeemed on that date, together with any interest accrued to the Redemption Date. 
 If less than all the
Debt Securities of like tenor and terms of a series are to be redeemed (other than pursuant to mandatory sinking fund redemptions), the Trustee shall select, on a pro rata basis, by lot or by such other method as in its sole discretion it shall deem
appropriate and fair, the Debt Securities of that series or portions thereof (in multiples of $1,000) to be redeemed. 

  
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 In any case where more than one Debt Security of such series is registered in the same name, the
Trustee in its discretion may treat the aggregate principal amount so registered as if it were represented by one Debt Security of such series. The Trustee shall promptly notify the Issuers in writing of the Debt Securities selected for redemption
and, in the case of any Debt Securities selected for partial redemption, the principal amount thereof to be redeemed. If any Debt Security called for redemption shall not be so paid upon surrender thereof on such Redemption Date, the principal,
premium, if any, and interest shall bear interest until paid from the Redemption Date at the rate borne by the Debt Securities of that series. If less than all the Debt Securities of unlike tenor and terms of a series are to be redeemed, the
particular Debt Securities to be redeemed shall be selected by the Issuers. Provisions of this Indenture that apply to Debt Securities called for redemption also apply to portions of Debt Securities called for redemption. 

Section 3.03 Payment of Debt Securities Called for Redemption. If notice of redemption has been given as provided in
Section 3.02, the Debt Securities or portions of Debt Securities of the series with respect to which such notice has been given shall become due and payable on the date and at the Place or Places of Payment stated in such notice at the
applicable redemption price, together with any interest accrued to the date fixed for redemption, and on and after said date (unless the Issuers shall default in the payment of such Debt Securities at the applicable redemption price, together with
any interest accrued to said date) any interest on the Debt Securities or portions of Debt Securities of any series so called for redemption shall cease to accrue, and any original issue discount in the case of Original Issue Discount Securities
shall cease to accrue. On presentation and surrender of such Debt Securities at the Place or Places of Payment in said notice specified, the said Debt Securities or the specified portions thereof shall be paid and redeemed by the Issuers at the
applicable redemption price, together with any interest accrued thereon to the date fixed for redemption. 
 Any Debt Security that is to be
redeemed only in part shall be surrendered at the Place of Payment with, if the Issuers, the Registrar or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuers, the Registrar and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing, and the Issuers shall execute, and the Trustee shall authenticate and deliver to the Holder of such Debt Security without service charge, a new Debt Security or
Debt Securities of the same series, of like tenor and form, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Debt Security so
surrendered; except that if a Global Security is so surrendered, the Issuers shall execute, and the Trustee shall authenticate and deliver to the Depositary for such Global Security, without service charge, a new Global Security in a denomination
equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. In the case of a Debt Security providing appropriate space for such notation, at the option of the Holder thereof, the Trustee, in lieu of
delivering a new Debt Security or Debt Securities as aforesaid, may make a notation on such Debt Security of the payment of the redeemed portion thereof. 

Section 3.04 Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of
Debt Securities of any series, resolution of the Board of Directors of the Partnership or a supplemental indenture is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount
provided for by the terms of Debt Securities of any series, resolution of the Board of Directors of the Partnership or a supplemental indenture is herein referred to as an “optional sinking fund payment.” 

In lieu of making all or any part of any mandatory sinking fund payment with respect to any Debt Securities of a series in cash, the Issuers
may at their option (a) deliver to the Trustee Debt Securities of that series theretofore purchased or otherwise acquired by Issuers or (b) receive credit for the principal amount of Debt Securities of that series which have been redeemed
either at the election of the Issuers pursuant to the terms of such Debt Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Debt Securities, resolution or supplemental indenture; provided,
that such Debt Securities have not been previously so credited. Such Debt Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Debt Securities, resolution or supplemental indenture for
redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly. 

  
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 Section 3.05 Redemption of Debt Securities for Sinking Fund. Not less than 60 days
prior to each sinking fund payment date for any series of Debt Securities, the Issuers will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of
that series, any resolution or supplemental indenture, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Debt Securities of that series
pursuant to this Section 3.05 (which Debt Securities, if not previously redeemed, will accompany such certificate) and whether the Issuers intend to exercise their right to make any permitted optional sinking fund payment with respect to such
series. Such certificate shall also state that no Event of Default has occurred and is continuing with respect to such series. Such certificate shall be irrevocable and upon its delivery the Issuers shall be obligated to make the cash payment or
payments therein referred to, if any, by 12 p.m., New York City time, on the next succeeding sinking fund payment date. Failure of the Issuers to deliver such certificate (or to deliver the Debt Securities specified in this paragraph) shall not
constitute a Default, but such failure shall require that the sinking fund payment due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of such
Debt Securities subject to a mandatory sinking fund payment without the option to deliver or credit Debt Securities as provided in this Section 3.05 and without the right to make any optional sinking fund payment, if any, with respect to such
series. 
 Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused balance of any preceding sinking fund
payments made in cash which shall equal or exceed $100,000 (or a lesser sum if the Issuers shall so request) with respect to the Debt Securities of any particular series shall be applied by the Trustee on the sinking fund payment date on which such
payment is made (or, if such payment is made before a sinking fund payment date, on the sinking fund payment date following the date of such payment) to the redemption of such Debt Securities at the redemption price specified in such Debt
Securities, resolution or supplemental indenture for operation of the sinking fund together with any accrued interest to the date fixed for redemption. Any sinking fund moneys not so applied or allocated by the Trustee to the redemption of Debt
Securities shall be added to the next cash sinking fund payment received by the Trustee for such series and, together with such payment, shall be applied in accordance with the provisions of this Section 3.05. Any and all sinking fund moneys
with respect to the Debt Securities of any particular series held by the Trustee on the last sinking fund payment date with respect to Debt Securities of such series and not held for the payment or redemption of particular Debt Securities shall be
applied by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to the payment of the principal of the Debt Securities of that series at its Stated Maturity. 

The Trustee shall select the Debt Securities to be redeemed upon such sinking fund payment date in the manner specified in the last paragraph
of Section 3.02 and the Issuers shall cause notice of the redemption thereof to be given in the manner provided in Section 3.02 except that the notice of redemption shall also state that the Debt Securities are being redeemed by operation
of the sinking fund. Such notice having been duly given, the redemption of such Debt Securities shall be made upon the terms and in the manner stated in Section 3.03. 

The Trustee shall not redeem any Debt Securities of a series with sinking fund moneys or mail any notice of redemption of such Debt Securities
by operation of the sinking fund for such series during the continuance of a Default in payment of interest on such Debt Securities or of any Event of Default (other than an Event of Default occurring as a consequence of this paragraph) with respect
to such Debt Securities, except that if the notice of redemption of any such Debt Securities shall theretofore have been mailed in accordance with the provisions hereof, the Trustee shall redeem such Debt Securities if cash sufficient for that
purpose shall be deposited with the Trustee for that purpose in accordance with the terms of this Article III. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such Default or Event of Default shall occur and
any moneys thereafter paid into such sinking fund shall, during the continuance of such Default or Event of Default, be held as security for the payment of such Debt Securities; provided, however, that in case such Default or Event of Default shall
have been cured or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date for such Debt Securities on which such moneys may be applied pursuant to the provisions of this Section 3.05. 

ARTICLE IV 
 PARTICULAR
COVENANTS OF THE ISSUERS 
 Section 4.01 Payment of Principal of and Premium, If Any, and Interest on, Debt Securities. The
Issuers, for the benefit of each series of Debt Securities, will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest on, each of the Debt Securities at the place, at the respective times and in the manner
provided herein or in the Debt Securities. Each installment of interest on any Debt Securities not in global form may at the Issuers’ option be paid by mailing checks for such interest payable to the Person entitled thereto pursuant to
Section 2.07(a) to the address of such Person as it appears on the Debt Security Register. 

  
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 Principal of and premium and interest on Debt Securities of any series shall be considered paid
on the date due if, by 12:00 p.m., New York City time, on such date the Trustee or any paying agent holds in accordance with this Indenture money sufficient to pay all principal, premium and interest then due. 

The Issuers shall pay interest on overdue principal or premium, if any, at the rate specified therefor in the Debt Securities, and it shall
pay interest on overdue installments of interest at the same rate to the extent lawful. 
 Section 4.02 Maintenance of Offices or
Agencies for Registration of Transfer, Exchange and Payment of Debt Securities. The Issuers will maintain in each Place of Payment for any series of Debt Securities an office or agency where Debt Securities of such series may be presented or
surrendered for payment, and it shall also maintain (in or outside such Place of Payment) an office or agency where Debt Securities of such series may be surrendered for transfer or exchange. The Issuers will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, may be made or served at the office of the Trustee specified in Section 13.03, and the Issuers hereby appoint the Trustee as their agent to receive all presentations. 

The Issuers may also from time to time designate different or additional offices or agencies to be maintained for such purposes (in or outside
of such Place of Payment), and may from time to time rescind any such designation; provided, however, that no such designation or rescission shall in any manner relieve the Issuers of their obligations described in the preceding paragraph. The
Issuers will give prompt written notice to the Trustee of any such additional designation or rescission of designation and any change in the location of any such different or additional office or agency. 

Section 4.03 Appointment to Fill a Vacancy in the Office of Trustee. The Issuers, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in Section 7.08, a Trustee, so that there shall at all times be a Trustee hereunder with respect to each series of Debt Securities. 

Section 4.04 Duties of Paying Agents, etc. 

(a) The Issuers shall cause each paying agent, if any, other than the Trustee, to execute and deliver to the Trustee an instrument in which
such agent shall agree with the Trustee, subject to the provisions of this Section 4.04, 
 (i) that it will hold all
sums held by it as such agent for the payment of the principal of, and premium, if any, or interest on, the Debt Securities of any series (whether such sums have been paid to it by the Issuers or by any other obligor on the Debt Securities of such
series) in trust for the benefit of the Holders of the Debt Securities of such series; 
 (ii) that it will give the Trustee
notice of any failure by the Issuers (or by any other obligor on the Debt Securities of such series) to make any payment of the principal of, and premium, if any, or interest on, the Debt Securities of such series when the same shall be due and
payable; and 
 (iii) that it will at any time during the continuance of an Event of Default, upon the written request of the
Trustee, forthwith pay to the Trustee all sums so held by it as such agent. 
 (b) If the Partnership shall act as its own paying agent, it
will, on or before each due date of the principal of, and premium, if any, or interest on, the Debt Securities of any series, set aside, segregate and hold in trust for the benefit of the Holders of the Debt Securities of such series a sum
sufficient to pay such principal, premium, if any, or interest so becoming due. The Partnership will promptly notify the Trustee of any failure by the Partnership to take such action or the failure by any other obligor on such Debt Securities to
make any payment of the principal of, and premium, if any, or interest on, such Debt Securities when the same shall be due and payable. 

  
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 (c) Anything in this Section 4.04 to the contrary notwithstanding, the Partnership may, at
any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by it or any paying agent, as required by this Section 4.04, such sums
to be held by the Trustee upon the same trusts as those upon which such sums were held by the Partnership or such paying agent. 
 (d)
Whenever there are one or more paying agents with respect to any series of Debt Securities, the Issuers will, prior to 12:00 p.m., New York City time, on each due date of the principal of, and premium, if any, or interest on, any Debt Securities of
such series, deposit with any such paying agent a sum sufficient to pay the principal, premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless any such paying agent is the
Trustee) the Partnership will promptly notify the Trustee of its action or failure so to act. 
 (e) Anything in this Section 4.04 to
the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 4.04 is subject to the provisions of Section 11.05. 

Section 4.05 SEC Reports; Financial Statements. OpCo shall, so long as any of the Debt Securities are Outstanding: 

(a) Whether or not Opco is then required to file reports with the SEC, Opco shall file with the SEC all such reports and other information as
it would be required to file with the SEC by Sections 13(a) or 15(d) under the Exchange Act if it was subject thereto; provided, however, that, if filing such documents by Opco with the SEC is not permitted under the Exchange Act, Opco shall, within
15 days after the time Opco would be required to file such information with the SEC if it were subject to Section 13 or 15(d) under the Exchange Act, provide such documents and reports to the Trustee and upon written request supply copies of
such documents and reports to any Holder and shall post such documents and reports on Opco’s public website. Opco shall supply the Trustee and each Holder or shall supply to the Trustee for forwarding to each such Holder, without cost to such
Holder, copies of such reports and other information. Delivery of such information, documents and reports to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Issuers’ compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 (b) So long as permitted by the SEC, at any time that either (x) one or more Subsidiaries of Opco is an Unrestricted Subsidiary (as
defined in a supplemental indenture hereto) or (y) Opco holds directly any material assets (including Capital Stock) other than the Capital Stock of the Issuers then the quarterly and annual financial information required by this
Section 4.15 will include a reasonably detailed presentation, either in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or any other comparable section, of the financial condition and
results of operations of the Issuers and their Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries and other material assets of the Issuers. 

(c) Opco shall also, within a reasonably prompt period of time following the disclosure of the annual and quarterly information required
above, conduct a conference call with respect to such information and results of operations for the relevant reporting period. No fewer than three Business Days prior to the date of the conference call required to be held in accordance with the
preceding sentence, Opco shall issue a press release to the appropriate internationally recognized wire services announcing the date that such information will be available and the time and date of such conference call. 

(d) So long as the Parent is a Guarantor of the Debt Securities of a given series of Debt Securities, Opco may satisfy its obligations under
this Section 4.05 with respect to filing, furnishing, providing and posting documents, reports and other information relating to Opco with respect to such series of Debt Securities by the Parent’s filing, furnishing, providing and posting,
as the case may be, of such documents, reports and other information relating to the Parent; provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to
the Parent and its consolidated Subsidiaries on the one hand, and the information relating to the Parent, the Issuers and the Subsidiary Guarantors on a standalone basis, on the other hand, as of the ending date of the period covered by such report.

  
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 (e) OpCo shall provide the Trustee with a sufficient number of copies of all reports and other
documents and information that the Trustee may be required to deliver to Holders under this Section. 
 Section 4.06 Compliance
Certificate. 
 (a) So long as any of the Debt Securities are Outstanding, the Issuers shall deliver to the Trustee, within 120 days
after the end of each fiscal year of the Partnership, an Officer’s Certificate signed by the principal executive officer, principal financial officer, principal operating officer or principal accounting officer of the Issuers stating that a
review of the activities of the Issuers and their Subsidiaries has been made under the supervision of the signing Officer with a view to determining whether the Issuers and their Subsidiaries have kept, observed, performed and fulfilled their
obligations under this Indenture and further stating, as to each such Officer signing such certificate, that, to the best of such Officer’s knowledge, the Issuers and their Subsidiaries during such preceding fiscal year have kept, observed,
performed and fulfilled each and every such covenant and no Default occurred during such year and at the date of such certificate there is no Default that has occurred and is continuing or, if such signers do know of such Default, the certificate
shall specify such Default and what action, if any, the Issuers are taking or propose to take with respect thereto. 
 (b) The Issuers
shall, so long as any of the Debt Securities are Outstanding, deliver to the Trustee within 30 days after the Issuers become aware (unless such Default has been cured before the end of the 30-day period) of the occurrence of any Default an
Officer’s Certificate specifying the Default and what action, if any, the Issuers are taking or propose to take with respect thereto. 

Section 4.07 Further Instruments and Acts. The Issuers will, upon request of the Trustee, execute and deliver such further
instruments and do such further acts as may reasonably be necessary or proper to carry out more effectually the purposes of this Indenture. 

Section 4.08 Existence. Except as permitted by Article X hereof or any supplemental indenture hereto, each of the Issuers shall do
or cause to be done all things necessary to preserve and keep in full force and effect its existence and all rights (charter and statutory) and franchises of such Issuer, provided that an Issuer shall not be required to preserve any such right or
franchise, if its Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer. 

ARTICLE V 
 HOLDERS’
LISTS AND REPORTS BY THE TRUSTEE 
 Section 5.01 Issuers to Furnish Trustee Information as to Names and Addresses of Holders;
Preservation of Information. Each Issuer covenants and agrees that it will furnish or cause to be furnished to the Trustee with respect to the Debt Securities of each series: 

(a) not more than 10 days after each record date with respect to the payment of interest, if any, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders as of such record date, and 
 (b) at such other times as the Trustee may
request in writing, within 30 days after the receipt by such Issuer of any such request, a list of similar form and contents as of a date not more than 15 days prior to the time such list is furnished; 

provided, however, that so long as the Trustee shall be the Registrar, such lists shall not be required to be furnished. 

  
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 The Trustee shall preserve, in as current a form as is reasonably practicable, all information as
to the names and addresses of the Holders (i) contained in the most recent list furnished to it as provided in this Section 5.01 or (ii) received by it in the capacity of paying agent or Registrar (if so acting) hereunder. 

The Trustee may destroy any list furnished to it as provided in this Section 5.01 upon receipt of a new list so furnished. 

Section 5.02 Communications to Holders. Holders may communicate pursuant to Section 312(b) of the TIA with other Holders with
respect to their rights under this Indenture or the Debt Securities. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the TIA. 

Section 5.03 Reports by Trustee. Within 60 days after each January 31, beginning with the first January 31 following the
date of this Indenture, and in any event on or before April 1 in each year, the Trustee shall mail to Holders a brief report dated as of such January 31 that complies with TIA Section 313(a); provided, however, that 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). 

Reports pursuant to this Section 5.03 shall be transmitted by mail: 

(a) to all Holders, as the names and addresses of such Holders appear in the Debt Security Register; and 

(b) except in the cases of reports under Section 313(b)(2) of the TIA, to each Holder of a Debt Security of any series whose name and
address appear in the information preserved at the time by the Trustee in accordance with Section 5.01. 
 A copy of each report at the
time of its mailing to Holders shall be filed with the Securities and Exchange Commission and each stock exchange (if any) on which the Debt Securities of any series are listed. The Issuers agree to notify promptly the Trustee whenever the Debt
Securities of any series become listed on any stock exchange and of any delisting thereof. 
 Section 5.04 Record Dates for Action by
Holders. If the Issuers shall solicit from the Holders of Debt Securities of any series any action (including the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action), the
Issuers may, at their option, by resolution of the Board of Directors of the Partnership, fix in advance a record date for the determination of Holders of Debt Securities entitled to take such action, but the Issuers shall have no obligation to do
so. Any such record date shall be fixed at the Issuers’ discretion. If such a record date is fixed, such action may be sought or given before or after the record date, but only the Holders of Debt Securities of record at the close of business
on such record date shall be deemed to be Holders of Debt Securities for the purpose of determining whether Holders of the requisite proportion of Debt Securities of such series Outstanding have authorized or agreed or consented to such action, and
for that purpose the Debt Securities of such series Outstanding shall be computed as of such record date. 
 ARTICLE VI 

REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT 

Section 6.01 Events of Default. If any one or more of the following shall have occurred and be continuing with respect to Debt
Securities of any series (each of the following, an “Event of Default”): 
 (a) default in the payment of any installment of
interest upon any Debt Securities of that series as and when the same shall become due and payable, and continuance of such default for a period of 60 days; or 

  
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 (b) default in the payment of the principal of or premium, if any, on any Debt Securities of that
series as and when the same shall become due and payable, whether at Stated Maturity, upon redemption, by declaration, upon required repurchase or otherwise; or 

(c) default in the payment of any sinking fund payment with respect to any Debt Securities of that series as and when the same shall become
due and payable; or 
 (d) failure on the part of the Issuers, or if any series of Debt Securities Outstanding under this Indenture is
entitled to the benefits of the Guarantee, any of the Guarantors, duly to observe or perform any other of the covenants or agreements on the part of the Issuers, or if applicable, any of the Guarantors, in the Debt Securities of that series, in any
resolution of the Board of Directors of the Partnership authorizing the issuance of that series of Debt Securities, in this Indenture with respect to such series or in any supplemental indenture with respect to such series (other than a covenant a
default in the performance of which is elsewhere in this Section specifically dealt with), continuing for a period of 30 days after the date on which written notice specifying such failure and requiring the Issuers, or if applicable, the Guarantors,
to remedy the same shall have been given to the Issuers, or if applicable, the Guarantors, by the Trustee or to the Issuers, or if applicable, the Guarantors, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Debt
Securities of that series at the time Outstanding; or 
 (e) either of the Issuers, or if any series of Debt Securities Outstanding under
this Indenture is entitled to the benefits of the Guarantee, any of the Guarantors, pursuant to or within the meaning of any Bankruptcy Law, 

(i) commences a voluntary case, 

(ii) consents to the entry of an order for relief against it in an involuntary case, 

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

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

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

(i) is for relief against either of the Issuers, or if any series of Debt Securities Outstanding under this Indenture is
entitled to the benefits of the Guarantee, any of the Guarantors, as debtor in an involuntary case, 
 (ii) appoints a
Custodian of either Issuer, or if any series of Debt Securities Outstanding under this Indenture is entitled to the benefits of the Guarantee, any of the Guarantors, or a Custodian for all or substantially all of the property of either Issuer, or if
applicable, any of the Guarantors, or 
 (iii) orders the liquidation of either Issuer, or if any series of Debt Securities
Outstanding under this Indenture is entitled to the benefits of the Guarantee, any of the Guarantors, and the order or decree remains unstayed and in effect for 60 days; 

(g) if any series of Debt Securities Outstanding under this Indenture is entitled to the benefits of the Guarantee, the Guarantee of any of
the Guarantors ceases to be in full force and effect with respect to Debt Securities of that series (except as otherwise provided in this Indenture) or is declared null and void in a judicial proceeding or any of the Guarantors denies or disaffirms
its obligations under this Indenture or such Guarantee; or 
 (h) failure on the part of the Issuers to comply with Article X; 

  
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 (i) any other Event of Default provided with respect to Debt Securities of that
series; 
 then and in each and every case that an Event of Default described in clause (a), (b), (c), (d), (g), (h) or (i) with respect to Debt
Securities of that series at the time Outstanding occurs and is continuing, unless the principal of, premium, if any, and accrued and unpaid interest on all the Debt Securities of that series shall have already become due and payable, either the
Trustee or the Holders of not less than 25% in aggregate principal amount of the Debt Securities of that series then Outstanding hereunder, by notice in writing to the Issuers (and to the Trustee if given by Holders), may declare the principal of
(or, if the Debt Securities of that series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the terms of that series), premium, if any, and interest on all the Debt Securities of that series to
be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Debt Securities of that series contained to the contrary notwithstanding. If an Event
of Default described in clause (e) or (f) occurs with respect to the Partnership, then and in each and every such case, unless the principal of and accrued and unpaid interest on all the Debt Securities shall have become due and payable,
the principal of (or, if the Debt Securities of that series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the terms thereof), premium, if any, and interest on all the Debt Securities then
Outstanding hereunder shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders, anything in this Indenture or in the Debt Securities contained to the contrary
notwithstanding. 
 The Holders of a majority in aggregate principal amount of the Debt Securities of a particular series by written notice
to the Trustee may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree of a court of competent jurisdiction already rendered and if all existing Events of Default with respect to that series
have been cured or waived except nonpayment of principal, premium, if any, or interest that has become due solely because of acceleration. Upon any such rescission, the parties hereto shall be restored respectively to their several positions and
rights hereunder, and all rights, remedies and powers of the parties hereto shall continue as though no such proceeding had been taken. 

Section 6.02 Collection of Debt by Trustee, etc.. If an Event of Default occurs and is continuing, the Trustee, in its own name
and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid or enforce the performance of any provision of the Debt Securities of the
affected series or this Indenture, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against any of the Guarantors or the Issuers or any other obligor upon the Debt
Securities of such series (and collect in the manner provided by law out of the property of any of the Guarantors or the Issuers or any other obligor upon the Debt Securities of such series wherever situated the moneys adjudged or decreed to be
payable). 
 In case there shall be pending proceedings for the bankruptcy or for the reorganization of any of the Guarantors, the Issuers
or any other obligor upon the Debt Securities of any series under any Bankruptcy Law, or in case a Custodian shall have been appointed for its property, or in case of any other similar judicial proceedings relative to any of the Guarantors, the
Issuers or any other obligor upon the Debt Securities of any series, its creditors or its property, the Trustee, irrespective of whether the principal of Debt Securities of any series shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a
claim or claims for the whole amount of principal, premium, if any, and interest (or, if the Debt Securities of such series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the terms of such
series) owing and unpaid in respect of the Debt Securities of such series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the
Trustee, its agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or bad faith) and of the Holders thereof allowed in any such
judicial proceedings relative to any of the Guarantors, the Issuers or any other obligor upon the Debt Securities of such series, its creditors or its property, and to collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute all amounts received with respect to the claims of such Holders and of the Trustee on their behalf, and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of such Holders to
make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments 

  
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directly to such Holders, to pay to the Trustee such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other reasonable
expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or bad faith. 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. 

All rights of action and of asserting claims under this Indenture, or under any of the Debt Securities of any series, may be enforced by the
Trustee without the possession of any such Debt Securities, or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment (except for any amounts payable to the Trustee pursuant to Section 7.06) shall be for the ratable benefit of the Holders of all the Debt Securities in respect of which such action was taken. 

In case of an Event of Default hereunder the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 

Section 6.03 Application of Moneys Collected by Trustee. Any moneys or other property collected by the Trustee pursuant to
Section 6.02 with respect to Debt Securities of any series shall be applied, in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys or other property, upon presentation of the several Debt
Securities of such series in respect of which moneys or other property have been collected, and the notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid: 

FIRST: To the payment of all money due the Trustee pursuant to Section 7.06; 

SECOND: In case the principal of the Outstanding Debt Securities in respect of which such moneys have been collected shall not have become
due, to the payment of interest on the Debt Securities of such series in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments
of interest at the rate or Yield to Maturity (in the case of Original Issue Discount Debt Securities) borne by the Debt Securities of such series, such payments to be made ratably to the Persons entitled thereto, without discrimination or
preference; 
 THIRD: In case the principal of the Outstanding Debt Securities in respect of which such moneys have been collected shall
have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon the Debt Securities of such series for principal and premium, if any, and interest, with interest on the overdue principal and premium, if
any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate or Yield to Maturity (in the case of Original Issue Discount Debt Securities) borne by the Debt Securities of such
series; and, in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Debt Securities of such series, then to the payment of such principal and premium, if any, and interest, without preference or priority
of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Debt Security of such series over any Debt Security of such
series, ratably to the aggregate of such principal and premium, if any, and interest; and 
 FOURTH: The remainder, if any, shall be paid to
the Guarantors or the Issuers, as applicable, its successors or assigns, or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.03. At least 15 days before such
record date, the Issuers shall mail to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

  
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 Section 6.04 Limitation on Suits by Holders. No Holder of any Debt Security of any
series shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise, upon or under or with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of an Event of Default with respect to Debt Securities of that same series and of the continuance thereof and
unless the Holders of not less than 25% in aggregate principal amount of the Outstanding Debt Securities of that series shall have made written request upon the Trustee to institute such action or proceedings in respect of such Event of Default in
its own name as Trustee hereunder and shall have offered to the Trustee such indemnity or security satisfactory to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after
its receipt of such notice, request and offer of indemnity or security shall have failed to institute any such action or proceedings and no direction inconsistent with such written request shall have been given to the Trustee pursuant to
Section 6.06; it being understood and intended, and being expressly covenanted by the Holder of every Debt Security with every other Holder and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the rights of any Holders, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the
manner herein provided and for the equal, ratable and common benefit of all such Holders. For the protection and enforcement of the provisions of this Section 6.04, each and every Holder and the Trustee shall be entitled to such relief as can
be given either at law or in equity. 
 Notwithstanding any other provision in this Indenture, however, the right of any Holder of any Debt
Security to receive payment of the principal of, and premium, if any, and (subject to Section 2.12) interest on, such Debt Security, on or after the respective due dates expressed in such Debt Security, and to institute 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 6.05 Remedies Cumulative; Delay or Omission in Exercise of Rights Not a Waiver of Default. All powers and remedies given
by this Article VI to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings or
otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any Default occurring and
continuing as aforesaid, shall impair any such right or power, or shall be construed to be a waiver of any such Default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article VI
or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders. 

Section 6.06 Rights of Holders of Majority in Principal Amount of Debt Securities to Direct Trustee and to Waive Default. The
Holders of not less than a majority in aggregate principal amount of the Debt Securities of any series at the time Outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or of exercising any right, trust or power conferred on the Trustee, with respect to the Debt Securities of such series; provided, however, that such direction shall not be otherwise than in accordance with law and the provisions of this
Indenture, and that subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee being advised by counsel shall determine that the action so directed may not lawfully be
taken or is inconsistent with any provision of this Indenture, or if the Trustee shall by a responsible officer or officers determine that the action so directed would involve it in personal liability or would be unduly prejudicial to Holders of
Debt Securities of such series not taking part in such direction; and provided, further, however, that nothing in this Indenture contained shall impair the right of the Trustee to take any action deemed proper by the Trustee and which is not
inconsistent with such direction by such Holders. The Holders of not less than a majority in aggregate principal amount of the Debt Securities of any series at the time Outstanding may on behalf of the Holders of all the Debt Securities of that
series waive any past Default or Event of Default and its consequences for that series, except a Default or Event of Default in the payment of the principal of, and premium, if any, or interest on, any of the Debt Securities and a Default or Event
of Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected thereby. In case of any such waiver, such Default shall cease to exist, any Event of Default arising therefrom shall be
deemed to have been cured for every purpose of this Indenture, and the Guarantors, the Issuers, 

  
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the Trustee and the Holders of the Debt Securities of that series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereon. 
 Section 6.07 Trustee to Give Notice of Events of
Defaults Known to It, but May Withhold Such Notice in Certain Circumstances. The Trustee shall, within 90 days after the occurrence of an Event of Default, or if later, within 30 days after the Trustee obtains actual knowledge of the Event of
Default, with respect to a series of Debt Securities give to the Holders thereof, in the manner provided in Section 13.03, notice of all Events of Default with respect to such series known to the Trustee, unless such Events of Default shall
have been cured or waived before the giving of such notice; provided, that, except in the case of an Event of Default in the payment of the principal of, or premium, if any, or interest on, any of the Debt Securities of such series or in the making
of any sinking fund payment with respect to the Debt Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a committee of directors or responsible
officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders thereof. 

Section 6.08 Requirement of an Undertaking to Pay Costs in Certain Suits under the Indenture or Against the Trustee. All parties
to this Indenture agree, and each Holder of any Debt Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, 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 Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit in the manner and to the extent provided in the TIA, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 6.08 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 25 percent in principal amount of the Outstanding Debt
Securities of that series or to any suit instituted by any Holder for the enforcement of the payment of the principal of, or premium, if any, or interest on, any Debt Security on or after the due date for such payment expressed in such Debt
Security. 
 ARTICLE VII 

CONCERNING THE TRUSTEE 

Section 7.01 Certain Duties and Responsibilities. The Trustee, prior to the occurrence of an Event of Default and after the curing
or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default has occurred (which has not been cured or waived), 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 their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, its own bad faith or its own willful misconduct, except that: 
 (a) this paragraph shall not be construed to limit the
effect of the first paragraph of this Section 7.01; 
 (b) prior to the occurrence of an Event of Default with respect to the Debt
Securities of a series and after the curing or waiving of all Events of Default with respect to such series which may have occurred: 

(i) the duties and obligations of the Trustee with respect to Debt Securities of any series shall be determined solely by the
express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations with respect to such series as are specifically set forth in this Indenture, and no implied covenants or obligations
with respect to such series shall be read into this Indenture against the Trustee; 

  
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 (ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such
certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

 (iii) the Trustee shall not be liable for an error of judgment made in good faith by a responsible officer, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iv) the Trustee shall not be
liable with respect to any action taken or omitted to be taken by it with respect to Debt Securities of any series in good faith in accordance with the direction of the Holders of not less than a majority in aggregate principal amount of the
Outstanding Debt Securities of that series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to
Debt Securities of such series. 
 None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any personal financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 
 Whether or not therein expressly so provided, every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

Section 7.02 Certain Rights of Trustee. Except as otherwise provided in Section 7.01: 

(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or
parties; 
 (b) any request, direction, order or demand of an Issuer mentioned herein shall be sufficiently evidenced by an Issuer Order
(unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors of any Person may be evidenced to the Trustee by a copy thereof certified by the proper Officer of such Person; 

(c) the Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in reliance upon such advice or Opinion of Counsel; 

(d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Holders of Debt Securities of any series pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities
which may be incurred therein or thereby; 
 (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (f) the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, approval or other paper or document, unless
requested in writing to do so by the Holders of a majority in aggregate principal amount of the then Outstanding Debt Securities of a series affected by such matter; provided, however, that if the 

  
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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 not, in the opinion of the Trustee,
reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require satisfactory indemnity against such costs, expenses or liabilities as a condition to so proceeding, and the reasonable expense
of every such investigation shall be paid by the Issuers or, if paid by the Trustee, shall be repaid by the Issuer upon demand; 
 (g) the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or
attorney appointed by it with due care hereunder; and 
 (h) if any property other than cash shall at any time be subject to a Lien in favor
of the Holders, the Trustee, if and to the extent authorized by a receivership or bankruptcy court of competent jurisdiction or by the supplemental instrument subjecting such property to such Lien, shall be entitled to make advances for the purpose
of preserving such property or of discharging tax Liens or other prior Liens or encumbrances thereon. 
 (i) The rights, privileges,
protections, immunities and benefits given to the Trustee, including its right to be indemnified and/or secured, are extended to, and shall be enforceable by Wilmington Trust, National Association in each of its respective capacities hereunder, and
each agent, custodian and other person employed to act hereunder. Absent willful misconduct or negligence, each Paying Agent, Registrar and Transfer Agent shall not be liable for acting in good faith on instructions believed by it to be genuine and
from the proper party. Each Agent’s obligations and duties are several and not joint. 
 (j) The permissive right of the Trustee to
take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so. 
 (k) The Trustee will not be liable
to any person if prevented or delayed in performing any of its obligations or discretionary functions under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances
beyond its control. 
 (l) The Trustee shall not under any circumstances be liable for any punitive, special or consequential damages
(including loss of business, goodwill, opportunity or profit of any kind) of the Company, any Subsidiary or any other Person (or, in each case, any successor thereto), even if advised of it in advance and even if foreseeable. 

Section 7.03 Trustee Not Liable for Recitals in Indenture or in Debt Securities. The recitals contained herein, in the Debt Securities
(except the Trustee’s certificate of authentication) shall be taken as the statements of the Issuers and the Guarantors, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Debt Securities of any series, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Debt Securities and perform its obligations
hereunder, and that the statements made by it or to be made by it in a Statement of Eligibility and Qualification on Form T-1 supplied to the Partnership are true and accurate. The Trustee shall not be accountable for the use or application by any
Person of any of the Debt Securities or of the proceeds thereof. 
 Section 7.04 Trustee, Paying Agent or Registrar May Own Debt
Securities. The Trustee or any paying agent or Registrar, in its individual or any other capacity, may become the owner or pledgee of Debt Securities and subject to the provisions of the TIA relating to conflicts of interest and preferential
claims may otherwise deal with the Issuers with the same rights it would have if it were not Trustee, paying agent or Registrar. 

Section 7.05 Moneys Received by Trustee to Be Held in Trust. Subject to the provisions of Section 11.05, all moneys received
by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability
for interest on any moneys received by it hereunder. So long as no Event of Default shall have occurred and be continuing, all interest allowed on any such moneys shall be paid from time to time to the Issuers upon an Issuer Order. 

  
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 Section 7.06 Compensation and Reimbursement. Each Issuer covenants and agrees to pay
in Dollars to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder (which shall not be limited by any provision of law in regard to the compensation of a trustee of an
express trust), and, except as otherwise expressly provided herein, the Issuers will pay or reimburse in Dollars the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents, attorneys and counsel and of all Persons not regularly in its employ), including without limitation, Section 6.02,
except any such expense, disbursement or advances as may arise from its negligence, willful misconduct or bad faith. The Issuers also covenant to indemnify in Dollars the Trustee for, and to hold it harmless against, any loss, liability or expense
incurred without negligence, willful misconduct or bad faith on the part of the Trustee, arising out of or in connection with the acceptance or administration of this trust or trusts hereunder, including the reasonable costs and expenses of
defending itself against any claim of liability in connection with the exercise or performance of any of its powers or duties hereunder. The obligations of the Issuers under this Section 7.06 to compensate and indemnify the Trustee and to pay
or reimburse the Trustee for expenses, disbursements and advances shall constitute additional Debt hereunder and shall survive the satisfaction and discharge of this Indenture. The Issuers and the Holders agree that such additional Debt shall be
secured by a Lien prior to that of the Debt Securities upon all property and funds held or collected by the Trustee, as such, except funds held in trust for the payment of principal of, and premium, if any, or interest on, particular Debt
Securities. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(e) or
(f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 7.07 Right of Trustee to Rely on an Officer’s Certificate Where No Other Evidence Specifically Prescribed. Except as
otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action
hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s
Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this
Indenture upon the faith thereof. 
 Section 7.08 Separate Trustee; Replacement of Trustee. The Issuers may, but need not,
appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by giving notice to the Issuers. The Holders of a majority in principal amount
of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and may appoint a successor Trustee. The Issuers may remove the Trustee if: 

 

	 	(a)	the Trustee fails to comply with Section 7.10; 

  

	 	(b)	the Trustee is adjudged bankrupt or insolvent; 

  

	 	(c)	a Custodian takes charge of the Trustee or its property; or 

  

	 	(d)	the Trustee otherwise becomes incapable of acting. 

 If the Trustee resigns, is removed by the
Issuers or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, 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 Issuers shall promptly appoint a successor Trustee. No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the applicable requirements of this Section 7.08. 

  
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 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee
and to the Issuers. 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 Debt Securities of each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. 

If a successor Trustee does not take office within 60 days after the retiring Trustee gives notice of resignation or is removed, the retiring
Trustee or the Holders of 25% in principal amount of the Debt Securities of any applicable series may petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. 

If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of any applicable series may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. 

Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall
continue for the benefit of the retiring Trustee. 
 In the case of the appointment hereunder of a separate or successor Trustee with
respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an indenture supplemental hereto
(i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring
Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall be Trustee of
a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee. 

Section 7.09 Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Trustee. 

In case at the time such successor or successors to the Trustee by merger, conversion, consolidation or transfer shall succeed to the trusts
created by this Indenture any of the Debt Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Debt Securities so
authenticated; and in case at that time any of the Debt Securities shall not have been authenticated, any successor to the Trustee may authenticate such Debt Securities either in the name of any predecessor hereunder or in the name of the successor
to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Debt Securities or in this Indenture provided that the certificate of the Trustee shall have. 

Section 7.10 Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310 (a) of the
TIA. The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. No obligor upon the Debt Securities of a particular series or Person directly or indirectly
controlling, controlled by or under common control with such obligor shall serve as Trustee for the Debt Securities of such series. The Trustee shall comply with Section 310(b) of the TIA; provided, however, that there shall be excluded from
the operation of Section 310(b)(1) of the TIA this Indenture or any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuers are outstanding if the requirements for
such exclusion set forth in Section 310(b)(1) of the TIA are met. 
 Section 7.11 Preferential Collection of Claims Against
Issuers. The Trustee shall comply with Section 311 (a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the
TIA to the extent indicated therein. 

  
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 Section 7.12 Compliance with Tax Laws. The Trustee hereby agrees to comply with all
U.S. Federal income tax information reporting and withholding requirements applicable to it with respect to payments of premium (if any) and interest on the Debt Securities, whether acting as Trustee, Registrar, paying agent or otherwise with
respect to the Debt Securities. 
 ARTICLE VIII 

CONCERNING THE HOLDERS 

Section 8.01 Evidence of Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage
in aggregate principal amount of the Debt Securities of any or all series may take action (including the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action) the fact that at the
time of taking any such action the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in Person or by agent or proxy appointed in
writing, (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Section 5.02, (c) by a combination of such instrument or instruments and any such
record of such a meeting of Holders or (d) in the case of Debt Securities evidenced by a Global Security, by any electronic transmission or other message, whether or not in written format, that complies with the Depositary’s applicable
procedures. 
 Section 8.02 Proof of Execution of Instruments and of Holding of Debt Securities. Subject to the provisions of
Sections 7.01, 7.02 and 13.09, proof of the execution of any instrument by a Holder or his agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as
shall be satisfactory to the Trustee. The ownership of Debt Securities of any series shall be proved by the Debt Security Register or by a certificate of the Registrar for such series. The Trustee may require such additional proof of any matter
referred to in this Section 8.02 as it shall deem necessary. 
 Section 8.03 Who May Be Deemed Owner of Debt Securities.
Prior to due presentment for registration of transfer of any Debt Security, the Issuers, the Guarantors, the Trustee, any paying agent and any Registrar may deem and treat the Person in whose name any Debt Security shall be registered upon the books
of the Registrar as the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the
principal of and premium, if any, and (subject to Section 2.12) interest on such Debt Security and for all other purposes, and none of the Issuers, the Guarantors or the Trustee nor any paying agent nor any Registrar shall be affected by any
notice to the contrary; and all such payments so made to any such Holder for the time being, or upon his order, shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon
any such Debt Security. 
 None of the Issuers, the Guarantors, the Trustee, any paying agent or any Registrar will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Section 8.04 Instruments Executed by Holders Bind Future Holders. At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Debt Securities of any series specified in this Indenture in connection with such action and subject to the
following paragraph, any Holder of a Debt Security which is shown by the evidence to be included in the Debt Securities the Holders of which have consented to such action may, by filing written notice with the Trustee at its corporate trust office
and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Debt Security. Except as aforesaid any such action taken by the Holder of any Debt Security shall be conclusive and binding upon such Holder and
upon all future Holders and owners of such Debt Security and of any Debt Security issued upon transfer thereof or in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon such Debt Security or
such other Debt Securities. Any action taken by the Holders of the percentage in aggregate principal amount of the Debt Securities of any series specified in this Indenture in connection with such action shall be conclusively binding upon the
Issuers, the Guarantors, the Trustee and the Holders of all the Debt Securities of such series. 

  
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 The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining
the Holders of Debt Securities entitled to give their consent or take any other action 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 were Holders of Debt Securities 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 of Debt Securities after such record date. No such consent shall be valid or effective for more than 120 days after such record date unless the consent of the Holders of the percentage in aggregate principal amount of
the Debt Securities of such series specified in this Indenture shall have been received within such 120-day period. 
 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

Section 9.01 Purposes for Which Supplemental Indenture May Be Entered into Without Consent of Holders. The Issuers and the
Guarantors, when authorized by resolutions of the Board of Directors of the Partnership, and the Trustee may from time to time and at any time, without the consent of Holders, enter into an Indenture or indentures supplemental hereto (which shall
conform to the provisions of the TIA as in force at the date of the execution thereof) for one or more of the following purposes: 
 (a) to
evidence the succession pursuant to Article X of another Person to an Issuer, or successive successions, and the assumption by the Successor Issuer (as defined in Section 10.01) of the covenants, agreements and obligations of such Issuer in
this Indenture and in the Debt Securities; 
 (b) to surrender any right or power herein conferred upon the Issuers or the Guarantors, to
add to the covenants of the Issuers or the Guarantors such further covenants, restrictions, conditions or provisions for the protection of the Holders of all or any series of Debt Securities (and if such covenants are to be for the benefit of less
than all series of Debt Securities, stating that such covenants are expressly being included solely for the benefit of such series) as the Board of Directors of the Partnership shall consider to be for the protection of the Holders of such Debt
Securities, and to make the occurrence, or the occurrence and continuance, of a Default in any of such additional covenants, restrictions, conditions or provisions a Default or an Event of Default permitting the enforcement of all or any of the
several remedies provided in this Indenture; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after Default (which period may be
shorter or longer than that allowed in the case of other Defaults) or may provide for an immediate enforcement upon such Default or may limit the remedies available to the Trustee upon such Default or may limit the right of the Holders of a majority
in aggregate principal amount of any or all series of Debt Securities to waive such Default; 
 (c) to cure any ambiguity or omission or to
correct or supplement any provision contained herein, in any supplemental indenture or in any Debt Securities of any series that may be defective or inconsistent with any other provision contained herein, in any supplemental indenture or in the Debt
Securities of such series; to convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or to make such other provisions in regard to matters or questions arising under this Indenture as shall not adversely affect the
interests of any Holders of Debt Securities of any series; 
 (d) to permit the qualification of this Indenture or any indenture
supplemental hereto under the TIA as then in effect, except that nothing herein contained shall permit or authorize the inclusion in any indenture supplemental hereto of the provisions referred to in Section 316(a)(2) of the TIA; 

(e) to permit or facilitate the issuance of Debt Securities of any series in uncertificated form; 

(f) to reflect the release of the Guarantor in accordance with Article XIV; 

(g) to add Guarantors with respect to any or all of the Debt Securities or to secure any or all of the Debt Securities or the Guarantee; 

(h) to make any change that does not adversely affect the rights hereunder of any Holder; 

  
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 (i) to add to, change or eliminate any of the provisions of this Indenture in respect of one or
more series of Debt Securities; provided, however, that any such addition, change or elimination not otherwise permitted under this Section 9.01 shall neither apply to any Debt Security of any series created prior to the execution of such
supplemental indenture and entitled to the benefit of such provision nor modify the rights of the Holder of any such Debt Security with respect to such provision or shall become effective only when there is no such Debt Security Outstanding; 

(j) to evidence and provide for the acceptance of appointment hereunder by a successor or separate Trustee with respect to the Debt Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; and 

(k) to establish the form or terms of Debt Securities of any series as permitted by Sections 2.01 and 2.03. 

The Trustee is hereby authorized to join with the Issuers and the Guarantors in the execution of any such supplemental indenture, to make any
further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any
supplemental indenture authorized by the provisions of this Section 9.01 may be executed by the Issuers, the Guarantors and the Trustee without the consent of the Holders of any of the Debt Securities at the time Outstanding, notwithstanding
any of the provisions of Section 9.02. 
 Section 9.02 Modification of Indenture with Consent of Holders of Debt Securities.
Without notice to any Holder but with the consent (evidenced as provided in Section 8.01) of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series affected by such supplemental
indenture (including consents obtained in connection with a tender offer or exchange offer for any such series of Debt Securities), the Issuers and the Guarantors, when authorized by resolutions of the Board of Directors of the Partnership, and the
Trustee may from time to time and at any time enter into an Indenture or indentures supplemental hereto (which shall conform to the provisions of the TIA as in force at the date of execution thereof) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Debt Securities of such series; provided, that no such supplemental
indenture, without the consent of the Holders of each Debt Security so affected, shall: reduce the percentage in principal amount of Debt Securities of any series whose Holders must consent to an amendment; reduce the rate of or extend the time for
payment of interest on any Debt Security; reduce the principal of or extend the Stated Maturity of any Debt Security; reduce any premium payable upon the redemption of any Debt Security or change the time at which any Debt Security may or shall be
redeemed in accordance with Article III; make any Debt Security payable in currency other than the currency such Debt Security was payable on the date of issuance of such Debt Security; impair the right of any Holder to receive payment of premium,
if any, principal of and interest on such Holder’s Debt Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Debt Securities; release any security that
may have been granted in respect of the Debt Securities, other than in accordance with this Indenture; make any change in Section 6.06 or this Section 9.02; or, except as provided in Section 11.02(b) or Section 14.04, release the
Guarantors other than as provided in this Indenture or modify the Guarantee in any manner adverse to the Holders. 
 A supplemental
indenture which changes or eliminates any covenant or other provision of this Indenture which has been expressly included solely for the benefit of one or more particular series of Debt Securities or which modifies the rights of the Holders of Debt
Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Debt Securities of any other series. 

Upon the request of the Issuers and the Guarantors, accompanied by a copy of resolutions of the Board of Directors authorizing the execution
of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid, the Trustee shall join with the Issuers in the execution of such 

  
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supplemental indenture unless such supplemental indenture 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 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 supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

After an amendment under this Section 9.02 requiring the consent of the Holders of any series of Debt Securities becomes effective, the
Issuers shall mail to Holders of that series of Debt Securities of each series affected thereby a notice briefly describing such amendment. The failure to give such notice to any such Holders, or any defect therein, shall not impair or affect the
validity of an amendment under this Section 9.02 with respect to other Holders. 
 Section 9.03 Effect of Supplemental
Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of this Article IX, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of
rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuers, the Guarantors and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

The Trustee, subject to the provisions of Sections 7.01 and 7.02, may receive an Officer’s Certificate and an Opinion of Counsel stating
that any such supplemental indenture is permitted or authorized pursuant to this Indenture and that all conditions precedent to the execution thereof are satisfied. 

Section 9.04 Debt Securities May Bear Notation of Changes by Supplemental Indentures. Debt Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article IX may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. New Debt Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors of the Partnership, to any modification of this Indenture contained in any such supplemental indenture may
be prepared and executed by the Partnership, authenticated by the Trustee and delivered in exchange for the Debt Securities of such series then Outstanding. Failure to make the appropriate notation or to issue a new Debt Security of such series
shall not affect the validity of such amendment. 
 ARTICLE X 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

Section 10.01 Consolidations and Mergers of the Issuers. Neither Issuer shall consolidate or amalgamate with or merge with or into
any Person, or sell, convey, transfer, lease or otherwise dispose of all or substantially all its assets to any Person, whether in a single transaction or a series of related transactions, except (1), in the case of the Partnership, in accordance
with the provisions of its partnership agreement, and (2) unless: (a) either (i) such Issuer shall be the surviving Person in the case of a merger or (ii) the resulting, surviving or transferee Person if other than such Issuer
(the “Successor Issuer”), shall be (in the case of the Partnership) a partnership, limited liability company or corporation (or, in the case of Finance Corporation, a corporation, so long as the Partnership is not a corporation)
organized and existing under the laws of the United States, any State thereof or the District of Columbia and the Successor Issuer shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, all the obligations of such Issuer under this Indenture and the Debt Securities according to their tenor; (b) immediately after giving effect to such transaction or series of transactions (and treating any Debt
which becomes an obligation of the Successor Issuer or any Subsidiary of the Partnership as a result of such transaction as having been incurred by the Successor Issuer or such Subsidiary at the time of such transaction or series of transactions),
no Default or Event of Default would occur or be continuing; (c) if such Issuer is not the continuing Person, then each Guarantor, unless it has become the Successor Issuer, shall confirm that its Guarantee shall continue to apply to the
obligations under the Debt Securities and this Indenture; and (d) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or disposition
and such supplemental indenture (if any) comply with this Indenture. 

  
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 Section 10.02 Rights and Duties of Successor Issuer. In case of any consolidation,
amalgamation or merger where an Issuer is not the continuing Person, or disposition of all or substantially all of the assets of an Issuer in accordance with Section 10.01, the Successor Issuer shall succeed to and be substituted for such
Issuer with the same effect as if it had been named herein as the respective party to this Indenture, and the predecessor entity shall be released from all liabilities and obligations under this Indenture and the Debt Securities, except that no such
release will occur in the case of a lease of all or substantially all of such Issuer’s assets. The Successor Issuer thereupon may cause to be signed, and may issue either in its own name or in the name of the predecessor entity, any or all the
Debt Securities issuable hereunder which theretofore shall not have been signed by or on behalf of the predecessor entity and delivered to the Trustee; and, upon an Issuer Order, and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee shall authenticate and shall deliver any Debt Securities which previously shall have been signed and delivered by or on behalf of the predecessor entity to the Trustee for authentication, and any Debt Securities
which the Successor Issuer thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Debt Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Debt Securities
theretofore or thereafter issued in accordance with the terms of this Indenture as though all such Debt Securities had been issued at the date of the execution hereof. 

In case of any such consolidation, amalgamation, merger, sale or disposition such changes in phraseology and form (but not in substance) may
be made in the Debt Securities thereafter to be issued as may be appropriate. 
 ARTICLE XI 

SATISFACTION AND DISCHARGE OF 

INDENTURE; DEFEASANCE; UNCLAIMED MONEYS 

Section 11.01 Applicability of Article. The provisions of this Article XI relating to discharge or defeasance of Debt Securities
shall be applicable to each series of Debt Securities except as otherwise specified pursuant to Section 2.03 for Debt Securities of such series. 

Section 11.02 Satisfaction and Discharge of Indenture; Defeasance. 

(a) If at any time the Issuers shall have delivered to the Trustee for cancellation all Debt Securities of any series theretofore
authenticated and delivered (other than any Debt Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09 and Debt Securities for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Issuers as provided in Section 11.05) or all Debt Securities of such series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by
their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Issuers shall deposit with the Trustee as trust
funds the entire amount in cash sufficient to pay at final maturity or upon redemption all Debt Securities of such series not theretofore delivered to the Trustee for cancellation, including principal and premium, if any, and interest due or to
become due on such date of maturity or Redemption Date, as the case may be, and if in either case the Issuers shall also pay or cause to be paid all other sums payable hereunder by the Issuers, then this Indenture shall cease to be of further effect
(except as to any surviving rights herein expressly provided for) with respect to the Debt Securities of such series, and the Trustee, on demand of the Issuers accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost
and expense of the Issuers, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to the Debt Securities of such series. 

(b) Subject to Sections 11.02(c), 11.03 and 11.07, the Issuers at any time may terminate, with respect to Debt Securities of a particular
series, all its obligations under the Debt Securities of such series and this Indenture with respect to the Debt Securities of such series (“legal defeasance option”) or the operation of (w) Sections 4.09 and 4.10, any covenant
made applicable to such Debt Securities pursuant to Section 2.03, (y) Sections 6.01(d), (g) and (h) and (z) as they relate to the Guarantors only, Sections 6.01(e) and (f) (“covenant defeasance
option”). If the Issuers exercise either their legal defeasance option or their covenant defeasance option with respect to Debt Securities of a particular series that are entitled to the benefit of the Guarantee, the Guarantee will
terminate with respect to that series of Debt Securities. The Issuers may exercise their legal defeasance option notwithstanding their prior exercise of its covenant defeasance option. 

  
 36 

 If the Issuers exercise their legal defeasance option, payment of the Debt Securities of the
defeased series may not be accelerated because of an Event of Default. If the Issuers exercise their covenant defeasance option, payment of the Debt Securities of the defeased series may not be accelerated because of an Event of Default specified in
Sections 6.01(d), (g) and (h) and, with respect to the Guarantors only, Sections 6.01(e) and (f). 
 Upon satisfaction of the
conditions set forth herein and upon request of the Issuers, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuers terminate. 

(c) Notwithstanding clauses (a) and (b) above, the Issuers’ obligations in Sections 2.07, 2.09, 4.02, 4.03, 4.04, the last
sentence of 4.05(a), 4.06(a), 5.01, 7.06, 11.05, 11.06 and 11.07 shall survive until the Debt Securities of the defeased series have been paid in full. Thereafter, the Issuers’ obligations in Sections 7.06, 11.05 and 11.06 shall survive. 

Section 11.03 Conditions of Defeasance. The Issuers may exercise their legal defeasance option or their covenant defeasance option
with respect to Debt Securities of a particular series only if: 
 (a) the Issuers irrevocably deposit in trust with the Trustee money or
U.S. Government Obligations for the payment of principal of, and premium, if any, and interest on, the Debt Securities of such series to final maturity or redemption, as the case may be; 

(b) the Issuers deliver to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion
that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay
the principal, premium, if any, and interest when due on all the Debt Securities of such series to final maturity or redemption, as the case may be; 

(c) 91 days pass after the deposit is made and during the 91-day period no Default specified in Section 6.01(e) or (f) with respect
to the Partnership occurs which is continuing at the end of the period; 
 (d) no Default has occurred and is continuing on the date of such
deposit and after giving effect thereto; 
 (e) the deposit does not constitute a default under any other agreement binding on the Issuers;

 (f) the Issuers deliver to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute,
or is qualified as, a regulated investment company under the Investment Company Act of 1940; 
 (g) in the event of the legal defeasance
option, the Issuers shall have delivered to the Trustee an Opinion of Counsel stating that the Issuers have received from the Internal Revenue Service a ruling, or 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 Debt Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of
such 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 defeasance had not occurred; 

(h) in the event of the covenant defeasance option, the Issuers shall have delivered to the Trustee an Opinion of Counsel to the effect that
the Holders of Debt Securities of such series 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; and 

  
 37 

 (i) the Issuers deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent to the defeasance and discharge of the Debt Securities of such series as contemplated by this Article XI have been complied with. 

Before or after a deposit, the Issuers may make arrangements satisfactory to the Trustee for the redemption of Debt Securities of such series
at a future date in accordance with Article III. 
 Section 11.04 Application of Trust Money. The Trustee shall hold in trust
money or U.S. Government Obligations deposited with it pursuant to this Article XI. It shall apply the deposited money and the money from U.S. Government Obligations through any paying agent and in accordance with this Indenture to the payment of
principal of, and premium, if any, and interest on, the Debt Securities of the defeased series. 
 Section 11.05 Repayment to
Issuers. The Trustee and any paying agent shall promptly turn over to the Issuers upon request any excess money or securities held by them at any time. 

Subject to any applicable abandoned property law, the Trustee and any paying agent shall pay to the Issuers upon request any money held by
them for the payment of principal, premium or interest that remains unclaimed for two years, and, thereafter, Holders entitled to such money must look to the Issuers for payment as general creditors. 

Section 11.06 Indemnity for U.S. Government Obligations. The Issuers shall pay and shall indemnify the Trustee and the Holders
against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

Section 11.07 Reinstatement. If the Trustee or any paying agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article XI by reason of any legal proceeding or by reason of any order or judgment of any court or government authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ obligations under this
Indenture and the Debt Securities of the defeased series shall be revived and reinstated as though no deposit had occurred pursuant to this Article XI until such time as the Trustee or any paying agent is permitted to apply all such money or U.S.
Government Obligations in accordance with this Article XI. 
 ARTICLE XII 

[RESERVED] 
 This Article
XII has been intentionally omitted. 
 ARTICLE XIII 

MISCELLANEOUS PROVISIONS 

Section 13.01 Successors and Assigns of Issuers Bound by Indenture. All the covenants, stipulations, promises and agreements in
this Indenture contained by or in behalf of the Issuers, the Guarantors or the Trustee shall bind their respective successors and assigns, whether so expressed or not. 

Section 13.02 Acts of Board, Committee or Officer of Successor Issuer Valid. Any act or proceeding by any provision of this
Indenture authorized or required to be done or performed by any board, committee or officer of the Issuers shall and may be done and performed with like force and effect by the like board, committee or officer of any Successor Issuer. 

Section 13.03 Required Notices or Demands. Any notice or communication by the Issuers, the Guarantors or the Trustee to the others
is duly given if in writing and delivered in Person or mailed by registered or certified mail (return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the other’s address: 

  
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 If to an Issuer or any Guarantor: 

MPT Operating Partnership, L.P. 

MPT Finance Corporation 
 c/o
Medical Properties Trust, Inc. 
 1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 

Facsimile: (205) 969-3756 Attention: R. Steven Hamner 

By e-mail: shamner@medicalpropertiestrust.com 

with a copy to: 
 Goodwin
Procter LLP 
 53 State Street 

Boston, MA 02109 
 Facsimile:
(617) 523-1231 
 Attention: James P.C. Barri, Esq. 

By e-mail: jbarri@goodwinprocter.com 

If to the Trustee: 
 Wilmington
Trust, National Association 
 Rodney Square North 

1100 N. Market Street 

Wilmington, DE 19890-0001 

Attention: Corporate Trust Administration 

Telephone: (302) 636-6398 

Facsimile: (302) 636-4145 

via email to MWass@WilmingtonTrust.com 

The Issuers, the Guarantors or the Trustee by notice to the others may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications 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; on the first Business Day on or after being sent, if telecopied and the sender receives confirmation of successful transmission; and the next Business Day
after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice required or permitted
to a Holder by the Issuers, the Guarantors or the Trustee pursuant to the provisions of this Indenture shall be deemed to be properly mailed by being deposited postage prepaid in a post office letter box in the United States addressed to such Holder
at the address of such Holder as shown on the Debt Security Register. Any report pursuant to Section 313 of the TIA shall be transmitted in compliance with subsection (c) therein. 

Notwithstanding the foregoing, any notice to Holders of Floating Rate Securities regarding the determination of a periodic rate of interest,
if such notice is required pursuant to Section 2.03, shall be sufficiently given if given in the manner specified pursuant to Section 2.03. 

In the event of suspension of regular mail service or by reason of any other cause it shall be impracticable to give notice by mail, then such
notification as shall be given with the approval of the Trustee shall constitute sufficient notice for every purpose hereunder. 
 In the
event it shall be impracticable to give notice by publication, then such notification as shall be given with the approval of the Trustee shall constitute sufficient notice for every purpose hereunder. 

  
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 Failure to mail a notice or communication to a Holder or any defect in it or any defect in any
notice by publication as to a Holder shall not affect the sufficiency of such notice with respect to other Holders. If a notice or communication is mailed or published in the manner provided above, it is conclusively presumed duly given. 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
(including any notice of redemption) to a Noteholder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee) pursuant to the applicable procedures of the
Depositary. 
 Section 13.04 Indenture and Debt Securities to Be Construed in Accordance with the Laws of the State of New York.
THIS INDENTURE, EACH DEBT SECURITY AND THE GUARANTEE SHALL BE DEEMED TO BE NEW YORK CONTRACTS, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE. 

Section 13.05 Officer’s Certificate and Opinion of Counsel to Be Furnished upon Application or Demand by Issuers. Upon any
application or demand by the Issuers to the Trustee to take any action under any of the provisions of this Indenture, the Issuers shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with, except that in the case of any such application or
demand as to which the furnishing of such document is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or
covenant provided for in this Indenture 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 has made such examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

Section 13.06 Payments Due on Legal Holidays. In any case where the date of maturity of interest on or principal of and premium,
if any, on the Debt Securities of a series or the date fixed for redemption or repayment of any Debt Security or the making of any sinking fund payment shall not be a Business Day at any Place of Payment for the Debt Securities of such series, then
payment of interest or principal and premium, if any, or the making of such sinking fund payment need not be made on such date at such Place of Payment, but may be made on the next succeeding Business Day at such Place of Payment with the same force
and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date. If a record date is not a Business Day, the record date shall not be affected. 

Section 13.07 Provisions Required by TIA to Control. If and to the extent that any provision of this Indenture limits, qualifies
or conflicts with another provision included in this Indenture which is required to be included in this Indenture by any of Sections 310 to 318, inclusive, of the TIA, such required provision shall control. 

Section 13.08 Computation of Interest on Debt Securities. Interest, if any, on the Debt Securities shall be computed on the basis
of a 360-day year of twelve 30-day months, except as may otherwise be provided pursuant to Section 2.03. 
 Section 13.09 Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of Holders. The Registrar and any paying agent may make reasonable rules for their functions. 

  
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 Section 13.10 No Recourse Against Others. No recourse for the payment of the
principal of, premium, if any, or interest on any of the Debt Securities or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuers or the Guarantors in this
Indenture, or in any of the Debt Securities or Guarantees thereof or because of the creation of any indebtedness represented hereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling person of the Issuers
or the Guarantors or of any successor Person thereof. Each Holder, by accepting a Debt Security, waives and releases all such liability. Such waiver and release are part of the consideration for issuance of the Debt Security. 

Section 13.11 Severability. To the extent permitted by applicable law, in case any one or more of the provisions in this
Indenture, in the Debt Securities or in the Guarantees shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 

Section 13.12 Effect of Headings. The article and section headings herein and in the Table of Contents are for convenience only
and shall not affect the construction hereof. 
 Section 13.13 Indenture May Be Executed in Counterparts. This Indenture may be
executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 13.14 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot
Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

Section 13.15 Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 ARTICLE XIV 

GUARANTEE 

Section 14.01 Guarantee. 

(a) Notwithstanding any provision of this Article XIV to the contrary, the provisions of this Article XIV shall be applicable only to, and
inure solely to the benefit of, the Trustee and the Debt Securities of any series designated, pursuant to Section 2.03, as entitled to the benefits of the Guarantee of each of the Guarantors. 

(b) Subject to this Article XIV, each of the Guarantors hereby, jointly and severally, unconditionally guarantees on a senior unsecured basis
to each Holder of a Debt Security authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Debt Securities or the obligations of the Issuers
hereunder or thereunder, that: (a) the principal of and interest on the Debt Securities shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and
interest on the Debt Securities, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and
(b) in case of any extension of time of payment or renewal of any Debt Securities or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether
at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each
Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

  
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 The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective
of the validity, regularity or enforceability of the Debt Securities or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Debt Securities with respect to any provisions hereof or thereof, the
recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Subject to Section 6.04 hereof, each Guarantor
hereby waives, to the extent permitted by applicable law, diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers,
protest, notice and all demands whatsoever and covenant that this Guarantee shall not be discharged except by complete performance of the obligations contained in the Debt Securities and this Indenture. 

If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid by either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and
effect. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article Six hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby and (y) in the event of any declaration of acceleration of such obligations as provided in Article Six hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the
purpose of this Guarantee. 
 Section 14.02 Limitation on Guarantors’ Liability. Each Guarantor, and by its acceptance of
Debt Securities, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act,
the Uniform Fraudulent Transfer Act or any similar Federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of
such Guarantor will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from
or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article XIV, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent transfer or
conveyance. Each Guarantor that makes a payment for distribution under its Guarantee is entitled to a contribution from each other Guarantor in a pro rata amount based on the adjusted net assets of each Guarantor. 

Section 14.03 Execution and Delivery of Guarantee. To evidence its Guarantee set forth in Section 14.01, each Guarantor
hereby agrees that a notation of such Guarantee substantially in the form included in Annex A shall be endorsed by an Officer of such Guarantor on each Debt Security authenticated and delivered by the Trustee and that this Indenture shall be
executed on behalf of such Guarantor by an Officer. 
 Section 14.04 Release of a Guarantor. A Guarantor shall be automatically
and unconditionally released from its obligations under its Guarantee and its obligations under this Indenture in the event of: 
 (a) any
sale, exchange or transfer, to any Person not a Subsidiary of the Parent of Capital Stock held by the Parent and its Restricted Subsidiaries (as defined in the applicable supplemental indenture hereto) in, or all or substantially all the assets of,
such Restricted Subsidiary (which sale, exchange or transfer is not prohibited by this Indenture), such that, immediately after giving effect to such transaction, such Restricted Subsidiary would no longer constitute a Subsidiary of the Parent, 

  
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 (b) in connection with the merger or consolidation of a Subsidiary Guarantor with (a) an
Issuer or (b) any other Guarantor (provided that the surviving entity remains a Guarantor), 
 (c) if Parent properly designates any
Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary, 
 (d) upon the Legal Defeasance or Covenant Defeasance or
satisfaction and discharge of this Indenture, 
 (e) upon a liquidation or dissolution of a Subsidiary Guarantor permitted under this
Indenture, or 
 (f) the release or discharge of the Guarantee that resulted in the creation of such Subsidiary Guarantee, except a
discharge or release by or as a result of payment under such Guarantee. 
 The Trustee may execute an appropriate instrument prepared by the
Issuers evidencing the release of a Guarantor from its obligations under its Guarantee and this Indenture upon receipt of a request by the Issuers or such Guarantor accompanied by an Officer’s Certificate and an Opinion of Counsel certifying as
to the compliance with this Section 14.04; provided, however, that the legal counsel delivering such Opinion of Counsel may rely as to matters of fact on one or more Officer’s Certificates of the Issuers. 

Nothing contained in this Indenture or in any of the Debt Securities shall prevent any consolidation or merger of a Guarantor with or into an
Issuer (in which case such Guarantor shall no longer be a Guarantor) or another Guarantor or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to an Issuer or another Guarantor. 

[Remainder of This Page Intentionally Left Blank.] 

  
 43 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of
the day and year first above written. 
  

					
	        MPT OPERATING PARTNERSHIP, L.P.
	
	         BY: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	         BY: MEDICAL PROPERTIES TRUST, INC.,

        ITS SOLE MEMBER

		
	         By:
	 	/s/ R. Steven Hamner
		 	Name:	 	R. Steven Hamner
		 	Title:	 	 Executive Vice President and
 Chief Financial
Officer

	
	        MPT FINANCE CORPORATION
		
	        By:	 	/s/ R. Steven Hamner
		 	Name:	 	R. Steven Hamner
		 	Title:	 	President, Secretary and General Manager
	
	        MEDICAL PROPERTIES TRUST, INC.
		
	        By:	 	/s/ R. Steven Hamner
		 	Name:	 	R. Steven Hamner
		 	Title:	 	 Executive Vice President and
 Chief Financial
Officer

	
	        MEDICAL PROPERTIES TRUST, LLC
	
	         By: MEDICAL PROPERTIES TRUST, INC.,

        ITS SOLE MEMBER

		
	        By:	 	/s/ R. Steven Hamner
		 	Name:	 	R. Steven Hamner
		 	Title:	 	 Executive Vice President and
 Chief Financial
Officer

	
	        MPT OF VICTORVILLE, LLC
	        MPT OF BUCKS COUNTY, LLC
	        MPT OF BLOOMINGTON, LLC
	        MPT OF COVINGTON, LLC
	        MPT OF DENHAM SPRINGS, LLC
	        MPT OF REDDING, LLC
	        MPT OF CHINO, LLC
	        MPT OF DALLAS LTACH, LLC

 Signature Page to Senior Indenture 

	
	        MPT OF PORTLAND, LLC
	        MPT OF WARM SPRINGS, LLC
	        MPT OF VICTORIA, LLC
	        MPT OF LULING, LLC
	        MPT OF WEST ANAHEIM, LLC
	        MPT OF LA PALMA, LLC
	        MPT OF PARADISE VALLEY, LLC
	        MPT OF SOUTHERN CALIFORNIA, LLC
	        MPT OF TWELVE OAKS, LLC
	        MPT OF SHASTA, LLC
	        MPT OF BOSSIER CITY, LLC
	        MPT OF WEST VALLEY CITY, LLC
	        MPT OF IDAHO FALLS, LLC
	        MPT OF POPLAR BLUFF, LLC
	        MPT OF BENNETTSVILLE, LLC
	        MPT OF DETROIT, LLC
	        MPT OF BRISTOL, LLC
	        MPT OF NEWINGTON, LLC
	        MPT OF ENFIELD, LLC
	        MPT OF PETERSBURG, LLC
	        MPT OF GARDEN GROVE HOSPITAL, LLC
	        MPT OF GARDEN GROVE MOB, LLC
	        MPT OF SAN DIMAS HOSPITAL, LLC
	        MPT OF SAN DIMAS MOB, LLC
	        MPT OF CHERAW, LLC
	        MPT OF FT. LAUDERDALE, LLC.
	        MPT OF PROVIDENCE, LLC
	        MPT OF SPRINGFIELD, LLC
	        MPT OF WARWICK, LLC
	        MPT OF RICHARDSON, LLC
	        MPT OF ROUND ROCK, LLC
	        MPT OF SHENANDOAH, LLC
	        MPT OF HILLSBORO, LLC
	        MPT OF FLORENCE, LLC
	        MPT OF CLEAR LAKE, LLC
	        MPT OF TOMBALL, LLC
	        MPT OF GILBERT, LLC
	        MPT OF CORINTH, LLC
	        MPT OF BAYONNE, LLC
	        MPT OF ALVARADO, LLC
	        MPT OF DESOTO, LLC
	        MPT OF HAUSMAN, LLC
	        MPT OF HOBOKEN HOSPITAL, LLC
	        MPT OF HOBOKEN REAL ESTATE, LLC
	        MPT OF OVERLOOK PARKWAY, LLC
	        MPT OF NEW BRAUNFELS, LLC
	        MPT OF WESTOVER HILLS, LLC
	        MPT OF WICHITA, LLC
	        MPT OF BILLINGS, LLC
	        MPT OF BOISE, LLC
	        MPT OF BROWNSVILLE, LLC
	        MPT OF CASPER, LLC
	        MPT OF COMAL COUNTY, LLC
	        MPT OF GREENWOOD, LLC
	        MPT OF JOHNSTOWN, LLC
	        MPT OF LAREDO, LLC

 Signature Page to Senior Indenture 

					
	        MPT OF LAS CRUCES, LLC
	        MPT OF MESQUITE, LLC
	        MPT OF POST FALLS, LLC
	        MPT OF PRESCOTT VALLEY, LLC
	        MPT OF PROVO, LLC
	        MPT OF NORTH CYPRESS, LLC
	        MPT OF LAFAYETTE, LLC
	        MPT OF INGLEWOOD, LLC
	        MPT OF RENO, LLC
	        MPT OF ROXBOROUGH, LLC
	        MPT OF ALTOONA, LLC
	        MPT OF HAMMOND, LLC
	        MPT OF SPARTANBURG, LLC
	        MPT OF WYANDOTTE COUNTY, LLC
	        MPT OF LEAVENWORTH, LLC
	        MPT OF CORPUS CHRISTI, LLC
	
	         By: MPT OPERATING PARTNERSHIP, L.P.,

        SOLE MEMBER OF EACH OF THE ABOVE

        ENTITIES

	
	By: MEDICAL PROPERTIES TRUST, LLC, ITS GENERAL PARTNER
	
	         By: MEDICAL PROPERTIES TRUST, INC.,

        ITS SOLE MEMBER

		
	                By:	 	/s/ R. Steven Hamner
		 	Name:	 	R. Steven Hamner
		 	Title:	 	 Executive Vice President and

Chief Financial Officer

	
	         MPT OF BUCKS COUNTY, L.P.

	
	         By: MPT OF BUCKS COUNTY, LLC,

        ITS GENERAL PARTNER

	
	 By: MPT OPERATING PARTNERSHIP, L.P.,

ITS SOLE MEMBER

	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	
                By: MEDICAL PROPERTIES TRUST, INC.,

                ITS SOLE MEMBER

	
	        MPT OF DALLAS LTACH, L.P.
	
	         By: MPT OF DALLAS LTACH, LLC,

         ITS GENERAL PARTNER

 Signature Page to Senior Indenture 

			
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	
                By: MEDICAL PROPERTIES TRUST, INC.,

                ITS SOLE MEMBER

	
	        MPT OF WARM SPRINGS, L.P.
	
	         By: MPT OF WARM SPRINGS, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST,

        LLC, ITS GENERAL PARTNER

	
	
                By: MEDICAL PROPERTIES TRUST, INC.,

                ITS SOLE MEMBER

	
	        MPT OF VICTORIA, L.P.
	
	         By: MPT OF VICTORIA, LLC, ITS GENERAL

        PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	
                By: MEDICAL PROPERTIES TRUST, INC.,

                ITS SOLE MEMBER

	
	        MPT OF LULING, L.P.
	
	         By: MPT OF LULING, LLC, ITS GENERAL

        PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

 Signature Page to Senior Indenture 

			
	
                By: MEDICAL PROPERTIES TRUST, INC.,

                ITS SOLE MEMBER

	
	        MPT OF WEST ANAHEIM, L.P.
	
	         By: MPT OF WEST ANAHEIM, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES
TRUST,
                 INC., ITS SOLE MEMBER

	
	        MPT OF LA PALMA, L.P.
	
	         By: MPT OF LA PALMA, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES
TRUST,
                 INC., ITS SOLE MEMBER

	
	        MPT OF PARADISE VALLEY, L.P.
	
	         By: MPT OF PARADISE VALLEY, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	
                By: MEDICAL PROPERTIES TRUST, INC.,

                 ITS SOLE MEMBER

	
	        MPT OF SOUTHERN CALIFORNIA, L.P.

 Signature Page to Senior Indenture 

			
	         By: MPT OF SOUTHERN CALIFORNIA,

        LLC, ITS GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF TWELVE OAKS, L.P.
	
	         By: MPT OF TWELVE OAKS, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

         ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF SHASTA, L.P.
	
	         By: MPT OF SHASTA, LLC,

        ITS GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF GARDEN GROVE HOSPITAL, L.P.
	
	         By: MPT OF GARDEN GROVE HOSPITAL,

        LLC, ITS GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER

 Signature Page to Senior Indenture 

			
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF GARDEN GROVE MOB, L.P.
	
	         By: MPT OF GARDEN GROVE MOB, LLC,

        ITS GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF SAN DIMAS HOSPITAL, L.P.
	
	         By: MPT OF SAN DIMAS HOSPITAL, LLC,

        ITS GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                 INC., ITS SOLE MEMBER

	
	        MPT OF SAN DIMAS MOB, L.P.
	
	         By: MPT OF SAN DIMAS MOB, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

 Signature Page to Senior Indenture 

			
	        MPT OF RICHARDSON, L.P.
	
	         By: MPT OF RICHARDSON, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF ROUND ROCK, L.P.
	
	         By: MPT OF ROUND ROCK, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF SHENANDOAH, L.P.
	
	         By: MPT OF SHENANDOAH, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	
                By: MEDICAL PROPERTIES TRUST, INC.,

                ITS SOLE MEMBER

	
	        MPT OF HILLSBORO, L.P.
	
	         By: MPT OF HILLSBORO, LLC, ITS

        GENERAL PARTNER

 Signature Page to Senior Indenture 

			
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF CLEAR LAKE, L.P.
	
	         By: MPT OF CLEAR LAKE, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF TOMBALL, L.P.
	
	         By: MPT OF TOMBALL, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF CORINTH, L.P.
	
	         By: MPT OF CORINTH, LLC, ITS GENERAL

        PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

 Signature Page to Senior Indenture 

			
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF ALVARADO, L.P.
	
	         By: MPT OF ALVARADO, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF DESOTO, L.P.
	
	         By: MPT OF DESOTO, LLC,

        ITS GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES
TRUST,
                 INC., ITS SOLE MEMBER

	
	        MPT OF MOUNTAIN VIEW LLC
	
	         By: MPT OF IDAHO FALLS, LLC,

        ITS SOLE MEMBER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES
TRUST,
                 INC., ITS SOLE MEMBER

	
	         WICHITA HEALTH ASSOCIATES LIMITED

        PARTNERSHIP

 Signature Page to Senior Indenture 

			
	         By: MPT OF WICHITA, LLC,

        ITS GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES TRUST, LLC,

        ITS GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES
TRUST,
                 INC., ITS SOLE MEMBER

	
	        MPT OF NORTH CYPRESS, L.P.
	
	         By: MPT OF NORTH CYPRESS, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES, LLC, ITS

        GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF INGLEWOOD, L.P.
	
	         By: MPT OF INGLEWOOD, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	
	         By: MEDICAL PROPERTIES, LLC, ITS

        GENERAL PARTNER

	
	                 By: MEDICAL PROPERTIES TRUST,

                INC., ITS SOLE MEMBER

	
	        MPT OF ROXBOROUGH, L.P.
	
	         By: MPT OF ROXBOROUGH, LLC, ITS

        GENERAL PARTNER

	
	By: MPT OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER

 Signature Page to Senior Indenture 

 
					
	By: MEDICAL PROPERTIES, LLC, ITS GENERAL PARTNER
		
	      By:	 	MEDICAL PROPERTIES TRUST, INC., ITS SOLE MEMBER
		
	By:	 	/s/ R. Steven Hamner
		 	Name:	 	R. Steven Hamner
		 	Title:	 	 Executive Vice President and
 Chief Financial
Officer

 Signature Page to Senior Indenture 

					
	WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	/s/ Michael H. Wass
		 	Name:	 	Michael H. Wass
		 	Title:	 	Assistant Vice President

 Signature Page to Senior Indenture 

 ANNEX A 

Annex A 
 FORM OF NOTATION OF
GUARANTEE 
 For value received, each of the undersigned (including any successor Person under the Indenture) hereby unconditionally
guarantees, jointly and severally, to the extent set forth in the Indenture (as defined below) to the Holder of this Note the payment of principal, premium, if any, and interest on this Debt Security in the amounts and at the times when due and
interest on the overdue principal, premium, if any, and interest, if any, of this Debt Security when due, if lawful, and, to the extent permitted by law, the payment or performance of all other obligations of the Issuers under the Indenture or the
Debt Securities, to the Holder of this Note and the Trustee, all in accordance with and subject to the terms and limitations of this Note, the Indenture, including Article XIV thereof, and this Guarantee. This Guarantee will become effective in
accordance with Article XIV of the Indenture and its terms shall be evidenced therein. The validity and enforceability of any Guarantee shall not be affected by the fact that it is not affixed to any particular Debt Security. 

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture dated as of October 10, 2013,
among MPT Operating Partnership, L.P., a Delaware limited partnership, and MPT Finance Corporation, a Delaware corporation (each, an “Issuer” and together, the “Issuers”), Medical Properties Trust, Inc., a Maryland corporation,
each of the other Guarantors named therein, and Wilmington Trust, National Association, a national banking association organized and existing under the laws of the United States of America, as trustee (the “Trustee”), as amended or
supplemented (the “Indenture”). 
 The obligations of the undersigned to the Holders of Debt Securities and to the Trustee
pursuant to this Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee and all of the other provisions of the Indenture to which this
Guarantee relates. 
 No director, officer, employee, incorporator, stockholder or controlling person or any successor Person thereof of any
Guarantor, as such, shall have any liability for any obligations of such Guarantors under such Guarantors’ Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligation or its creation. 

This Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York. 

This Guarantee is subject to release upon the terms set forth in the Indenture. 

IN WITNESS WHEREOF, each Guarantor has caused its Guarantee to be duly executed. 

 

					
	[NAME OF GUARANTOR(S)]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 A-1

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